Residential Funding Mortgage Securities I Inc – ‘8-K’ for 11/12/97 – EX-19

As of:  Wednesday, 11/12/97   ·   For:  11/12/97   ·   Accession #:  774352-97-178   ·   File #:  2-99554

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         1997-S15 Pooling and Servicing Agreement               4      9K 
 2: EX-19       Report Furnished to Security Holders                 571±  1.97M 

EX-19   —   Report Furnished to Security Holders
Exhibit Table of Contents

EX-19
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                                                                  EXECUTION COPY

 RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

Company,

RESIDENTIAL FUNDING CORPORATION,

Master Servicer,

 and

 THE FIRST NATIONAL BANK OF CHICAGO,

 Trustee

 POOLING AND SERVICING AGREEMENT

 Dated as of October 1, 1997

Mortgage Pass-Through Certificates

 Series 1997-S15

EX-19
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Article 1                                                                       
DEFINITIONS ...............................................................    3

SECTION 1.01. Definitions .................................................    3

             Accrued Certificate Interest...................................   3

             Adjusted Mortgage Rate.........................................   4

             Advance........................................................   4

             Affiliate.....................................................    4

             Agreement......................................................   4

             Amount Held for Future Distribution............................   4

             Appraised Value................................................   4

             Assignment.....................................................   4

             Assignment Agreement...........................................   5

             Assignment of Proprietary Lease...............................    5

             Available Distribution Amount..................................   5

             Bankruptcy Amount..............................................   5

             Bankruptcy Code................................................   6

             Bankruptcy Loss................................................   6

             Book-Entry Certificate.........................................   6

             Business Day...................................................   6

             Buydown Funds..................................................   6

             Buydown Mortgage Loan..........................................   6

             Cash Liquidation...............................................   6

             Certificate....................................................   6

             Certificate Account............................................   6

             Certificate Account Deposit Date...............................   6

             Certificateholder or Holder....................................   7

             Certificate Owner..............................................   7

             Certificate Principal Balance..................................   7

             Certificate Register and Certificate Registrar.................   8

             Class..........................................................   8

             Class A Certificate............................................   8

             Class A-8 Collection Shortfall.................................   8

             Class A-8 Principal Distribution Amount........................   8

             Class A-9 Certificates.........................................   8

             Class A-9 Notional Amount or Notional Amount..................    8

             Class A-9 Subclass Notional Amount............................    8

             Class B Certificate............................................   9

             Class B Percentage.............................................   9

             Class B-1 Percentage..........................................    9

             Class B-1 Prepayment Distribution Trigger......................   9

             Class B-2 Percentage..........................................    9

             Class B-2 Prepayment Distribution Trigger......................   9

             Class B-3 Percentage...........................................   9

             Class B-3 Prepayment Distribution Trigger......................   9

             Class M Certificate...........................................   10

             Class M Percentage...........................................    10

             Class M-1 Percentage.........................................    10

             Class M-2 Percentage.........................................    10

             Class M-2 Prepayment Distribution Trigger....................    10

             Class M-3 Percentage.........................................    10

             Class M-3 Prepayment Distribution Trigger....................    10

             Class R Certificate..........................................    11

             Closing Date.................................................    11

             Code.........................................................    11

             Compensating Interest........................................    11

             Cooperative..................................................    11

             Cooperative Apartment........................................    11

             Cooperative Lease............................................    11

             Cooperative Loans............................................    11

             Cooperative Stock............................................    11

             Cooperative Stock Certificate................................    11

             Corporate Trust Office.......................................    12

             Credit Support Depletion Date................................    12

             Cumulative Insurance Payments................................    12

             Curtailment..................................................    12

             Custodial Account............................................    12

             Custodial Agreement..........................................    12

             Custodian....................................................    12

             Cut-off Date.................................................    12

             Cut-off Date Principal Balance...............................    12

             DCR..........................................................    12

             Debt Service Reduction.......................................    12

             Deficient Valuation..........................................    12

             Definitive Certificate.......................................    12

             Deleted Mortgage Loan........................................    13

             Depository...................................................    13

             Depository Participant.......................................    13

             Destroyed Mortgage Note......................................    13

             Determination Date...........................................    13

             Discount Fraction............................................    13

             Discount Mortgage Loan.......................................    13

             Disqualified Organization....................................    13

             Distribution Date............................................    14

             Due Date.....................................................    14

             Due Period...................................................    14

             Eligible Account.............................................    14

             Eligible Funds...............................................    14

             Event of Default.............................................    14

             Excess Bankruptcy Loss.......................................    15

             Excess Fraud Loss............................................    15

             Excess Special Hazard Loss...................................    15

             Excess Subordinate Principal Amount..........................    15

             Extraordinary Events.........................................    15

             Extraordinary Losses.........................................    16

             FASIT........................................................    16

             FDIC.........................................................    16

             FHLMC........................................................    16

             Final Distribution Date......................................    16

             Financial Security...........................................    16

             Financial Security Default...................................    16

             Fitch........................................................    16

             FNMA........................................................     16

             Foreclosure Profits..........................................    16

             Fraud Loss Amount............................................    16

             Fraud Losses.................................................    17

             FSA Insurance Payment........................................    17

             FSA Policy...................................................    17

             FSA Policy Payments Account..................................    17

             Guaranteed Distribution......................................    17

             Independent..................................................    17

             Initial Certificate Principal Balance........................    17

             Initial Class A-9 Notional Amount............................    17

             Initial Monthly Payment Fund.................................    17

             Insurance Proceeds...........................................    18

             Insured Certificates.........................................    18

             Insured Reserve Fund.........................................    18

             Insured Reserve Withdrawal...................................    18

             Insurer......................................................    18

             Insurer Premium..............................................    18

             Interest Accrual Period......................................    18

             Late Collections.............................................    18

             Liquidation Proceeds.........................................    18

             Loan-to-Value Ratio..........................................    18

             Lockout Scheduled Percentage................................     18

             Maturity Date................................................    18

             Modified Mortgage Loan.......................................    19

             Modified Net Mortgage Rate...................................    19

             Monthly Payment..............................................    19

             Moody's......................................................    19

             Mortgage.....................................................    19

             Mortgage File................................................    19

             Mortgage Loan Schedule.......................................    19

             Mortgage Loans...............................................    20

             Mortgage Note................................................    20

             Mortgage Rate................................................    20

             Mortgaged Property...........................................    20

             Mortgagor....................................................    20

             Net Mortgage Rate............................................    20

             Non-Discount Mortgage Loan..................................     20

             Non-Primary Residence Loans..................................    20

             Non-United States Person.....................................    21

             Nonrecoverable Advance.......................................    21

             Nonsubserviced Mortgage Loan.................................    21

             Officers' Certificate........................................    21

             Opinion of Counsel...........................................    21

             Original Senior Percentage..................................     21

             Outstanding Mortgage Loan....................................    21

             Ownership Interest...........................................    21

             Participant..................................................    21

             Pass-Through Rate............................................    21

             Paying Agent.................................................    22

             Percentage Interest..........................................    22

             Permitted Investments........................................    22

             Permitted Transferee.........................................    23

             Person.......................................................    24

             Pool Stated Principal Balance................................    24

             Pool Strip Rate..............................................    24

             Prepayment Assumption........................................    24

             Prepayment Distribution Percentage...........................    24

             Prepayment Distribution Trigger..............................    25

             Prepayment Interest Shortfall................................    25

             Prepayment Lockout Percentage................................    26

             Prepayment Period............................................    26

             Primary Insurance Policy....................................     26

             Principal Prepayment.........................................    26

             Principal Prepayment in Full................................     26

             Program Guide................................................    26

             Purchase Price...............................................    26

             Qualified Substitute Mortgage Loan...........................    26

             Rating Agency................................................    27

             Realized Loss................................................    27

             Record Date..................................................    28

             Regular Certificate.........................................     28

             REMIC.......................................................     28

             REMIC Administrator..........................................    28

             REMIC Provisions.............................................    28

             REO Acquisition..............................................    28

             REO Disposition..............................................    28

             REO Imputed Interest.........................................    28

             REO Proceeds.................................................    28

             REO Property.................................................    29

             Request for Release..........................................    29

             Required Insurance Policy....................................    29

             Residential Funding..........................................    29

             Responsible Officer..........................................    29

             Schedule of Discount Fractions...............................    29

             Security Agreement...........................................    29

             Seller.......................................................    29

             Seller's Agreement...........................................    29

             Senior Accelerated Distribution Percentage...................    29

             Senior Certificates..........................................    30

             Senior Percentage............................................    30

             Senior Principal Distribution Amount.........................    30

             Servicing Accounts...........................................    31

             Servicing Advances...........................................    31

             Servicing Fee................................................    31

             Servicing Modification.......................................    31

             Servicing Officer............................................    31

             Special Hazard Amount........................................    31

             Special Hazard Loss..........................................    32

             Standard & Poor's............................................    32

             Stated Principal Balance.....................................    32

             Subclass.....................................................    32

             Subordinate Percentage.......................................    32

             Subordinate Principal Distribution Amount....................    32

             Subserviced Mortgage Loan....................................    33

             Subservicer..................................................    33

             Subservicer Advance..........................................    33

             Subservicing Account.........................................    33

             Subservicing Agreement.......................................    33

             Subservicing Fee............................................     33

             Tax Returns..................................................    33

             Transfer.....................................................    34

             Transferee...................................................    34

             Transferor...................................................    34

             Trust Fund...................................................    34

             Uncertificated REMIC Regular Interests.......................    34

             Uniform Single Attestation Program for Mortgage Bankers......    34

             Uninsured Cause..............................................    34

             United States Person.........................................    34

             Voting Rights................................................    35

Article 2                                                                       
CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES...........    35

SECTION 2.01.Conveyance of Mortgage Loans.................................    35

SECTION 2.02.Acceptance by Trustee........................................    40

SECTION 2.03.Representations, Warranties and Covenants of the Master Servicer   
                   and the Company........................................    41

SECTION 2.04.Representations and Warranties of Sellers....................    45

SECTION 2.05.Execution and Authentication of Certificates.................    47

Article 3                                                                       
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................     47

SECTION 3.01.Master Servicer to Act as Servicer...........................    47

SECTION 3.02.Subservicing Agreements Between Master Servicer and Subservicers;  
                    Enforcement of Subservicers' and Sellers' Obligations..   49

SECTION 3.03.Successor Subservicers.......................................... 50

SECTION 3.04.Liability of the Master Servicer...............................  50

SECTION 3.05.No Contractual Relationship Between Subservicer and Trustee        
                    or Certificateholders.................................... 50

SECTION 3.06.Assumption or Termination of Subservicing Agreements by            
                    Trustee................................................   51

SECTION 3.07.Collection of Certain Mortgage Loan Payments;                      
                     Deposits to Custodial Account.........................   51

SECTION 3.08.Subservicing Accounts; Servicing Accounts.....................   53

SECTION 3.09.Access to Certain Documentation and Information                    
                    Regarding the Mortgage Loans...........................   55

SECTION 3.10.Permitted Withdrawals from the Custodial Accoun..............    55

SECTION 3.11.Maintenance of the Primary Insurance Policies;                     
                    Collections Thereunder..................................  57

SECTION 3.12.Maintenance of Fire Insurance and Omissions                        
                     and Fidelity Coverag.................................    58

SECTION 3.13.Enforcement of Due-on-Sale Clauses; Assumption and                 
                   Modification Agreements; Certain Assignments...........    60

SECTION 3.14.Realization Upon Defaulted Mortgage Loans....................    62

SECTION 3.15.Trustee to Cooperate; Release of Mortgage Files.............     64

SECTION 3.16.Servicing and Other Compensation; Compensating Interest.....     65

SECTION 3.17.Reports to the Trustee and the Company.......................    66

SECTION 3.18.Annual Statement as to Compliance...........................     67

SECTION 3.19.Annual Independent Public Accountants' Servicing Report.....     67

SECTION 3.20.Rights of the Company in Respect of the Master Servicer.....     67

SECTION 3.21.Administration of Buydown Funds.............................     68

Article 4                                                                       
PAYMENTS TO CERTIFICATEHOLDERS...........................................     69

SECTION 4.01.Certificate Account.........................................     69

SECTION 4.02.Distributions...............................................     69

SECTION 4.03.Statements to Certificateholders............................     79

SECTION 4.04.Distribution of Reports to the Trustee and the Company;            
                   Advances by the Master Servicer.......................     81

SECTION 4.05.Allocation of Realized Losses................................    83

SECTION 4.06.Reports of Foreclosures and Abandonment of Mortgaged Property    84

SECTION 4.07.Optional Purchase of Defaulted Mortgage Loans................    84

SECTION 4.08.Insured Reserve Fund.........................................    85

Article 5                                                                       
THE CERTIFICATES..........................................................    86

SECTION 5.01.The Certificates............................................     86

SECTION 5.02.Registration of Transfer and Exchange of Certificates.......     88

SECTION 5.03.Mutilated, Destroyed, Lost or Stolen Certificates...........     94

SECTION 5.04.Persons Deemed Owners.......................................     94

SECTION 5.05.Appointment of Paying Agent.................................     94

SECTION 5.06.Optional Purchase of Certificates...........................     95

Article 6                                                                       
THE COMPANY AND THE MASTER SERVICER......................................     96

SECTION 6.01.Respective Liabilities of the Company                              
                    and the Master Servicer...............................    96

SECTION 6.02.Merger or Consolidation of the Company or the Master Servicer;     
   Assignment of Rights and Delegation of Duties
                   by Master Servicer.....................................    96

SECTION 6.03.Limitation on Liability of the Company,                            
                   the Master Servicer and Others.........................    97

SECTION 6.04.Company and Master Servicer Not to Resign....................    98

Article 7                                                                       
DEFAULT...................................................................    98

SECTION 7.01.Events of Defaul.............................................    98

SECTION 7.02.Trustee or Company to Act; Appointment of Successor..........   100

SECTION 7.03.Notification to Certificateholders...........................   101

SECTION 7.04.Waiver of Events of Default..................................   102

Article 8                                                                       
CONCERNING THE TRUSTEE....................................................   102

SECTION 8.01.Duties of Trustee.............................................  102

SECTION 8.02.Certain Matters Affecting the Trustee........................   104

SECTION 8.03.Trustee Not Liable for Certificates or Mortgage Loans........   105

SECTION 8.04.Trustee May Own Certificates.................................   106

SECTION 8.05.Master Servicer to Pay Trustee's Fees                              
                   and Expenses; Indemnification.........................    106

SECTION 8.06.Eligibility Requirements for Truste.........................    107

SECTION 8.07.Resignation and Removal of the Trustee......................    107

SECTION 8.08.Successor Trustee...........................................    108

SECTION 8.09.Merger or Consolidation of Trustee..........................    109

SECTION 8.10.Appointment of Co-Trustee or Separate Trustee...............    109

SECTION 8.11.Appointment of Custodians....................................   110

SECTION 8.12.Appointment of Office or Agency..............................   110

Article 9                                                                       
TERMINATION...............................................................   111

SECTION 9.01.Termination Upon Purchase by the Master Servicer or the            
                   Company or Liquidation of All Mortgage Loans...........   111

SECTION 9.02.Additional Termination Requirements...........................  113

Article 10                                                                      
REMIC PROVISIONS...........................................................  114

SECTION 10.01.REMIC Administration.........................................  114

SECTION 10.02.Master Servicer, REMIC Administrator                              
                    and Trustee Indemnification............................  118

Article 11                                                                      
CERTAIN MATTERS REGARDING FINANCIAL SECURITY...............................  119

SECTION 11.01.Rights of Financial Security To                                   
                   Exercise Rights of Insured Certificateholders...........  119

SECTION 11.02.Claims Upon the FSA Policy; FSA Policy Payments Account......  119

SECTION 11.03.Effect of Payments by Financial Security; Subrogation........  120

SECTION 11.04.Notices and Information to Financial Security................  121

SECTION 11.05.Trustee to Hold FSA Policy...................................  121

Article 12                                                                      
MISCELLANEOUS PROVISIONS..................................................   121

SECTION 12.01.Amendment...................................................   121

SECTION 12.02.Recordation of Agreement; Counterparts......................   124

SECTION 12.03.Limitation on Rights of Certificateholders..................   124

SECTION 12.04.Governing Law...............................................   125

SECTION 12.05.Notices.....................................................   125

SECTION 12.06.Notices to Rating Agency....................................   126

SECTION 12.07.Severability of Provisions..................................   127

SECTION 12.08.Supplemental Provisions for Resecuritization................   127

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 12.01(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:                 Form of Request for Exchange                         
Exhibit R:                 Copy of FSA Policy                                   

                  This is a Pooling and Servicing Agreement, dated as of October
1, 1997, among RESIDENTIAL  FUNDING MORTGAGE  SECURITIES I, INC., as the company
(together with its permitted successors and assigns, the "Company"), RESIDENTIAL
FUNDING CORPORATION,  as master servicer (together with its permitted successors
and assigns, the "Master Servicer"),  and THE FIRST NATIONAL BANK OF CHICAGO, 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 but excluding the Initial  Monthly  Payment Fund, the Insured
Reserve Fund,  the FSA Policy and the FSA Policy  Payments  Account),  as a real
estate mortgage  investment  conduit (a "REMIC") for federal income tax purposes
and such  segregated  pool of assets will be  designated as a "REMIC." The Class
A-1,  Class A-2,  Class A-3,  Class A-4,  Class A-5, Class A-6, Class A-7, Class
A-8,  Class 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  represented  by the Class A-9  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.                    

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                  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.                   

                                                        [Enlarge/Download Table]


                         Aggregate Initial                                                                     
 Designation               Certificate                                      Maturity                           
                             Principal                                        Date       DCR  Standard & Poor's
            Pass-Through      Balance                                                                          
               Rate                              Features                                                      
                                                                                                               

Class A-1      7.00%   $165,961,752.00             Senior              October 25, 2027  AAA      AAA          
Class A-2      7.00%   $ 14,999,000.00         Insured/Senior          October 25, 2027  AAA      AAA          
Class A-3      7.00%   $  7,809,000.00             Senior              October 25, 2027  AAA      AAA          
Class A-4      7.00%   $ 60,747,995.00         Lockout/Senior          October 25, 2027  AAA      AAA          
Class A-5      6.75%   $ 30,220,669.00             Senior              October 25, 2027  AAA      AAA          
Class A-6      9.00%   $  3,777,584.00             Senior              October 25, 2027  AAA      AAA          
Class A-7      6.94%   $ 16,474,000.00             Senior              October 25, 2027  AAA      AAA          
Class A-8      0.00%   $    212,784.89     Principal Only/Senior       October 25, 2027  AAA     AAAr          
Class A-9    Variable  $          0.00   Variable Strip/Interest Only  October 25, 2027  AAA     AAAr          
               Rate                                Senior                                                      
Class R        7.00%   $        100.00        Residual/Senior          October 25, 2027  AAA      AAA          
Class M-1      7.00%   $  6,270,600.00           Mezzanine             October 25, 2027  AA       N/A          
Class M-2      7.00%   $  2,665,000.00           Mezzanine             October 25, 2027   A       N/A          
Class M-3      7.00%   $  1,724,400.00           Mezzanine             October 25, 2027  BBB      N/A          
Class B-1      7.00%   $    940,600.00          Subordinate            October 25, 2027  BB       N/A          
Class B-2      7.00%   $    783,800.00          Subordinate            October 25, 2027   B       N/A          
Class B-3      7.00%   $    940,711.19          Subordinate            October 25, 2027  N/A      N/A          


                       2

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     The Mortgage Loans have an aggregate  Cut-off Date Principal  Balance equal
     to $313,527,996.08. The Mortgage Loans are fixed rate mortgage loans having
     terms to maturity at origination or modification of not more than 30 years.

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

ARTICLE 1                                                                       

 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-8  Certificate  and Class A-9
     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-9  Certificates  in the
     aggregate  interest  accrued during the related  Interest Accrual Period at
     the  related  Pass-Through  Rate on the Class  A-9  Notional  Amount.  With
     respect  to  each  Distribution  Date,  as to any  Subclass  of  Class  A-9
     Certificates,  interest  accrued during the related Interest Accrual Period
     at the related  Pass-Through Rate on the Class A-9 Subclass Notional Amount
     thereof.  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
     (x) the Master Servicer with a payment of Compensating Interest as provided
     in Section 4.01 or (y) an Insured  Reserve  Withdrawal),  (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-9 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.                                                                 

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 or 2.04 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  relating to the Mortgage Loans on deposit in
     the  Custodial  Account  as of the  close of  business  on the  immediately
     preceding Determination Date and amounts deposited in the Custodial Account
     in connection with the substitution of Qualified Substitute Mortgage Loans,
     (ii)  the  amount  of  any  Advance  made  on  the  immediately   preceding
     Certificate  Account  Deposit  Date,  (iii)  any  amount  deposited  in the
     Certificate Account pursuant to Section 3.12(a),  (iv) any amount deposited
     in the  Certificate  Account  pursuant to Section 4.07,  and (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) 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,  (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),  and (z)
     amounts  permitted to be withdrawn from the Certificate  Account to pay the
Insurer Premium.                                                      

Bankruptcy  Amount:  As of any date of  determination,  an  amount  equal to the
     excess, if any, of (A) $111,627 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) the  greater  of (i)  0.0006  times  the  aggregate
     principal  balance of all the Mortgage Loans in the Mortgage Pool as of the
     Relevant  Anniversary  having a  Loan-to-Value  Ratio at origination  which
     exceeds 75% and (ii) $100,000,  over (2) the aggregate amount of Bankruptcy
     Losses  allocated solely to one or more specific Classes of Certificates in
     accordance with Section 4.05 since the Relevant Anniversary. The Bankruptcy
     Amount  may  be  further   reduced  by  the  Master   Servicer   (including
     accelerating  the manner in which such  coverage is reduced)  provided that
     prior to any such  reduction,  the Master Servicer shall (i) obtain written
     confirmation  from each Rating Agency that such reduction  shall not reduce
     the rating  assigned to any Class of  Certificates  by such  Rating  Agency
     below the lower of the  then-current  rating or the rating assigned to such
     Certificates  as of the Closing Date by such Rating Agency and (ii) provide
a copy of such written confirmation to the Trustee.                   

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 "The First National Bank
     of Chicago,  as trustee, in trust for the registered holders of Residential
     Funding Mortgage  Securities I, Inc., Mortgage  Pass-Through  Certificates,
     Series 1997-S15" 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,  and,  in respect of the Insured
     Certificates,  Financial  Security  to the extent of  Cumulative  Insurance
     Payments,  except that neither a Disqualified Organization nor a Non-United
     States  Person  shall be a holder  of a Class R  Certificate  for  purposes
     hereof  and,  solely for the  purpose of giving  any  consent or  direction
     pursuant  to  this  Agreement,  any  Certificate,  other  than  a  Class  R
     Certificate,  registered in the name of the Company, the Master Servicer or
     any  Subservicer  or  any  Affiliate  thereof  shall  be  deemed  not to be
     outstanding and the Percentage  Interest or Voting Rights evidenced thereby
     shall not be taken into account in determining whether the requisite amount
     of  Percentage  Interests  or Voting  Rights  necessary  to effect any such
     consent or direction has been obtained.  All references herein to "Holders"
     or  "Certificateholders"  shall reflect the rights of Certificate Owners as
     they may  indirectly  exercise  such  rights  through  the  Depository  and
     participating  members  thereof,  except  as  otherwise  specified  herein;
     provided,  however,  that the Trustee  shall be required to  recognize as a
     "Holder" or "Certificateholder" only the Person in whose name a Certificate
is registered in the Certificate Register.                            

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 the Class A-9  Certificates)  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; provided,  however, that solely for
     the purposes of determining  Financial  Security's rights as subrogee,  the
     Certificate Principal Balance of any Insured Certificate shall be deemed to
     not be reduced by any principal amounts paid to the Holder thereof from FSA
     Insurance Payments.  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  Principal  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-9 Certificates 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.  The
     initial Class A-9  Certificates and any Subclass thereof issued pursuant to
     Section 5.01(c) shall be a single Class for the purposes of this Agreement.

ClassA  Certificate:  Any one of the Class A-1, Class A-2, Class A-3, Class A-4,
     Class A-5,  Class  A-6,  Class  A-7,  Class A-8 or Class A-9  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-9 Certificates)  evidencing an interest
     designated  as a "regular  interest" in the REMIC for purposes of the REMIC
     Provisions. The Class A-9 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-9  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-9 Certificates pursuant to said Section.        

ClassA-8  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-8 Principal Distribution Amount: As defined in Section 4.02(b)(i).      

ClassA-9  Certificates:  The  Class  A  Certificates  designated  as  Class  A-9
Certificates, including any Subclass thereof.                         

ClassA-9 Notional Amount or Notional Amount:  As of any Distribution  Date, with
     respect  to the Class A-9  Certificates,  the  aggregate  Stated  Principal
Balance of the Mortgage Loans immediately prior to such date.         

ClassA-9 Subclass Notional Amount: As of any Distribution  Date, with respect to
     any Subclass of Class A-9 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.                                       

ClassB  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. 

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

ClassB-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.           

ClassB-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%.                                                                

ClassB-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.           

ClassB-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 0.55%.                  

ClassB-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.           

ClassB-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 0.30%.                                       

ClassM  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. 

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

ClassM-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.           

ClassM-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.           

ClassM-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 2.25%.                  

ClassM-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.           

ClassM-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 1.40%.                                       

ClassR 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  Corporate  Trust  Services  Division,  One First
     National  Plaza,  Chicago,  Illinois  60670-0126,   Attention:  Residential
Funding Corporation Series 1997-S15.                                  

Credit Support  Depletion Date: The first  Distribution Date on which the Senior
Percentage equals 100%.                                               

Cumulative Insurance Payments: As of any time of determination, the aggregate of
     all FSA Insurance Payments  previously made by Financial Security under the
     FSA Policy minus the aggregate of all payments previously made to Financial
     Security   pursuant  to  Sections   4.02(a)(xvi)   and  4.02(f)  hereof  as
reimbursement for FSA Insurance Payments.                             

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 Co. or its successor in interest.            

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

Deficient  Valuation:  With respect to any Mortgage Loan, a valuation by a court
     of competent  jurisdiction of the Mortgaged Property in an amount less than
     the then outstanding indebtedness under the Mortgage Loan, or any reduction
     in the amount of  principal  to be paid in  connection  with any  scheduled
     Monthly  Payment that  constitutes  a permanent  forgiveness  of principal,
     which valuation or reduction results from a proceeding under the Bankruptcy
Code.                                                                 

Definitive Certificate: Any 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 The First National Bank of Chicago,  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 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-8
     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 such amount that is included
in Section 4.02(b)(i)(E) hereof.                                      

Extraordinary  Events:  Any  of  the  following  conditions  with  respect  to a
     Mortgaged  Property 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:                     
                   (i)          by any government or sovereign power, de
                  jure or de facto, or by any authority maintaining or
     using military, naval or air forces; or

               (ii)         by military, naval or air forces; or

                     (iii)        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.       

FinalDistribution  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.                  

Financial Security: Financial Security Assurance Inc., a stock insurance company
     organized  and  created  under the laws of the  State of New York,  and any
successors thereto.                                                   

Financial  Security  Default:  The  existence  and  continuance  of a failure by
     Financial  Security  to make a payment  required  under  the FSA  Policy in
accordance with its terms.                                            

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: (Y) 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  (Z)  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.            

FSA Insurance Payment: Any payment made by Financial Security with              
       respect to the Insured Certificates under the FSA Policy.

FSA Policy: The Financial Guaranty Insurance Policy (No. 50637-N)               
               issued by  Financial  Security  for the benefit of the Holders of
               the Insured  Certificates,  including any  endorsements  thereto,
attached hereto as Exhibit R.                     

FSA Policy Payments Account: The account established pursuant to                
Section 11.02(b) hereof.                          

Guaranteed Distribution: With respect to the Insured Certificates and           
  any Distribution Date, as defined in the FSA Policy.

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-9 Notional Amount: With respect to any Class A-9                
               Certificate,  the Cut-off Date Principal  Balance of the Mortgage
               Loans corresponding to the Uncertificated REMIC Regular Interests
               represented      by     such      Class     A-9      Certificate.

Initial Monthly Payment Fund: As defined in Section 2.01(f).                    

Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans pursuant     
          to any Primary  Insurance Policy or any other related insurance policy
          (excluding  the FSA 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 released to the
          Mortgagor in accordance  with the procedures  that the Master Servicer
      would follow in servicing mortgage loans held for its own account.

Insured Certificates:  Any one of the Class A-2 Certificates.                   

Insured Reserve Fund:  The account established and maintained by the            
Trustee in accordance with Section 4.08 hereof.   

Insured Reserve Withdrawal:  As defined in Section 4.08.                        

Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any     
    successor thereto or the named insurer in any replacement policy

Insurer  Premium:  As to any  Distribution  Date,  the  premium  payable to     
          Financial  Security  in  connection  with the FSA Policy  equal to the
          product  of  one-twelfth  of  0.070000%  and the  aggregate  principal
          balance  of  the  Insured  Certificates   immediately  prior  to  such
Distribution Date in accordance with Section 4.02.          

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

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.                                                   

Lockout Prepayment Percentage: For any Distribution Date occurring prior to     
          the Distribution  Date in November 2002, 0%; for any Distribution Date
          occurring  after October 2002 but prior to November 2003, 30%; for any
          Distribution  Date occurring  after October 2003 but prior to November
          2004, 40%; for any Distribution  Date occurring after October 2004 but
          prior to November 2005, 60%; for any Distribution Date occurring after
          October 2005 but prior to November  2006,  80%;  for any  Distribution
Date after October 2006, 100%.                              

Lockout  Scheduled  Percentage:  For any  Distribution  Date  prior  to the     
          Distribution  Date in November 2002, 0% and for any Distribution  Date
thereafter, 100%.                                           

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-9 Certificates,  which have no Certificate  Principal
          Balance)   would  be  reduced  to  zero,  is  October  25,  2027,  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, 2027,  which is
          the  Distribution  Date  immediately  following  the latest  scheduled
maturity date of any Mortgage Loan.                         

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 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 heret 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
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.                                             

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, the Trustee, and
Financial Security.                               

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.

Original Senior Percentage:  The fraction, expressed as a percentage,           
               the  numerator  of which  is the  aggregate  Initial  Certificate
               Principal  Balance of the  Senior  Certificates  (other  than the
               Class  A-8  Certificates)  and the  denominator  of  which is the
               aggregate Stated  Principal  Balance of the Mortgage Loans (other
               than the Discount Fraction of the Discount Mortgage Loans), which
               is    approximately    95.75%   as   of   the    Closing    Date.
--------------------------                        

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 or 2.04.  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.                                          

Participant: An institution that clears through or maintains a                  
               custodial  relationship with the Depository and has access to the
Depository's clearing system.                     

Pass-Through Rate: With respect to the Class A Certificates (other than         
               the Class A-8 and Class A-9 Certificates),  Class M Certificates,
               Class  B   Certificates   and  Class  R   Certificates   and  any
               Distribution   Date,   the  per  annum  rate  set  forth  in  the
               Preliminary  Statement  hereto.  With  respect  to the  Class A-9
               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 Holder 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-9  Certificates  and the  initial
               Distribution  Date, the Pass-Through Rate is equal to 0.5083% per
               annum.  With respect to any Subclass of Class A-9 Certificate 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-8  Certificates  have no Pass-Through
        Rate and are not entitled to Accrued Certificate Interest.

Paying Agent:  The First National Bank of Chicago 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-9
               Notional   Amount   thereof   (in  the  case  of  any  Class  A-9
               Certificate)   divided  by  the  aggregate  Initial   Certificate
               Principal  Balance  or the  aggregate  of the  Initial  Class A-9
               Notional  Amounts,  as applicable,  of all of 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) zzzzz  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 respectto 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 and DCR and
         Aaa in the case of Moody's,  and  references  herein to the
          highest  rating available on unsecured  commercial paper and
         short-term debt  obligations  shall mean A-1 in the case of
      Standard & Poor's,  P-1 in the case of  Moody's,  D-1 in
            the case of DCR and  either A-1 by  Standard & Poor's,  P-1 by
Moody's or F-1 by Fitch in the case of Fitch.     

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

Person: Any individual,  corporation,  partnership,  joint venture, association,
     joint-stock company,  trust,  unincorporated  organization or government or
     any agency or political subdivision thereof. 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% (but not less than 0.00%) per annum.                            

Prepayment  Assumption:   A  prepayment  assumption  of  240%  of  the  standard
     prepayment  assumption,  used for determining the accrual of original issue
     discount and market  discount and premium on the  Certificates  for federal
     income tax purposes.  The standard prepayment assumption assumes a constant
     rate of  prepayment  of  mortgage  loans  of 0.2%  per  annum  of the  then
     outstanding  principal balance of such mortgage loans in the first month of
     the life of the mortgage loans,  increasing by an additional 0.2% per annum
     in each succeeding  month until the thirtieth  month, and a constant 6% per
 annum rate of prepayment thereafter for the life of the mortgage loans.

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-8 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 mortgage loan purchase and conduit servicing program
     and all supplements and amendments thereto published by Residential Funding
from time to time.                                                    

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 such Qualified  Substitute
     Mortgage Loan shall be equal to the Pool Strip Rate of the related  Deleted
     Mortgage  Loan for purposes of  calculating  the  Pass-Through  Rate on the
     Class A-7  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: Standard & Poor's and DCR with respect to the Class A 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 Reduction, the amount of
     such Debt Service Reduction. Notwithstanding the above, neither a Deficient
     Valuation  nor a Debt  Service  Reduction  shall be deemed a Realized  Loss
     hereunder  so long as the  Master  Servicer  has  notified  the  Trustee in
     writing that the Master  Servicer is diligently  pursuing any remedies that
     may  exist in  connection  with the  representations  and  warranties  made
     regarding  the related  Mortgage  Loan and either (A) the related  Mortgage
     Loan is not in  default  with  regard to  payments  due  thereunder  or (B)
     delinquent  payments of principal and interest  under the related  Mortgage
     Loan and any premiums on any applicable primary hazard insurance policy and
     any  related  escrow  payments in respect of such  Mortgage  Loan are being
     advanced on a current  basis by the Master  Servicer or a  Subservicer,  in
either case without giving effect to any Debt Service Reduction.      

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.                                                     

REMICAdministrator:  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.                       

REMICProvisions:  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)  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.                                        

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.       

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

                      Senior Accelerated
Distribution Date                     Distribution Percentage               
November 1997 through                                                           
October 2002                                100%                      
November 2002 through  Senior Percentage, plus 70% of the Subordinate Percentage
October 2003                                                          
November 2003 through  Senior Percentage, plus 60% of the Subordinate Percentage
October 2004                                                          
November 2004 through  Senior Percentage, plus 40% of the Subordinate Percentage
October 2005                                                          
November 2005 through  Senior Percentage, plus 20% of the Subordinate Percentage
October 2006                                                          
November 2006 and                                                           
thereafter                           Senior Percentage              

provided, however,  (i) that any scheduled  reduction to the Senior  Accelerated
     Distribution   Percentage  described  above  shall  not  occur  as  of  any
     Distribution Date unless either (a)(1)(X) the outstanding principal balance
     of the Mortgage Loans delinquent 60 days or more averaged over the last six
     months, as a percentage of the aggregate outstanding  Certificate Principal
     Balance  of the 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  Original  Senior  Percentage,   the  Senior  Accelerated  Distribution
     Percentage for such  Distribution Date shall be 100%.  Notwithstanding  the
     foregoing,  upon  the  reduction  of the  aggregate  Certificate  Principal
     Balance of the Senior  Certificates (other than the Class A-6 Certificates)
     to zero, the Senior Accelerated Distribution Percentage shall thereafter be
0%.                                                                   

Senior   Certificates:   Any  one  of  the  Class  A  Certificates  or  Class  R
Certificates.                                                         

         Senior Percentage:  As of any Distribution Date, the lesser of 100% and
a fraction,  expressed as a percentage,  the numerator of which is the aggregate
Certificate  Principal Balance of the Senior  Certificates (other than the Class
A-8   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 Discount Fraction of
the Discount Mortgage Loans) 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, (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
     $3,135,289  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) twice the  outstanding  principal
     balance  of the  Mortgage  Loan in the Trust  Fund  which  has the  largest
     outstanding   principal   balance  on  the  Distribution  Date  immediately
     preceding  such  anniversary,  (ii) the product of 1.00%  multiplied by the
     outstanding  principal  balance of all Mortgage  Loans on the  Distribution
     Date  immediately  preceding  such  anniversary  and  (iii)  the  aggregate
     outstanding principal balance (as of the immediately preceding Distribution
     Date) of the Mortgage  Loans in any single  five-digit  California zip code
     area with the  largest  amount of  Mortgage  Loans by  aggregate  principal
balance as of such anniversary.                                       

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

Special Hazard Loss:  Any Realized  Loss not in excess of the cost of the lesser
     of repair or  replacement  of a Mortgaged  Property  (or, with respect to a
     Cooperative  Loan,  the  related  Cooperative  Apartment)  suffered by such
     Mortgaged Property (or Cooperative Apartment) on account of direct physical
     loss,  exclusive of (i) any loss of a type covered by a hazard  policy or a
     flood  insurance  policy  required  to be  maintained  in  respect  of such
     Mortgaged Property pursuant to Section 3.12(a), except to the extent of the
     portion of such loss not covered as a result of any  coinsurance  provision
and (ii) any Extraordinary Loss.                                      

Standard &  Poor's:  Standard  & Poor's  Ratings  Services,  a  division  of the
McGraw-Hill Companies, 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-9  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-9 Certificates pursuant to Section 5.01(c).     

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.

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.

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.                                                        

TrustFund:  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, but not including amounts on deposit in the
  Initial Monthly Payment Fund and the Insured Reserve Fund;

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

      (iv) the hazard insurance policies and Primary Insurance Policies, if any,
    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  1,157  uncertificated  partial
     undivided  beneficial  ownership  interests  in  the  Trust  Fund  numbered
     sequentially from 1 through 1,157 each relating to the particular  Mortgage
     Loan  identified by sequential  number on the Mortgage Loan Schedule,  each
     having no principal  balance,  and each bearing 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-9 and Class
     R  Certificates,  in proportion to the  outstanding  Certificate  Principal
     Balances of their respective  Certificates,  except that Financial Security
     shall be assigned the Voting  Rights of the Insured  Certificateholders  in
     the  absence of any  continuing  Financial  Security  Default;  1.0% of all
     Voting  Rights  shall be  allocated  among  the  Holders  of the  Class A-9
     Certificates and the Holders of the Class R Certificates  shall be entitled
     to 1.0% of all of the Voting Rights,  allocated  among the  Certificates of
   each such Class in accordance with their respective Percentage Interests.

ARTICLE 2                                                                       

 CONVEYANCE OF MORTGAGE LOANS;
 ORIGINAL ISSUANCE OF CERTIFICATES

SECTION 2.01. Conveyance of Mortgage Loans.                                     

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

            (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.                                    

              (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) It is  intended  that the  conveyances  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
         property  and (2) an  assignment  by the  Company to the Trustee of any
         security  interest  in any  and  all  of  Residential  Funding's  right
         (including  the power to convey  title  thereto),  title and  interest,
         whether  now  owned  or  hereafter  acquired,  in and  to the  property
         described  in the  foregoing  clauses  (1)(A),  (B) 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.                                                

              (f) The Master Servicer hereby  acknowledges  the receipt by it of
         cash in an amount equal to  $1,170,939  (the "Initial  Monthly  Payment
         Fund"),  representing  scheduled principal amortization and interest at
         the Net  Mortgage  Rate for the Due Date in  November  1997,  for those
         Mortgage  Loans for which the  Trustee  will not be entitled to receive
         such  payment.  The Master  Servicer  shall hold such  Initial  Monthly
         Payment Fund in the  Custodial  Account and shall  include such Initial
         Monthly  Payment  Fund in the  Available  Distribution  Amount  for the
         Distribution Date in November 1997.  Notwithstanding anything herein to
         the contrary, the Initial Monthly Payment Fund shall not be an asset of
         the  REMIC.  To the  extent  that  the  Initial  Monthly  Payment  Fund
         constitutes  a reserve  fund for federal  income tax  purposes,  (1) it
         shall be an outside reserve fund and not an asset of the REMIC,  (2) it
         shall be owned by the Seller and (3) amounts  transferred  by the REMIC
         to the Initial  Monthly Payment Fund shall be treated as transferred to
         the  Seller  or any  successor,  all  within  the  meaning  of  Section
1.860G-2(h) of the Treasury Regulations.                      

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,  in trust for the use and
benefit of all present and future  Certificateholders.  The Trustee or Custodian
(such Custodian being so obligated under a Custodial  Agreement) agrees, for the
benefit of  Certificateholders,  to review each  Mortgage  File  delivered to it
pursuant to Section  2.01(b)  within 45 days after the Closing Date to ascertain
that all required documents (specifically as set forth in Section 2.01(b)), have
been executed and received, and that such documents relate to the Mortgage Loans
identified  on the  Mortgage  Loan  Schedule,  as  supplemented,  that have been
conveyed to it. Upon delivery of the Mortgage Files by the Company or the Master
Servicer,  the Trustee shall  acknowledge  receipt (or, with respect to Mortgage
Loans  subject to a  Custodial  Agreement,  and based  solely  upon a receipt or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(c) above. The Trustee or Custodian (such Custodian being so obligated under
a Custodial  Agreement)  agrees to review each  Mortgage  File  delivered  to it
pursuant to Section  2.01(c)  within 45 days after receipt  thereof to ascertain
that all documents  required to be delivered  pursuant to such Section have been
received, and that such documents relate to the Mortgage Loans identified on the
Mortgage Loan Schedule, as supplemented, that have been conveyed to it.         

         If the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents  constituting  a part of a Mortgage File to be missing or defective 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  hereto 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 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 30 years;                                                                  

                       (iv)  To  the  best  of  the  Company's  knowledge,  if a
                  Mortgage  Loan  is  secured  by a  Mortgaged  Property  with a
                  Loan-to-Value  Ratio at  origination  in excess  of 80%,  such
                  Mortgage  Loan is the  subject of a Primary  Insurance  Policy
                  that insures (a) at least 30% of the Stated Principal  Balance
                  of the Mortgage Loan at origination if the Loan-to-Value Ratio
                  is between 95.00% and 90.01%, (b) at least 25% of such balance
                  if the  Loan-to-Value  Ratio is between  90.00% and 85.01% and
                  (c) at least 12% of such balance if the Loan-to-Value Ratio is
                  between  85.00%  and  80.01%.  To the  best  of the  Company's
                  knowledge, each such Primary Insurance Policy is in full force
                  and  effect  and  the  Trustee  is  entitled  to the  benefits
thereunder;                                 

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

                       (vi) No more than 0.9% 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  1.2% 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.   Seven  of  the  Mortgage  Loans,
                  representing  approximately  0.3%  of the  Mortgage  Loans  by
                  aggregate Stated Principal Balance as of the Cut-off Date, are
Cooperative Loans;                          

                      (vii)    If the improvements securing a Mortgage Loan ar
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 0.3% of the Mortgage Loans by
aggregate Stated Principal Balance as of the Cut-off Date were underwritten     
under a reduced loan documentation program;                                     

              (x)       Each Mortgagor represented in its loan
application with respect to the related Mortgage Loan that the Mortgaged        
Property would be owner-occupied and therefore would not be an investor         
property as of the date of origination of such Mortgage Loan.  No Mortgagor is  
a corporation or a partnership;                                                 

                      (xi)      Two Mortgage Loans, representing approximately
0.1% of the Mortgage Loans by aggregate Stated Principal Balance as of the      
Cut-off Date, are 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) With respect to each Mortgage Loan originated  under
                  a "streamlined" Mortgage Loan program (through which no new or
                  updated  appraisals  of Mortgaged  Properties  are obtained in
                  connection with the refinancing  thereof),  the related Seller
                  has  represented  that  either  (a) the  value of the  related
                  Mortgaged  Property  as of the  date  the  Mortgage  Loan  was
                  originated  was not  less  than  the  appraised  value of such
                  property at the time of origination of the refinanced Mortgage
                  Loan or (b) the Loan-to-Value Ratio of the Mortgage Loan as of
                  the date of origination  of the Mortgage Loan generally  meets
the Company's underwriting guidelines;      

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

             (xvii)One of the Mortgage Loans contains in the
related Mortgage File a Destroyed Mortgage Note.                                

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, except 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 as
are required by Section  2.01,  with the Mortgage  Note  endorsed as required by
Section  2.01.  No  substitution  will be made in any  calendar  month after the
Determination  Date  for such  month.  Monthly  Payments  due  with  respect  to
Qualified  Substitute  Mortgage Loans in the month of substitution  shall not be
part of the Trust Fund and will be retained by the Master  Servicer and remitted
by  the  Master   Servicer  to  Residential   Funding  on  the  next  succeeding
Distribution  Date.  For  the  month  of  substitution,   distributions  to  the
Certificateholders  will include the Monthly  Payment due on a Deleted  Mortgage
Loan for such month and  thereafter  Residential  Funding  shall be  entitled to
retain all amounts received in respect of such Deleted Mortgage Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule,  and, if
the Deleted Mortgage Loan was a Discount Mortgage Loan, the Schedule of Discount
Fractions,  for the benefit of the  Certificateholders to reflect the removal of
such Deleted  Mortgage Loan and the  substitution  of the  Qualified  Substitute
Mortgage  Loan or Loans  and the  Master  Servicer  shall  deliver  the  amended
Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan was a Discount 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  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.                                                                      

         In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of 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 authen ticated and delivered to or upon   
the order of the Company the Certificates in authorized denominations which     
evidence ownership of the entire Trust Fund.                                    

ARTICLE 3                                                                       

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 any  proposed,  temporary  or
         final regulations promulgated thereunder (other than in connection with
         a proposed  conveyance  or  assumption  of such  Mortgage  Loan that is
         treated as a Principal  Prepayment in Full pursuant to Section  3.13(d)
         hereof)  and cause the Trust Fund to fail to  qualify as a REMIC  under
         the Code. The Trustee shall furnish the Master Servicer with any powers
         of attorney and other documents  necessary or appropriate to enable the
         Master  Servicer to service and  administer  the  Mortgage  Loans.  The
         Trustee shall not be liable for any action taken by the Master Servicer
         or any  Subservicer  pursuant to such powers of attorney.  In servicing
         and administering any Nonsubserviced Mortgage Loan, the Master Servicer
         shall, to the extent not inconsistent with this Agreement,  comply with
         the Program  Guide as if it were the  originator  of such Mortgage Loan
         and had  retained  the  servicing  rights  and  obligations  in respect
         thereof.  In connection with servicing and  administering  the Mortgage
         Loans, the Master Servicer and any Affiliate of the Master Servicer (i)
         may perform services such as appraisals and brokerage services that are
         not customarily  provided by servicers of mortgage loans,  and shall be
         entitled to reasonable compensation therefor in accordance with Section
         3.10 and (ii) may, at its own  discretion and on behalf of the Trustee,
         obtain credit information in the form of a "credit score" from a credit
repository.                                                   

             (b)                  All costs incurred by the Master Servicer or
by Subservicers in effecting the timely payment of taxes and assessments on the 
properties subject to the Mortgage Loans shall not, for the purpose of          
calculating monthly distributions to the Certificateholders, be added to the    
amount owing under the related Mortgage Loans, notwithstanding that the terms   
of such Mortgage Loan so permit, and such costs shall be recoverable to the     
extent permitted by Section 3.10(a)(ii).                                        

           (c)                   The Master Servicer may enter into one or
more agreements in connection with the offering of pass-through certificates    
evidencing interests in one or more of the Certificates providing for the       
payment by the Master Servicer of amounts received by the Master Servicer as    
servicing compensation hereunder and required to cover certain Prepayment       
Interest Shortfalls on the Mortgage Loans, which payment obligation will        
thereafter be an obligation of the Master Servicer hereunder.                   

SECTION 3.02. Subservicing Agreements Between Master Servicer and Subservicers; 
Enforcement of Subservicers' and Sellers' Obligations.                          

              (a) The  Master  Servicer  may  continue  in  effect  Subservicing
         Agreements  entered into by Residential  Funding and Subservicers prior
         to the execution and delivery of this Agreement, and may enter into new
         Subservicing  Agreements  with  Subservicers,  for  the  servicing  and
         administration  of all or some of the Mortgage Loans.  Each Subservicer
         of a Mortgage Loan shall be entitled to receive and retain, as provided
         in the related Subservicing  Agreement and in Section 3.07, the related
         Subservicing  Fee from  payments of interest  received on such Mortgage
         Loan after payment of all amounts required to be remitted to the Master
         Servicer in respect of such Mortgage  Loan.  For any Mortgage Loan that
         is a  Nonsubserviced  Mortgage  Loan,  the  Master  Servicer  shall  be
         entitled to receive and retain an amount equal to the  Subservicing Fee
         from  payments  of  interest.  Unless the context  otherwise  requires,
         references  in this  Agreement  to actions  taken or to be taken by the
         Master  Servicer in servicing the Mortgage Loans include  actions taken
         or to be taken by a Subservicer on behalf of the Master Servicer.  Each
         Subservicing  Agreement  will be upon such terms and  conditions as are
         generally  required  or  permitted  by the  Program  Guide  and are not
         inconsistent  with this  Agreement  and as the Master  Servicer and the
         Subservicer  have  agreed.   A  representative   form  of  Subservicing
         Agreement is attached 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; and                                                    

                       (vi) All amounts transferred from the Certificate Account
to the Custodial Account in accordance with Section 4.02(a).                    

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 amount 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.         

              (d)   The Master Servicer shall give notice to the Trustee and the
Company of any change in the location of the Custodial Account and the location 
of the Certificate Account prior to the use thereof.                            

   SECTION 3.08.                  Subservicing Accounts; Servicing Accounts.

              (a) In those cases  where a  Subservicer  is  servicing a Mortgage
         Loan pursuant to a Subservicing  Agreement,  the Master  Servicer shall
         cause the  Subservicer,  pursuant  to the  Subservicing  Agreement,  to
         establish and maintain one or more Subservicing Accounts which shall be
         an  Eligible  Account or, if such  account is not an Eligible  Account,
         shall  generally  satisfy the  requirements of the Program Guide and be
         otherwise acceptable to the Master Servicer and each Rating Agency. The
         Subservicer  will be required  thereby to deposit into the Subservicing
         Account on a daily basis all proceeds of Mortgage Loans received by the
         Subservicer,  less its Subservicing Fees and unreimbursed  advances and
         expenses, to the extent permitted by the Subservicing Agreement. If the
         Subservicing  Account is not an Eligible  Account,  the Master Servicer
         shall be deemed to have  received  such monies upon receipt  thereof by
         the  Subservicer.  The Subservicer  shall not be required to deposit in
         the  Subservicing  Account  payments  or  collections  in the nature of
         prepayment charges or late charges or assumption fees. On or before the
         date  specified  in the Program  Guide,  but in no event later than the
         Determination  Date, the Master  Servicer shall cause the  Subservicer,
         pursuant to the Subservicing Agreement, to remit to the Master Servicer
         for deposit in the Custodial Account all funds held in the Subservicing
         Account with respect to each Mortgage Loan serviced by such Subservicer
         that  are  required  to  be  remitted  to  the  Master  Servicer.   The
         Subservicer  will  also  be  required,  pursuant  to  the  Subservicing
         Agreement,  to advance on such  scheduled  date of  remittance  amounts
         equal to any scheduled  monthly  installments of principal and interest
         less its Subservicing  Fees on any Mortgage Loans for which payment was
         not  received  by the  Subservicer.  This  obligation  to advance  with
         respect to each  Mortgage  Loan will  continue up to and  including the
         first of the month  following  the date on which the related  Mortgaged
         Property is sold at a foreclosure sale or is acquired by the Trust Fund
         by deed in lieu of foreclosure or otherwise. All such advances received
         by  the  Master  Servicer  shall  be  deposited  promptly  by it in the
Custodial Account.                                            

              (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  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 Insurer under any Primary Insurance Policies, in a timely
         manner in accordance with such policies,  and, in this regard,  to take
         or cause to be taken such  reasonable  action as shall be  necessary to
         permit  recovery  under  any  Primary  Insurance  Policies   respecting
         defaulted  Mortgage  Loans.  Pursuant to Section  3.07,  any  Insurance
         Proceeds  collected  by or  remitted to the Master  Servicer  under any
         Primary Insurance Policies shall be deposited in the Custodial Account,
subject to withdrawal pursuant to Section 3.10.               

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

              (a) The Master  Servicer  shall  cause to be  maintained  for each
         Mortgage  Loan  (other than a  Cooperative  Loan) fire  insurance  with
         extended  coverage  in an  amount  which is equal to the  lesser of the
         principal  balance  owing on such  Mortgage  Loan or 100 percent of the
         insurable  value of the  improvements;  provided,  however,  that  such
         coverage  may not be less than the  minimum  amount  required  to fully
         compensate for any loss or damage on a replacement  cost basis.  To the
         extent  it  may  do  so  without  breaching  the  related  Subservicing
         Agreement,  the Master Servicer shall replace any Subservicer that does
         not  cause  such  insurance,  to  the  extent  it is  available,  to be
         maintained.  The Master  Servicer  shall also cause to be maintained on
         property acquired upon foreclosure,  or deed in lieu of foreclosure, of
         any Mortgage Loan (other than a Cooperative  Loan), fire insurance with
         extended  coverage  in an amount  which is at least equal to the amount
         necessary to avoid the application of any co-insurance clause contained
         in the related hazard insurance  policy.  Pursuant to Section 3.07, any
         amounts collected by the Master Servicer under any such policies (other
         than amounts to be applied to the  restoration or repair of the related
         Mortgaged Property or property thus acquired or amounts released to the
         Mortgagor in accordance  with the Master  Servicer's  normal  servicing
         procedures)  shall be deposited in the  Custodial  Account,  subject to
         withdrawal  pursuant to Section  3.10.  Any cost incurred by the Master
         Servicer in maintaining  any such insurance  shall not, for the purpose
         of calculating  monthly  distributions  to the  Certificateholders,  be
         added to the amount owing under the Mortgage Loan, notwithstanding that
         the  terms  of the  Mortgage  Loan  so  permit.  Such  costs  shall  be
         recoverable by the Master  Servicer out of related late payments by the
         Mortgagor or out of Insurance Proceeds and Liquidation  Proceeds to the
         extent  permitted by Section 3.10. It is understood  and agreed that no
         earthquake  or other  additional  insurance  is to be  required  of any
         Mortgagor or maintained  on property  acquired in respect of a Mortgage
         Loan other than pursuant to such  applicable  laws and  regulations  as
         shall at any time be in force  and as  shall  require  such  additional
         insurance.  Whenever the  improvements  securing a Mortgage Loan (other
         than a Cooperative Loan) are located at the time of origination of such
         Mortgage Loan in a federally  designated special flood hazard area, the
         Master Servicer shall cause flood  insurance (to the extent  available)
         to be maintained in respect  thereof.  Such flood insurance shall be in
         an amount equal to the lesser of (i) the amount  required to compensate
         for any loss or damage to the Mortgaged  Property on a replacement cost
         basis and (ii) the maximum amount of such  insurance  available for the
         related  Mortgaged  Property under the national flood insurance program
         (assuming that the area in which such Mortgaged  Property is located is
participating in such program).                               

                  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 such Subservicer as additional servicing compensation.

              (c) The Master  Servicer or the related  Subservicer,  as the case
         may be, shall be entitled to approve a request  from a Mortgagor  for a
         partial release of the related Mortgaged  Property,  the granting of an
         easement  thereon  in  favor  of  another  Person,  any  alteration  or
         demolition of the related  Mortgaged  Property or 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 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. Concurrently with the foregoing,  the
         Master  Servicer  may  pursue any  remedies  that may be  available  in
         connection with a breach of a representation  and warranty with respect
         to any such Mortgage  Loan in  accordance  with Sections 2.03 and 2.04.
         However, the Master Servicer is not required to continue to pursue both
         foreclosure  (or similar  remedies)  with respect to the Mortgage Loans
         and  remedies  in  connection  with a breach  of a  representation  and
         warranty if the Master Servicer determines in its reasonable discretion
         that one such remedy is more likely to result in a greater  recovery as
         to the Mortgage Loan. Upon the occurrence of a Cash  Liquidation or REO
         Disposition,  following  the  deposit in the  Custodial  Account of all
         Insurance  Proceeds,   Liquidation  Proceeds  and  other  payments  and
         recoveries  referred to in the definition of "Cash Liquidation" or "REO
         Disposition,"  as  applicable,  upon  receipt by the Trustee of written
         notification of such deposit signed by a Servicing Officer, the Trustee
         or any  Custodian,  as the case may be,  shall  release  to the  Master
         Servicer the related  Mortgage  File and the Trustee  shall execute and
         deliver  such  instruments  of transfer or  assignment  prepared by the
         Master Servicer,  in each case without recourse,  as shall be necessary
         to vest in the Master Servicer or its designee, as the case may be, the
         related  Mortgage Loan, and thereafter  such Mortgage Loan shall not be
         part of the Trust  Fund.  Notwithstanding  the  foregoing  or any other
         provision of this Agreement,  in the Master  Servicer's sole discretion
         with  respect to any  defaulted  Mortgage  Loan or REO  Property  as to
         either  of the  following  provisions,  (i) a Cash  Liquidation  or REO
         Disposition may be deemed to have occurred if substantially all amounts
         expected by the Master  Servicer to be received in connection  with the
         related defaulted Mortgage Loan or REO Property have been received, and
         (ii)  for  purposes  of  determining  the  amount  of  any  Liquidation
         Proceeds,  Insurance  Proceeds,  REO Proceeds or any other  unscheduled
         collections or the amount of any Realized Loss, the Master Servicer may
         take into account minimal amounts of additional receipts expected to be
         received or any estimated  additional  liquidation expenses expected to
         be incurred in connection with the related  defaulted  Mortgage Loan or
REO Property.                                                 

              (b) 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 grace period unless the
         Master Servicer  (subject to Section  10.01(f)) obtains for the Trustee
         an  Opinion  of  Counsel,  addressed  to the  Trustee  and  the  Master
         Servicer,  to the effect that the holding by the Trust Fund of such REO
         Property subsequent to such period will not result in the imposition of
         taxes on  "prohibited  transactions"  as defined in Section 860F of the
         Code or cause 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.               

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 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 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 t
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,  the  Trustee  and
Financial Security 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,  the Trustee and Financial  Security  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.        

ARTICLE 4                                                                       

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, (v) all other
         amounts   constituting  the  Available   Distribution  Amount  for  the
         immediately  succeeding  Distribution  Date,  and (vi) from  amounts on
         deposit in the  Custodial  Account  the amount of the  Insurer  Premium
        required to be paid to Financial Security pursuant to Section 4.02(a).

              (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),  to Financial Security, the amount of the Insurer Premium
         for such Distribution Date 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-9
         Certificates),  shall  be  based  on the  aggregate  of the  Percentage
         Interests  represented by Certificates of the applicable  Class held by
         such  Holder  or (B) with  respect  to any  Subclass  of the  Class A-9
         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 the case of amounts
         payable to the Master Servicer and Financial Security, to the extent of
         the Available  Distribution Amount,  together with, as to any Class A-2
         Certificate,  any Insured Reserve  Withdrawal  pursuant to Section 4.08
hereof:                                                       

                       (i) to the  Class A  Certificateholders  (other  than the
                  Class A-8  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 Subclasses, if any, with respect to the Class
                  A-9 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-8 Certificateholders,
the Class A-8 Principal Distribution Amount; and                                

                                 (Y)     to the Class A Certificateholders
(other than Class A-8 Certificateholders) and Class R Certificateholders, in    
the priorities and amounts set forth in Section 4.02(b)(ii) through (vi) and    
Sections 4.02(c) and (d), 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 a 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  a   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  a
                                    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 a Discount Mortgage Loan);

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

                                 (E)  any amounts described in
subsection (ii)(Y), clauses (A) through (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-8  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-8  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-8  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-8  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-8  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-8  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-8 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 Financial Security, as subrogee of the Insured
Certificateholders, to reimburse Financial Security for claims paid under the 
FSA Policy, to the extent of Cumulative Insurance Payments on the Insured       
Certificates;                                                                   

                       (xvii)  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

                     (xviii)              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
         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 (other
than the Class A-9 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-8 Certificates,  until the
Certificate Principal Balance thereof is reduced to zero, an amount (the        
"Class A-8 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-8
Collection Shortfalls for such Distribution Date and the amount of any Class A-8
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) from the balance, if any, of the Senior Principal
Distribution Amount remaining after the distribution described in clause      
4.02(b)(ii) above, there  shall be distributed to the Class A-4 Certificates,   
in reduction of the Certificate Principal Balance thereof, an amount equal to 
the sum of the following:                                                       

                                         (A) the Lockout Scheduled Percentage of
the Class A-4 Certificates' pro rata share (based on the aggregate Certificate  
Principal Balance thereof relative to the aggregate Certificate Principal       
Balance of all of the Certificates (other than the Class A-8 Certificates)) of  
the aggregate of the collections described in Sections 4.02(a)(ii)(Y)(A), (B)   
and (E) without any application of the Senior Percentage or the Senior          
Accelerated Distribution Percentage; and                                        

                                        (B)the Lockout Prepayment Percentage
of the Class A-4 Certificates' pro rata share (based on the aggregate         
Certificate Principal Balance thereof relative to the Certificate Principal     
Balance of all of the Certificates (other than the Class A-8 Certificates)) of  
 the aggregate of the collections described in Section 4.02(a)(ii)(Y)(C) without
any application of the Senior Accelerated Distribution Percentage;            

provided  that,   if  the   aggregate  of  the  amounts  set  forth  in  Section
     4.02(a)(ii)(Y)(A)  through  (E) is more than the  balance of the  Available
     Distribution  Amount  remaining  after the  amounts  set forth in  Sections
     4.02(a)(i) and  4.02(b)(i)  have been  distributed,  the amount paid to the
     Class A-4 Certificates pursuant to this clause (iii) shall be reduced by an
     amount  equal to the Class A-4  Certificates'  pro rata share (based on the
     Certificate Principal Balance thereof relative to the aggregate Certificate
     Principal  Balance of the Class A  Certificates  (other  than the Class A-8
Certificates) and Class R Certificates of such difference; and        

                  (iv)the balance of the Senior Principal Distribution
Amount remaining after the distributions, if any, described in Sections       
4.02(b)(ii) and (iii) above shall be distributed as follows:                    

                                    (A)  first, concurrently, to the
Class A-1, Class A-5 and Class A-6 Certificates on a pro rata basis in          
proportion to their respective Certificate Principal Balances, until the        
Certificate Principal Balances thereof have been reduced to zero;               

                                    (B)  second, concurrently to the
Class A-2 and Class A-7 Certificates on a pro rata basis in proportion to their 
respective Certificate Principal Balances, until the Certificate Principal    
Balances thereof have been reduced to zero;                                     

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

                                 (D)  fourth, to the Class A-4
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 above in
         respect of principal among the various  classes of Senior  Certificates
         (other  than the Class A-8  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-8
         Certificates  and the  Senior  Principal  Distribution  Amount  will be
         distributed  among all classes of Senior  Certificates  (other than the
         Class A-8  Certificates)  pro rata in accordance with their  respective
outstanding Certificate Principal Balances.                   

              (d) After reduction of the Certificate  Principal  Balances of the
         Class A Certificates  (other than the Class A-8 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-8  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-8,  Class  9,  Class M and  Class  B  Certificates,  in each  case as
described herein.                                             

            (e)                   In addition to the foregoing distributions
     on the Insured  Certificates,  the Master Servicer on behalf of the Trustee
     or the Paying  Agent  appointed  by the Trustee  shall  distribute  on each
     Distribution  Date the  amount,  if any,  paid  under  the FSA  Policy  and
     transferred to the  Certificate  Account with respect to such  Distribution
Date pursuant to Section 11.02(b).                                    

              (f) 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 (or to Financial Security, as subrogee
         for such  Certificateholders,  to the extent Financial Security made an
         FSA  Insurance  Payment  in respect of such  Realized  Loss)  (with the
         amounts to be  distributed  allocated  among  such  Classes in the same
         proportions as such Realized Loss was allocated),  and within each such
         Class  to  the  Certificateholders  of  record  as of the  Record  Date
         immediately  preceding the date of such  distribution (or if such Class
         of Certificates is no longer outstanding,  to the Certificateholders of
         record at the time that such  Realized  Loss was  allocated);  provided
         that no such  distribution  to any Class of  Certificates of subsequent
         recoveries related to a Mortgage Loan shall exceed, either individually
         or in the  aggregate  and  together  with  any  other  amounts  paid in
         reimbursement  therefor,  the amount of the related  Realized Loss that
         was  allocated  to such  Class  of  Certificates.  Notwithstanding  the
         foregoing,  no such  distribution  shall be made  with  respect  to the
         Certificates  of any Class to the extent that either (i) such Class was
         protected  against the related Realized Loss pursuant to any instrument
         or fund  established  under  Section  12.01(e)  or (ii)  such  Class of
         Certificates  has been  deposited  into a separate  trust fund or other
         structuring  vehicle and  separate  certificates  or other  instruments
         representing interests therein have been issued in one or more classes,
         and  any  of  such  separate  certificates  or  other  instruments  was
         protected  against the related  Realized  Loss  pursuant to any limited
         guaranty,  payment  obligation,  irrevocable  letter of credit,  surety
         bond,  insurance  policy or similar  instrument or a reserve fund, or a
         combination   thereof.  Any  amount  to  be  so  distributed  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-9  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-9  Certificates,
         to the Class  A-9  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.   

              (g) 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.                                  

              (h) 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,    
Financial Security and the Company a statement setting forth the following      
information as to each Class of Certificates to the extent applicable:          

            (i) (a) the amount of such distribution to the
Certificateholders of such Class applied to reduce the Certificate Principal    
Balance thereof, and (b) the aggregate amount included therein representing     
Principal Prepayments;                                                          

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

                     (iii) if the distribution to the Holders of such Class of
Certificates is less than the full amount that would be distributable to such   
Holders if there were sufficient funds available therefor, the amount of the    
shortfall;                                                                      

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

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

                       (vi) the Guaranteed  Distribution  for such  Distribution
Date, and the respective  portions  thereof  allocable to principal and interest
for the Class of Insured Certificates;                                          

                   (vii) the amount of any FSA Insurance Payment made on
such Distribution Date, the amount of any reimbursement payment made to         
Financial Security on such Distribution Date pursuant to Sections 4.02(a)       
(xvi) and the amount of Cumulative Insurance Payments after giving effect to any
such FSA Insurance Payment or any such reimbursement payment to Financial     
Security;                                                                       

                     (viii)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;                                

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

                     (x)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;                                                                    

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

              (xii) 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;                             

                (xiii)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;           

                 (xiv) the weighted average Pool Strip Rate for such
Distribution Date and the Pass-Through Rate with respect to the Class A-7       
Certificates and each Subclass, if any, thereof;                                

                   (xv) the Class A-7 Notional Amount and each Class A-7
Subclass Notional Amount;                                                       

                   (xvi)  the occurrence of the Credit Support Depletion
Date;                                                                           

                   (xvii) the Senior Accelerated Distribution Percentage
applicable to such distribution;                                                

                      (xviii)the Senior Percentage for such Distribution Date;

                     (xix)  the aggregate amount of Realized Losses for such
Distribution Date;                                                              

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

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

               (xxii) the weighted average Mortgage Rates of the
Mortgage Loans after giving effect to the amounts distributed on such           
Distribution Date; and                                                          

            (xxiii)the amount of any payment made from the
Insured Reserve Fund on such Distribution Date and the balance of the           
Insured Reserve Fund after giving effect to such amounts.                       

       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,  Financial Security, 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; (ii) the amounts required to be
         withdrawn from the Custodial  Account and the Insured  Reserve Fund and
         deposited into the Certificate  Account on the  immediately  succeeding
         Certificate  Account  Deposit Date  pursuant to clause (iii) of Section
         4.01(a);  and (iii) the amount of Cumulative  Insurance  Payments as of
         such  Determination  Date. 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 part of
         the Advance made by the Master Servicer  pursuant to this Section 4.04.
         The amount of any  reimbursement  pursuant to Section  4.02(a)(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-8 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-8  Certificates),  Class R Certificates on a pro rata basis, as
described below.  Any Excess Special Hazard Losses,  Excess  Bankruptcy  Losses,
Excess Fraud Losses and Extraordinary Losses on Non-Discount Mortgage Loans will
be allocated among the Class A (other than the Class A-8 Certificates), Class M,
Class B and Class R Certificates,  on a pro rata basis, as described  below. The
principal portion of such losses on Discount Mortgage Loans will be allocated to
the Class A-8 Certificates in an amount equal to the related  Discount  Fraction
thereof,  and the  remainder of such losses on Discount  Mortgage  Loans will be
allocated   among  the  Class  A   Certificates   (other   than  the  Class  A-8
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 for 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  by  operation  of the
definition of "Accrued Certificate  Interest" and by operation of the provisions
of  Section  4.02(a).  Allocations  of the  principal  portion  of Debt  Service
Reductions shall be made by operation of the provisions of Section 4.02(a).  All
Realized  Losses  and all  other  losses  allocated  to a Class of  Certificates
hereunder will be allocated  among the  Certificates of such Class in proportion
to the Percentage  Interests evidenced thereby;  provided that if any Subclasses
of the Class A-9 Certificates have been issued pursuant to Section 5.01(c), such
Realized Losses and other losses allocated to the Class A-9  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.  Insured Reserve Fund.                                  

         No later than the Closing Date, the Trustee will establish and maintain
with itself one or more  segregated  trust accounts that are Eligible  Accounts,
which shall be titled "Insured Reserve Fund, The First National Bank of Chicago,
as trustee for the registered holders of Residential Funding Mortgage Securities
I, Inc., Mortgage Pass-Through Certificates, Series 1997-S15, Class A-2." On the
Closing  Date,  Donaldson,   Lufkin  &  Jenrette  Securities   Corporation  (the
"Underwriter")  shall  deposit with the Trustee,  and the Trustee  shall deposit
into the Insured Reserve Fund, cash in an amount equal to $9,000.               

         The  Master  Servicer  shall  direct  the  Trustee  in  writing on each
Distribution Date to withdraw amounts on deposit in the Insured Reserve Fund for
deposit into the Certificate  Account,  and to pay to the holders of the Insured
Certificates  pursuant to Section 4.02(a)(i),  the amount of Prepayment Interest
Shortfalls  otherwise  allocable to the Class A-2  Certificates  pursuant to the
definition  of  Accrued  Certificate  Interest  (to the extent not offset by the
Master Servicer pursuant to Section 3.16(e) hereof),  and to the extent of funds
on deposit in the Insured  Reserve Fund (the amount of such  withdrawal  for any
Distribution Date, the "Insured Reserve Withdrawal").                           

         For federal income tax purposes,  the Underwriter shall be the owner of
the Reserve Fund and shall report all items of income,  deduction,  gain or loss
arising therefrom.  Notwithstanding anything herein to the contrary, the Insured
Reserve Fund shall not be an asset of the REMIC.  The Insured Reserve Fund shall
be invested in Permitted Investments at the direction of the Underwriter. Unless
the Underwriter directs the Trustee otherwise, the Insured Reserve Fund shall be
invested in the Pegasus U.S.  Government Cash Management Fund so long as it is a
Permitted  Investment.  All income and gain  realized  from  investment of funds
deposited in the Insured  Reserve Fund shall be deposited in the Insured Reserve
Fund for the sole use and exclusive  benefit of the Insured  Reserve  Fund.  The
amount  of any  loss  incurred  in  respect  of any  such  investments  shall be
deposited in the Insured  Reserve Fund by the  Underwriter  out of its own funds
immediately as realized without any right of reimbursement. The balance, if any,
remaining  in the Insured  Reserve  Fund on the  Distribution  Date on which the
Certificate  Principal  Balance of the Insured  Certificates  is reduced to zero
will be  distributed by the Trustee to the  Underwriter.  To the extent that the
Insured Reserve Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside  reserve  fund and not an asset of the REMIC , (2) it
shall be owned by the Underwriter, all within the meaning of Section 1.860G-2(h)
of the  Treasury  Regulations  and (3) amounts  transferred  by the REMIC to the
Insured  Reserve Fund shall be treated as  transferred to the  Underwriter,  all
within the meaning of Section  1.860G-2(h).  The Insured Reserve Fund may not be
owned by more than one Person.                                                  

ARTICLE 5                                                                       

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  A-9  and  Class  R
         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) and integral multiples of $1
         (in the case of the Class A-1,  Class A-2,  Class A-3, Class A-4, Class
         A-5, Class A-6 and Class A-7  Certificates)  and $1,000 (in the case of
         all other Classes of Certificates)  in excess thereof,  except that one
         Certificate  of each of the Class A-8, Class M-1, Class M-3, Class B-1,
         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 and an integral multiple of $1,000:  

Class A-8                              $       25,784.89                        
Class M-1                              $       25,600.00                        
Class M-3                              $      250,400.00                        
Class B-1                              $      250,600.00                        
Class B-2                              $      250,800.00                        
Class B-3                              $      250,711.19                        

                  The Class A-9 and Class R  Certificates  shall be  issuable in
minimum  denominations  of not less than a 20%  Percentage  Interest;  provided,
however, that one Class R Certificate will be issuable to Residential Funding as
"tax  matters  person"  pursuant  to  Section  10.01(c)  and  (e)  in a  minimum
denomination  representing  a Percentage  Interest of not less than 0.01%.  Each
Subclass of Class A-9 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-8
         Certificates and Class A-9  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
         Certificateholders  shall hold their respective  Ownership Interests in
         and to each of the  Class A  Certificates,  other  than the  Class  A-8
         Certificates  and  Class  A-9  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-9  Certificates,  may exchange such  Holder's  Class A-9
         Certificates  for  Subclasses  of Class A-9  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-9  Certificates so surrendered  for exchange.  Any Subclass so issued
         shall bear a  numerical  designation  commencing  with Class  A-9-1 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  Class  A-9  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 a Request  for
         Exchange  corresponds to a Subclass  which has previously  been issued.
         Each Subclass so issued shall be substantially in the form set forth in
         Exhibit A and shall,  on original  issue,  be executed and delivered by
         the  Trustee  to  the  Certificate  Registrar  for  authentication  and
         delivery  in  accordance  with  Section  5.01(a).   Every   Certificate
         presented or  surrendered  for exchange by the initial Holder shall (if
         so  required  by the  Trustee  or the  Certificate  Registrar)  be duly
         endorsed  by, or be  accompanied  by a written  instrument  of transfer
         attached to such Certificate and shall be completed to the satisfaction
         of the Trustee and the  Certificate  Registrar  duly  executed  by, the
         initial Holder thereof or his attorney duly authorized in writing.  The
         Certificates  of  any  Subclass  of  Class  A-9   Certificates  may  be
         transferred  in  whole,  but  not  in  part,  in  accordance  with  the
provisions of Section 5.02.                                   

SECTION 5.02.   Registration of Transfer and Exchange of Certificates.

           (a) The Trustee shall cause to be kept at one of the offices or
agencies to be appointed by the Trustee in accordance with the provisions of    
Section 8.12 a Certificate Register in which, subject to such reasonable        
regulations as it may prescribe, the Trustee shall provide for the registration 
of Certificates and of transfers and exchanges of Certificates as herein        
provided.  The Trustee is initially appointed Certificate Registrar for the     
purpose of registering Certificates and transfers and exchanges of Certificates 
as herein provided.  The Certificate Registrar, or the Trustee, shall provide   
the Master Servicer with a certified list of Certificateholders as of each      
Record Date prior to the related Determination Date.                            

              (b) Upon surrender for registration of transfer of any Certificate
         at any  office or agency of the  Trustee  maintained  for such  purpose
         pursuant  to Section  8.12 and,  in the case of any Class M, Class B or
         Class R  Certificate,  upon  satisfaction  of the  conditions set forth
         below,  the Trustee shall execute and the  Certificate  Registrar shall
         authenticate and deliver,  in the name of the designated  transferee or
         transferees, one or more new Certificates of a like Class (or Subclass)
and aggregate Percentage Interest.                            

              (c) At the option of the  Certificateholders,  Certificates may be
         exchanged for other Certificates of authorized  denominations of a like
         Class (or Subclass) and aggregate Percentage  Interest,  upon surrender
         of the  Certificates  to be  exchanged  at any such  office or  agency.
         Whenever any  Certificates  are so surrendered for exchange the Trustee
         shall execute and the  Certificate  Registrar  shall  authenticate  and
         deliver  the  Certificates  of such Class  which the  Certificateholder
         making the exchange is entitled to receive. Every Certificate presented
         or  surrendered  for transfer or exchange  shall (if so required by the
         Trustee  or the  Certificate  Registrar)  be duly  endorsed  by,  or be
         accompanied by a written instrument of transfer in form satisfactory to
         the Trustee and the Certificate  Registrar duly executed by, the Holder
thereof or his attorney duly authorized in writing.           

              (d) No transfer,  sale,  pledge or other  disposition of a Class B
         Certificate  shall be made unless such transfer,  sale, pledge or other
         disposition  is  exempt  from  the  registration  requirements  of  the
         Securities Act of 1933, as amended, and any applicable state securities
         laws or is made in  accordance  with  said  Act  and  laws.  Except  as
         provided in Section 5.02(e),  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-1 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  proposed  transferor  intends to rely on the
         exemption from  registration  requirements  under the Securities Act of
         1933,  as  amended,  provided  by Rule  144A.  The  Holder  of any such
         Certificate desiring to effect any such transfer, sale, pledge or other
         disposition shall, and does hereby agree to, indemnify the Trustee, the
         Company, the Master Servicer and the Certificate  Registrar against any
         liability  that may  result  if the  transfer,  sale,  pledge  or other
         disposition  is not so  exempt or is not made in  accordance  with such
federal and state laws.                                       

              (e) 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, Financial Security, the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee, Financial Security 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,  and neither the Company,  the Master Servicer,  the
Trustee,  Financial  Security,  the  Certificate  Registrar nor any agent of the
Company, the Master Servicer, the Trustee, Financial Security 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 theCertificateholders.                         

         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 such Certificates plus the sum of one month's
        Accrued Certificate Interest thereon 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 one
         month's Accrued  Certificate  Interest  thereon,  any previously unpaid
         Accrued  Certificate  Interest with respect  thereto and any Prepayment
         Interest Shortfalls allocated to the Insured Certificates to the extent
   covered by the Insured Reserve Fund or a Guaranteed Distribution.

              (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 rights  with
         respect thereto except to receive the purchase price therefor minus any
         costs and  expenses  associated  with such  escrow  account and notices
         allocated thereto. Any Certificates so purchased or deemed to have been
         purchased on such Distribution Date shall remain outstanding hereunder.
         The Master  Servicer or the Company,  as  applicable,  shall be for all
purposes the Holder thereof as of such date.                  

ARTICLE 6                                                                       

 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.                                    

ARTICLE 7                                                                       

 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, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.                                             

         Notwithstanding  any  termination  of  the  activities  of  Residential
Funding in its capacity as Master Servicer hereunder,  Residential Funding shall
be entitled to receive,  out of any late  collection  of a Monthly  Payment on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide. 

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  12.01(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.                                                            

ARTICLE 8                                                                       

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, 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 such Certificates.                                         

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

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

SECTION 8.08.                  Successor Trustee.                     

              (a) Any  successor  trustee  appointed as provided in Section 8.07
         shall  execute,  acknowledge  and  deliver  to the  Company  and to its
         predecessor trustee an instrument accepting such appointment hereunder,
         and thereupon the  resignation  or removal of the  predecessor  trustee
         shall  become  effective  and  such  successor   trustee  shall  become
         effective and such successor trustee,  without any further act, deed or
         conveyance,  shall  become  fully  vested with all the rights,  powers,
         duties and  obligations  of its  predecessor  hereunder,  with the like
         effect  as if  originally  named as  trustee  herein.  The  predecessor
         trustee shall deliver to the 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 8. 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  8, 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  12.01.  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 14 Wall
     Street,  8th Floor,  New York,  NY 10005 for the  purpose  of  keeping  the
     Certificate  Register.  The Trustee will  maintain an office at the address
     stated in Section  12.05(c) hereof where notices and demands to or upon the
Trustee in respect of this Agreement may be served.                   

ARTICLE 9                                                                       

                                   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 9 following the
earlier of:                                                   

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

                       (ii) the  purchase by the Master  Servicer or the Company
     of all Mortgage Loans and all property  acquired in respect of any Mortgage
     Loan  remaining  in the Trust  Fund at a price  equal to 100% of the unpaid
     principal  balance  of each  Mortgage  Loan or, if less  than  such  unpaid
     principal balance, the fair market value of the related underlying property
     of such Mortgage Loan with respect to Mortgage  Loans as to which title has
     been acquired if such fair market value is less than such unpaid  principal
     balance (net of any unreimbursed Advances attributable to principal) on the
     day of repurchase  plus accrued  interest  thereon at the Net Mortgage Rate
     (or Modified Net Mortgage Rate in the case of any Modified  Mortgage  Loan)
     to, but not including,  the first day of the month in which such repurchase
     price is distributed,  provided,  however, that in no event shall the trust
     created hereby continue beyond the expiration of 21 years from the death of
     the last  survivor  of the  descendants  of  Joseph  P.  Kennedy,  the late
     ambassador of the United  States to the Court of St.  James,  living on the
     date hereof and provided  further  that the purchase  price set forth above
     shall be increased as is necessary,  as determined by the Master  Servicer,
to avoid disqualification of 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             
Certificates, Class M Certificates 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,  Class B and  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  one  month's  Accrued  Certificate
         Interest,  any previously unpaid Accrued  Certificate  Interest and any
         Prepayment Interest Shortfalls allocated to the Insured Certificates to
         the  extent  covered  by  the  Insured  Reserve  Fund  or a  Guaranteed
         Distribution, 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 as the case may be, 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 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 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.                                                                 

ARTICLE 10                                                                      

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 (except  for Class A-9),  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 the 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 each of 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 the  Trust  Fund to take) 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  preceding  sentence  with
         respect  to any taxes  that might be imposed on the Trust Fund has been
         given and that all other  preconditions  to the  taking of such  action
         have been  satisfied.  The  Trustee  shall not take or fail to take any
         action  (whether or not  authorized  hereunder)  as to which the Master
         Servicer or the REMIC Administrator,  as applicable,  has advised it in
         writing  that it has  received an Opinion of Counsel to the effect that
         an Adverse  REMIC  Event could occur with  respect to such  action.  In
         addition,  prior to taking any action with  respect to 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  10, 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
         REMICs 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-9  Certificates)  representing  a regular  interest  in the
         REMIC  would be  reduced  to zero is  October  25,  2027,  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, 2027, 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  9 of this  Agreement  or (iv) a  purchase  of  Mortgage  Loans
         pursuant  to Article 2 or 3 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 8 or this           
Article 10.                                                                     

              (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 10 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 10 or in Article 3 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.                                                    

ARTICLE 11                                                                      

 CERTAIN MATTERS
REGARDING FINANCIAL SECURITY

   SECTION 11.01. Rights of Financial Security To Exercise Rights of
Insured Certificateholders.     

         By accepting its  Certificate,  each Insured  Certificateholder  agrees
that unless a Financial  Security Default exists,  Financial Security shall have
the right to exercise all consent, voting, direction and other control rights of
the Insured  Certificateholders under this Agreement without any further consent
of the Insured Certificateholders.                                              

         SECTION 11.02. Claims Upon the FSA Policy; FSA Policy Payments Account.

              (a) If, on the Business Day next succeeding the Determination Date
         the  Master  Servicer  determines  that (i) the  funds  that will be on
         deposit in the Certificate  Account, on the related Certificate Account
         Deposit   Date,   to  the   extent   distributable   to   the   Insured
         Certificateholders  pursuant to Section  4.02(a)(i),  together with any
         Insured  Reserve  Withdrawal  for the related  Distribution  Date,  are
         insufficient  to pay the  full  amount  of  interest  for  the  related
         Interest  Accrual Period on the  Certificate  Principal  Balance of the
         Insured  Certificates at the related  Pass-Through Rate (net of (a) any
         Prepayment  Interest Shortfalls  allocated to the Insured  Certificates
         but only to the extent  covered by the Master  Servicer  or the Insured
         Reserve Fund and (b) any interest  shortfalls relating to the Soldiers'
         and Sailors' Relief Act of 1940, as amended) on such Distribution Date,
         (ii) the  principal  portion of any  Realized  Loss is allocated to the
         Insured  Certificates  on such  Distribution  Date or (iii)  the  funds
         available in connection with an optional  termination of the Trust Fund
         pursuant to Section 5.06 or Section  9.01 or on the Final  Distribution
         Date will be insufficient to reduce the Certificate  Principal Balances
         of the Insured  Certificates to zero, the Master Servicer shall deliver
         to the  Trustee  not later  than  1:00  p.m.  New York City time on the
         Business  Day next  succeeding  the  Determination  Date a  certificate
         signed by a Servicing  Officer directing the Trustee to draw on the FSA
         Policy and stating  the amount to be drawn and  stating the  Guaranteed
         Distribution for the Insured  Certificates,  and the Trustee shall give
         notice  by  telephone  or  telecopy  of the  aggregate  amount  of such
         deficiency,  confirmed in writing in the form set forth as Exhibit A to
         the endorsement of the FSA Policy, to Financial Security and the Fiscal
         Agent (as defined in the FSA Policy),  if any, at or before 12:00 noon,
         New York City  time,  on the  Business  Day prior to such  Distribution
         Date. If, subsequent to such notice,  and prior to payment by Financial
         Security pursuant to such notice,  additional  amounts are deposited in
         the Certificate  Account,  the Trustee shall reasonably promptly notify
         Financial  Security  and  withdraw  the  notice  or reduce  the  amount
claimed, as appropriate.                                      

              (b) The Trustee shall  establish a separate  special purpose trust
         account  for the  benefit of Holders of the  Insured  Certificates  and
         Financial  Security  referred  to  herein as the "FSA  Policy  Payments
         Account" over which the Trustee shall have  exclusive  control and sole
         right of  withdrawal.  The Trustee  shall deposit any amount paid under
         the FSA Policy in the FSA Policy  Payments  Account and distribute such
         amount only for purposes of payment to Holders of Insured  Certificates
         of the Guaranteed  Distribution for which a claim was made. Such amount
         may not be applied to satisfy any costs, expenses or liabilities of the
         Master Servicer,  the Trustee or the Trust Fund. Amounts paid under the
         FSA  Policy  shall  be  transferred  to  the  Certificate   Account  in
         accordance  with the next  succeeding  paragraph  and  disbursed by the
         Trustee to Holders of Certificates in accordance with Section  4.02(f),
         Section  5.06(c) or Section  9.01(c),  as  applicable.  It shall not be
         necessary  for such  payments  to be made by checks  or wire  transfers
         separate from the checks or wire  transfers  used to pay the Guaranteed
         Distribution with other funds available to make such payment.  However,
         the amount of any  payment of  principal  of or interest on the Insured
         Certificates  to be paid from  funds  transferred  from the FSA  Policy
         Payments  Account shall be noted as provided in paragraph (c) below and
         in the  statement  to be  furnished  to  Holders  of  the  Certificates
         pursuant to Section 4.03. Funds held in the FSA Policy Payments Account
shall not be invested by the Master Servicer.                 

                  On any  distribution  Date with  respect  to which a claim has
         been made under the FSA Policy, the amount of any funds received by the
         Trustee as a result of any claim  under the FSA  Policy,  to the extent
         required to make the Guaranteed  Distribution on such Distribution Date
         shall be withdrawn from the FSA Policy  Payments  Account and deposited
         in the Certificate Account and applied by the Master Servicer on behalf
         of the Trustee,  together with the other funds to be distributed to the
         Insured Certificateholders pursuant to Section 4.02(a)(i),  directly to
         the payment in full of the Guaranteed  Distribution  due on the Insured
         Certificates. Any funds remaining in the FSA Policy Payments Account on
         the first Business Day following a Distribution  Date shall be remitted
         to  Financial  Security,  pursuant  to the  instructions  of  Financial
Security, by the end of such Business Day.                    

       (c)                   The Trustee shall keep a complete and
accurate record of the amount of interest and principal paid into the FSA Policy
Payments Account in respect of any Certificate from moneys received under the 
FSA Policy.  Financial Security shall have the right to inspect such records at 
reasonable times during normal business hours upon two Business Day's prior   
notice to the Trustee.                                                          

         SECTION 11.03.   Effect of Payments by Financial Security; Subrogation.

         Anything herein to the contrary  notwithstanding,  for purposes of this
Section  11.03,  any payment  with  respect to  principal  of or interest on the
Insured Certificates which is made with monies received pursuant to the terms of
the FSA Policy shall not be considered payment of the Insured  Certificates from
the Trust Fund. The Master Servicer and the Trustee acknowledge, and each Holder
by its acceptance of an Insured  Certificate  agrees,  that without the need for
any further action on the part of Financial Security,  the Master Servicer,  the
Trustee or the Certificate  Registrar,  to the extent  Financial  Security makes
payments,  directly or indirectly, on account of principal of or interest on the
Insured  Certificates to the Holders of such  Certificates,  Financial  Security
will be fully  subrogated  to, and each  Insured  Certificateholder,  the Master
Servicer and the Trustee hereby  delegate and assign to Financial  Security,  to
the fullest extent  permitted by law, the rights of such Holders to receive such
principal and interest from the Trust Fund;  provided  that  Financial  Security
shall be paid such amounts but only from the sources and in the manner  provided
herein.                                                                         

         The Trustee and the Master  Servicer  shall  cooperate  in all respects
with any  reasonable  request by  Financial  Security  for action to preserve or
enforce  Financial  Security's  rights or interests under this Agreement without
limiting the rights or affecting  the  interests of the Holders as otherwise set
forth herein.                                                                   

SECTION 11.04.  Notices and Information to Financial Security.

   (a)                   All notices, statements, reports,
certificates or opinions required by this Agreement to be sent to any other     
party hereto or to the Certificateholders shall also be sent to Financial     
Security.                                                                     

             (b)                  The Master Servicer shall designate a Person
who shall be available to Financial Security to provide reasonable access to    
information regarding the Mortgage Loans.                                     

SECTION 11.05.             Trustee to Hold FSA Policy.        

        The Trustee will hold the FSA Policy in trust as agent for the Insured
Certificateholders for the purpose of making claims thereof and distributing  
the proceeds thereof.  Neither the FSA Policy, nor the amounts paid on the FSA  
Policy will constitute part of the Trust Fund or assets of the REMIC created by 
this Agreement.  Each Insured Certificateholder, by accepting its Certificate,
appoints the Trustee as attorney-in-fact for the purpose of making claims on  
the FSA Policy.  The Trustee shall surrender the Policy to Financial Security   
for cancellation upon the expiration of the term of the Policy as provided in   
the Policy following the retirement of the Insured Certificates.                

SECTION 11.06.                 Payment of Insurance Premium.          

         Unless  otherwise  designated in writing by the President or a Managing
Director of Financial Security to the Trustee,  the Insurance Premium to be paid
pursuant to Section  4.02(a) shall be paid by the Trustee to Financial  Security
by wire  transfer  with the following  details  specifically  stated on the wire
instructions:                                                                   

Bank:                The Bank of New York   
ABA Number:          021000018              
          For the account of:  Financial Security Assurance Inc.
Account Number:      8900297263             

Policy Number        50637-N                

ARTICLE 12                                                                      

MISCELLANEOUS PROVISIONS

SECTION 12.01.                 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  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 REMIC 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 12.01 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) to the effect that any such  amendment  will not cause (a) any
         federal  tax  to be  imposed  on  the  Trust  Fund,  including  without
         limitation,  any federal tax imposed on "prohibited transactions" under
         Section  860F(a)(1) of the Code or on "contributions  after the startup
         date" under Section 860G(d)(1) of the Code and (b) the REMIC 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 12.02.                     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 12.03.                 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
         12.03,  each  and  every  Certificateholder  and the  Trustee  shall be
     entitled to such relief as can be given either at law or in equity.

SECTION 12.04.                 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 12.05.                 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,  Financial  Security  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, Financial Security and the
Trustee by the  Master  Servicer  in  writing,  (c) in the case of the  Trustee,
Corporate  Trust  Services  Division,  One First  National  Plaza,  Suite  0126,
Chicago, Illinois 60670-0126,  Attention: Residential Funding Corporation Series
1997-S15 or such other  address as may  hereafter  be  furnished to the Company,
Financial Security and the Master Servicer in writing by the Trustee, (d) 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,  Financial Security and
the Master Servicer in writing by DCR, (e) in the case of Standard & Poor's,  25
Broadway,  New York,  New York 10004 or such other  address as may be  hereafter
furnished  to the  Company,  the  Trustee,  Financial  Security  and the  Master
Servicer  by  Standard  &  Poor's  and (f) in the  case of  Financial  Security,
Financial  Security  Assurance Inc., 350 Park Avenue,  New York, New York 10022,
Attention: Surveillance Department, Re: Residential Funding Mortgage Securities,
Inc., Mortgage Pass-Through Certificates, Series 1997-S15 (telecopy number (212)
339-3518 or (212) 339-3529), or such other address as may hereafter be furnished
to the  Trustee,  the Master  Servicer  and the Company in writing by  Financial
Security.  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.  In each case in which a notice or
other communication to Financial Security refers to a Financial Security Default
or a claim under the FSA Policy or with respect to which  failure on the part of
Financial  Security  to  respond  shall  be  deemed  to  constitute  consent  or
acceptance,  then a copy of such  notice or other  communication  should also be
sent to the  attention of the General  Counsel and the  Head-Financial  Guaranty
Group at Financial  Security Assurance Inc., 350 Park Avenue, New York, New York
10022 and shall be marked to indicate "URGENT MATERIAL  ENCLOSED." 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 12.06.                 Notices to Rating Agency.              

       The Company, the Master Servicer or the Trustee, as applicable, shall
notify each Rating Agency, Financial Security 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, 

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

       (k) any Financial Security Default that has not been cured.

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,  Financial  Security  and the
Subservicer of any such event known to the Master Servicer.                     

SECTION 12.07.                 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 12.08.                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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         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 FUNDING MORTGAGE SECURITIES I, INC.
[Seal]                                                                          
                                          By:        /s/ Randy Van Zee
                                      Name:      Randy Van Zee
                                       Title:     Vice President

Attest:             \s\Timothy Kruse                                            
Name:      Timothy Kruse                                    
Title:     Vice President                                   

                                             RESIDENTIAL FUNDING CORPORATION
[Seal]                                                                          
                                       By:      \s\Timothy Kruse
                                                 Name: Timothy Kruse
                                              Title: Associate

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

                                             THE FIRST NATIONAL BANK OF CHICAGO,
                    as Trustee
[Seal]                                                                          
                                             By:       \s\Steven M. Wagner
                                      Name: Steven M. Wagner
                                      Title:  Vice President

Attest:         \s\Faye Wright                                                  
Name:  Faye Wright                                            
Title:  Assistant Secretary                                   

DOCSNY1:411312.4                                                                

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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  Funding  Mortgage  Securities I, 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]                                                               
DOCSNY1:411312.4                                                                

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STATE OF ILLINOIS                           )                                   
) ss.:  
COUNTY OF COOK                      )                                           

                  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 The First National Bank of Chicago,  the
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

[Notarial Seal]                                                                 
DOCSNY1:411312.4                                                                

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 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.                                                           

                  [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 240% OF THE  STANDARD  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],  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],  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. ____       [___%] Pass-Through Rate [based on a Notional Amount]

Class A-__ Senior            [Percentage Interest: ___%]                        
Date of Pooling and Servicing                                                   
Agreement and Cut-off Date:                                                     

October 1, 1997                                                                 

                           Aggregate [Initial Certificate Principal Balance]
                            [Notional Amount] of the Class A-_____ Certificates:
First Distribution Date:                                                        
November 25, 1997                                                               

Master Servicer:             [Initial] [Certificate Principal                   
Residential Funding          Balance] [Notional Amount] of this                 
Corporation                  Certificate: $_____________]                       

Assumed Final                CUSIP _________-_____                              
Distribution Date:                                                              

 MORTGAGE PASS-THROUGH CERTIFICATE

 Series 1997-S15

         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 FUNDING MORTGAGE SECURITIES I, INC.        

       This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding      
Mortgage Securities I, 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 Funding Mortgage       
Securities I, Inc., the Master Servicer, the Trusteeor 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 A-___ 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 Funding Mortgage Securities I, 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 The First National Bank of Chicago, 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.                                         

         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
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  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.        

 A-2

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

Dated:                                                                          
                                             THE FIRST NATIONAL BANK OF CHICAGO,
                                      as Trustee

                             By:
                                              Authorized Signatory

 CERTIFICATE OF AUTHENTICATION

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

                                             THE FIRST NATIONAL BANK OF CHICAGO,
                                                    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  Pass-Through
Certificate and hereby  authorizes the transfer of registration of such interest
to assignee on the Certificate Register of the Trust Fund.                      

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver         such         Certificate         to        the         following
address:______________________________________________________________________  

Dated:                                                                          
                                           Signature by or on behalf of assignor

                          Signature Guaranteed

 DISTRIBUTION INSTRUCTIONS

                  The  assignee  should  include the  following  for purposes of
distribution:                                                                   

                  Distributions shall be made, by wire transfer or otherwise, in
immediately                  available                  funds                 to
_______________________________________________________________________         
____________________________________________for       the       account       of
______________________   account   number,   or,  if   mailed   by   check,   to
____________________      Applicable     statements     should     be     mailed
to______________________________________                                        
_______________________________________________________________________________.

                  This         information         is         provided        by
______________________________,     the     assignee     named     above,     or
______________________________________________, as its agent.                   

DOCSNY1:411312.4                                                                

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 EXHIBIT B
 FORM OF CLASS M CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
[AND CLASS M-1 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 240% OF THE STANDARD 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.]                       

 B-1

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Certificate No. ___                    7.00% Pass-Through Rate                  

Class M-_______ Subordinate            Aggregate Certificate Principal Balance  
                          of the Class M Certificates:
              $---------------

Date of Pooling and Servicing          Initial Certificate Principal            
Agreement and Cut-off Date:            Balance of this Certificate:             
October 1, 1997                        $_______________                         

First Distribution Date:               CUSIP: _________-_____                   
November 25, 1997                                                               

Master Servicer:                                                                
Residential Funding Corporation                                                 

Assumed Final Distribution Date:                                                

MORTGAGE PASS-THROUGH CERTIFICATE,
 Series 1997-S15

         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 FUNDING MORTGAGE SECURITIES I, INC.        

             This Certificate is payable solely from the assets of the
Trust Fund, and does not represent an obligation of or interest in Residential  
Funding Mortgage Securities I, 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 Funding Mortgage       
Securities I, 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  Funding  Mortgage  Securities  I,  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 The  First  National  Bank of  Chicago,  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  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.                                                               

Dated:                                                                          
                                           THE FIRST NATIONAL BANK OF CHICAGO,
                                      as Trustee

                             By:
                            Authorized Signatory

 CERTIFICATE OF AUTHENTICATION

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

                                             THE FIRST NATIONAL BANK OF CHICAGO,
                                                        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  Pass-Through
Certificate and hereby  authorizes the transfer of registration of such interest
to assignee on the Certificate Register of the Trust Fund.                      

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver         such         Certificate         to        the         following
address:______________________________________________________                  
Dated:                                                                          
Signature by or on behalf of assignor                                           

Signature Guaranteed                                                            

 DISTRIBUTION INSTRUCTIONS

                  The  assignee  should  include the  following  for purposes of
distribution:                                                                   

                  Distributions shall be made, by wire transfer or otherwise, in
immediately                  available                  funds                 to
_________________________________________________________________for the account
of        ________________________________________         account        number
_______________________        or,        if        mailed       by       check,
to________________________________  ____________  statements should be mailed to
_____________________________________                                           
--------------------------------------------------------------------------      

              This information is provided by___________________________
________________________________________________, the assignee named above, or  
___________________________________________, as its agent.                      

DOCSNY1:411312.4                                                                

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 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 240% OF THE  STANDARD  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. __                         7.00 % Pass-Through Rate             

Class B-__ Subordinate                     Aggregate Certificate                
                       Principal Balance
                       of the Class B-__
                        Certificates as of
                      $---------------

Date of Pooling and Servicing Agreement                                         
and Cut-off Date:                         Initial Certificate Principal       
October 1, 1997                            Balance of this Certificate:         
                      $---------------

First Distribution Date:                                                        
November 25, 1997                                                               

Master Servicer:                                                                
Residential Funding Corporation                                                 

Assumed Final Distribution Date:                                                

MORTGAGE PASS-THROUGH CERTIFICATE,
 Series 1997-S15

         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 FUNDING MORTGAGE SECURITIES I, INC.        

             This Certificate is payable solely from the assets of the
Trust Fund, and does not represent an obligation of or interest in Residential  
Funding Mortgage Securities I, 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 Funding Mortgage       
Securities I, 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 Funding Mortgage Securities I,
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  Funding  Mortgage  Securities I, 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 The  First  National  Bank of  Chicago,  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 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  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.                                                               

Dated:                                                                          
                                             THE FIRST NATIONAL BANK OF CHICAGO,
                                      as Trustee

                             By:
                                                            Authorized Signatory

 CERTIFICATE OF AUTHENTICATION

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

                                             THE FIRST NATIONAL BANK OF CHICAGO,
                                                        as Certificate Registrar

                             By:
                                                            Authorized Signatory

DOCSNY1:411312.4                                                                

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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  Pass-Through  Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.                                  

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver         such         Certificate         to        the         following
address:____________________________________________________________________    

Dated:                                                                          

                         Signature by or on behalf of assignor

                                                            Signature Guaranteed

 DISTRIBUTION INSTRUCTIONS

                  The  assignee  should  include the  following  for purposes of
distribution:                                                                   

               Distributions shall be made, by wire transfer or otherwise,
in immediately available funds to ____________________________________________  
______________________________________________________________ the account of   
____________________________________________number ____________________________ 
or, if mailed by check, to______________________________________ statements     
should be mailed to___________________________________________________________  
-------------------------------------------------------------------------------.

                  This         information         is         provided        by
_______________________________,     the    assignee     named     above,     or
_______________________________________________________, as its agent.          

DOCSNY1:411312.4                                                                

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 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. ___               7.00% Pass-Through Rate                       

Class R Senior Certificate        Aggregate Initial                             
                                  Principal Balance of the class R Certificates:
     $100.00

Date of Pooling and Servicing       Initial Certificate Principal               
Agreement and Cut-off Date:          Balance of this Certificate:  $____________
October 1, 1997                                                                 

First Distribution Date:             Percentage Interest:                       
November 25, 1997                    ____________%                              

Master Servicer:                     CUSIP  ____________ - ___________          
residential Funding Corporation                                                 

Assumed Final Distribution Date:                                                
October 25, 2027                                                                

MORTGAGE PASS-THROUGH CERTIFICATE,
 Series 1997-S15

         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 FUNDING MORTGAGE SECURITIES I, INC.        

             This Certificate is payable solely from the assets of the
Trust Fund, and does not represent an obligation of or interest in Residential  
Funding Mortgage Securities I, 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 Funding Mortgage       
Securities I, Inc., the Master Servicer, he 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 Funding Mortgage Securities I, 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 The First National Bank of Chicago, 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  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.                                                               

Dated:                                                                          
                                              THE FIRST NATIONAL BANK OF CHICAGO
                                      as Trustee

                             By:
                                                            Authorized Signatory

                                   CERTIFICATE OF AUTHENTICATION

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

                                             THE FIRST NATIONAL BANK OF CHICAGO,
                                                    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  Pass-Through  Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.                                  

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver         such         Certificate         to        the         following
address:____________________________________________________________________    

Dated:                                                                          

 Signature by or on behalf of assignor

                                                            Signature Guaranteed

 DISTRIBUTION INSTRUCTIONS

                  The  assignee  should  include the  following  for purposes of
distribution:                                                                   

                  Distributions shall be made, by wire transfer or otherwise, in
immediately                  available                  funds                 to
_____________________________________________________________________        the
account                                                                         
of_______________________________________________________________________ number
_____________________,        or,        if        mailed        by       check,
to______________________________________   statements   should   be   mailed  to
______________________________________________________.                         

                  This         information         is         provided        by
________________________________,     the    assignee     named    above,     or
____________________________________________________, as its agent.             

DOCSNY1:411312.4                                                                

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 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 THE
FIRST NATIONAL BANK OF CHICAGO,  as Trustee  (including its successors under the
Pooling  Agreement defined below, the "Trustee"),  RESIDENTIAL  FUNDING MORTGAGE
SECURITIES I, 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  Funding  Mortgage  Securities I, Inc.,
Mortgage Pass-Through Certificates, Series 1997-S15 (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 1                                                                       

 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 2                                                                       

 Custody of Mortgage Documents

SECTION 2.01 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 2.02 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 2.03                   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  purport 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 2.04  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 2.05 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 the Master Servicer copies of any documents contained
in the Mortgage File so requested.                                              

     SECTION  2.06  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 3                                                                       

Concerning the Custodian

     SECTION 3.01  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 3.02  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 3.03  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 3.04 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  3.05  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 3.06   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 3.07 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 4                                                                       

Miscellaneous Provisions

     SECTION 4.01 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 4.02  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 4.03  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  4.04  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 4.05  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.                                                            

                                    Address: THE FIRST NATIONAL BANK OF CHICAGO,
                      as Trustee
                                  One North State Street
                                    Chicago, Illinois  60602
                                 Attention:  Residential Funding Corporation
                             Series 1997-S15

By:         
Name:       
              Title:      Vice President

Address:                          RESIDENTIAL FUNDING MORTGAGE                  
      SECURITIES I, INC.
                  8400 Normandale Lake Boulevard
                 Minneapolis, Minnesota  55437

By:         
Name:       
                Title:      Vice President

Address:                         RESIDENTIAL FUNDING                            
                 CORPORATION, as Master Servicer
                8400 Normandale Lake Boulevard
Suite 700     
              Minneapolis, Minnesota 55437

By:         
Name:       
        Title:      Director

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

By:           
                               Name:       Kathleen Marshall
                           Title:      Trust Officer

DOCSNY1:411312.4                                                                

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STATE OF NEW YORK                           )                                   
              ) ss.:
COUNTY OF NEW YORK                          )                                   

                  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 The First National Bank of Chicago, 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 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

[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 Kathleen Marshall,  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  Funding  Mortgage  Securities I, 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]                                                                 

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]                                                                 
DOCSNY1:411312.4                                                                

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 EXHIBIT ONE

 FORM OF CUSTODIAN
 INITIAL CERTIFICATION

                                                              October 30, 1997

The First National Bank of Chicago                                              
One North State Street                                                          
Chicago, Illinois  60602                                                        

Attention:  Residential Funding Corporation Series 1997-S15                     

               Re:     Custodial Agreement dated as of October 1, 1997, by
and among The First National Bank of Chicago, Residential Funding Mortgage      
Securities I, Inc., Residential Funding Corporation and Norwest Bank Minnesota, 
National Association, Mortgage Pass-Through Certificates, Series 1997-S15     
                    --------------------------------------

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

The First National Bank of Chicago                                              
One North State Street                                                          
Chicago, Illinois  60602                                                        

Attention:                 Residential Funding Corporation Series 1997-S15      

                Re:      Custodial Agreement dated as of October 1, 1997, by
and among The First National Bank of Chicago, Residential Funding Mortgage      
Securities I, Inc., Residential Funding Corporation and Norwest Bank Minnesota, 
National Association, Mortgage Pass-Through Certificates, Series 1997-S15     

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

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

The First National Bank of Chicago                                              
One North State Street                                                          
Chicago, Illinois  60602                                                        

Attention:                 Residential Funding Corporation Series 1997-S15      

                  Re:Custodial  Agreement  dated as of October  1, 1997,  by and
among  The  First  National  Bank  of  Chicago,   Residential  Funding  Mortgage
Securities I, Inc.,  Residential Funding Corporation and Norwest Bank Minnesota,
National Association, Mortgage Pass-Through Certificates, Series 1997-S15       

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;                                            

                     (vi)         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;                                                      

                     (vii)        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;                                                  

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

  (ix)         The Security Agreement;

                (x)         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;                                                

                      (xi)        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;                                        

                    (xii)       (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;                            

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

                       (xiv)       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:

DOCSNY1:411312.4                                                                

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 EXHIBIT F

MORTGAGE LOAN SCHEDULE

RUN ON     : 10/30/97           RFC DISCLOSURE SYSTEM       RFFSD177-01     
 AT         : 08.41.02          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
 SERIES     : RFMSI I 1997-S15                               CUTOFF : 10/01/97
POOL       : 0004267                                                        
:                                                     
:                                                     
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 #                                                             
  ______________________________________________________________________________

1568948          891/G01             F           74,000.00         ZZ   
                                  357         73,900.67          1
LOT 13 QUEEN AVENUE                8.125            550.54         78   
                                     7.875            550.54       95,000.00
MALDEN           IL   61337          4            07/14/97         00   
0430381913                           05           09/01/97          0   
970213054                            O            05/01/27              
0                                                                       

1578090          F03/G01             F          648,000.00         ZZ   
                                  360        647,542.64          1
3353 WEST BUCKBOARD DRIVE          7.750          4,642.36         80   
                                     7.500          4,642.36      810,000.00
PARK CITY        UT   84098          1            08/25/97         00   
0430383687                           03           10/01/97          0   
DEN10916                             O            09/01/27              
0                                                                       

1580501          F59/G01             F          292,500.00         ZZ   
                                  360        291,930.36          1
59 WALNUT STREET                   8.375          2,223.21         90   
                                     8.125          2,223.21      325,000.00
NEEDHAM          MA   02192          1            06/30/97         04   
0430264887                           05           08/01/97         25   
200244                               O            07/01/27              
0                                                                       

1583736          076/076             F          480,000.00         ZZ   
                                  360        479,051.63          1
221 ISLAND DRIVE                   8.125          3,563.99         80   
                                     7.875          3,563.99      600,000.00
KEY BISCAYNE     FL   33149          1            06/24/97         00   
7094270                              05           08/01/97          0   
1                                                                               

7094270                              O            07/01/27              
0                                                                       

1584480          074/G01             F          288,750.00         ZZ   
                                  360        285,063.58          1
914 TWIN OAKS DRIVE                8.500          2,220.24         75   
                                     8.250          2,220.24      385,000.00
POTOMAC          MD   20854          2            01/21/97         00   
0430244657                           05           03/01/97          0   
1504100803                           O            02/01/27              
0                                                                       

1585082          609/609             F          425,000.00         ZZ   
                                  360        425,000.00          1
12143 EAST INDIAN BEACH            8.375          3,230.31         74   
                                     8.125          3,230.31      576,162.00
NORTHPORT        MI   49670          1            09/02/97         00   
136861                               05           11/01/97          0   
136861                               O            10/01/27              
0                                                                       

1586081          F41/G01             F          246,400.00         ZZ   
                                  360        245,949.02          2
33 35 IMRIE ROAD                   8.500          1,894.60         80   
                                     8.250          1,894.60      308,000.00
BRIGHTON         MA   02134          1            06/26/97         00   
0430392159                           05           08/01/97          0   
62117                                O            07/01/27              
0                                                                       

1586801          E68/G01             F          159,200.00         ZZ   
                                  360        159,090.44          1
11435 HERITAGE COMMONS WAY         7.875          1,154.31         80   
                                     7.625          1,154.31      199,000.00
RESTON           VA   20194          1            08/22/97         00   
0430377283                           09           10/01/97          0   
14215                                O            09/01/27              
0                                                                       

1586878          B24/G01             F          160,000.00         ZZ   
                                  360        160,000.00          1
35 SHEPARD WAY                     7.625          1,132.47         73   
                                     7.375          1,132.47      220,500.00
KENDALL PARK     NJ   08824          1            09/10/97         00   
0430370528                           03           11/01/97          0   
221260                               O            10/01/27              
0                                                                       

1                                                                               

1587978          A19/G01             F          600,000.00         ZZ   
                                  360        600,000.00          1
136 GALLOUPES PT                   8.500          4,613.48         80   
                                     8.250          4,613.48      750,000.00
SWAMPSCOTT       MA   01907          1            09/15/97         00   
0430375618                           05           11/01/97          0   
6156                                 O            10/01/27              
0                                                                       

1588350          074/074             F          270,500.00         ZZ   
                                  360        269,603.24          1
6647 SUNRISE AVE                   8.125          2,008.45         95   
                                     7.875          2,008.45      284,774.00
LAS VEGAS        NV   89110          1            04/17/97         21   
1251126830                           03           06/01/97         30   
1251126830                           O            05/01/27              
0                                                                       

1588424          074/G01             F          300,000.00         ZZ   
                                  360        298,460.62          1
2141 NE 212 STREET                 7.625          2,123.38         80   
                                     7.375          2,123.38      375,000.00
N MIAMI          FL   33179          2            03/26/97         00   
0430268615                           05           05/01/97          0   
1311283506                           O            04/01/27              
0                                                                       

1588502          074/G01             F          219,600.00         ZZ   
                                  360        218,926.33          1
7913 ROYAL FERN COURT              8.500          1,688.53         87   
                                     8.250          1,688.53      255,000.00
CLINTON          MD   20735          2            04/15/97         14   
0430269381                           05           06/01/97         25   
1507229001                           O            05/01/27              
0                                                                       

1588539          074/G01             F          280,800.00         ZZ   
                                  360        279,218.08          1
787 BOULEVARD OF THE CHAMPIONS     7.875          2,036.00         90   
                                     7.625          2,036.00      315,000.00
SHALIMAR         FL   32579          2            01/07/97         19   
0430269746                           05           03/01/97         25   
1511077960                           O            02/01/27              
0                                                                       

1589234          F27/G01             F          340,000.00         ZZ   
                                  360        339,564.89          1
2902 OAK SHADOW DR                 8.250          2,554.31         79   
                                     8.000          2,554.31      432,852.00
1                                                                               

OAK HILL         VA   20171          1            07/23/97         00   
0430391599                           05           09/01/97          0   
NG                                   O            08/01/27              
0                                                                       

1589766          116/G01             F          315,100.00         ZZ   
                                  360        315,100.00          1
14 PLEASURE COVE DRIVE             7.625          2,230.26         80   
                                     7.375          2,230.26      393,899.00
THE WOODLANDS    TX   77381          1            09/15/97         00   
0430425785                           03           11/01/97          0   
091066847                            O            10/01/27              
0                                                                       

1591897          B24/G01             F           81,500.00         ZZ   
                                  360         81,443.91          1
465 DUNLIN PLAZA HARMON COVE       7.875            590.93         39   
                                     7.625            590.93      210,000.00
SECAUCUS         NJ   07094          1            08/01/97         00   
0430302935                           01           10/01/97          0   
211437                               O            09/01/27              
0                                                                       

1593731          F27/G01             F          139,200.00         ZZ   
                                  360        138,282.69          1
14712 JARNIGAN STREET              7.875          1,009.30         80   
                                     7.625          1,009.30      174,000.00
CENTREVILLE      VA   22020          1            06/30/97         00   
0430396416                           05           08/01/97          0   
6270813                              O            07/01/27              
0                                                                       

1594317          B24/G01             F          430,400.00         ZZ   
                                  360        430,103.83          1
165 DOLPHIN COVE                   8.375          3,271.35         80   
                                     8.125          3,271.35      538,000.00
STAMFORD         CT   06902          1            08/07/97         00   
0430309518                           05           10/01/97          0   
207333                               O            09/01/27              
0                                                                       

1594473          F27/G01             F          284,000.00         ZZ   
                                  360        283,597.80          1
602 SAINT FRANCIS ROAD             7.750          2,034.62         80   
                                     7.500          2,034.62      355,000.00
TOWSON           MD   21286          1            08/06/97         00   
0430382846                           05           09/01/97          0   
NG                                   O            08/01/27              
0                                                                       
1                                                                               

1595736          180/G01             F          127,900.00         ZZ   
                                  360        127,473.38          1
497 ANSON AVENUE                   7.625            905.27         80   
                                     7.375            905.27      159,900.00
ROHNERT PARK     CA   94928          1            07/09/97         00   
0430379339                           05           09/01/97          0   
4976866                              O            08/01/27              
0                                                                       

1596640          E33/G01             F          420,000.00         ZZ   
                                  360        420,000.00          1
36 E NORTH AVE                     7.875          3,045.30         77   
                                     7.625          3,045.30      550,000.00
LAKE BLUFF       IL   60044          1            09/15/97         00   
0430390179                           05           11/01/97          0   
E33                                  O            10/01/27              
0                                                                       

1597561          B24/G01             F          425,000.00         ZZ   
                                  360        424,714.83          1
91 OVERLOOK DRIVE                  8.000          3,118.50         70   
                                     7.750          3,118.50      615,000.00
NEW CANAAN       CT   06840          1            08/06/97         00   
0430306886                           05           10/01/97          0   
208976                               O            09/01/27              
0                                                                       

1597740          074/G01             F          224,000.00         ZZ   
                                  360        223,407.93          1
1448 SOUTH OWASSO                  8.125          1,663.19         80   
                                     7.875          1,663.19      280,000.00
TULSA            OK   74120          1            05/30/97         00   
0430316745                           05           07/01/97          0   
1504133370                           O            06/01/27              
0                                                                       

1597767          074/G01             F          251,100.00         ZZ   
                                  360        250,366.08          1
2072 WALNUT BOULEVARD              7.625          1,777.27         80   
                                     7.375          1,777.27      317,000.00
WALNUT CREEK     CA   94596          2            05/13/97         00   
0430316984                           05           07/01/97          0   
1506255221                           O            06/01/27              
0                                                                       

1597837          074/G01             F          245,500.00         ZZ   
                                  360        245,014.96          1
1                                                                               

2817 BERKELEY DRIVE                8.125          1,822.83         85   
                                     7.875          1,822.83      289,000.00
BIRMINGHAM       AL   35242          1            06/06/97         14   
0430317602                           05           08/01/97         25   
1511139354                           O            07/01/27              
0                                                                       

1597920          074/G01             F          300,000.00         ZZ   
                                  360        299,344.43          1
3024 NEAL AVENUE                   7.625          2,123.39         80   
                                     7.375          2,123.39      375,000.00
SAN JOSE         CA   95128          1            06/11/97         00   
0430318386                           05           08/01/97          0   
1561348673                           O            07/01/27              
0                                                                       

1597983          074/G01             F          392,000.00         ZZ   
                                  360        391,066.59          1
704 CANTERBURY PLACE               7.625          2,774.56         80   
                                     7.375          2,774.56      490,000.00
MILPITAS         CA   95035          1            06/16/97         00   
0430318998                           05           08/01/97          0   
1561353855                           O            07/01/27              
0                                                                       

1597988          074/G01             F          335,200.00         ZZ   
                                  360        334,467.53          1
6139 PASO LOS CERRITOS             7.625          2,372.53         80   
                                     7.375          2,372.53      419,000.00
SAN JOSE         CA   95120          5            06/06/97         00   
0430319046                           05           08/01/97          0   
1561354010                           O            07/01/27              
0                                                                       

1598077          074/G01             F          351,000.00         ZZ   
                                  360        349,364.63          1
4976 SANDSHORE COURT               7.875          2,545.00         80   
                                     7.625          2,545.00      440,000.00
SAN DIEGO        CA   92130          2            06/05/97         00   
0430399147                           05           08/01/97          0   
1567191392                           O            07/01/27              
0                                                                       

1598148          074/G01             F          250,000.00         ZZ   
                                  360        249,506.05          1
124 ROYAL TIGER ROAD               8.125          1,856.25         58   
                                     7.875          1,856.25      435,000.00
BRECKENRIDGE     CO   80424          5            06/05/97         00   
0430320440                           05           08/01/97          0   
1                                                                               

1579049956                           O            07/01/27              
0                                                                       

1598193          074/G01             F           75,200.00         ZZ   
                                  360         75,035.65          1
2771 DENNIS LANE                   7.625            532.27         80   
                                     7.375            532.27       94,000.00
GROVE CITY       OH   43123          5            06/11/97         00   
0430320879                           05           08/01/97          0   
1581108785                           O            07/01/27              
0                                                                       

1598229          074/G01             F          264,000.00         ZZ   
                                  360        263,478.38          1
6800 SW 106 STREET                 8.125          1,960.20         80   
                                     7.875          1,960.20      330,000.00
MIAMI            FL   33156          1            06/12/97         00   
0430321216                           05           08/01/97          0   
1589111761                           O            07/01/27              
0                                                                       

1598284          074/G01             F          231,300.00         ZZ   
                                  360        228,788.22          1
16442 CYAN COURT                   7.625          1,637.13         90   
                                     7.375          1,637.13      257,000.00
CHINO HILLS      CA   91709          1            06/02/97         12   
0430321752                           03           08/01/97         25   
1595039272                           O            07/01/27              
0                                                                       

1598297          074/G01             F          257,000.00         ZZ   
                                  360        256,452.31          1
18922 HIDEAWAY DRIVE               7.750          1,841.18         50   
                                     7.500          1,841.18      516,000.00
YORBA LINDA      CA   92886          5            06/04/97         00   
0430321885                           05           08/01/97          0   
1595040362                           O            07/01/27              
0                                                                       

1598355          074/G01             F          290,000.00         ZZ   
                                  360        289,381.97          1
3740 WILLOWICK DRIVE               7.750          2,077.60         73   
                                     7.500          2,077.60      398,500.00
VENTURA          CA   93003          5            06/12/97         00   
0430322420                           05           08/01/97          0   
1596033170                           O            07/01/27              
0                                                                       

1                                                                               

1598432          074/074             F           45,500.00         ZZ   
                                  360         45,368.63          1
180 ROUTE 12, YULAN BARRYVILLE     8.875            362.02         65   
  ROAD                               8.625            362.02       70,000.00
BARRYVILLE       NY   12719          5            05/23/97         00   
1111101536                           05           07/01/97          0   
1111101536                           O            06/01/27              
0                                                                       

1598601          074/G01             F          440,000.00         ZZ   
                                  360        439,038.54          1
10922 TIMBERGLEN DRIVE             7.625          3,114.29         80   
                                     7.375          3,114.29      550,000.00
HOUSTON          TX   77024          1            06/27/97         00   
0430322719                           03           08/01/97          0   
1114018280                           O            07/01/27              
0                                                                       

1598643          074/G01             F          400,000.00         ZZ   
                                  360        399,103.84          1
3102 STELLING DRIVE                7.500          2,796.86         80   
                                     7.250          2,796.86      500,000.00
PALO ALTO        CA   94303          1            06/24/97         00   
0430399162                           05           08/01/97          0   
1489006109                           O            07/01/27              
0                                                                       

1598757          074/G01             F          354,000.00         ZZ   
                                  360        353,245.60          1
6457 COLBY STREET                  7.750          2,536.10         80   
                                     7.500          2,536.10      442,500.00
OAKLAND          CA   94618          1            06/19/97         00   
0430324236                           05           08/01/97          0   
1561357302                           O            07/01/27              
0                                                                       

1598807          074/G01             F          310,450.00         ZZ   
                                  360        309,771.61          1
11709 ALDERIDGE LANE               7.625          2,197.35         80   
                                     7.375          2,197.35      388,108.00
SAN DIEGO        CA   92131          1            06/25/97         00   
0430324723                           03           08/01/97          0   
1567195407                           O            07/01/27              
0                                                                       

1598915          074/G01             F          259,200.00         ZZ   
                                  360        258,633.62          1
6305 LONDONDERRY DR                7.625          1,834.60         80   
                                     7.375          1,834.60      324,000.00
1                                                                               

CARY             IL   60013          1            06/27/97         00   
0430325795                           03           08/01/97          0   
1613024945                           O            07/01/27              
0                                                                       

1599675          420/G01             F          225,000.00         ZZ   
                                  360        224,837.15          1
17 10TH STREET                     7.625          1,592.54         74   
                                     7.375          1,592.54      305,000.00
PETALUMA         CA   94952          1            08/01/97         00   
0430346890                           05           10/01/97          0   
357855                               O            09/01/27              
0                                                                       

1600239          B24/G01             F           85,000.00         ZZ   
                                  360         84,940.01          1
31 MYRTLE STREET                   7.750            608.95         52   
                                     7.500            608.95      165,000.00
NORWALK          CT   06851          1            08/08/97         00   
0430311498                           05           10/01/97          0   
213192                               O            09/01/27              
0                                                                       

1600261          A19/G01             F          260,000.00         ZZ   
                                  360        259,829.93          1
38 LT J CABRAL DRIVE               8.125          1,930.49         80   
                                     7.875          1,930.49      325,000.00
MIDDLETON        MA   01949          2            08/06/97         00   
0430326330                           05           10/01/97          0   
207141                               O            09/01/27              
0                                                                       

1600284          F27/G01             F          228,800.00         ZZ   
                                  360        228,459.32          1
8252 TOLL HOUSE ROAD               7.500          1,599.81         80   
                                     7.250          1,599.81      286,000.00
ANNANDALE        VA   22003          1            08/28/97         00   
0430376871                           05           09/01/97          0   
116279665                            O            08/01/27              
0                                                                       

1600802          A83/G01             F          247,500.00         ZZ   
                                  360        247,149.49          1
18 WYSTERIA WAY                    7.750          1,773.13         75   
                                     7.500          1,773.13      330,000.00
CHAPEL HILL      NC   27514          1            07/14/97         00   
0430384008                           05           09/01/97          0   
1000912                              O            08/01/27              
0                                                                       
1                                                                               

1600986          640/G01             F          304,000.00         ZZ   
                                  360        303,600.94          1
586 ISLAND VIEW DRIVE              8.125          2,257.19         90   
                                     7.875          2,257.19      339,000.00
FRIENDSVILLE     TN   37737          1            07/11/97         04   
0430423970                           05           09/01/97         25   
5903976                              O            08/01/27              
0                                                                       

1601270          F27/G01             F          140,000.00         ZZ   
                                  360        139,825.34          1
6 FRANKLIN COURT                   8.375          1,064.11         80   
                                     8.125          1,064.11      175,000.00
NEW FREEDOM      PA   17349          1            07/24/97         00   
0430382903                           05           09/01/97          0   
116279913                            O            08/01/27              
0                                                                       

1601909          180/G01             F          283,900.00         ZZ   
                                  360        283,310.01          1
1748 OLIVET ROAD                   7.875          2,058.47         80   
                                     7.625          2,058.47      354,900.00
SANTA ROSA       CA   95401          1            06/12/97         00   
0430384867                           05           08/01/97          0   
4979365                              O            07/01/27              
0                                                                       

1602011          637/G01             F          238,000.00         ZZ   
                                  360        237,855.81          1
531 LINKS DRIVE EAST               8.500          1,830.02         73   
                                     8.250          1,830.02      330,000.00
OCEANSIDE        NY   11572          1            08/20/97         00   
0430373803                           05           10/01/97          0   
8017477                              O            09/01/27              
0                                                                       

1602013          637/G01             F          140,000.00         ZZ   
                                  360        139,912.97          1
39 VALENTINE AVENUE                8.375          1,064.11         74   
                                     8.125          1,064.11      190,000.00
GLEN COVE        NY   11542          1            08/25/97         00   
0430374124                           05           10/01/97          0   
8017618                              O            09/01/27              
0                                                                       

1602585          405/405             F          220,000.00         ZZ   
                                  360        219,433.03          1
1                                                                               

4907 CAMBRIDGE STREET              8.250          1,652.79         80   
                                     8.000          1,652.79      275,000.00
SUGARLAND        TX   77479          2            05/23/97         00   
4178281                              03           07/01/97          0   
4178281                              O            06/01/27              
0                                                                       

1603177          180/G01             F          302,400.00         ZZ   
                                  360        301,484.56          1
553 LOMBARDY LANE                  8.000          2,218.90         80   
                                     7.750          2,218.90      378,000.00
LAGUNA BEACH     CA   92651          1            06/20/97         00   
0430377358                           05           08/01/97          0   
4966248                              O            07/01/27              
0                                                                       

1603531          637/G01             F          265,000.00         ZZ   
                                  360        264,822.19          1
6 CATHY LANE                       8.000          1,944.48         73   
                                     7.750          1,944.48      365,000.00
GREAT NECK       NY   11024          2            07/30/97         00   
0430386532                           05           10/01/97          0   
8017683                              O            09/01/27              
0                                                                       

1604061          F27/G01             F           97,600.00         ZZ   
                                  360         97,454.67          1
3229 TAYLOE COURT                  7.500            682.44         80   
                                     7.250            682.44      122,000.00
HERNDON          VA   22071          1            07/31/97         00   
0430395095                           09           09/01/97          0   
116277792                            O            08/01/27              
0                                                                       

1604092          F27/G01             F          140,000.00         ZZ   
                                  360        139,806.67          1
14 PENNSBURY COURT                 7.875          1,015.10         80   
                                     7.625          1,015.10      175,000.00
FALMOUTH         VA   22406          1            07/31/97         00   
0430382879                           05           09/01/97          0   
116252704                            O            08/01/27              
0                                                                       

1604926          G32/G32             F          805,000.00         ZZ   
                                  360        805,000.00          1
11 CLUB SIDE COURT                 8.350          6,104.38         70   
                                     8.100          6,104.38    1,150,000.00
BURR RIDGE       IL   60521          2            08/29/97         00   
UNKNOWN                              05           11/01/97          0   
1                                                                               

UNKNOWN                              O            10/01/27              
0                                                                       

1605629          992/G01             F          300,000.00         ZZ   
                                  240        299,513.96          1
33-31 LOWER TRINITY PASS           8.375          2,579.79         58   
                                     8.125          2,579.79      525,000.00
POUND RIDGE      NY   10577          5            08/08/97         00   
0430391367                           05           10/01/97          0   
335903                               O            09/01/17              
0                                                                       

1605937          696/G01             F          199,100.00         BB   
                                  360        198,831.91          1
25420 CHICAMA DRIVE                8.000          1,460.93         80   
                                     7.750          1,460.93      248,914.00
SOUTH RIDING     VA   20152          1            07/10/97         00   
0430297523                           03           09/01/97          0   
3265415                              O            08/01/27              
0                                                                       

1606073          E61/G01             F          224,000.00         ZZ   
                                  360        223,698.39          1
1038 KISER DRIVE                   8.000          1,643.64         80   
                                     7.750          1,643.64      280,000.00
SAN JOSE         CA   95120          1            07/24/97         00   
0430380881                           03           09/01/97          0   
15795                                O            08/01/27              
0                                                                       

1606757          F27/G01             F          600,000.00         ZZ   
                                  360        599,607.52          1
14933 SANDY POINT ROAD             8.125          4,454.98         75   
                                     7.875          4,454.98      804,401.00
CHARLES CITY     VA   23030          4            08/01/97         00   
0430388348                           05           10/01/97          0   
UNKNOWN                              O            09/01/27              
0                                                                       

1606782          181/181             F          137,000.00         ZZ   
                                  360        136,722.37          1
512 JON LANE                       8.000          1,005.26         61   
                                     7.750          1,005.26      228,000.00
DES PLAINES      IL   60016          1            06/25/97         00   
5687276                              05           08/01/97          0   
5687276                              O            07/01/27              
0                                                                       

1                                                                               

1606808          F27/G01             F          276,000.00         ZZ   
                                  360        275,819.45          1
45 BUSH CABIN COURT                8.125          2,049.30         80   
                                     7.875          2,049.30      345,000.00
PARKTON          MD   21120          4            08/08/97         00   
0430392027                           05           10/01/97          0   
116278600                            O            09/01/27              
0                                                                       

1607686          369/G01             F          600,000.00         ZZ   
                                  360        598,753.09          1
2050 W KITTYHAWK WAY               7.875          4,350.42         82   
                                     7.625          4,350.42      731,695.00
TUCSON           AZ   85737          4            06/17/97         14   
0430389064                           03           08/01/97         12   
48353981                             O            07/01/27              
0                                                                       

1607736          731/G01             F          338,900.00         ZZ   
                                  360        338,900.00          1
2306 LASS DRIVE                    8.125          2,516.32         80   
                                     7.875          2,516.32      423,625.00
SANTA CLARA      CA   95054          1            09/02/97         00   
0430380576                           03           11/01/97          0   
114254476                            O            10/01/27              
0                                                                       

1607894          A50/A50             F          800,000.00         ZZ   
                                  360        798,976.23          1
4007 OLD LEEDS RIDGE               8.250          6,010.13         80   
                                     8.000          6,010.13    1,005,000.00
BIRMINGHAM       AL   35213          4            07/30/97         00   
100641                               05           09/01/97          0   
100641                               O            08/01/27              
0                                                                       

1608318          E82/G01             F          170,000.00         ZZ   
                                  360        169,653.02          1
7030 OAK HILL PLACE                7.625          1,203.31         67   
                                     7.375          1,203.31      254,900.00
COLORADO SPRING  CO   80919          1            07/02/97         00   
0400039558                           05           09/01/97          0   
400039558                            O            08/01/27              
0                                                                       

1608586          893/G01             F          385,000.00         ZZ   
                                  360        385,000.00          1
403 GEORGETOWN AVENUE              8.000          2,824.99         54   
                                     7.750          2,824.99      715,000.00
1                                                                               

SAN MATEO        CA   94402          1            09/08/97         00   
0430381319                           05           11/01/97          0   
1970397                              O            10/01/27              
0                                                                       

1608701          E29/G01             F          284,000.00         ZZ   
                                  360        283,607.82          1
6947 SOUTH RIVIERA STREET          7.875          2,059.20         80   
                                     7.625          2,059.20      356,505.00
AURORA           CO   80016          1            07/23/97         00   
0430374348                           05           09/01/97          0   
19707023                             O            08/01/27              
0                                                                       

1608704          633/G01             F          284,000.00         ZZ   
                                  360        283,799.56          1
2011 NEW BRUNSWICK DRIVE           7.750          2,034.61         62   
                                     7.500          2,034.61      465,000.00
SAM MATEO        CA   94402          2            08/07/97         00   
0430379271                           05           10/01/97          0   
689396                               O            09/01/27              
0                                                                       

1609000          B24/G01             F          171,000.00         ZZ   
                                  360        170,890.96          1
81 NORMAN ROAM                     8.250          1,284.67         90   
                                     8.000          1,284.67      191,000.00
STAMFORD         CT   06906          1            08/22/97         11   
0430338061                           05           10/01/97         25   
218937                               O            09/01/27              
0                                                                       

1609174          H05/H05             F          140,000.00         ZZ   
                                  360        139,829.78          1
73 OLCOTT AVENUE                   8.500          1,076.48         59   
                                     8.250          1,076.48      240,000.00
CROTON-ON-HUDSO  NY   10520          1            07/10/97         00   
059465867                            05           09/01/97          0   
059465867                            O            08/01/27              
0                                                                       

1609244          F27/G01             F          280,000.00         ZZ   
                                  360        279,356.86          1
22049 WOODWINDS DRIVE              7.375          1,933.90         72   
                                     7.125          1,933.90      392,699.00
LEESBURG         VA   20175          1            07/10/97         00   
0430395103                           05           08/01/97          0   
116245062                            O            07/01/27              
0                                                                       
1                                                                               

1609339          A38/G01             F          332,000.00         ZZ   
                                  360        331,310.05          1
2107 BAY CLUB DRIVE                7.875          2,407.23         80   
                                     7.625          2,407.23      415,000.00
ARLINGTON        TX   76016          1            07/30/97         00   
0430397141                           05           09/01/97          0   
1210729                              O            08/01/27              
0                                                                       

1609354          A46/G01             F          188,000.00         ZZ   
                                  360        187,880.12          1
ROUT 3 RURAL BOX 1410              8.250          1,412.38         80   
  MONKEY ISLAND                      8.000          1,412.38      235,000.00
AFTON            OK   74331          1            08/18/97         00   
0430349860                           05           10/01/97          0   
820286                               O            09/01/27              
0                                                                       

1609486          637/G01             F           96,900.00         ZZ   
                                  360         96,831.60          1
70 CARDINAL DRIVE                  7.750            694.21         95   
                                     7.500            694.21      102,000.00
BUNKER HILL      WV   25413          2            08/25/97         01   
0430379420                           03           10/01/97         30   
8024937                              O            09/01/27              
0                                                                       

1609537          624/G01             F          119,000.00         ZZ   
                                  360        118,920.15          1
223 CLUBHOUSE DRIVE                8.000            873.18         73   
                                     7.750            873.18      163,000.00
ZEPHYR COVE      NV   89448          2            08/07/97         00   
0430380360                           09           10/01/97          0   
31300170336                          O            09/01/27              
0                                                                       

1609566          A93/G01             F          120,000.00         ZZ   
                                  360        119,919.48          1
812 NEWBURG AVE                    8.000            880.52         52   
                                     7.750            880.52      235,000.00
NORTH WOODMERE   NY   11581          1            08/21/97         00   
0430337311                           05           10/01/97          0   
217158                               O            09/01/27              
0                                                                       

1609684          074/074             F          160,000.00         ZZ   
                                  360        159,779.04          1
1                                                                               

115 EAST 9TH STREET                7.875          1,160.12         50   
  APARTMENT #7KL                     7.625          1,160.12      320,000.00
NEW YORK         NY   10003          1            07/02/97         00   
1111110060                           12           09/01/97          0   
1111110060                           O            08/01/27              
0                                                                       

1609711          074/074             F          232,000.00         ZZ   
                                  360        231,663.11          1
51 JENSEN ROAD                     7.625          1,642.08         90   
                                     7.375          1,642.08      258,000.00
SAYREVILLE       NJ   08872          1            07/16/97         21   
1113048547                           05           09/01/97         25   
1113048547                           O            08/01/27              
0                                                                       

1610194          074/G01             F          117,750.00         ZZ   
                                  360        117,599.31          1
1420 CITY CREEK ROAD               8.250            884.62         75   
                                     8.000            884.62      157,000.00
POCATELLO        ID   83204          1            07/15/97         00   
0430361378                           05           09/01/97          0   
1565164774                           O            08/01/27              
0                                                                       

1610280          074/G01             F          255,000.00         ZZ   
                                  360        254,647.87          1
118 HILLSIDE AVENUE                7.875          1,848.93         79   
                                     7.625          1,848.93      323,000.00
CHARLOTTE        NC   28209          5            07/09/97         00   
0430362236                           05           09/01/97          0   
1577086419                           O            08/01/27              
0                                                                       

1610659          609/609             F          307,650.00         ZZ   
                                  360        307,650.00          1
7340 SOUTH SULLIVAN ROAD           7.625          2,177.53         80   
                                     7.375          2,177.53      385,000.00
MAPLE CITY       MI   49664          4            09/05/97         00   
136937                               05           11/01/97          0   
136937                               O            10/01/27              
0                                                                       

1610761          966/G01             F          440,650.00         ZZ   
                                  360        440,369.01          1
3587 FARMER ROAD                   8.250          3,310.46         70   
                                     8.000          3,310.46      629,562.00
AZLE             TX   76020          1            08/19/97         00   
0430391516                           05           10/01/97          0   
1                                                                               

300003941                            O            09/01/27              
0                                                                       

1610778          B57/G01             F          200,000.00         ZZ   
                                  360        199,730.71          1
146 GREENMEADOW AVENUE             8.000          1,467.53         80   
                                     7.750          1,467.53      250,000.00
THOUSAND OAKS    CA   91320          1            07/18/97         00   
0430305755                           05           09/01/97          0   
9740109                              O            08/01/27              
0                                                                       

1610936          J33/G01             F           91,300.00         ZZ   
                                  360         91,232.24          1
17306 BENJAMIN'S WALK              7.500            638.39         80   
                                     7.250            638.39      114,150.00
BATON ROUGE      LA   70817          1            08/21/97         00   
0430385286                           05           10/01/97          0   
9721050187                           O            09/01/27              
0                                                                       

1611034          180/G01             F          228,000.00         ZZ   
                                  360        227,693.02          1
425 SUMNER AVENUE                  8.000          1,672.98         80   
                                     7.750          1,672.98      285,000.00
APTOS            CA   95003          1            07/03/97         00   
0430423806                           05           09/01/97          0   
4988390                              O            08/01/27              
0                                                                       

1611124          637/G01             F          355,000.00         ZZ   
                                  360        354,749.44          1
46333 SOUTHEAST 140TH STREET       7.750          2,543.27         80   
                                     7.500          2,543.27      444,000.00
NORTH BEND       WA   98045          4            08/15/97         00   
0430378190                           05           10/01/97          0   
9978669                              O            09/01/27              
0                                                                       

1611194          637/G01             F          283,200.00         ZZ   
                                  360        282,818.67          1
1119 SOUTHEAST 4TH STREET          8.000          2,078.03         80   
                                     7.750          2,078.03      354,000.00
FORT LAUDERDALE  FL   33301          1            07/11/97         00   
0430327742                           05           09/01/97          0   
9847229                              O            08/01/27              
0                                                                       

1                                                                               

1611275          J33/G01             F           75,200.00         ZZ   
                                  360         75,146.92          1
709 ANDERSON WALK                  7.750            538.75         80   
                                     7.500            538.75       94,000.00
MARIETTA         GA   30062          1            08/29/97         00   
0430396556                           05           10/01/97          0   
9702190314                           O            09/01/27              
0                                                                       

1611278          H34/G01             F           65,500.00         ZZ   
                                  240         65,276.86          1
1033 SOUTH PINEWOOD                8.000            547.87         89   
                                     7.750            547.87       74,000.00
NIXA             MO   65714          2            07/31/97         12   
0430306175                           05           09/01/97         25   
214871                               O            08/01/17              
0                                                                       

1611624          147/G01             F          163,050.00         ZZ   
                                  360        162,940.59          1
7947 JASONS LANDING WAY            8.000          1,196.41         70   
                                     7.750          1,196.41      232,960.00
SEVERN           MD   21144          1            08/15/97         00   
0430386011                           03           10/01/97          0   
124990009                            O            09/01/27              
0                                                                       

1611631          637/G01             F          183,900.00         ZZ   
                                  360        183,773.43          1
1291 MORNINGSIDE CIRCLE            7.875          1,333.41         80   
                                     7.625          1,333.41      229,920.00
HOLLISTER        CA   95023          1            08/12/97         00   
0430389924                           05           10/01/97          0   
8037731                              O            09/01/27              
0                                                                       

1611866          074/G01             F          560,000.00         ZZ   
                                  360        559,206.96          1
6324 NORTH 48TH PLACE              7.750          4,011.91         80   
                                     7.500          4,011.91      700,000.00
PARADISE VALLEY  AZ   85253          5            07/18/97         00   
0430366930                           05           09/01/97          0   
1569172435                           O            08/01/27              
0                                                                       

1611978          074/G01             F          373,600.00         T    
                                  360        373,096.97          1
3021 17TH STREET                   8.000          2,741.35         80   
                                     7.750          2,741.35      467,000.00
1                                                                               

SANTA MONICA     CA   90405          1            07/28/97         00   
0430368050                           05           09/01/97          0   
1596038719                           O            08/01/27              
0                                                                       

1612047          074/074             F          227,000.00         ZZ   
                                  360        226,694.35          1
3 NORTH TERRACE                    8.000          1,665.65         95   
                                     7.750          1,665.65      239,000.00
MAPLEWOOD        NJ   07040          1            07/28/97         01   
1587074733                           05           09/01/97         30   
1587074733                           O            08/01/27              
0                                                                       

1612113          180/G01             F          221,200.00         ZZ   
                                  360        220,902.17          1
13842 HAILEIGH STREET              8.000          1,623.09         80   
                                     7.750          1,623.09      276,500.00
WESTMINSTER      CA   92683          1            07/01/97         00   
0430331827                           03           09/01/97          0   
3961562                              O            08/01/27              
0                                                                       

1612114          640/G01             F          285,000.00         ZZ   
                                  349        284,240.39          1
335 BLUFFSIDE POINT                8.500          2,206.67         57   
                                     8.250          2,206.67      500,000.00
CORDOVA          TN   38018          1            05/29/97         00   
0430386722                           05           07/01/97          0   
UNKNOWN                              O            07/01/26              
0                                                                       

1612165          A06/G01             F          450,000.00         ZZ   
                                  360        449,713.05          1
944 STUYVESSANT                    8.250          3,380.70         60   
                                     8.000          3,380.70      750,000.00
BLOOMFIELD HILL  MI   48301          2            08/19/97         00   
0430338384                           05           10/01/97          0   
9700585                              O            09/01/27              
0                                                                       

1612256          B24/G01             F          209,300.00         ZZ   
                                  360        209,159.56          1
49 JARED BLVD                      8.000          1,535.77         95   
                                     7.750          1,535.77      220,337.00
KENDALL BLVD     NJ   08824          1            08/28/97         01   
0430343491                           05           10/01/97         30   
220602                               O            09/01/27              
0                                                                       
1                                                                               

1612260          976/G01             F          313,000.00         ZZ   
                                  360        312,795.25          1
23261 MORA HEIGTHS WAY             8.125          2,324.02         33   
                                     7.875          2,324.02      960,000.00
LOS ALTOS HILLS  CA   94024          2            08/15/97         00   
0430383463                           05           10/01/97          0   
696605                               O            09/01/27              
0                                                                       

1612312          B24/G01             F          246,000.00         ZZ   
                                  360        245,850.97          3
736 ATLANTIC AVENUE                8.500          1,891.53         79   
  #1                                 8.250          1,891.53      315,000.00
STAMFORD         CT   06905          2            08/28/97         00   
0430346932                           05           10/01/97          0   
220052                               O            09/01/27              
0                                                                       

1612737          638/G01             F          126,000.00         ZZ   
                                  360        125,921.69          1
6146 BUD MOULTON RD                8.375            957.69         72   
                                     8.125            957.69      176,000.00
CRESTVIEW        FL   32536          2            08/22/97         00   
0430379537                           05           10/01/97          0   
08658429                             O            09/01/27              
0                                                                       

1612778          B24/G01             F          250,000.00         ZZ   
                                  360        249,848.55          1
56 SECOR ROAD                      8.500          1,922.28         66   
                                     8.250          1,922.28      380,000.00
NEW ROCHELLE     NY   10804          2            08/12/97         00   
0430333302                           05           10/01/97          0   
217971                               O            09/01/27              
0                                                                       

1612781          B57/G01             F          152,000.00         ZZ   
                                  360        151,790.09          1
2426 SCOTER AVENUE                 7.875          1,102.11         80   
                                     7.625          1,102.11      190,000.00
VENTURA          CA   93003          2            07/18/97         00   
0430376673                           05           09/01/97          0   
9790019                              O            08/01/27              
0                                                                       

1614500          637/G01             F          221,350.00         ZZ   
                                  360        221,216.01          1
1                                                                               

85 DALTON STREET                   8.500          1,701.89         95   
                                     8.250          1,701.89      233,000.00
LONG BEACH       NY   11561          1            08/15/97         10   
0430348037                           05           10/01/97         30   
9610460                              O            09/01/27              
0                                                                       

1614742          828/G01             F          208,500.00         ZZ   
                                  360        208,500.00          1
2704 SHADY HILL COURT              7.750          1,493.72         75   
                                     7.500          1,493.72      278,000.00
GRAPEVINE        TX   75051          2            09/08/97         00   
0430387308                           05           11/01/97          0   
75010016                             O            10/01/27              
0                                                                       

1614775          637/G01             F          256,500.00         ZZ   
                                  360        256,340.57          1
7901 E CACTUS ROAD                 8.375          1,949.59         90   
                                     8.125          1,949.59      285,000.00
SCOTTSDALE       AZ   85260          2            08/20/97         12   
0430380790                           05           10/01/97         25   
9494113                              O            09/01/27              
0                                                                       

1614818          B24/G01             F          136,000.00         ZZ   
                                  360        136,000.00          1
60 STRAWBERRY HILL                 8.500          1,045.72         80   
  L2                                 8.250          1,045.72      170,000.00
STAMFORD         CT   06902          1            09/11/97         00   
0430372300                           06           11/01/97          0   
221615                               O            10/01/27              
0                                                                       

1614975          H41/G01             F          258,750.00         ZZ   
                                  360        258,562.72          1
68 RIDGEWAY                        7.625          1,831.42         75   
                                     7.375          1,831.42      345,000.00
ANDOVER          MA   01845          1            08/29/97         00   
0430370841                           05           10/01/97          0   
5902                                 O            09/01/27              
0                                                                       

1615062          811/G01             F          229,600.00         ZZ   
                                  360        229,282.94          1
2240 MENZEL PLACE                  7.875          1,664.76         80   
                                     7.625          1,664.76      287,000.00
SANTA CLARA      CA   95050          1            07/17/97         00   
0430348292                           05           09/01/97          0   
1                                                                               

15777                                O            08/01/27              
0                                                                       

1615139          633/G01             F          246,000.00         ZZ   
                                  360        245,826.38          1
903 KENSINGTON PLACE               7.750          1,762.37         88   
                                     7.500          1,762.37      282,000.00
PETALUMA         CA   94954          2            08/15/97         01   
0430385757                           05           10/01/97         25   
690523                               O            09/01/27              
0                                                                       

1615141          480/G01             F          107,100.00         ZZ   
                                  360        107,100.00          1
391 TAVERNIER CR                   8.375            814.04         75   
                                     8.125            814.04      143,219.00
OLDSMAR          FL   34677          1            09/12/97         00   
0430395665                           03           11/01/97          0   
2084986                              O            10/01/27              
0                                                                       

1615327          225/225             F          350,000.00         ZZ   
                                  360        349,491.75          1
3409 SUNSET LANE                   7.625          2,477.28         73   
                                     7.375          2,477.28      480,000.00
OXNARD           CA   93035          2            07/02/97         00   
8053746                              05           09/01/97          0   
8053746                              O            08/01/27              
0                                                                       

1615424          A68/G01             F          142,600.00         ZZ   
                                  360        142,600.00          1
9011 CROWN POINT CIRCLE            7.875          1,033.95         80   
                                     7.625          1,033.95      178,264.00
IRVING           TX   75063          1            09/16/97         00   
0430396937                           03           11/01/97          0   
219910                               O            10/01/27              
0                                                                       

1615455          180/G01             F          143,850.00         ZZ   
                                  360        143,745.89          1
4301 JENKINS DRIVE                 7.625          1,018.16         80   
                                     7.375          1,018.16      179,840.00
PLANO            TX   75024          1            08/19/97         00   
0430385047                           05           10/01/97          0   
12001673                             O            09/01/27              
0                                                                       

1                                                                               

1615750          F02/G01             F          220,000.00         ZZ   
                                  360        218,957.84          1
LOT 23 PEACEFUL PONDS DRIVE        8.000          1,614.29         80   
                                     7.750          1,614.29      275,000.00
JAMESVILLE       VA   23398          2            05/01/97         00   
0430371153                           05           06/01/97          0   
600602671                            O            05/01/27              
0                                                                       

1615753          F02/G01             F          221,000.00         ZZ   
                                  360        220,574.32          1
10377 MORNING DEW LANE             8.250          1,660.30         75   
                                     8.000          1,660.30      296,000.00
MECHANICSVILLE   VA   23111          1            06/13/97         00   
0430370080                           03           08/01/97          0   
600740565                            O            07/01/27              
0                                                                       

1615797          F02/G01             F          277,500.00         ZZ   
                                  360        276,740.73          1
217 GRANDRIDGE COURT               8.000          2,036.20         84   
                                     7.750          2,036.20      334,000.00
SAN BUENAVENTUR  CA   93003          2            05/22/97         14   
0430369553                           05           07/01/97         12   
601070603                            O            06/01/27              
0                                                                       

1616488          562/G01             F          200,000.00         ZZ   
                                  360        199,723.82          1
199 PROMENADE CIRCLE               7.875          1,450.14         63   
                                     7.625          1,450.14      319,500.00
HEATHROW         FL   32746          1            07/15/97         00   
0430335117                           03           09/01/97          0   
541383                               O            08/01/27              
0                                                                       

1616491          147/G01             F          275,000.00         ZZ   
                                  360        274,785.47          1
622 FREEL DRIVE                    7.250          1,875.99         59   
                                     7.000          1,875.99      470,000.00
ZEPHYR COVE      NV   89448          5            08/25/97         00   
0430389668                           05           10/01/97          0   
10021721                             O            09/01/27              
0                                                                       

1616550          E91/G01             F          200,000.00         ZZ   
                                  360        199,869.18          1
1795 CANTERBURY LANE               8.125          1,484.99         65   
                                     7.875          1,484.99      310,000.00
1                                                                               

HAYWARD          CA   94544          1            08/28/97         00   
0430378919                           05           10/01/97          0   
1616550                              O            09/01/27              
0                                                                       

1616614          573/G01             F          270,000.00         ZZ   
                                  360        269,818.83          1
2638 LONE JACK ROAD                8.000          1,981.17         80   
                                     7.750          1,981.17      340,000.00
ENCINITAS        CA   92024          2            08/04/97         00   
0430394494                           05           10/01/97          0   
119493                               O            09/01/27              
0                                                                       

1616719          F27/G01             F          275,800.00         ZZ   
                                  360        275,614.94          1
5504 GLENWOOD ROAD                 8.000          2,023.73         80   
                                     7.750          2,023.73      344,800.00
BETHESDA         MD   20817          1            08/29/97         00   
0430377366                           05           10/01/97          0   
116282529                            O            09/01/27              
0                                                                       

1617130          A59/G01             F          225,800.00         ZZ   
                                  360        225,644.60          1
1508 CLIPPERSHIP DRIVE             7.875          1,637.21         90   
                                     7.625          1,637.21      250,891.00
WOODBURY         MN   55125          1            08/27/97         14   
0430341974                           05           10/01/97         25   
1617130                              O            09/01/27              
0                                                                       

1617242          E22/G01             F          650,000.00         ZZ   
                                  360        649,168.19          1
7301 BROOKSTONE COURT              8.250          4,883.23         69   
                                     8.000          4,883.23      945,000.00
POTOMAC          MD   20854          2            07/29/97         00   
0410448492                           05           09/01/97          0   
410448492                            O            08/01/27              
0                                                                       

1617400          K08/G01             F           70,000.00         ZZ   
                                  360         69,903.34          1
#24 ROSE GARDEN COURT              7.875            507.55         56   
                                     7.625            507.55      127,000.00
MCKINNEY         TX   75070          1            07/31/97         00   
0410479042                           05           09/01/97          0   
410479042                            O            08/01/27              
0                                                                       
1                                                                               

1617536          181/181             F          236,800.00         ZZ   
                                  360        236,355.37          1
1 ELATIA CIRCLE                    8.375          1,799.85         80   
                                     8.125          1,799.85      296,000.00
PITTSFORD        NY   14534          1            06/27/97         00   
NG                                   05           08/01/97          0   
NG                                   O            07/01/27              
0                                                                       

1617538          828/G01             F          112,800.00         ZZ   
                                  360        112,720.38          1
9410 CAMINO VENADO                 7.750            808.12         80   
                                     7.500            808.12      141,000.00
HELOTES          TX   78023          1            08/22/97         00   
0430381756                           03           10/01/97          0   
76700004                             O            09/01/27              
0                                                                       

1617611          181/181             F          225,600.00         ZZ   
                                  360        225,131.16          1
5804 RENEE DRIVE                   7.875          1,635.76         80   
                                     7.625          1,635.76      285,000.00
DURHAM           NC   27705          1            07/01/97         00   
NG                                   05           08/01/97          0   
NG                                   O            07/01/27              
0                                                                       

1617654          B24/G01             F           94,000.00         ZZ   
                                  360         93,936.93          1
58 MAPLE AVE                       8.000            689.74         47   
                                     7.750            689.74      203,000.00
LITTLE SILVER    NJ   07739          5            08/25/97         00   
0430343236                           05           10/01/97          0   
220120                               O            09/01/27              
0                                                                       

1617673          F03/G01             F          391,200.00         ZZ   
                                  360        390,937.51          1
4 PACIFICO                         8.000          2,870.49         80   
                                     7.750          2,870.49      489,000.00
LAGUNA NIGUEL    CA   92677          1            08/25/97         00   
0430390716                           05           10/01/97          0   
LAG10435                             O            09/01/27              
0                                                                       

1617692          147/G01             F          170,100.00         ZZ   
                                  360        169,982.93          1
1                                                                               

27801 NORTH SPRINGRTREE PLACE      7.875          1,233.35         70   
                                     7.625          1,233.35      243,000.00
VALENCIA AREA    CA   91354          1            08/19/97         00   
0430381830                           03           10/01/97          0   
10032917                             O            09/01/27              
0                                                                       

1617706          814/G01             F          252,000.00         ZZ   
                                  360        251,826.57          1
585 KENNETH AVENUE                 7.875          1,827.18         80   
                                     7.625          1,827.18      315,000.00
CAMPBELL         CA   95008          1            08/13/97         00   
0430378034                           05           10/01/97          0   
809707045                            O            09/01/27              
0                                                                       

1618029          806/G01             F          182,000.00         ZZ   
                                  360        181,877.87          1
21 SEACLIFF DRIVE                  8.000          1,335.46         70   
                                     7.750          1,335.46      260,000.00
APTOS            CA   95003          1            08/21/97         00   
0430394841                           05           10/01/97          0   
8170000710                           O            09/01/27              
0                                                                       

1618054          952/G01             F          235,600.00         ZZ   
                                  360        235,600.00          1
615 ALANON RD.                     7.875          1,708.26         95   
                                     7.625          1,708.26      248,000.00
RIDGEWOOD        NJ   07450          1            09/05/97         01   
0430387175                           05           11/01/97         30   
97071917                             O            10/01/27              
0                                                                       

1618067          163/G01             F          229,600.00         ZZ   
                                  360        229,157.74          1
ROUTE 2 BOX 56D FM 2210            8.250          1,724.91         78   
                                     8.000          1,724.91      295,000.00
BRIDGEPORT       TX   76426          2            06/18/97         00   
0430395061                           05           08/01/97          0   
2799267                              O            07/01/27              
0                                                                       

1618108          744/G01             F          246,800.00         ZZ   
                                  360        246,634.40          1
4717 MYRTLE DRIVE                  8.000          1,810.93         80   
                                     7.750          1,810.93      308,528.00
DUBLIN           CA   94568          1            08/06/97         00   
0430396408                           05           10/01/97          0   
1                                                                               

22931                                O            09/01/27              
0                                                                       

1618400          640/G01             F          288,000.00         ZZ   
                                  360        287,581.78          1
1765 CEDAR RIDGE DRIVE             7.625          2,038.45         80   
                                     7.375          2,038.45      360,000.00
HERNANDO         MS   38632          4            07/31/97         00   
0430388512                           05           09/01/97          0   
970375                               O            08/01/27              
0                                                                       

1618436          B23/G01             F          256,000.00         ZZ   
                                  360        255,819.31          1
4943 TILOS WAY                     7.750          1,834.02         80   
                                     7.500          1,834.02      320,000.00
OCEANSIDE        CA   92056          1            08/22/97         00   
0430378935                           03           10/01/97          0   
88002032                             O            09/01/27              
0                                                                       

1618455          A52/G01             F          118,000.00         ZZ   
                                  360        117,918.80          1
8129 CARLTON ROAD                  7.875            855.58         54   
                                     7.625            855.58      220,000.00
RIVERDALE        GA   30296          2            08/13/97         00   
0430335869                           05           10/01/97          0   
216338                               O            09/01/27              
0                                                                       

1618460          E66/E66             F          244,800.00         ZZ   
                                  360        244,316.35          1
411 SARDIS LN                      8.125          1,817.63         80   
                                     7.875          1,817.63      306,000.00
CHARLOTTE        NC   28270          2            06/26/97         00   
600328194                            05           08/01/97          0   
600328194                            O            07/01/27              
0                                                                       

1618465          637/G01             F          328,500.00         ZZ   
                                  360        328,046.36          1
7008 BLUFF TRAIL                   7.875          2,381.86         90   
                                     7.625          2,381.86      365,000.00
MORRISON         CO   80465          1            08/01/97         11   
0430393942                           05           09/01/97         25   
4457818                              O            08/01/27              
0                                                                       

1                                                                               

1618475          638/G01             F          258,000.00         ZZ   
                                  360        258,000.00          1
10723 DEER CANYON DRIVE            7.875          1,870.68         75   
                                     7.625          1,870.68      348,000.00
RANCHO CUCAMONG  CA   91737          2            09/09/97         00   
0430394858                           05           11/01/97          0   
8659583                              O            10/01/27              
0                                                                       

1618632          956/G01             F          127,400.00         ZZ   
                                  360        127,312.32          1
1233 CORNERSTONE WAY               7.875            923.74         80   
                                     7.625            923.74      159,250.00
CORONA           CA   91720          1            08/04/97         00   
0430377408                           05           10/01/97          0   
6707098                              O            09/01/27              
0                                                                       

1618846          B24/G01             F           88,650.00         ZZ   
                                  359         88,650.00          1
69 HOPE STREET UNIT #2D            8.500            681.64         90   
                                     8.250            681.64       98,500.00
STAMFORD         CT   06906          1            09/10/97         01   
0430369744                           05           11/01/97         25   
221345                               O            09/01/27              
0                                                                       

1618848          B24/G01             F          240,000.00         ZZ   
                                  240        239,611.17          3
18 MAGEE AVENUE                    8.375          2,063.83         69   
                                     8.125          2,063.83      349,000.00
STAMFORD         CT   06902          2            08/25/97         00   
0430344598                           05           10/01/97          0   
220627                               O            09/01/17              
0                                                                       

1618876          637/G01             F          222,775.00         ZZ   
                                  360        222,775.00          1
171 HITCHING POST LANE             7.875          1,615.28         95   
                                     7.625          1,615.28      234,500.00
YORKTOWN HEIGHT  NY   10598          1            09/05/97         12   
0430383471                           05           11/01/97         30   
8019333                              O            10/01/27              
0                                                                       

1618927          698/G01             F          196,000.00         ZZ   
                                  360        195,868.49          1
23427 BERWICK PLACE                8.000          1,438.18         74   
                                     7.750          1,438.18      265,000.00
1                                                                               

VALENCIA AREA    CA   91354          2            08/07/97         00   
0430380329                           05           10/01/97          0   
6405394                              O            09/01/27              
0                                                                       

1618944          H60/H60             F          306,000.00         ZZ   
                                  360        305,772.90          1
7316 ROSEWOOD MANOR LANE           7.500          2,139.60         90   
                                     7.250          2,139.60      340,000.00
GAITHERSBURG     MD   20882          1            08/21/97         12   
NG                                   03           10/01/97         25   
NG                                   O            09/01/27              
0                                                                       

1619001          F16/G01             F          231,200.00         ZZ   
                                  360        231,036.82          1
30308 CLEAR WATER DRIVE            7.750          1,656.35         80   
                                     7.500          1,656.35      289,000.00
CANYON LAKE      CA   92587          1            08/01/97         00   
0430381061                           03           10/01/97          0   
97817825                             O            09/01/27              
0                                                                       

1619032          H60/H60             F          231,000.00         ZZ   
                                  360        230,841.03          1
5571 VILLAGE CENTER DR             7.875          1,674.91         83   
                                     7.625          1,674.91      280,000.00
CENTRVILLE       VA   20120          2            08/01/97         11   
7189350                              03           10/01/97         25   
UNKNOWN                              O            09/01/27              
0                                                                       

1619189          B87/G01             F          165,000.00         ZZ   
                                  360        165,000.00          1
2210 AVENUE R                      7.250          1,125.60         63   
                                     7.000          1,125.60      265,000.00
BROOKLYN         NY   11229          1            09/18/97         00   
0430391391                           05           11/01/97          0   
099990000020142                      O            10/01/27              
0                                                                       

1620046          731/G01             F          456,000.00         ZZ   
                                  360        456,000.00          1
1463 ORMSBY DRIVE                  7.875          3,306.32         80   
                                     7.625          3,306.32      570,000.00
SUNNYVALE        CA   94087          2            09/05/97         00   
0430382408                           05           11/01/97          0   
411511319                            O            10/01/27              
0                                                                       
1                                                                               

1620051          E61/G01             F          256,550.00         ZZ   
                                  360        256,377.86          1
9059 SOLEDAD DRIVE                 8.000          1,882.47         80   
                                     7.750          1,882.47      320,706.00
GILROY           CA   95020          1            08/06/97         00   
0430379966                           05           10/01/97          0   
13626                                O            09/01/27              
0                                                                       

1620147          664/G01             F          237,000.00         ZZ   
                                  360        236,844.97          1
1203 NORTH DUKE LANE               8.125          1,759.72         79   
                                     7.875          1,759.72      300,000.00
WALNUT           CA   91789          2            08/07/97         00   
0430347583                           05           10/01/97          0   
2297877                              O            09/01/27              
0                                                                       

1620171          G28/G01             F          279,500.00         ZZ   
                                  360        279,500.00          1
7014 TREASURE TRAIL                7.750          2,002.38         85   
                                     7.500          2,002.38      330,000.00
LOS ANGELES      CA   90068          2            09/08/97         01   
0430388280                           05           11/01/97         12   
1620171                              O            10/01/27              
0                                                                       

1620189          A13/G01             F          312,000.00         ZZ   
                                  360        311,569.15          1
8904 MISSION CREEK COVE            7.875          2,262.22         80   
                                     7.625          2,262.22      390,000.00
AUSTIN           TX   78735          1            07/29/97         00   
0430345769                           03           09/01/97          0   
970033931                            O            08/01/27              
0                                                                       

1620580          A52/G01             F          279,900.00         ZZ   
                                  360        279,697.42          1
3290 KATES WAY                     7.625          1,981.11         78   
                                     7.375          1,981.11      360,000.00
DULUTH           GA   30097          2            08/21/97         00   
0430340711                           05           10/01/97          0   
219110                               O            09/01/27              
0                                                                       

1620581          E36/G01             F          150,000.00         ZZ   
                                  360        150,000.00          1
1                                                                               

21 SOREN STREET                    7.500          1,049.00         73   
                                     7.250          1,049.00      207,000.00
FORDS            NJ   08863          1            09/18/97         00   
0430378356                           05           11/01/97          0   
97186                                O            10/01/27              
0                                                                       

1620738          952/G01             F          300,000.00         ZZ   
                                  360        300,000.00          1
595 ROCK ROAD                      8.000          2,201.29         95   
                                     7.750          2,201.29      318,250.00
GLENROCK         NJ   07452          1            09/10/97         01   
0430393694                           05           11/01/97         30   
96121585                             O            10/01/27              
0                                                                       

1620896          776/G01             F          380,000.00         ZZ   
                                  360        379,475.26          1
925 8TH PLACE                      7.875          2,755.26         80   
                                     7.625          2,755.26      475,000.00
HERMOSA BEACH    CA   90254          1            07/14/97         00   
0430377143                           05           09/01/97          0   
6146258                              O            08/01/27              
0                                                                       

1621024          A52/G01             F          244,800.00         ZZ   
                                  360        244,627.22          1
2988 NESTLE CREEK DRIVE            7.750          1,753.78         90   
                                     7.500          1,753.78      272,000.00
MARIETTA         GA   30062          2            08/20/97         04   
0430342584                           05           10/01/97         25   
219477                               O            09/01/27              
0                                                                       

1621035          A39/G01             F          615,000.00         ZZ   
                                  360        615,000.00          1
23566 PARKSOUTH STREET             8.000          4,512.65         50   
                                     7.750          4,512.65    1,230,000.00
CALABASAS        CA   91302          1            09/15/97         00   
0430387076                           03           11/01/97          0   
9700846                              O            10/01/27              
0                                                                       

1621060          964/G01             F          282,400.00         ZZ   
                                  360        282,400.00          1
25691 HAMDEN DRIVE                 7.875          2,047.60         80   
                                     7.625          2,047.60      353,000.00
LAGUNA NIGUEL    CA   92677          1            09/16/97         00   
0430386508                           03           11/01/97          0   
1                                                                               

27478                                O            10/01/27              
0                                                                       

1621079          638/G01             F          319,200.00         ZZ   
                                  360        318,974.71          1
53 KINGS OAK PLACE                 7.750          2,286.79         80   
                                     7.500          2,286.79      399,000.00
WALNUT CREEK     CA   94596          1            08/08/97         00   
0430385203                           05           10/01/97          0   
8659742                              O            09/01/27              
0                                                                       

1621572          638/G01             F          432,000.00         ZZ   
                                  360        432,000.00          1
1409 NORTH EUCLID AVENUE           7.750          3,094.90         80   
                                     7.500          3,094.90      540,000.00
UPLAND           CA   91786          1            09/08/97         00   
0430396838                           05           11/01/97          0   
8661466                              O            10/01/27              
0                                                                       

1621636          A83/G01             F          166,400.00         ZZ   
                                  360        166,054.18          1
6939 CHANTEL COURT                 7.875          1,206.52         80   
                                     7.625          1,206.52      208,000.00
SAN JOSE         CA   95129          1            06/23/97         00   
0430397216                           01           08/01/97          0   
NG                                   O            07/01/27              
0                                                                       

1621791          F28/G01             F          244,600.00         ZZ   
                                  360        243,725.56          1
5910 N 22ND STREET                 7.750          1,752.35         95   
                                     7.500          1,752.35      257,500.00
ARLINGTON        VA   22205          1            04/29/97         10   
0430349936                           05           06/01/97         30   
3232362                              O            05/01/27              
0                                                                       

1622022          B75/G01             F          125,400.00         ZZ   
                                  360        125,320.04          1
3204 LANDOVER STREET               8.250            942.09         95   
                                     8.000            942.09      132,000.00
ALEXANDRIA       VA   22305          2            08/04/97         14   
0430382515                           05           10/01/97         30   
2978575                              O            09/01/27              
0                                                                       

1                                                                               

1622062          531/G01             F          220,000.00         ZZ   
                                  360        218,362.34          1
45 SAGITTARIUS COURT               8.125          1,633.49         80   
                                     7.875          1,633.49      275,000.00
RENO             NV   89509          1            10/28/96         00   
0430347229                           05           12/01/96          0   
9308093                              O            11/01/26              
0                                                                       

1622066          A52/G01             F           38,000.00         ZZ   
                                  360         37,974.50          1
2009 2ND STREET EAST               8.000            278.83         75   
                                     7.750            278.83       51,000.00
TUSCALOOSA       AL   35404          2            08/25/97         00   
0430344531                           05           10/01/97          0   
219808                               O            09/01/27              
0                                                                       

1622098          814/G01             F          296,250.00         ZZ   
                                  360        296,250.00          1
1 CONSTITUTION DRIVE               7.875          2,148.02         75   
                                     7.625          2,148.02      395,000.00
CORTE MADERA     CA   94925          1            09/03/97         00   
0430382549                           05           11/01/97          0   
101708024                            O            10/01/27              
0                                                                       

1622100          B24/G01             F           96,000.00         ZZ   
                                  360         95,933.93          1
150 HOPE STREET                    7.875            696.07         60   
  UNIT 3                             7.625            696.07      160,000.00
STAMFORD         CT   06906          2            08/25/97         00   
0430344556                           01           10/01/97          0   
214139                               O            09/01/27              
0                                                                       

1622134          F02/G01             F          220,000.00         ZZ   
                                  360        219,711.21          1
4780 LAGE DRIVE                    8.125          1,633.49         80   
                                     7.875          1,633.49      275,000.00
SAN JOSE         CA   95130          1            07/18/97         00   
0430414268                           05           09/01/97          0   
600046688                            O            08/01/27              
0                                                                       

1622138          F02/G01             F          235,000.00         ZZ   
                                  360        234,834.14          1
LOT 51 100 LEXINGTON WAY           7.750          1,683.57         87   
                                     7.500          1,683.57      270,866.00
1                                                                               

MILFORD          CT   06460          1            08/15/97         14   
0430414763                           03           10/01/97         25   
601114592                            O            09/01/27              
0                                                                       

1622144          F02/G01             F          283,000.00         ZZ   
                                  360        282,637.85          1
309 E 14TH AVENUE                  8.250          2,126.08         90   
                                     8.000          2,126.08      314,500.00
NAPERVILLE       IL   60563          1            07/11/97         19   
0430422204                           05           09/01/97         25   
601145101                            O            08/01/27              
0                                                                       

1622149          F02/G01             F          348,000.00         ZZ   
                                  360        347,167.14          1
7 DOWITCHER WAY                    8.000          2,553.50         80   
                                     7.750          2,553.50      435,000.00
SAN RAFAEL       CA   94901          1            06/04/97         00   
0430415455                           03           08/01/97          0   
601182993                            O            07/01/27              
0                                                                       

1622152          F02/G01             F          230,400.00         ZZ   
                                  360        230,112.58          1
6717 NEW HAMPSHIRE TRAIL           8.375          1,751.21         90   
                                     8.125          1,751.21      256,000.00
CRYSTAL LAKE     IL   60012          2            07/18/97         14   
0430414987                           05           09/01/97         25   
601189912                            O            08/01/27              
0                                                                       

1622164          F02/G01             F          319,000.00         ZZ   
                                  360        318,570.49          1
516 HARDEE ROAD                    8.000          2,340.71         80   
                                     7.750          2,340.71      399,000.00
MIAMI            FL   33146          1            08/28/97         00   
0430413708                           07           09/01/97          0   
601246170                            O            08/01/27              
0                                                                       

1622167          F02/G01             F          250,000.00         ZZ   
                                  360        249,453.72          1
757 KENDON LANE                    7.625          1,769.48         64   
                                     7.375          1,769.48      395,000.00
NOVATO           CA   94947          2            06/25/97         00   
0430416073                           05           08/01/97          0   
601248138                            O            07/01/27              
0                                                                       
1                                                                               

1622169          F02/G01             F          270,000.00         ZZ   
                                  360        269,636.47          1
2206 GREENWOOD AVE                 8.000          1,981.16         57   
                                     7.750          1,981.16      480,000.00
WILMETTE         IL   60091          2            07/21/97         00   
0430414870                           05           09/01/97          0   
601248811                            O            08/01/27              
0                                                                       

1622173          F02/G01             F          288,000.00         ZZ   
                                  360        287,816.35          1
1013 LUPINE DRIVE                  8.250          2,163.65         69   
                                     8.000          2,163.65      420,000.00
SUNNYVALE        CA   94086          2            08/01/97         00   
0430415323                           05           10/01/97          0   
601250576                            O            09/01/27              
0                                                                       

1622180          F02/G01             F          395,000.00         ZZ   
                                  360        394,179.14          1
120 SOUTHEAST AVONDALE WAY         7.875          2,864.02         54   
                                     7.625          2,864.02      745,000.00
GRESHAM          OR   97080          2            06/23/97         00   
0430414789                           05           08/01/97          0   
601254923                            O            07/01/27              
0                                                                       

1622181          F02/G01             F          253,000.00         ZZ   
                                  360        252,623.31          1
621 PARKHURST DRIVE                7.500          1,769.01         71   
                                     7.250          1,769.01      360,000.00
CAMPBELL         CA   95008          2            07/11/97         00   
0430414409                           05           09/01/97          0   
601255149                            O            08/01/27              
0                                                                       

1622190          F02/G01             F          322,400.00         ZZ   
                                  360        321,919.96          1
202 FOREST LAKE DRIVE              7.500          2,254.27         75   
                                     7.250          2,254.27      429,900.00
MADISON          MS   39110          1            07/31/97         00   
0430415232                           03           09/01/97          0   
601257619                            O            08/01/27              
0                                                                       

1622192          F02/G01             F          300,000.00         ZZ   
                                  360        299,777.36          1
1                                                                               

24718 136TH AVENUE SOUTHEAST       7.500          2,097.64         62   
                                     7.250          2,097.64      490,000.00
KENT             WA   98042          5            08/04/97         00   
0430392456                           03           10/01/97          0   
601258734                            O            09/01/27              
0                                                                       

1622197          F02/G01             F          260,000.00         ZZ   
                                  360        259,807.04          1
36 CEDAR STREET                    7.500          1,817.96         80   
                                     7.250          1,817.96      325,000.00
EAST HANOVER     NJ   07936          1            08/15/97         00   
0430422782                           05           10/01/97          0   
601260033                            O            09/01/27              
0                                                                       

1622204          F02/G01             F          328,000.00         ZZ   
                                  360        327,523.71          1
5911 VISTA DE LA LUZ               7.625          2,321.56         80   
                                     7.375          2,321.56      410,000.00
(WOODLAND HILLS  CA   91367          1            07/15/97         00   
0430414169                           03           09/01/97          0   
601264015                            O            08/01/27              
0                                                                       

1622212          F02/G01             F          390,000.00         ZZ   
                                  360        389,710.56          1
11 KNELL DRIVE                     7.500          2,726.94         80   
                                     7.250          2,726.94      490,000.00
DIX HILLS        NY   11746          1            08/06/97         00   
0430416370                           05           10/01/97          0   
601273425                            O            09/01/27              
0                                                                       

1622215          F02/G01             F          336,000.00         ZZ   
                                  360        335,536.02          1
6095 HILLPOINTE ROW                7.875          2,436.23         80   
                                     7.625          2,436.23      420,000.00
LA JOLLA         CA   92037          1            07/14/97         00   
0430414227                           03           09/01/97          0   
601275427                            O            08/01/27              
0                                                                       

1622216          F02/G01             F          245,000.00         ZZ   
                                  360        244,500.69          1
1067 EAST PALM STREET              8.500          1,883.84         79   
                                     8.250          1,883.84      313,000.00
ALTADENA         CA   91001          2            07/14/97         00   
0430415828                           05           09/01/97          0   
1                                                                               

601275724                            O            08/01/27              
0                                                                       

1622221          F02/G01             F          322,000.00         ZZ   
                                  360        321,555.36          1
107 WILDER AVENUE                  7.875          2,334.72         46   
                                     7.625          2,334.72      710,000.00
LOS GATOS        CA   95030          2            07/11/97         00   
0430414813                           05           09/01/97          0   
601279272                            O            08/01/27              
0                                                                       

1622224          F02/G01             F          321,450.00         ZZ   
                                  360        320,983.22          1
23347 W BEAUMONT                   7.625          2,275.20         80   
                                     7.375          2,275.20      401,873.00
VALENCIA         CA   91355          1            07/16/97         00   
0430414508                           03           09/01/97          0   
601283427                            O            08/01/27              
0                                                                       

1622226          F02/G01             F          247,400.00         ZZ   
                                  360        247,049.65          1
340 19TH STREET                    7.750          1,772.40         90   
                                     7.500          1,772.40      274,900.00
BOULDER          CO   80302          1            07/31/97         14   
0430422352                           05           09/01/97         25   
601284202                            O            08/01/27              
0                                                                       

1622236          F02/G01             F          310,000.00         ZZ   
                                  360        309,538.44          1
230 AVILA ROAD                     7.500          2,167.56         42   
                                     7.250          2,167.56      745,000.00
SAN MATEO        CA   94402          2            07/15/97         00   
0430422808                           05           09/01/97          0   
601286000                            O            08/01/27              
0                                                                       

1622238          F02/G01             F          330,000.00         ZZ   
                                  360        329,555.68          1
3640 WRIGHTWOOD DRIVE              8.000          2,421.42         74   
                                     7.750          2,421.42      450,000.00
LOS ANGELES      CA   91604          1            08/28/97         00   
0430391680                           05           09/01/97          0   
601289092                            O            08/01/27              
0                                                                       

1                                                                               

1622239          F02/G01             F          255,500.00         ZZ   
                                  360        255,128.96          1
27 LAKE LEAF PLACE                 7.625          1,808.42         72   
                                     7.375          1,808.42      355,500.00
THE WOODLANDS    TX   77381          1            07/22/97         00   
0430416214                           03           09/01/97          0   
601289321                            O            08/01/27              
0                                                                       

1622240          F02/G01             F          248,000.00         ZZ   
                                  360        245,659.34          1
9228 HARGIS STREET                 7.750          1,776.70         80   
                                     7.500          1,776.70      310,000.00
LOS ANGELES      CA   90034          1            07/15/97         00   
0430422303                           05           09/01/97          0   
601289456                            O            08/01/27              
0                                                                       

1622243          F02/G01             F          245,250.00         ZZ   
                                  360        244,919.78          1
318 29TH AVENUE SOUTH              8.000          1,799.56         75   
                                     7.750          1,799.56      327,000.00
SEATTLE          WA   98144          1            07/15/97         00   
0430413864                           05           09/01/97          0   
601291917                            O            08/01/27              
0                                                                       

1622244          F02/G01             F          244,850.00         ZZ   
                                  360        244,503.25          1
2223 MASTERS ROAD                  7.750          1,754.14         80   
                                     7.500          1,754.14      306,081.00
CARLSBAD         CA   92008          1            07/15/97         00   
0430414730                           03           09/01/97          0   
601292019                            O            08/01/27              
0                                                                       

1622247          F02/G01             F          220,000.00         ZZ   
                                  360        219,672.44          1
2931 IVORY AVENUE                  7.500          1,538.27         90   
                                     7.250          1,538.27      245,000.00
SIMI VALLEY      CA   93065          1            07/25/97         14   
0430414607                           05           09/01/97         25   
601295090                            O            08/01/27              
0                                                                       

1622248          F02/G01             F          221,000.00         T    
                                  360        220,670.95          1
3088 NORTH BORGMAN ROAD            7.500          1,545.26         73   
                                     7.250          1,545.26      305,000.00
1                                                                               

OAK HARBOR       WA   98277          2            07/25/97         00   
0430413088                           05           09/01/97          0   
601299185                            O            08/01/27              
0                                                                       

1622251          F02/G01             F          273,750.00         ZZ   
                                  360        273,321.61          1
40 HERITAGE DRIVE                  7.250          1,867.46         75   
                                     7.000          1,867.46      365,000.00
WALPOLE          MA   02081          1            07/30/97         00   
0430422634                           05           09/01/97          0   
601309735                            O            08/01/27              
0                                                                       

1622253          F02/G01             F          247,500.00         ZZ   
                                  360        246,630.79          1
8762 BRONSON DR                    8.000          1,816.07         90   
                                     7.750          1,816.07      275,000.00
GRANITE BAY      CA   95746          1            07/16/97         14   
0430414466                           05           09/01/97         25   
601312182                            O            08/01/27              
0                                                                       

1622260          F02/G01             F          238,000.00         ZZ   
                                  360        237,645.64          1
20228 E LAKE LANE                  7.500          1,664.13         76   
                                     7.250          1,664.13      315,915.00
AURORA           CO   80016          1            07/25/97         00   
0430414722                           03           09/01/97          0   
601332084                            O            08/01/27              
0                                                                       

1622265          F02/G01             F          228,000.00         ZZ   
                                  360        227,677.12          1
8839 CYNTHIA STREET #10            7.750          1,633.42         80   
                                     7.500          1,633.42      285,000.00
WEST HOLLYWOOD   CA   90069          1            07/24/97         00   
0430414094                           01           09/01/97          0   
601335920                            O            08/01/27              
0                                                                       

1622267          F02/G01             F          228,000.00         ZZ   
                                  360        227,496.25          1
2523 ARDILLA COURT                 7.875          1,653.16         64   
                                     7.625          1,653.16      360,000.00
SAN JOSE         CA   95128          2            07/29/97         00   
0430394916                           05           10/01/97          0   
601340585                            O            09/01/27              
0                                                                       
1                                                                               

1622272          F02/G01             F          250,000.00         ZZ   
                                  360        249,671.83          1
4420 PIPER DR                      8.125          1,856.24         67   
                                     7.875          1,856.24      375,000.00
SAN JOSE         CA   95129          2            07/24/97         00   
0430414623                           05           09/01/97          0   
601341677                            O            08/01/27              
0                                                                       

1622279          F02/G01             F          355,500.00         ZZ   
                                  360        355,255.35          1
28482 VIA PASITO                   7.875          2,577.62         80   
                                     7.625          2,577.62      444,420.00
SAN JUAN CAPIST  CA   92675          1            08/07/97         00   
0430424184                           03           10/01/97          0   
601346024                            O            09/01/27              
0                                                                       

1622281          F02/G01             F          236,000.00         ZZ   
                                  360        235,657.30          1
193 PLAINS VIEW ROAD               7.625          1,670.39         80   
                                     7.375          1,670.39      295,000.00
BOULDER          CO   80302          1            07/21/97         00   
0430422683                           05           09/01/97          0   
601346251                            O            08/01/27              
0                                                                       

1622282          F02/G01             F          294,000.00         ZZ   
                                  360        293,792.50          1
106 VIA PASITO                     7.750          2,106.25         78   
                                     7.500          2,106.25      378,000.00
VENTURA          CA   93003          2            08/05/97         00   
0430392332                           05           10/01/97          0   
601346273                            O            09/01/27              
0                                                                       

1622286          F02/G01             F          343,000.00         ZZ   
                                  360        342,751.75          1
1191 FREMONT STREET                7.625          2,427.73         71   
                                     7.375          2,427.73      484,000.00
SANTA CLARA      CA   95050          2            07/30/97         00   
0430391276                           05           10/01/97          0   
601347149                            O            09/01/27              
0                                                                       

1622287          F02/G01             F          324,000.00         ZZ   
                                  360        323,788.06          1
1                                                                               

1665 TUPOLO DRIVE                  8.125          2,405.69         80   
                                     7.875          2,405.69      405,000.00
SAN JOSE         CA   95124          2            08/04/97         00   
0430394643                           05           10/01/97          0   
601347229                            O            09/01/27              
0                                                                       

1622288          F02/G01             F          318,750.00         ZZ   
                                  360        318,525.03          1
4158 FARMDALE AVE                  7.750          2,283.56         75   
                                     7.500          2,283.56      425,000.00
STUDIO CITY      CA   91604          5            08/08/97         00   
0430425538                           05           10/01/97          0   
601347412                            O            09/01/27              
0                                                                       

1622292          F02/G01             F          294,000.00         ZZ   
                                  360        293,579.89          1
16 SYCAMORE CANYON DR              7.750          2,106.25         80   
                                     7.500          2,106.25      367,990.00
DOVE CANYON      CA   92679          1            07/25/97         00   
0430413732                           03           09/01/97          0   
601347651                            O            08/01/27              
0                                                                       

1622296          F02/G01             F          340,000.00         ZZ   
                                  360        336,510.80          1
290 LOS GATOS ALMADEN RD           7.875          2,465.24         74   
                                     7.625          2,465.24      465,000.00
LOS GATOS        CA   95032          2            07/31/97         00   
0430416115                           05           09/01/97          0   
601348505                            O            08/01/27              
0                                                                       

1622299          F02/G01             F          260,000.00         ZZ   
                                  360        259,816.50          1
31 RANDOLPH DR                     7.750          1,862.67         60   
                                     7.500          1,862.67      435,000.00
NORTHPORT        NY   11768          1            08/14/97         00   
0430423939                           05           10/01/97          0   
601350588                            O            09/01/27              
0                                                                       

1622302          F02/G01             F          250,000.00         ZZ   
                                  360        249,671.83          1
297 OMIRA DRIVE                    8.125          1,856.24         88   
                                     7.875          1,856.24      285,000.00
SAN JOSE         CA   95123          1            07/25/97         14   
0430414714                           05           09/01/97         25   
1                                                                               

601352056                            O            08/01/27              
0                                                                       

1622309          F02/G01             F          256,500.00         ZZ   
                                  360        256,136.75          1
504 WEDGEWOOD DR                   7.750          1,837.60         75   
                                     7.500          1,837.60      342,000.00
BOSSIER CITY     LA   71111          2            07/23/97         00   
0430414185                           05           09/01/97          0   
601355834                            O            08/01/27              
0                                                                       

1622313          F02/G01             F          338,550.00         ZZ   
                                  360        338,070.58          1
3961 LAKE RIDGE LANE               7.750          2,425.41         80   
                                     7.500          2,425.41      423,215.00
SAN JOSE         CA   95148          1            07/21/97         00   
0430393108                           05           09/01/97          0   
601357870                            O            08/01/27              
0                                                                       

1622315          F02/G01             F          242,250.00         ZZ   
                                  360        241,880.21          1
11328 DRUMSHEUGH LANE              7.375          1,673.16         85   
                                     7.125          1,673.16      285,000.00
UPPER MARLBORO   MD   20772          1            07/30/97         14   
0430414334                           03           09/01/97         12   
601358052                            O            08/01/27              
0                                                                       

1622330          F02/G01             F          236,800.00         T    
                                  360        236,456.13          1
9815 HWY 98  WEST                  7.625          1,676.06         80   
  UNIT 1304                          7.375          1,676.06      296,000.00
DESTIN           FL   32541          1            07/23/97         00   
0430414573                           06           09/01/97          0   
601369419                            O            08/01/27              
0                                                                       

1622337          F02/G01             F          263,700.00         ZZ   
                                  360        263,317.07          1
5310 SUMMIT STREET                 7.625          1,866.45         75   
                                     7.375          1,866.45      353,750.00
WEST LINN        OR   97068          1            07/23/97         00   
0430415638                           03           09/01/97          0   
601371220                            O            08/01/27              
0                                                                       

1                                                                               

1622339          F02/G01             F          371,500.00         ZZ   
                                  360        371,244.34          1
2225 PINE STREET                   7.875          2,693.63         74   
                                     7.625          2,693.63      507,000.00
SAN DIEGO        CA   92103          2            08/05/97         00   
0430391607                           05           10/01/97          0   
601372711                            O            09/01/27              
0                                                                       

1622346          F02/G01             F          249,600.00         ZZ   
                                  360        249,154.66          1
7730 WEST JEROME                   7.875          1,809.78         80   
                                     7.625          1,809.78      312,000.00
CHICAGO          IL   60631          1            07/29/97         00   
0430414474                           05           09/01/97          0   
601375894                            O            08/01/27              
0                                                                       

1622350          F02/G01             F          228,600.00         ZZ   
                                  360        228,442.68          1
62 N PETER DR                      7.875          1,657.51         58   
                                     7.625          1,657.51      400,000.00
CAMPBELL         CA   95008          2            08/28/97         00   
0430392522                           05           10/01/97          0   
601376613                            O            09/01/27              
0                                                                       

1622352          F02/G01             F          367,500.00         ZZ   
                                  360        367,005.20          1
6564 LEYLAND PARK CT               8.000          2,696.58         80   
                                     7.750          2,696.58      465,000.00
SAN JOSE         CA   95120          2            07/29/97         00   
0430416149                           05           09/01/97          0   
601376884                            O            08/01/27              
0                                                                       

1622353          F02/G01             F          257,000.00         ZZ   
                                  360        256,823.13          1
1389 LA CULEBRA CIRCLE             7.875          1,863.43         80   
                                     7.625          1,863.43      325,000.00
CAMARILLO        CA   93012          2            08/06/97         00   
0430391839                           05           10/01/97          0   
601376931                            O            09/01/27              
0                                                                       

1622360          F02/G01             F          300,000.00         ZZ   
                                  360        299,782.87          1
2414 VIA MERO                      7.625          2,123.38         75   
                                     7.375          2,123.38      400,000.00
1                                                                               

SAN CLEMENTE     CA   92673          5            08/08/97         00   
0430425561                           05           10/01/97          0   
601377749                            O            09/01/27              
0                                                                       

1622366          F02/G01             F          350,000.00         ZZ   
                                  360        349,771.05          1
199 JORDAN CEMETARY ROAD           8.125          2,598.74         74   
                                     7.875          2,598.74      477,000.00
BON AQUA         TN   37025          5            08/04/97         00   
0430415729                           05           10/01/97          0   
601383008                            O            09/01/27              
0                                                                       

1622372          F02/G01             F          266,400.00         ZZ   
                                  360        266,207.19          1
3926 NE 32ND AVE                   7.625          1,885.56         90   
                                     7.375          1,885.56      296,000.00
PORTLAND         OR   97212          1            08/01/97         14   
0430414029                           05           10/01/97         25   
601394454                            O            09/01/27              
0                                                                       

1622373          F02/G01             F          236,250.00         ZZ   
                                  360        235,906.94          1
1803 WEST KETTLE AVENUE            7.625          1,672.16         75   
                                     7.375          1,672.16      315,000.00
LITTLETON        CO   80120          5            08/01/97         00   
0430415695                           05           09/01/97          0   
601397629                            O            08/01/27              
0                                                                       

1622374          F02/G01             F          256,000.00         ZZ   
                                  360        255,810.01          1
10037 SOUTH COTTONCREEK DRIVE      7.500          1,789.99         80   
                                     7.250          1,789.99      320,000.00
LITTLETON        CO   80126          1            08/15/97         00   
0430392480                           03           10/01/97          0   
601397754                            O            09/01/27              
0                                                                       

1622380          F02/G01             F          350,000.00         ZZ   
                                  360        349,740.25          1
71 BYRON RD                        7.500          2,447.25         78   
                                     7.250          2,447.25      450,000.00
MERRICK          NY   11566          1            08/08/97         00   
0430423830                           05           10/01/97          0   
601417612                            O            09/01/27              
0                                                                       
1                                                                               

1622469          714/714             F          266,000.00         ZZ   
                                  360        265,826.00          1
1343 CEDARTON PARKWAY              8.125          1,975.04         65   
                                     7.875          1,975.04      410,000.00
GRAFTON          WI   53024          2            08/15/97         00   
030700023000                         05           10/01/97          0   
030700023000                         O            09/01/27              
0                                                                       

1622563          F34/G01             F          244,000.00         ZZ   
                                  360        243,809.66          1
11100 POTOMAC CREST DRIVE          7.250          1,664.51         67   
                                     7.000          1,664.51      369,000.00
POTOMAC          MD   20854          1            08/22/97         00   
0430347054                           09           10/01/97          0   
104501                               O            09/01/27              
0                                                                       

1622565          363/G01             F          308,000.00         ZZ   
                                  360        307,574.69          1
3993 PRINCE GEORGE LANE            7.875          2,233.21         80   
                                     7.625          2,233.21      385,000.00
NEW ALBANY       OH   43054          1            07/21/97         00   
0430345298                           05           09/01/97          0   
8480001263                           O            08/01/27              
0                                                                       

1622572          F30/G01             F          214,600.00         ZZ   
                                  360        214,444.67          1
4027 WEST MULEY COURT              7.625          1,518.93         62   
                                     7.375          1,518.93      347,922.00
BLUFFDALE        UT   84065          1            08/25/97         00   
0430390088                           05           10/01/97          0   
12055                                O            09/01/27              
0                                                                       

1622717          830/830             F           91,350.00         ZZ   
                                  360         91,290.25          1
575 SOUTH WEST 24TH PLACE          8.125            678.27         74   
                                     7.875            678.27      125,000.00
LOVELAND         CO   80537          2            08/19/97         00   
5219909990                           05           10/01/97          0   
5219909990                           O            09/01/27              
0                                                                       

1622796          E26/G01             F          185,600.00         ZZ   
                                  360        185,343.70          1
1                                                                               

6924 PINDELL SCHOOL ROAD           7.875          1,345.73         80   
                                     7.625          1,345.73      232,000.00
FULTON           MD   20759          1            07/30/97         00   
0430372334                           05           09/01/97          0   
42700612                             O            08/01/27              
0                                                                       

1622842          455/G01             F          512,900.00         ZZ   
                                  360        512,528.77          1
1376 WESLEY OAKS COURT             7.625          3,630.28         80   
                                     7.375          3,630.28      649,000.00
ATLANTA          GA   30327          1            08/19/97         00   
0430376624                           05           10/01/97          0   
57638                                O            09/01/27              
0                                                                       

1622847          180/G01             F           88,000.00         ZZ   
                                  360         87,868.97          1
14334 UPAS COURT                   7.500            615.31         80   
                                     7.250            615.31      110,000.00
FONTANA AREA     CA   92335          1            07/31/97         00   
0430381327                           05           09/01/97          0   
0012022133                           O            08/01/27              
0                                                                       

1622876          A45/G01             F          220,500.00         ZZ   
                                  360        220,500.00          1
9 NEVADA ROAD                      8.250          1,656.54         90   
                                     8.000          1,656.54      245,000.00
TYNGSBORO        MA   01879          1            09/29/97         04   
0430389684                           05           11/01/97         25   
226727                               O            10/01/27              
0                                                                       

1623050          E22/G01             F          137,950.00         ZZ   
                                  360        137,864.26          1
5601 WILMINGTON DRIVE              8.375          1,048.52         80   
                                     8.125          1,048.52      172,467.00
FRISCO           TX   75035          1            08/22/97         00   
0410473912                           03           10/01/97          0   
410473912                            O            09/01/27              
0                                                                       

1623071          K08/G01             F          165,600.00         ZZ   
                                  360        165,488.89          1
21 SUNFISH UNIT #32                8.000          1,215.11         80   
                                     7.750          1,215.11      207,000.00
IRVINE           CA   92714          2            08/14/97         00   
0410422125                           01           10/01/97          0   
1                                                                               

410422125                            O            09/01/27              
0                                                                       

1623135          K08/G01             F          148,000.00         ZZ   
                                  360        147,903.18          1
2253 COOPER ROAD                   8.125          1,098.90         80   
                                     7.875          1,098.90      185,000.00
GRAHAM           NC   27253          1            08/22/97         00   
0410486617                           05           10/01/97          0   
410486617                            O            09/01/27              
0                                                                       

1623185          637/G01             F          335,000.00         ZZ   
                                  360        334,537.38          1
1598 PAM LANE                      7.875          2,428.99         69   
                                     7.625          2,428.99      487,000.00
SAN JOSE         CA   95120          2            07/30/97         00   
0430389932                           05           09/01/97          0   
9977265                              O            08/01/27              
0                                                                       

1623216          B60/G01             F          224,000.00         ZZ   
                                  360        223,837.87          1
21342 CALLE SENDERO                7.625          1,585.46         80   
                                     7.375          1,585.46      280,000.00
LAKE FOREST      CA   92630          1            08/21/97         00   
0430378869                           03           10/01/97          0   
008240                               O            09/01/27              
0                                                                       

1623225          637/G01             F          252,000.00         ZZ   
                                  360        251,822.14          1
422 CAMILLE CIRCLE #14             7.750          1,805.36         80   
                                     7.500          1,805.36      315,000.00
SAN JOSE         CA   95134          1            08/06/97         00   
0430383760                           01           10/01/97          0   
9983958                              O            09/01/27              
0                                                                       

1623280          B98/G01             F          208,500.00         ZZ   
                                  360        208,352.84          1
550 PALISADES AVENUE               7.750          1,493.72         70   
                                     7.500          1,493.72      297,900.00
SANTA CRUZ       CA   95062          1            08/28/97         00   
0430382242                           05           10/01/97          0   
220942                               O            09/01/27              
0                                                                       

1                                                                               

1623301          E26/G01             F          303,000.00         ZZ   
                                  360        302,780.69          1
1736 WHITE POND LANE               7.625          2,144.62         73   
                                     7.375          2,144.62      418,000.00
WAXHAW           NC   28173          1            08/13/97         00   
0430375642                           03           10/01/97          0   
50700703                             O            09/01/27              
0                                                                       

1623313          077/077             F          308,800.00         ZZ   
                                  360        308,576.50          1
208 CAMELOT DR                     7.625          2,185.67         89   
                                     7.375          2,185.67      350,000.00
ST CHARLES       MO   63304          1            08/18/97         01   
292540                               05           10/01/97         25   
292540                               O            09/01/27              
0                                                                       

1623318          363/G01             F          250,000.00         ZZ   
                                  360        249,823.55          1
237 GREENBRIER COURT               7.750          1,791.03         70   
                                     7.500          1,791.03      360,000.00
WORTHINGTON      OH   43085          1            08/15/97         00   
0430378109                           05           10/01/97          0   
0780001229                           O            09/01/27              
0                                                                       

1623992          731/G01             F           94,450.00         ZZ   
                                  360         94,450.00          1
21707 SOUTHEAST 237TH STREET       8.375            717.89         70   
                                     8.125            717.89      134,950.00
MAPLE VALLEY     WA   98038          1            09/08/97         00   
0430386763                           05           11/01/97          0   
230334033                            O            10/01/27              
0                                                                       

1624088          562/G01             F          569,250.00         ZZ   
                                  360        568,896.17          1
137 OLD STONE HILL ROAD            8.375          4,326.72         75   
                                     8.125          4,326.72      759,000.00
POUND RIDGE      NY   10576          1            08/28/97         00   
0430368563                           05           10/01/97          0   
544643                               O            09/01/27              
0                                                                       

1624117          964/G01             F          242,000.00         ZZ   
                                  360        242,000.00          1
650 PINE FLAT                      7.750          1,733.72         78   
                                     7.500          1,733.72      313,000.00
1                                                                               

SANTA CRUZ       CA   95060          2            09/08/97         00   
0430390542                           05           11/01/97          0   
27031                                O            10/01/27              
0                                                                       

1624127          559/G01             F          285,950.00         ZZ   
                                  360        285,950.00          1
4801 LUCY COURT                    8.125          2,123.17         75   
                                     7.875          2,123.17      385,951.00
SANTA ROSA       CA   95409          1            09/08/97         00   
0430383869                           05           11/01/97          0   
3019                                 O            10/01/27              
0                                                                       

1624134          G43/G01             F          270,000.00         ZZ   
                                  360        270,000.00          1
9450 SW 104 STREET                 8.500          2,076.07         75   
                                     8.250          2,076.07      360,000.00
MIAMI            FL   33176          5            09/04/97         00   
0430379222                           05           11/01/97          0   
9707069                              O            10/01/27              
0                                                                       

1624145          455/G01             F          152,750.00         ZZ   
                                  360        152,440.45          1
2150 BRIARLAKE TRACE               8.000          1,120.83         80   
                                     7.750          1,120.83      190,980.00
ATLANTA          GA   30345          1            06/27/97         00   
0430377218                           05           08/01/97          0   
55954                                O            07/01/27              
0                                                                       

1624213          573/G01             F          238,900.00         ZZ   
                                  360        238,570.08          1
508 STRATFORD COURT                7.875          1,732.20         95   
                                     7.625          1,732.20      252,500.00
FRANKLIN         TN   37069          1            07/17/97         14   
0430399014                           03           09/01/97         30   
117501                               O            08/01/27              
0                                                                       

1624225          K08/G01             F          143,450.00         ZZ   
                                  360        143,363.09          1
13694 CALLINGTON DRIVE             8.500          1,103.01         70   
                                     8.250          1,103.01      205,000.00
WEST PALM BEACH  FL   33414          1            08/21/97         00   
0410491658                           03           10/01/97          0   
410491658                            O            09/01/27              
0                                                                       
1                                                                               

1624231          K08/G01             F          115,900.00         ZZ   
                                  360        115,820.23          1
13103 MERCURY DRIVE                7.875            840.36         83   
                                     7.625            840.36      140,900.00
LITTLETON        CO   80124          1            08/25/97         04   
0410464143                           05           10/01/97         12   
410464143                            O            09/01/27              
0                                                                       

1624264          893/G01             F          321,200.00         ZZ   
                                  360        320,973.30          1
530 HIGHLAND AVENUE                7.750          2,301.12         79   
                                     7.500          2,301.12      409,000.00
HALF MOON BAY    CA   94019          1            08/15/97         00   
0430381400                           05           10/01/97          0   
RFC530                               O            09/01/27              
0                                                                       

1624284          180/G01             F          198,000.00         ZZ   
                                  360        197,870.48          1
1071 MATTHEW COURT                 8.125          1,470.14         80   
                                     7.875          1,470.14      247,500.00
WINDSOR          CA   95492          1            08/08/97         00   
0430384610                           05           10/01/97          0   
4836839                              O            09/01/27              
0                                                                       

1624286          180/G01             F          626,400.00         ZZ   
                                  360        625,957.89          1
9 GLADSTONE LANE                   7.750          4,487.61         80   
                                     7.500          4,487.61      783,000.00
LAGUNA NIGUEL    CA   92677          1            08/12/97         00   
0430392985                           05           10/01/97          0   
4731147                              O            09/01/27              
0                                                                       

1624291          180/G01             F          252,000.00         ZZ   
                                  360        251,652.02          1
37 COQUINA RIDGE WAY               7.875          1,827.17         87   
                                     7.625          1,827.17      290,000.00
ORMOND BEACH     FL   32174          2            07/28/97         04   
0430384826                           05           09/01/97         25   
4956223                              O            08/01/27              
0                                                                       

1624294          180/G01             F          232,000.00         ZZ   
                                  360        231,848.24          1
1                                                                               

2968 TERRY ROAD                    8.125          1,722.59         80   
                                     7.875          1,722.59      290,000.00
LAGUNA BEACH     CA   92651          1            08/07/97         00   
0430392993                           05           10/01/97          0   
3961471                              O            09/01/27              
0                                                                       

1624357          893/G01             F          260,000.00         ZZ   
                                  360        259,825.54          1
310 PINEWOOD DRIVE                 8.000          1,907.79         80   
                                     7.750          1,907.79      325,000.00
SAN RAFAEL       CA   94903          1            08/26/97         00   
0430378265                           05           10/01/97          0   
2001205                              O            09/01/27              
0                                                                       

1624410          201/G01             F          225,000.00         ZZ   
                                  360        224,849.02          1
1240 PROSPER                       8.000          1,650.98         77   
                                     7.750          1,650.98      292,500.00
TROY             MI   48098          1            08/12/97         00   
0430350520                           05           10/01/97          0   
4900997968                           O            09/01/27              
0                                                                       

1624429          K08/G01             F           33,600.00         ZZ   
                                  360         33,577.46          1
764 NORTHPOINT CR NORTH            8.000            246.54         70   
                                     7.750            246.54       48,000.00
JACKSONVILLE     FL   32218          2            08/22/97         00   
0410438105                           07           10/01/97          0   
410438105                            O            09/01/27              
0                                                                       

1624445          K08/G01             F          230,600.00         ZZ   
                                  360        230,441.30          1
21550 AWBREY PLACE                 7.875          1,672.01         70   
                                     7.625          1,672.01      329,482.00
ASHBURN          VA   20148          1            08/22/97         00   
0410491146                           03           10/01/97          0   
410491146                            O            09/01/27              
0                                                                       

1624511          536/536             F          467,000.00         ZZ   
                                  360        467,000.00          1
3415 PATY DRIVE                    7.750          3,345.65         80   
                                     7.500          3,345.65      585,000.00
HONOLULU         HI   96822          2            09/19/97         00   
1173830                              05           11/01/97          0   
1                                                                               

1173830                              O            10/01/27              
0                                                                       

1624524          074/074             F          500,000.00         ZZ   
                                  360        499,664.50          1
346 WEST 22ND STREET UNIT 2        8.000          3,668.83         80   
                                     7.750          3,668.83      625,000.00
NEW YORK         NY   10011          1            08/04/97         00   
1106058788                           08           10/01/97          0   
1106058788                           O            09/01/27              
0                                                                       

1624525          074/074             F          400,000.00         ZZ   
                                  360        399,731.61          1
925 SMITH LANE                     8.000          2,935.06         68   
                                     7.750          2,935.06      595,000.00
HEWLETT NECK     NY   11557          1            08/08/97         00   
1106060269                           05           10/01/97          0   
1106060269                           O            09/01/27              
0                                                                       

1624526          074/074             F          300,000.00         ZZ   
                                  360        298,789.33          1
101 WASHINGTON AVENUE SOUTH        8.000          2,201.30         76   
                                     7.750          2,201.30      396,000.00
LAWRENCE         NY   11559          1            08/01/97         00   
1106068191                           05           09/01/97          0   
1106068191                           O            08/01/27              
0                                                                       

1624528          074/074             F          202,000.00         ZZ   
                                  360        201,734.82          1
145 EAST 48TH STREET APT 27D       8.125          1,499.85         75   
                                     7.875          1,499.85      270,000.00
NEW YORK         NY   10023          1            07/02/97         00   
1106070397                           06           09/01/97          0   
1106070397                           O            08/01/27              
0                                                                       

1624543          074/074             F          392,000.00         ZZ   
                                  360        391,736.97          2
319 STERLING PLACE                 8.000          2,876.36         80   
                                     7.750          2,876.36      490,000.00
BROOKLYN         NY   11238          1            08/12/97         00   
1111118222                           07           10/01/97          0   
1111118222                           O            09/01/27              
0                                                                       

1                                                                               

1624547          074/074             F          220,500.00         ZZ   
                                  360        220,352.04          1
360 WEST 36TH STREET APT 4NWE      8.000          1,617.94         70   
                                     7.750          1,617.94      315,000.00
NEW YORK         NY   10018          1            08/05/97         00   
1111120020                           11           10/01/97          0   
1111120020                           O            09/01/27              
0                                                                       

1624552          074/074             F          259,650.00         ZZ   
                                  360        259,480.15          1
16 FRANKLIN PLACE                  8.125          1,927.90         90   
                                     7.875          1,927.90      288,500.00
GREAT NECK       NY   11020          1            08/18/97         14   
1111124225                           05           10/01/97         25   
1111124225                           O            09/01/27              
0                                                                       

1624567          074/074             F          150,000.00         ZZ   
                                  360        149,803.08          1
69 CLUB POINTE DRIVE               8.125          1,113.75         27   
                                     7.875          1,113.75      565,000.00
WHITE PLAINS     NY   10605          1            07/31/97         00   
1500357750                           01           09/01/97          0   
1500357750                           O            08/01/27              
0                                                                       

1624575          074/074             F          240,000.00         ZZ   
                                  240        239,207.36          1
25 CRESTWOOD AVENUE WEST           8.250          2,044.96         69   
                                     8.000          2,044.96      350,000.00
FAIRFIELD        NJ   07004          5            08/16/97         00   
1587075689                           05           09/01/97          0   
1587075689                           O            08/01/17              
0                                                                       

1624593          966/G01             F          128,000.00         ZZ   
                                  360        128,000.00          1
2400  WHITNEY LANE                 7.875            928.09         80   
                                     7.625            928.09      160,000.00
GRAPEVINE        TX   76051          1            09/10/97         00   
0430391706                           05           11/01/97          0   
30004116                             O            10/01/27              
0                                                                       

1624661          074/G01             F          648,000.00         ZZ   
                                  360        647,098.47          1
515 BEWICK POINT                   8.000          4,754.80         78   
                                     7.750          4,754.80      833,000.00
1                                                                               

COLORADO SPRING  CO   80906          2            07/09/97         00   
0430400689                           05           09/01/97          0   
1507278528                           O            08/01/27              
0                                                                       

1624662          074/G01             F          122,000.00         ZZ   
                                  360        121,839.84          1
16906 LASHER ROAD                  8.125            905.85         55   
                                     7.875            905.85      223,000.00
HINCKLEY         IL   60520          5            07/23/97         00   
0430400697                           05           09/01/97          0   
1507279586                           O            08/01/27              
0                                                                       

1624670          074/G01             F          105,500.00         ZZ   
                                  360        105,296.77          1
4150 129TH AVENUE NORTH            8.250            792.59         72   
                                     8.000            792.59      148,000.00
ROYAL PALM BEAC  FL   33411          2            06/24/97         00   
0430400788                           05           08/01/97          0   
1511149857                           O            07/01/27              
0                                                                       

1624678          074/G01             F          945,500.00         ZZ   
                                  360        944,258.84          1
2618 N VERMONT AVENUE              8.125          7,020.31         56   
                                     7.875          7,020.31    1,700,000.00
LOS ANGELES      CA   90027          2            07/14/97         00   
0430400887                           05           09/01/97          0   
1512082037                           O            08/01/27              
0                                                                       

1624681          074/G01             F          275,500.00         ZZ   
                                  360        274,941.73          1
7676 GLENBROOK WAY                 8.000          2,021.52         95   
                                     7.750          2,021.52      290,000.00
PLEASANTON       CA   94588          1            06/12/97         11   
0430400911                           05           08/01/97         30   
1512124647                           O            07/01/27              
0                                                                       

1624686          074/G01             F          239,000.00         ZZ   
                                  360        238,678.19          1
2060 SOUTH JAMACIA COURT           8.000          1,753.70         78   
                                     7.750          1,753.70      310,000.00
AURORA           CO   80014          2            07/18/97         00   
0430400960                           05           09/01/97          0   
1512139950                           O            08/01/27              
0                                                                       
1                                                                               

1624690          074/G01             F          288,000.00         ZZ   
                                  360        287,621.94          1
4699 PALMER COURT                  8.125          2,138.39         74   
                                     7.875          2,138.39      390,000.00
LONGMONT         CO   80503          2            07/18/97         00   
0430401042                           03           09/01/97          0   
1513158291                           O            08/01/27              
0                                                                       

1624692          074/G01             F          295,000.00         ZZ   
                                  360        294,612.75          1
2550 WITTER GULCH ROAD             8.125          2,190.37         79   
                                     7.875          2,190.37      377,000.00
EVERGREEN        CO   80439          2            07/21/97         00   
0430401075                           05           09/01/97          0   
1513162335                           O            08/01/27              
0                                                                       

1624731          074/G01             F          240,000.00         ZZ   
                                  360        239,838.96          1
34290 EUCALYPTUS TERRACE           8.000          1,761.04         69   
                                     7.750          1,761.04      348,000.00
FREMONT          CA   94555          2            08/01/97         00   
0430406835                           03           10/01/97          0   
1561362652                           O            09/01/27              
0                                                                       

1624741          074/G01             F          285,000.00         ZZ   
                                  360        284,808.77          1
2412 STIRRUP COURT                 8.000          2,091.23         75   
                                     7.750          2,091.23      380,000.00
WALNUT CREEK     CA   94596          2            08/06/97         00   
0430406942                           03           10/01/97          0   
1561363269                           O            09/01/27              
0                                                                       

1624746          074/G01             F          612,000.00         ZZ   
                                  360        611,589.36          1
15 LOS ALTOS ROAD                  8.000          4,490.64         80   
                                     7.750          4,490.64      765,000.00
ORINDA           CA   94563          5            08/06/97         00   
0430407007                           05           10/01/97          0   
1561363495                           O            09/01/27              
0                                                                       

1624766          074/G01             F          272,400.00         ZZ   
                                  360        271,861.81          1
1                                                                               

17023 EAST 171ST STREET SOUTH      8.125          2,022.56         67   
                                     7.875          2,022.56      408,000.00
LEONARD          OK   74043          2            06/09/97         00   
0430407221                           05           08/01/97          0   
1563151080                           O            07/01/27              
0                                                                       

1624768          074/G01             F          264,000.00         ZZ   
                                  360        263,644.54          1
4524 BLUFFVIEW BOULEVARD           8.000          1,937.14         80   
                                     7.750          1,937.14      330,000.00
DALLAS           TX   75209          2            07/16/97         00   
0430407247                           05           09/01/97          0   
1563161550                           O            08/01/27              
0                                                                       

1624779          074/G01             F           46,800.00         ZZ   
                                  360         46,739.14          1
310 FAIRWAY DRIVE                  8.250            351.60         65   
                                     8.000            351.60       72,000.00
HATTIESBURG      MS   39401          5            08/01/97         00   
0430412403                           05           09/01/97          0   
1566103902                           O            08/01/27              
0                                                                       

1624781          074/G01             F          351,750.00         ZZ   
                                  360        351,288.24          1
5196 BALDWIN TERRACE               8.125          2,611.74         80   
                                     7.875          2,611.74      440,000.00
MARIETTA         GA   30068          2            07/31/97         00   
0430412429                           03           09/01/97          0   
1566104778                           O            08/01/27              
0                                                                       

1624796          074/G01             F           61,100.00         ZZ   
                                  360         61,060.03          1
2419 WEST ST MORITZ LANE           8.125            453.67         65   
                                     7.875            453.67       94,000.00
PHOENIX          AZ   85023          5            08/05/97         00   
0430412551                           05           10/01/97          0   
1569176174                           O            09/01/27              
0                                                                       

1624816          074/G01             F           75,000.00         ZZ   
                                  360         74,904.03          1
831 COWESSETT ROAD                 8.250            563.45         73   
                                     8.000            563.45      104,000.00
WARWICK          RI   02886          2            07/28/97         00   
0430412775                           05           09/01/97          0   
1                                                                               

1580055457                           O            08/01/27              
0                                                                       

1624830          074/G01             F           78,750.00         ZZ   
                                  360         78,699.78          1
19101 FILMORE                      8.250            591.63         75   
                                     8.000            591.63      105,000.00
SOUTHFIELD       MI   48075          5            08/06/97         00   
0430412890                           05           10/01/97          0   
1581114700                           O            09/01/27              
0                                                                       

1624832          074/G01             F          107,250.00         ZZ   
                                  360        107,179.84          1
32328 RYAN ROAD                    8.125            796.33         75   
                                     7.875            796.33      143,000.00
WARREN           MI   48092          5            08/12/97         00   
0430412924                           05           10/01/97          0   
1581117629                           O            09/01/27              
0                                                                       

1624839          074/G01             F           53,600.00         ZZ   
                                  360         53,564.03          1
210 WEST TINKHAM                   8.000            393.30         80   
                                     7.750            393.30       67,000.00
LUDINGTON        MI   49431          5            08/07/97         00   
0430413021                           05           10/01/97          0   
1581120678                           O            09/01/27              
0                                                                       

1624852          074/G01             F           99,750.00         ZZ   
                                  360         99,622.34          1
5420 TYLER STREET                  8.250            749.39         75   
                                     8.000            749.39      133,000.00
HOLLYWOOD        FL   33020          1            07/31/97         00   
0430413146                           05           09/01/97          0   
1589120376                           O            08/01/27              
0                                                                       

1624854          074/G01             F          126,000.00         ZZ   
                                  360        125,838.75          1
7005 CR 675                        8.250            946.60         78   
                                     8.000            946.60      162,000.00
MYAKKA CITY      FL   34251          2            07/31/97         00   
0430413161                           05           09/01/97          0   
1589123250                           O            08/01/27              
0                                                                       

1                                                                               

1624855          074/G01             F           27,000.00         ZZ   
                                  360         26,982.78          1
2930 POINT EAST DRIVE              8.250            202.85         90   
  UNIT 306-E                         8.000            202.85       30,000.00
AVENTURA         FL   33160          1            08/11/97         01   
0430413179                           08           10/01/97         25   
1589125686                           O            09/01/27              
0                                                                       

1624856          074/G01             F           97,500.00         ZZ   
                                  360         97,237.82          1
19541 AZTEC STREET                 8.250            732.49         75   
                                     8.000            732.49      130,000.00
SUGARLOAF KEY    FL   33042          1            08/15/97         00   
0430413187                           05           10/01/97          0   
1589125879                           O            09/01/27              
0                                                                       

1624859          074/G01             F          135,000.00         ZZ   
                                  360        134,913.92          1
15614 SW 42 TERRACE                8.250          1,014.21         75   
                                     8.000          1,014.21      180,000.00
MIAMI            FL   33185          1            08/05/97         00   
0430413211                           03           10/01/97          0   
1589126281                           O            09/01/27              
0                                                                       

1624864          074/G01             F           86,250.00         ZZ   
                                  360         86,139.62          1
1171 BUTTONWOOD CIRCLE             8.250            647.97         75   
                                     8.000            647.97      116,000.00
ALTAMONTE SPRIN  FL   32714          1            07/25/97         00   
0430413419                           03           09/01/97          0   
1590048174                           O            08/01/27              
0                                                                       

1624872          074/G01             F          250,000.00         T    
                                  360        249,663.38          1
842 LIME ROCK ROAD                 8.000          1,834.42         42   
                                     7.750          1,834.42      600,000.00
BOULDER CITY     NV   89005          2            07/24/97         00   
0430413492                           03           09/01/97          0   
1595046846                           O            08/01/27              
0                                                                       

1624891          074/G01             F          550,000.00         ZZ   
                                  360        549,630.96          1
3317 COUNTRY LANE                  8.000          4,035.71         48   
                                     7.750          4,035.71    1,160,000.00
1                                                                               

LONG GROVE       IL   60047          2            08/14/97         00   
0430414003                           05           10/01/97          0   
1614010298                           O            09/01/27              
0                                                                       

1624894          074/G01             F          229,650.00         ZZ   
                                  360        229,340.79          1
5801 STONEBRIDGE RD                8.000          1,685.09         57   
                                     7.750          1,685.09      405,000.00
GREENCASTLE      PA   17225          2            07/31/97         00   
0430413856                           05           09/01/97          0   
1821119712                           O            08/01/27              
0                                                                       

1624897          514/G01             F          196,000.00         ZZ   
                                  360        195,708.17          1
20254 ORDINARY PLACE               7.500          1,370.46         80   
                                     7.250          1,370.46      245,000.00
ASHBURN          VA   20147          1            07/31/97         00   
0430370932                           05           09/01/97          0   
362031                               O            08/01/27              
0                                                                       

1624981          757/757             F          292,000.00         ZZ   
                                  360        291,799.04          1
3840 RYANS BLUFF DRIVE             7.875          2,117.21         80   
                                     7.625          2,117.21      365,000.00
CUMMING          GA   30130          2            08/27/97         00   
3159506                              05           10/01/97          0   
3159506                              O            09/01/27              
0                                                                       

1625016          514/G01             F          215,900.00         ZZ   
                                  360        215,637.50          1
9610 SPARROW COURT                 8.500          1,660.08         80   
                                     8.250          1,660.08      269,900.00
ELLICOTT CITY    MD   21042          1            07/25/97         00   
0430380972                           05           09/01/97          0   
361776                               O            08/01/27              
0                                                                       

1625080          K08/G01             F          236,650.00         ZZ   
                                  360        236,487.14          1
4606 CAMBRYAR                      7.875          1,715.88         70   
                                     7.625          1,715.88      338,120.00
FAIRFAX          VA   22030          1            08/27/97         00   
0410507644                           03           10/01/97          0   
410507644                            O            09/01/27              
0                                                                       
1                                                                               

1625104          964/G01             F          261,600.00         ZZ   
                                  360        261,419.97          1
31666 SCENIC DRIVE                 7.875          1,896.78         80   
                                     7.625          1,896.78      327,000.00
LAGUNA BEACH     CA   92677          1            08/25/97         00   
0430380592                           05           10/01/97          0   
27089                                O            09/01/27              
0                                                                       

1625125          K08/G01             F          252,000.00         ZZ   
                                  360        251,822.14          1
7 BLUE GOOSE ROAD                  7.750          1,805.36         80   
                                     7.500          1,805.36      315,000.00
NORTH OAKS       MN   55127          1            08/27/97         00   
0410524235                           03           10/01/97          0   
410524235                            O            09/01/27              
0                                                                       

1625148          F03/G01             F          115,800.00         ZZ   
                                  360        115,800.00          1
19009 EAST CHENANGO CIRCLE         8.375            880.17         70   
                                     8.125            880.17      166,000.00
AURORA           CO   80015          2            09/12/97         00   
0430427740                           03           11/01/97          0   
DEN11388                             O            10/01/27              
0                                                                       

1625175          E19/G01             F          300,000.00         ZZ   
                                  360        299,803.76          1
635 HIGH VALLEY COURT              8.125          2,227.49         75   
                                     7.875          2,227.49      400,000.00
COLORADO SPRING  CO   80906          5            08/25/97         00   
0430378083                           05           10/01/97          0   
100033750                            O            09/01/27              
0                                                                       

1625176          562/G01             F          270,000.00         ZZ   
                                  360        269,832.18          1
72 HILLSDALE COURT                 8.375          2,052.20         60   
                                     8.125          2,052.20      450,000.00
HILLSDALE        NJ   07642          1            08/28/97         00   
0430376566                           05           10/01/97          0   
542746                               O            09/01/27              
0                                                                       

1625179          531/G01             F          277,500.00         ZZ   
                                  360        275,778.80          1
1                                                                               

8404 NW THOMPSON ROAD              8.000          2,036.20         74   
                                     7.750          2,036.20      377,500.00
PORTLAND         OR   97229          1            12/01/96         00   
0430351007                           05           02/01/97          0   
8415644                              O            01/01/27              
0                                                                       

1625180          808/G01             F          278,500.00         ZZ   
                                  360        278,303.44          1
2631 ALISTER AVENUE                7.750          1,995.21         80   
                                     7.500          1,995.21      348,136.00
TUSTIN           CA   92782          1            08/08/97         00   
0430380212                           01           10/01/97          0   
9302806                              O            09/01/27              
0                                                                       

1625183          287/287             F          230,000.00         ZZ   
                                  360        229,844.10          1
1239 ABBEY OAKS DR                 7.950          1,679.65         69   
                                     7.700          1,679.65      335,000.00
LEMONT           IL   60439          1            08/12/97         00   
0007732                              05           10/01/97          0   
0007732                              O            09/01/27              
0                                                                       

1625221          531/G01             F          269,000.00         ZZ   
                                  354        264,863.58          1
15160 S.W. SUNRISE LANE            8.125          2,005.32         78   
                                     7.875          2,005.32      348,925.00
TIGARD           OR   97224          4            06/27/95         00   
0430378117                           05           02/01/96          0   
8377171                              O            07/01/25              
0                                                                       

1625224          225/225             F          127,500.00         ZZ   
                                  360        127,420.74          1
1684 NICKEL AVENUE                 8.375            969.10         75   
                                     8.125            969.10      170,000.00
SAN JOSE         CA   95121          2            08/06/97         00   
805828700                            05           10/01/97          0   
805828700                            O            09/01/27              
0                                                                       

1625231          575/G01             F          122,000.00         ZZ   
                                  360        121,913.90          1
5041 FARMERS DRIVE                 7.750            874.02         80   
                                     7.500            874.02      152,500.00
BARHAMSVILLE     VA   23011          1            08/22/97         00   
0430376491                           05           10/01/97          0   
1                                                                               

972354918                            O            09/01/27              
0                                                                       

1625232          575/G01             F          246,300.00         ZZ   
                                  360        246,126.17          1
63 BRIDGETON COURT                 7.750          1,764.52         80   
                                     7.500          1,764.52      307,909.00
SUGAR LAND       TX   77479          1            08/22/97         00   
0430376434                           03           10/01/97          0   
972300358                            O            09/01/27              
0                                                                       

1625234          575/G01             F          202,800.00         ZZ   
                                  360        202,653.22          1
12437 SILENT WOLF DRIVE            7.625          1,435.41         80   
                                     7.375          1,435.41      253,500.00
MANASSAS         VA   20112          1            08/21/97         00   
0430376467                           03           10/01/97          0   
972376572                            O            09/01/27              
0                                                                       

1625240          074/G01             F          185,000.00         ZZ   
                                  360        184,878.98          1
14637 LILVA DR                     8.125          1,373.62         64   
                                     7.875          1,373.62      290,000.00
CENTREVILLE      VA   22020          2            08/14/97         00   
0430407254                           05           10/01/97          0   
1113053274                           O            09/01/27              
0                                                                       

1625241          074/G01             F          123,600.00         ZZ   
                                  360        123,411.33          1
5559 ASPEN                         7.375            853.67         80   
                                     7.125            853.67      154,500.00
BELLAIRE         TX   77401          1            07/24/97         00   
0430407262                           05           09/01/97          0   
1114019657                           O            08/01/27              
0                                                                       

1625246          074/G01             F          239,000.00         ZZ   
                                  360        238,661.53          1
112 DEERFIELD RD                   7.750          1,712.23         74   
                                     7.500          1,712.23      324,000.00
BROOMALL         PA   19008          1            07/30/97         00   
0430407304                           05           09/01/97          0   
1175045231                           O            08/01/27              
0                                                                       

1                                                                               

1625248          074/G01             F          325,000.00         ZZ   
                                  360        324,764.77          1
5 WATERFORD PL                     7.625          2,300.33         56   
                                     7.375          2,300.33      581,500.00
NEWTOWN          PA   18940          2            08/21/97         00   
0430407320                           03           10/01/97          0   
1175047419                           O            09/01/27              
0                                                                       

1625255          074/G01             F          369,000.00         ZZ   
                                  360        368,739.56          1
35 SAVONA WALK                     7.750          2,643.56         72   
                                     7.500          2,643.56      515,000.00
LONG BEACH       CA   90803          2            08/13/97         00   
0430407379                           05           10/01/97          0   
1230011603                           O            09/01/27              
0                                                                       

1625261          074/G01             F          750,000.00         ZZ   
                                  360        749,457.18          1
3460 VIA CAMPESINA                 7.625          5,308.45         75   
                                     7.375          5,308.45    1,000,000.00
RANCHO PALOS VE  CA   90275          1            08/08/97         00   
0430407429                           05           10/01/97          0   
1231007292                           O            09/01/27              
0                                                                       

1625266          074/G01             F          490,000.00         ZZ   
                                  360        489,288.45          1
2370 BOWMONT DRIVE                 7.625          3,468.19         70   
                                     7.375          3,468.19      700,000.00
LOS ANGELES      CA   90210          1            07/21/97         00   
0430407478                           05           09/01/97          0   
1234007925                           O            08/01/27              
0                                                                       

1625267          074/G01             F          316,000.00         ZZ   
                                  360        315,640.83          1
1535 STONERIDGE CIRCLE             7.750          2,263.86         80   
                                     7.500          2,263.86      395,000.00
ESCONDIDO        CA   92029          2            08/12/97         00   
0430399220                           05           10/01/97          0   
1235004263                           O            09/01/27              
0                                                                       

1625269          074/G01             F          436,000.00         ZZ   
                                  360        435,692.27          1
2528 GENOA ASPEN DRIVE             7.750          3,123.56         80   
                                     7.500          3,123.56      545,000.00
1                                                                               

GENOA            NV   89411          2            08/08/97         00   
0430407486                           03           10/01/97          0   
1243007766                           O            09/01/27              
0                                                                       

1625278          074/G01             F          300,800.00         ZZ   
                                  360        300,587.70          1
9986 NW 64TH CT                    7.750          2,154.97         80   
                                     7.500          2,154.97      376,000.00
PARKLAND         FL   33076          1            08/13/97         00   
0430407569                           03           10/01/97          0   
1301129576                           O            09/01/27              
0                                                                       

1625282          074/G01             F          123,000.00         ZZ   
                                  360        122,825.80          1
7147 LAMA TERRA DRIVE              7.750            881.19         77   
                                     7.500            881.19      160,000.00
GOODLETTSVILLE   TN   37072          5            07/18/97         00   
0430407601                           05           09/01/97          0   
1341029522                           O            08/01/27              
0                                                                       

1625283          074/G01             F          227,400.00         ZZ   
                                  360        227,069.79          1
2026 WEST LAUREL BLUFF ROAD        7.625          1,609.52         70   
                                     7.375          1,609.52      325,000.00
KINGSLAND        GA   31548          2            07/31/97         00   
0430407619                           05           09/01/97          0   
1351017585                           O            08/01/27              
0                                                                       

1625286          074/G01             F          310,000.00         ZZ   
                                  360        309,781.20          1
216 LAKE WORTH AVE                 7.750          2,220.88         69   
                                     7.500          2,220.88      450,000.00
LANTANA          FL   33462          2            08/11/97         00   
0430407643                           05           10/01/97          0   
1391030829                           O            09/01/27              
0                                                                       

1625289          074/G01             F          240,000.00         ZZ   
                                  360        239,834.83          1
13532 HWY 34                       7.875          1,740.17         53   
                                     7.625          1,740.17      460,000.00
GRAND LAKE       CO   80447          5            08/20/97         00   
0430407668                           05           10/01/97          0   
1461111504                           O            09/01/27              
0                                                                       
1                                                                               

1625291          074/G01             F          300,000.00         ZZ   
                                  360        299,782.87          1
15606 E PRENTICE DRIVE             7.625          2,123.38         72   
                                     7.375          2,123.38      422,000.00
AURORA           CO   80015          1            08/22/97         00   
0430407684                           03           10/01/97          0   
1463008390                           O            09/01/27              
0                                                                       

1625292          074/G01             F          423,200.00         ZZ   
                                  360        422,885.92          1
510 ASH STREET                     7.500          2,959.08         80   
                                     7.250          2,959.08      529,000.00
DENVER           CO   80220          1            08/12/97         00   
0430407692                           05           10/01/97          0   
1463008448                           O            09/01/27              
0                                                                       

1625300          074/G01             F           91,400.00         ZZ   
                                  360         91,333.85          1
1331 FERRARI COURT                 7.625            646.92         80   
                                     7.375            646.92      114,300.00
MANTECA          CA   95336          1            08/18/97         00   
0430407742                           05           10/01/97          0   
1485004189                           O            09/01/27              
0                                                                       

1625304          074/G01             F          243,500.00         ZZ   
                                  360        243,332.43          1
14728 EXCALIBER DRIVE              7.875          1,765.54         75   
                                     7.625          1,765.54      325,000.00
MORGAN HILL      CA   95037          2            08/01/97         00   
0430407783                           05           10/01/97          0   
1489006528                           O            09/01/27              
0                                                                       

1625305          074/G01             F          359,200.00         ZZ   
                                  360        358,678.38          1
286 11TH STREET                    7.625          2,542.40         80   
                                     7.375          2,542.40      449,000.00
MONTARA          CA   94037          1            07/30/97         00   
0430407791                           05           09/01/97          0   
1489007655                           O            08/01/27              
0                                                                       

1625306          074/G01             F          303,200.00         ZZ   
                                  360        302,974.98          1
1                                                                               

12305 JULIE LN                     7.500          2,120.02         80   
                                     7.250          2,120.02      379,000.00
SARATOGA         CA   95070          1            08/15/97         00   
0430407809                           09           10/01/97          0   
1489007688                           O            09/01/27              
0                                                                       

1625308          074/G01             F          310,000.00         ZZ   
                                  360        309,769.93          1
327 VALDEZ AVE                     7.500          2,167.57         66   
                                     7.250          2,167.57      475,000.00
HALF MOON BAY    CA   94019          2            08/07/97         00   
0430407825                           05           10/01/97          0   
1489008104                           O            09/01/27              
0                                                                       

1625309          074/G01             F          300,000.00         ZZ   
                                  360        299,788.26          1
12862 NW CREEKVIEW DRIVE           7.750          2,149.24         69   
                                     7.500          2,149.24      440,000.00
PORTLAND         OR   97229          1            08/11/97         00   
0430407833                           03           10/01/97          0   
1493010041                           O            09/01/27              
0                                                                       

1625310          074/G01             F          301,600.00         ZZ   
                                  360        301,387.13          1
7265 WILD CURRANT WAY              7.750          2,160.70         80   
                                     7.500          2,160.70      377,000.00
OAKLAND          CA   94611          1            08/01/97         00   
0430407841                           05           10/01/97          0   
1494002548                           O            09/01/27              
0                                                                       

1625311          074/G01             F          285,000.00         ZZ   
                                  360        284,157.99          1
8954 SOUTH KINGS HILL DRIVE        7.750          2,041.77         75   
                                     7.500          2,041.77      380,000.00
SALT LAKE CITY   UT   84093          5            08/05/97         00   
0430399295                           05           10/01/97          0   
1497004380                           O            09/01/27              
0                                                                       

1625314          074/G01             F          373,800.00         ZZ   
                                  360        373,270.64          1
1570 DEER VALLEY DRIVE NORTH       7.750          2,677.95         71   
                                     7.500          2,677.95      530,000.00
PARK CITY        UT   84060          5            07/29/97         00   
0430399311                           01           09/01/97          0   
1                                                                               

1497004856                           O            08/01/27              
0                                                                       

1625316          074/G01             F          223,000.00         ZZ   
                                  360        222,676.17          1
349 ORIOLE DRIVE                   7.625          1,578.38         92   
                                     7.375          1,578.38      243,000.00
HOLLIDAYSBURG    PA   16648          1            07/24/97         04   
0430407866                           05           09/01/97         30   
1500338348                           O            08/01/27              
0                                                                       

1625323          074/G01             F          288,000.00         ZZ   
                                  360        287,592.15          1
5061 COPPER CREEK DRIVE            7.750          2,063.27         80   
                                     7.500          2,063.27      360,000.00
PLEASANT HILL    IA   50317          1            07/31/97         00   
0430407916                           05           09/01/97          0   
1504154100                           O            08/01/27              
0                                                                       

1625327          074/G01             F           66,950.00         ZZ   
                                  360         66,900.32          1
2707 LARCHMONT CIRCLE              7.500            468.12         65   
                                     7.250            468.12      103,000.00
MONROE           LA   71201          5            08/07/97         00   
0430407957                           05           10/01/97          0   
1504159395                           O            09/01/27              
0                                                                       

1625337          074/G01             F          245,000.00         ZZ   
                                  360        244,653.02          1
30902 BELLE MAISON                 7.750          1,755.22         57   
                                     7.500          1,755.22      435,000.00
LAGUNA NIGEL     CA   92677          1            07/09/97         00   
0430408021                           03           09/01/97          0   
1506284208                           O            08/01/27              
0                                                                       

1625338          074/G01             F          243,000.00         ZZ   
                                  360        242,655.86          1
501 WASHINGTON STREET              7.750          1,740.89         90   
                                     7.500          1,740.89      270,000.00
EL SEGUNDO       CA   90245          1            07/10/97         01   
0430408039                           05           09/01/97         25   
1506284842                           O            08/01/27              
0                                                                       

1                                                                               

1625339          074/G01             F          143,000.00         ZZ   
                                  360        142,797.49          1
621 AURORA AVENUE                  7.750          1,024.47         47   
                                     7.500          1,024.47      305,000.00
SANTA BARBARA    CA   93109          2            07/22/97         00   
0430408047                           05           09/01/97          0   
1506286983                           O            08/01/27              
0                                                                       

1625349          074/G01             F          228,000.00         ZZ   
                                  360        227,677.12          1
979 BRENTNAL ROAD                  7.750          1,633.42         80   
                                     7.500          1,633.42      285,000.00
PASADENA         CA   91105          1            07/16/97         00   
0430408120                           05           09/01/97          0   
1506292931                           O            08/01/27              
0                                                                       

1625350          074/G01             F          249,450.00         ZZ   
                                  360        248,991.26          1
13413 CUMPSTON STREET              7.750          1,787.09         90   
                                     7.500          1,787.09      277,500.00
SHERMAN OAKS     CA   91401          1            07/23/97         14   
0430399386                           05           09/01/97         25   
1506294802                           O            08/01/27              
0                                                                       

1625351          074/G01             F          267,200.00         ZZ   
                                  360        266,821.62          1
2847 MONTAIR WAY                   7.750          1,914.25         80   
                                     7.500          1,914.25      334,000.00
UNION CITY       CA   94587          1            07/23/97         00   
0430408138                           03           09/01/97          0   
1506295770                           O            08/01/27              
0                                                                       

1625352          074/G01             F          300,000.00         ZZ   
                                  360        299,596.08          1
9081 WOODLAND DRIVE                8.000          2,201.29         75   
                                     7.750          2,201.29      405,000.00
MEEKS BAY        CA   95762          5            07/22/97         00   
0430408146                           05           09/01/97          0   
1506295940                           O            08/01/27              
0                                                                       

1625353          074/G01             F          300,000.00         ZZ   
                                  360        299,173.86          1
6090 MC ABEE ROAD                  7.750          2,149.24         80   
                                     7.500          2,149.24      375,000.00
1                                                                               

SAN JOSE         CA   95120          5            07/14/97         00   
0430399394                           05           09/01/97          0   
1506296466                           O            08/01/27              
0                                                                       

1625355          074/G01             F          156,000.00         ZZ   
                                  360        155,779.09          1
6961 DANNYBOYAR AVENUE             7.750          1,117.60         80   
  WEST HILLS AREA                    7.500          1,117.60      195,000.00
LOS ANGELES      CA   91307          1            07/23/97         00   
0430408161                           05           09/01/97          0   
1506296717                           O            08/01/27              
0                                                                       

1625358          074/G01             F          386,000.00         ZZ   
                                  360        385,453.38          1
1601 CALLE CASTANA                 7.750          2,765.35         80   
                                     7.500          2,765.35      486,000.00
BAKERSFIELD      CA   93309          1            07/28/97         00   
0430408179                           05           09/01/97          0   
1506299045                           O            08/01/27              
0                                                                       

1625360          074/G01             F          170,000.00         ZZ   
                                  360        169,880.02          1
6039 RICK DRIVE                    7.750          1,217.90         77   
                                     7.500          1,217.90      221,000.00
SANTA ROSA       CA   95409          5            08/06/97         00   
0430408187                           05           10/01/97          0   
1506299227                           O            09/01/27              
0                                                                       

1625361          074/G01             F          349,650.00         ZZ   
                                  360        349,154.84          1
8328 LIVINGSTON WAY                7.750          2,504.94         90   
                                     7.500          2,504.94      388,500.00
LOS ANGELES      CA   90046          1            07/28/97         01   
0430408195                           05           09/01/97         25   
1506299395                           O            08/01/27              
0                                                                       

1625362          074/G01             F          268,800.00         ZZ   
                                  360        268,419.33          1
1929 BROOK MAR DRIVE               7.750          1,925.72         79   
                                     7.500          1,925.72      343,578.00
EL DARADO HILLS  CA   95762          1            07/25/97         00   
0430408203                           05           09/01/97          0   
1506299410                           O            08/01/27              
0                                                                       
1                                                                               

1625363          074/G01             F          527,200.00         ZZ   
                                  360        526,434.43          1
3727 MALIBU COUNTRY DRIVE          7.625          3,731.49         80   
                                     7.375          3,731.49      659,000.00
MALIBU           CA   90265          1            07/29/97         00   
0430408211                           05           09/01/97          0   
1506301249                           O            08/01/27              
0                                                                       

1625364          074/G01             F          499,950.00         ZZ   
                                  360        499,241.89          1
10490 WILSHIRE BLVD NO. 1901       7.750          3,581.71         50   
                                     7.500          3,581.71    1,005,000.00
LOS ANGELES      CA   90024          1            07/28/97         00   
0430408229                           06           09/01/97          0   
1506302423                           O            08/01/27              
0                                                                       

1625365          074/G01             F          290,700.00         ZZ   
                                  360        290,489.60          1
468 CHELSEA CROSSING               7.625          2,057.56         95   
                                     7.375          2,057.56      309,186.00
SAN JOSE         CA   95138          1            08/04/97         14   
0430408237                           03           10/01/97         30   
1506302580                           O            09/01/27              
0                                                                       

1625366          074/G01             F          256,000.00         ZZ   
                                  360        255,637.46          1
1158 FEWTRELL DRIVE                7.750          1,834.02         80   
                                     7.500          1,834.02      320,000.00
CAMPBELL         CA   95008          5            07/23/97         00   
0430408245                           05           09/01/97          0   
1506302864                           O            08/01/27              
0                                                                       

1625372          074/G01             F          200,000.00         ZZ   
                                  360        199,855.24          1
2344 BRONSON HILL DRIVE            7.625          1,415.59         36   
                                     7.375          1,415.59      560,000.00
LOS ANGELES      CA   90068          2            08/05/97         00   
0430408286                           05           10/01/97          0   
1506304724                           O            09/01/27              
0                                                                       

1625373          074/G01             F          352,000.00         ZZ   
                                  360        351,738.76          1
1                                                                               

6314 LA PINTURA DRIVE              7.500          2,461.24         56   
                                     7.250          2,461.24      630,000.00
SAN DIEGO        CA   92037          2            08/05/97         00   
0430408294                           05           10/01/97          0   
1506304815                           O            09/01/27              
0                                                                       

1625379          074/G01             F          250,000.00         ZZ   
                                  360        249,819.05          1
330 CABRILLO ROAD                  7.625          1,769.49         77   
                                     7.375          1,769.49      325,000.00
ARCADIA          CA   91007          1            08/08/97         00   
0430408344                           05           10/01/97          0   
1506310895                           O            09/01/27              
0                                                                       

1625380          074/G01             F          336,000.00         ZZ   
                                  360        335,762.85          1
4460 WILSHIRE BOULEVARD NO 702     7.750          2,407.15         75   
                                     7.500          2,407.15      450,000.00
LOS ANGELES      CA   90010          1            08/04/97         00   
0430408351                           08           10/01/97          0   
1506310909                           O            09/01/27              
0                                                                       

1625386          074/G01             F          155,480.00         ZZ   
                                  360        155,370.26          1
5679 KYLES LANE                    7.750          1,113.88         57   
                                     7.500          1,113.88      275,000.00
MIDDLETOWN       OH   45044          2            07/31/97         00   
0430408393                           05           10/01/97          0   
1507285181                           O            09/01/27              
0                                                                       

1625389          074/G01             F          290,000.00         ZZ   
                                  360        289,589.31          1
4104 NORBECK ROAD                  7.750          2,077.60         82   
                                     7.500          2,077.60      355,000.00
ROCKVILLE        MD   20853          1            07/28/97         19   
0430408427                           05           09/01/97         12   
1507288099                           O            08/01/27              
0                                                                       

1625396          074/G01             F          220,000.00         ZZ   
                                  360        219,680.52          1
1829 PINEHURST AVENUE              7.625          1,557.15         78   
                                     7.375          1,557.15      284,000.00
ST PAUL          MN   55116          5            07/29/97         00   
0430408484                           05           09/01/97          0   
1                                                                               

1507295163                           O            08/01/27              
0                                                                       

1625397          074/G01             F          153,550.00         ZZ   
                                  360        153,441.63          1
6116 MIDDLE LAKE ROAD              7.750          1,100.05         77   
                                     7.500          1,100.05      200,000.00
CLARKSTON        MI   48346          5            08/15/97         00   
0430408492                           05           10/01/97          0   
1507295323                           O            09/01/27              
0                                                                       

1625401          074/G01             F          242,250.00         ZZ   
                                  360        241,915.48          1
6729 ROLLING GREEN DRIVE           7.875          1,756.48         95   
                                     7.625          1,756.48      255,000.00
MOBILE           AL   36695          1            07/31/97         04   
0430408500                           05           09/01/97         30   
1511155725                           O            08/01/27              
0                                                                       

1625402          074/G01             F          278,500.00         ZZ   
                                  360        278,105.61          1
4270 PARK BROOKE DRIV              7.750          1,995.21         90   
                                     7.500          1,995.21      309,445.00
ALPHARETTA       GA   30202          1            07/22/97         04   
0430408518                           03           09/01/97         25   
1511155747                           O            08/01/27              
0                                                                       

1625404          074/G01             F          327,200.00         ZZ   
                                  360        326,736.63          1
544 UTICA COURT                    7.750          2,344.11         80   
                                     7.500          2,344.11      409,000.00
BOULDER          CO   80304          1            07/25/97         00   
0430408534                           03           09/01/97          0   
1511158870                           O            08/01/27              
0                                                                       

1625407          074/G01             F          427,500.00         ZZ   
                                  360        426,879.21          1
625 SOUNDVIEW DR                   7.625          3,025.82         90   
                                     7.375          3,025.82      475,000.00
PALM HARBOR      FL   34683          1            07/25/97         11   
0430408567                           05           09/01/97         25   
1511160791                           O            08/01/27              
0                                                                       

1                                                                               

1625411          074/G01             F          255,000.00         ZZ   
                                  360        254,620.32          1
3686 GLENBARRY CIRCLE              7.500          1,783.00         92   
                                     7.250          1,783.00      280,000.00
FAYETTEVILLE     NC   28314          1            07/31/97         12   
0430408609                           05           09/01/97         30   
1511167098                           O            08/01/27              
0                                                                       

1625412          074/G01             F          227,000.00         ZZ   
                                  360        226,831.53          1
5930 MAYNADA STREET                7.500          1,587.22         70   
                                     7.250          1,587.22      327,000.00
CORAL GABLES     FL   33146          1            08/06/97         00   
0430408617                           05           10/01/97          0   
1511167371                           O            09/01/27              
0                                                                       

1625415          074/G01             F          227,900.00         ZZ   
                                  360        227,577.25          1
8605 RED PHEASANT COU              7.750          1,632.71         63   
                                     7.500          1,632.71      363,000.00
HOUSTON          TX   77040          2            07/25/97         00   
0430408633                           03           09/01/97          0   
1512135610                           O            08/01/27              
0                                                                       

1625418          074/G01             F          228,000.00         ZZ   
                                  360        227,677.12          1
9719 STONE RIVER CIRCLE            7.750          1,633.42         80   
                                     7.500          1,633.42      285,000.00
DALLAS           TX   75231          1            07/28/97         00   
0430408658                           05           09/01/97          0   
1512142423                           O            08/01/27              
0                                                                       

1625419          074/G01             F          356,000.00         ZZ   
                                  360        355,531.21          1
9327 LEE COURT                     8.125          2,643.29         75   
                                     7.875          2,643.29      475,000.00
LEAWOOD          KS   66206          2            07/31/97         00   
0430399543                           03           09/01/97          0   
1512143175                           O            08/01/27              
0                                                                       

1625420          074/G01             F          311,450.00         ZZ   
                                  360        311,230.18          1
520 H J RANCH ROAD                 7.750          2,231.27         77   
                                     7.500          2,231.27      407,000.00
1                                                                               

FREDRICKSBURG    TX   78624          2            08/04/97         00   
0430408666                           05           10/01/97          0   
1512143222                           O            09/01/27              
0                                                                       

1625423          074/G01             F          243,250.00         ZZ   
                                  360        243,082.60          1
6962 N SOLAZ TERCERO               7.875          1,763.73         60   
                                     7.625          1,763.73      410,000.00
TUCSON           AZ   85718          2            08/05/97         00   
0430408682                           05           10/01/97          0   
1512150750                           O            09/01/27              
0                                                                       

1625424          074/G01             F          610,600.00         ZZ   
                                  360        610,169.05          1
118 NORTH OAKRIDGE AVENUE          7.750          4,374.41         75   
                                     7.500          4,374.41      820,000.00
LUBBOCK          TX   79416          5            08/08/97         00   
0430408690                           05           10/01/97          0   
1512152460                           O            09/01/27              
0                                                                       

1625426          074/G01             F          224,000.00         ZZ   
                                  360        223,841.91          1
215 CIRCLE DRIVE                   7.750          1,604.76         80   
                                     7.500          1,604.76      280,000.00
CORPUS CHRISTI   TX   78411          1            08/06/97         00   
0430408716                           05           10/01/97          0   
1512154830                           O            09/01/27              
0                                                                       

1625437          074/G01             F          222,300.00         ZZ   
                                  360        221,985.18          1
14904 SE LOWELL LANE               7.750          1,592.59         95   
                                     7.500          1,592.59      234,000.00
SHERWOOD         OR   97140          1            07/31/97         01   
0430408823                           05           09/01/97         30   
1513167179                           O            08/01/27              
0                                                                       

1625438          074/G01             F          133,600.00         ZZ   
                                  360        133,410.79          1
10405 PALM DESERT DRIVE            7.750            957.13         80   
                                     7.500            957.13      167,000.00
SPARKS           NV   89436          5            07/21/97         00   
0430408831                           05           09/01/97          0   
1513167656                           O            08/01/27              
0                                                                       
1                                                                               

1625440          074/G01             F          248,000.00         ZZ   
                                  360        247,648.81          1
2326 ROSEMONT PLACE WEST           7.750          1,776.70         65   
                                     7.500          1,776.70      385,000.00
SEATTLE          WA   98199          2            07/25/97         00   
0430408856                           05           09/01/97          0   
1513168513                           O            08/01/27              
0                                                                       

1625442          074/G01             F          156,000.00         ZZ   
                                  360        155,779.09          1
9010 PINE CONE ROAD                7.750          1,117.60         66   
                                     7.500          1,117.60      239,000.00
COLORADO SPRING  CO   80908          2            07/15/97         00   
0430408872                           05           09/01/97          0   
1513169469                           O            08/01/27              
0                                                                       

1625444          074/G01             F          305,000.00         ZZ   
                                  360        304,266.13          1
1424 PATTON DRIVE                  7.750          2,185.06         80   
                                     7.500          2,185.06      385,000.00
BOULDER          CO   80303          1            07/31/97         00   
0430399550                           03           09/01/97          0   
1513170515                           O            08/01/27              
0                                                                       

1625446          074/G01             F          260,000.00         ZZ   
                                  360        259,631.79          1
15082 NW DOMINION DRIVE            7.750          1,862.68         51   
                                     7.500          1,862.68      510,000.00
PORTLAND         OR   97229          1            07/29/97         00   
0430408906                           05           09/01/97          0   
1513171595                           O            08/01/27              
0                                                                       

1625447          074/G01             F          264,000.00         ZZ   
                                  360        263,616.63          1
11900 SE WILLIAM OTTY ROAD         7.625          1,868.58         60   
                                     7.375          1,868.58      440,000.00
CLACKAMAS        OR   97015          2            07/24/97         00   
0430408914                           03           09/01/97          0   
1513171926                           O            08/01/27              
0                                                                       

1625448          074/G01             F          255,000.00         ZZ   
                                  360        254,629.71          1
1                                                                               

22019 NE 27TH PLACE                7.625          1,804.87         75   
                                     7.375          1,804.87      340,000.00
REDMOND          WA   98053          1            07/22/97         00   
0430408922                           03           09/01/97          0   
1513172055                           O            08/01/27              
0                                                                       

1625449          074/G01             F          405,400.00         ZZ   
                                  360        405,106.58          1
14329 SOUTHEAST 84TH COURT         7.625          2,869.40         80   
                                     7.375          2,869.40      506,750.00
NEWCASTLE        WA   98059          1            08/18/97         00   
0430408930                           03           10/01/97          0   
1513172292                           O            09/01/27              
0                                                                       

1625456          074/G01             F          296,500.00         ZZ   
                                  360        296,058.52          1
2065 SUMMITVIEW DRIVE              7.500          2,073.18         80   
                                     7.250          2,073.18      370,670.00
LONGMONT         CO   80501          1            07/31/97         00   
0430399592                           03           09/01/97          0   
1513176646                           O            08/01/27              
0                                                                       

1625459          074/G01             F          240,000.00         ZZ   
                                  360        239,642.67          1
8817 MAIN STREET                   7.500          1,678.11         80   
                                     7.250          1,678.11      300,000.00
EDMONDS          WA   98026          2            07/28/97         00   
0430408989                           05           09/01/97          0   
1513177208                           O            08/01/27              
0                                                                       

1625460          074/G01             F          256,000.00         ZZ   
                                  360        255,618.83          1
4241 135TH AVENUE SOUTHEAST        7.500          1,789.99         80   
                                     7.250          1,789.99      320,000.00
BELLEUVE         WA   98006          2            07/21/97         00   
0430408997                           05           09/01/97          0   
1513177252                           O            08/01/27              
0                                                                       

1625464          074/G01             F          180,000.00         ZZ   
                                  360        179,876.12          1
13203 45TH AVENUE WEST             7.875          1,305.13         80   
                                     7.625          1,305.13      225,000.00
MUKILTEO         WA   98275          5            08/27/97         00   
0430409011                           03           10/01/97          0   
1                                                                               

1513178062                           O            09/01/27              
0                                                                       

1625467          074/G01             F          273,560.00         ZZ   
                                  360        273,361.50          1
27908 NORTHEAST 157TH PLACE        7.625          1,936.25         80   
                                     7.375          1,936.25      341,950.00
DUVAL            WA   98019          1            08/11/97         00   
0430399626                           03           10/01/97          0   
1513180202                           O            09/01/27              
0                                                                       

1625468          074/G01             F          139,100.00         ZZ   
                                  360        138,903.01          1
2101 SHERELL DRIVE                 7.750            996.53         80   
                                     7.500            996.53      173,900.00
FORT COLLINS     CO   80524          1            07/31/97         00   
0430409045                           03           09/01/97          0   
1513184495                           O            08/01/27              
0                                                                       

1625470          074/G01             F          111,150.00         ZZ   
                                  360        110,988.60          1
20903 HEATHER GROVE COURT          7.625            786.71         80   
                                     7.375            786.71      138,990.00
KINGWOOD         TX   77346          1            07/28/97         00   
0430409060                           03           09/01/97          0   
1521038670                           O            08/01/27              
0                                                                       

1625472          074/G01             F          244,000.00         ZZ   
                                  360        243,823.40          1
3418 SCENIC ELM STREET             7.625          1,727.02         80   
                                     7.375          1,727.02      305,000.00
HOUSTON          TX   77059          1            08/17/97         00   
0430409086                           03           10/01/97          0   
1522024230                           O            09/01/27              
0                                                                       

1625483          074/G01             F          280,000.00         ZZ   
                                  360        279,797.35          1
11398 HUNTINGTON VILLAGE LANE      7.625          1,981.82         80   
                                     7.375          1,981.82      350,000.00
GOLD RIVER       CA   95670          1            08/07/97         00   
0430409177                           03           10/01/97          0   
1550013957                           O            09/01/27              
0                                                                       

1                                                                               

1625487          074/G01             F          240,000.00         ZZ   
                                  360        239,826.29          1
6697 CIELITO WAY                   7.625          1,698.71         80   
                                     7.375          1,698.71      303,000.00
SAN JOSE         CA   95119          1            08/01/97         00   
0430409219                           05           10/01/97          0   
1561353254                           O            09/01/27              
0                                                                       

1625489          074/G01             F          288,000.00         ZZ   
                                  360        287,796.73          1
5019 BLACKBERRY LANE               7.750          2,063.27         80   
                                     7.500          2,063.27      360,000.00
CASTRO VALLEY    CA   94546          1            08/01/97         00   
0430409235                           05           10/01/97          0   
1561354122                           O            09/01/27              
0                                                                       

1625491          074/G01             F          370,000.00         ZZ   
                                  360        369,462.70          1
1686 VIA CAMPO VERDE               7.625          2,618.84         80   
                                     7.375          2,618.84      462,500.00
SAN JOSE         CA   95124          1            07/18/97         00   
0430409250                           03           09/01/97          0   
1561356616                           O            08/01/27              
0                                                                       

1625492          074/G01             F          560,000.00         ZZ   
                                  360        559,604.76          1
291 LA CUESTA DRIVE                7.750          4,011.91         76   
                                     7.500          4,011.91      740,000.00
MENLO PARK       CA   94025          1            08/01/97         00   
0430409268                           05           10/01/97          0   
1561356900                           O            09/01/27              
0                                                                       

1625493          074/G01             F          199,000.00         ZZ   
                                  360        198,711.02          1
11097 FLOWERING PEAR DRIVE         7.625          1,408.51         66   
                                     7.375          1,408.51      303,500.00
CUPERTINO        CA   95014          2            07/11/97         00   
0430409276                           09           09/01/97          0   
1561357448                           O            08/01/27              
0                                                                       

1625495          074/G01             F          296,000.00         ZZ   
                                  360        295,791.08          1
10156 CAMBERLEY LANE               7.750          2,120.59         80   
                                     7.500          2,120.59      370,000.00
1                                                                               

CUPERTINO        CA   95014          1            08/04/97         00   
0430409292                           09           10/01/97          0   
1561358430                           O            09/01/27              
0                                                                       

1625501          074/G01             F          500,000.00         ZZ   
                                  360        499,638.11          1
3 MUIR WAY                         7.625          3,538.97         71   
                                     7.375          3,538.97      710,000.00
BERKELEY         CA   94708          5            08/07/97         00   
0430409359                           05           10/01/97          0   
1561361060                           O            09/01/27              
0                                                                       

1625503          074/G01             F          263,200.00         ZZ   
                                  360        263,014.23          1
1127 SHATTUCK AVENUE               7.750          1,885.60         80   
                                     7.500          1,885.60      329,000.00
BERKELEY         CA   94707          1            08/04/97         00   
0430409375                           05           10/01/97          0   
1561361423                           O            09/01/27              
0                                                                       

1625507          074/G01             F          377,000.00         ZZ   
                                  360        376,733.91          1
733 GRIMSWOOD COURT                7.750          2,700.88         71   
                                     7.500          2,700.88      534,000.00
SAN JOSE         CA   95120          5            08/01/97         00   
0430409409                           05           10/01/97          0   
1561361740                           O            09/01/27              
0                                                                       

1625508          074/G01             F          640,000.00         ZZ   
                                  360        639,116.21          1
263 MOLINO AVENUE                  7.875          4,640.45         80   
                                     7.625          4,640.45      800,000.00
MILL VALLEY      CA   94941          5            07/22/97         00   
0430409417                           05           09/01/97          0   
1561361944                           O            08/01/27              
0                                                                       

1625509          074/G01             F          305,000.00         ZZ   
                                  360        304,568.07          1
1180 MONTICELLO ROAD               7.750          2,185.06         53   
                                     7.500          2,185.06      580,000.00
LAFAYETTE        CA   94549          1            07/24/97         00   
0430409425                           03           09/01/97          0   
1561361966                           O            08/01/27              
0                                                                       
1                                                                               

1625520          074/G01             F          220,500.00         ZZ   
                                  360        220,348.25          1
125 RECREATION DRIVE               7.875          1,598.78         90   
                                     7.625          1,598.78      245,000.00
LA HONDA         CA   94020          1            08/11/97         10   
0430409532                           03           10/01/97         25   
1561363870                           O            09/01/27              
0                                                                       

1625524          074/G01             F          274,000.00         ZZ   
                                  360        273,621.62          1
8160 W HIDDEN LAKES DRIVE          7.875          1,986.70         75   
                                     7.625          1,986.70      370,000.00
GRANITE BAY      CA   95746          2            07/25/97         00   
0430399659                           03           09/01/97          0   
1561364352                           O            08/01/27              
0                                                                       

1625525          074/G01             F          525,000.00         ZZ   
                                  360        524,620.02          1
370 EL CAMINITO ROAD               7.625          3,715.92         72   
                                     7.375          3,715.92      735,000.00
CARMEL VALLEY    CA   93924          5            08/04/97         00   
0430409573                           05           10/01/97          0   
1561364374                           O            09/01/27              
0                                                                       

1625527          074/G01             F          467,000.00         ZZ   
                                  360        466,670.39          1
4045 ARBOLADO DRIVE                7.750          3,345.65         78   
                                     7.500          3,345.65      600,000.00
WALNUT CREEK     CA   94598          2            08/14/97         00   
0430409581                           03           10/01/97          0   
1561364727                           O            09/01/27              
0                                                                       

1625530          074/G01             F          558,000.00         ZZ   
                                  360        557,606.16          1
49 AVALON DRIVE                    7.750          3,997.59         74   
                                     7.500          3,997.59      755,000.00
LOS ALTOS        CA   94022          2            08/14/97         00   
0430409615                           05           10/01/97          0   
1561365118                           O            09/01/27              
0                                                                       

1625534          074/G01             F          376,000.00         ZZ   
                                  360        375,747.71          1
1                                                                               

1364 CHESTERTON WAY                8.000          2,758.96         80   
                                     7.750          2,758.96      475,000.00
WALNUT CREEK     CA   94596          2            08/15/97         00   
0430409656                           05           10/01/97          0   
1561365333                           O            09/01/27              
0                                                                       

1625535          074/G01             F          298,000.00         ZZ   
                                  360        297,794.91          1
16246 REDWOOD LODGE ROAD           7.875          2,160.71         71   
                                     7.625          2,160.71      420,000.00
LOS GATOS        CA   95030          2            08/15/97         00   
0430409664                           05           10/01/97          0   
1561365399                           O            09/01/27              
0                                                                       

1625541          074/G01             F          234,500.00         ZZ   
                                  360        234,338.62          1
5752 CONDOR CIRCLE                 7.875          1,700.29         78   
                                     7.625          1,700.29      303,500.00
SAN JOSE         CA   95118          2            08/04/97         00   
0430409722                           05           10/01/97          0   
1561365876                           O            09/01/27              
0                                                                       

1625544          074/G01             F          284,950.00         ZZ   
                                  360        284,743.76          1
321 ETON COURT                     7.625          2,016.86         75   
                                     7.375          2,016.86      379,950.00
WALNUT CREEK     CA   94598          1            08/19/97         00   
0430409748                           05           10/01/97          0   
1561366154                           O            09/01/27              
0                                                                       

1625551          074/G01             F          336,500.00         ZZ   
                                  360        336,268.42          1
15 SALVADOR WAY                    7.875          2,439.86         75   
                                     7.625          2,439.86      450,000.00
SAN RAFAEL       CA   94903          2            08/15/97         00   
0430409813                           05           10/01/97          0   
1561366573                           O            09/01/27              
0                                                                       

1625552          074/G01             F          370,000.00         ZZ   
                                  360        369,745.36          1
40771 MISSION BLVD                 7.875          2,682.76         65   
                                     7.625          2,682.76      578,000.00
FREMONT          CA   94539          2            08/20/97         00   
0430409821                           05           10/01/97          0   
1                                                                               

1561366620                           O            09/01/27              
0                                                                       

1625553          074/G01             F          360,500.00         ZZ   
                                  360        360,239.08          1
30 SWEETPEA COURT                  7.625          2,551.60         80   
                                     7.375          2,551.60      450,639.00
DANVILLE         CA   94506          1            08/06/97         00   
0430409839                           03           10/01/97          0   
1561367011                           O            09/01/27              
0                                                                       

1625554          074/G01             F          228,450.00         ZZ   
                                  360        228,284.65          1
788 HORIZON DRIVE                  7.625          1,616.96         95   
                                     7.375          1,616.96      240,500.00
MARTINEZ         CA   94553          1            08/11/97         11   
0430409847                           05           10/01/97         30   
1561367044                           O            09/01/27              
0                                                                       

1625555          074/G01             F          263,500.00         ZZ   
                                  360        263,318.66          1
5 PORTOFINO CIRCLE                 7.875          1,910.56         66   
                                     7.625          1,910.56      400,000.00
REDWOOD CITY     CA   94065          2            08/19/97         00   
0430409854                           03           10/01/97          0   
1561367055                           O            09/01/27              
0                                                                       

1625556          074/G01             F          425,000.00         ZZ   
                                  360        424,684.58          1
1535 WESSEX AVENUE                 7.500          2,971.67         66   
                                     7.250          2,971.67      650,000.00
LOS ALTOS        CA   94024          2            08/13/97         00   
0430409862                           05           10/01/97          0   
1561367179                           O            09/01/27              
0                                                                       

1625560          074/G01             F          300,000.00         ZZ   
                                  360        299,688.26          1
265 ST JAMES DRIVE                 7.750          2,149.24         65   
                                     7.500          2,149.24      465,000.00
PIEDMONT         CA   94611          1            08/19/97         00   
0430399667                           03           10/01/97          0   
1561368626                           O            09/01/27              
0                                                                       

1                                                                               

1625562          074/G01             F          277,200.00         ZZ   
                                  360        276,999.37          1
1210 LAKEWAY DRIVE                 7.625          1,962.01         80   
                                     7.375          1,962.01      346,500.00
SOUTHLAKE        TX   76092          1            08/12/97         00   
0430399675                           09           10/01/97          0   
1563162905                           O            09/01/27              
0                                                                       

1625567          074/G01             F          352,000.00         ZZ   
                                  360        351,745.23          1
801 LAUREL OAKS LANE               7.625          2,491.44         80   
                                     7.375          2,491.44      440,000.00
COLLEYVILLE      TX   76034          1            08/11/97         00   
0430423574                           03           10/01/97          0   
1563165812                           O            09/01/27              
0                                                                       

1625574          074/G01             F          118,400.00         ZZ   
                                  360        118,314.30          1
720 CREST AVENUE                   7.625            838.03         80   
                                     7.375            838.03      148,000.00
KENT             WA   98031          5            08/08/97         00   
0430409987                           05           10/01/97          0   
1565163534                           O            09/01/27              
0                                                                       

1625577          074/G01             F          192,000.00         ZZ   
                                  360        191,721.18          1
1710 14TH STREET SW                7.625          1,358.97         80   
                                     7.375          1,358.97      240,000.00
PUYALLUP         WA   98371          1            07/22/97         00   
0430410019                           03           09/01/97          0   
1565164865                           O            08/01/27              
0                                                                       

1625578          074/G01             F          180,000.00         ZZ   
                                  360        179,644.43          1
11628 NE 100TH PLACE               7.750          1,289.55         80   
                                     7.500          1,289.55      225,000.00
KIRKLAND         WA   98033          5            07/11/97         00   
0430399717                           05           09/01/97          0   
1565165019                           O            08/01/27              
0                                                                       

1625579          074/G01             F          324,000.00         ZZ   
                                  360        323,765.49          1
1481 PIONEER WAY                   7.625          2,293.26         80   
                                     7.375          2,293.26      405,000.00
1                                                                               

YAKIMA           WA   98908          1            08/12/97         00   
0430410027                           05           10/01/97          0   
1565165880                           O            09/01/27              
0                                                                       

1625584          074/G01             F          102,400.00         ZZ   
                                  360        102,251.29          1
904 SE 205TH DR                    7.625            724.79         80   
                                     7.375            724.79      128,000.00
GRESHAM          OR   97030          5            07/18/97         00   
0430410068                           05           09/01/97          0   
1565166598                           O            08/01/27              
0                                                                       

1625587          074/G01             F          299,300.00         ZZ   
                                  360        299,088.75          1
10564 NW LA CASSEL CREST LANE      7.750          2,144.23         80   
                                     7.500          2,144.23      374,157.00
PORTLAND         OR   97229          4            08/04/97         00   
0430410084                           05           10/01/97          0   
1565166725                           O            09/01/27              
0                                                                       

1625589          074/G01             F          267,400.00         ZZ   
                                  360        267,211.27          1
2235 12TH AVE W                    7.750          1,915.69         67   
                                     7.500          1,915.69      400,000.00
SEATTLE          WA   98119          2            08/12/97         00   
0430410092                           05           10/01/97          0   
1565167386                           O            09/01/27              
0                                                                       

1625590          074/G01             F           76,600.00         ZZ   
                                  360         76,545.93          1
4195 248TH CT SE                   7.750            548.78         51   
                                     7.500            548.78      153,125.00
ISSAQUAH         WA   98029          1            08/08/97         00   
0430410100                           01           10/01/97          0   
1565167808                           O            09/01/27              
0                                                                       

1625597          074/G01             F          152,000.00         ZZ   
                                  360        151,801.67          1
3232 NE 132ND AVENUE               7.750          1,088.95         80   
                                     7.500          1,088.95      190,000.00
PORTLAND         OR   97230          5            08/07/97         00   
0430399758                           05           10/01/97          0   
1565168367                           O            09/01/27              
0                                                                       
1                                                                               

1625601          074/G01             F           80,000.00         ZZ   
                                  360         79,943.54          1
714 SE 43RD AVENUE                 7.750            573.13         54   
                                     7.500            573.13      150,000.00
PORTLAND         OR   97215          5            08/18/97         00   
0430410175                           05           10/01/97          0   
1565169891                           O            09/01/27              
0                                                                       

1625602          074/G01             F          223,100.00         ZZ   
                                  360        222,945.65          1
14507 NE 61ST STREET               7.875          1,617.63         75   
                                     7.625          1,617.63      297,500.00
REDMOND          WA   98052          5            08/18/97         00   
0430399774                           03           10/01/97          0   
1565169938                           O            09/01/27              
0                                                                       

1625603          074/G01             F          314,000.00         ZZ   
                                  360        313,778.38          1
2125 SPALDING DRIVE                7.750          2,249.54         80   
                                     7.500          2,249.54      393,000.00
ATLANTA          GA   30350          5            08/12/97         00   
0430410183                           05           10/01/97          0   
1566085480                           O            09/01/27              
0                                                                       

1625605          074/G01             F          350,000.00         ZZ   
                                  360        349,740.24          1
500 NORTHLAND RIDGE COURT          7.500          2,447.26         68   
                                     7.250          2,447.26      515,000.00
ATLANTA          GA   30342          2            08/08/97         00   
0430410209                           03           10/01/97          0   
1566103630                           O            09/01/27              
0                                                                       

1625607          074/G01             F          247,000.00         ZZ   
                                  360        245,747.63          1
4245 CREEKWOOD DRIVE               7.750          1,769.54         95   
                                     7.500          1,769.54      260,000.00
CUMMING          GA   30041          1            07/31/97         12   
0430399782                           05           09/01/97         30   
1566104836                           O            08/01/27              
0                                                                       

1625608          074/G01             F          232,650.00         ZZ   
                                  360        232,319.65          1
1                                                                               

4399 DEER RUN                      7.750          1,666.74         95   
                                     7.500          1,666.74      244,900.00
EVANS            GA   30809          1            08/05/97         04   
0430410217                           05           09/01/97         30   
1566105588                           O            08/01/27              
0                                                                       

1625609          074/G01             F          350,000.00         ZZ   
                                  360        349,752.97          1
241 MONTROSE DRIVE                 7.750          2,507.45         70   
                                     7.500          2,507.45      500,000.00
MC DONOUGH       GA   30253          5            08/07/97         00   
0430410225                           03           10/01/97          0   
1566105792                           O            09/01/27              
0                                                                       

1625615          074/G01             F           96,000.00         ZZ   
                                  360         95,932.24          1
4320 TRICKUM ROAD                  7.750            687.76         80   
                                     7.500            687.76      120,000.00
MARIETTA         GA   30066          5            08/14/97         00   
0430410274                           05           10/01/97          0   
1566107233                           O            09/01/27              
0                                                                       

1625616          074/G01             F          447,000.00         ZZ   
                                  360        446,676.47          1
399 PINELAND ROAD                  7.625          3,163.84         80   
                                     7.375          3,163.84      559,000.00
ATLANTA          GA   30342          1            08/20/97         00   
0430410282                           05           10/01/97          0   
1566107313                           O            09/01/27              
0                                                                       

1625619          074/G01             F          440,000.00         ZZ   
                                  360        439,376.89          1
4745 FINCHLEY TERRACE              7.750          3,152.22         80   
                                     7.500          3,152.22      550,000.00
SAN DIEGO        CA   92130          1            07/21/97         00   
0430410290                           03           09/01/97          0   
1567196374                           O            08/01/27              
0                                                                       

1625620          074/G01             F          276,000.00         ZZ   
                                  360        275,805.20          1
12921 CORTE JUANA                  7.750          1,977.30         58   
                                     7.500          1,977.30      476,000.00
POWAY            CA   92064          1            08/11/97         00   
0430410308                           05           10/01/97          0   
1                                                                               

1567196749                           O            09/01/27              
0                                                                       

1625622          074/G01             F          240,000.00         ZZ   
                                  360        238,556.97          1
2308 TOMPAU PLACE                  7.750          1,719.39         80   
                                     7.500          1,719.39      300,000.00
ALPINE           CA   91901          1            07/16/97         00   
0430399808                           05           09/01/97          0   
1567197708                           O            08/01/27              
0                                                                       

1625624          074/G01             F          379,400.00         ZZ   
                                  360        379,118.43          1
22 KENNEDY COURT                   7.500          2,652.82         90   
                                     7.250          2,652.82      421,598.00
COTO DE CAZA AR  CA   92679          1            08/06/97         10   
0430410332                           03           10/01/97         25   
1567197989                           O            09/01/27              
0                                                                       

1625628          074/G01             F          296,000.00         ZZ   
                                  360        295,791.08          1
3469 TRUMBULL STREET               7.750          2,120.59         80   
                                     7.500          2,120.59      370,000.00
SAN DIEGO        CA   92106          2            08/06/97         00   
0430410365                           05           10/01/97          0   
1567199215                           O            09/01/27              
0                                                                       

1625634          074/G01             F          300,000.00         ZZ   
                                  360        299,777.35          1
12517 FAIRBROOK ROAD               7.500          2,097.65         58   
                                     7.250          2,097.65      525,000.00
SAN DIEGO        CA   92131          2            08/12/97         00   
0430410423                           03           10/01/97          0   
1567200664                           O            09/01/27              
0                                                                       

1625635          074/G01             F          237,600.00         ZZ   
                                  360        237,436.48          1
3060 6TH AVENUE # 15               7.875          1,722.77         90   
                                     7.625          1,722.77      264,000.00
SAN DIEGO        CA   92103          1            08/19/97         14   
0430410431                           01           10/01/97         25   
1567201430                           O            09/01/27              
0                                                                       

1                                                                               

1625636          074/G01             F          238,900.00         ZZ   
                                  360        238,727.09          1
590 VIA MARQUESA                   7.625          1,690.92         90   
                                     7.375          1,690.92      265,465.00
CAMARILLO        CA   93012          1            08/19/97         14   
0430410449                           05           10/01/97         25   
1567201543                           O            09/01/27              
0                                                                       

1625637          074/G01             F          235,000.00         ZZ   
                                  360        234,838.27          1
230 WEST LAUREL STREET #801        7.875          1,703.92         68   
                                     7.625          1,703.92      350,000.00
SAN DIEGO        CA   92101          1            08/21/97         00   
0430410456                           06           10/01/97          0   
1567202353                           O            09/01/27              
0                                                                       

1625647          074/G01             F          229,500.00         ZZ   
                                  360        229,342.05          1
56 BALSA ROAD                      7.875          1,664.04         76   
                                     7.625          1,664.04      305,000.00
SANTA FE         NM   87505          5            08/15/97         00   
0430410548                           03           10/01/97          0   
1569175193                           O            09/01/27              
0                                                                       

1625648          074/G01             F          356,000.00         ZZ   
                                  360        355,755.00          1
830 CAMINO DE JEMEZ                7.875          2,581.25         80   
                                     7.625          2,581.25      445,000.00
SANTA FE         NM   87501          1            08/13/97         00   
0430410555                           01           10/01/97          0   
1569175320                           O            09/01/27              
0                                                                       

1625653          074/G01             F          284,000.00         ZZ   
                                  360        283,689.23          1
80 APACHE RIDGE                    7.500          1,985.77         80   
                                     7.250          1,985.77      355,000.00
SANTA FE         NM   87505          5            08/14/97         00   
0430399832                           05           10/01/97          0   
1569177654                           O            09/01/27              
0                                                                       

1625656          074/G01             F          238,400.00         ZZ   
                                  360        238,062.39          1
2449 CHESTER DRIVE                 7.750          1,707.93         80   
                                     7.500          1,707.93      298,000.00
1                                                                               

PENNGROVE        CA   94951          1            07/29/97         00   
0430410613                           05           09/01/97          0   
1573174810                           O            08/01/27              
0                                                                       

1625657          074/G01             F          100,000.00         ZZ   
                                  360         99,858.37          1
LOT 313CLIFF RIDGE SUBDIVISION     7.750            716.42         75   
                                     7.500            716.42      135,000.00
CLEVELAND        SC   29635          2            07/18/97         00   
0430410621                           03           09/01/97          0   
1577055211                           O            08/01/27              
0                                                                       

1625659          074/G01             F          420,000.00         ZZ   
                                  360        419,405.20          1
131 SUNSET DR                      7.750          3,008.93         79   
                                     7.500          3,008.93      535,000.00
INMAN            SC   29349          2            07/22/97         00   
0430410647                           05           09/01/97          0   
1577085915                           O            08/01/27              
0                                                                       

1625660          074/G01             F           82,600.00         T    
                                  360         82,543.15          1
2650 VALLEY HEIGHTS DRIVE          7.875            598.91         70   
                                     7.625            598.91      118,000.00
PIGEON FORGE     TN   37863          1            08/20/97         00   
0430410654                           05           10/01/97          0   
1577085959                           O            09/01/27              
0                                                                       

1625661          074/G01             F          341,250.00         ZZ   
                                  360        341,053.66          1
103 WOODBRIDGE WAY                 8.750          2,684.62         75   
                                     8.500          2,684.62      455,000.00
SIMPSONVILLE     SC   29681          2            08/12/97         00   
0430410662                           05           10/01/97          0   
1577087499                           O            09/01/27              
0                                                                       

1625663          074/G01             F          456,000.00         ZZ   
                                  360        455,669.96          1
DANIELS ROAD                       7.625          3,227.54         80   
                                     7.375          3,227.54      570,000.00
LINCOLNTON       NC   28092          1            08/12/97         00   
0430410688                           05           10/01/97          0   
1577089235                           O            09/01/27              
0                                                                       
1                                                                               

1625666          074/G01             F          189,900.00         ZZ   
                                  360        189,762.55          1
104 ONSLOW CT                      7.625          1,344.11         55   
                                     7.375          1,344.11      349,900.00
MOORESVILLE      NC   28115          1            08/06/97         00   
0430410704                           03           10/01/97          0   
1577092375                           O            09/01/27              
0                                                                       

1625668          074/G01             F          328,000.00         ZZ   
                                  360        327,768.49          1
10303 WHITE BIRCH COURT            7.750          2,349.84         80   
                                     7.500          2,349.84      410,000.00
KNOXVILLE        TN   37932          1            08/25/97         00   
0430410720                           05           10/01/97          0   
1577093618                           O            09/01/27              
0                                                                       

1625674          074/G01             F          435,000.00         ZZ   
                                  360        434,692.97          1
4932 VALKYRIE DRIVE                7.750          3,116.40         77   
                                     7.500          3,116.40      565,000.00
BOULDER          CO   80301          2            08/04/97         00   
0430399857                           05           10/01/97          0   
1579056124                           O            09/01/27              
0                                                                       

1625676          074/G01             F          228,200.00         ZZ   
                                  360        228,042.95          1
10644 WEST QUARLES AVENUE          7.875          1,654.61         80   
                                     7.625          1,654.61      288,000.00
LITTLETON        CO   80127          5            08/11/97         00   
0430410795                           05           10/01/97          0   
1579056689                           O            09/01/27              
0                                                                       

1625680          074/G01             F          249,300.00         ZZ   
                                  360        249,124.04          1
6288 S BOSTON COURT                7.750          1,786.02         90   
                                     7.500          1,786.02      277,000.00
ENGLEWOOD        CO   80111          1            08/22/97         11   
0430410837                           05           10/01/97         25   
1579057524                           O            09/01/27              
0                                                                       

1625682          074/G01             F          137,500.00         ZZ   
                                  360        137,405.36          1
1                                                                               

95 WEST 1000 NORTH                 7.875            996.98         64   
                                     7.625            996.98      215,000.00
MIDWAY           UT   84032          5            08/14/97         00   
0430410852                           05           10/01/97          0   
1579057921                           O            09/01/27              
0                                                                       

1625683          074/G01             F          142,400.00         ZZ   
                                  360        142,301.49          1
4406 W COURTNEY COURT              7.875          1,032.50         77   
  (9030 SOUTH)                       7.625          1,032.50      185,000.00
WEST JORDAN      UT   84088          5            08/15/97         00   
0430399865                           05           10/01/97          0   
1579058039                           O            09/01/27              
0                                                                       

1625688          074/G01             F          164,000.00         ZZ   
                                  360        163,892.72          1
237 CENTRAL STREET                 8.125          1,217.70         80   
                                     7.875          1,217.70      205,000.00
NORTH READING    MA   01864          5            08/15/97         00   
0430410894                           05           10/01/97          0   
1580057678                           O            09/01/27              
0                                                                       

1625693          074/G01             F          464,700.00         ZZ   
                                  360        464,363.66          1
21 KINGS GRANT ROAD                7.625          3,289.12         80   
                                     7.375          3,289.12      580,900.00
WESTON           MA   02193          1            08/18/97         00   
0430410944                           05           10/01/97          0   
1580059390                           O            09/01/27              
0                                                                       

1625695          074/G01             F          300,000.00         ZZ   
                                  360        299,788.26          1
340 DUTTON ROAD                    7.750          2,149.24         63   
                                     7.500          2,149.24      480,000.00
SUDBURY          MA   01776          1            08/20/97         00   
0430410969                           05           10/01/97          0   
1580059888                           O            09/01/27              
0                                                                       

1625707          074/G01             F           93,750.00         ZZ   
                                  360         93,544.49          1
9000 HAMBURG ROAD                  8.875            745.92         75   
                                     8.625            745.92      125,000.00
HAMBURG          MI   48116          1            08/01/97         00   
0430399915                           05           09/01/97          0   
1                                                                               

1581117618                           O            08/01/27              
0                                                                       

1625710          074/G01             F          200,000.00         ZZ   
                                  360        199,858.84          1
1828 WEST HOUSTONIA AVENUE         7.750          1,432.83         78   
                                     7.500          1,432.83      257,000.00
ROYAL OAK        MI   48073          2            08/04/97         00   
0430411066                           05           10/01/97          0   
1581119409                           O            09/01/27              
0                                                                       

1625712          074/G01             F          265,000.00         ZZ   
                                  360        264,812.96          1
3221 BLOOMFIELD PARK               7.750          1,898.50         73   
                                     7.500          1,898.50      365,000.00
WEST BLOOMFIELD  MI   48323          2            08/15/97         00   
0430411074                           05           10/01/97          0   
1581120179                           O            09/01/27              
0                                                                       

1625715          074/G01             F          309,500.00         ZZ   
                                  360        309,281.55          1
5058 WALNUT HILLS DR               7.750          2,217.30         80   
                                     7.500          2,217.30      387,000.00
BRIGHTON         MI   48116          2            08/13/97         00   
0430411108                           05           10/01/97          0   
1581121397                           O            09/01/27              
0                                                                       

1625721          074/G01             F          102,000.00         ZZ   
                                  360        101,901.36          1
350 OLD MILL GROVE ROAD            8.125            757.35         68   
                                     7.875            757.35      152,000.00
LAKE ZURICH      IL   60047          2            08/18/97         00   
0430399949                           05           10/01/97          0   
1583058780                           O            09/01/27              
0                                                                       

1625729          074/G01             F          650,000.00         ZZ   
                                  360        649,529.55          1
607 EDGEHILL ROAD                  7.625          4,600.66         76   
                                     7.375          4,600.66      865,000.00
WILMINGTON       DE   19807          1            08/13/97         00   
0430411223                           05           10/01/97          0   
1587046523                           O            09/01/27              
0                                                                       

1                                                                               

1625730          074/G01             F          208,800.00         ZZ   
                                  360        208,645.04          1
4495 DONCASTER DRIVE               7.500          1,459.96         80   
                                     7.250          1,459.96      261,035.00
ELLICOTT CITY    MD   21043          1            08/21/97         00   
0430411231                           05           10/01/97          0   
1587054816                           O            09/01/27              
0                                                                       

1625731          074/G01             F          356,000.00         ZZ   
                                  360        355,742.33          1
4 CHANTICLEER DRIVE                7.625          2,519.75         80   
                                     7.375          2,519.75      445,000.00
BEVERLY          MA   01915          1            08/14/97         00   
0430411249                           05           10/01/97          0   
1587072272                           O            09/01/27              
0                                                                       

1625734          074/G01             F          499,950.00         ZZ   
                                  360        499,614.54          1
703 WHITEHALL PLAINS ROAD          8.000          3,668.46         68   
                                     7.750          3,668.46      740,000.00
ANNAPOLIS        MD   21401          2            08/15/97         00   
0430411272                           05           10/01/97          0   
1587075077                           O            09/01/27              
0                                                                       

1625735          074/G01             F          410,000.00         ZZ   
                                  360        409,404.46          1
9600 CLARKS CROSSING ROAD          7.750          2,937.30         71   
                                     7.500          2,937.30      580,000.00
VIENNA           VA   22182          2            07/25/97         00   
0430399972                           05           09/01/97          0   
1587075361                           O            08/01/27              
0                                                                       

1625736          074/G01             F          145,600.00         ZZ   
                                  360        145,494.62          1
6830 DEER RUN DRIVE                7.625          1,030.55         80   
                                     7.375          1,030.55      182,000.00
ALEXANDRIA       VA   22306          5            08/15/97         00   
0430411280                           07           10/01/97          0   
1587075805                           O            09/01/27              
0                                                                       

1625737          074/G01             F          245,000.00         ZZ   
                                  360        244,827.07          1
5611 TILIA COURT                   7.750          1,755.22         79   
                                     7.500          1,755.22      312,000.00
1                                                                               

BURKE            VA   22015          5            08/18/97         00   
0430411298                           03           10/01/97          0   
1587076568                           O            09/01/27              
0                                                                       

1625741          074/G01             F          266,200.00         ZZ   
                                  360        266,007.33          1
5605 PARKSTON ROAD                 7.625          1,884.15         75   
                                     7.375          1,884.15      355,000.00
BETHESDA         MD   20816          2            08/07/97         00   
0430411322                           05           10/01/97          0   
1587078541                           O            09/01/27              
0                                                                       

1625742          074/G01             F          280,000.00         ZZ   
                                  360        279,792.19          1
6867 CHELSEA ROAD                  7.500          1,957.81         80   
                                     7.250          1,957.81      350,000.00
MC LEAN          VA   22101          1            08/08/97         00   
0430411330                           05           10/01/97          0   
1587078767                           O            09/01/27              
0                                                                       

1625745          074/G01             F          324,000.00         ZZ   
                                  360        323,759.54          1
5036 GLEN PARK ROAD                7.500          2,265.46         80   
                                     7.250          2,265.46      405,000.00
ANNANDALE        VA   22003          1            08/19/97         00   
0430411363                           05           10/01/97          0   
1587079861                           O            09/01/27              
0                                                                       

1625746          074/G01             F          358,500.00         ZZ   
                                  360        358,246.97          1
21 PEPPERELL COURT                 7.750          2,568.34         75   
                                     7.500          2,568.34      478,000.00
BETHESDA         MD   20817          1            08/18/97         00   
0430411371                           05           10/01/97          0   
1587080361                           O            09/01/27              
0                                                                       

1625748          074/G01             F          261,000.00         ZZ   
                                  360        260,815.78          1
200 NE 14 AVENUE #10               7.750          1,869.84         75   
                                     7.500          1,869.84      350,000.00
FORT LAUDERDALE  FL   33301          2            08/08/97         00   
0430411397                           09           10/01/97          0   
1589123807                           O            09/01/27              
0                                                                       
1                                                                               

1625751          074/G01             F           92,400.00         T    
                                  360         92,333.12          1
7220 25TH DRIVE WEST               7.625            654.01         70   
                                     7.375            654.01      132,000.00
BRADENTON        FL   34209          1            08/12/97         00   
0430411421                           03           10/01/97          0   
1589125755                           O            09/01/27              
0                                                                       

1625754          074/G01             F          234,000.00         ZZ   
                                  360        233,834.84          1
4935 KENSINGTON CIRCLE             7.750          1,676.41         78   
                                     7.500          1,676.41      300,000.00
CORAL SPRINGS    FL   33076          2            08/14/97         00   
0430411439                           05           10/01/97          0   
1589127998                           O            09/01/27              
0                                                                       

1625755          074/G01             F           73,600.00         ZZ   
                                  360         73,550.61          1
226 33RD TERRACE SW                8.000            540.06         80   
                                     7.750            540.06       92,000.00
CAPE CORAL       FL   33914          5            08/18/97         00   
0430411447                           05           10/01/97          0   
1589128119                           O            09/01/27              
0                                                                       

1625761          074/G01             F           50,000.00         ZZ   
                                  360         49,965.58          1
914 GRANADA BOULEVARD SOUTH        7.875            362.54         41   
                                     7.625            362.54      122,000.00
JACKSONVILLE     FL   32207          5            08/12/97         00   
0430411488                           05           10/01/97          0   
1590050041                           O            09/01/27              
0                                                                       

1625762          074/G01             F          240,000.00         ZZ   
                                  360        239,821.88          1
60 SAN RAPHAEL                     7.500          1,678.12         80   
                                     7.250          1,678.12      300,000.00
DANA POINT       CA   92629          2            08/11/97         00   
0430411496                           03           10/01/97          0   
1595004358                           O            09/01/27              
0                                                                       

1625779          074/G01             F          486,000.00         ZZ   
                                  360        485,665.54          1
1                                                                               

1636 ANITA LANE                    7.875          3,523.84         76   
                                     7.625          3,523.84      640,000.00
NEWPORT BEACH    CA   92660          2            08/07/97         00   
0430411660                           05           10/01/97          0   
1595048397                           O            09/01/27              
0                                                                       

1625787          074/G01             F          454,000.00         ZZ   
                                  360        453,671.40          1
2220 MELVILLE DRIVE                7.625          3,213.39         70   
                                     7.375          3,213.39      655,000.00
SAN MARINO       CA   91108          2            08/12/97         00   
0430411728                           05           10/01/97          0   
1595049607                           O            09/01/27              
0                                                                       

1625788          074/G01             F          340,000.00         ZZ   
                                  360        339,747.67          1
2 NORTH VISTA DE CATALINA          7.500          2,377.33         65   
                                     7.250          2,377.33      525,000.00
LAGUNA BEACH     CA   92677          2            08/13/97         00   
0430411736                           03           10/01/97          0   
1595050526                           O            09/01/27              
0                                                                       

1625790          074/G01             F          324,000.00         ZZ   
                                  360        323,759.54          1
422 GRACELAND DRIVE                7.500          2,265.46         80   
                                     7.250          2,265.46      405,000.00
LAGUNA BEACH     CA   92651          1            08/06/97         00   
0430411751                           05           10/01/97          0   
1595050708                           O            09/01/27              
0                                                                       

1625791          074/G01             F          388,000.00         ZZ   
                                  360        387,712.04          1
8 CALLENDAR COURT                  7.500          2,712.96         69   
                                     7.250          2,712.96      568,000.00
LAGUNA NIGUEL    CA   92677          1            08/11/97         00   
0430411769                           03           10/01/97          0   
1595050854                           O            09/01/27              
0                                                                       

1625792          074/G01             F          240,000.00         ZZ   
                                  360        239,821.88          1
20842 RAINTREE LANE                7.500          1,678.12         80   
                                     7.250          1,678.12      300,000.00
TRABUCO CANYON   CA   92679          1            08/18/97         00   
0430411777                           03           10/01/97          0   
1                                                                               

1595050990                           O            09/01/27              
0                                                                       

1625807          074/G01             F          328,800.00         ZZ   
                                  360        328,562.02          1
19429 KINZIE STREET                7.625          2,327.23         80   
                                     7.375          2,327.23      411,000.00
NORTHRIDGE       CA   91324          1            08/12/97         00   
0430411926                           05           10/01/97          0   
1596036564                           O            09/01/27              
0                                                                       

1625809          074/G01             F          412,000.00         ZZ   
                                  360        411,694.23          1
115 VIA ZAPATA                     7.500          2,880.77         80   
                                     7.250          2,880.77      515,000.00
SAN CLEMENTE     CA   92672          1            08/04/97         00   
0430411942                           05           10/01/97          0   
1596036906                           O            09/01/27              
0                                                                       

1625812          074/G01             F          400,000.00         ZZ   
                                  360        399,404.42          1
4570 GABLE DRIVE                   7.500          2,796.86         80   
                                     7.250          2,796.86      500,000.00
ENCINO           CA   91316          1            07/28/97         00   
0430411975                           05           09/01/97          0   
1596037829                           O            08/01/27              
0                                                                       

1625813          074/G01             F          450,000.00         ZZ   
                                  360        449,666.03          1
201 SOUTH CLARK DRIVE              7.500          3,146.47         75   
                                     7.250          3,146.47      600,000.00
BEVERLY HILLS    CA   90211          2            08/05/97         00   
0430411983                           05           10/01/97          0   
1596037830                           O            09/01/27              
0                                                                       

1625820          074/G01             F          247,000.00         ZZ   
                                  360        246,821.22          1
690 HERITAGE LANE                  7.625          1,748.26         80   
                                     7.375          1,748.26      310,000.00
ARROYO GRANDE    CA   93420          2            08/08/97         00   
0430412049                           05           10/01/97          0   
1596038559                           O            09/01/27              
0                                                                       

1                                                                               

1625825          074/G01             F          540,000.00         ZZ   
                                  360        539,609.16          1
1274 WOODRUFF AVENUE               7.625          3,822.09         80   
                                     7.375          3,822.09      675,000.00
LOS ANGELES      CA   90024          5            08/05/97         00   
0430412098                           05           10/01/97          0   
1596039052                           O            09/01/27              
0                                                                       

1625826          074/G01             F          460,000.00         ZZ   
                                  360        459,675.33          1
10025 HILLGROVE DRIVE              7.750          3,295.50         80   
                                     7.500          3,295.50      575,000.00
BEVERLY HILLS    CA   90210          1            08/07/97         00   
0430412106                           05           10/01/97          0   
1596039405                           O            09/01/27              
0                                                                       

1625828          074/G01             F          310,000.00         ZZ   
                                  360        309,781.20          1
2416 CALLE GALICIA                 7.750          2,220.88         77   
                                     7.500          2,220.88      405,000.00
SANTA BARBARA    CA   93109          5            08/14/97         00   
0430412122                           05           10/01/97          0   
1596039540                           O            09/01/27              
0                                                                       

1625829          074/G01             F          221,600.00         ZZ   
                                  360        221,443.60          1
7341 FREEMAN PLACE                 7.750          1,587.57         80   
                                     7.500          1,587.57      277,000.00
GOLETA           CA   93117          1            08/12/97         00   
0430412130                           03           10/01/97          0   
1596039562                           O            09/01/27              
0                                                                       

1625835          074/G01             F          320,000.00         ZZ   
                                  360        319,774.15          1
10736 ROCHESTER AVENUE             7.750          2,292.52         80   
                                     7.500          2,292.52      400,000.00
LOS ANGELES      CA   90024          1            08/08/97         00   
0430412171                           05           10/01/97          0   
1596040233                           O            09/01/27              
0                                                                       

1625841          074/G01             F          388,000.00         ZZ   
                                  360        387,726.15          1
2430 PAYNE                         7.750          2,779.68         80   
                                     7.500          2,779.68      485,000.00
1                                                                               

EVANSTON         IL   60201          1            08/15/97         00   
0430412221                           05           10/01/97          0   
1614015860                           O            09/01/27              
0                                                                       

1625845          074/G01             F          220,000.00         ZZ   
                                  360        219,844.72          1
7056 CAHILL RD                     7.750          1,576.11         80   
                                     7.500          1,576.11      275,000.00
EDINA            MN   55439          2            08/15/97         00   
0430412254                           09           10/01/97          0   
1661103259                           O            09/01/27              
0                                                                       

1625846          074/G01             F          252,700.00         ZZ   
                                  360        252,517.11          1
19858 SUMMERWOOD COURT             7.625          1,788.59         95   
                                     7.375          1,788.59      266,000.00
GREAT MILLS      MD   20634          1            08/22/97         11   
0430412262                           05           10/01/97         30   
1721178072                           O            09/01/27              
0                                                                       

1625847          074/G01             F          148,000.00         ZZ   
                                  360        147,790.41          1
556 N SAINT ASAPH STREET           7.750          1,060.29         80   
                                     7.500          1,060.29      185,000.00
ALEXANDRIA       VA   22314          2            07/25/97         00   
0430412270                           01           09/01/97          0   
1731152508                           O            08/01/27              
0                                                                       

1625849          074/G01             F          243,500.00         ZZ   
                                  360        243,335.83          1
125 LONGFELLOW DR                  8.000          1,786.72         74   
                                     7.750          1,786.72      332,000.00
MILLERSVILLE     MD   21108          2            08/18/97         00   
0430400044                           03           10/01/97          0   
1751103356                           O            09/01/27              
0                                                                       

1625860          074/074             F          352,000.00         ZZ   
                                  360        351,751.56          1
3 FRANKLIN CT                      7.750          2,521.77         79   
                                     7.500          2,521.77      446,000.00
EAST BRUNSWICK   NJ   08816          2            08/08/97         00   
1101216451                           05           10/01/97          0   
1101216451                           O            09/01/27              
0                                                                       
1                                                                               

1625864          074/074             F          163,500.00         ZZ   
                                  360        163,303.43          1
36 DARNELL LANE                    7.625          1,157.25         75   
                                     7.375          1,157.25      218,000.00
STATEN ISLAND    NY   10309          1            08/06/97         00   
1106060768                           09           10/01/97          0   
1106060768                           O            09/01/27              
0                                                                       

1625869          074/074             F           43,200.00         ZZ   
                                  360         43,138.80          1
40 BRIGHTON 1ST ROAD UNIT #17A     7.750            309.50         60   
                                     7.500            309.50       72,000.00
BROOKLYN         NY   11235          1            07/22/97         00   
1106069707                           11           09/01/97          0   
1106069707                           O            08/01/27              
0                                                                       

1625872          074/074             F          240,000.00         ZZ   
                                  360        239,830.61          1
201 EAST 21ST STREET, UNIT 16M     7.750          1,719.39         73   
                                     7.500          1,719.39      330,000.00
NEW YORK         NY   10010          1            08/12/97         00   
1106074809                           12           10/01/97          0   
1106074809                           O            09/01/27              
0                                                                       

1625874          074/074             F          650,000.00         ZZ   
                                  360        649,517.60          1
60 HERITAGE DRIVE                  7.500          4,544.90         72   
                                     7.250          4,544.90      907,500.00
PLEASANTVILLE    NY   10570          1            08/07/97         00   
1106075018                           05           10/01/97          0   
1106075018                           O            09/01/27              
0                                                                       

1625875          074/074             F          640,000.00         ZZ   
                                  360        639,536.79          1
321 GARFIELD PLACE                 7.625          4,529.88         80   
                                     7.375          4,529.88      800,000.00
BROOKLYN         NY   11215          1            08/13/97         00   
1106075710                           05           10/01/97          0   
1106075710                           O            09/01/27              
0                                                                       

1625876          074/074             F          300,000.00         ZZ   
                                  360        299,793.54          1
1                                                                               

365 REDMOND ROAD                   7.875          2,175.21         60   
                                     7.625          2,175.21      500,000.00
SOUTH ORANGE     NJ   07079          1            08/25/97         00   
1106076338                           05           10/01/97          0   
1106076338                           O            09/01/27              
0                                                                       

1625879          074/074             F          650,000.00         ZZ   
                                  360        649,541.24          1
54 PRESCOTT AVENUE                 7.750          4,656.68         50   
                                     7.500          4,656.68    1,300,000.00
BRONXVILLE       NY   10708          1            08/06/97         00   
1106077148                           05           10/01/97          0   
1106077148                           O            09/01/27              
0                                                                       

1625885          074/074             F          180,000.00         ZZ   
                                  360        179,885.22          1
206 WOODBURY ROAD                  8.250          1,352.28         60   
                                     8.000          1,352.28      300,000.00
WOODBURY         NY   11797          1            08/20/97         00   
1106079507                           05           10/01/97          0   
1106079507                           O            09/01/27              
0                                                                       

1625886          074/074             F          360,000.00         ZZ   
                                  360        359,758.44          1
8 BYRON ROAD                       8.000          2,641.56         80   
                                     7.750          2,641.56      450,000.00
NORTH CALDWELL   NJ   07006          1            08/25/97         00   
1106081713                           05           10/01/97          0   
1106081713                           O            09/01/27              
0                                                                       

1625889          074/074             F          253,200.00         ZZ   
                                  360        253,025.75          1
25 REVERE ROAD                     7.875          1,835.88         80   
                                     7.625          1,835.88      316,500.00
ARDSLEY          NY   10502          1            08/21/97         00   
1111110720                           05           10/01/97          0   
1111110720                           O            09/01/27              
0                                                                       

1625896          074/074             F          225,000.00         ZZ   
                                  360        224,833.01          1
178 E 80TH STREET, APT 24A         7.500          1,573.24         75   
                                     7.250          1,573.24      300,000.00
NEW YORK         NY   10021          1            08/05/97         00   
1111118040                           12           10/01/97          0   
1                                                                               

1111118040                           O            09/01/27              
0                                                                       

1625901          074/074             F           30,000.00         ZZ   
                                  360         29,978.82          1
57-17 246TH CRESCENT               7.750            214.93         49   
  UNIT B 1-5                         7.500            214.93       62,000.00
DOUGLASTON       NY   11362          1            08/14/97         00   
1111120370                           11           10/01/97          0   
1111120370                           O            09/01/27              
0                                                                       

1625903          074/074             F          400,000.00         ZZ   
                                  360        399,738.34          1
225 CLIF AVENUE                    8.125          2,969.99         59   
                                     7.875          2,969.99      678,000.00
PELHAM           NY   10803          1            08/20/97         00   
1111121078                           05           10/01/97          0   
1111121078                           O            09/01/27              
0                                                                       

1625910          074/074             F          304,000.00         ZZ   
                                  360        303,779.97          1
42 GABY LANE                       7.625          2,151.70         80   
                                     7.375          2,151.70      380,000.00
NEW ROCHELLE     NY   10804          1            08/22/97         00   
1111125545                           05           10/01/97          0   
1111125545                           O            09/01/27              
0                                                                       

1625911          074/074             F          450,000.00         ZZ   
                                  360        449,329.97          1
13 LINWOOD AVE                     7.500          3,146.47         76   
                                     7.250          3,146.47      595,000.00
RIVERSIDE        CT   06878          1            08/01/97         00   
1113051031                           05           10/01/97          0   
1113051031                           O            09/01/27              
0                                                                       

1625918          074/074             F          276,900.00         ZZ   
                                  360        276,699.59          1
2100 SPRINGSTEAD STREET            7.625          1,959.88         95   
                                     7.375          1,959.88      291,480.00
LAS VEGAS        NV   89134          1            08/21/97         21   
1251146870                           03           10/01/97         30   
1251146870                           O            09/01/27              
0                                                                       

1                                                                               

1625922          074/074             F          172,000.00         ZZ   
                                  360        171,872.35          1
771 DEL MONTE AVENUE               7.500          1,202.65         80   
                                     7.250          1,202.65      215,000.00
SOUTH SAN FRANC  CA   94080          1            08/07/97         00   
1494001137                           05           10/01/97          0   
1494001137                           O            09/01/27              
0                                                                       

1625928          074/074             F          450,000.00         ZZ   
                                  360        449,674.31          1
15 MEADOWOOD LANE                  7.625          3,185.07         59   
                                     7.375          3,185.07      765,000.00
BROOKVILLE       NY   11753          1            08/06/97         00   
1500343257                           05           10/01/97          0   
1500343257                           O            09/01/27              
0                                                                       

1625938          074/074             F          195,000.00         ZZ   
                                  360        194,730.72          1
331 DWIGHT ROAD                    7.875          1,413.89         75   
                                     7.625          1,413.89      260,000.00
MIDDLETOWN       NJ   07748          1            07/17/97         00   
1512139940                           05           09/01/97          0   
1512139940                           O            08/01/27              
0                                                                       

1625940          074/074             F          226,000.00         ZZ   
                                  360        225,341.03          1
2702 PICKERING COURT               7.750          1,619.09         95   
                                     7.500          1,619.09      237,909.00
PEARLAND         TX   77584          1            07/31/97         21   
1521038772                           03           09/01/97         30   
1521038772                           O            08/01/27              
0                                                                       

1625944          074/074             F          272,000.00         ZZ   
                                  360        271,785.97          1
599 MILL ROAD                      7.750          1,948.64         95   
                                     7.500          1,948.64      287,000.00
AUBURN           CA   95603          1            08/08/97         21   
1550006157                           05           10/01/97         30   
1550006157                           O            09/01/27              
0                                                                       

1625945          074/074             F          233,700.00         ZZ   
                                  360        233,309.66          1
580 KEVINGTON COURT                7.750          1,674.26         95   
                                     7.500          1,674.26      246,000.00
1                                                                               

SACRAMENTO       CA   95864          1            07/22/97         21   
1550006521                           05           09/01/97         30   
1550006521                           O            08/01/27              
0                                                                       

1625948          074/074             F          158,500.00         ZZ   
                                  360        158,275.55          1
382 GREEN HILL ROAD                7.750          1,135.51         66   
                                     7.500          1,135.51      243,000.00
MADISON          CT   06443          2            07/25/97         00   
1580056176                           05           09/01/97          0   
1580056176                           O            08/01/27              
0                                                                       

1625955          074/074             F          380,250.00         ZZ   
                                  360        379,671.03          1
1531 MILL PLAIN ROAD               7.500          2,658.77         90   
                                     7.250          2,658.77      422,500.00
FAIRFIELD        CT   06430          1            07/31/97         14   
1587077742                           05           09/01/97         25   
1587077742                           O            08/01/27              
0                                                                       

1625958          074/074             F          186,000.00         ZZ   
                                  360        185,881.39          1
13 LANE AVENUE                     8.250          1,397.36         80   
                                     8.000          1,397.36      233,000.00
WEST CALDWELL    NJ   07006          5            08/15/97         00   
1587079806                           05           10/01/97          0   
1587079806                           O            09/01/27              
0                                                                       

1625960          074/074             F          295,900.00         ZZ   
                                  360        295,680.40          1
3810 NORTH UPLAND STREET           7.500          2,068.98         95   
                                     7.250          2,068.98      311,500.00
ARLINGTON        VA   22207          1            08/15/97         21   
1761111838                           05           10/01/97         30   
1761111838                           O            09/01/27              
0                                                                       

1625974          952/G01             F          255,000.00         ZZ   
                                  360        255,000.00          1
784 HILTON PLACE                   8.250          1,915.73         68   
                                     8.000          1,915.73      380,000.00
PARAMUS          NJ   07652          5            09/16/97         00   
0430395160                           05           11/01/97          0   
97021683                             O            10/01/27              
0                                                                       
1                                                                               

1625979          889/G01             F          265,350.00         ZZ   
                                  360        265,167.39          1
545 ISSAC COURT                    7.875          1,923.97         80   
                                     7.625          1,923.97      332,000.00
SAN JOSE         CA   95136          1            08/14/97         00   
0430378802                           05           10/01/97          0   
51600775                             O            09/01/27              
0                                                                       

1625980          573/G01             F          234,900.00         ZZ   
                                  360        234,746.34          1
3635 OLEANDER DRIVE                8.125          1,744.13         90   
                                     7.875          1,744.13      261,000.00
SAN DIEGO        CA   92106          2            08/18/97         11   
0430377531                           05           10/01/97         25   
116200                               O            09/01/27              
0                                                                       

1626065          964/G01             F          270,000.00         ZZ   
                                  360        269,814.19          1
12000 GOSHEN AVENUE #305           7.875          1,957.69         73   
                                     7.625          1,957.69      370,000.00
LOS ANGELES      CA   90049          1            08/27/97         00   
0430376632                           01           10/01/97          0   
27642                                O            09/01/27              
0                                                                       

1626066          K08/G01             F          112,000.00         ZZ   
                                  360        111,930.39          1
1112 TURNER ROAD                   8.375            851.28         80   
                                     8.125            851.28      140,000.00
WINTER PARK      FL   32789          1            08/20/97         00   
0410438345                           05           10/01/97          0   
410438345                            O            09/01/27              
0                                                                       

1626109          K08/G01             F          118,500.00         ZZ   
                                  360        118,424.44          1
1411 E. FREMONT DRIVE              8.250            890.25         95   
                                     8.000            890.25      125,000.00
TEMPE            AZ   85282          2            08/20/97         04   
0410465637                           05           10/01/97         30   
410465637                            O            09/01/27              
0                                                                       

1626111          K08/G01             F          194,300.00         ZZ   
                                  360        194,166.28          1
1                                                                               

4538 WILLOWBEND COURT              7.875          1,408.81         80   
                                     7.625          1,408.81      243,180.00
CHINO HILLS      CA   91709          1            08/25/97         00   
0410497762                           05           10/01/97          0   
410497762                            O            09/01/27              
0                                                                       

1626119          E22/G01             F          209,900.00         ZZ   
                                  360        209,751.85          1
54 SHASTA COURT                    7.750          1,503.75         70   
                                     7.500          1,503.75      300,000.00
SAN RAMON        CA   94583          1            08/25/97         00   
0410495436                           09           10/01/97          0   
410495436                            O            09/01/27              
0                                                                       

1626150          K08/G01             F           82,500.00         ZZ   
                                  360         82,447.40          1
8331 BRIDGETOWN ROAD               8.250            619.79         75   
                                     8.000            619.79      110,000.00
CLEVES           OH   45002          2            08/18/97         00   
0410495279                           05           10/01/97          0   
410495279                            O            09/01/27              
0                                                                       

1626162          K08/G01             F          195,700.00         ZZ   
                                  360        195,565.32          1
11198 STONEBROOK DRIVE             7.875          1,418.96         80   
                                     7.625          1,418.96      244,653.00
MANASSAS         VA   20112          1            08/21/97         00   
0410507743                           05           10/01/97          0   
410507743                            O            09/01/27              
0                                                                       

1626166          K08/G01             F          154,000.00         ZZ   
                                  360        153,894.02          1
2820 DICKINSON ROAD                7.875          1,116.61         69   
                                     7.625          1,116.61      225,000.00
DE PERE          WI   54115          2            08/08/97         00   
0410484893                           05           10/01/97          0   
410484893                            O            09/01/27              
0                                                                       

1626173          K08/G01             F          317,400.00         ZZ   
                                  360        317,197.61          1
1104 VERSAILLES CT.                8.250          2,384.52         80   
                                     8.000          2,384.52      396,792.00
SOUTHLAKE        TX   76092          1            08/20/97         00   
0410523096                           03           10/01/97          0   
1                                                                               

410523096                            O            09/01/27              
0                                                                       

1626181          661/661             F          300,000.00         ZZ   
                                  360        299,392.10          1
218 WEST END AVENUE                8.000          2,201.29         79   
                                     7.750          2,201.29      380,000.00
RIDGEWOOD        NJ   07450          1            06/12/97         00   
2865715                              05           08/01/97          0   
2865715                              O            07/01/27              
0                                                                       

1626416          403/403             F          288,000.00         ZZ   
                                  360        287,791.55          1
15 BROOKHILL LANE                  7.625          2,038.45         90   
                                     7.375          2,038.45      320,000.00
NORWALK          CT   06851          1            08/22/97         04   
6574867                              05           10/01/97         25   
6574867                              O            09/01/27              
0                                                                       

1626427          731/G01             F          155,200.00         ZZ   
                                  360        155,084.82          1
3210 BRIERFIELD ROAD               7.500          1,085.18         80   
                                     7.250          1,085.18      194,000.00
ALPHARETTA       GA   30201          1            08/29/97         00   
0430378026                           03           10/01/97          0   
3140664804                           O            09/01/27              
0                                                                       

1626431          661/661             F          250,000.00         ZZ   
                                  360        249,566.57          1
74 CHURCH STREET                   7.375          1,726.69         69   
                                     7.125          1,726.69      366,000.00
DEDHAM           MA   02026          1            07/18/97         00   
2979615                              05           09/01/97          0   
2979615                              O            08/01/27              
0                                                                       

1626434          731/G01             F          248,000.00         ZZ   
                                  360        247,824.97          1
1414 GAUCHO COURT                  7.750          1,776.70         80   
                                     7.500          1,776.70      310,000.00
SAN JOSE         CA   95118          1            08/22/97         00   
0430391417                           05           10/01/97          0   
114254635                            O            09/01/27              
0                                                                       

1                                                                               

1626438          661/661             F          500,000.00         ZZ   
                                  360        499,036.92          1
870 SOUTH VICTORIA AVENUE          8.250          3,756.33         72   
                                     8.000          3,756.33      700,000.00
LOS ANGELES      CA   90005          5            06/16/97         00   
2984805                              05           08/01/97          0   
2984805                              O            07/01/27              
0                                                                       

1626442          661/661             F          132,000.00         ZZ   
                                  360        131,745.75          1
8 ESSEX GREEN LANE                 8.250            991.67         77   
  UNIT # B                           8.000            991.67      173,000.00
PEABODY          MA   01960          5            06/24/97         00   
2934404                              01           08/01/97          0   
2934404                              O            07/01/27              
0                                                                       

1626447          661/661             F           59,120.00         ZZ   
                                  360         59,036.27          1
430 TINA HELY COURT                7.750            423.55         80   
                                     7.500            423.55       73,900.00
STOCKBRIDGE      GA   30281          1            07/29/97         00   
2940609                              05           09/01/97          0   
2940609                              O            08/01/27              
0                                                                       

1626449          661/661             F           90,000.00         ZZ   
                                  360         89,831.02          1
1424 BEACH CLUB LANE               8.375            684.06         48   
                                     8.125            684.06      187,900.00
APOLLO BEACH     FL   33572          1            06/27/97         00   
2945731                              03           08/01/97          0   
2945731                              O            07/01/27              
0                                                                       

1626456          661/661             F          144,800.00         ZZ   
                                  360        144,584.90          1
13 ROBINHOOD ROAD                  8.000          1,062.49         80   
                                     7.750          1,062.49      181,000.00
ASHEVILLE        NC   28804          1            07/07/97         00   
2967354                              05           09/01/97          0   
2967354                              O            08/01/27              
0                                                                       

1626460          661/661             F          197,200.00         ZZ   
                                  360        196,934.47          1
39A ESSEX AVENUE                   8.000          1,446.99         85   
                                     7.750          1,446.99      232,000.00
1                                                                               

BERNARDSVILLE    NJ   07924          1            07/25/97         21   
2969525                              05           09/01/97         12   
2969525                              O            08/01/27              
0                                                                       

1626461          661/661             F           74,700.00         ZZ   
                                  360         74,596.84          1
7545 PINE TREE ROAD                7.875            541.63         90   
                                     7.625            541.63       83,000.00
SIDE LAKE        MN   55781          1            07/25/97         21   
2988012                              05           09/01/97         25   
2988012                              O            08/01/27              
0                                                                       

1626537          180/G01             F          328,000.00         ZZ   
                                  360        327,785.44          1
115 PARKCREST DRIVE                8.125          2,435.39         80   
                                     7.875          2,435.39      410,000.00
SOUTHLAKE        TX   76092          1            08/12/97         00   
0430387977                           03           10/01/97          0   
0004656138                           O            09/01/27              
0                                                                       

1626549          686/686             F          300,000.00         ZZ   
                                  360        299,478.75          1
181     CARIBBEAN ROAD             7.915          2,183.55         60   
                                     7.665          2,183.55      505,000.00
NAPLES           FL   34108          5            08/11/97         00   
817820376                            05           10/01/97          0   
817820376                            O            09/01/27              
0                                                                       

1626550          686/686             F          140,000.00         ZZ   
                                  360        139,901.13          1
7273  E SHOREWARD LOOP             7.750          1,002.98         66   
                                     7.500          1,002.98      215,000.00
TUCSON           AZ   85715          1            08/05/97         00   
817889793                            03           10/01/97          0   
817889793                            O            09/01/27              
0                                                                       

1626552          686/686             F          495,500.00         ZZ   
                                  360        495,184.03          1
391 HAWORTH AVENUE                 8.250          3,722.53         66   
                                     8.000          3,722.53      760,000.00
HAWORTH          NJ   07641          2            08/08/97         00   
818148140                            05           10/01/97          0   
818148140                            O            09/01/27              
0                                                                       
1                                                                               

1626553          686/686             F          195,560.00         ZZ   
                                  360        195,421.97          1
137 HILLSIDE ROAD                  7.750          1,401.02         75   
                                     7.500          1,401.02      260,750.00
NORTH ANDOVER    MA   01845          1            08/15/97         00   
818196743                            05           10/01/97          0   
818196743                            O            09/01/27              
0                                                                       

1626554          686/686             F          274,000.00         ZZ   
                                  360        273,811.43          1
2217 MIRAMAR LANE                  7.875          1,986.70         75   
                                     7.625          1,986.70      366,218.00
BUFFALO GROVE    IL   60089          1            08/15/97         00   
818236416                            03           10/01/97          0   
818236416                            O            09/01/27              
0                                                                       

1626556          686/686             F          120,000.00         ZZ   
                                  360        119,919.48          1
9126 BROCKLEHURST LANE             8.000            880.52         75   
                                     7.750            880.52      160,000.00
CHARLOTTE        NC   28215          1            08/15/97         00   
818342784                            03           10/01/97          0   
818342784                            O            09/01/27              
0                                                                       

1626557          686/686             F          387,000.00         ZZ   
                                  360        386,745.55          1
350 ATHERTON STREET                8.100          2,866.70         71   
                                     7.850          2,866.70      550,000.00
MILTON           MA   02186          5            08/11/97         00   
818384554                            05           10/01/97          0   
818384554                            O            09/01/27              
0                                                                       

1626558          686/686             F          220,000.00         ZZ   
                                  360        219,843.15          1
11127   BUSHIRE DRIVE              7.700          1,568.52         80   
                                     7.450          1,568.52      275,000.00
DALLAS           TX   75225          1            08/15/97         00   
818408411                            05           10/01/97          0   
818408411                            O            09/01/27              
0                                                                       

1626559          686/686             F          112,500.00         ZZ   
                                  360        112,426.41          1
1                                                                               

119 HUNTERS CREEK                  8.125            835.31         75   
                                     7.875            835.31      150,000.00
SHELTON          CT   06484          1            08/15/97         00   
818412744                            01           10/01/97          0   
818412744                            O            09/01/27              
0                                                                       

1626560          686/686             F          120,000.00         ZZ   
                                  360        119,819.48          1
29 CEDARCREST PLACE                8.000            880.52         75   
                                     7.750            880.52      160,000.00
NORWALK          CT   06854          1            08/15/97         00   
818413346                            05           10/01/97          0   
818413346                            O            09/01/27              
0                                                                       

1626561          686/686             F          182,500.00         ZZ   
                                  360        182,377.54          1
1115    MARTHAS COURT E            8.000          1,339.13         66   
                                     7.750          1,339.13      280,000.00
KNOXVILLE        MD   21758          5            08/08/97         00   
818413486                            05           10/01/97          0   
818413486                            O            09/01/27              
0                                                                       

1626562          686/686             F          565,809.00         ZZ   
                                  360        565,429.35          1
7937    SANDALFOOT DRIVE           8.000          4,151.71         69   
                                     7.750          4,151.71      820,012.00
POTOMAC          MD   20854          1            08/12/97         00   
818413601                            03           10/01/97          0   
818413601                            O            09/01/27              
0                                                                       

1626563          686/686             F          156,000.00         ZZ   
                                  360        155,903.03          1
13329   DALEVIEW                   8.375          1,185.72         75   
                                     8.125          1,185.72      208,050.00
GREEN OAK TWP    MI   48178          1            08/15/97         00   
818501140                            05           10/01/97          0   
818501140                            O            09/01/27              
0                                                                       

1626572          686/686             F           51,750.00         ZZ   
                                  360         51,657.22          1
149 EAST 114TH PLACE               8.125            384.25         75   
                                     7.875            384.25       69,000.00
CHICAGO          IL   60610          2            08/12/97         00   
818237943                            05           10/01/97          0   
1                                                                               

818237943                            O            09/01/27              
0                                                                       

1626574          686/686             F          145,000.00         ZZ   
                                  360        144,897.66          1
987 MELISSA PARK TERRACE           7.750          1,038.80         60   
                                     7.500          1,038.80      242,000.00
EL CAJON         CA   92021          5            08/12/97         00   
818446213                            05           10/01/97          0   
818446213                            O            09/01/27              
0                                                                       

1626576          686/686             F          275,000.00         ZZ   
                                  360        274,805.90          1
3324    RAY NASH DR NW             7.750          1,970.14         74   
                                     7.500          1,970.14      375,000.00
GIG HARBOR       WA   98335          2            08/07/97         00   
818480287                            05           10/01/97          0   
818480287                            O            09/01/27              
0                                                                       

1626577          686/686             F          188,550.00         ZZ   
                                  360        188,426.66          1
106     HOSEA DR                   8.125          1,399.98         73   
                                     7.875          1,399.98      260,000.00
CINCINNATI       OH   45220          1            08/18/97         00   
818501272                            05           10/01/97          0   
818501272                            O            09/01/27              
0                                                                       

1626602          661/661             F          155,052.00         T    
                                  360        154,837.88          1
4221 STONEY CREEK DRIVE            7.875          1,124.24         75   
                                     7.625          1,124.24      206,736.00
FT COLLINS       CO   80525          1            07/18/97         00   
2819712                              03           09/01/97          0   
2819712                              O            08/01/27              
0                                                                       

1626603          661/661             F          198,000.00         ZZ   
                                  360        197,634.22          1
374 VERMONT AVE                    7.875          1,435.64         90   
                                     7.625          1,435.64      220,000.00
OCEANSIDE        NY   11572          1            07/09/97         21   
2833119                              05           09/01/97         25   
2833119                              O            08/01/27              
0                                                                       

1                                                                               

1626612          686/686             F           75,000.00         ZZ   
                                  360         74,946.52          1
8731  NW 10TH ST                   7.700            534.73         72   
                                     7.450            534.73      105,000.00
PEMBROKE PINES   FL   33024          1            08/21/97         00   
817973753                            05           10/01/97          0   
817973753                            O            09/01/27              
0                                                                       

1626614          686/686             F          132,000.00         ZZ   
                                  360        131,915.82          1
370     TREMONT CIRCLE             8.250            991.68         58   
                                     8.000            991.68      230,000.00
VALPARAISO       IN   46383          1            08/21/97         00   
818501710                            03           10/01/97          0   
818501710                            O            09/01/27              
0                                                                       

1626618          686/686             F          234,900.00         ZZ   
                                  360        234,737.52          1
12513 SANDY CREEK LANE             7.850          1,699.12         90   
                                     7.600          1,699.12      261,000.00
CERRITOS         CA   90703          2            08/07/97         01   
818005183                            03           10/01/97         25   
818005183                            O            09/01/27              
0                                                                       

1626619          686/686             F          268,000.00         ZZ   
                                  360        267,808.93          1
121 STONEHURST LANE                7.700          1,910.74         80   
                                     7.450          1,910.74      335,000.00
DIX HILLS        NY   11746          2            08/18/97         00   
818262768                            05           10/01/97          0   
818262768                            O            09/01/27              
0                                                                       

1626620          686/686             F          240,000.00         ZZ   
                                  360        239,841.40          1
2-15 147TH STREET                  8.075          1,773.60         45   
                                     7.825          1,773.60      540,000.00
WHITESTONE       NY   11357          1            08/22/97         00   
818301806                            05           10/01/97          0   
818301806                            O            09/01/27              
0                                                                       

1626621          686/686             F           66,500.00         T    
                                  360         66,458.37          1
41 SILVER BEACH AVENUE             8.340            503.81         70   
                                     8.090            503.81       95,000.00
1                                                                               

FALMOUTH         MA   02565          2            08/22/97         00   
818322588                            05           10/01/97          0   
818322588                            O            09/01/27              
0                                                                       

1626622          686/686             F          300,000.00         ZZ   
                                  360        299,787.19          1
19131 FOX LANDING DRIVE            7.725          2,144.06         57   
                                     7.475          2,144.06      533,000.00
BOCA RATON       FL   33434          1            08/22/97         00   
818365066                            03           10/01/97          0   
818365066                            O            09/01/27              
0                                                                       

1626623          686/686             F          125,000.00         ZZ   
                                  360        124,920.29          1
149 HAASE AVENUE                   8.250            939.09         68   
                                     8.000            939.09      185,000.00
PARAMUS          NJ   07652          1            08/22/97         00   
818414716                            05           10/01/97          0   
818414716                            O            09/01/27              
0                                                                       

1626624          686/686             F          170,000.00         ZZ   
                                  360        169,880.01          1
7600  N MERCER WAY #104            7.750          1,217.91         42   
                                     7.500          1,217.91      410,000.00
MERCER ISLAND    WA   98040          1            08/12/97         00   
818419756                            01           10/01/97          0   
818419756                            O            09/01/27              
0                                                                       

1626626          686/686             F          163,000.00         ZZ   
                                  360        162,884.95          1
9320 NEWELL CREEK ROAD             7.750          1,167.76         45   
                                     7.500          1,167.76      365,000.00
BEN LOMOND       CA   95005          5            08/14/97         00   
818454670                            05           10/01/97          0   
818454670                            O            09/01/27              
0                                                                       

1626627          686/686             F           63,700.00         ZZ   
                                  360         63,654.58          1
6187A   LAUREL LANE                7.700            454.16         75   
                                     7.450            454.16       85,000.00
TAMARAC          FL   33319          1            08/22/97         00   
818478240                            09           10/01/97          0   
818478240                            O            09/01/27              
0                                                                       
1                                                                               

1626631          661/661             F          192,500.00         ZZ   
                                  360        192,234.17          1
521 LAKE MUREX CIRCLE              7.875          1,395.76         54   
                                     7.625          1,395.76      360,000.00
SANIBEL          FL   33957          2            07/24/97         00   
2994028                              03           09/01/97          0   
2994028                              O            08/01/27              
0                                                                       

1626667          003/G01             F          208,850.00         ZZ   
                                  360        208,702.59          1
190 KIVETON PARK DRIVE             7.750          1,496.23         77   
                                     7.500          1,496.23      272,500.00
ROSWELL          GA   30075          1            08/22/97         00   
0430377853                           03           10/01/97          0   
0003877925                           O            09/01/27              
0                                                                       

1626669          003/G01             F          202,400.00         ZZ   
                                  360        202,257.15          1
73 WILDGLEN DR                     7.750          1,450.02         80   
                                     7.500          1,450.02      253,001.00
SUWANEE          GA   30174          1            08/20/97         00   
0430377879                           03           10/01/97          0   
0003842218                           O            09/01/27              
0                                                                       

1626695          696/G01             F          165,850.00         ZZ   
                                  360        165,738.72          1
1108 VOLOS COURT                   8.000          1,216.95         80   
                                     7.750          1,216.95      207,330.00
BEL AIR          MD   21015          1            08/26/97         00   
0430378091                           03           10/01/97          0   
3015431                              O            09/01/27              
0                                                                       

1626703          686/686             F          230,000.00         ZZ   
                                  360        229,832.69          1
1982 BAKERS MILL ROAD              7.600          1,623.98         65   
                                     7.350          1,623.98      357,000.00
DACULA           GA   30019          1            08/27/97         00   
817916125                            03           10/01/97          0   
817916125                            O            09/01/27              
0                                                                       

1626705          686/686             F           70,000.00         ZZ   
                                  360         69,753.64          1
1                                                                               

472 SOUTH 9TH STREET               8.065            516.82         47   
                                     7.815            516.82      150,000.00
LINDENHURST      NY   11757          1            08/27/97         00   
818316374                            05           10/01/97          0   
818316374                            O            09/01/27              
0                                                                       

1626707          686/686             F          153,000.00         ZZ   
                                  360        152,890.92          1
35673   MANON AVENUE               7.700          1,090.83         77   
                                     7.450          1,090.83      200,000.00
MADERA           CA   93638          2            08/25/97         00   
818404717                            05           10/01/97          0   
818404717                            O            09/01/27              
0                                                                       

1626708          686/686             F          184,000.00         ZZ   
                                  360        183,852.85          1
37 WAMPANOAG DRIVE                 7.125          1,239.65         80   
                                     6.875          1,239.65      230,000.00
FRANKLIN         MA   02038          2            08/22/97         00   
818416091                            05           10/01/97          0   
818416091                            O            09/01/27              
0                                                                       

1626710          686/686             F          103,500.00         ZZ   
                                  360        103,428.77          1
865 9TH AVENUE                     7.875            750.45         70   
                                     7.625            750.45      148,000.00
FOX ISLAND       WA   98333          5            08/19/97         00   
818482572                            05           10/01/97          0   
818482572                            O            09/01/27              
0                                                                       

1626713          686/686             F           50,000.00         ZZ   
                                  360         49,967.29          1
755 PEBBLESHIRE LANE               8.125            371.25         38   
                                     7.875            371.25      134,000.00
KIRKWOOD         MO   63122          1            08/27/97         00   
818500902                            03           10/01/97          0   
818500902                            O            09/01/27              
0                                                                       

1626714          686/686             F          129,000.00         ZZ   
                                  360        128,917.74          1
37595   MALLORY DRIVE              8.250            969.14         70   
                                     8.000            969.14      186,000.00
LIVONIA          MI   48154          1            08/26/97         00   
818502387                            05           10/01/97          0   
1                                                                               

818502387                            O            09/01/27              
0                                                                       

1626715          686/686             F          126,500.00         ZZ   
                                  360        126,417.25          1
20120 AKIN ROAD WEST               8.125            939.26         44   
                                     7.875            939.26      290,000.00
FARMINGTON       MN   55024          5            08/22/97         00   
818502833                            05           10/01/97          0   
818502833                            O            09/01/27              
0                                                                       

1626726          686/686             F           42,500.00         ZZ   
                                  360         42,407.58          1
8633    PORTOLA CT 18AH            7.650            301.55         50   
                                     7.400            301.55       85,000.00
HUNTINGTON BEAC  CA   92646          1            06/12/97         00   
817987134                            01           08/01/97          0   
817987134                            O            07/01/27              
0                                                                       

1626727          686/686             F          356,000.00         ZZ   
                                  360        355,759.91          1
2007 SAN ONOFRE DRIVE              7.975          2,606.01         80   
                                     7.725          2,606.01      445,000.00
CAMARILLO        CA   93012          1            08/22/97         00   
818009797                            05           10/01/97          0   
818009797                            O            09/01/27              
0                                                                       

1626729          686/686             F          167,900.00         ZZ   
                                  360        167,786.19          1
3 POND VIEW DRIVE                  7.950          1,226.15         70   
                                     7.700          1,226.15      239,900.00
OXFORD           CT   06478          1            08/28/97         00   
818253999                            05           10/01/97          0   
818253999                            O            09/01/27              
0                                                                       

1626730          686/686             F          228,000.00         ZZ   
                                  360        227,848.25          1
165 CONTINENTAL AVENUE             8.040          1,679.35         80   
                                     7.790          1,679.35      285,000.00
EAST NORTHPORT   NY   11731          1            08/28/97         00   
818316606                            05           10/01/97          0   
818316606                            O            09/01/27              
0                                                                       

1                                                                               

1626731          686/686             F          306,900.00         ZZ   
                                  360        306,685.56          1
32088 TALIESIN WAY                 7.800          2,209.29         90   
                                     7.550          2,209.29      341,000.00
BONSALL          CA   92003          1            08/22/97         10   
818326175                            05           10/01/97         25   
818326175                            O            09/01/27              
0                                                                       

1626732          686/686             F          120,000.00         ZZ   
                                  360        119,914.01          1
31831   12TH PLACE SW              7.675            853.49         69   
                                     7.425            853.49      175,000.00
FEDERAL WAY      WA   98023          1            08/22/97         00   
818372401                            05           10/01/97          0   
818372401                            O            09/01/27              
0                                                                       

1626733          686/686             F          273,600.00         ZZ   
                                  360        273,406.89          1
342 BODEGA WAY                     7.750          1,960.11         80   
                                     7.500          1,960.11      342,000.00
SAN JOSE         CA   95119          1            08/13/97         00   
818381899                            03           10/01/97          0   
818381899                            O            09/01/27              
0                                                                       

1626734          686/686             F          100,000.00         ZZ   
                                  360         99,934.58          1
684 SW WISPER BAY DR               8.125            742.50         70   
                                     7.875            742.50      144,500.00
PALM CITY        FL   34990          1            08/27/97         00   
818425183                            05           10/01/97          0   
818425183                            O            09/01/27              
0                                                                       

1626735          686/686             F          100,100.00         ZZ   
                                  360        100,029.35          1
1661 SAGEWOOD STREET               7.750            717.13         66   
                                     7.500            717.13      153,495.00
RICHLAND         WA   99352          1            08/22/97         00   
818480519                            03           10/01/97          0   
818480519                            O            09/01/27              
0                                                                       

1626737          686/686             F          158,625.00         ZZ   
                                  360        158,518.56          1
12708   CASWELL AVENUE             8.000          1,163.94         75   
                                     7.750          1,163.94      211,500.00
1                                                                               

LOS ANGELES      CA   90066          1            08/26/97         00   
818493587                            05           10/01/97          0   
818493587                            O            09/01/27              
0                                                                       

1626738          686/686             F          115,500.00         ZZ   
                                  360        115,420.90          1
1300    ASHWORTH AVENUE            7.900            839.47         66   
                                     7.650            839.47      175,000.00
MARIETTA         GA   30064          2            08/25/97         00   
817916752                            03           10/01/97          0   
817916752                            O            09/01/27              
0                                                                       

1626739          686/686             F           46,000.00         ZZ   
                                  360         45,967.85          1
17500 NW 52ND AVE                  7.800            331.15         43   
                                     7.550            331.15      109,000.00
MIAMI            FL   33055          5            08/25/97         00   
817973431                            05           10/01/97          0   
817973431                            O            09/01/27              
0                                                                       

1626741          686/686             F           89,250.00         ZZ   
                                  360         89,185.07          1
207     KOZLEY ROAD                7.600            630.18         75   
                                     7.350            630.18      119,000.00
TOLLAND          CT   06084          1            08/29/97         00   
818050098                            05           10/01/97          0   
818050098                            O            09/01/27              
0                                                                       

1626743          686/686             F          250,000.00         ZZ   
                                  360        249,830.54          1
2 FIRELIGHT COURT                  7.950          1,825.71         75   
                                     7.700          1,825.71      335,000.00
DIX HILLS        NY   11746          1            08/29/97         00   
818262388                            05           10/01/97          0   
818262388                            O            09/01/27              
0                                                                       

1626744          686/686             F          143,500.00         ZZ   
                                  360        143,398.71          1
173-11  47TH AVENUE                7.750          1,028.06         70   
                                     7.500          1,028.06      205,000.00
FLUSHING         NY   11358          1            08/29/97         00   
818302234                            05           10/01/97          0   
818302234                            O            09/01/27              
0                                                                       
1                                                                               

1626746          686/686             F          120,000.00         ZZ   
                                  360        119,916.99          1
14004   WALNUT AVENUE              7.850            868.01         75   
                                     7.600            868.01      160,000.00
WALNUT GROVE     CA   95690          1            08/26/97         00   
818333874                            05           10/01/97          0   
818333874                            O            09/01/27              
0                                                                       

1626747          686/686             F           95,000.00         ZZ   
                                  360         94,935.61          1
7335    NANTUCKET PLACE            7.950            693.77         37   
                                     7.700            693.77      260,000.00
GILROY           CA   95020          1            08/25/97         00   
818337396                            05           10/01/97          0   
818337396                            O            09/01/27              
0                                                                       

1626749          686/686             F           73,387.00         ZZ   
                                  360         73,335.72          1
1091 SALMON ISLE                   7.800            528.30         75   
                                     7.550            528.30       97,850.00
WEST PALM BEACH  FL   33413          1            08/29/97         00   
818366437                            03           10/01/97          0   
818366437                            O            09/01/27              
0                                                                       

1626750          686/686             F           80,500.00         ZZ   
                                  360         80,442.60          1
2911 FAIRLAWN ST                   7.700            573.94         56   
                                     7.450            573.94      145,000.00
TEMPLE HILLS     MD   20748          2            08/25/97         00   
818370108                            05           10/01/97          0   
818370108                            O            09/01/27              
0                                                                       

1626752          686/686             F           87,375.00         ZZ   
                                  360         87,314.87          1
767 ROCKEFELLER LANE               7.875            633.53         75   
                                     7.625            633.53      116,500.00
ALLEN            TX   75002          1            08/27/97         00   
818391997                            05           10/01/97          0   
818391997                            O            09/01/27              
0                                                                       

1626754          686/686             F          378,200.00         ZZ   
                                  360        377,924.89          1
1                                                                               

3502    BRYN MAWR DRIVE            7.600          2,670.38         69   
                                     7.350          2,670.38      550,000.00
UNIVERSITY PARK  TX   75225          2            08/25/97         00   
818408973                            05           10/01/97          0   
818408973                            O            09/01/27              
0                                                                       

1626756          686/686             F           53,000.00         ZZ   
                                  360         52,962.59          1
4207    74TH AVENUE                7.750            379.70         47   
                                     7.500            379.70      115,000.00
HYATTSVILLE      MD   20784          5            08/25/97         00   
818412884                            05           10/01/97          0   
818412884                            O            09/01/27              
0                                                                       

1626757          686/686             F          237,800.00         ZZ   
                                  360        237,640.43          1
16005 NW 82ND COURT                8.000          1,744.90         80   
                                     7.750          1,744.90      297,800.00
MIAMI            FL   33016          1            08/29/97         00   
818422891                            03           10/01/97          0   
818422891                            O            09/01/27              
0                                                                       

1626758          686/686             F           86,200.00         ZZ   
                                  360         86,145.03          1
104     BEACH AVENUE               8.250            647.60         75   
                                     8.000            647.60      115,000.00
ALTAMONTE SPRIN  FL   32701          1            08/29/97         00   
818423808                            05           10/01/97          0   
818423808                            O            09/01/27              
0                                                                       

1626759          686/686             F           68,000.00         ZZ   
                                  360         67,949.53          1
2125 LAKE FRANCIS DR               7.500            475.47         70   
                                     7.250            475.47       97,250.00
APOPKA           FL   32712          1            08/28/97         00   
818426371                            05           10/01/97          0   
818426371                            O            09/01/27              
0                                                                       

1626760          686/686             F          207,000.00         ZZ   
                                  360        206,868.00          1
326 NE 5TH AVENUE                  8.250          1,555.13         75   
                                     8.000          1,555.13      276,000.00
DANIA            FL   33004          1            08/28/97         00   
818426439                            05           10/01/97          0   
1                                                                               

818426439                            O            09/01/27              
0                                                                       

1626761          686/686             F          129,500.00         ZZ   
                                  360        129,413.10          1
9149 EMERSON AVENUE                8.000            950.23         70   
                                     7.750            950.23      186,500.00
SURFSIDE         FL   33154          1            08/29/97         00   
818426827                            05           10/01/97          0   
818426827                            O            09/01/27              
0                                                                       

1626762          686/686             F          220,000.00         ZZ   
                                  360        219,849.81          2
27-29 AUBURNDALE AVENUE            7.915          1,601.27         54   
                                     7.665          1,601.27      410,000.00
NEWTON           MA   02165          5            08/25/97         00   
818462475                            05           10/01/97          0   
818462475                            O            09/01/27              
0                                                                       

1626763          686/686             F          198,000.00         ZZ   
                                  360        197,873.74          1
3541  E OREGON AVENUE              8.250          1,487.51         75   
                                     8.000          1,487.51      264,000.00
PHOENIX          AZ   85018          1            08/21/97         00   
818491300                            05           10/01/97          0   
818491300                            O            09/01/27              
0                                                                       

1626764          686/686             F          377,000.00         ZZ   
                                  360        376,747.03          1
12241   BROADWAY ROAD              8.000          2,766.30         77   
                                     7.750          2,766.30      490,000.00
MOORPARK         CA   93021          5            08/22/97         00   
818492878                            05           10/01/97          0   
818492878                            O            09/01/27              
0                                                                       

1626765          686/686             F          147,750.00         ZZ   
                                  360        147,645.72          1
8556 6TH STREET                    7.750          1,058.50         76   
                                     7.500          1,058.50      196,982.00
DOWNEY           CA   90241          1            08/27/97         00   
818493520                            05           10/01/97          0   
818493520                            O            09/01/27              
0                                                                       

1                                                                               

1626766          686/686             F          108,750.00         ZZ   
                                  360        108,680.65          1
4760    BERKLEY                    8.250            817.01         75   
                                     8.000            817.01      145,000.00
RICHFIELD        OH   44037          1            08/28/97         00   
818501447                            05           10/01/97          0   
818501447                            O            09/01/27              
0                                                                       

1626767          686/686             F          240,000.00         ZZ   
                                  360        239,834.83          1
7725 MARQUETTE DRIVE SOUTH         7.875          1,740.17         80   
                                     7.625          1,740.17      300,023.00
TINLEY PARK      IL   60477          1            08/29/97         00   
818503641                            05           10/01/97          0   
818503641                            O            09/01/27              
0                                                                       

1626783          686/686             F           88,000.00         ZZ   
                                  360         87,936.62          1
4382  E ST JOHN RD                 7.650            624.38         52   
                                     7.400            624.38      170,000.00
PHOENIX          AZ   85032          2            08/25/97         00   
818314106                            03           10/01/97          0   
818314106                            O            09/01/27              
0                                                                       

1626784          686/686             F          183,000.00         ZZ   
                                  360        182,870.83          1
1564 NEWBRIDGE AVENUE              7.750          1,311.04         69   
                                     7.500          1,311.04      268,000.00
SAN MATEO        CA   94401          5            08/25/97         00   
818455883                            05           10/01/97          0   
818455883                            O            09/01/27              
0                                                                       

1626785          686/686             F           93,000.00         ZZ   
                                  360         92,934.35          1
7480 COMET VIEW COURT              7.750            666.27         45   
                                     7.500            666.27      210,000.00
SAN DIEGO        CA   92120          5            08/22/97         00   
818493298                            05           10/01/97          0   
818493298                            O            09/01/27              
0                                                                       

1626786          686/686             F          400,000.00         ZZ   
                                  360        399,731.61          1
980     WESTWOOD DRIVE             8.000          2,935.06         64   
                                     7.750          2,935.06      625,000.00
1                                                                               

BIRMINGHAM       MI   48009          2            08/26/97         00   
818502924                            05           10/01/97          0   
818502924                            O            09/01/27              
0                                                                       

1626797          H05/H05             F          119,000.00         ZZ   
                                  360        118,918.11          1
144 HUNTLEY DRIVE                  7.875            862.83         44   
                                     7.625            862.83      275,000.00
ARDSLEY          NY   10502          2            08/25/97         00   
103388561                            05           10/01/97          0   
103388561                            O            09/01/27              
0                                                                       

1626799          074/G01             F          345,500.00         ZZ   
                                  360        345,268.17          1
328 SHIELDS LANE                   8.000          2,535.16         58   
                                     7.750          2,535.16      600,000.00
SEWICKLEY        PA   15143          2            08/25/97         00   
0430416297                           05           10/01/97          0   
1113055804                           O            09/01/27              
0                                                                       

1626809          074/G01             F          476,000.00         ZZ   
                                  360        475,664.05          1
4638 PINE VALLEY PLACE             7.750          3,410.12         80   
                                     7.500          3,410.12      595,000.00
WESTLAKE VILLAG  CA   91362          1            08/28/97         00   
0430416412                           03           10/01/97          0   
1117000190                           O            09/01/27              
0                                                                       

1626810          074/G01             F          242,000.00         ZZ   
                                  360        241,657.29          1
138 SPYGLASS DR                    7.750          1,733.72         80   
                                     7.500          1,733.72      303,883.00
BLUE BELL        PA   19422          1            07/25/97         00   
0430416420                           03           09/01/97          0   
1171164104                           O            08/01/27              
0                                                                       

1626813          074/G01             F          292,000.00         ZZ   
                                  360        291,793.91          1
710 S 10TH ST                      7.750          2,091.92         79   
                                     7.500          2,091.92      370,000.00
PHILADELPHIA     PA   19147          2            08/22/97         00   
0430416446                           05           10/01/97          0   
1175047328                           O            09/01/27              
0                                                                       
1                                                                               

1626816          074/G01             F          293,650.00         ZZ   
                                  360        293,234.16          1
26335 LOCKWOOD ROAD                7.750          2,103.74         76   
                                     7.500          2,103.74      390,000.00
MALIBU           CA   90265          2            08/06/97         00   
0430416461                           05           09/01/97          0   
1230011192                           O            08/01/27              
0                                                                       

1626818          074/G01             F          263,600.00         ZZ   
                                  360        263,413.96          1
2356 PARNELL AVENUE                7.750          1,888.46         75   
                                     7.500          1,888.46      351,500.00
LOS ANGELES      CA   90064          1            08/20/97         00   
0430416487                           05           10/01/97          0   
1230011909                           O            09/01/27              
0                                                                       

1626819          074/G01             F          410,000.00         ZZ   
                                  360        409,710.63          1
4621 CROWN AVENUE                  7.750          2,937.29         80   
                                     7.500          2,937.29      515,000.00
LA CANADA        CA   91011          2            08/19/97         00   
0430416495                           05           10/01/97          0   
1230012107                           O            09/01/27              
0                                                                       

1626820          074/G01             F          650,000.00         ZZ   
                                  360        649,517.61          1
329 SOUTH PECK DRIVE               7.500          4,544.89         73   
                                     7.250          4,544.89      900,000.00
BEVERLY HILLS    CA   90212          2            08/20/97         00   
0430416503                           05           10/01/97          0   
1230013063                           O            09/01/27              
0                                                                       

1626823          074/G01             F          517,600.00         ZZ   
                                  360        517,225.38          1
6361 EAST VERA CREST DRIVE         7.625          3,663.54         80   
                                     7.375          3,663.54      647,000.00
LONG BEACH       CA   90815          1            08/04/97         00   
0430423376                           05           10/01/97          0   
1233014743                           O            09/01/27              
0                                                                       

1626824          074/G01             F          340,000.00         ZZ   
                                  360        339,160.42          1
1                                                                               

6530 RIGGS PLACE                   7.625          2,406.50         66   
                                     7.375          2,406.50      520,000.00
LOS ANGELES      CA   90045          2            08/19/97         00   
0430401349                           05           10/01/97          0   
1233015510                           O            09/01/27              
0                                                                       

1626826          074/G01             F          560,000.00         ZZ   
                                  360        559,594.69          1
3312 RED ROSE DRIVE                7.625          3,963.64         70   
                                     7.375          3,963.64      800,000.00
LOS ANGELES      CA   91436          2            08/14/97         00   
0430416545                           05           10/01/97          0   
1233015531                           O            09/01/27              
0                                                                       

1626827          074/G01             F          322,500.00         ZZ   
                                  360        322,266.59          1
361 WESTBOURNE DRIVE               7.625          2,282.63         79   
                                     7.375          2,282.63      410,000.00
WEST HOLLYWOOD   CA   90048          2            08/21/97         00   
0430416552                           05           10/01/97          0   
1233015542                           O            09/01/27              
0                                                                       

1626828          074/G01             F          500,000.00         ZZ   
                                  360        499,647.11          1
2936 ALTA VISTA DRIVE              7.750          3,582.06         63   
                                     7.500          3,582.06      800,000.00
NEWPORT BEACH    CA   92660          2            08/22/97         00   
0430416560                           05           10/01/97          0   
1233015724                           O            09/01/27              
0                                                                       

1626832          074/G01             F          412,000.00         ZZ   
                                  360        411,709.21          1
16835 BOLLINGER DRIVE              7.750          2,951.62         80   
                                     7.500          2,951.62      515,000.00
PACIFIC PALISAD  CA   90272          2            08/19/97         00   
0430416602                           05           10/01/97          0   
1233016137                           O            09/01/27              
0                                                                       

1626836          074/G01             F          341,600.00         ZZ   
                                  360        341,346.48          1
2135 MALCOLM AVE                   7.500          2,388.52         80   
                                     7.250          2,388.52      427,000.00
LOS ANGELES      CA   90025          1            08/20/97         00   
0430416644                           05           10/01/97          0   
1                                                                               

1234007288                           O            09/01/27              
0                                                                       

1626837          074/G01             F          330,000.00         ZZ   
                                  360        329,761.16          1
12000 HUSTON ST                    7.625          2,335.72         80   
                                     7.375          2,335.72      415,000.00
LOS ANGELES      CA   91607          2            08/22/97         00   
0430416651                           05           10/01/97          0   
1234008462                           O            09/01/27              
0                                                                       

1626840          074/G01             F          314,000.00         ZZ   
                                  360        313,766.97          2
229 231 BEVERLY ST                 7.500          2,195.53         77   
                                     7.250          2,195.53      410,000.00
LAGUNA BEACH     CA   92651          2            08/22/97         00   
0430416677                           05           10/01/97          0   
1236005319                           O            09/01/27              
0                                                                       

1626842          074/G01             F          238,400.00         ZZ   
                                  360        238,062.39          1
914 INSPIRATION LANE               7.750          1,707.93         80   
                                     7.500          1,707.93      298,000.00
ESCONDIDO        CA   92025          5            07/25/97         00   
0430416693                           03           09/01/97          0   
1243005920                           O            08/01/27              
0                                                                       

1626844          074/G01             F          236,000.00         ZZ   
                                  360        235,833.44          1
630 SHANAS LANE                    7.750          1,690.73         80   
                                     7.500          1,690.73      295,000.00
ENCINITAS        CA   92024          1            08/25/97         00   
0430416719                           05           10/01/97          0   
1243007846                           O            09/01/27              
0                                                                       

1626845          074/G01             F          337,500.00         ZZ   
                                  360        337,261.80          1
1461 REDSAIL CIRCLE                7.750          2,417.89         75   
                                     7.500          2,417.89      450,000.00
WESTLAKE VILLAG  CA   91361          1            08/01/97         00   
0430416727                           03           10/01/97          0   
1246004039                           O            09/01/27              
0                                                                       

1                                                                               

1626848          074/G01             F          273,750.00         ZZ   
                                  360        273,556.79          1
4490 CLAY ST                       7.750          1,961.18         75   
                                     7.500          1,961.18      365,000.00
BOULDER          CO   80301          5            08/22/97         00   
0430416750                           05           10/01/97          0   
1272088193                           O            09/01/27              
0                                                                       

1626852          074/G01             F          223,950.00         ZZ   
                                  360        223,791.93          1
1007 OVERHILLS COURT               7.750          1,604.41         95   
                                     7.500          1,604.41      235,750.00
OLD HICKORY      TN   37138          1            08/15/97         01   
0430416776                           03           10/01/97         30   
1341027072                           O            09/01/27              
0                                                                       

1626853          074/G01             F          390,000.00         ZZ   
                                  360        389,724.74          1
6521 RADCLIFF DRIVE                7.750          2,794.01         80   
                                     7.500          2,794.01      488,000.00
NASHVILLE        TN   37221          2            08/01/97         00   
0430416784                           05           10/01/97          0   
1341030408                           O            09/01/27              
0                                                                       

1626854          074/G01             F          218,000.00         ZZ   
                                  360        217,627.86          1
1424 HARBERT AVENUE                7.625          1,542.99         95   
                                     7.375          1,542.99      229,500.00
MEMPHIS          TN   38104          1            07/29/97         04   
0430401422                           05           09/01/97         30   
1345003076                           O            08/01/27              
0                                                                       

1626856          074/G01             F          650,000.00         ZZ   
                                  300        649,259.06          1
2575 HALF MOON WALK                7.500          4,803.44         70   
                                     7.250          4,803.44      930,000.00
NAPLES           FL   34102          5            08/08/97         00   
0430416800                           05           10/01/97          0   
1381069840                           O            09/01/22              
0                                                                       

1626860          074/G01             F          245,500.00         ZZ   
                                  360        245,322.32          1
8340 BANNOCK RD                    7.625          1,737.63         75   
                                     7.375          1,737.63      327,350.00
1                                                                               

LARKSPUR         CO   80118          1            08/28/97         00   
0430416834                           05           10/01/97          0   
1461101293                           O            09/01/27              
0                                                                       

1626861          074/G01             F          224,000.00         ZZ   
                                  360        223,841.91          1
766 CHIMNEY CREEK DR               7.750          1,604.76         80   
                                     7.500          1,604.76      280,000.00
GOLDEN           CO   80401          1            08/12/97         00   
0430416842                           01           10/01/97          0   
1463008142                           O            09/01/27              
0                                                                       

1626863          074/G01             F          600,000.00         ZZ   
                                  360        599,576.53          1
7766 BERNAL AVENUE                 7.750          4,298.47         75   
                                     7.500          4,298.47      800,000.00
PLEASANTON       CA   94588          1            08/04/97         00   
0430416867                           05           10/01/97          0   
1470004389                           O            09/01/27              
0                                                                       

1626864          074/G01             F          493,000.00         ZZ   
                                  360        492,652.05          1
3025 OAK RAIDER DRIVE              7.750          3,531.91         80   
                                     7.500          3,531.91      619,000.00
ALAMO            CA   94507          1            08/08/97         00   
0430416875                           05           10/01/97          0   
1470006442                           O            09/01/27              
0                                                                       

1626865          074/G01             F          240,000.00         ZZ   
                                  360        239,838.97          1
47070 HAVASU STREET                8.000          1,761.03         79   
                                     7.750          1,761.03      305,000.00
FREMONT          CA   94539          2            08/22/97         00   
0430416883                           05           10/01/97          0   
1470013018                           O            09/01/27              
0                                                                       

1626870          074/G01             F          271,200.00         ZZ   
                                  360        271,008.59          1
5750 ANTELOPE TRAIL                7.750          1,942.91         80   
                                     7.500          1,942.91      339,000.00
SANTA MARIA      CA   93455          1            08/01/97         00   
0430416925                           03           10/01/97          0   
1480003305                           O            09/01/27              
0                                                                       
1                                                                               

1626871          074/G01             F          252,000.00         ZZ   
                                  360        251,822.14          1
540 SAVONA WAY                     7.750          1,805.36         80   
                                     7.500          1,805.36      315,000.00
AGOURA           CA   91301          1            08/15/97         00   
0430416933                           05           10/01/97          0   
1482013445                           O            09/01/27              
0                                                                       

1626872          074/G01             F          276,000.00         ZZ   
                                  360        275,800.24          1
3035 SAMARKAND DRIVE               7.625          1,953.51         80   
                                     7.375          1,953.51      345,000.00
SANTA BARBARA    CA   93105          1            08/11/97         00   
0430416941                           05           10/01/97          0   
1484006860                           O            09/01/27              
0                                                                       

1626876          074/G01             F          114,450.00         ZZ   
                                  360        114,369.23          1
49759 HIGHVIEW WAY                 7.750            819.93         95   
                                     7.500            819.93      120,500.00
OAKHURST         CA   93644          1            08/05/97         10   
0430416974                           05           10/01/97         30   
1485003823                           O            09/01/27              
0                                                                       

1626877          074/G01             F          350,000.00         ZZ   
                                  360        349,746.68          1
5893 MELITA ROAD                   7.625          2,477.28         69   
                                     7.375          2,477.28      509,000.00
SANTA ROSA       CA   95409          1            08/06/97         00   
0430416982                           05           10/01/97          0   
1486003443                           O            09/01/27              
0                                                                       

1626878          074/G01             F          291,000.00         ZZ   
                                  240        290,474.47          1
1205 CALLE DEL ARROYO              7.500          2,344.28         80   
                                     7.250          2,344.28      365,000.00
BOYES HOT SPRIN  CA   95476          2            08/22/97         00   
0430416990                           05           10/01/97          0   
1486003975                           O            09/01/17              
0                                                                       

1626881          074/G01             F          550,000.00         ZZ   
                                  360        549,221.12          1
1                                                                               

918 BAUTISTA COURT                 7.750          3,940.27         62   
                                     7.500          3,940.27      890,000.00
PALO ALTO        CA   94303          1            07/16/97         00   
0430417022                           05           09/01/97          0   
1489007327                           O            08/01/27              
0                                                                       

1626884          074/G01             F          466,250.00         ZZ   
                                  360        465,920.93          1
19 BERENDA WAY                     7.750          3,340.27         70   
                                     7.500          3,340.27      675,000.00
PORTOLA VALLEY   CA   94028          5            08/22/97         00   
0430417055                           05           10/01/97          0   
1489008137                           O            09/01/27              
0                                                                       

1626885          074/G01             F          895,000.00         ZZ   
                                  360        894,368.32          1
23655 SW STAFFORD HILL ROAD        7.750          6,411.89         33   
                                     7.500          6,411.89    2,750,000.00
WEST LINN        OR   97068          2            08/13/97         00   
0430417063                           03           10/01/97          0   
1493010132                           O            09/01/27              
0                                                                       

1626887          074/G01             F          327,000.00         ZZ   
                                  360        326,557.32          1
154 KELTON AVENUE                  7.500          2,286.43         77   
                                     7.250          2,286.43      425,000.00
SAN CARLOS       CA   94070          2            08/22/97         00   
0430401471                           05           10/01/97          0   
1494003132                           O            09/01/27              
0                                                                       

1626888          074/G01             F          272,000.00         ZZ   
                                  360        271,798.14          1
2355 ALVA AVENUE                   7.500          1,901.86         80   
                                     7.250          1,901.86      340,000.00
EL CERRITO       CA   94530          1            08/01/97         00   
0430417089                           05           10/01/97          0   
1495003863                           O            09/01/27              
0                                                                       

1626890          074/G01             F          682,500.00         ZZ   
                                  360        682,018.30          1
1035 HIGH MOUNTAIN VIEW DRIVE      7.750          4,889.51         65   
                                     7.500          4,889.51    1,050,000.00
CEDAR CITY       UT   84720          2            08/27/97         00   
0430417105                           05           10/01/97          0   
1                                                                               

1497001847                           O            09/01/27              
0                                                                       

1626891          074/G01             F          315,000.00         ZZ   
                                  360        314,772.01          1
529 EAST OUTLOOK COVE              7.625          2,229.55         75   
                                     7.375          2,229.55      420,000.00
DRAPER           UT   84020          1            08/21/97         00   
0430417113                           05           10/01/97          0   
1497004572                           O            09/01/27              
0                                                                       

1626899          074/G01             F           85,600.00         ZZ   
                                  240         85,452.40          1
12045 KERNITE STREET               7.875            709.35         80   
                                     7.625            709.35      107,000.00
RENO             NV   89506          5            08/08/97         00   
0430417162                           05           10/01/97          0   
1500365952                           O            09/01/17              
0                                                                       

1626901          074/G01             F          250,000.00         ZZ   
                                  360        249,645.94          1
20619 ATASCOCITA SHORES DRIVE      7.750          1,791.04         80   
                                     7.500          1,791.04      315,000.00
HUMBLE           TX   77346          2            07/18/97         00   
0430417188                           03           09/01/97          0   
1504104688                           O            08/01/27              
0                                                                       

1626911          074/G01             F          383,000.00         ZZ   
                                  360        382,429.74          1
69 TAMALPAIS AVENUE                7.500          2,677.99         70   
                                     7.250          2,677.99      555,000.00
MILL VALLEY      CA   94941          2            07/08/97         00   
0430417261                           05           09/01/97          0   
1506285572                           O            08/01/27              
0                                                                       

1626919          074/G01             F          285,000.00         ZZ   
                                  360        284,586.15          1
36 FRANCISCAN PLACE                7.625          2,017.21         95   
                                     7.375          2,017.21      300,000.00
POMONA           CA   91766          1            07/17/97         01   
0430417337                           05           09/01/97         30   
1506294857                           O            08/01/27              
0                                                                       

1                                                                               

1626932          074/G01             F          331,500.00         ZZ   
                                  360        331,271.86          1
3961 SAPPHIRE DRIVE                7.875          2,403.61         74   
                                     7.625          2,403.61      450,000.00
ENCINO           CA   91436          2            08/01/97         00   
0430417428                           05           10/01/97          0   
1506302172                           O            09/01/27              
0                                                                       

1626933          074/G01             F          448,000.00         ZZ   
                                  360        447,675.75          1
3917 ANTONE ROAD                   7.625          3,170.92         80   
                                     7.375          3,170.92      560,000.00
SANTA BARBARA    CA   93110          1            08/01/97         00   
0430417436                           05           10/01/97          0   
1506302219                           O            09/01/27              
0                                                                       

1626934          074/G01             F          410,000.00         ZZ   
                                  360        409,717.84          1
1690 PARKHILLS AVENUE              7.875          2,972.78         66   
                                     7.625          2,972.78      625,000.00
LOS ALTOS        CA   94024          2            08/06/97         00   
0430417444                           05           10/01/97          0   
1506302387                           O            09/01/27              
0                                                                       

1626937          074/G01             F          296,000.00         ZZ   
                                  360        295,796.29          1
1230 SPANISH CAMP ROAD08           7.875          2,146.21         80   
                                     7.625          2,146.21      370,000.00
PASO ROBLES      CA   93446          2            08/27/97         00   
0430417477                           05           10/01/97          0   
1506302795                           O            09/01/27              
0                                                                       

1626941          074/G01             F          277,000.00         ZZ   
                                  360        276,794.43          1
185 ALTA DRIVE                     7.500          1,936.82         74   
                                     7.250          1,936.82      377,000.00
WATSONVILLE      CA   95076          1            08/12/97         00   
0430417519                           05           10/01/97          0   
1506304360                           O            09/01/27              
0                                                                       

1626942          074/G01             F          250,000.00         ZZ   
                                  360        249,832.26          1
1515 TIERRA DEL CIELO              8.000          1,834.41         90   
                                     7.750          1,834.41      280,000.00
1                                                                               

VISTA            CA   92084          2            08/06/97         10   
0430417527                           05           10/01/97         25   
1506305749                           O            09/01/27              
0                                                                       

1626943          074/G01             F          218,400.00         ZZ   
                                  360        218,239.93          1
1456 PARK HILL LANE                7.625          1,545.82         80   
                                     7.375          1,545.82      273,000.00
ESCONDIDO        CA   92025          5            08/04/97         00   
0430401588                           05           10/01/97          0   
1506305920                           O            09/01/27              
0                                                                       

1626944          074/G01             F          221,600.00         ZZ   
                                  360        221,439.61          1
12222 WILSHIRE BLVD #412           7.625          1,568.47         80   
                                     7.375          1,568.47      277,000.00
LOS ANGELES      CA   90025          1            08/08/97         00   
0430417535                           08           10/01/97          0   
1506306800                           O            09/01/27              
0                                                                       

1626946          074/G01             F          286,400.00         ZZ   
                                  360        286,207.83          1
462 ALAMEDA AVENUE                 8.000          2,101.50         80   
                                     7.750          2,101.50      358,000.00
HALF MOON BAY    CA   94019          1            08/08/97         00   
0430417550                           05           10/01/97          0   
1506308747                           O            09/01/27              
0                                                                       

1626963          074/G01             F          260,300.00         ZZ   
                                  360        259,730.07          1
13926 ECKEL JUNCTION ROAD          7.750          1,864.83         95   
                                     7.500          1,864.83      274,900.00
PERRYSBURG       OH   43551          1            07/30/97         04   
0430401612                           05           09/01/97         30   
1507289626                           O            08/01/27              
0                                                                       

1626970          074/G01             F          237,400.00         ZZ   
                                  360        237,223.81          1
5505 PROVIDENCE GLEN               7.500          1,659.94         95   
                                     7.250          1,659.94      249,900.00
CHARLOTTE        NC   28270          1            08/08/97         11   
0430417741                           05           10/01/97         30   
1507297045                           O            09/01/27              
0                                                                       
1                                                                               

1626975          074/G01             F          234,000.00         ZZ   
                                  360        233,838.97          1
1014 WOODMONT BLVD                 7.875          1,696.66         90   
                                     7.625          1,696.66      260,000.00
NASHVILLE        TN   37204          1            08/15/97         01   
0430401646                           05           10/01/97         25   
1511157957                           O            09/01/27              
0                                                                       

1626982          074/G01             F          232,500.00         ZZ   
                                  360        232,335.91          1
618 DEXTER AVENUE                  7.750          1,665.65         75   
                                     7.500          1,665.65      310,000.00
BIRMINGHAM       AL   35213          5            08/04/97         00   
0430417824                           05           10/01/97          0   
1511169719                           O            09/01/27              
0                                                                       

1626986          074/G01             F           68,000.00         ZZ   
                                  360         67,952.01          1
8412 LINDA LANE                    7.750            487.16         80   
                                     7.500            487.16       85,000.00
POWDER SPRINGS   GA   30172          5            08/06/97         00   
0430417857                           05           10/01/97          0   
1511177885                           O            09/01/27              
0                                                                       

1626997          074/G01             F          126,400.00         ZZ   
                                  360        126,220.99          1
1430 SPRING VALLEY DRIVE           7.750            905.55         80   
                                     7.500            905.55      158,000.00
ROSEVILLE        CA   95661          1            07/17/97         00   
0430417964                           05           09/01/97          0   
1512142296                           O            08/01/27              
0                                                                       

1627000          074/G01             F          218,500.00         ZZ   
                                  360        218,036.37          1
2657 MILBURN DRIVE                 7.750          1,565.36         95   
                                     7.500          1,565.36      230,000.00
LEAGUE CITY      TX   77573          1            07/23/97         01   
0430406413                           03           09/01/97         30   
1512145830                           O            08/01/27              
0                                                                       

1627002          074/G01             F          396,000.00         ZZ   
                                  360        395,740.96          1
1                                                                               

10559 NORTH 119TH PLACE            8.125          2,940.29         75   
                                     7.875          2,940.29      531,000.00
SCOTTSDALE       AZ   85259          2            08/04/97         00   
0430417998                           03           10/01/97          0   
1512148587                           O            09/01/27              
0                                                                       

1627003          074/G01             F          218,500.00         ZZ   
                                  360        218,170.88          1
13509 LONE RIDER TRAIL             7.750          1,565.36         95   
                                     7.500          1,565.36      230,000.00
AUSTIN           TX   78736          1            07/31/97         14   
0430406421                           05           09/01/97         30   
1512148929                           O            08/01/27              
0                                                                       

1627004          074/G01             F          236,000.00         ZZ   
                                  360        235,674.09          1
12339 EAST POINSETTIA DRIVE        7.875          1,711.17         70   
                                     7.625          1,711.17      340,000.00
SCOTTSDALE       AZ   85259          2            08/29/97         00   
0430418004                           03           09/01/97          0   
1512151275                           O            08/01/27              
0                                                                       

1627010          074/G01             F          445,000.00         ZZ   
                                  360        444,369.83          1
5313 GRAN PARADISO PLACE           7.750          3,188.03         78   
  NORTHWEST                          7.500          3,188.03      575,000.00
ISSAQUAH         WA   98027          2            07/17/97         00   
0430418061                           03           09/01/97          0   
1513161638                           O            08/01/27              
0                                                                       

1627014          074/G01             F          235,950.00         ZZ   
                                  360        235,606.41          1
15930 33RD AVENUE S E              7.625          1,670.04         80   
                                     7.375          1,670.04      294,990.00
MILL CREEK       WA   98012          1            07/15/97         00   
0430418095                           03           09/01/97          0   
1513169425                           O            08/01/27              
0                                                                       

1627015          074/G01             F          175,600.00         ZZ   
                                  360        175,476.06          1
0185 INGERSOL LANE                 7.750          1,258.02         83   
                                     7.500          1,258.02      212,000.00
SILT             CO   81652          1            08/14/97         10   
0430418103                           05           10/01/97         12   
1                                                                               

1513169877                           O            09/01/27              
0                                                                       

1627016          074/G01             F          617,000.00         ZZ   
                                  360        616,553.43          1
5780 SOUTH HONEYLOCUST CIRCLE      7.625          4,367.09         65   
                                     7.375          4,367.09      964,000.00
GREENWOOD VILLA  CO   80121          1            08/29/97         00   
0430418111                           03           10/01/97          0   
1513170162                           O            09/01/27              
0                                                                       

1627017          074/G01             F          258,675.00         ZZ   
                                  360        254,797.11          1
16040 SOUTHEAST 267TH COURT        7.625          1,830.89         75   
                                     7.375          1,830.89      344,900.00
KENT             WA   98042          1            07/24/97         00   
0430406447                           03           09/01/97          0   
1513171074                           O            08/01/27              
0                                                                       

1627022          074/G01             F          237,450.00         ZZ   
                                  360        237,105.18          1
2405 140TH PLACE S E               7.625          1,680.66         95   
                                     7.375          1,680.66      249,950.00
MILL CREEK       WA   98012          1            07/28/97         10   
0430418137                           03           09/01/97         30   
1513175417                           O            08/01/27              
0                                                                       

1627023          074/G01             F          108,000.00         ZZ   
                                  360        107,769.83          1
481 TIGERTAIL COURT                7.750            773.73         80   
                                     7.500            773.73      135,000.00
CLIFTON          CO   81520          5            07/30/97         00   
0430406496                           05           10/01/97          0   
1513176602                           O            09/01/27              
0                                                                       

1627025          074/G01             F          180,000.00         ZZ   
                                  360        179,869.72          1
1127 COOPER AVENUE                 7.625          1,274.03         80   
                                     7.375          1,274.03      225,000.00
GLENWOOD SPRING  CO   81601          5            08/06/97         00   
0430418145                           05           10/01/97          0   
1513177354                           O            09/01/27              
0                                                                       

1                                                                               

1627026          074/G01             F          232,000.00         ZZ   
                                  360        231,832.08          1
25974 GATEWAY DRIVE                7.625          1,642.09         80   
                                     7.375          1,642.09      290,000.00
GOLDEN           CO   80401          1            08/14/97         00   
0430418152                           05           10/01/97          0   
1513177751                           O            09/01/27              
0                                                                       

1627027          074/G01             F          124,000.00         ZZ   
                                  360        122,853.71          1
18103 BONNY LAKE BLVD              7.750            888.35         80   
                                     7.500            888.35      155,000.00
BONNEY LAKE      WA   98390          5            08/01/97         00   
0430406504                           05           09/01/97          0   
1513177842                           O            08/01/27              
0                                                                       

1627029          074/G01             F          282,000.00         ZZ   
                                  360        281,810.78          1
2615 W VALLEY PARK DR              8.000          2,069.22         75   
                                     7.750          2,069.22      380,000.00
LARKSPUR         CO   80118          5            08/11/97         00   
0430418178                           05           10/01/97          0   
1513181872                           O            09/01/27              
0                                                                       

1627031          074/G01             F          304,000.00         ZZ   
                                  360        303,796.03          1
24709 TRAVIS LAKESIDE COVE         8.000          2,230.64         73   
                                     7.750          2,230.64      420,000.00
SPICEWOOD        TX   78669          2            08/29/97         00   
0430418194                           09           10/01/97          0   
1520006657                           O            09/01/27              
0                                                                       

1627033          074/G01             F          326,000.00         ZZ   
                                  360        325,769.92          1
9109 BELL MOUNTAIN DR              7.750          2,335.50         70   
                                     7.500          2,335.50      466,750.00
AUSTIN           TX   78730          1            08/21/97         00   
0430418210                           03           10/01/97          0   
1520012183                           O            09/01/27              
0                                                                       

1627038          074/G01             F          197,800.00         ZZ   
                                  360        197,660.40          1
3001 ABBEY LANE                    7.750          1,417.06         80   
                                     7.500          1,417.06      247,264.00
1                                                                               

FARMERS BRANCH   TX   75234          1            08/12/97         00   
0430418269                           03           10/01/97          0   
1524005190                           O            09/01/27              
0                                                                       

1627044          074/G01             F          222,500.00         ZZ   
                                  360        222,342.96          1
4856 KINGS WAY WEST                7.750          1,594.02         80   
                                     7.500          1,594.02      278,200.00
GURNEE           IL   60031          1            08/08/97         00   
0430418319                           03           10/01/97          0   
1526008225                           O            09/01/27              
0                                                                       

1627045          074/G01             F          221,600.00         ZZ   
                                  360        221,422.77          1
11814 SAGITTARIUS EAST             7.750          1,587.57         80   
                                     7.500          1,587.57      277,000.00
WILLIS           TX   77378          2            08/26/97         10   
0430406512                           03           10/01/97         25   
1532009936                           O            09/01/27              
0                                                                       

1627046          074/G01             F          244,900.00         ZZ   
                                  360        244,722.75          1
4401 CYNTHIA STREET                7.625          1,733.39         73   
                                     7.375          1,733.39      339,900.00
BELLAIRE         TX   77401          1            08/22/97         00   
0430418327                           05           10/01/97          0   
1532011552                           O            09/01/27              
0                                                                       

1627056          074/G01             F          322,500.00         ZZ   
                                  360        322,266.59          1
2743 E GENTILE ST                  7.625          2,282.63         64   
                                     7.375          2,282.63      509,000.00
LAYTON           UT   84040          5            08/22/97         00   
0430423269                           05           10/01/97          0   
1552008732                           O            09/01/27              
0                                                                       

1627071          074/G01             F          550,000.00         ZZ   
                                  360        549,611.81          1
8327 REGENCY DRIVE                 7.750          3,940.27         75   
                                     7.500          3,940.27      736,490.00
PLEASANTON       CA   94588          1            08/01/97         00   
0430418541                           03           10/01/97          0   
1561359895                           O            09/01/27              
0                                                                       
1                                                                               

1627072          074/G01             F          559,200.00         ZZ   
                                  360        558,387.95          1
110 GEMINI COURT                   7.625          3,957.99         80   
                                     7.375          3,957.99      699,000.00
LOS GATOS        CA   95032          1            07/17/97         00   
0430418558                           05           09/01/97          0   
1561360883                           O            08/01/27              
0                                                                       

1627081          074/G01             F          236,500.00         ZZ   
                                  360        236,333.08          1
571 FRANCISCO STREET               7.750          1,694.32         68   
                                     7.500          1,694.32      350,000.00
EL GRANADA       CA   94018          2            08/01/97         00   
0430418616                           05           10/01/97          0   
1561363203                           O            09/01/27              
0                                                                       

1627087          074/G01             F          520,000.00         ZZ   
                                  360        519,632.98          1
765 JORDAN AVENUE                  7.750          3,725.35         70   
                                     7.500          3,725.35      750,000.00
LOS ALTOS        CA   94022          2            08/06/97         00   
0430418665                           05           10/01/97          0   
1561364137                           O            09/01/27              
0                                                                       

1627088          074/G01             F          263,900.00         ZZ   
                                  360        263,704.14          1
1331 RAMSAY CIRCLE                 7.500          1,845.23         80   
                                     7.250          1,845.23      329,900.00
WALNUT CREEK     CA   94596          1            08/20/97         00   
0430418673                           05           10/01/97          0   
1561364228                           O            09/01/27              
0                                                                       

1627090          074/G01             F          327,500.00         ZZ   
                                  360        327,262.96          1
838 DIAMOND STREET                 7.625          2,318.03         68   
                                     7.375          2,318.03      485,000.00
SAN FRANCISCO    CA   94114          2            08/12/97         00   
0430418699                           05           10/01/97          0   
1561364738                           O            09/01/27              
0                                                                       

1627091          074/G01             F          228,800.00         ZZ   
                                  360        228,627.67          1
1                                                                               

1508 POSEN AVENUE                  7.750          1,639.16         80   
                                     7.500          1,639.16      286,000.00
ALBANY           CA   94706          1            08/13/97         00   
0430406561                           05           10/01/97          0   
1561364840                           O            09/01/27              
0                                                                       

1627092          074/G01             F          410,000.00         ZZ   
                                  360        409,710.62          1
4242 24TH STREET                   7.750          2,937.30         80   
                                     7.500          2,937.30      512,500.00
SAN FRANCISCO    CA   94114          1            08/04/97         00   
0430418707                           05           10/01/97          0   
1561365038                           O            09/01/27              
0                                                                       

1627099          074/G01             F          278,800.00         ZZ   
                                  360        278,593.08          1
1519 VALLEY ROAD                   7.500          1,949.42         80   
                                     7.250          1,949.42      348,500.00
KENSINGTON       CA   94707          1            08/05/97         00   
0430418764                           05           10/01/97          0   
1561366450                           O            09/01/27              
0                                                                       

1627102          074/G01             F          423,100.00         ZZ   
                                  360        422,808.82          1
21 OAKDALE AVENUE                  7.875          3,067.77         72   
                                     7.625          3,067.77      590,000.00
MILL VALLEY      CA   94941          2            08/15/97         00   
0430418780                           05           10/01/97          0   
1561366595                           O            09/01/27              
0                                                                       

1627103          074/G01             F          385,000.00         ZZ   
                                  360        384,714.27          1
180 STONE VALLEY WAY               7.500          2,691.98         63   
                                     7.250          2,691.98      612,000.00
ALAMO            CA   94507          1            08/08/97         00   
0430418798                           05           10/01/97          0   
1561366631                           O            09/01/27              
0                                                                       

1627106          074/G01             F          230,000.00         ZZ   
                                  360        229,841.72          1
636 TIMBERPINE AVENUE              7.875          1,667.66         80   
                                     7.625          1,667.66      290,000.00
SUNNYVALE        CA   94086          1            08/19/97         00   
0430418822                           05           10/01/97          0   
1                                                                               

1561366799                           O            09/01/27              
0                                                                       

1627107          074/G01             F          399,000.00         ZZ   
                                  360        398,725.41          1
1925 WINDWARD POINT                7.875          2,893.03         77   
                                     7.625          2,893.03      520,000.00
BYRON            CA   94514          2            08/19/97         00   
0430418830                           03           10/01/97          0   
1561366802                           O            09/01/27              
0                                                                       

1627114          074/G01             F          646,250.00         ZZ   
                                  360        645,805.25          1
44571 MONTCLAIRE COURT             7.875          4,685.77         71   
                                     7.625          4,685.77      920,000.00
FREMONT          CA   94539          2            08/20/97         00   
0430418897                           05           10/01/97          0   
1561367088                           O            09/01/27              
0                                                                       

1627118          074/G01             F          365,000.00         ZZ   
                                  360        364,742.38          1
2134 EDGEWOOD DRIVE                7.750          2,614.91         61   
                                     7.500          2,614.91      607,000.00
PALO ALTO        CA   94303          2            08/22/97         00   
0430418939                           05           10/01/97          0   
1561367146                           O            09/01/27              
0                                                                       

1627119          074/G01             F          330,000.00         ZZ   
                                  360        329,772.90          1
315 GALLI COURT                    7.875          2,392.73         40   
                                     7.625          2,392.73      825,000.00
LOS ALTOS        CA   94022          5            08/22/97         00   
0430418947                           05           10/01/97          0   
1561367168                           O            09/01/27              
0                                                                       

1627123          074/G01             F        1,000,000.00         ZZ   
                                  360        999,257.85          1
3807 PALO ALTO DRIVE               7.500          6,992.15         75   
                                     7.250          6,992.15    1,351,000.00
LAFAYETTE        CA   94549          1            08/21/97         00   
0430418988                           03           10/01/97          0   
1561368069                           O            09/01/27              
0                                                                       

1                                                                               

1627128          074/G01             F          500,000.00         ZZ   
                                  360        499,647.10          1
650 OAK KNOLL LANE                 7.750          3,582.07         31   
                                     7.500          3,582.07    1,625,000.00
MENLO PARK       CA   94025          1            08/25/97         00   
0430419036                           05           10/01/97          0   
1561369480                           O            09/01/27              
0                                                                       

1627136          074/G01             F          186,500.00         ZZ   
                                  360        186,368.37          1
8246 SAN BENITO WAY                7.750          1,336.11         74   
                                     7.500          1,336.11      255,000.00
DALLAS           TX   75218          2            08/25/97         00   
0430419119                           05           10/01/97          0   
1563166247                           O            09/01/27              
0                                                                       

1627139          074/G01             F          250,750.00         ZZ   
                                  360        250,573.02          1
565 INDIAN ROCK DRIVE              7.750          1,796.41         95   
                                     7.500          1,796.41      263,985.00
COPPELL          TX   75019          1            08/15/97         04   
0430419143                           05           10/01/97         30   
1563166746                           O            09/01/27              
0                                                                       

1627140          074/G01             F          260,000.00         ZZ   
                                  360        259,825.54          1
1801 HEIGHTS BOULEVARD             8.000          1,907.79         67   
                                     7.750          1,907.79      392,500.00
HOUSTON          TX   77008          1            08/27/97         00   
0430419150                           05           10/01/97          0   
1563166780                           O            09/01/27              
0                                                                       

1627142          074/G01             F          429,200.00         ZZ   
                                  360        428,897.07          1
295 N SILVERSHIRE CIRCLE           7.750          3,074.85         80   
                                     7.500          3,074.85      537,950.00
THE WOODLANDS    TX   77381          1            08/29/97         00   
0430423384                           09           10/01/97          0   
1563167534                           O            09/01/27              
0                                                                       

1627144          074/G01             F          112,000.00         ZZ   
                                  360        111,920.94          1
8916 MOUNT RAINIER DRIVE           7.750            802.39         80   
                                     7.500            802.39      140,000.00
1                                                                               

PLANO            TX   75025          1            08/28/97         00   
0430419176                           03           10/01/97          0   
1563168683                           O            09/01/27              
0                                                                       

1627145          074/G01             F           84,000.00         ZZ   
                                  360         83,881.04          1
7505 NE 51ST WAY                   7.750            601.79         75   
                                     7.500            601.79      113,500.00
VANCOUVER        WA   98662          2            07/25/97         00   
0430419184                           09           09/01/97          0   
1565165290                           O            08/01/27              
0                                                                       

1627151          074/G01             F          225,000.00         ZZ   
                                  360        224,849.02          1
23322 SE 380TH ST                  8.000          1,650.98         78   
                                     7.750          1,650.98      292,000.00
ENUMCLAW         WA   98022          5            08/15/97         00   
0430419234                           05           10/01/97          0   
1565166474                           O            09/01/27              
0                                                                       

1627152          074/G01             F          228,000.00         ZZ   
                                  360        227,843.09          1
18525 VAN HORN RD                  7.875          1,653.16         95   
                                     7.625          1,653.16      240,000.00
ALSEA            OR   97324          1            08/14/97         11   
0430419242                           05           10/01/97         30   
1565166510                           O            09/01/27              
0                                                                       

1627154          074/G01             F          306,000.00         ZZ   
                                  360        305,762.94          1
4131 1ST AVE NW                    7.750          2,192.23         88   
                                     7.500          2,192.23      350,000.00
SEATTLE          WA   98107          2            08/21/97         01   
0430415380                           05           10/01/97         25   
1565167160                           O            09/01/27              
0                                                                       

1627155          074/G01             F          388,000.00         ZZ   
                                  360        387,739.66          1
801 NW CULBERTSON DR               8.000          2,847.01         65   
                                     7.750          2,847.01      600,000.00
SEATTLE          WA   98177          2            08/20/97         00   
0430419259                           03           10/01/97          0   
1565167830                           O            09/01/27              
0                                                                       
1                                                                               

1627157          074/G01             F          112,000.00         ZZ   
                                  360        111,882.17          1
16323 BROADWAY AVENUE              7.750            802.39         80   
                                     7.500            802.39      140,000.00
SNOHOMISH        WA   98296          5            08/08/97         00   
0430415414                           05           10/01/97          0   
1565168094                           O            09/01/27              
0                                                                       

1627161          074/G01             F          234,400.00         ZZ   
                                  360        234,230.35          1
2814 VALE COURT                    7.625          1,659.07         80   
                                     7.375          1,659.07      293,000.00
LAKE OSWEGO      OR   97034          1            08/08/97         00   
0430419309                           05           10/01/97          0   
1565168254                           O            09/01/27              
0                                                                       

1627162          074/G01             F          156,000.00         ZZ   
                                  360        155,887.09          1
29410 118TH AVE SE                 7.625          1,104.16         80   
                                     7.375          1,104.16      195,000.00
AUBURN           WA   98092          5            08/15/97         00   
0430419317                           05           10/01/97          0   
1565168527                           O            09/01/27              
0                                                                       

1627165          074/G01             F          176,000.00         ZZ   
                                  360        175,875.78          1
18961 SE AUTUMN WAY                7.750          1,260.89         80   
                                     7.500          1,260.89      220,000.00
SANDY            OR   97055          5            08/15/97         00   
0430419341                           05           10/01/97          0   
1565168855                           O            09/01/27              
0                                                                       

1627167          074/G01             F          152,800.00         ZZ   
                                  360        152,689.41          1
17500 HILL WAY                     7.625          1,081.51         80   
                                     7.375          1,081.51      191,000.00
LAKE OSWEGO      OR   97035          5            08/21/97         00   
0430419358                           05           10/01/97          0   
1565169698                           O            09/01/27              
0                                                                       

1627169          074/G01             F          270,400.00         ZZ   
                                  360        270,204.29          1
1                                                                               

348 SLATER ST S                    7.625          1,913.88         80   
                                     7.375          1,913.88      338,000.00
KIRKLAND         WA   98033          1            08/20/97         00   
0430419374                           05           10/01/97          0   
1565169960                           O            09/01/27              
0                                                                       

1627171          074/G01             F          137,600.00         T    
                                  360        137,505.30          1
173 NORTH AVE                      7.875            997.70         80   
                                     7.625            997.70      172,000.00
MANZANITA        OR   97130          5            08/22/97         00   
0430419390                           05           10/01/97          0   
1565170405                           O            09/01/27              
0                                                                       

1627175          074/G01             F          306,000.00         ZZ   
                                  360        305,434.02          1
711 GREENVIEW AVENUE               7.750          2,192.23         90   
                                     7.500          2,192.23      340,000.00
ATLANTA          GA   30305          1            08/18/97         12   
0430415430                           05           10/01/97         25   
1566104494                           O            09/01/27              
0                                                                       

1627176          074/G01             F          490,000.00         ZZ   
                                  360        489,306.07          1
302 BRITON PARK COURT              7.750          3,510.43         67   
                                     7.500          3,510.43      740,000.00
DULUTH           GA   30155          1            07/28/97         00   
0430419432                           09           09/01/97          0   
1566104519                           O            08/01/27              
0                                                                       

1627177          074/G01             F          180,000.00         ZZ   
                                  360        179,872.95          1
5761 TROTTERS COURT                7.750          1,289.55         75   
                                     7.500          1,289.55      240,000.00
STONE MOUNTAIN   GA   30087          1            08/29/97         00   
0430419440                           03           10/01/97          0   
1566106773                           O            09/01/27              
0                                                                       

1627181          074/G01             F          237,600.00         ZZ   
                                  360        237,428.03          1
935 LANCASTER WAY                  7.625          1,681.72         80   
                                     7.375          1,681.72      297,020.00
ATLANTA          GA   30328          1            08/27/97         00   
0430419481                           05           10/01/97          0   
1                                                                               

1566107368                           O            09/01/27              
0                                                                       

1627184          074/G01             F           60,800.00         ZZ   
                                  360         60,758.15          1
622 KNOX CHAPEL ROAD               7.875            440.85         80   
                                     7.625            440.85       76,000.00
SOCIAL CIRCLE    GA   30279          5            08/22/97         00   
0430419515                           05           10/01/97          0   
1566107834                           O            09/01/27              
0                                                                       

1627186          074/G01             F          328,550.00         ZZ   
                                  360        328,318.11          1
53 OAKHURST ROAD                   7.750          2,353.78         90   
                                     7.500          2,353.78      365,080.00
IRVINE           CA   92620          1            08/11/97         14   
0430419531                           03           10/01/97         25   
1567195270                           O            09/01/27              
0                                                                       

1627188          074/G01             F          264,000.00         ZZ   
                                  360        263,616.63          1
9595 QUARTERHORSE LANE             7.625          1,868.58         78   
                                     7.375          1,868.58      340,000.00
PALO CEDRO       CA   96073          1            08/28/97         00   
0430419556                           05           09/01/97          0   
1567198303                           O            08/01/27              
0                                                                       

1627189          074/G01             F          309,800.00         ZZ   
                                  360        309,581.34          1
3205 GREYSTONE DRIVE               7.750          2,219.45         90   
                                     7.500          2,219.45      344,255.00
JAMUL            CA   91935          1            08/01/97         10   
0430419564                           03           10/01/97         25   
1567198391                           O            09/01/27              
0                                                                       

1627191          074/G01             F          452,000.00         ZZ   
                                  360        451,680.98          1
1411 VIRGINA WAY                   7.750          3,238.19         80   
                                     7.500          3,238.19      565,000.00
LA JOLLA         CA   92037          1            08/12/97         00   
0430419580                           05           10/01/97          0   
1567199237                           O            09/01/27              
0                                                                       

1                                                                               

1627192          074/G01             F          266,500.00         ZZ   
                                  360        266,316.60          1
4755 TARANTELLA LANE               7.875          1,932.31         74   
                                     7.625          1,932.31      365,000.00
SAN DIEGO        CA   92130          1            08/12/97         00   
0430419598                           05           10/01/97          0   
1567199485                           O            09/01/27              
0                                                                       

1627194          074/G01             F          280,500.00         ZZ   
                                  360        280,302.02          1
212 FOURTH STREET                  7.750          2,009.54         50   
                                     7.500          2,009.54      567,500.00
ENCINITAS        CA   92024          2            08/01/97         00   
0430419614                           05           10/01/97          0   
1567199827                           O            09/01/27              
0                                                                       

1627196          074/G01             F          315,000.00         ZZ   
                                  360        310,034.37          1
7843 ESTEREL DRIVE                 7.750          2,256.70         41   
  LA FOLLA AREA                      7.500          2,256.70      775,000.00
SAN DIEGO        CA   92037          2            08/21/97         00   
0430415448                           05           10/01/97          0   
1567200289                           O            09/01/27              
0                                                                       

1627203          074/G01             F          250,800.00         ZZ   
                                  360        250,622.98          1
17232 ST ANDREWS DRIVE             7.750          1,796.77         80   
                                     7.500          1,796.77      313,500.00
POWAY            CA   92064          1            08/19/97         00   
0430419697                           05           10/01/97          0   
1567200686                           O            09/01/27              
0                                                                       

1627204          074/G01             F          425,800.00         ZZ   
                                  360        425,499.47          1
333 EL PEDREGAL DRIVE              7.750          3,050.49         80   
                                     7.500          3,050.49      535,000.00
SOLANA BEACH     CA   92075          2            08/20/97         00   
0430419705                           03           10/01/97          0   
1567200835                           O            09/01/27              
0                                                                       

1627205          074/G01             F          424,000.00         ZZ   
                                  360        423,708.20          1
12663 RUE MARABELLE                7.875          3,074.30         78   
                                     7.625          3,074.30      550,000.00
1                                                                               

SAN DIEGO        CA   92131          2            08/21/97         00   
0430419713                           03           10/01/97          0   
1567200880                           O            09/01/27              
0                                                                       

1627206          074/G01             F          319,600.00         ZZ   
                                  360        319,368.68          1
13241 DENARA ROAD                  7.625          2,262.11         80   
                                     7.375          2,262.11      399,500.00
SAN DIEGO        CA   92130          1            08/15/97         00   
0430419721                           03           10/01/97          0   
1567200926                           O            09/01/27              
0                                                                       

1627225          074/G01             F          190,000.00         ZZ   
                                  360        189,872.50          1
55 HERITAGE CIRCLE                 8.000          1,394.16         65   
                                     7.750          1,394.16      296,666.00
SEDONA           AZ   86351          1            08/26/97         00   
0430415505                           03           10/01/97          0   
1569179059                           O            09/01/27              
0                                                                       

1627229          074/G01             F          172,000.00         ZZ   
                                  360        171,881.63          1
8319 COLLINS ROAD                  7.875          1,247.12         80   
                                     7.625          1,247.12      215,000.00
NASHVILLE        TN   37221          5            08/21/97         00   
0430419887                           05           10/01/97          0   
1577089687                           O            09/01/27              
0                                                                       

1627232          074/G01             F          148,000.00         ZZ   
                                  360        147,895.53          1
102 HAVENSTRAAT STREET             7.750          1,060.30         80   
                                     7.500          1,060.30      185,000.00
KERNERSVILLE     NC   27284          5            08/15/97         00   
0430419929                           05           10/01/97          0   
1577091791                           O            09/01/27              
0                                                                       

1627234          074/G01             F          268,800.00         ZZ   
                                  360        268,600.51          1
8904 MAGNOLIA HEIGHTS COURT        7.500          1,879.49         80   
                                     7.250          1,879.49      336,000.00
CHARLOTTE        NC   28270          1            08/28/97         00   
0430419945                           05           10/01/97          0   
1577092240                           O            09/01/27              
0                                                                       
1                                                                               

1627235          074/G01             F          941,250.00         ZZ   
                                  360        940,568.75          1
17525 PARADISE COVE                7.625          6,662.11         75   
                                     7.375          6,662.11    1,255,000.00
CORNELIUS        NC   28031          1            08/28/97         00   
0430419952                           03           10/01/97          0   
1577092455                           O            09/01/27              
0                                                                       

1627242          074/G01             F          112,750.00         ZZ   
                                  360        112,672.40          1
930 JETTON STREET UNIT #22         7.875            817.52         75   
                                     7.625            817.52      150,335.00
DAVIDSON         NC   28036          1            08/29/97         00   
0430420026                           01           10/01/97          0   
1577094734                           O            09/01/27              
0                                                                       

1627245          074/G01             F          170,800.00         ZZ   
                                  360        170,682.46          1
1537 FERNCLIFF ROAD                7.875          1,238.42         70   
                                     7.625          1,238.42      244,000.00
CHARLOTTE        NC   28211          1            08/27/97         00   
0430420059                           05           10/01/97          0   
1577095806                           O            09/01/27              
0                                                                       

1627253          074/G01             F          315,250.00         ZZ   
                                  360        315,033.04          1
955 8TH STREET                     7.875          2,285.79         65   
                                     7.625          2,285.79      485,000.00
BOULDER          CO   80302          5            08/22/97         00   
0430420125                           05           10/01/97          0   
1579056940                           O            09/01/27              
0                                                                       

1627256          074/G01             F          400,000.00         ZZ   
                                  360        399,717.68          1
142 STAGHORN WAY                   7.750          2,865.65         80   
                                     7.500          2,865.65      505,000.00
FRANKTOWN        CO   80116          2            08/22/97         00   
0430420141                           05           10/01/97          0   
1579057433                           O            09/01/27              
0                                                                       

1627258          074/G01             F          236,550.00         ZZ   
                                  360        236,378.79          1
1                                                                               

279 COUNTY ROAD 84 W               7.625          1,674.29         95   
                                     7.375          1,674.29      249,000.00
ALLENSPARK       CO   80510          1            08/28/97         10   
0430420166                           05           10/01/97         30   
1579057739                           O            09/01/27              
0                                                                       

1627259          074/G01             F           92,800.00         ZZ   
                                  360         92,736.13          1
4752 SOUTH 4680 WEST               7.875            672.87         80   
                                     7.625            672.87      116,000.00
SALT LAKE CITY   UT   84118          5            08/25/97         00   
0430420174                           05           10/01/97          0   
1579058390                           O            09/01/27              
0                                                                       

1627261          074/G01             F          231,000.00         ZZ   
                                  360        230,867.10          1
883 SOUTH ANDES DRIVE              8.750          1,817.28         75   
                                     8.500          1,817.28      310,000.00
ALPINE           UT   84004          1            08/29/97         00   
0430420190                           05           10/01/97          0   
1579058866                           O            09/01/27              
0                                                                       

1627265          074/G01             F          274,500.00         ZZ   
                                  360        274,306.25          1
82 GLEASON ROAD                    7.750          1,966.56         90   
                                     7.500          1,966.56      305,000.00
LEXINGTON        MA   02173          1            08/15/97         14   
0430420216                           05           10/01/97         25   
1580057259                           O            09/01/27              
0                                                                       

1627269          074/G01             F          272,000.00         ZZ   
                                  360        271,812.81          1
61 DOVER ROAD                      7.875          1,972.19         80   
                                     7.625          1,972.19      340,000.00
LONGMEADOW       MA   01106          5            08/20/97         00   
0430420240                           05           10/01/97          0   
1580058397                           O            09/01/27              
0                                                                       

1627275          074/G01             F          337,500.00         ZZ   
                                  360        337,279.23          1
4 CLAUSON COURT                    8.125          2,505.93         75   
                                     7.875          2,505.93      450,000.00
EAST GREENWICH   RI   02818          1            08/29/97         00   
0430420299                           05           10/01/97          0   
1                                                                               

1580059403                           O            09/01/27              
0                                                                       

1627277          074/G01             F          220,500.00         ZZ   
                                  360        220,348.25          1
20 OLD MOUNT SKIRGO                7.875          1,598.78         90   
                                     7.625          1,598.78      245,000.00
MARSHFIELD       MA   02050          1            08/28/97         11   
0430420307                           05           10/01/97         25   
1580059549                           O            09/01/27              
0                                                                       

1627278          074/G01             F          280,000.00         ZZ   
                                  360        279,807.30          1
8 DWIGGINS PATHE                   7.875          2,030.20         58   
                                     7.625          2,030.20      487,000.00
HINGHAM          MA   02043          5            08/22/97         00   
0430420315                           05           10/01/97          0   
1580059560                           O            09/01/27              
0                                                                       

1627284          074/G01             F          400,000.00         ZZ   
                                  360        399,717.68          1
68 DOVER ROAD                      7.750          2,865.65         66   
                                     7.500          2,865.65      615,000.00
WELLESLEY        MA   02181          1            08/25/97         00   
0430420364                           05           10/01/97          0   
1580060049                           O            09/01/27              
0                                                                       

1627291          074/G01             F           88,000.00         ZZ   
                                  360         87,875.36          1
12450 MELODY LANE                  7.750            630.45         80   
                                     7.500            630.45      110,000.00
EATON TOWNSHIP   OH   44044          5            07/22/97         00   
0430420422                           05           09/01/97          0   
1581111000                           O            08/01/27              
0                                                                       

1627293          074/G01             F          452,000.00         ZZ   
                                  360        451,711.77          1
1225 SUNNINGDALE                   8.250          3,395.73         80   
                                     8.000          3,395.73      565,000.00
GROSSE POINTE W  MI   48236          2            08/08/97         00   
0430420448                           05           10/01/97          0   
1581114573                           O            09/01/27              
0                                                                       

1                                                                               

1627295          074/G01             F          130,400.00         ZZ   
                                  240        129,948.82          1
3096 BRANDI LANE                   7.875          1,080.60         80   
                                     7.625          1,080.60      163,000.00
BETHEL           OH   45106          5            07/29/97         00   
0430420463                           05           09/01/97          0   
1581115543                           O            08/01/17              
0                                                                       

1627297          074/G01             F          140,000.00         ZZ   
                                  360        139,901.19          1
1342 EVERGREEN                     7.750          1,002.98         75   
                                     7.500          1,002.98      189,000.00
MILFORD          MI   48380          1            08/28/97         00   
0430420471                           05           10/01/97          0   
1581116455                           O            09/01/27              
0                                                                       

1627298          074/G01             F          119,400.00         ZZ   
                                  360        119,230.90          1
34212 NORTHWICK                    7.750            855.40         70   
                                     7.500            855.40      173,000.00
FARMINGTON       MI   48331          5            07/25/97         00   
0430415034                           05           09/01/97          0   
1581116943                           O            08/01/27              
0                                                                       

1627300          074/G01             F          231,200.00         ZZ   
                                  360        231,039.63          1
25881 IVANHOE                      8.250          1,736.93         80   
                                     8.000          1,736.93      289,000.00
HUNTINGTON WOOD  MI   48070          5            08/25/97         00   
0430415588                           05           10/01/97          0   
1581117786                           O            09/01/27              
0                                                                       

1627306          074/G01             F          645,000.00         ZZ   
                                  360        644,556.11          1
1085 COLLINS CT                    7.875          4,676.70         57   
                                     7.625          4,676.70    1,150,000.00
OAKLAND          MI   48363          2            08/22/97         00   
0430420539                           05           10/01/97          0   
1581119136                           O            09/01/27              
0                                                                       

1627307          074/G01             F          232,500.00         ZZ   
                                  360        232,339.99          1
1032 QUIET BAY CIRCLE              7.875          1,685.79         75   
                                     7.625          1,685.79      310,000.00
1                                                                               

CICERO           IN   46034          5            08/22/97         00   
0430420547                           05           10/01/97          0   
1581119205                           O            09/01/27              
0                                                                       

1627311          074/G01             F           52,000.00         ZZ   
                                  360         51,907.50          1
19141 WOOD                         8.250            390.66         80   
                                     8.000            390.66       65,000.00
MELVINDALE       MI   48122          5            08/22/97         00   
0430415604                           05           10/01/97          0   
1581121058                           O            09/01/27              
0                                                                       

1627312          074/G01             F          353,000.00         ZZ   
                                  360        352,757.06          1
3346 CIRCLE DRIVE                  7.875          2,559.50         64   
                                     7.625          2,559.50      560,000.00
COMMERCE TOWNSH  MI   48382          2            08/22/97         00   
0430420570                           01           10/01/97          0   
1581121069                           O            09/01/27              
0                                                                       

1627314          074/G01             F           80,000.00         ZZ   
                                  360         79,946.31          1
35430 ROBERTS ROAD                 8.000            587.02         62   
                                     7.750            587.02      130,000.00
EASTLAKE         OH   44095          5            08/25/97         00   
0430420596                           05           10/01/97          0   
1581121444                           O            09/01/27              
0                                                                       

1627315          074/G01             F          116,250.00         ZZ   
                                  360        116,171.99          1
5508-5510 HOBART STREET            8.000            853.01         75   
                                     7.750            853.01      155,000.00
PITTSBURGH       PA   15217          1            08/29/97         00   
0430424390                           05           10/01/97          0   
1581122301                           O            09/01/27              
0                                                                       

1627317          074/G01             F          249,900.00         ZZ   
                                  360        249,723.62          1
49113 FOX DRIVE SOUTH              7.750          1,790.32         59   
                                     7.500          1,790.32      429,900.00
PLYMOUTH TOWNSH  MI   48170          1            08/28/97         00   
0430420612                           05           10/01/97          0   
1581123009                           O            09/01/27              
0                                                                       
1                                                                               

1627318          074/G01             F          188,800.00         ZZ   
                                  360        188,673.32          1
28698 SQUIRE DRIVE                 8.000          1,385.35         80   
                                     7.750          1,385.35      236,000.00
CHESTERFIELD TO  MI   48047          5            08/25/97         00   
0430420620                           05           10/01/97          0   
1581123111                           O            09/01/27              
0                                                                       

1627321          074/G01             F          162,400.00         ZZ   
                                  360        162,288.23          1
43889 RIVERGATE DRIVE              7.875          1,177.52         80   
                                     7.625          1,177.52      203,000.00
CLINTON TOWNSHI  MI   48038          5            08/22/97         00   
0430420646                           05           10/01/97          0   
1581125230                           O            09/01/27              
0                                                                       

1627322          074/G01             F          500,000.00         ZZ   
                                  360        499,672.93          1
1044 FERDON                        8.125          3,712.49         79   
                                     7.875          3,712.49      635,000.00
ANN ARBOR        MI   48104          5            08/22/97         00   
0430420653                           05           10/01/97          0   
1581125252                           O            09/01/27              
0                                                                       

1627323          074/G01             F          268,000.00         ZZ   
                                  360        267,815.56          1
43 MELANIE LANE                    7.875          1,943.19         80   
                                     7.625          1,943.19      335,000.00
TROY             MI   48098          1            08/28/97         00   
0430420661                           05           10/01/97          0   
1581125503                           O            09/01/27              
0                                                                       

1627326          074/G01             F          240,000.00         ZZ   
                                  360        238,653.67          1
22880 PENN AVENUE SOUTH            7.750          1,719.39         80   
                                     7.500          1,719.39      300,000.00
NEW MARKET TWP.  MN   55044          5            07/17/97         00   
0430415646                           05           09/01/97          0   
1583055293                           O            08/01/27              
0                                                                       

1627327          074/G01             F          276,000.00         ZZ   
                                  360        275,410.05          1
1                                                                               

1707 FIELDWOOD DRIVE               7.875          2,001.20         69   
                                     7.625          2,001.20      405,000.00
NORTHBROOK       IL   60062          2            08/21/97         00   
0430415653                           05           10/01/97          0   
1583057051                           O            09/01/27              
0                                                                       

1627330          074/G01             F          224,000.00         ZZ   
                                  360        223,845.84          1
1632 WACHTLER AVENUE               7.875          1,624.16         80   
                                     7.625          1,624.16      280,000.00
MENDOTA HEIGHTS  MN   55150          1            08/21/97         00   
0430420703                           05           10/01/97          0   
1583057721                           O            09/01/27              
0                                                                       

1627333          074/G01             F          302,400.00         ZZ   
                                  360        302,186.56          1
20201 ST ANDREWS COURT             7.750          2,166.44         90   
                                     7.500          2,166.44      336,000.00
OLYMPIA FIELDS   IL   60461          1            08/27/97         11   
0430420737                           05           10/01/97         25   
1583059975                           O            09/01/27              
0                                                                       

1627336          074/G01             F          230,000.00         ZZ   
                                  360        219,774.27          1
4743 FOX MOUNTAIN                  7.750          1,647.75         69   
                                     7.500          1,647.75      336,000.00
WILDWOOD         MO   63069          2            08/25/97         00   
0430415687                           05           10/01/97          0   
1583060680                           O            09/01/27              
0                                                                       

1627338          074/G01             F          400,000.00         ZZ   
                                  360        399,717.68          3
2617 NORTH MILDRED                 7.750          2,865.65         76   
                                     7.500          2,865.65      533,000.00
CHICAGO          IL   60614          2            08/14/97         00   
0430420760                           05           10/01/97          0   
1583061762                           O            09/01/27              
0                                                                       

1627342          074/G01             F          316,000.00         ZZ   
                                  360        315,782.53          1
6703 VERNON AVENUE SOUTH           7.875          2,291.22         80   
                                     7.625          2,291.22      395,000.00
EDINA            MN   55436          1            08/29/97         00   
0430420794                           09           10/01/97          0   
1                                                                               

1583064068                           O            09/01/27              
0                                                                       

1627346          074/G01             F          100,000.00         ZZ   
                                  360         99,843.79          1
3305 HAYES STREET                  7.875            725.07         80   
                                     7.625            725.07      126,000.00
LANHAM           MD   20706          5            07/31/97         00   
0430415703                           05           09/01/97          0   
1587075714                           O            08/01/27              
0                                                                       

1627347          074/G01             F          247,200.00         ZZ   
                                  360        247,029.87          1
7728 TAUXEMONT ROAD                7.875          1,792.38         80   
                                     7.625          1,792.38      309,000.00
ALEXANDRIA       VA   22308          2            08/22/97         00   
0430420828                           05           10/01/97          0   
1587076273                           O            09/01/27              
0                                                                       

1627348          074/G01             F          305,000.00         ZZ   
                                  240        304,465.89          1
12026 BLACKBERRY TERRACE           7.750          2,503.90         85   
                                     7.500          2,503.90      360,000.00
GAITHERSBURG     MD   20878          2            08/12/97         04   
0430420836                           03           10/01/97         12   
1587076444                           O            09/01/17              
0                                                                       

1627349          074/G01             F          232,000.00         ZZ   
                                  360        231,840.33          1
10249 TUSCANY ROAD                 7.875          1,682.17         80   
                                     7.625          1,682.17      290,000.00
ELLICOTT CITY    MD   21042          1            08/20/97         00   
0430420844                           05           10/01/97          0   
1587076455                           O            09/01/27              
0                                                                       

1627351          074/G01             F          159,650.00         ZZ   
                                  360        159,542.87          1
120 BRIAR RIDGE LANE               8.000          1,171.46         63   
                                     7.750          1,171.46      257,000.00
SPERRYVILLE      VA   22740          5            08/19/97         00   
0430415125                           05           10/01/97          0   
1587076648                           O            09/01/27              
0                                                                       

1                                                                               

1627352          074/G01             F          116,800.00         ZZ   
                                  360        116,719.61          1
506 STERLING AVENUE                7.875            846.89         80   
                                     7.625            846.89      146,000.00
NEW CASTLE       DE   19720          5            08/25/97         00   
0430420851                           05           10/01/97          0   
1587077028                           O            09/01/27              
0                                                                       

1627353          074/G01             F          225,000.00         ZZ   
                                  360        224,681.36          1
8809 LYNNHURST DRIVE               7.750          1,611.93         75   
                                     7.500          1,611.93      300,000.00
FAIRFAX          VA   22031          1            07/30/97         00   
0430415711                           05           09/01/97          0   
1587077083                           O            08/01/27              
0                                                                       

1627354          074/G01             F          260,000.00         ZZ   
                                  240        259,544.70          1
12 BOYSENBERRY DRIVE               7.750          2,134.47         63   
                                     7.500          2,134.47      418,000.00
HOCKESSIN        DE   19707          1            08/29/97         00   
0430420869                           05           10/01/97          0   
1587077764                           O            09/01/17              
0                                                                       

1627355          074/G01             F          267,750.00         ZZ   
                                  360        267,561.02          1
12019 HITCHING POST LANE           7.750          1,918.20         85   
                                     7.500          1,918.20      315,000.00
ROCKVILLE        MD   20852          2            08/20/97         04   
0430420877                           05           10/01/97         12   
1587077775                           O            09/01/27              
0                                                                       

1627356          074/G01             F          198,400.00         ZZ   
                                  360        198,263.46          1
7213 PATTON DRIVE                  7.875          1,438.54         80   
                                     7.625          1,438.54      248,000.00
WOODBINE         MD   21797          5            08/22/97         00   
0430415133                           05           10/01/97          0   
1587077800                           O            09/01/27              
0                                                                       

1627357          074/G01             F          221,950.00         ZZ   
                                  360        221,804.81          1
71 SEAN LANE                       8.125          1,647.98         80   
                                     7.875          1,647.98      277,479.00
1                                                                               

GLENMOORE        PA   19343          1            08/29/97         00   
0430420885                           05           10/01/97          0   
1587077877                           O            09/01/27              
0                                                                       

1627358          074/G01             F          284,000.00         ZZ   
                                  360        283,804.55          1
3204 HISTORY DRIVE                 7.875          2,059.20         80   
                                     7.625          2,059.20      355,000.00
OAKTON           VA   22124          5            08/25/97         00   
0430420893                           05           10/01/97          0   
1587078097                           O            09/01/27              
0                                                                       

1627359          074/G01             F          202,500.00         ZZ   
                                  360        202,360.64          1
14504 ST STEPHENS PLAC             7.875          1,468.27         75   
                                     7.625          1,468.27      270,000.00
MIDLOTHIAN       VA   23113          2            08/15/97         00   
0430420901                           05           10/01/97          0   
1587078122                           O            09/01/27              
0                                                                       

1627360          074/G01             F          339,200.00         ZZ   
                                  360        338,954.49          1
4720 WALNEY KNOLL COURT            7.625          2,400.84         80   
                                     7.375          2,400.84      424,000.00
CHANTILLY        VA   20151          5            08/22/97         00   
0430420919                           03           10/01/97          0   
1587078144                           O            09/01/27              
0                                                                       

1627361          074/G01             F          250,000.00         ZZ   
                                  360        249,827.95          1
13320 SPRINGWOOD COURT             7.875          1,812.68         36   
                                     7.625          1,812.68      700,000.00
ELLICOTT CITY    MD   21043          1            08/27/97         00   
0430415737                           05           10/01/97          0   
1587078188                           O            09/01/27              
0                                                                       

1627362          074/G01             F          280,000.00         ZZ   
                                  360        279,628.25          1
2413 ODENDRON COURT                7.750          2,005.96         80   
                                     7.500          2,005.96      350,000.00
RICHMOND         VA   23233          5            08/25/97         00   
0430415745                           03           10/01/97          0   
1587078213                           O            09/01/27              
0                                                                       
1                                                                               

1627363          074/G01             F          293,000.00         ZZ   
                                  360        292,803.39          1
1220 THOMAS POINT COURT            8.000          2,149.94         79   
                                     7.750          2,149.94      375,000.00
ANNAPOLIS        MD   21403          2            08/22/97         00   
0430420927                           03           10/01/97          0   
1587078439                           O            09/01/27              
0                                                                       

1627364          074/G01             F          278,500.00         ZZ   
                                  360        278,298.43          1
18502 VIBURNUM WAY                 7.625          1,971.21         76   
                                     7.375          1,971.21      371,000.00
OLNEY            MD   20832          2            08/25/97         00   
0430415091                           03           10/01/97          0   
1587078621                           O            09/01/27              
0                                                                       

1627365          074/G01             F          360,000.00         ZZ   
                                  360        359,752.25          1
412 SENECA ROAD                    7.875          2,610.25         80   
                                     7.625          2,610.25      450,000.00
GREAT FALLS      VA   22066          5            08/22/97         00   
0430420935                           05           10/01/97          0   
1587078870                           O            09/01/27              
0                                                                       

1627366          074/G01             F          372,000.00         ZZ   
                                  360        371,737.44          1
9109 LYNCHBURG COURT               7.750          2,665.06         77   
                                     7.500          2,665.06      485,000.00
FAIRFAX          VA   22032          2            08/25/97         00   
0430420943                           03           10/01/97          0   
1587079089                           O            09/01/27              
0                                                                       

1627367          074/G01             F          152,000.00         ZZ   
                                  360        151,898.00          1
6312 GARDEN ROAD                   8.000          1,115.33         73   
                                     7.750          1,115.33      210,000.00
SPRINGFIELD      VA   22152          2            08/25/97         00   
0430420950                           05           10/01/97          0   
1587079566                           O            09/01/27              
0                                                                       

1627369          074/G01             F          121,000.00         ZZ   
                                  240        120,797.74          1
1                                                                               

10216 BUENA VISTA AVENUE           8.125          1,021.53         72   
                                     7.875          1,021.53      170,000.00
LANHAM           MD   20706          2            08/21/97         00   
0430420976                           05           10/01/97          0   
1587080168                           O            09/01/17              
0                                                                       

1627371          074/G01             F          259,000.00         ZZ   
                                  360        258,826.21          1
100 DRISCOLL WAY                   8.000          1,900.46         73   
                                     7.750          1,900.46      359,000.00
GAITHERSBURG     MD   20878          1            08/25/97         00   
0430420992                           03           10/01/97          0   
1587080500                           O            09/01/27              
0                                                                       

1627372          074/G01             F           96,200.00         ZZ   
                                  360         96,133.79          1
3354 BRECKENRIDGE COU              7.875            697.52         65   
                                     7.625            697.52      148,000.00
ANNANDALE        VA   22003          5            08/25/97         00   
0430421008                           09           10/01/97          0   
1587080678                           O            09/01/27              
0                                                                       

1627373          074/G01             F          267,000.00         ZZ   
                                  360        266,816.25          1
10854 PARCEL COURT                 7.875          1,935.94         63   
                                     7.625          1,935.94      430,000.00
OAKTON           VA   22124          2            08/25/97         00   
0430421016                           03           10/01/97          0   
1587081003                           O            09/01/27              
0                                                                       

1627375          074/G01             F          284,000.00         ZZ   
                                  360        283,809.43          1
1092 PENSIVE LANE                  8.000          2,083.90         80   
                                     7.750          2,083.90      355,000.00
GREAT FALLS      VA   22066          1            08/29/97         00   
0430421032                           05           10/01/97          0   
1587081284                           O            09/01/27              
0                                                                       

1627377          074/G01             F          256,000.00         ZZ   
                                  360        255,814.62          1
7241 SW 127 STREET                 7.625          1,811.95         80   
                                     7.375          1,811.95      320,000.00
MIAMI            FL   33156          1            08/19/97         00   
0430415760                           05           10/01/97          0   
1                                                                               

1589123057                           O            09/01/27              
0                                                                       

1627378          074/G01             F          224,000.00         T    
                                  360        223,849.69          1
1022 WATSON LANE                   8.000          1,643.64         80   
                                     7.750          1,643.64      280,000.00
KEY WEST         FL   33040          1            08/27/97         00   
0430421040                           03           10/01/97          0   
1589123487                           O            09/01/27              
0                                                                       

1627379          074/G01             F          232,000.00         ZZ   
                                  360        231,844.33          1
4945 NORMANDY CT                   8.000          1,702.34         80   
                                     7.750          1,702.34      290,000.00
CAPE CORAL       FL   33904          1            08/27/97         01   
0430421057                           05           10/01/97         12   
1589123750                           O            09/01/27              
0                                                                       

1627380          074/G01             F          150,000.00         ZZ   
                                  360        149,891.42          1
475 GALLEON DR                     7.625          1,061.70         12   
                                     7.375          1,061.70    1,304,000.00
NAPLES           FL   34102          5            08/22/97         00   
0430421065                           05           10/01/97          0   
1589124082                           O            09/01/27              
0                                                                       

1627381          074/G01             F          420,000.00         ZZ   
                                  360        419,390.11          1
230 GOLDEN BEACH DRIVE             7.625          2,972.73         53   
                                     7.375          2,972.73      802,500.00
GOLDEN BEACH     FL   33160          1            07/31/97         00   
0430421073                           05           09/01/97          0   
1589124377                           O            08/01/27              
0                                                                       

1627382          074/G01             F          128,000.00         ZZ   
                                  360        127,663.16          1
812 SE 11TH COURT                  7.625            905.98         68   
                                     7.375            905.98      190,000.00
FORT LAUDERDALE  FL   33316          5            07/25/97         00   
0430415786                           05           09/01/97          0   
1589124424                           O            08/01/27              
0                                                                       

1                                                                               

1627383          074/G01             F          344,000.00         ZZ   
                                  360        343,757.21          1
1437 CANTORIA AVE                  7.750          2,464.46         80   
                                     7.500          2,464.46      430,000.00
CORAL GABLES     FL   33146          1            08/25/97         00   
0430421081                           05           10/01/97          0   
1589124741                           O            09/01/27              
0                                                                       

1627385          074/G01             F          131,200.00         ZZ   
                                  360        131,107.39          1
121 CLAREMONT LN                   7.750            939.94         80   
                                     7.500            939.94      164,000.00
PALM BEACH SHOR  FL   33404          1            08/29/97         00   
0430421099                           05           10/01/97          0   
1589126292                           O            09/01/27              
0                                                                       

1627387          074/G01             F          255,550.00         ZZ   
                                  360        255,374.13          1
7721 BEACH VIEW DR                 7.875          1,852.92         95   
                                     7.625          1,852.92      269,000.00
NO BAY VILLAGE   FL   33141          1            08/26/97         11   
0430421115                           05           10/01/97         30   
1589128301                           O            09/01/27              
0                                                                       

1627389          074/G01             F          252,600.00         ZZ   
                                  360        252,434.76          1
19325 CRESCENT ROAD                8.125          1,875.55         95   
                                     7.875          1,875.55      265,900.00
ODESSA           FL   33556          1            08/28/97         04   
0430421131                           05           10/01/97         30   
1589128673                           O            09/01/27              
0                                                                       

1627390          074/G01             F           60,000.00         ZZ   
                                  360         59,958.70          1
6120 NW 32ND WAY                   7.875            435.05         80   
                                     7.625            435.05       75,000.00
FORT LAUDERDALE  FL   33309          5            08/22/97         00   
0430421149                           09           10/01/97          0   
1589129224                           O            09/01/27              
0                                                                       

1627391          074/G01             F          117,350.00         ZZ   
                                  360        117,010.86          1
720 WREN AVE                       8.000            861.08         75   
                                     7.750            861.08      156,500.00
1                                                                               

MIAMI SPRINGS    FL   33166          1            08/27/97         00   
0430415794                           05           10/01/97          0   
1589129257                           O            09/01/27              
0                                                                       

1627392          074/G01             F          104,000.00         ZZ   
                                  360        103,931.97          1
2790 NW 4 TERRACE                  8.125            772.20         80   
                                     7.875            772.20      130,000.00
MIAMI            FL   33125          5            08/22/97         00   
0430421156                           05           10/01/97          0   
1589130609                           O            09/01/27              
0                                                                       

1627395          074/G01             F          350,000.00         ZZ   
                                  360        349,740.24          1
7024 NORTH HIGHFIELD DRIVE         7.500          2,447.26         70   
                                     7.250          2,447.26      502,000.00
BIRMINGHAM       AL   35242          1            08/28/97         00   
0430421180                           03           10/01/97          0   
1590051532                           O            09/01/27              
0                                                                       

1627396          074/G01             F          499,950.00         ZZ   
                                  360        499,605.93          1
7647 S TROPICAL TRAIL              7.875          3,624.99         75   
                                     7.625          3,624.99      675,000.00
MERRITT ISLAND   FL   32952          5            08/22/97         00   
0430421198                           05           10/01/97          0   
1590051634                           O            09/01/27              
0                                                                       

1627397          074/G01             F          240,000.00         ZZ   
                                  360        239,826.29          1
532 HEATHERSTONE COURT             7.625          1,698.71         79   
                                     7.375          1,698.71      305,000.00
RIDGELAND        MS   39157          1            08/29/97         00   
0430421206                           05           10/01/97          0   
1590051690                           O            09/01/27              
0                                                                       

1627400          074/G01             F          511,900.00         ZZ   
                                  360        511,538.70          1
5438 E VERSAILLE COURT             7.750          3,667.32         80   
                                     7.500          3,667.32      639,900.00
ORANGE           CA   92867          1            08/04/97         00   
0430421230                           03           10/01/97          0   
1595041922                           O            09/01/27              
0                                                                       
1                                                                               

1627401          074/G01             F          223,900.00         ZZ   
                                  360        223,741.97          1
9841 VICKSBURG DRIVE               7.750          1,604.05         80   
                                     7.500          1,604.05      279,900.00
HUNTINGTON BEAC  CA   92646          1            08/14/97         00   
0430421248                           05           10/01/97          0   
1595047066                           O            09/01/27              
0                                                                       

1627402          074/G01             F          592,000.00         ZZ   
                                  360        591,140.33          1
37 OAKBROOK DRIVE                  7.625          4,190.14         80   
                                     7.375          4,190.14      740,000.00
COTO DE CAZA AR  CA   92679          5            07/24/97         00   
0430421255                           03           09/01/97          0   
1595047292                           O            08/01/27              
0                                                                       

1627403          074/G01             F          110,000.00         ZZ   
                                  360        109,922.36          1
1069 NOWITA PLACE                  7.750            788.06         53   
  VENICE AREA                        7.500            788.06      210,000.00
LOS ANGLES       CA   90291          5            08/12/97         00   
0430421263                           05           10/01/97          0   
1595047714                           O            09/01/27              
0                                                                       

1627404          074/G01             F          250,000.00         ZZ   
                                  360        249,823.54          1
2209 22ND STREET                   7.750          1,791.04         65   
                                     7.500          1,791.04      385,000.00
SANTA MONICA     CA   90405          5            08/04/97         00   
0430421271                           05           10/01/97          0   
1595047725                           O            09/01/27              
0                                                                       

1627405          074/G01             F          600,000.00         ZZ   
                                  360        599,150.31          1
31696 AVENIDA EVITA                7.750          4,298.48         78   
                                     7.500          4,298.48      770,000.00
SAN JUAN CAPIST  CA   92675          5            07/24/97         00   
0430421289                           05           09/01/97          0   
1595047940                           O            08/01/27              
0                                                                       

1627406          074/G01             F          351,200.00         ZZ   
                                  360        350,952.13          1
1                                                                               

4910 GAVIOTA AVENUE                7.750          2,516.04         80   
  ENCINO AREA                        7.500          2,516.04      439,000.00
LOS ANGELES      CA   91436          1            08/04/97         00   
0430421297                           05           10/01/97          0   
1595048502                           O            09/01/27              
0                                                                       

1627407          074/G01             F          324,000.00         ZZ   
                                  360        323,771.32          1
4009 CALLE BIENVENIDO              7.750          2,321.18         90   
                                     7.500          2,321.18      360,000.00
SAN CLEMENTE     CA   92673          1            08/18/97         12   
0430421305                           05           10/01/97         25   
1595048637                           O            09/01/27              
0                                                                       

1627409          074/G01             F          376,000.00         ZZ   
                                  360        375,467.51          1
4950 FAIRWOOD CIRCLE               7.750          2,693.72         60   
                                     7.500          2,693.72      630,000.00
YORBA LINDA      CA   92887          2            07/30/97         00   
0430421321                           05           09/01/97          0   
1595049221                           O            08/01/27              
0                                                                       

1627410          074/G01             F          331,600.00         ZZ   
                                  360        331,365.95          1
520 NARCISSUS AVENUE               7.750          2,375.63         80   
                                     7.500          2,375.63      414,500.00
NEWPORT BEACH    CA   92625          1            08/01/97         00   
0430421339                           01           10/01/97          0   
1595049301                           O            09/01/27              
0                                                                       

1627416          074/G01             F          336,000.00         ZZ   
                                  360        335,756.81          1
28050 LOBROOK DRIVE                7.625          2,378.19         80   
                                     7.375          2,378.19      420,000.00
RANCHO PALOS VE  CA   90275          2            08/20/97         00   
0430423160                           05           10/01/97          0   
1595050162                           O            09/01/27              
0                                                                       

1627417          074/G01             F          602,000.00         ZZ   
                                  360        601,553.22          1
8 KEPLER                           7.500          4,209.28         70   
                                     7.250          4,209.28      860,000.00
IRVINE           CA   92612          1            08/19/97         00   
0430421388                           03           10/01/97          0   
1                                                                               

1595050173                           O            09/01/27              
0                                                                       

1627418          074/G01             F          430,000.00         ZZ   
                                  360        429,696.50          1
2015 PORT BRISTOL CIRCLE           7.750          3,080.58         79   
                                     7.500          3,080.58      550,000.00
NEWPORT BEACH    CA   92660          2            08/01/97         00   
0430421396                           03           10/01/97          0   
1595050220                           O            09/01/27              
0                                                                       

1627420          074/G01             F          888,750.00         ZZ   
                                  360        888,122.72          1
17368 CIRCA DEL SUR                7.750          6,367.12         75   
                                     7.500          6,367.12    1,185,000.00
RANCHO SANTA FE  CA   92067          1            08/19/97         00   
0430421404                           03           10/01/97          0   
1595050275                           O            09/01/27              
0                                                                       

1627421          074/G01             F          281,600.00         ZZ   
                                  360        281,391.01          1
6301 GLENFOX DRIVE                 7.500          1,968.99         80   
                                     7.250          1,968.99      352,000.00
HUNTINGTON BEAC  CA   92648          1            08/15/97         00   
0430423178                           05           10/01/97          0   
1595050286                           O            09/01/27              
0                                                                       

1627426          074/G01             F          389,000.00         ZZ   
                                  360        388,512.29          1
112 18TH STREET                    7.750          2,786.85         79   
                                     7.500          2,786.85      495,000.00
HUNTINGTON BEAC  CA   92648          2            08/25/97         00   
0430415869                           05           10/01/97          0   
1595050752                           O            09/01/27              
0                                                                       

1627427          074/G01             F          277,600.00         ZZ   
                                  360        277,404.06          1
7411 LIZ COURT                     7.750          1,988.77         80   
                                     7.500          1,988.77      347,000.00
WEST HILLS       CA   91304          5            08/19/97         00   
0430421446                           05           10/01/97          0   
1595050901                           O            09/01/27              
0                                                                       

1                                                                               

1627437          074/G01             F          246,000.00         ZZ   
                                  360        245,826.37          1
61 DIAMANTE                        7.750          1,762.38         80   
                                     7.500          1,762.38      310,000.00
IRVINE           CA   92620          2            08/22/97         00   
0430421511                           03           10/01/97          0   
1595051755                           O            09/01/27              
0                                                                       

1627439          074/G01             F          242,250.00         ZZ   
                                  360        242,062.11          1
1840 EAST HILLHAVEN DRIVE          7.750          1,735.51         95   
                                     7.500          1,735.51      255,000.00
BREA             CA   92621          1            08/15/97         11   
0430415901                           03           10/01/97         30   
1595053386                           O            09/01/27              
0                                                                       

1627440          074/G01             F          230,400.00         ZZ   
                                  360        230,237.38          1
631 NORTH DAISY AVENUE             7.750          1,650.62         80   
                                     7.500          1,650.62      288,000.00
PASADENA         CA   91107          1            08/15/97         00   
0430421529                           05           10/01/97          0   
1595053524                           O            09/01/27              
0                                                                       

1627445          074/G01             F          300,000.00         ZZ   
                                  360        299,788.26          1
17077 BOLLINGER DRIVE              7.750          2,149.24         60   
                                     7.500          2,149.24      500,000.00
PACIFIC PALISAD  CA   90272          5            08/08/97         00   
0430421552                           05           10/01/97          0   
1596020702                           O            09/01/27              
0                                                                       

1627446          074/G01             F          238,500.00         ZZ   
                                  360        238,323.00          1
1019 VIA REGINA                    7.500          1,667.63         90   
                                     7.250          1,667.63      265,000.00
SANTA BARBARA    CA   93109          1            08/01/97         12   
0430421560                           05           10/01/97         25   
1596031742                           O            09/01/27              
0                                                                       

1627451          074/G01             F          212,800.00         ZZ   
                                  360        212,490.98          1
14339 VALLEY VISTA BLVD            7.625          1,506.19         80   
                                     7.375          1,506.19      266,000.00
1                                                                               

SHERMAN OAKS     CA   91423          1            07/17/97         00   
0430421602                           05           09/01/97          0   
1596035437                           O            08/01/27              
0                                                                       

1627452          074/G01             F          360,000.00         ZZ   
                                  360        359,739.44          1
7865 LULU GLEN DRIVE               7.625          2,548.06         66   
                                     7.375          2,548.06      550,000.00
LOS ANGELES      CA   90046          5            08/06/97         00   
0430421610                           05           10/01/97          0   
1596036429                           O            09/01/27              
0                                                                       

1627470          074/G01             F          239,000.00         ZZ   
                                  360        238,839.63          1
2519 CLOVERFIELD BOULEVARD         8.000          1,753.70         69   
                                     7.750          1,753.70      350,000.00
SANTA MONICA     CA   90405          2            08/15/97         00   
0430421776                           05           10/01/97          0   
1596039267                           O            09/01/27              
0                                                                       

1627471          074/G01             F          221,850.00         ZZ   
                                  360        221,689.42          1
137 AUBURN WAY                     7.625          1,570.25         85   
                                     7.375          1,570.25      261,000.00
VACAVILLE        CA   95688          1            08/19/97         12   
0430421784                           05           10/01/97         12   
1596039551                           O            09/01/27              
0                                                                       

1627477          074/G01             F          222,000.00         ZZ   
                                  360        221,839.32          1
4069 MAYFIELD STREET               7.625          1,571.31         80   
                                     7.375          1,571.31      277,500.00
THOUSAND OAKS    CA   91320          1            08/20/97         00   
0430421842                           05           10/01/97          0   
1596039879                           O            09/01/27              
0                                                                       

1627478          074/G01             F          273,000.00         ZZ   
                                  360        272,797.39          1
9043 CRESTA DRIVE                  7.500          1,908.86         63   
                                     7.250          1,908.86      435,000.00
LOS ANGELES      CA   90035          2            08/21/97         00   
0430421859                           05           10/01/97          0   
1596039880                           O            09/01/27              
0                                                                       
1                                                                               

1627483          074/G01             F          588,750.00         ZZ   
                                  360        588,334.46          1
2002 HERCULES DRIVE                7.750          4,217.88         75   
                                     7.500          4,217.88      785,000.00
LOS ANGELES      CA   90046          1            08/22/97         00   
0430421909                           05           10/01/97          0   
1596040313                           O            09/01/27              
0                                                                       

1627485          074/G01             F          599,600.00         ZZ   
                                  360        599,176.81          1
919 VISTA RIDGE LANE               7.750          4,295.61         40   
                                     7.500          4,295.61    1,500,000.00
WESTLAKE VILLAG  CA   91362          2            08/21/97         00   
0430421925                           03           10/01/97          0   
1596040492                           O            09/01/27              
0                                                                       

1627487          074/G01             F          375,200.00         ZZ   
                                  360        374,935.19          1
4630 HILLARD AVENUE                7.750          2,687.98         80   
                                     7.500          2,687.98      469,000.00
LA CANADA-FLINT  CA   91011          1            08/21/97         00   
0430421941                           05           10/01/97          0   
1596040732                           O            09/01/27              
0                                                                       

1627488          074/G01             F          239,700.00         ZZ   
                                  360        239,526.50          1
9852 SILVRETTA DRIVE               7.625          1,696.59         80   
                                     7.375          1,696.59      299,640.00
CYPRESS          CA   90630          1            08/15/97         00   
0430415141                           05           10/01/97          0   
1596041032                           O            09/01/27              
0                                                                       

1627490          074/G01             F          276,000.00         ZZ   
                                  360        275,810.05          1
842 CAMBRIDGE DRIVE                7.875          2,001.20         80   
                                     7.625          2,001.20      345,000.00
BURBANK          CA   91504          5            08/25/97         00   
0430421966                           05           10/01/97          0   
1596043060                           O            09/01/27              
0                                                                       

1627492          074/G01             F          238,400.00         ZZ   
                                  360        238,231.74          1
1                                                                               

12242 CANTURA STREET               7.750          1,707.93         80   
                                     7.500          1,707.93      298,000.00
STUDIO CITY      CA   91604          1            08/27/97         00   
0430421982                           05           10/01/97          0   
1596043640                           O            09/01/27              
0                                                                       

1627493          074/G01             F          306,000.00         ZZ   
                                  360        305,689.42          1
5395 MALLARD LN                    7.875          2,218.71         90   
                                     7.625          2,218.71      340,000.00
HOFFMAN ESTATES  IL   60192          2            08/28/97         10   
0430415968                           05           10/01/97         25   
1601144826                           O            09/01/27              
0                                                                       

1627494          074/G01             F          255,000.00         ZZ   
                                  360        254,820.02          1
1359 LORRAINE PL                   7.750          1,826.85         70   
                                     7.500          1,826.85      365,000.00
SCHAUMBURG       IL   60173          1            08/29/97         00   
0430421990                           03           10/01/97          0   
1605116957                           O            09/01/27              
0                                                                       

1627495          074/G01             F          118,400.00         ZZ   
                                  360        118,318.52          1
5 PERSHING AVE                     7.875            858.48         80   
                                     7.625            858.48      148,000.00
LAKE IN THE HIL  IL   60102          2            08/25/97         00   
0430422006                           05           10/01/97          0   
1605119401                           O            09/01/27              
0                                                                       

1627496          074/G01             F          755,000.00         ZZ   
                                  360        754,453.56          1
1099 SUNSET ROAD                   7.625          5,343.84         69   
                                     7.375          5,343.84    1,100,000.00
WINNETKA         IL   60093          5            08/22/97         00   
0430422014                           05           10/01/97          0   
1610005966                           O            09/01/27              
0                                                                       

1627499          074/G01             F          225,000.00         ZZ   
                                  360        223,705.00          1
4125 N HIGHLAND AVE                7.625          1,592.54         79   
                                     7.375          1,592.54      285,000.00
ARLINGTON HEIGH  IL   60004          1            08/25/97         00   
0430415992                           05           10/01/97          0   
1                                                                               

1614015815                           O            09/01/27              
0                                                                       

1627501          074/G01             F          195,200.00         ZZ   
                                  360        195,062.23          1
498 LONGTREE                       7.750          1,398.44         80   
                                     7.500          1,398.44      244,000.00
WHEELING         IL   60090          1            08/28/97         00   
0430422030                           05           10/01/97          0   
1617016698                           O            09/01/27              
0                                                                       

1627503          074/G01             F          238,000.00         ZZ   
                                  360        237,432.02          1
1851 LINCOLN AVENUE                7.750          1,705.06         73   
                                     7.500          1,705.06      329,000.00
EVANSTON         IL   60201          2            08/25/97         00   
0430416032                           09           10/01/97          0   
1621153455                           O            09/01/27              
0                                                                       

1627504          074/G01             F          268,800.00         ZZ   
                                  360        268,536.00          1
2320 CHAMBOURD DR                  7.750          1,925.72         60   
                                     7.500          1,925.72      453,000.00
BUFFALO GROVE    IL   60089          2            08/25/97         00   
0430416040                           03           10/01/97          0   
1627004232                           O            09/01/27              
0                                                                       

1627506          074/G01             F          223,500.00         ZZ   
                                  360        223,334.14          1
4545 VINEWOOD LN NORTH             7.500          1,562.74         63   
                                     7.250          1,562.74      355,000.00
PLYMOUTH         MN   55442          2            08/25/97         00   
0430422055                           05           10/01/97          0   
1661103510                           O            09/01/27              
0                                                                       

1627507          074/G01             F          400,000.00         ZZ   
                                  360        399,703.14          1
1346 GOOSE LAKE ROAD               7.500          2,796.86         80   
                                     7.250          2,796.86      500,000.00
GEM LAKE         MN   55110          1            08/20/97         00   
0430422063                           05           10/01/97          0   
1664083384                           O            09/01/27              
0                                                                       

1                                                                               

1627508          074/G01             F          304,000.00         ZZ   
                                  360        303,785.44          1
17251 CANDLEWOOD PKWY              7.750          2,177.89         80   
                                     7.500          2,177.89      380,000.00
EDEN PRAIRIE     MN   55347          1            08/28/97         00   
0430422071                           05           10/01/97          0   
1664092363                           O            09/01/27              
0                                                                       

1627510          074/G01             F          300,000.00         ZZ   
                                  360        299,564.36          1
3607 TAYLOR STREET                 7.625          2,123.38         80   
                                     7.375          2,123.38      375,000.00
CHEVY CHASE      MD   20815          1            07/28/97         00   
0430422097                           05           09/01/97          0   
1701133129                           O            08/01/27              
0                                                                       

1627511          074/G01             F          260,000.00         ZZ   
                                  360        259,811.82          1
14401 DARNESTOWN ROAD              7.625          1,840.26         75   
                                     7.375          1,840.26      347,000.00
DARNESTOWN       MD   20874          1            08/27/97         00   
0430422105                           05           10/01/97          0   
1731153442                           O            09/01/27              
0                                                                       

1627513          074/G01             F          221,600.00         ZZ   
                                  360        221,253.22          1
2713 HATMARK STREET                7.250          1,511.70         80   
                                     7.000          1,511.70      277,000.00
VIENNA           VA   22181          1            07/25/97         00   
0430422113                           05           09/01/97          0   
1761090283                           O            08/01/27              
0                                                                       

1627514          074/G01             F          264,000.00         ZZ   
                                  360        263,606.92          1
12009 AINTREE LANE                 7.500          1,845.93         80   
                                     7.250          1,845.93      330,000.00
RESTON           VA   20191          1            07/24/97         00   
0430422121                           03           09/01/97          0   
1761110289                           O            08/01/27              
0                                                                       

1627515          074/G01             F          266,300.00         ZZ   
                                  360        266,121.31          1
6207 N 18TH ROAD                   8.000          1,954.02         79   
                                     7.750          1,954.02      340,000.00
1                                                                               

ARLINGTON        VA   22205          2            08/25/97         00   
0430422139                           05           10/01/97          0   
1761113345                           O            09/01/27              
0                                                                       

1627516          074/G01             F          319,200.00         T    
                                  360        318,980.33          1
24 BAY FRONT PLACE                 7.875          2,314.42         80   
                                     7.625          2,314.42      399,000.00
HAMPTON          VA   23664          1            08/26/97         00   
0430422147                           03           10/01/97          0   
1782049834                           O            09/01/27              
0                                                                       

1627517          074/G01             F          257,000.00         T    
                                  360        256,823.13          1
249E WEST LOVELL ROAD              7.875          1,863.43         58   
                                     7.625          1,863.43      450,000.00
LOVELL           ME   04051          5            08/14/97         00   
0430422154                           05           10/01/97          0   
1809003865                           O            09/01/27              
0                                                                       

1627518          074/G01             F          237,600.00         ZZ   
                                  360        237,423.67          1
LOT 28 SPRINGFIELD CIRCLE          7.500          1,661.33         90   
                                     7.250          1,661.33      264,000.00
MERRIMACK        NH   03054          1            08/28/97         14   
0430422162                           05           10/01/97         25   
1815020279                           O            09/01/27              
0                                                                       

1627519          074/G01             F          272,200.00         ZZ   
                                  360        272,017.36          1
967 ABERDEEN COURT                 8.000          1,997.31         80   
                                     7.750          1,997.31      340,250.00
CONCORD          NC   28025          1            08/26/97         00   
0430422170                           03           10/01/97          0   
1842003920                           O            09/01/27              
0                                                                       

1627520          074/G01             F          225,600.00         ZZ   
                                  360        225,436.72          1
12513 AMERSHIRE LANE               7.625          1,596.78         95   
                                     7.375          1,596.78      237,500.00
GLEN ALLEN       VA   23060          1            08/29/97         04   
0430422188                           03           10/01/97         30   
1861016806                           O            09/01/27              
0                                                                       
1                                                                               

1627521          074/G01             F          260,000.00         ZZ   
                                  360        259,816.50          1
10800 WOODLAND POND PARKWAY        7.750          1,862.67         80   
                                     7.500          1,862.67      325,000.00
CHESTERFIELD     VA   23838          1            08/26/97         00   
0430422196                           05           10/01/97          0   
1861017172                           O            09/01/27              
0                                                                       

1627537          480/G01             F          259,800.00         ZZ   
                                  360        259,616.63          1
4657 JUNIPER DR.                   7.750          1,861.24         80   
                                     7.500          1,861.24      324,800.00
PALM HARBOR      FL   34685          1            08/22/97         00   
0430376780                           03           10/01/97          0   
2171544                              O            09/01/27              
0                                                                       

1627558          575/G01             F          111,200.00         ZZ   
                                  360        111,125.38          1
116 CHURCH ROAD                    8.000            815.95         80   
                                     7.750            815.95      139,000.00
SHREWSBURY       PA   17361          1            08/28/97         00   
0430377747                           05           10/01/97          0   
972367746                            O            09/01/27              
0                                                                       

1627622          664/G01             F          279,000.00         ZZ   
                                  360        278,807.99          1
33 REPOSO DRIVE                    7.875          2,022.95         90   
                                     7.625          2,022.95      310,000.00
AREA OF OAKVIEW  CA   93023          1            08/26/97         14   
0430378042                           05           10/01/97         30   
2301141                              O            09/01/27              
0                                                                       

1627626          664/G01             F          286,900.00         ZZ   
                                  360        286,707.49          1
32404 WESTPORT COURT               8.000          2,105.18         80   
                                     7.750          2,105.18      358,677.00
UNION CITY       CA   94587          1            08/13/97         00   
0430391920                           05           10/01/97          0   
2270379                              O            09/01/27              
0                                                                       

1627640          638/G01             F          500,000.00         ZZ   
                                  360        500,000.00          1
1                                                                               

4540 PARK MARBELLA                 8.000          3,668.82         63   
                                     7.750          3,668.82      803,000.00
CALABASAS        CA   91302          5            09/15/97         00   
0430425090                           05           11/01/97          0   
8663625                              O            10/01/27              
0                                                                       

1627664          074/074             F          100,000.00         ZZ   
                                  360         99,931.18          1
30 WHITE ST                        7.875            725.07         62   
                                     7.625            725.07      163,000.00
SHREWSBURY       NJ   07702          1            08/29/97         00   
1101214955                           05           10/01/97          0   
1101214955                           O            09/01/27              
0                                                                       

1627665          074/074             F          223,600.00         ZZ   
                                  360        223,446.12          1
21 SOUTH MOUNTAIN AVE              7.875          1,621.26         80   
                                     7.625          1,621.26      279,500.00
MILLBURN         NJ   07041          1            08/28/97         00   
1101216815                           05           10/01/97          0   
1101216815                           O            09/01/27              
0                                                                       

1627666          074/074             F          500,000.00         ZZ   
                                  360        499,664.51          1
43 BLACKPOINT HORSE                8.000          3,668.82         55   
                                     7.750          3,668.82      910,000.00
RUMSON           NJ   07760          1            08/29/97         00   
1101221430                           05           10/01/97          0   
1101221430                           O            09/01/27              
0                                                                       

1627668          074/074             F          500,000.00         ZZ   
                                  360        499,638.11          1
207 NASSAU AVENUE                  7.625          3,538.97         80   
                                     7.375          3,538.97      625,000.00
MANHASSET        NY   11030          1            08/04/97         00   
1106061137                           05           10/01/97          0   
1106061137                           O            09/01/27              
0                                                                       

1627669          074/074             F          240,000.00         ZZ   
                                  360        239,821.88          1
636 PLANDOME ROAD                  7.500          1,678.12         80   
                                     7.250          1,678.12      300,000.00
MANHASSET        NY   11030          1            08/13/97         00   
1106064260                           05           10/01/97          0   
1                                                                               

1106064260                           O            09/01/27              
0                                                                       

1627675          074/074             F          524,000.00         ZZ   
                                  360        523,657.23          1
26 FRESHMEADOW ROAD                8.125          3,890.69         80   
                                     7.875          3,890.69      655,000.00
WESTON           CT   06883          1            08/28/97         00   
1106077410                           05           10/01/97          0   
1106077410                           O            09/01/27              
0                                                                       

1627682          074/074             F          271,500.00         ZZ   
                                  360        271,308.38          1
75 CLOVER HILLS DRIVE              7.750          1,945.06         75   
                                     7.500          1,945.06      362,000.00
ROCHESTER        NY   14618          1            08/28/97         00   
1107010980                           05           10/01/97          0   
1107010980                           O            09/01/27              
0                                                                       

1627683          074/074             F           84,500.00         ZZ   
                                  360         82,800.95          1
152 FLOWER HILL                    8.250            634.83         63   
                                     8.000            634.83      134,500.00
KINGSTON         NY   12401          1            08/29/97         00   
1107024307                           05           10/01/97          0   
1107024307                           O            09/01/27              
0                                                                       

1627684          074/074             F          325,800.00         ZZ   
                                  360        325,564.19          1
128 HEATHERSTONE LANE              7.625          2,306.00         90   
                                     7.375          2,306.00      362,000.00
ROCHESTER        NY   14618          1            08/29/97         21   
1107026492                           05           10/01/97         25   
1107026492                           O            09/01/27              
0                                                                       

1627685          074/074             F          250,000.00         ZZ   
                                  360        249,827.95          1
4729 DEERFIELD PLACE               7.875          1,812.68         74   
                                     7.625          1,812.68      340,000.00
VESTAL           NY   13850          1            08/25/97         00   
1107026506                           05           10/01/97          0   
1107026506                           O            09/01/27              
0                                                                       

1                                                                               

1627686          074/074             F          100,000.00         ZZ   
                                  360         99,932.90          1
2 HASBROUCK LANE                   8.000            733.77         74   
                                     7.750            733.77      136,000.00
WOODSTOCK        NY   12498          1            08/28/97         00   
1107027360                           05           10/01/97          0   
1107027360                           O            09/01/27              
0                                                                       

1627687          074/074             F          297,000.00         ZZ   
                                  360        296,790.37          1
4 EAST DEER RUN                    7.750          2,127.75         90   
                                     7.500          2,127.75      330,000.00
RED HOOK         NY   12571          1            08/27/97         21   
1107027371                           05           10/01/97         25   
1107027371                           O            09/01/27              
0                                                                       

1627688          074/074             F           88,000.00         ZZ   
                                  360         87,940.95          1
14 CHIMNEY ROAD                    8.000            645.72         75   
                                     7.750            645.72      117,500.00
WOODSTOCK        NY   12498          1            08/20/97         00   
1107027440                           05           10/01/97          0   
1107027440                           O            09/01/27              
0                                                                       

1627690          074/074             F           88,000.00         ZZ   
                                  360         87,943.88          1
127 WEST 96TH STREET               8.250            661.12         31   
  APT. 11G & 11H                     8.000            661.12      288,000.00
NEW YORK         NY   10025          1            08/27/97         00   
1111112485                           11           10/01/97          0   
1111112485                           O            09/01/27              
0                                                                       

1627697          074/074             F          650,000.00         ZZ   
                                  360        649,541.24          1
90 ABBEY RD                        7.750          4,656.68         80   
                                     7.500          4,656.68      814,000.00
MANHASSET        NY   11030          1            08/27/97         00   
1111122150                           05           10/01/97          0   
1111122150                           O            09/01/27              
0                                                                       

1627698          074/074             F          650,000.00         ZZ   
                                  360        649,552.66          1
162 LINDEN LANE                    7.875          4,712.96         75   
                                     7.625          4,712.96      875,000.00
1                                                                               

UPPER BROOKVILL  NY   11545          1            08/28/97         00   
1111122638                           05           10/01/97          0   
1111122638                           O            09/01/27              
0                                                                       

1627710          074/074             F          285,000.00         ZZ   
                                  360        284,788.49          1
120 WESTMINSTER RD                 7.500          1,992.76         42   
                                     7.250          1,992.76      685,000.00
CHATHAM          NJ   07928          1            08/15/97         00   
1114019180                           05           10/01/97          0   
1114019180                           O            09/01/27              
0                                                                       

1627718          074/074             F          468,000.00         ZZ   
                                  360        467,693.86          1
245 E MAIN ST                      8.125          3,474.89         80   
                                     7.875          3,474.89      585,000.00
MOORESTOWN       NJ   08057          2            08/22/97         00   
1161228754                           05           10/01/97          0   
1161228754                           O            09/01/27              
0                                                                       

1627719          074/074             F          273,000.00         ZZ   
                                  360        272,838.82          1
7 BROOKDALE DR                     8.625          2,123.37         89   
                                     7.875          2,123.37      310,000.00
LAWRENCEVILLE    NJ   08648          2            08/25/97         22   
1175046631                           05           10/01/97         25   
1175046631                           O            09/01/27              
0                                                                       

1627720          074/074             F          306,000.00         ZZ   
                                  360        305,674.42          1
10180 E DESERT COVE AVE            7.750          2,192.22         90   
                                     7.500          2,192.22      340,000.00
SCOTTSDALE       AZ   85260          1            08/25/97         21   
1203011484                           05           10/01/97         25   
1203011484                           O            09/01/27              
0                                                                       

1627724          074/074             F          299,350.00         ZZ   
                                  360        299,133.34          1
557 ISAAC COURT                    7.625          2,118.78         95   
                                     7.375          2,118.78      315,126.00
SAN JOSE         CA   95136          1            08/07/97         21   
1470002430                           05           10/01/97         30   
1470002430                           O            09/01/27              
0                                                                       
1                                                                               

1627728          074/074             F          329,200.00         ZZ   
                                  360        328,984.66          1
58 SETH LOW MOUNTAIN ROAD          8.125          2,444.30         80   
                                     7.875          2,444.30      411,500.00
RIDGEFIELD       CT   06877          1            08/14/97         00   
1500343279                           05           10/01/97          0   
1500343279                           O            09/01/27              
0                                                                       

1627729          074/074             F          175,000.00         ZZ   
                                  360        174,879.57          1
15 LANSDALE ROAD                   7.875          1,268.87         62   
                                     7.625          1,268.87      285,000.00
NEW CITY         NY   10956          1            08/11/97         00   
1500343370                           05           10/01/97          0   
1500343370                           O            09/01/27              
0                                                                       

1627733          074/074             F          240,000.00         ZZ   
                                  360        239,830.61          1
431 SUMMIT AVENUE                  7.750          1,719.39         80   
                                     7.500          1,719.39      300,000.00
CEDARHURST       NY   11516          5            08/06/97         00   
1500361372                           05           10/01/97          0   
1500361372                           O            09/01/27              
0                                                                       

1627738          074/074             F          210,000.00         ZZ   
                                  360        209,848.00          1
207 MINIVALE ROAD                  7.625          1,486.37         69   
                                     7.375          1,486.37      305,000.00
STAMFORD         CT   06907          2            08/25/97         00   
1580058047                           05           10/01/97          0   
1580058047                           O            09/01/27              
0                                                                       

1627739          074/074             F          356,000.00         ZZ   
                                  360        355,755.00          1
197 HILLSPOINT ROAD                7.875          2,581.25         80   
                                     7.625          2,581.25      445,000.00
WESTPORT         CT   06880          1            08/27/97         00   
1580058692                           05           10/01/97          0   
1580058692                           O            09/01/27              
0                                                                       

1627741          074/074             F          262,500.00         ZZ   
                                  360        262,332.61          1
1                                                                               

215 HILLSPOINT ROAD                8.250          1,972.08         75   
                                     8.000          1,972.08      350,000.00
WESTPORT         CT   06880          1            08/27/97         00   
1580060800                           05           10/01/97          0   
1580060800                           O            09/01/27              
0                                                                       

1627745          074/074             F          310,000.00         ZZ   
                                  360        309,269.93          1
8 DARBY TERRACE                    7.500          2,167.57         78   
                                     7.250          2,167.57      399,000.00
LIVINGSTON       NJ   07039          1            08/08/97         00   
1587074700                           05           10/01/97          0   
1587074700                           O            09/01/27              
0                                                                       

1627748          074/074             F          123,750.00         ZZ   
                                  360        123,678.79          1
83 SHERIDAN STREET                 8.750            973.55         75   
                                     8.500            973.55      165,000.00
WARETOWN         NJ   08758          1            08/15/97         00   
1587077968                           05           10/01/97          0   
1587077968                           O            09/01/27              
0                                                                       

1627750          074/074             F          223,250.00         ZZ   
                                  360        222,971.93          1
7456 N ROCKWELL                    7.875          1,618.72         95   
                                     7.625          1,618.72      235,000.00
CHICAGO          IL   60645          1            08/29/97         21   
1614014620                           05           10/01/97         30   
1614014620                           O            09/01/27              
0                                                                       

1627775          K08/G01             F          168,000.00         ZZ   
                                  360        167,875.32          1
3338 ANNANDALE ROAD                7.500          1,174.68         70   
                                     7.250          1,174.68      240,000.00
FALLS CHURCH     VA   22042          1            08/27/97         00   
0410493951                           05           10/01/97          0   
410493951                            O            09/01/27              
0                                                                       

1627784          K08/G01             F          555,000.00         ZZ   
                                  360        554,627.61          1
411 SLEEPY HOLLOW ROAD             8.000          4,072.39         70   
                                     7.750          4,072.39      800,000.00
BRIARCLIFF MANO  NY   10510          1            08/27/97         00   
0410494694                           05           10/01/97          0   
1                                                                               

410494694                            O            09/01/27              
0                                                                       

1627786          K08/G01             F           95,900.00         ZZ   
                                  360         95,838.85          1
1754 BELLE SHOALS ROAD             8.250            720.46         70   
                                     8.000            720.46      137,000.00
PICKENS          SC   29671          2            08/27/97         00   
0410452320                           05           10/01/97          0   
410452320                            O            09/01/27              
0                                                                       

1627789          685/G01             F          182,000.00         ZZ   
                                  360        181,874.75          1
51 MONTECILO                       7.875          1,319.63         80   
                                     7.625          1,319.63      227,500.00
FOOTHILL RANCH   CA   92610          1            08/25/97         00   
0430369835                           03           10/01/97          0   
108675                               O            09/01/27              
0                                                                       

1627801          K08/G01             F          159,200.00         ZZ   
                                  360        159,101.04          1
5408 SCOUT ISLAND CIRCLE SOUTH     8.375          1,210.04         80   
                                     8.125          1,210.04      199,000.00
AUSTIN           TX   78731          1            08/28/97         00   
0410525281                           03           10/01/97          0   
410525281                            O            09/01/27              
0                                                                       

1627803          K08/G01             F          157,200.00         ZZ   
                                  360        157,083.33          1
8509 APPALACHIAN DRIVE             7.500          1,099.17         80   
                                     7.250          1,099.17      196,500.00
AUSTIN           TX   78759          1            08/27/97         00   
0410520555                           05           10/01/97          0   
410520555                            O            09/01/27              
0                                                                       

1627821          E22/G01             F          342,500.00         ZZ   
                                  360        342,500.00          1
11322 WALLINGSFORD ROAD            8.000          2,513.14         77   
                                     7.750          2,513.14      450,000.00
LOS ALAMITOS AR  CA   90720          2            08/28/97         00   
0410457873                           05           11/01/97          0   
410457873                            O            10/01/27              
0                                                                       

1                                                                               

1627825          686/686             F          288,000.00         ZZ   
                                  360        287,806.36          1
2526  E SOLANO DRIVE               7.990          2,111.24         80   
                                     7.740          2,111.24      360,000.00
PHOENIX          AZ   85016          1            08/08/97         00   
817918923                            03           10/01/97          0   
817918923                            O            09/01/27              
0                                                                       

1627826          686/686             F           62,300.00         ZZ   
                                  360         62,254.90          1
635 KENSINGTON PLACE               7.625            440.96         70   
                                     7.375            440.96       89,000.00
WILTON MANORS    FL   33305          1            08/19/97         00   
818007767                            09           10/01/97          0   
818007767                            O            09/01/27              
0                                                                       

1627827          686/686             F           45,000.00         ZZ   
                                  360         44,971.30          1
658     3RD STREET                 8.250            338.08         75   
                                     8.000            338.08       60,000.00
SOMERS POINT     NJ   08244          1            08/19/97         00   
818256299                            05           10/01/97          0   
818256299                            O            09/01/27              
0                                                                       

1627829          686/686             F           67,500.00         ZZ   
                                  360         67,458.04          1
730 MEADOWBROOKE DRIVE             8.375            513.05         75   
                                     8.125            513.05       90,000.00
DUNCANVILLE      TX   75137          1            08/15/97         00   
818391765                            05           10/01/97          0   
818391765                            O            09/01/27              
0                                                                       

1627830          686/686             F           82,000.00         ZZ   
                                  360         81,947.71          1
40      STILLMEADOW CT             8.250            616.04         58   
                                     8.000            616.04      142,000.00
MONROE           CT   06468          1            08/15/97         00   
818412090                            01           10/01/97          0   
818412090                            O            09/01/27              
0                                                                       

1627832          686/686             F          181,740.00         ZZ   
                                  360        181,611.73          1
4515    DA VINCI STREET            7.750          1,302.01         69   
                                     7.500          1,302.01      265,000.00
1                                                                               

SAN DIEGO        CA   92130          2            08/11/97         00   
818490724                            05           10/01/97          0   
818490724                            O            09/01/27              
0                                                                       

1627833          686/686             F          256,000.00         ZZ   
                                  360        255,829.96          1
804     STAGECOACH ROAD            8.050          1,887.37         80   
                                     7.750          1,887.37      320,000.00
ARROYO GRANDE    CA   93420          5            08/12/97         00   
818008617                            05           10/01/97          0   
818008617                            O            09/01/27              
0                                                                       

1627834          686/686             F          103,400.00         ZZ   
                                  360        103,330.61          1
3201    FARMRIDGE COURT            8.000            758.72         75   
                                     7.750            758.72      137,900.00
GREENSBORO       NC   27410          1            08/19/97         00   
818079097                            03           10/01/97          0   
818079097                            O            09/01/27              
0                                                                       

1627839          686/686             F          136,000.00         ZZ   
                                  360        135,906.40          1
4050 HIDDEN VALLEY LANE            7.875            986.10         65   
                                     7.625            986.10      210,000.00
SAN JOSE         CA   95127          2            08/08/97         00   
818490930                            05           10/01/97          0   
818490930                            O            09/01/27              
0                                                                       

1628079          731/G01             F          151,000.00         ZZ   
                                  360        151,000.00          1
1920 KINROSS WAY                   7.750          1,081.78         72   
                                     7.500          1,081.78      210,000.00
SAN JOSE         CA   95122          2            09/19/97         00   
0430425678                           05           11/01/97          0   
114254735                            O            10/01/27              
0                                                                       

1628289          225/225             F          308,100.00         ZZ   
                                  360        307,877.01          1
11 RUFFIAN WAY                     7.625          2,180.71         76   
                                     7.375          2,180.71      406,000.00
GREENVILLE       SC   29615          2            08/08/97         00   
8382835                              03           10/01/97          0   
8382835                              O            09/01/27              
0                                                                       
1                                                                               

1628298          E22/G01             F           48,750.00         ZZ   
                                  360         48,717.29          1
3410 LYNCH ROAD                    8.000            357.71         75   
                                     7.750            357.71       65,000.00
PACIFIC          MO   63069          2            08/22/97         00   
0410485999                           05           10/01/97          0   
410485999                            O            09/01/27              
0                                                                       

1628302          225/225             F          240,050.00         ZZ   
                                  360        239,862.74          1
1757 PENNS CROSSING                7.250          1,637.56         44   
                                     7.000          1,637.56      550,000.00
ALLENTOWN        PA   18104          1            08/15/97         00   
8384489                              05           10/01/97          0   
8384489                              O            09/01/27              
0                                                                       

1628309          225/225             F          266,500.00         ZZ   
                                  360        266,286.89          1
204 SIR THOMAS LUNDSFORD           7.125          1,795.45         71   
                                     6.875          1,795.45      377,000.00
WILLIAMSBURG     VA   23185          1            08/13/97         00   
8381425                              03           10/01/97          0   
8381425                              O            09/01/27              
0                                                                       

1628313          225/225             F          270,000.00         ZZ   
                                  360        269,587.84          1
14 SOUTHDOWN DRIVE                 7.375          1,864.82         90   
                                     7.125          1,864.82      300,000.00
ANDOVER          NJ   07848          2            07/28/97         14   
8248034                              05           09/01/97         25   
8248034                              O            08/01/27              
0                                                                       

1628334          225/225             F          242,000.00         ZZ   
                                  360        241,648.59          1
50 WOOD HILL ROAD                  7.625          1,712.86         80   
                                     7.375          1,712.86      304,317.00
NORTH BRANFORD   CT   06472          4            07/31/97         00   
8250155                              05           09/01/97          0   
8250155                              O            08/01/27              
0                                                                       

1628380          225/225             F          416,000.00         ZZ   
                                  360        415,706.40          1
1                                                                               

12050 SW 45TH ST                   7.750          2,980.27         80   
                                     7.500          2,980.27      520,000.00
MIAMI            FL   33175          1            08/12/97         00   
8253942                              05           10/01/97          0   
8253942                              O            09/01/27              
0                                                                       

1628726          181/181             F          265,000.00         ZZ   
                                  360        264,808.20          1
4267 GRAINWOOD CIRCLE NE           7.625          1,875.65         64   
                                     7.375          1,875.65      415,000.00
PRIOR LAKE       MN   55372          1            08/08/97         00   
5629438                              05           10/01/97          0   
5629438                              O            09/01/27              
0                                                                       

1628772          225/225             F          229,900.00         ZZ   
                                  360        229,737.73          1
5796 LANGFORD LANE                 7.750          1,647.04         95   
                                     7.500          1,647.04      242,000.00
LAKE OSWEGO      OR   97035          1            08/08/97         10   
8059104                              05           10/01/97         30   
8059104                              O            09/01/27              
0                                                                       

1628924          461/G01             F          213,750.00         ZZ   
                                  360        213,454.82          1
3348 LLOYD STREET                  7.875          1,549.84         75   
                                     7.625          1,549.84      285,000.00
SAN DIEGO        CA   92117          1            07/15/97         00   
0430378646                           05           09/01/97          0   
21166814                             O            08/01/27              
0                                                                       

1628934          225/225             F          370,000.00         ZZ   
                                  360        369,462.72          1
10 HILLSIDE DRIVE                  7.625          2,618.83         90   
                                     7.375          2,618.83      415,000.00
EAST HANOVER     NJ   07936          1            07/09/97         14   
2820713                              05           09/01/97         25   
2820713                              O            08/01/27              
0                                                                       

1628950          225/225             F          275,000.00         ZZ   
                                  360        274,569.66          1
1 WAYCAKE DRIVE                    7.250          1,875.98         71   
                                     7.000          1,875.98      390,000.00
OCEAN            NJ   07712          1            07/31/97         00   
2821289                              05           09/01/97          0   
1                                                                               

2821289                              O            08/01/27              
0                                                                       

1628970          225/225             F          342,400.00         ZZ   
                                  360        341,890.19          1
14 COUNTRY LANE                    7.500          2,394.11         80   
                                     7.250          2,394.11      428,000.00
MAHWAH           NJ   07430          1            07/08/97         00   
2820448                              05           09/01/97          0   
2820448                              O            08/01/27              
0                                                                       

1628975          225/225             F          234,850.00         ZZ   
                                  360        234,684.25          1
104 DEWBERRY COURT                 7.750          1,682.49         93   
                                     7.500          1,682.49      255,000.00
CARY             NC   27511          2            08/07/97         14   
8384076                              05           10/01/97         30   
8384076                              O            09/01/27              
0                                                                       

1629197          E26/G01             F          107,900.00         ZZ   
                                  360        107,815.83          1
605 SPRUCE STREET                  7.250            736.07         80   
                                     7.000            736.07      134,900.00
EMMAUS           PA   18049          1            09/02/97         00   
0430385518                           05           10/01/97          0   
219180                               O            09/01/27              
0                                                                       

1629204          367/367             F          236,277.30         ZZ   
                                  326        236,073.37          1
1912 HAMPSHIRE DRIVE               8.000          1,779.11         83   
                                     7.750          1,779.11      285,850.00
ADELPHI          MD   20783          1            09/09/97         10   
75172980                             03           10/01/97         17   
75172980                             O            11/01/24              
0                                                                       

1629333          637/G01             F          532,000.00         ZZ   
                                  360        531,643.04          1
725 COLLEGE BLVD                   8.000          3,903.63         80   
                                     7.750          3,903.63      665,000.00
SAN ANTONIO      TX   78209          2            08/25/97         00   
0430379875                           05           10/01/97          0   
4197893                              O            09/01/27              
0                                                                       

1                                                                               

1629501          225/225             F          242,250.00         ZZ   
                                  360        241,923.84          1
480 WALTON AVENUE                  8.000          1,777.54         95   
                                     7.750          1,777.54      255,000.00
MAPLEWOOD        NJ   07040          1            07/08/97         14   
2820357                              05           09/01/97         30   
2820357                              O            08/01/27              
0                                                                       

1629507          225/225             F          238,000.00         T    
                                  360        237,679.57          1
1963 WEXFORD COURT                 8.000          1,746.35         80   
                                     7.750          1,746.35      299,900.00
NAPLES           FL   34109          1            07/22/97         00   
2819588                              03           09/01/97          0   
2819588                              O            08/01/27              
0                                                                       

1629644          106/106             F          288,000.00         ZZ   
                                  360        287,806.75          1
9 WOODED HILL LANE                 8.000          2,113.25         80   
                                     7.750          2,113.25      360,000.00
RANDOLPH         NJ   07869          1            08/15/97         00   
636698                               05           10/01/97          0   
636698                               O            09/01/27              
0                                                                       

1629802          106/106             F          399,950.00         ZZ   
                                  360        399,622.16          1
849 FOXFIELD ROAD                  7.000          2,660.88         80   
                                     6.750          2,660.88      499,951.00
LOWER GWYNEDD    PA   19002          1            08/20/97         00   
6428890                              05           10/01/97          0   
6428890                              O            09/01/27              
0                                                                       

1629810          B77/G01             F           80,000.00         ZZ   
                                  360         80,000.00          1
97 ROCKINGHAM ROAD                 8.000            587.01         79   
                                     7.750            587.01      102,000.00
LONDONDERRY      NH   03053          1            09/05/97         00   
0430382960                           05           11/01/97          0   
97002725                             O            10/01/27              
0                                                                       

1629830          K08/G01             F          158,050.00         ZZ   
                                  360        157,943.96          1
2677 STANTON HALL COURT            8.000          1,159.71         70   
                                     7.750          1,159.71      226,000.00
1                                                                               

WINDERMERE       FL   34786          1            08/29/97         00   
0410526016                           03           10/01/97          0   
410526016                            O            09/01/27              
0                                                                       

1629833          K08/G01             F          398,250.00         ZZ   
                                  360        397,982.78          1
5801 E. PRINCETON AVE.             8.000          2,922.22         75   
                                     7.750          2,922.22      531,000.00
ENGLEWOOD        CO   80111          5            08/25/97         00   
0410466411                           05           10/01/97          0   
410466411                            O            09/01/27              
0                                                                       

1629862          696/G01             F          165,200.00         ZZ   
                                  360        165,071.12          1
8002 PARKLANE COURT                7.250          1,126.96         80   
                                     7.000          1,126.96      206,500.00
SPRINGFIELD      VA   22153          1            08/29/97         00   
0430379123                           03           10/01/97          0   
2330048                              O            09/01/27              
0                                                                       

1629875          696/G01             F          224,000.00         ZZ   
                                  360        223,829.56          1
13600 BARE ISLAND DRIVE            7.375          1,547.11         80   
                                     7.125          1,547.11      280,000.00
CHANTILLY        VA   20151          1            08/29/97         00   
0430378232                           03           10/01/97          0   
21710512                             O            09/01/27              
0                                                                       

1629890          106/106             F          220,000.00         ZZ   
                                  360        219,844.72          1
2728 BAYVIEW AVENUE                7.750          1,576.11         80   
                                     7.500          1,576.11      275,000.00
MERRICK          NY   11566          1            08/05/97         00   
6322861                              05           10/01/97          0   
6322861                              O            09/01/27              
0                                                                       

1629893          106/106             F          236,000.00         ZZ   
                                  360        235,829.18          1
6546 FLEECYDALE ROAD               7.625          1,670.40         80   
                                     7.375          1,670.40      295,000.00
CARVERSVILLE     PA   18913          1            08/04/97         00   
6354948                              05           10/01/97          0   
6354948                              O            09/01/27              
0                                                                       
1                                                                               

1629900          106/106             F          330,000.00         ZZ   
                                  360        329,508.65          1
57 DRUM HILL ROAD                  7.500          2,307.41         42   
                                     7.250          2,307.41      800,000.00
WILTON           CT   06897          1            07/31/97         00   
6363238                              05           09/01/97          0   
6363238                              O            08/01/27              
0                                                                       

1629909          106/106             F          550,000.00         ZZ   
                                  360        549,025.80          1
3384 STEPHENSON PLACE, NW          7.500          3,845.68         80   
                                     7.250          3,845.68      687,500.00
WASHINGTON       DC   20015          2            07/30/97         00   
6380729                              05           09/01/97          0   
6380729                              O            08/01/27              
0                                                                       

1629911          106/106             F          285,200.00         ZZ   
                                  360        284,775.36          1
6125 STEGEN DRIVE                  7.500          1,994.16         80   
                                     7.250          1,994.16      356,500.00
ALEXANDRIA       VA   22310          1            07/31/97         00   
6385728                              03           09/01/97          0   
6385728                              O            08/01/27              
0                                                                       

1629912          106/106             F          295,500.00         ZZ   
                                  360        295,251.74          1
44 BEECHAM COURT                   6.875          1,941.23         76   
                                     6.625          1,941.23      388,815.00
OWINGS MILLS     MD   21117          2            08/04/97         00   
6387955                              03           10/01/97          0   
6387955                              O            09/01/27              
0                                                                       

1629923          106/106             F          246,400.00         ZZ   
                                  360        246,033.12          1
15350 SW HERON COURT               7.500          1,722.87         80   
                                     7.250          1,722.87      308,000.00
BEAVERTON        OR   97007          1            07/24/97         00   
6406219                              05           09/01/97          0   
6406219                              O            08/01/27              
0                                                                       

1629929          106/106             F          235,000.00         ZZ   
                                  360        234,807.36          1
1                                                                               

1509 LEXINGTON DRIVE               7.000          1,563.47         71   
                                     6.750          1,563.47      334,000.00
FORT WASHINGTON  PA   19025          1            08/08/97         00   
6415244                              05           10/01/97          0   
6415244                              O            09/01/27              
0                                                                       

1629930          106/106             F          357,000.00         ZZ   
                                  360        356,707.37          1
242 BUCKMINSTER COURT              7.000          2,375.13         63   
                                     6.750          2,375.13      570,000.00
LAKE BLUFF       IL   60044          1            08/08/97         00   
6417935                              05           10/01/97          0   
6417935                              O            09/01/27              
0                                                                       

1629934          106/106             F          285,000.00         ZZ   
                                  360        284,793.72          1
4 HANNIBAL COURT                   7.625          2,017.22         73   
                                     7.375          2,017.22      394,140.00
E. SETAUKET      NY   11733          1            08/05/97         00   
7691397                              05           10/01/97          0   
7691397                              O            09/01/27              
0                                                                       

1629937          106/106             F          279,500.00         ZZ   
                                  360        279,083.86          1
2900 GREENLEE DRIVE                7.500          1,954.30         45   
                                     7.250          1,954.30      630,000.00
AUSTIN           TX   78703          2            07/22/97         00   
7843907                              05           09/01/97          0   
7843907                              O            08/01/27              
0                                                                       

1629938          106/106             F          360,000.00         ZZ   
                                  360        358,720.54          1
2801 NORTHWOOD ROAD                7.500          2,517.17         80   
                                     7.250          2,517.17      450,000.00
AUSTIN           TX   78703          1            07/30/97         00   
7858962                              05           09/01/97          0   
7858962                              O            08/01/27              
0                                                                       

1629953          696/G01             F          140,000.00         ZZ   
                                  360        139,890.78          1
6006 SHIPLETT BOULEVARD            7.250            955.05         80   
                                     7.000            955.05      175,000.00
BURKE            VA   22015          1            08/29/97         00   
0430379685                           05           10/01/97          0   
1                                                                               

21710518                             O            09/01/27              
0                                                                       

1629976          E26/G01             F          135,920.00         ZZ   
                                  360        135,819.12          1
5908 LA VISTA DRIVE                7.500            950.38         80   
                                     7.250            950.38      169,900.00
ALEXANDRIA       VA   22310          1            08/28/97         00   
0430427815                           05           10/01/97          0   
44700199                             O            09/01/27              
0                                                                       

1630107          696/G01             F          187,600.00         BB   
                                  360        187,474.13          1
11453 HOLLOW TIMBER COURT          8.000          1,376.54         70   
                                     7.750          1,376.54      268,000.00
RESTON           VA   20194          1            08/28/97         00   
0430380915                           09           10/01/97          0   
2410072                              O            09/01/27              
0                                                                       

1630223          575/G01             F          323,759.54         ZZ   
                                  359        322,914.42          1
241 OGDEN AVE                      7.500          2,265.46         80   
                                     7.250          2,265.46      405,000.00
SWARTHMORE       PA   19081          1            08/06/97         00   
0430388652                           05           08/01/97          0   
972309901                            O            06/01/27              
0                                                                       

1630285          825/G01             F          384,000.00         ZZ   
                                  360        384,000.00          1
30 MEADOW RANCH DRIVE, #C-8        8.000          2,817.66         79   
                                     7.750          2,817.66      490,000.00
SNOWMASS VILLAG  CO   81615          1            09/02/97         00   
0430386912                           03           11/01/97          0   
219870                               O            10/01/27              
0                                                                       

1630302          893/G01             F          200,000.00         ZZ   
                                  360        199,858.85          1
1015 MAYWOOD DRIVE                 7.750          1,432.82         49   
                                     7.500          1,432.82      415,000.00
BELMONT          CA   94002          1            08/20/97         00   
0430396192                           05           10/01/97          0   
1015                                 O            09/01/27              
0                                                                       

1                                                                               

1630330          575/G01             F          270,000.00         ZZ   
                                  360        269,784.09          1
813 POPLAR FOREST COURT            7.125          1,819.04         94   
                                     6.875          1,819.04      290,000.00
CHESAPEAKE       VA   23320          1            08/29/97         12   
0430388793                           03           10/01/97         30   
972381986                            O            09/01/27              
0                                                                       

1630772          195/G01             F          616,000.00         ZZ   
                                  360        616,000.00          1
4069 CROMWELL AVENUE               7.750          4,413.10         80   
                                     7.500          4,413.10      770,000.00
LOS ANGELES      CA   90027          1            09/11/97         00   
0430393371                           05           11/01/97          0   
54608                                O            10/01/27              
0                                                                       

1631150          K08/G01             F          247,500.00         ZZ   
                                  360        247,325.32          1
5750 KELVIN AVENUE                 7.750          1,773.12         75   
                                     7.500          1,773.12      330,000.00
WOODLAND HILLS   CA   91367          2            08/13/97         00   
0410431449                           05           10/01/97          0   
410431449                            O            09/01/27              
0                                                                       

1631184          964/G01             F          350,500.00         ZZ   
                                  360        350,246.32          1
581 WILSON AVENUE                  7.625          2,480.82         70   
                                     7.375          2,480.82      504,500.00
NOVATO           CA   94947          1            08/08/97         00   
0430379925                           05           10/01/97          0   
26909                                O            09/01/27              
0                                                                       

1631766          696/G01             F          404,000.00         ZZ   
                                  360        404,000.00          1
309 SOUTH LEE STREET               8.000          2,964.41         80   
                                     7.750          2,964.41      505,000.00
ALEXANDRIA       VA   22314          1            09/08/97         00   
0430383059                           05           11/01/97          0   
20810478                             O            10/01/27              
0                                                                       

1631989          K08/G01             F          206,000.00         ZZ   
                                  360        206,000.00          1
2826 CORY CREEK ROAD               7.875          1,493.64         58   
                                     7.625          1,493.64      360,000.00
1                                                                               

OROVILLE         CA   95965          2            09/08/97         00   
0410532857                           05           11/01/97          0   
410532857                            O            10/01/27              
0                                                                       

1632065          J95/J95             F          512,000.00         ZZ   
                                  360        511,610.41          1
1425 MAYHURST BLVD                 7.375          3,536.26         80   
                                     7.125          3,536.26      642,000.00
MCLEAN           VA   22102          1            08/28/97         00   
9120601                              03           10/01/97          0   
9120601                              O            09/01/27              
0                                                                       

1632107          J95/J95             F          168,800.00         ZZ   
                                  360        168,668.31          1
9806 BARLOW ROAD                   7.250          1,151.52         80   
                                     7.000          1,151.52      211,000.00
FAIRFAX          VA   22030          1            08/14/97         00   
7564479                              05           10/01/97          0   
7564479                              O            09/01/27              
0                                                                       

1632117          J95/J95             F          257,000.00         ZZ   
                                  360        256,827.55          1
17 WOODS EDGE ROAD                 8.000          1,885.78         78   
                                     7.750          1,885.78      333,000.00
MILFORD          NJ   08848          2            08/22/97         00   
9093204                              05           10/01/97          0   
9093204                              O            09/01/27              
0                                                                       

1632134          J95/J95             F          320,000.00         ZZ   
                                  360        319,774.15          1
23776 CHAMPE FORD ROAD             7.750          2,292.52         80   
                                     7.500          2,292.52      400,000.00
MIDDLEBURG       VA   22117          1            08/08/97         00   
7549413                              05           10/01/97          0   
7549413                              O            09/01/27              
0                                                                       

1632139          696/G01             F          390,000.00         ZZ   
                                  360        390,000.00          1
11124 WILLOWBROOK DRIVE            7.375          2,693.63         75   
                                     7.125          2,693.63      525,000.00
POTOMAC          MD   20854          1            09/05/97         00   
0430387134                           03           11/01/97          0   
3125323                              O            10/01/27              
0                                                                       
1                                                                               

1632173          J95/J95             F          344,000.00         ZZ   
                                  360        343,751.01          1
903 PINECREST TERRACE              7.625          2,434.82         80   
                                     7.375          2,434.82      430,000.00
ASHLAND          OR   97520          1            08/12/97         00   
7555477                              05           10/01/97          0   
7555477                              O            09/01/27              
0                                                                       

1632922          575/G01             F          216,000.00         ZZ   
                                  360        215,831.50          1
5580 WOODS EDGE COURT              7.250          1,473.50         80   
                                     7.000          1,473.50      270,000.00
CLARENCE         NY   14221          2            08/25/97         00   
0430385922                           05           10/01/97          0   
971389302                            O            09/01/27              
0                                                                       

1632974          J95/J95             F          252,000.00         ZZ   
                                  360        251,808.25          1
11117 WINDWARD DRIVE               7.375          1,740.50         72   
                                     7.125          1,740.50      350,000.00
KNOXVILLE        TN   37922          1            08/25/97         00   
5928643                              05           10/01/97          0   
5928643                              O            09/01/27              
0                                                                       

1632978          J95/J95             F          291,100.00         ZZ   
                                  360        290,878.49          1
6540 JEROME COURT                  7.375          2,010.56         80   
                                     7.125          2,010.56      363,920.00
MANASSAS         VA   20112          1            08/28/97         00   
9091794                              03           10/01/97          0   
9091794                              O            09/01/27              
0                                                                       

1632997          J95/J95             F          235,100.00         ZZ   
                                  360        234,921.11          1
6096 KIRKLAND DRIVE                7.375          1,623.78         80   
                                     7.125          1,623.78      293,901.00
WARRENTON        VA   20187          1            08/26/97         00   
9037649                              03           10/01/97          0   
9037649                              O            09/01/27              
0                                                                       

1633128          696/G01             F          199,600.00         ZZ   
                                  360        199,466.08          1
1                                                                               

9833 CAMPBELL DRIVE                8.000          1,464.59         80   
                                     7.750          1,464.59      249,500.00
KENSINGTON       MD   20895          1            09/05/97         00   
0430387951                           03           10/01/97          0   
3115547                              O            09/01/27              
0                                                                       

1633143          696/G01             F          212,000.00         ZZ   
                                  360        211,830.47          1
5209 MARVELL LANE                  7.125          1,428.28         80   
                                     6.875          1,428.28      265,000.00
FAIRFAX          VA   22032          1            08/26/97         00   
0430388454                           03           10/01/97          0   
2170015                              O            09/01/27              
0                                                                       

1633170          686/686             F          370,000.00         ZZ   
                                  360        369,738.85          1
160 BAYWOOD AVENUE                 7.750          2,650.73         68   
                                     7.500          2,650.73      545,000.00
MENLO PARK       CA   94025          5            08/26/97         00   
818455529                            05           10/01/97          0   
818455529                            O            09/01/27              
0                                                                       

1633171          686/686             F          351,600.00         ZZ   
                                  360        350,561.22          1
530 RUINS CREEK ROAD               7.750          2,518.91         75   
                                     7.500          2,518.91      468,800.00
SCOTTS VALLEY    CA   95066          1            08/26/97         00   
818455776                            05           10/01/97          0   
818455776                            O            09/01/27              
0                                                                       

1633327          686/686             F          294,000.00         ZZ   
                                  360        294,000.00          1
2873 BANYAN BLVD CIRCLE NW         8.000          2,157.27         70   
                                     7.750          2,157.27      420,000.00
BOCA RATON       FL   33431          5            09/10/97         00   
818515454                            03           11/01/97          0   
818515454                            O            10/01/27              
0                                                                       

1633348          686/686             F          255,000.00         ZZ   
                                  360        255,000.00          1
11 COTTONWOOD LANE EAST            8.000          1,871.10         49   
                                     7.750          1,871.10      527,000.00
HOLMDEL          NJ   07733          2            09/11/97         00   
818417578                            05           11/01/97          0   
1                                                                               

818417578                            O            10/01/27              
0                                                                       

1633398          225/225             F          232,700.00         ZZ   
                                  360        232,518.47          1
1260 102 STREET                    7.250          1,587.43         95   
                                     7.000          1,587.43      245,000.00
BAY HARBOR ISLA  FL   33154          1            08/20/97         14   
8057038                              05           10/01/97         30   
8057038                              O            09/01/27              
0                                                                       

1633477          K08/G01             F           50,350.00         ZZ   
                                  240         50,350.00          1
2249 KINDERLY DRIVE                7.375            401.78         82   
                                     7.125            401.78       62,000.00
COLUMBUS         OH   43232          2            09/09/97         04   
0410520944                           05           11/01/97         12   
410520944                            O            10/01/17              
0                                                                       

1633554          E26/G01             F          650,000.00         ZZ   
                                  360        650,000.00          1
14 POTAMAC MONORS COURT            7.750          4,656.68         78   
                                     7.500          4,656.68      840,000.00
POTOMAC          MD   20854          1            09/30/97         00   
0430425017                           05           11/01/97          0   
45700555                             O            10/01/27              
0                                                                       

1633620          450/450             F          229,000.00         ZZ   
                                  360        229,000.00          1
38335 LANA COURT                   8.000          1,680.32         80   
                                     7.750          1,680.32      289,000.00
FARMINGTON HILL  MI   48336          1            09/12/97         00   
3983285                              05           11/01/97          0   
3983285                              O            10/01/27              
0                                                                       

1633681          A83/G01             F          322,500.00         ZZ   
                                  360        322,272.38          1
2360 FERN FLAT ROAD                7.750          2,310.43         52   
                                     7.500          2,310.43      622,500.00
APTOS            CA   95003          1            08/06/97         00   
0430393702                           05           10/01/97          0   
3000357                              O            09/01/27              
0                                                                       

1                                                                               

1633734          225/225             F          208,950.00         ZZ   
                                  360        208,787.01          1
10935 ROCKY MOUNT WAY              7.250          1,425.40         95   
                                     7.000          1,425.40      219,990.00
SILVER SPRING    MD   20902          1            08/25/97         10   
8383799                              09           10/01/97         30   
8383799                              O            09/01/27              
0                                                                       

1634280          225/225             F          340,000.00         ZZ   
                                  360        339,734.78          1
6 LAUREL LANE                      7.250          2,319.39         80   
                                     7.000          2,319.39      425,000.00
BERNARDSVILLE    NJ   07924          1            08/28/97         00   
2821310                              05           10/01/97          0   
2821310                              O            09/01/27              
0                                                                       

1634457          069/G01             F          214,600.00         ZZ   
                                  360        214,600.00          1
426 GOLDENROD AVENUE #B            7.875          1,556.00         72   
                                     7.625          1,556.00      299,500.00
NEWPORT BEACH    CA   92625          1            09/16/97         00   
0430389759                           03           11/01/97          0   
2362206761                           O            10/01/27              
0                                                                       

1634594          225/225             F          217,500.00         ZZ   
                                  360        217,354.06          1
2003 19TH STREET SE                8.000          1,595.94         95   
                                     7.750          1,595.94      228,990.00
PUYALLUP         WA   98372          1            08/26/97         10   
8060351                              03           10/01/97         30   
8060351                              O            09/01/27              
0                                                                       

1634638          757/757             F          257,500.00         ZZ   
                                  360        257,500.00          1
5535 BRITT WHITMIRE ROAD           8.000          1,889.45         65   
                                     7.750          1,889.45      400,000.00
GAINSVILLE       GA   30506          2            09/18/97         00   
765                                  05           11/01/97          0   
765                                  O            10/01/27              
0                                                                       

1634658          696/G01             F          121,650.00         ZZ   
                                  360        121,650.00          1
1771 CHURCH STREET, NW #1          7.625            861.03         72   
                                     7.375            861.03      170,033.00
1                                                                               

WASHINGTON       DC   20036          1            09/19/97         00   
0430395558                           01           11/01/97          0   
3125368                              O            10/01/27              
0                                                                       

1634747          696/G01             F          130,400.00         ZZ   
                                  360        130,400.00          1
2908 BLUERIDGE AVENUE              7.375            900.64         80   
                                     7.125            900.64      163,000.00
WHEATON          MD   20902          1            09/23/97         00   
0430389783                           05           11/01/97          0   
3115520                              O            10/01/27              
0                                                                       

1634771          106/106             F          400,000.00         ZZ   
                                  360        399,717.68          1
42 MONTROSE ROAD                   7.750          2,865.65         70   
                                     7.500          2,865.65      575,000.00
SCARSDALE        NY   10583          1            08/20/97         00   
6342125                              05           10/01/97          0   
6342125                              O            09/01/27              
0                                                                       

1634772          106/106             F          261,000.00         ZZ   
                                  360        260,811.09          1
14919 26TH AVENUE SE               7.625          1,847.35         90   
                                     7.375          1,847.35      290,000.00
MILL CREEK       WA   98012          1            08/26/97         11   
6353825                              03           10/01/97         25   
6353825                              O            09/01/27              
0                                                                       

1634775          106/106             F          228,000.00         ZZ   
                                  360        227,839.08          1
715 CARLENE DRIVE                  7.750          1,633.42         80   
                                     7.500          1,633.42      285,000.00
BRIDGEWATER      NJ   08807          1            08/21/97         00   
6364848                              05           10/01/97          0   
6364848                              O            09/01/27              
0                                                                       

1634776          106/106             F          390,000.00         ZZ   
                                  360        389,717.73          1
1 GREENTREE COURT                  7.625          2,760.40         80   
                                     7.375          2,760.40      487,500.00
BETHESDA         MD   20817          1            08/15/97         00   
6365324                              05           10/01/97          0   
6365324                              O            09/01/27              
0                                                                       
1                                                                               

1634777          106/106             F          375,000.00         ZZ   
                                  360        374,728.58          1
12649 HIGH MEADOW ROAD             7.625          2,654.23         65   
                                     7.375          2,654.23      585,000.00
NORTH POTOMAC    MD   20878          1            08/28/97         00   
6371678                              03           10/01/97          0   
6371678                              O            09/01/27              
0                                                                       

1634785          106/106             F          225,000.00         ZZ   
                                  360        225,000.00          1
3104 SUSAN ROAD                    7.625          1,592.54         58   
                                     7.375          1,592.54      390,000.00
BELLMORE         NY   11710          1            09/02/97         00   
6396006                              05           11/01/97          0   
6396006                              O            10/01/27              
0                                                                       

1634788          106/106             F          460,000.00         ZZ   
                                  360        459,691.35          1
7420 SHELBORNE DRIVE               8.000          3,375.32         80   
                                     7.750          3,375.32      575,000.00
GRANITE BAY      CA   95746          2            08/11/97         00   
6399224                              03           10/01/97          0   
6399224                              O            09/01/27              
0                                                                       

1634791          106/106             F          224,500.00         ZZ   
                                  360        224,333.39          1
20441 NE 37TH WAY                  7.500          1,569.74         79   
                                     7.250          1,569.74      285,000.00
REDMOND          WA   98053          2            08/18/97         00   
6403984                              03           10/01/97          0   
6403984                              O            09/01/27              
0                                                                       

1634792          106/106             F          479,200.00         ZZ   
                                  360        478,861.78          1
8 PEBBLE LANE                      7.750          3,433.05         80   
                                     7.500          3,433.05      599,000.00
ROSLYN HEIGHTS   NY   11577          1            08/22/97         00   
6404701                              05           10/01/97          0   
6404701                              O            09/01/27              
0                                                                       

1634801          106/106             F          328,000.00         ZZ   
                                  360        327,724.44          1
1                                                                               

11309 ROUEN DRIVE                  6.875          2,154.73         80   
                                     6.625          2,154.73      410,000.00
POTOMAC          MD   20854          1            08/27/97         00   
6412803                              05           10/01/97          0   
6412803                              O            09/01/27              
0                                                                       

1634806          106/106             F          257,200.00         ZZ   
                                  360        257,004.29          1
7420 FAWN HILL ROAD                7.375          1,776.42         80   
                                     7.125          1,776.42      321,500.00
CHANHASSEN       MN   55317          1            08/15/97         00   
6415962                              05           10/01/97          0   
6415962                              O            09/01/27              
0                                                                       

1634808          106/106             F          403,900.00         ZZ   
                                  360        403,614.93          1
2000 BARNWOOD TERRACE              7.750          2,893.59         80   
                                     7.500          2,893.59      504,920.00
VIENNA           VA   22181          1            08/20/97         00   
6417646                              05           10/01/97          0   
6417646                              O            09/01/27              
0                                                                       

1634810          106/106             F          277,000.00         ZZ   
                                  360        276,772.94          1
49 FOUNDERS WAY                    7.000          1,842.89         76   
                                     6.750          1,842.89      365,000.00
DOWNINGTOWN      PA   19335          2            08/19/97         00   
6419675                              05           10/01/97          0   
6419675                              O            09/01/27              
0                                                                       

1634811          106/106             F          300,000.00         ZZ   
                                  360        299,771.72          1
27152 SE 25TH PLACE                7.375          2,072.03         70   
                                     7.125          2,072.03      428,990.00
ISSAQUAH         WA   98029          1            08/15/97         00   
6420830                              03           10/01/97          0   
6420830                              O            09/01/27              
0                                                                       

1634812          106/106             F          226,350.00         ZZ   
                                  360        226,177.76          1
8705 MILLBROOK PLACE               7.375          1,563.35         90   
                                     7.125          1,563.35      251,500.00
ALEXANDRIA       VA   22309          2            08/14/97         14   
6420954                              05           10/01/97         25   
1                                                                               

6420954                              O            09/01/27              
0                                                                       

1634814          106/106             F          250,000.00         ZZ   
                                  360        248,829.69          1
2914 184TH PLACE SE                8.125          1,856.25         73   
                                     7.875          1,856.25      345,000.00
BOTHELL          WA   98012          2            08/08/97         00   
6421333                              05           10/01/97          0   
6421333                              O            09/01/27              
0                                                                       

1634815          106/106             F          375,000.00         ZZ   
                                  360        374,721.69          1
1315 ASHLAND AVENUE                7.500          2,622.06         66   
                                     7.250          2,622.06      575,000.00
WILMETTE         IL   60091          1            08/22/97         00   
6422059                              05           10/01/97          0   
6422059                              O            09/01/27              
0                                                                       

1634818          106/106             F          278,000.00         ZZ   
                                  360        277,803.79          1
2066 LEEDOMS DRIVE                 7.750          1,991.63         80   
                                     7.500          1,991.63      348,000.00
NEWTOWN          PA   18940          2            08/26/97         00   
6423545                              05           10/01/97          0   
6423545                              O            09/01/27              
0                                                                       

1634820          106/106             F          283,000.00         ZZ   
                                  360        282,789.97          1
2412 JIB CIRCLE                    7.500          1,978.78         65   
                                     7.250          1,978.78      440,000.00
VIRGINIA BEACH   VA   23451          2            08/22/97         00   
6424105                              05           10/01/97          0   
6424105                              O            09/01/27              
0                                                                       

1634821          106/106             F          295,200.00         ZZ   
                                  360        294,963.93          1
8015 BONNIE BRIAR LOOP             7.125          1,988.82         80   
                                     6.875          1,988.82      369,000.00
GAINESVILLE      VA   20155          1            08/29/97         00   
6424220                              03           10/01/97          0   
6424220                              O            09/01/27              
0                                                                       

1                                                                               

1634824          106/106             F          282,000.00         ZZ   
                                  360        281,785.41          1
11205 ALAMEDA AVENUE               7.375          1,947.71         71   
                                     7.125          1,947.71      400,000.00
INVER GROVE HEI  MN   55077          2            08/27/97         00   
6425805                              05           10/01/97          0   
6425805                              O            09/01/27              
0                                                                       

1634825          106/106             F          286,000.00         ZZ   
                                  360        285,798.14          1
55 LEAMINGTON STREET               7.750          2,048.94         80   
                                     7.500          2,048.94      357,500.00
LIDO BEACH       NY   11561          1            08/27/97         00   
6426175                              05           10/01/97          0   
6426175                              O            09/01/27              
0                                                                       

1634826          106/106             F          247,600.00         ZZ   
                                  360        247,420.79          1
349 SOUTH CATHERINE AVE            7.625          1,752.50         80   
                                     7.375          1,752.50      309,500.00
LAGRANGE         IL   60525          1            08/28/97         00   
6427033                              05           10/01/97          0   
6427033                              O            09/01/27              
0                                                                       

1634827          106/106             F          415,000.00         ZZ   
                                  360        414,651.34          1
713 LISA CIRCLE                    6.875          2,726.26         69   
                                     6.625          2,726.26      605,000.00
HUNTINGDON VALL  PA   19006          5            08/22/97         00   
6427108                              05           10/01/97          0   
6427108                              O            09/01/27              
0                                                                       

1634831          106/106             F          285,150.00         ZZ   
                                  360        284,938.37          1
12130 HELLERI HOLLOW               7.500          1,993.82         72   
                                     7.250          1,993.82      398,000.00
ALPHARETTA       GA   30202          2            08/13/97         00   
6428247                              03           10/01/97          0   
6428247                              O            09/01/27              
0                                                                       

1634836          106/106             F          277,600.00         ZZ   
                                  360        277,388.76          1
626 WOOD LOT TRAIL ROAD            7.375          1,917.32         80   
                                     7.125          1,917.32      347,000.00
1                                                                               

ANNAPOLIS        MD   21401          1            08/18/97         00   
6429872                              05           10/01/97          0   
6429872                              O            09/01/27              
0                                                                       

1634837          106/106             F          269,800.00         ZZ   
                                  360        269,627.96          1
4420 VICTOR POINT RD. NE           8.250          2,026.92         95   
                                     8.000          2,026.92      284,000.00
SILVERTON        OR   97381          1            08/26/97         11   
6429989                              05           10/01/97         30   
6429989                              O            09/01/27              
0                                                                       

1634840          106/106             F          244,000.00         ZZ   
                                  360        243,814.33          1
6109 SWANSEA STREET                7.375          1,685.25         80   
                                     7.125          1,685.25      305,000.00
BETHESDA         MD   20816          1            08/25/97         00   
6431910                              05           10/01/97          0   
6431910                              O            09/01/27              
0                                                                       

1634841          106/106             F          243,400.00         ZZ   
                                  360        243,214.79          1
2836 BOYER AVENUE EAST             7.375          1,681.11         67   
                                     7.125          1,681.11      367,000.00
SEATTLE          WA   98102          2            08/20/97         00   
6433114                              05           10/01/97          0   
6433114                              O            09/01/27              
0                                                                       

1634842          106/106             F          463,600.00         ZZ   
                                  360        463,272.79          1
25 MONTROSE ROAD                   7.750          3,321.29         80   
                                     7.500          3,321.29      579,500.00
SCARSDALE        NY   10583          1            08/26/97         00   
6433296                              05           10/01/97          0   
6433296                              O            09/01/27              
0                                                                       

1634846          106/106             F          260,000.00         ZZ   
                                  360        259,807.04          1
5621 SW BRADFORD STREET            7.500          1,817.96         80   
                                     7.250          1,817.96      325,000.00
SEATTLE          WA   98116          1            08/20/97         00   
6437057                              05           10/01/97          0   
6437057                              O            09/01/27              
0                                                                       
1                                                                               

1634849          106/106             F          332,550.00         ZZ   
                                  360        332,332.46          1
3510 E. SCHUBERT PLACE             8.125          2,469.18         76   
                                     7.875          2,469.18      440,000.00
SEATTLE          WA   98122          2            08/21/97         00   
6438022                              05           10/01/97          0   
6438022                              O            09/01/27              
0                                                                       

1634854          106/106             F          476,000.00         ZZ   
                                  360        476,000.00          1
234 NORTHWOODS ROAD                7.500          3,328.27         80   
                                     7.250          3,328.27      595,000.00
MANHASSET        NY   11030          1            09/02/97         00   
6440598                              05           11/01/97          0   
6440598                              O            10/01/27              
0                                                                       

1634857          106/106             F          244,000.00         ZZ   
                                  360        243,827.78          1
2214 11TH AVENUE EAST              7.750          1,748.05         70   
                                     7.500          1,748.05      349,000.00
SEATTLE          WA   98102          1            08/20/97         00   
6442347                              05           10/01/97          0   
6442347                              O            09/01/27              
0                                                                       

1634858          106/106             F          240,000.00         ZZ   
                                  360        239,830.61          1
11510 SE 108TH AVENUE              7.750          1,719.39         79   
                                     7.500          1,719.39      306,890.00
PORTLAND         OR   97266          1            08/16/97         00   
6442875                              05           10/01/97          0   
6442875                              O            09/01/27              
0                                                                       

1634859          106/106             F          251,200.00         ZZ   
                                  360        251,013.57          1
149 PIN OAK LANE                   7.500          1,756.43         80   
                                     7.250          1,756.43      314,000.00
MOORESVILLE      NC   28115          1            08/28/97         00   
6444475                              05           10/01/97          0   
6444475                              O            09/01/27              
0                                                                       

1634862          106/106             F          230,400.00         ZZ   
                                  240        229,996.53          1
1                                                                               

5388 GLENCASTLE WAY                7.750          1,891.47         90   
                                     7.500          1,891.47      256,000.00
SUWANNEE         GA   30174          1            08/28/97         04   
6445670                              05           10/01/97         25   
6445670                              O            09/01/17              
0                                                                       

1634866          106/106             F          525,000.00         ZZ   
                                  360        524,610.37          1
1156 UPPER HAPPY VALLEY ROAD       7.500          3,670.88         77   
                                     7.250          3,670.88      687,000.00
LAFAYETTE        CA   94549          1            08/23/97         00   
6451009                              05           10/01/97          0   
6451009                              O            09/01/27              
0                                                                       

1634870          106/106             F          358,400.00         ZZ   
                                  360        358,140.59          1
2053 HAVERFORD DRIVE               7.625          2,536.74         80   
                                     7.375          2,536.74      448,010.00
CROWNSVILLE      MD   21032          1            08/22/97         00   
6452478                              03           10/01/97          0   
6452478                              O            09/01/27              
0                                                                       

1634879          106/106             F          252,500.00         ZZ   
                                  360        252,317.25          1
3363 80TH STREET WEST              7.625          1,787.18         90   
                                     7.375          1,787.18      280,566.00
NORTHFIELD       MN   55057          1            08/22/97         11   
7795800                              05           10/01/97         25   
7795800                              O            09/01/27              
0                                                                       

1634905          550/550             F          340,000.00         ZZ   
                                  360        337,783.63          1
849 MASON STREET #2                7.750          2,435.80         62   
                                     7.500          2,435.80      550,000.00
SAN FRANCISCO    CA   94108          2            12/02/96         00   
120208314                            01           02/01/97          0   
120208314                            O            01/01/27              
0                                                                       

1634907          225/225             F          232,750.00         ZZ   
                                  360        232,585.73          1
3109 TAHOMA PL WEST                7.750          1,667.45         95   
                                     7.500          1,667.45      245,000.00
TACOMA           WA   98466          1            08/25/97         10   
8052337                              05           10/01/97         30   
1                                                                               

8052337                              O            09/01/27              
0                                                                       

1634924          225/225             F          230,000.00         ZZ   
                                  360        229,816.08          1
1621 SUGAR BOTTOM RD               7.125          1,549.55         77   
                                     6.875          1,549.55      300,000.00
BUCKINGHAM       PA   18925          1            08/28/97         00   
2821745                              05           10/01/97          0   
2821745                              O            09/01/27              
0                                                                       

1635151          G32/G01             F          249,500.00         ZZ   
                                  360        249,500.00          1
600 SPRUCE TREE DRIVE              7.500          1,744.55         80   
                                     7.250          1,744.55      312,000.00
CARY             IL   60013          1            09/23/97         00   
0430413906                           05           11/01/97          0   
1001048                              O            10/01/27              
0                                                                       

1635156          601/G01             F          248,400.00         ZZ   
                                  360        248,220.22          1
671 GIBBONS DR                     7.625          1,758.16         90   
                                     7.375          1,758.16      276,000.00
NEW LENOX        IL   60451          2            09/05/97         04   
0430424267                           05           10/01/97         25   
20010468                             O            09/01/27              
0                                                                       

1635159          180/G01             F           49,600.00         ZZ   
                                  360         49,600.00          1
428 PARKRIDGE BOULEVARD            7.500            346.81         80   
                                     7.250            346.81       62,000.00
BURLESON         TX   76028          1            09/04/97         00   
0430414615                           05           11/01/97          0   
12035150                             O            10/01/27              
0                                                                       

1635190          136/G01             F          269,205.00         ZZ   
                                  360        269,005.21          1
12 LEE ROAD                        7.500          1,882.32         90   
                                     7.250          1,882.32      300,000.00
SOMERS           NY   10589          1            08/18/97         10   
0430393041                           05           10/01/97         25   
1111156                              O            09/01/27              
0                                                                       

1                                                                               

1635201          593/593             F          322,000.00         ZZ   
                                  360        322,000.00          1
1940 MAHRE DRIVE                   8.000          2,362.73         53   
                                     7.750          2,362.73      615,000.00
PARK CITY        UT   84098          4            09/12/97         00   
5600200                              05           11/01/97          0   
5600200                              O            10/01/27              
0                                                                       

1635281          E66/E66             F          258,000.00         ZZ   
                                  360        258,000.00          1
5120 TALLWOOD DRIVE                7.375          1,781.94         80   
                                     7.125          1,781.94      322,500.00
RALEIGH          NC   27613          1            09/12/97         00   
600339755                            05           11/01/97          0   
600339755                            O            10/01/27              
0                                                                       

1635320          136/G01             F          285,000.00         ZZ   
                                  360        284,798.84          1
10 CHESTNUT STREET                 7.750          2,041.78         75   
                                     7.500          2,041.78      382,500.00
PLEASANTVILLE    NY   10570          1            08/28/97         00   
0430392084                           05           10/01/97          0   
4504830                              O            09/01/27              
0                                                                       

1635419          638/G01             F          348,000.00         ZZ   
                                  360        348,000.00          1
4412 FLEETWOOD ROAD                8.250          2,614.41         70   
                                     8.000          2,614.41      497,500.00
DANVILLE         CA   94506          1            09/02/97         00   
0430394940                           03           11/01/97          0   
8663856                              O            10/01/27              
0                                                                       

1635716          696/G01             F          203,900.00         ZZ   
                                  360        203,900.00          1
8611 SPRINGVALE ROAD               7.750          1,460.76         80   
                                     7.500          1,460.76      254,900.00
SILVER SPRING    MD   20910          1            09/25/97         00   
0430394163                           05           11/01/97          0   
3125553                              O            10/01/27              
0                                                                       

1635719          696/G01             F          192,000.00         ZZ   
                                  360        192,000.00          1
1124 FAIRWAY DRIVE                 7.625          1,358.96         80   
                                     7.375          1,358.96      240,000.00
1                                                                               

VIENNA           VA   22180          1            09/24/97         00   
0430394155                           05           11/01/97          0   
2280280                              O            10/01/27              
0                                                                       

1635769          685/G01             F          160,000.00         ZZ   
                                  360        160,000.00          1
6400 PACIFIC AVENUE #105           8.000          1,174.02         80   
                                     7.750          1,174.02      200,000.00
LOS ANGELES      CA   90293          1            09/17/97         00   
0430393181                           01           11/01/97          0   
108954                               O            10/01/27              
0                                                                       

1635770          106/106             F          464,000.00         ZZ   
                                  360        464,000.00          1
444 8TH STREET                     7.000          3,087.01         80   
                                     6.750          3,087.01      580,000.00
BROOKLYN         NY   11215          1            09/15/97         00   
6432504                              07           11/01/97          0   
6432504                              O            10/01/27              
0                                                                       

1635798          K08/G01             F          181,600.00         ZZ   
                                  360        181,600.00          1
195 CARLISLE WAY                   7.875          1,316.73         80   
                                     7.625          1,316.73      227,000.00
BENICIA          CA   94510          2            09/18/97         00   
0410503072                           03           11/01/97          0   
410503072                            O            10/01/27              
0                                                                       

1635816          106/106             F          290,000.00         ZZ   
                                  360        288,883.02          1
353 WOODLEY ROAD                   7.375          2,002.96         76   
                                     7.125          2,002.96      385,000.00
MERION STATION   PA   19066          2            04/02/97         00   
7750458                              05           06/01/97          0   
7750458                              O            05/01/27              
0                                                                       

1636034          685/G01             F          231,950.00         ZZ   
                                  360        231,950.00          1
51 CREEK VIEW ROAD                 7.750          1,661.72         80   
                                     7.500          1,661.72      289,990.00
COTO DE CAZA     CA   92679          1            09/15/97         00   
0430394502                           03           11/01/97          0   
108229                               O            10/01/27              
0                                                                       
1                                                                               

1636306          369/G01             F          364,000.00         ZZ   
                                  360        364,000.00          1
21501 DAVIS MILL ROAD              7.750          2,607.75         80   
                                     7.500          2,607.75      455,000.00
GERMANTOWN       MD   20876          1            09/18/97         00   
0430427674                           05           11/01/97          0   
60257268                             O            10/01/27              
0                                                                       

1636317          K08/G01             F          469,400.00         ZZ   
                                  360        469,400.00          1
7377 ELEGANS PLACE                 7.875          3,403.48         80   
                                     7.625          3,403.48      589,285.00
CARLSBAD         CA   92009          1            09/18/97         00   
0410478432                           03           11/01/97          0   
410478432                            O            10/01/27              
0                                                                       

1636319          E22/G01             F          252,400.00         ZZ   
                                  360        252,400.00          1
5838 E. SANDSTONE COURT            7.750          1,808.22         80   
                                     7.500          1,808.22      315,586.00
ORANGE           CA   92669          1            09/25/97         00   
0410555858                           03           11/01/97          0   
410555858                            O            10/01/27              
0                                                                       

1636321          K08/G01             F          189,600.00         ZZ   
                                  360        189,600.00          1
12811 NORTHEAST 140TH COURT        7.625          1,341.98         80   
                                     7.375          1,341.98      237,000.00
KIRKLAND         WA   98034          1            09/17/97         00   
0410546089                           05           11/01/97          0   
410546089                            O            10/01/27              
0                                                                       

1636651          696/G01             F          235,650.00         ZZ   
                                  360        235,650.00          1
25994 ROSE LANE                    7.500          1,647.70         80   
                                     7.250          1,647.70      294,590.00
SOUTH RIDING     VA   20152          1            09/26/97         00   
0430427682                           03           11/01/97          0   
24310484                             O            10/01/27              
0                                                                       

1636664          369/G01             F          359,550.00         ZZ   
                                  360        359,550.00          1
1                                                                               

1601 EAST YALECREST AVENUE         7.875          2,606.99         90   
                                     7.625          2,606.99      399,500.00
SALT LAKE CITY   UT   84105          1            09/02/97         14   
0430427559                           05           11/01/97         25   
60906021                             O            10/01/27              
0                                                                       

1636687          559/G01             F          137,600.00         ZZ   
                                  360        137,600.00          1
1600 ALLEGRO AVENUE                7.875            997.70         80   
                                     7.625            997.70      172,000.00
CONCORD          CA   94521          2            09/24/97         00   
0430425884                           03           11/01/97          0   
5445747                              O            10/01/27              
0                                                                       

1636695          559/G01             F          121,600.00         ZZ   
                                  360        121,600.00          1
316 BENTON STREET                  7.875            881.69         80   
                                     7.625            881.69      152,000.00
SANTA ROSA       CA   95401          1            09/19/97         00   
0430425876                           05           11/01/97          0   
544695                               O            10/01/27              
0                                                                       

1636706          K08/G01             F          157,600.00         ZZ   
                                  360        157,600.00          1
6072 BURNT CEDAR WAY               7.875          1,142.71         80   
                                     7.625          1,142.71      197,000.00
ROSEVILLE        CA   95747          1            09/24/97         00   
0410551584                           03           11/01/97          0   
410551584                            O            10/01/27              
0                                                                       

1639107          685/G01             F          291,100.00         ZZ   
                                  360        291,100.00          1
2001 MARSHALL FIELD LANE           7.875          2,110.68         80   
                                     7.625          2,110.68      363,900.00
REDONDO BEACH    CA   90278          1            09/19/97         00   
0430398438                           05           11/01/97          0   
108860                               O            10/01/27              
0                                                                       

1639398          685/G01             F          249,250.00         ZZ   
                                  360        249,250.00          1
10424 VERNON LANE                  7.750          1,785.66         80   
                                     7.500          1,785.66      311,591.00
TUSTIN           CA   92782          1            09/22/97         00   
0430406678                           03           11/01/97          0   
1                                                                               

109057                               O            10/01/27              
0                                                                       

1639515          765/G01             F          212,000.00         ZZ   
                                  360        212,000.00          1
22808 ISLAMARE LANE                7.875          1,537.15         80   
                                     7.625          1,537.15      265,000.00
LAKE FOREST      CA   92630          2            09/08/97         00   
0430425702                           05           11/01/97          0   
325372                               O            10/01/27              
0                                                                       

1639532          E85/G01             F          313,600.00         ZZ   
                                  360        313,600.00          1
18 WOODCREST DRIVE                 7.875          2,273.82         80   
                                     7.625          2,273.82      392,000.00
ORINDA           CA   94563          1            09/12/97         00   
0430425363                           05           11/01/97          0   
9601451                              O            10/01/27              
0                                                                       

1639545          403/403             F          217,712.93         ZZ   
                                  331        217,712.93          1
25 RACE HILL ROAD                  8.500          1,707.19         65   
                                     8.250          1,707.19      340,000.00
MADISON          CT   06443          2            08/26/97         00   
6375430                              05           11/01/97          0   
6375430                              O            05/01/25              
0                                                                       

1640298          685/G01             F          304,050.00         ZZ   
                                  360        304,050.00          1
8 PIEDMONT                         7.625          2,152.05         80   
                                     7.375          2,152.05      380,066.00
DOVE CANYON      CA   92679          1            09/22/97         00   
0430423426                           03           11/01/97          0   
108275                               O            10/01/27              
0                                                                       

1640336          560/560             F          280,000.00         ZZ   
                                  360        278,348.15          1
337 7TH AVENUE WEST                8.250          2,103.55         70   
                                     8.000          2,103.55      400,000.00
KIRKLAND         WA   98033          2            12/10/96         00   
450602222                            05           02/01/97          0   
450602222                            O            01/01/27              
0                                                                       

1                                                                               

1640356          560/560             F          625,600.00         ZZ   
                                  360        624,757.66          1
5028 WOODLEY AVENUE                8.000          4,590.44         70   
                                     7.750          4,590.44      900,000.00
LOS ANGELES      CA   91436          2            07/09/97         00   
450779301                            05           09/01/97          0   
450779301                            O            08/01/27              
0                                                                       

1640360          560/560             F          373,500.00         ZZ   
                                  360        372,997.09          1
4786 CARRIAGE DRIVE                8.000          2,740.62         90   
                                     7.750          2,740.62      415,000.00
MASON            OH   45040          1            07/23/97         21   
450784335                            05           09/01/97         25   
450784335                            O            08/01/27              
0                                                                       

1640371          560/560             F          250,000.00         ZZ   
                                  360        249,632.11          1
3880 DEER SPRINGS                  8.000          1,834.42         74   
                                     7.750          1,834.42      340,000.00
ROCHESTER        MI   48306          2            07/25/97         00   
450795570                            05           09/01/97          0   
450795570                            O            08/01/27              
0                                                                       

1640377          560/560             F          343,000.00         ZZ   
                                  360        342,561.05          1
6761  MAPLE CREEK BLVD. 143        8.250          2,576.85         77   
                                     8.000          2,576.85      450,000.00
WEST BLOOMFIELD  MI   48322          2            07/31/97         00   
450803127                            01           09/01/97          0   
450803127                            O            08/01/27              
0                                                                       

1640389          560/560             F          272,000.00         ZZ   
                                  360        271,817.49          1
2265 VIA DIEGUENOS                 8.000          1,995.84         79   
                                     7.750          1,995.84      345,000.00
ALPINE           CA   91901          2            08/12/97         00   
450818349                            03           10/01/97          0   
450818349                            O            09/01/27              
0                                                                       

1640391          560/560             F          223,000.00         ZZ   
                                  360        222,850.37          1
40 MAPLE DRIVE                     8.000          1,636.30         69   
                                     7.750          1,636.30      325,000.00
1                                                                               

COLTS NECK       NJ   07722          2            08/20/97         00   
450820493                            05           10/01/97          0   
450820493                            O            09/01/27              
0                                                                       

1640393          560/560             F          340,000.00         ZZ   
                                  360        339,777.58          1
22 COLONIAL AVENUE                 8.125          2,524.50         73   
                                     7.875          2,524.50      470,000.00
ALLENDALE        NJ   07401          1            08/28/97         00   
450825898                            05           10/01/97          0   
450825898                            O            09/01/27              
0                                                                       

1640405          560/560             F          299,000.00         ZZ   
                                  360        298,804.41          1
12  CHATEAU DU LAC                 8.125          2,220.07         75   
                                     7.875          2,220.07      400,000.00
FENTON           MI   48430          2            09/08/97         00   
450845227                            01           10/01/97          0   
450845227                            O            09/01/27              
0                                                                       

1640715          K08/G01             F          118,500.00         ZZ   
                                  360        118,500.00          1
3517 JANET                         8.125            879.86         75   
                                     7.875            879.86      158,000.00
STERLING HEIGHT  MI   48310          1            09/25/97         00   
0410553564                           05           11/01/97          0   
410553564                            O            10/01/27              
0                                                                       

1640750          K08/G01             F          128,000.00         ZZ   
                                  360        127,909.66          1
204 LOS ALTOS DRIVE                7.750            917.01         80   
                                     7.500            917.01      160,000.00
AUSTIN           TX   78734          1            08/26/97         00   
0410527279                           05           10/01/97          0   
410527279                            O            09/01/27              
0                                                                       

1641005          638/G01             F          220,000.00         ZZ   
                                  360        220,000.00          1
877 FALMOUTH STREET                7.625          1,557.15         65   
                                     7.375          1,557.15      342,000.00
THOUSAND OAKS    CA   91362          1            09/22/97         00   
0430426460                           05           11/01/97          0   
08670843                             O            10/01/27              
0                                                                       
1                                                                               

1641014          601/G01             F          519,700.00         ZZ   
                                  360        519,700.00          1
11604 BROAD GREEN COURT            7.750          3,723.19         80   
                                     7.500          3,723.19      649,629.00
POTOMAC          MD   20854          1            09/12/97         00   
0430427336                           03           11/01/97          0   
9719079                              O            10/01/27              
0                                                                       

1641403          964/G01             F          141,600.00         ZZ   
                                  360        141,600.00          1
5772 VALLECITO DRIVE               7.750          1,014.44         80   
                                     7.500          1,014.44      177,000.00
WESTMINSTER      CA   92683          1            09/29/97         00   
0430425827                           05           11/01/97          0   
28312                                O            10/01/27              
0                                                                       

1641405          964/G01             F          261,000.00         ZZ   
                                  360        261,000.00          1
29 LORING AVENUE                   7.625          1,847.34         75   
                                     7.375          1,847.34      348,000.00
MILL VALLEY      CA   94941          1            09/26/97         00   
0430426759                           05           11/01/97          0   
28171                                O            10/01/27              
0                                                                       

TOTAL NUMBER OF LOANS   :      1,157                                      

TOTAL ORIGINAL BALANCE  :   313,866,882.77                                

TOTAL PRINCIPAL BALANCE :   313,527,996.08                                

TOTAL ORIGINAL P+I      :     2,261,480.07                                

TOTAL CURRENT P+I       :     2,261,480.07                                

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

RUN ON     : 10/30/97           RFC DISCLOSURE SYSTEM       RFFSDFIX-01     
 AT         : 08.41.02           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
 SERIES     : RFMSI I 1997-S15                               CUTOFF : 10/01/97
POOL       : 0004267                                                        
:                                                     
:                                                     
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                              
 -----------------------------------------------------------------------------

1568948                              .2500                          
73,900.67                           .0300                         
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1578090                              .2500                          
647,542.64                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1580501                              .2500                          
291,930.36                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1583736                              .2500                          
479,051.63                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1584480                              .2500                          
285,063.58                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1585082                              .2500                          
425,000.00                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    
1                                                                               

1586081                              .2500                          
245,949.02                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1586801                              .2500                          
159,090.44                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1586878                              .2500                          
160,000.00                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1587978                              .2500                          
600,000.00                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1588350                              .2500                          
269,603.24                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1588424                              .2500                          
298,460.62                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1588502                              .2500                          
218,926.33                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1588539                              .2500                          
279,218.08                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1589234                              .2500                          
339,564.89                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1589766                              .2500                          
315,100.00                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1591897                              .2500                          
81,443.91                           .0300                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1593731                              .2500                          
138,282.69                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1594317                              .2500                          
430,103.83                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1594473                              .2500                          
283,597.80                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1595736                              .2500                          
127,473.38                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1596640                              .2500                          
420,000.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1597561                              .2500                          
424,714.83                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1597740                              .2500                          
223,407.93                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1597767                              .2500                          
250,366.08                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1597837                              .2500                          
245,014.96                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1597920                              .2500                          
299,344.43                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1597983                              .2500                          
391,066.59                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1597988                              .2500                          
334,467.53                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1598077                              .2500                          
349,364.63                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1598148                              .2500                          
249,506.05                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1598193                              .2500                          
75,035.65                           .0300                         
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1598229                              .2500                          
263,478.38                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1598284                              .2500                          
228,788.22                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1598297                              .2500                          
256,452.31                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1598355                              .2500                          
289,381.97                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1598432                              .2500                          
45,368.63                           .0800                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5450                         .0000                    
7.0000                        1.5450                    

1598601                              .2500                          
439,038.54                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1598643                              .2500                          
399,103.84                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1598757                              .2500                          
353,245.60                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1598807                              .2500                          
309,771.61                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1598915                              .2500                          
258,633.62                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1599675                              .2500                          
224,837.15                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1600239                              .2500                          
84,940.01                           .0300                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1600261                              .2500                          
259,829.93                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1600284                              .2500                          
228,459.32                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    
1                                                                               

1600802                              .2500                          
247,149.49                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1600986                              .2500                          
303,600.94                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1601270                              .2500                          
139,825.34                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1601909                              .2500                          
283,310.01                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1602011                              .2500                          
237,855.81                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1602013                              .2500                          
139,912.97                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1602585                              .2500                          
219,433.03                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1603177                              .2500                          
301,484.56                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1603531                              .2500                          
264,822.19                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1604061                              .2500                          
97,454.67                           .0300                         
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1604092                              .2500                          
139,806.67                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1604926                              .2500                          
805,000.00                           .0800                          
8.3500                         .0000                    
8.1000                         .0000                    
8.0200                         .0000                    
7.0000                        1.0200                    

1605629                              .2500                          
299,513.96                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1605937                              .2500                          
198,831.91                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1606073                              .2500                          
223,698.39                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1606757                              .2500                          
599,607.52                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    
1                                                                               

1606782                              .2500                          
136,722.37                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1606808                              .2500                          
275,819.45                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1607686                              .2500                          
598,753.09                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1607736                              .2500                          
338,900.00                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1607894                              .2500                          
798,976.23                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1608318                              .2500                          
169,653.02                           .0300                          
7.6255                         .0000                    
7.3755                         .0000                    
7.3455                         .0000                    
7.0000                         .3455                    

1608586                              .2500                          
385,000.00                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1608701                              .2500                          
283,607.82                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1608704                              .2500                          
283,799.56                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1609000                              .2500                          
170,890.96                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1609174                              .2500                          
139,829.78                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1609244                              .2500                          
279,356.86                           .0300                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0950                         .0000                    
7.0000                         .0950                    

1609339                              .2500                          
331,310.05                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1609354                              .2500                          
187,880.12                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1609486                              .2500                          
96,831.60                           .0300                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1609537                              .2500                          
118,920.15                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1609566                              .2500                          
119,919.48                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1609684                              .2500                          
159,779.04                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1609711                              .2500                          
231,663.11                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1610194                              .2500                          
117,599.31                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1610280                              .2500                          
254,647.87                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1610659                              .2500                          
307,650.00                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1610761                              .2500                          
440,369.01                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1610778                              .2500                          
199,730.71                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1610936                              .2500                          
91,232.24                           .0300                         
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1611034                              .2500                          
227,693.02                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1611124                              .2500                          
354,749.44                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1611194                              .2500                          
282,818.67                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1611275                              .2500                          
75,146.92                           .0300                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1611278                              .2500                          
65,276.86                           .0300                         
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1611624                              .2500                          
162,940.59                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1611631                              .2500                          
183,773.43                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1611866                              .2500                          
559,206.96                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1611978                              .2500                          
373,096.97                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1612047                              .2500                          
226,694.35                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1612113                              .2500                          
220,902.17                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1612114                              .2500                          
284,240.39                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1612165                              .2500                          
449,713.05                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1612256                              .2500                          
209,159.56                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1612260                              .2500                          
312,795.25                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    
1                                                                               

1612312                              .2500                          
245,850.97                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1612737                              .2500                          
125,921.69                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1612778                              .2500                          
249,848.55                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1612781                              .2500                          
151,790.09                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1614500                              .2500                          
221,216.01                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1614742                              .2500                          
208,500.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1614775                              .2500                          
256,340.57                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1614818                              .2500                          
136,000.00                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    
1                                                                               

1614975                              .2500                          
258,562.72                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1615062                              .2500                          
229,282.94                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1615139                              .2500                          
245,826.38                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1615141                              .2500                          
107,100.00                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1615327                              .2500                          
349,491.75                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1615424                              .2500                          
142,600.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1615455                              .2500                          
143,745.89                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1615750                              .2500                          
218,957.84                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1615753                              .2500                          
220,574.32                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1615797                              .2500                          
276,740.73                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1616488                              .2500                          
199,723.82                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1616491                              .2500                          
274,785.47                           .0300                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9700                         .0000                    
6.9700                         .0000                    

1616550                              .2500                          
199,869.18                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1616614                              .2500                          
269,818.83                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1616719                              .2500                          
275,614.94                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1617130                              .2500                          
225,644.60                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1617242                              .2500                          
649,168.19                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1617400                              .2500                          
69,903.34                           .0300                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1617536                              .2500                          
236,355.37                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1617538                              .2500                          
112,720.38                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1617611                              .2500                          
225,131.16                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1617654                              .2500                          
93,936.93                           .0300                         
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1617673                              .2500                          
390,937.51                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1617692                              .2500                          
169,982.93                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1617706                              .2500                          
251,826.57                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1618029                              .2500                          
181,877.87                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1618054                              .2500                          
235,600.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1618067                              .2500                          
229,157.74                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1618108                              .2500                          
246,634.40                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1618400                              .2500                          
287,581.78                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1618436                              .2500                          
255,819.31                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1618455                              .2500                          
117,918.80                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1618460                              .2500                          
244,316.35                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1618465                              .2500                          
328,046.36                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1618475                              .2500                          
258,000.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1618632                              .2500                          
127,312.32                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1618846                              .2500                          
88,650.00                           .0300                         
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1618848                              .2500                          
239,611.17                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1618876                              .2500                          
222,775.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1618927                              .2500                          
195,868.49                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1618944                              .2500                          
305,772.90                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1619001                              .2500                          
231,036.82                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1619032                              .2500                          
230,841.03                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1619189                              .2500                          
165,000.00                           .0300                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9700                         .0000                    
6.9700                         .0000                    

1620046                              .2500                          
456,000.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1620051                              .2500                          
256,377.86                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1620147                              .2500                          
236,844.97                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1620171                              .2500                          
279,500.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1620189                              .2500                          
311,569.15                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1620580                              .2500                          
279,697.42                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1620581                              .2500                          
150,000.00                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1620738                              .2500                          
300,000.00                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1620896                              .2500                          
379,475.26                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1621024                              .2500                          
244,627.22                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1621035                              .2500                          
615,000.00                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1621060                              .2500                          
282,400.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1621079                              .2500                          
318,974.71                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1621572                              .2500                          
432,000.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1621636                              .2500                          
166,054.18                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1621791                              .2500                          
243,725.56                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1622022                              .2500                          
125,320.04                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1622062                              .2500                          
218,362.34                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1622066                              .2500                          
37,974.50                           .0300                         
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1622098                              .2500                          
296,250.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1622100                              .2500                          
95,933.93                           .0300                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1622134                              .2500                          
219,711.21                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1622138                              .2500                          
234,834.14                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1622144                              .2500                          
282,637.85                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1622149                              .2500                          
347,167.14                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1622152                              .2500                          
230,112.58                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1622164                              .2500                          
318,570.49                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1622167                              .2500                          
249,453.72                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1622169                              .2500                          
269,636.47                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1622173                              .2500                          
287,816.35                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1622180                              .2500                          
394,179.14                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1622181                              .2500                          
252,623.31                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1622190                              .2500                          
321,919.96                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1622192                              .2500                          
299,777.36                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1622197                              .2500                          
259,807.04                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1622204                              .2500                          
327,523.71                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1622212                              .2500                          
389,710.56                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1622215                              .2500                          
335,536.02                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1622216                              .2500                          
244,500.69                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1622221                              .2500                          
321,555.36                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1622224                              .2500                          
320,983.22                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1622226                              .2500                          
247,049.65                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1622236                              .2500                          
309,538.44                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1622238                              .2500                          
329,555.68                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1622239                              .2500                          
255,128.96                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1622240                              .2500                          
245,659.34                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1622243                              .2500                          
244,919.78                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1622244                              .2500                          
244,503.25                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1622247                              .2500                          
219,672.44                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1622248                              .2500                          
220,670.95                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1622251                              .2500                          
273,321.61                           .0300                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9700                         .0000                    
6.9700                         .0000                    

1622253                              .2500                          
246,630.79                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1622260                              .2500                          
237,645.64                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1622265                              .2500                          
227,677.12                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1622267                              .2500                          
227,496.25                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1622272                              .2500                          
249,671.83                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1622279                              .2500                          
355,255.35                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1622281                              .2500                          
235,657.30                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1622282                              .2500                          
293,792.50                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1622286                              .2500                          
342,751.75                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1622287                              .2500                          
323,788.06                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1622288                              .2500                          
318,525.03                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1622292                              .2500                          
293,579.89                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1622296                              .2500                          
336,510.80                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1622299                              .2500                          
259,816.50                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1622302                              .2500                          
249,671.83                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1622309                              .2500                          
256,136.75                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1622313                              .2500                          
338,070.58                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1622315                              .2500                          
241,880.21                           .0300                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0950                         .0000                    
7.0000                         .0950                    

1622330                              .2500                          
236,456.13                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1622337                              .2500                          
263,317.07                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1622339                              .2500                          
371,244.34                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1622346                              .2500                          
249,154.66                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1622350                              .2500                          
228,442.68                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1622352                              .2500                          
367,005.20                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1622353                              .2500                          
256,823.13                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1622360                              .2500                          
299,782.87                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1622366                              .2500                          
349,771.05                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1622372                              .2500                          
266,207.19                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1622373                              .2500                          
235,906.94                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1622374                              .2500                          
255,810.01                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1622380                              .2500                          
349,740.25                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1622469                              .2500                          
265,826.00                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1622563                              .2500                          
243,809.66                           .0300                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9700                         .0000                    
6.9700                         .0000                    
1                                                                               

1622565                              .2500                          
307,574.69                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1622572                              .2500                          
214,444.67                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1622717                              .2500                          
91,290.25                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1622796                              .2500                          
185,343.70                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1622842                              .2500                          
512,528.77                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1622847                              .2500                          
87,868.97                           .0300                         
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1622876                              .2500                          
220,500.00                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1623050                              .2500                          
137,864.26                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    
1                                                                               

1623071                              .2500                          
165,488.89                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1623135                              .2500                          
147,903.18                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1623185                              .2500                          
334,537.38                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1623216                              .2500                          
223,837.87                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1623225                              .2500                          
251,822.14                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1623280                              .2500                          
208,352.84                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1623301                              .2500                          
302,780.69                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1623313                              .2500                          
308,576.50                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    
1                                                                               

1623318                              .2500                          
249,823.55                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1623992                              .2500                          
94,450.00                           .0300                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1624088                              .2500                          
568,896.17                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1624117                              .2500                          
242,000.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1624127                              .2500                          
285,950.00                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1624134                              .2500                          
270,000.00                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1624145                              .2500                          
152,440.45                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624213                              .2500                          
238,570.08                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1624225                              .2500                          
143,363.09                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1624231                              .2500                          
115,820.23                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1624264                              .2500                          
320,973.30                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1624284                              .2500                          
197,870.48                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1624286                              .2500                          
625,957.89                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1624291                              .2500                          
251,652.02                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1624294                              .2500                          
231,848.24                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1624357                              .2500                          
259,825.54                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1624410                              .2500                          
224,849.02                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624429                              .2500                          
33,577.46                           .0300                         
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624445                              .2500                          
230,441.30                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1624511                              .2500                          
467,000.00                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1624524                              .2500                          
499,664.50                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1624525                              .2500                          
399,731.61                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1624526                              .2500                          
298,789.33                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1624528                              .2500                          
201,734.82                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1624543                              .2500                          
391,736.97                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1624547                              .2500                          
220,352.04                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1624552                              .2500                          
259,480.15                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1624567                              .2500                          
149,803.08                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1624575                              .2500                          
239,207.36                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1624593                              .2500                          
128,000.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1624661                              .2500                          
647,098.47                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624662                              .2500                          
121,839.84                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    
1                                                                               

1624670                              .2500                          
105,296.77                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1624678                              .2500                          
944,258.84                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1624681                              .2500                          
274,941.73                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624686                              .2500                          
238,678.19                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624690                              .2500                          
287,621.94                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1624692                              .2500                          
294,612.75                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1624731                              .2500                          
239,838.96                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624741                              .2500                          
284,808.77                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1624746                              .2500                          
611,589.36                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624766                              .2500                          
271,861.81                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1624768                              .2500                          
263,644.54                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624779                              .2500                          
46,739.14                           .0300                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1624781                              .2500                          
351,288.24                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1624796                              .2500                          
61,060.03                           .0300                         
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1624816                              .2500                          
74,904.03                           .0300                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1624830                              .2500                          
78,699.78                           .0300                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    
1                                                                               

1624832                              .2500                          
107,179.84                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1624839                              .2500                          
53,564.03                           .0300                         
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624852                              .2500                          
99,622.34                           .0300                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1624854                              .2500                          
125,838.75                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1624855                              .2500                          
26,982.78                           .0300                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1624856                              .2500                          
97,237.82                           .0300                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1624859                              .2500                          
134,913.92                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1624864                              .2500                          
86,139.62                           .0300                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    
1                                                                               

1624872                              .2500                          
249,663.38                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624891                              .2500                          
549,630.96                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624894                              .2500                          
229,340.79                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1624897                              .2500                          
195,708.17                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1624981                              .2500                          
291,799.04                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1625016                              .2500                          
215,637.50                           .0300                          
8.5000                         .0000                    
8.2500                         .0000                    
8.2200                         .0000                    
7.0000                        1.2200                    

1625080                              .2500                          
236,487.14                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625104                              .2500                          
261,419.97                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1625125                              .2500                          
251,822.14                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625148                              .2500                          
115,800.00                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1625175                              .2500                          
299,803.76                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1625176                              .2500                          
269,832.18                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1625179                              .2500                          
275,778.80                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1625180                              .2500                          
278,303.44                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625183                              .2500                          
229,844.10                           .0800                          
7.9500                         .0000                    
7.7000                         .0000                    
7.6200                         .0000                    
7.0000                         .6200                    

1625221                              .2500                          
264,863.58                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    
1                                                                               

1625224                              .2500                          
127,420.74                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1625231                              .2500                          
121,913.90                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625232                              .2500                          
246,126.17                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625234                              .2500                          
202,653.22                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625240                              .2500                          
184,878.98                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1625241                              .2500                          
123,411.33                           .0300                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0950                         .0000                    
7.0000                         .0950                    

1625246                              .2500                          
238,661.53                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625248                              .2500                          
324,764.77                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1625255                              .2500                          
368,739.56                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625261                              .2500                          
749,457.18                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625266                              .2500                          
489,288.45                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625267                              .2500                          
315,640.83                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625269                              .2500                          
435,692.27                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625278                              .2500                          
300,587.70                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625282                              .2500                          
122,825.80                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625283                              .2500                          
227,069.79                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1625286                              .2500                          
309,781.20                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625289                              .2500                          
239,834.83                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625291                              .2500                          
299,782.87                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625292                              .2500                          
422,885.92                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625300                              .2500                          
91,333.85                           .0300                         
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625304                              .2500                          
243,332.43                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625305                              .2500                          
358,678.38                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625306                              .2500                          
302,974.98                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    
1                                                                               

1625308                              .2500                          
309,769.93                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625309                              .2500                          
299,788.26                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625310                              .2500                          
301,387.13                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625311                              .2500                          
284,157.99                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625314                              .2500                          
373,270.64                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625316                              .2500                          
222,676.17                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625323                              .2500                          
287,592.15                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625327                              .2500                          
66,900.32                           .0300                         
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    
1                                                                               

1625337                              .2500                          
244,653.02                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625338                              .2500                          
242,655.86                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625339                              .2500                          
142,797.49                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625349                              .2500                          
227,677.12                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625350                              .2500                          
248,991.26                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625351                              .2500                          
266,821.62                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625352                              .2500                          
299,596.08                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1625353                              .2500                          
299,173.86                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1625355                              .2500                          
155,779.09                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625358                              .2500                          
385,453.38                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625360                              .2500                          
169,880.02                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625361                              .2500                          
349,154.84                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625362                              .2500                          
268,419.33                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625363                              .2500                          
526,434.43                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625364                              .2500                          
499,241.89                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625365                              .2500                          
290,489.60                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1625366                              .2500                          
255,637.46                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625372                              .2500                          
199,855.24                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625373                              .2500                          
351,738.76                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625379                              .2500                          
249,819.05                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625380                              .2500                          
335,762.85                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625386                              .2500                          
155,370.26                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625389                              .2500                          
289,589.31                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625396                              .2500                          
219,680.52                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1625397                              .2500                          
153,441.63                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625401                              .2500                          
241,915.48                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625402                              .2500                          
278,105.61                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625404                              .2500                          
326,736.63                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625407                              .2500                          
426,879.21                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625411                              .2500                          
254,620.32                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625412                              .2500                          
226,831.53                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625415                              .2500                          
227,577.25                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1625418                              .2500                          
227,677.12                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625419                              .2500                          
355,531.21                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1625420                              .2500                          
311,230.18                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625423                              .2500                          
243,082.60                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625424                              .2500                          
610,169.05                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625426                              .2500                          
223,841.91                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625437                              .2500                          
221,985.18                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625438                              .2500                          
133,410.79                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1625440                              .2500                          
247,648.81                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625442                              .2500                          
155,779.09                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625444                              .2500                          
304,266.13                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625446                              .2500                          
259,631.79                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625447                              .2500                          
263,616.63                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625448                              .2500                          
254,629.71                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625449                              .2500                          
405,106.58                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625456                              .2500                          
296,058.52                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    
1                                                                               

1625459                              .2500                          
239,642.67                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625460                              .2500                          
255,618.83                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625464                              .2500                          
179,876.12                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625467                              .2500                          
273,361.50                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625468                              .2500                          
138,903.01                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625470                              .2500                          
110,988.60                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625472                              .2500                          
243,823.40                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625483                              .2500                          
279,797.35                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1625487                              .2500                          
239,826.29                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625489                              .2500                          
287,796.73                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625491                              .2500                          
369,462.70                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625492                              .2500                          
559,604.76                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625493                              .2500                          
198,711.02                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625495                              .2500                          
295,791.08                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625501                              .2500                          
499,638.11                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625503                              .2500                          
263,014.23                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1625507                              .2500                          
376,733.91                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625508                              .2500                          
639,116.21                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625509                              .2500                          
304,568.07                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625520                              .2500                          
220,348.25                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625524                              .2500                          
273,621.62                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625525                              .2500                          
524,620.02                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625527                              .2500                          
466,670.39                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625530                              .2500                          
557,606.16                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1625534                              .2500                          
375,747.71                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1625535                              .2500                          
297,794.91                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625541                              .2500                          
234,338.62                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625544                              .2500                          
284,743.76                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625551                              .2500                          
336,268.42                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625552                              .2500                          
369,745.36                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625553                              .2500                          
360,239.08                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625554                              .2500                          
228,284.65                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1625555                              .2500                          
263,318.66                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625556                              .2500                          
424,684.58                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625560                              .2500                          
299,688.26                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625562                              .2500                          
276,999.37                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625567                              .2500                          
351,745.23                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625574                              .2500                          
118,314.30                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625577                              .2500                          
191,721.18                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625578                              .2500                          
179,644.43                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1625579                              .2500                          
323,765.49                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625584                              .2500                          
102,251.29                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625587                              .2500                          
299,088.75                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625589                              .2500                          
267,211.27                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625590                              .2500                          
76,545.93                           .0300                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625597                              .2500                          
151,801.67                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625601                              .2500                          
79,943.54                           .0300                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625602                              .2500                          
222,945.65                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1625603                              .2500                          
313,778.38                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625605                              .2500                          
349,740.24                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625607                              .2500                          
245,747.63                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625608                              .2500                          
232,319.65                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625609                              .2500                          
349,752.97                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625615                              .2500                          
95,932.24                           .0300                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625616                              .2500                          
446,676.47                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625619                              .2500                          
439,376.89                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1625620                              .2500                          
275,805.20                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625622                              .2500                          
238,556.97                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625624                              .2500                          
379,118.43                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625628                              .2500                          
295,791.08                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625634                              .2500                          
299,777.35                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625635                              .2500                          
237,436.48                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625636                              .2500                          
238,727.09                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625637                              .2500                          
234,838.27                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1625647                              .2500                          
229,342.05                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625648                              .2500                          
355,755.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625653                              .2500                          
283,689.23                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625656                              .2500                          
238,062.39                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625657                              .2500                          
99,858.37                           .0300                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625659                              .2500                          
419,405.20                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625660                              .2500                          
82,543.15                           .0300                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625661                              .2500                          
341,053.66                           .0300                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4700                         .0000                    
7.0000                        1.4700                    
1                                                                               

1625663                              .2500                          
455,669.96                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625666                              .2500                          
189,762.55                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625668                              .2500                          
327,768.49                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625674                              .2500                          
434,692.97                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625676                              .2500                          
228,042.95                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625680                              .2500                          
249,124.04                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625682                              .2500                          
137,405.36                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625683                              .2500                          
142,301.49                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1625688                              .2500                          
163,892.72                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1625693                              .2500                          
464,363.66                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625695                              .2500                          
299,788.26                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625707                              .2500                          
93,544.49                           .0300                         
8.8750                         .0000                    
8.6250                         .0000                    
8.5950                         .0000                    
7.0000                        1.5950                    

1625710                              .2500                          
199,858.84                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625712                              .2500                          
264,812.96                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625715                              .2500                          
309,281.55                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625721                              .2500                          
101,901.36                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    
1                                                                               

1625729                              .2500                          
649,529.55                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625730                              .2500                          
208,645.04                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625731                              .2500                          
355,742.33                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625734                              .2500                          
499,614.54                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1625735                              .2500                          
409,404.46                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625736                              .2500                          
145,494.62                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625737                              .2500                          
244,827.07                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625741                              .2500                          
266,007.33                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1625742                              .2500                          
279,792.19                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625745                              .2500                          
323,759.54                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625746                              .2500                          
358,246.97                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625748                              .2500                          
260,815.78                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625751                              .2500                          
92,333.12                           .0300                         
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625754                              .2500                          
233,834.84                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625755                              .2500                          
73,550.61                           .0300                         
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1625761                              .2500                          
49,965.58                           .0300                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1625762                              .2500                          
239,821.88                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625779                              .2500                          
485,665.54                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625787                              .2500                          
453,671.40                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625788                              .2500                          
339,747.67                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625790                              .2500                          
323,759.54                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625791                              .2500                          
387,712.04                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625792                              .2500                          
239,821.88                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625807                              .2500                          
328,562.02                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1625809                              .2500                          
411,694.23                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625812                              .2500                          
399,404.42                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625813                              .2500                          
449,666.03                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1625820                              .2500                          
246,821.22                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625825                              .2500                          
539,609.16                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625826                              .2500                          
459,675.33                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625828                              .2500                          
309,781.20                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625829                              .2500                          
221,443.60                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1625835                              .2500                          
319,774.15                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625841                              .2500                          
387,726.15                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625845                              .2500                          
219,844.72                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625846                              .2500                          
252,517.11                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1625847                              .2500                          
147,790.41                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1625849                              .2500                          
243,335.83                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1625860                              .2500                          
351,751.56                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1625864                              .2500                          
163,303.43                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    
1                                                                               

1625869                              .2500                          
43,138.80                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1625872                              .2500                          
239,830.61                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1625874                              .2500                          
649,517.60                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1625875                              .2500                          
639,536.79                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1625876                              .2500                          
299,793.54                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1625879                              .2500                          
649,541.24                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1625885                              .2500                          
179,885.22                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1625886                              .2500                          
359,758.44                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    
1                                                                               

1625889                              .2500                          
253,025.75                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1625896                              .2500                          
224,833.01                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1625901                              .2500                          
29,978.82                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1625903                              .2500                          
399,738.34                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1625910                              .2500                          
303,779.97                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1625911                              .2500                          
449,329.97                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1625918                              .2500                          
276,699.59                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1625922                              .2500                          
171,872.35                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    
1                                                                               

1625928                              .2500                          
449,674.31                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1625938                              .2500                          
194,730.72                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1625940                              .2500                          
225,341.03                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1625944                              .2500                          
271,785.97                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1625945                              .2500                          
233,309.66                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1625948                              .2500                          
158,275.55                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1625955                              .2500                          
379,671.03                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1625958                              .2500                          
185,881.39                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1625960                              .2500                          
295,680.40                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1625974                              .2500                          
255,000.00                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1625979                              .2500                          
265,167.39                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1625980                              .2500                          
234,746.34                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1626065                              .2500                          
269,814.19                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1626066                              .2500                          
111,930.39                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1626109                              .2500                          
118,424.44                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1626111                              .2500                          
194,166.28                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1626119                              .2500                          
209,751.85                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626150                              .2500                          
82,447.40                           .0300                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1626162                              .2500                          
195,565.32                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1626166                              .2500                          
153,894.02                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1626173                              .2500                          
317,197.61                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1626181                              .2500                          
299,392.10                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1626416                              .2500                          
287,791.55                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1626427                              .2500                          
155,084.82                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    
1                                                                               

1626431                              .2500                          
249,566.57                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1626434                              .2500                          
247,824.97                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626438                              .2500                          
499,036.92                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1626442                              .2500                          
131,745.75                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1626447                              .2500                          
59,036.27                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626449                              .2500                          
89,831.02                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1626456                              .2500                          
144,584.90                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1626460                              .2500                          
196,934.47                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    
1                                                                               

1626461                              .2500                          
74,596.84                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1626537                              .2500                          
327,785.44                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1626549                              .2500                          
299,478.75                           .0800                          
7.9150                         .0000                    
7.6650                         .0000                    
7.5850                         .0000                    
7.0000                         .5850                    

1626550                              .2500                          
139,901.13                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626552                              .2500                          
495,184.03                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1626553                              .2500                          
195,421.97                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626554                              .2500                          
273,811.43                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1626556                              .2500                          
119,919.48                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    
1                                                                               

1626557                              .2500                          
386,745.55                           .0800                          
8.1000                         .0000                    
7.8500                         .0000                    
7.7700                         .0000                    
7.0000                         .7700                    

1626558                              .2500                          
219,843.15                           .0800                          
7.7000                         .0000                    
7.4500                         .0000                    
7.3700                         .0000                    
7.0000                         .3700                    

1626559                              .2500                          
112,426.41                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1626560                              .2500                          
119,819.48                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1626561                              .2500                          
182,377.54                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1626562                              .2500                          
565,429.35                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1626563                              .2500                          
155,903.03                           .0800                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1626572                              .2500                          
51,657.22                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1626574                              .2500                          
144,897.66                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626576                              .2500                          
274,805.90                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626577                              .2500                          
188,426.66                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1626602                              .2500                          
154,837.88                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1626603                              .2500                          
197,634.22                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1626612                              .2500                          
74,946.52                           .0800                         
7.7000                         .0000                    
7.4500                         .0000                    
7.3700                         .0000                    
7.0000                         .3700                    

1626614                              .2500                          
131,915.82                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1626618                              .2500                          
234,737.52                           .0800                          
7.8500                         .0000                    
7.6000                         .0000                    
7.5200                         .0000                    
7.0000                         .5200                    
1                                                                               

1626619                              .2500                          
267,808.93                           .0800                          
7.7000                         .0000                    
7.4500                         .0000                    
7.3700                         .0000                    
7.0000                         .3700                    

1626620                              .2500                          
239,841.40                           .0800                          
8.0750                         .0000                    
7.8250                         .0000                    
7.7450                         .0000                    
7.0000                         .7450                    

1626621                              .2500                          
66,458.37                           .0800                         
8.3400                         .0000                    
8.0900                         .0000                    
8.0100                         .0000                    
7.0000                        1.0100                    

1626622                              .2500                          
299,787.19                           .0800                          
7.7250                         .0000                    
7.4750                         .0000                    
7.3950                         .0000                    
7.0000                         .3950                    

1626623                              .2500                          
124,920.29                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1626624                              .2500                          
169,880.01                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626626                              .2500                          
162,884.95                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626627                              .2500                          
63,654.58                           .0800                         
7.7000                         .0000                    
7.4500                         .0000                    
7.3700                         .0000                    
7.0000                         .3700                    
1                                                                               

1626631                              .2500                          
192,234.17                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1626667                              .2500                          
208,702.59                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626669                              .2500                          
202,257.15                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626695                              .2500                          
165,738.72                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1626703                              .2500                          
229,832.69                           .0800                          
7.6000                         .0000                    
7.3500                         .0000                    
7.2700                         .0000                    
7.0000                         .2700                    

1626705                              .2500                          
69,753.64                           .0800                         
8.0650                         .0000                    
7.8150                         .0000                    
7.7350                         .0000                    
7.0000                         .7350                    

1626707                              .2500                          
152,890.92                           .0800                          
7.7000                         .0000                    
7.4500                         .0000                    
7.3700                         .0000                    
7.0000                         .3700                    

1626708                              .2500                          
183,852.85                           .0800                          
7.1250                         .0000                    
6.8750                         .0000                    
6.7950                         .0000                    
6.7950                         .0000                    
1                                                                               

1626710                              .2500                          
103,428.77                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1626713                              .2500                          
49,967.29                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1626714                              .2500                          
128,917.74                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1626715                              .2500                          
126,417.25                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1626726                              .2500                          
42,407.58                           .0800                         
7.6500                         .0000                    
7.4000                         .0000                    
7.3200                         .0000                    
7.0000                         .3200                    

1626727                              .2500                          
355,759.91                           .0800                          
7.9750                         .0000                    
7.7250                         .0000                    
7.6450                         .0000                    
7.0000                         .6450                    

1626729                              .2500                          
167,786.19                           .0800                          
7.9500                         .0000                    
7.7000                         .0000                    
7.6200                         .0000                    
7.0000                         .6200                    

1626730                              .2500                          
227,848.25                           .0800                          
8.0400                         .0000                    
7.7900                         .0000                    
7.7100                         .0000                    
7.0000                         .7100                    
1                                                                               

1626731                              .2500                          
306,685.56                           .0800                          
7.8000                         .0000                    
7.5500                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626732                              .2500                          
119,914.01                           .0800                          
7.6750                         .0000                    
7.4250                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626733                              .2500                          
273,406.89                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626734                              .2500                          
99,934.58                           .0800                         
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1626735                              .2500                          
100,029.35                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626737                              .2500                          
158,518.56                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1626738                              .2500                          
115,420.90                           .0800                          
7.9000                         .0000                    
7.6500                         .0000                    
7.5700                         .0000                    
7.0000                         .5700                    

1626739                              .2500                          
45,967.85                           .0800                         
7.8000                         .0000                    
7.5500                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1626741                              .2500                          
89,185.07                           .0800                         
7.6000                         .0000                    
7.3500                         .0000                    
7.2700                         .0000                    
7.0000                         .2700                    

1626743                              .2500                          
249,830.54                           .0800                          
7.9500                         .0000                    
7.7000                         .0000                    
7.6200                         .0000                    
7.0000                         .6200                    

1626744                              .2500                          
143,398.71                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626746                              .2500                          
119,916.99                           .0800                          
7.8500                         .0000                    
7.6000                         .0000                    
7.5200                         .0000                    
7.0000                         .5200                    

1626747                              .2500                          
94,935.61                           .0800                         
7.9500                         .0000                    
7.7000                         .0000                    
7.6200                         .0000                    
7.0000                         .6200                    

1626749                              .2500                          
73,335.72                           .0800                         
7.8000                         .0000                    
7.5500                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626750                              .2500                          
80,442.60                           .0800                         
7.7000                         .0000                    
7.4500                         .0000                    
7.3700                         .0000                    
7.0000                         .3700                    

1626752                              .2500                          
87,314.87                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    
1                                                                               

1626754                              .2500                          
377,924.89                           .0800                          
7.6000                         .0000                    
7.3500                         .0000                    
7.2700                         .0000                    
7.0000                         .2700                    

1626756                              .2500                          
52,962.59                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626757                              .2500                          
237,640.43                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1626758                              .2500                          
86,145.03                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1626759                              .2500                          
67,949.53                           .0800                         
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1626760                              .2500                          
206,868.00                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1626761                              .2500                          
129,413.10                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1626762                              .2500                          
219,849.81                           .0800                          
7.9150                         .0000                    
7.6650                         .0000                    
7.5850                         .0000                    
7.0000                         .5850                    
1                                                                               

1626763                              .2500                          
197,873.74                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1626764                              .2500                          
376,747.03                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1626765                              .2500                          
147,645.72                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626766                              .2500                          
108,680.65                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1626767                              .2500                          
239,834.83                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1626783                              .2500                          
87,936.62                           .0800                         
7.6500                         .0000                    
7.4000                         .0000                    
7.3200                         .0000                    
7.0000                         .3200                    

1626784                              .2500                          
182,870.83                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1626785                              .2500                          
92,934.35                           .0800                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    
1                                                                               

1626786                              .2500                          
399,731.61                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1626797                              .2500                          
118,918.11                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1626799                              .2500                          
345,268.17                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1626809                              .2500                          
475,664.05                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626810                              .2500                          
241,657.29                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626813                              .2500                          
291,793.91                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626816                              .2500                          
293,234.16                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626818                              .2500                          
263,413.96                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1626819                              .2500                          
409,710.63                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626820                              .2500                          
649,517.61                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1626823                              .2500                          
517,225.38                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626824                              .2500                          
339,160.42                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626826                              .2500                          
559,594.69                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626827                              .2500                          
322,266.59                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626828                              .2500                          
499,647.11                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626832                              .2500                          
411,709.21                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1626836                              .2500                          
341,346.48                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1626837                              .2500                          
329,761.16                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626840                              .2500                          
313,766.97                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1626842                              .2500                          
238,062.39                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626844                              .2500                          
235,833.44                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626845                              .2500                          
337,261.80                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626848                              .2500                          
273,556.79                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626852                              .2500                          
223,791.93                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1626853                              .2500                          
389,724.74                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626854                              .2500                          
217,627.86                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626856                              .2500                          
649,259.06                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1626860                              .2500                          
245,322.32                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626861                              .2500                          
223,841.91                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626863                              .2500                          
599,576.53                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626864                              .2500                          
492,652.05                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626865                              .2500                          
239,838.97                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1626870                              .2500                          
271,008.59                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626871                              .2500                          
251,822.14                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626872                              .2500                          
275,800.24                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626876                              .2500                          
114,369.23                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626877                              .2500                          
349,746.68                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626878                              .2500                          
290,474.47                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1626881                              .2500                          
549,221.12                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626884                              .2500                          
465,920.93                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1626885                              .2500                          
894,368.32                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626887                              .2500                          
326,557.32                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1626888                              .2500                          
271,798.14                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1626890                              .2500                          
682,018.30                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626891                              .2500                          
314,772.01                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626899                              .2500                          
85,452.40                           .0300                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1626901                              .2500                          
249,645.94                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626911                              .2500                          
382,429.74                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    
1                                                                               

1626919                              .2500                          
284,586.15                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626932                              .2500                          
331,271.86                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1626933                              .2500                          
447,675.75                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626934                              .2500                          
409,717.84                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1626937                              .2500                          
295,796.29                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1626941                              .2500                          
276,794.43                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1626942                              .2500                          
249,832.26                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1626943                              .2500                          
218,239.93                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1626944                              .2500                          
221,439.61                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1626946                              .2500                          
286,207.83                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1626963                              .2500                          
259,730.07                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626970                              .2500                          
237,223.81                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1626975                              .2500                          
233,838.97                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1626982                              .2500                          
232,335.91                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626986                              .2500                          
67,952.01                           .0300                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1626997                              .2500                          
126,220.99                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1627000                              .2500                          
218,036.37                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627002                              .2500                          
395,740.96                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1627003                              .2500                          
218,170.88                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627004                              .2500                          
235,674.09                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627010                              .2500                          
444,369.83                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627014                              .2500                          
235,606.41                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627015                              .2500                          
175,476.06                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627016                              .2500                          
616,553.43                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1627017                              .2500                          
254,797.11                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627022                              .2500                          
237,105.18                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627023                              .2500                          
107,769.83                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627025                              .2500                          
179,869.72                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627026                              .2500                          
231,832.08                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627027                              .2500                          
122,853.71                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627029                              .2500                          
281,810.78                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627031                              .2500                          
303,796.03                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1627033                              .2500                          
325,769.92                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627038                              .2500                          
197,660.40                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627044                              .2500                          
222,342.96                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627045                              .2500                          
221,422.77                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627046                              .2500                          
244,722.75                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627056                              .2500                          
322,266.59                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627071                              .2500                          
549,611.81                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627072                              .2500                          
558,387.95                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1627081                              .2500                          
236,333.08                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627087                              .2500                          
519,632.98                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627088                              .2500                          
263,704.14                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627090                              .2500                          
327,262.96                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627091                              .2500                          
228,627.67                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627092                              .2500                          
409,710.62                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627099                              .2500                          
278,593.08                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627102                              .2500                          
422,808.82                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1627103                              .2500                          
384,714.27                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627106                              .2500                          
229,841.72                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627107                              .2500                          
398,725.41                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627114                              .2500                          
645,805.25                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627118                              .2500                          
364,742.38                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627119                              .2500                          
329,772.90                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627123                              .2500                          
999,257.85                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627128                              .2500                          
499,647.10                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1627136                              .2500                          
186,368.37                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627139                              .2500                          
250,573.02                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627140                              .2500                          
259,825.54                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627142                              .2500                          
428,897.07                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627144                              .2500                          
111,920.94                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627145                              .2500                          
83,881.04                           .0300                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627151                              .2500                          
224,849.02                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627152                              .2500                          
227,843.09                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1627154                              .2500                          
305,762.94                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627155                              .2500                          
387,739.66                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627157                              .2500                          
111,882.17                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627161                              .2500                          
234,230.35                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627162                              .2500                          
155,887.09                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627165                              .2500                          
175,875.78                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627167                              .2500                          
152,689.41                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627169                              .2500                          
270,204.29                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1627171                              .2500                          
137,505.30                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627175                              .2500                          
305,434.02                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627176                              .2500                          
489,306.07                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627177                              .2500                          
179,872.95                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627181                              .2500                          
237,428.03                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627184                              .2500                          
60,758.15                           .0300                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627186                              .2500                          
328,318.11                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627188                              .2500                          
263,616.63                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1627189                              .2500                          
309,581.34                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627191                              .2500                          
451,680.98                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627192                              .2500                          
266,316.60                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627194                              .2500                          
280,302.02                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627196                              .2500                          
310,034.37                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627203                              .2500                          
250,622.98                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627204                              .2500                          
425,499.47                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627205                              .2500                          
423,708.20                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1627206                              .2500                          
319,368.68                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627225                              .2500                          
189,872.50                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627229                              .2500                          
171,881.63                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627232                              .2500                          
147,895.53                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627234                              .2500                          
268,600.51                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627235                              .2500                          
940,568.75                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627242                              .2500                          
112,672.40                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627245                              .2500                          
170,682.46                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1627253                              .2500                          
315,033.04                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627256                              .2500                          
399,717.68                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627258                              .2500                          
236,378.79                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627259                              .2500                          
92,736.13                           .0300                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627261                              .2500                          
230,867.10                           .0300                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4700                         .0000                    
7.0000                        1.4700                    

1627265                              .2500                          
274,306.25                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627269                              .2500                          
271,812.81                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627275                              .2500                          
337,279.23                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    
1                                                                               

1627277                              .2500                          
220,348.25                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627278                              .2500                          
279,807.30                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627284                              .2500                          
399,717.68                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627291                              .2500                          
87,875.36                           .0300                         
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627293                              .2500                          
451,711.77                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1627295                              .2500                          
129,948.82                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627297                              .2500                          
139,901.19                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627298                              .2500                          
119,230.90                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1627300                              .2500                          
231,039.63                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1627306                              .2500                          
644,556.11                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627307                              .2500                          
232,339.99                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627311                              .2500                          
51,907.50                           .0300                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1627312                              .2500                          
352,757.06                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627314                              .2500                          
79,946.31                           .0300                         
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627315                              .2500                          
116,171.99                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627317                              .2500                          
249,723.62                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1627318                              .2500                          
188,673.32                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627321                              .2500                          
162,288.23                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627322                              .2500                          
499,672.93                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1627323                              .2500                          
267,815.56                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627326                              .2500                          
238,653.67                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627327                              .2500                          
275,410.05                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627330                              .2500                          
223,845.84                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627333                              .2500                          
302,186.56                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1627336                              .2500                          
219,774.27                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627338                              .2500                          
399,717.68                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627342                              .2500                          
315,782.53                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627346                              .2500                          
99,843.79                           .0300                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627347                              .2500                          
247,029.87                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627348                              .2500                          
304,465.89                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627349                              .2500                          
231,840.33                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627351                              .2500                          
159,542.87                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1627352                              .2500                          
116,719.61                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627353                              .2500                          
224,681.36                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627354                              .2500                          
259,544.70                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627355                              .2500                          
267,561.02                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627356                              .2500                          
198,263.46                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627357                              .2500                          
221,804.81                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1627358                              .2500                          
283,804.55                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627359                              .2500                          
202,360.64                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1627360                              .2500                          
338,954.49                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627361                              .2500                          
249,827.95                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627362                              .2500                          
279,628.25                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627363                              .2500                          
292,803.39                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627364                              .2500                          
278,298.43                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627365                              .2500                          
359,752.25                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627366                              .2500                          
371,737.44                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627367                              .2500                          
151,898.00                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1627369                              .2500                          
120,797.74                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1627371                              .2500                          
258,826.21                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627372                              .2500                          
96,133.79                           .0300                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627373                              .2500                          
266,816.25                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627375                              .2500                          
283,809.43                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627377                              .2500                          
255,814.62                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627378                              .2500                          
223,849.69                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627379                              .2500                          
231,844.33                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1627380                              .2500                          
149,891.42                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627381                              .2500                          
419,390.11                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627382                              .2500                          
127,663.16                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627383                              .2500                          
343,757.21                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627385                              .2500                          
131,107.39                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627387                              .2500                          
255,374.13                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627389                              .2500                          
252,434.76                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1627390                              .2500                          
59,958.70                           .0300                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1627391                              .2500                          
117,010.86                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627392                              .2500                          
103,931.97                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1627395                              .2500                          
349,740.24                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627396                              .2500                          
499,605.93                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627397                              .2500                          
239,826.29                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627400                              .2500                          
511,538.70                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627401                              .2500                          
223,741.97                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627402                              .2500                          
591,140.33                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1627403                              .2500                          
109,922.36                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627404                              .2500                          
249,823.54                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627405                              .2500                          
599,150.31                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627406                              .2500                          
350,952.13                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627407                              .2500                          
323,771.32                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627409                              .2500                          
375,467.51                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627410                              .2500                          
331,365.95                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627416                              .2500                          
335,756.81                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1627417                              .2500                          
601,553.22                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627418                              .2500                          
429,696.50                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627420                              .2500                          
888,122.72                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627421                              .2500                          
281,391.01                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627426                              .2500                          
388,512.29                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627427                              .2500                          
277,404.06                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627437                              .2500                          
245,826.37                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627439                              .2500                          
242,062.11                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1627440                              .2500                          
230,237.38                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627445                              .2500                          
299,788.26                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627446                              .2500                          
238,323.00                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627451                              .2500                          
212,490.98                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627452                              .2500                          
359,739.44                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627470                              .2500                          
238,839.63                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627471                              .2500                          
221,689.42                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627477                              .2500                          
221,839.32                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1627478                              .2500                          
272,797.39                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627483                              .2500                          
588,334.46                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627485                              .2500                          
599,176.81                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627487                              .2500                          
374,935.19                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627488                              .2500                          
239,526.50                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627490                              .2500                          
275,810.05                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627492                              .2500                          
238,231.74                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627493                              .2500                          
305,689.42                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1627494                              .2500                          
254,820.02                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627495                              .2500                          
118,318.52                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627496                              .2500                          
754,453.56                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627499                              .2500                          
223,705.00                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627501                              .2500                          
195,062.23                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627503                              .2500                          
237,432.02                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627504                              .2500                          
268,536.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627506                              .2500                          
223,334.14                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    
1                                                                               

1627507                              .2500                          
399,703.14                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627508                              .2500                          
303,785.44                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627510                              .2500                          
299,564.36                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627511                              .2500                          
259,811.82                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627513                              .2500                          
221,253.22                           .0300                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9700                         .0000                    
6.9700                         .0000                    

1627514                              .2500                          
263,606.92                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627515                              .2500                          
266,121.31                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627516                              .2500                          
318,980.33                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1627517                              .2500                          
256,823.13                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627518                              .2500                          
237,423.67                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627519                              .2500                          
272,017.36                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627520                              .2500                          
225,436.72                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1627521                              .2500                          
259,816.50                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627537                              .2500                          
259,616.63                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1627558                              .2500                          
111,125.38                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627622                              .2500                          
278,807.99                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1627626                              .2500                          
286,707.49                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627640                              .2500                          
500,000.00                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627664                              .2500                          
99,931.18                           .0800                         
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1627665                              .2500                          
223,446.12                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1627666                              .2500                          
499,664.51                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1627668                              .2500                          
499,638.11                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1627669                              .2500                          
239,821.88                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1627675                              .2500                          
523,657.23                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1627682                              .2500                          
271,308.38                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1627683                              .2500                          
82,800.95                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1627684                              .2500                          
325,564.19                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1627685                              .2500                          
249,827.95                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1627686                              .2500                          
99,932.90                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1627687                              .2500                          
296,790.37                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1627688                              .2500                          
87,940.95                           .0800                         
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1627690                              .2500                          
87,943.88                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    
1                                                                               

1627697                              .2500                          
649,541.24                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1627698                              .2500                          
649,552.66                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1627710                              .2500                          
284,788.49                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1627718                              .2500                          
467,693.86                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1627719                              .7500                          
272,838.82                           .0800                          
8.6250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1627720                              .2500                          
305,674.42                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1627724                              .2500                          
299,133.34                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1627728                              .2500                          
328,984.66                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    
1                                                                               

1627729                              .2500                          
174,879.57                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1627733                              .2500                          
239,830.61                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1627738                              .2500                          
209,848.00                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1627739                              .2500                          
355,755.00                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    

1627741                              .2500                          
262,332.61                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1627745                              .2500                          
309,269.93                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1627748                              .2500                          
123,678.79                           .0800                          
8.7500                         .0000                    
8.5000                         .0000                    
8.4200                         .0000                    
7.0000                        1.4200                    

1627750                              .2500                          
222,971.93                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    
1                                                                               

1627775                              .2500                          
167,875.32                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627784                              .2500                          
554,627.61                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627786                              .2500                          
95,838.85                           .0300                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1627789                              .2500                          
181,874.75                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1627801                              .2500                          
159,101.04                           .0300                          
8.3750                         .0000                    
8.1250                         .0000                    
8.0950                         .0000                    
7.0000                        1.0950                    

1627803                              .2500                          
157,083.33                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1627821                              .2500                          
342,500.00                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1627825                              .2500                          
287,806.36                           .0800                          
7.9900                         .0000                    
7.7400                         .0000                    
7.6600                         .0000                    
7.0000                         .6600                    
1                                                                               

1627826                              .2500                          
62,254.90                           .0800                         
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1627827                              .2500                          
44,971.30                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1627829                              .2500                          
67,458.04                           .0800                         
8.3750                         .0000                    
8.1250                         .0000                    
8.0450                         .0000                    
7.0000                        1.0450                    

1627830                              .2500                          
81,947.71                           .0800                         
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1627832                              .2500                          
181,611.73                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1627833                              .3000                          
255,829.96                           .0800                          
8.0500                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1627834                              .2500                          
103,330.61                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1627839                              .2500                          
135,906.40                           .0800                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5450                         .0000                    
7.0000                         .5450                    
1                                                                               

1628079                              .2500                          
151,000.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1628289                              .2500                          
307,877.01                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1628298                              .2500                          
48,717.29                           .0300                         
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1628302                              .2500                          
239,862.74                           .0800                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9200                         .0000                    
6.9200                         .0000                    

1628309                              .2500                          
266,286.89                           .0800                          
7.1250                         .0000                    
6.8750                         .0000                    
6.7950                         .0000                    
6.7950                         .0000                    

1628313                              .2500                          
269,587.84                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1628334                              .2500                          
241,648.59                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1628380                              .2500                          
415,706.40                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    
1                                                                               

1628726                              .2500                          
264,808.20                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1628772                              .2500                          
229,737.73                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1628924                              .2500                          
213,454.82                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1628934                              .2500                          
369,462.72                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1628950                              .2500                          
274,569.66                           .0800                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9200                         .0000                    
6.9200                         .0000                    

1628970                              .2500                          
341,890.19                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1628975                              .2500                          
234,684.25                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1629197                              .2500                          
107,815.83                           .0300                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9700                         .0000                    
6.9700                         .0000                    
1                                                                               

1629204                              .2500                          
236,073.37                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1629333                              .2500                          
531,643.04                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1629501                              .2500                          
241,923.84                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1629507                              .2500                          
237,679.57                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1629644                              .2500                          
287,806.75                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1629802                              .2500                          
399,622.16                           .0800                          
7.0000                         .0000                    
6.7500                         .0000                    
6.6700                         .0000                    
6.6700                         .0000                    

1629810                              .2500                          
80,000.00                           .0300                         
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1629830                              .2500                          
157,943.96                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    
1                                                                               

1629833                              .2500                          
397,982.78                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1629862                              .2500                          
165,071.12                           .0300                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9700                         .0000                    
6.9700                         .0000                    

1629875                              .2500                          
223,829.56                           .0300                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0950                         .0000                    
7.0000                         .0950                    

1629890                              .2500                          
219,844.72                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1629893                              .2500                          
235,829.18                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1629900                              .2500                          
329,508.65                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1629909                              .2500                          
549,025.80                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1629911                              .2500                          
284,775.36                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    
1                                                                               

1629912                              .2500                          
295,251.74                           .0800                          
6.8750                         .0000                    
6.6250                         .0000                    
6.5450                         .0000                    
6.5450                         .0000                    

1629923                              .2500                          
246,033.12                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1629929                              .2500                          
234,807.36                           .0800                          
7.0000                         .0000                    
6.7500                         .0000                    
6.6700                         .0000                    
6.6700                         .0000                    

1629930                              .2500                          
356,707.37                           .0800                          
7.0000                         .0000                    
6.7500                         .0000                    
6.6700                         .0000                    
6.6700                         .0000                    

1629934                              .2500                          
284,793.72                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1629937                              .2500                          
279,083.86                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1629938                              .2500                          
358,720.54                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1629953                              .2500                          
139,890.78                           .0300                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9700                         .0000                    
6.9700                         .0000                    
1                                                                               

1629976                              .2500                          
135,819.12                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1630107                              .2500                          
187,474.13                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1630223                              .2500                          
322,914.42                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1630285                              .2500                          
384,000.00                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1630302                              .2500                          
199,858.85                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1630330                              .2500                          
269,784.09                           .0300                          
7.1250                         .0000                    
6.8750                         .0000                    
6.8450                         .0000                    
6.8450                         .0000                    

1630772                              .2500                          
616,000.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1631150                              .2500                          
247,325.32                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1631184                              .2500                          
350,246.32                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1631766                              .2500                          
404,000.00                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1631989                              .2500                          
206,000.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1632065                              .2500                          
511,610.41                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1632107                              .2500                          
168,668.31                           .0800                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9200                         .0000                    
6.9200                         .0000                    

1632117                              .2500                          
256,827.55                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1632134                              .2500                          
319,774.15                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1632139                              .2500                          
390,000.00                           .0300                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0950                         .0000                    
7.0000                         .0950                    
1                                                                               

1632173                              .2500                          
343,751.01                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1632922                              .2500                          
215,831.50                           .0300                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9700                         .0000                    
6.9700                         .0000                    

1632974                              .2500                          
251,808.25                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1632978                              .2500                          
290,878.49                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1632997                              .2500                          
234,921.11                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1633128                              .2500                          
199,466.08                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1633143                              .2500                          
211,830.47                           .0300                          
7.1250                         .0000                    
6.8750                         .0000                    
6.8450                         .0000                    
6.8450                         .0000                    

1633170                              .2500                          
369,738.85                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    
1                                                                               

1633171                              .2500                          
350,561.22                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1633327                              .2500                          
294,000.00                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1633348                              .2500                          
255,000.00                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1633398                              .2500                          
232,518.47                           .0800                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9200                         .0000                    
6.9200                         .0000                    

1633477                              .2500                          
50,350.00                           .0300                         
7.3750                         .0000                    
7.1250                         .0000                    
7.0950                         .0000                    
7.0000                         .0950                    

1633554                              .2500                          
650,000.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1633620                              .2500                          
229,000.00                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1633681                              .2500                          
322,272.38                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    
1                                                                               

1633734                              .2500                          
208,787.01                           .0800                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9200                         .0000                    
6.9200                         .0000                    

1634280                              .2500                          
339,734.78                           .0800                          
7.2500                         .0000                    
7.0000                         .0000                    
6.9200                         .0000                    
6.9200                         .0000                    

1634457                              .2500                          
214,600.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1634594                              .2500                          
217,354.06                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1634638                              .2500                          
257,500.00                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1634658                              .2500                          
121,650.00                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1634747                              .2500                          
130,400.00                           .0300                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0950                         .0000                    
7.0000                         .0950                    

1634771                              .2500                          
399,717.68                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    
1                                                                               

1634772                              .2500                          
260,811.09                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1634775                              .2500                          
227,839.08                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1634776                              .2500                          
389,717.73                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1634777                              .2500                          
374,728.58                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1634785                              .2500                          
225,000.00                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1634788                              .2500                          
459,691.35                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1634791                              .2500                          
224,333.39                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1634792                              .2500                          
478,861.78                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    
1                                                                               

1634801                              .2500                          
327,724.44                           .0800                          
6.8750                         .0000                    
6.6250                         .0000                    
6.5450                         .0000                    
6.5450                         .0000                    

1634806                              .2500                          
257,004.29                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1634808                              .2500                          
403,614.93                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1634810                              .2500                          
276,772.94                           .0800                          
7.0000                         .0000                    
6.7500                         .0000                    
6.6700                         .0000                    
6.6700                         .0000                    

1634811                              .2500                          
299,771.72                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1634812                              .2500                          
226,177.76                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1634814                              .2500                          
248,829.69                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1634815                              .2500                          
374,721.69                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    
1                                                                               

1634818                              .2500                          
277,803.79                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1634820                              .2500                          
282,789.97                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1634821                              .2500                          
294,963.93                           .0800                          
7.1250                         .0000                    
6.8750                         .0000                    
6.7950                         .0000                    
6.7950                         .0000                    

1634824                              .2500                          
281,785.41                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1634825                              .2500                          
285,798.14                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1634826                              .2500                          
247,420.79                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1634827                              .2500                          
414,651.34                           .0800                          
6.8750                         .0000                    
6.6250                         .0000                    
6.5450                         .0000                    
6.5450                         .0000                    

1634831                              .2500                          
284,938.37                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    
1                                                                               

1634836                              .2500                          
277,388.76                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1634837                              .2500                          
269,627.96                           .0800                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9200                         .0000                    
7.0000                         .9200                    

1634840                              .2500                          
243,814.33                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1634841                              .2500                          
243,214.79                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    

1634842                              .2500                          
463,272.79                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1634846                              .2500                          
259,807.04                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1634849                              .2500                          
332,332.46                           .0800                          
8.1250                         .0000                    
7.8750                         .0000                    
7.7950                         .0000                    
7.0000                         .7950                    

1634854                              .2500                          
476,000.00                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    
1                                                                               

1634857                              .2500                          
243,827.78                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1634858                              .2500                          
239,830.61                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1634859                              .2500                          
251,013.57                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1634862                              .2500                          
229,996.53                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1634866                              .2500                          
524,610.37                           .0800                          
7.5000                         .0000                    
7.2500                         .0000                    
7.1700                         .0000                    
7.0000                         .1700                    

1634870                              .2500                          
358,140.59                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1634879                              .2500                          
252,317.25                           .0800                          
7.6250                         .0000                    
7.3750                         .0000                    
7.2950                         .0000                    
7.0000                         .2950                    

1634905                              .2500                          
337,783.63                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    
1                                                                               

1634907                              .2500                          
232,585.73                           .0800                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4200                         .0000                    
7.0000                         .4200                    

1634924                              .2500                          
229,816.08                           .0800                          
7.1250                         .0000                    
6.8750                         .0000                    
6.7950                         .0000                    
6.7950                         .0000                    

1635151                              .2500                          
249,500.00                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1635156                              .2500                          
248,220.22                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1635159                              .2500                          
49,600.00                           .0300                         
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1635190                              .2500                          
269,005.21                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1635201                              .2500                          
322,000.00                           .0800                          
8.0000                         .0000                    
7.7500                         .0000                    
7.6700                         .0000                    
7.0000                         .6700                    

1635281                              .2500                          
258,000.00                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    
1                                                                               

1635320                              .2500                          
284,798.84                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1635419                              .2500                          
348,000.00                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1635716                              .2500                          
203,900.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1635719                              .2500                          
192,000.00                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1635769                              .2500                          
160,000.00                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1635770                              .2500                          
464,000.00                           .0800                          
7.0000                         .0000                    
6.7500                         .0000                    
6.6700                         .0000                    
6.6700                         .0000                    

1635798                              .2500                          
181,600.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1635816                              .2500                          
288,883.02                           .0800                          
7.3750                         .0000                    
7.1250                         .0000                    
7.0450                         .0000                    
7.0000                         .0450                    
1                                                                               

1636034                              .2500                          
231,950.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1636306                              .2500                          
364,000.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1636317                              .2500                          
469,400.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1636319                              .2500                          
252,400.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1636321                              .2500                          
189,600.00                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1636651                              .2500                          
235,650.00                           .0300                          
7.5000                         .0000                    
7.2500                         .0000                    
7.2200                         .0000                    
7.0000                         .2200                    

1636664                              .2500                          
359,550.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1636687                              .2500                          
137,600.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    
1                                                                               

1636695                              .2500                          
121,600.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1636706                              .2500                          
157,600.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1639107                              .2500                          
291,100.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1639398                              .2500                          
249,250.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1639515                              .2500                          
212,000.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1639532                              .2500                          
313,600.00                           .0300                          
7.8750                         .0000                    
7.6250                         .0000                    
7.5950                         .0000                    
7.0000                         .5950                    

1639545                              .2500                          
217,712.93                           .0800                          
8.5000                         .0000                    
8.2500                         .0000                    
8.1700                         .0000                    
7.0000                        1.1700                    

1640298                              .2500                          
304,050.00                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    
1                                                                               

1640336                              .2500                          
278,348.15                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1640356                              .2500                          
624,757.66                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1640360                              .2500                          
372,997.09                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1640371                              .2500                          
249,632.11                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1640377                              .2500                          
342,561.05                           .0300                          
8.2500                         .0000                    
8.0000                         .0000                    
7.9700                         .0000                    
7.0000                         .9700                    

1640389                              .2500                          
271,817.49                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1640391                              .2500                          
222,850.37                           .0300                          
8.0000                         .0000                    
7.7500                         .0000                    
7.7200                         .0000                    
7.0000                         .7200                    

1640393                              .2500                          
339,777.58                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    
1                                                                               

1640405                              .2500                          
298,804.41                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1640715                              .2500                          
118,500.00                           .0300                          
8.1250                         .0000                    
7.8750                         .0000                    
7.8450                         .0000                    
7.0000                         .8450                    

1640750                              .2500                          
127,909.66                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1641005                              .2500                          
220,000.00                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

1641014                              .2500                          
519,700.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1641403                              .2500                          
141,600.00                           .0300                          
7.7500                         .0000                    
7.5000                         .0000                    
7.4700                         .0000                    
7.0000                         .4700                    

1641405                              .2500                          
261,000.00                           .0300                          
7.6250                         .0000                    
7.3750                         .0000                    
7.3450                         .0000                    
7.0000                         .3450                    

TOTAL NUMBER OF LOANS:     1157                                             
TOTAL BALANCE........:        313,527,996.08                                

RUN ON     : 10/30/97            RFC DISCLOSURE SYSTEM      RFFSDFIX-01     
 AT         : 08.41.02            INITIAL SECURITY FEES      AMORTIZED BALANCE
 SERIES     : RFMSI I 1997-S15     FIXED SUMMARY REPORT      CUTOFF : 10/01/97
POOL       : 0004267                                                        
:                                                     
:                                                     
POOL STATUS: F                                                              

                            WEIGHTED AVERAGES      FROM         TO
  ------------------------------------------------------------------------------
CURR NOTE RATE                        7.7956            6.8750      8.8750  
RFC NET RATE                          7.5451            6.6250      8.6250  
NET MTG RATE(INVSTR RATE)             7.5035            6.5450      8.5950  
POST STRIP RATE                       6.9952            6.5450      7.0000  
SUB SERV FEE                           .2505             .2500       .7500  
MSTR SERV FEE                          .0416             .0300       .0800  
ALL EXP                                .0000             .0000       .0000  
MISC EXP                               .0000             .0000       .0000  
SPREAD                                 .0000             .0000       .0000  
STRIP                                  .5083             .0000      1.5950  

TOTAL NUMBER OF LOANS:  1157                                                
TOTAL BALANCE........:     313,527,996.08                                   

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

 F-1

EX-19
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Just 34th
 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:                                                           By:               
(Typed Name)                                                  (Typed Name)      

Title:                                                        Title:            

ATTEST:                                                   RESIDENTIAL FUNDING   
                                                       CORPORATION

By:                                                           By:               
(Signature)                                        (Signature)

By:                                                           By:               
 (Typed Name)                                     (Typed Name)

Title:                                                        Title:            

DOCSNY1:411312.4                                                                

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 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                                                                            
DOCSNY1:411312.4                                                                

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 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 Pass-Through Certificates, Series   
1997-S15, 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.       

          (11)  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).                               

          (12) 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.                                                

    (13)             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.)

     (14)             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.                  

      (15)             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.                                                            

          (16) 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.                                   

(17)             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.                                             

          (18)             The Owner's Taxpayer Identification Number is ___   .

     (19)             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.                                        

          (20)             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.                                            

(21)             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.                                     

(22)             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.   

     (23)             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__.                                              
DOCSNY1:411312.4                                                                

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 EXHIBIT I-2

FORM OF TRANSFEROR CERTIFICATE

                                                        __________________, 19__

Residential Funding Mortgage                                                    
Securities I, Inc.                                                          
8400 Normandale Lake Boulevard                                                  
Suite 600                                                                       
Minneapolis, Minnesota  55437                                                   

The First National Bank of Chicago                                              
One First National Plaza, Suite 0126                                            
Chicago, Illinois  60670-0126                                                   

Attention:                 Residential Funding Corporation Series 1997-S15      

Re:      Mortgage Pass-Through Certificates,
Series 1997-S15, 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  Pass-Through  Certificates,  Series
1997-S15, 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 Funding Mortgage Securities I, Inc., as seller
(the "Company"),  Residential Funding Corporation,  as master servicer,  and The
First  National  Bank of Chicago,  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.                                            

  (24)             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 herein is false.                                                      

          (25) 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.               

         (26)             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:
DOCSNY1:411312.4                                                                

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 EXHIBIT J-1

FORM OF INVESTOR REPRESENTATION LETTER

                                                            ______________, 19__

Residential Funding Mortgage                                                    
Securities I, Inc.                                                          
8400 Normandale Lake Boulevard                                                  
Suite 600                                                                       
Minneapolis, MN 55437                                                           

Residential Funding Corporation                                                 
8400 Normandale Lake Boulevard                                                  
Suite 600                                                                       
Minneapolis, MN 55437                                                           

The First National Bank of Chicago                                              
One First National Plaza, Suite 0126                                            
Chicago, Illinois  60670-0126                                                   
Attention:  Residential Funding Corporation Series 1997-S15                     

Re:      Mortgage Pass-Through Certificates,
Series 1997-S15, [Class B-]       

Ladies and Gentlemen:                                                           

                  _________________________   (the   "Purchaser")   intends   to
purchase from  ___________________________ (the "Seller") $_____________ Initial
Certificate  Principal  Balance of Mortgage  Pass-Through  Certificates,  Series
1997-S15,  Class __ (the  "Certificates"),  issued  pursuant  to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of October
1, 1997 among  Residential  Funding Mortgage  Securities I, Inc., as seller (the
"Company"),  Residential  Funding  Corporation,  as master servicer (the "Master
Servicer"),  and The First National Bank of Chicago, as trustee (the "Trustee").
All terms used herein and not  otherwise  defined  shall have the  meanings  set
forth in the Pooling and Servicing  Agreement.  The Purchaser hereby  certifies,
represents and warrants to, and covenants with, the Company, the Trustee and the
Master Servicer that:                                                           

              (1) The Purchaser  understands that (a) the Certificates  have not
         been and will not be registered or qualified  under the  Securities Act
         of 1933,  as amended (the "Act") or any state  securities  law, (b) the
         Company is not required to so register or qualify the Certificates, (c)
         the  Certificates  may be  resold  only  if  registered  and  qualified
         pursuant to the provisions of the Act or any state  securities  law, or
         if an exemption from such  registration and qualification is available,
         (d) the Pooling and Servicing Agreement contains restrictions regarding
         the transfer of the Certificates  and (e) the Certificates  will bear a
legend to the foregoing effect.                               

            (27)         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.                                  

          (28)         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.                                 

              (29)  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.]                                                  

              (30) 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.                                      

(31)         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 within the
         meaning of the  Department of Labor ("DOL")  regulation at 29 C.F.R.  '
2510.3-101; or                                                

              (b) is an insurance company,  the source of funds to be used by it
to purchase the  Certificates is an "insurance  company general account" (within
the meaning of DOL Prohibited  Transaction Class Exemption  ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Sections I and III of PTCE 95-60.                         

                  In addition,  the Purchaser hereby  certifies,  represents and
warrants  to, and  covenants  with,  the  Company,  the  Trustee  and the Master
Servicer that the Purchaser will not transfer such  Certificates  to any Plan or
person  unless such Plan or person  meets the  requirements  set forth in either
6(a) or (b) above.                                                              

                                           Very truly yours,

                             By:

                               Name:

                                Title:

DOCSNY1:411312.4                                                                

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 EXHIBIT J-2

 FORM OF ERISA REPRESENTATION LETTER

                                                              ____________, 19__

Residential Funding Mortgage                                                    
Securities I, Inc.                                                          
8400 Normandale Lake Boulevard                                                  
Suite 600                                                                       
Minneapolis, Minnesota 55437                                                    

Residential Funding Corporation                                                 
8400 Normandale Lake Boulevard                                                  
Suite 600                                                                       
Minneapolis, Minnesota 55437                                                    

The First National Bank of Chicago                                              
One First National Plaza, Suite 0126                                            
Chicago, Illinois 60670-0126                                                    

Attention:                 Residential Funding Corporation Series 1997-S15      

Re:      Mortgage Pass-Through Certificates,
Series 1997-S15, [Class M-]       

Ladies and Gentlemen:                                                           

                  ____________________  (the  "Purchaser")  intends to  purchase
from  ________________________ (the "Seller") $_____________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates,  Series 1997-S15, Class
__ (the "Certificates"),  issued pursuant to the Pooling and Servicing Agreement
(the  "Pooling  and  Servicing  Agreement"),  dated as of  October 1, 1997 among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation, as master servicer (the "Master Servicer"), and
The First National Bank of Chicago,  as trustee (the "Trustee").  All terms used
herein  and not  otherwise  defined  shall  have the  meanings  set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents and
warrants  to, and  covenants  with,  the  Company,  the  Trustee  and the Master
Servicer that:                                                                  

              (a) The Purchaser is not an employee benefit or other plan subject
         to the  prohibited  transaction  provisions of the Employee  Retirement
         Income Security Act of 1974, as amended  ("ERISA"),  or Section 4975 of
         the Internal  Revenue Code of 1986, as amended (the "Code") (a "Plan"),
         or any other person (including an investment manager, a named fiduciary
         or a trustee of any Plan) acting, directly or indirectly,  on behalf of
         or purchasing any Certificate with "plan assets" of any Plan within the
         meaning of the  Department of Labor ("DOL")  regulation at 29 C.F.R.  '
2510.3-101; or                                                

            (b)                   The Purchaser is an insurance company, the
source of funds to be used by it to purchase the Certificates is an "insurance  
company general account" (within the meaning of DOL Prohibited Transaction    
Class Exemption ("PTCE") 95-60), and the purchase is being made in reliance upon
the availability of the exemptive relief afforded under Sections I and III of 
PTCE 95-60.                                                                   

                  In addition,  the Purchaser hereby  certifies,  represents and
warrants  to, and  covenants  with,  the  Company,  the  Trustee  and the Master
Servicer that the Purchaser will not transfer such  Certificates  to any Plan or
person unless such Plan or person meets the requirements set forth in either (a)
or (b) above.                                                                   

                                           Very truly yours,

                             By:

                               Name:

                                Title:

DOCSNY1:411312.4                                                                

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 EXHIBIT K

FORM OF TRANSFEROR REPRESENTATION LETTER

                                                    ____________________, 19____

Residential Funding Mortgage                                                    
Securities I, Inc.                                                          
8400 Normandale Lake Boulevard                                                  
Suite 600                                                                       
Minneapolis, MN 55437                                                           

The First National Bank of Chicago                                              
One First National Plaza, Suite 0126                                            
Chicago, Illinois  60670-0126                                                   

Attention:                 Residential Funding Corporation Series 1997-S15      

Re:      Mortgage Pass-Through Certificates,
 Series 1997-S15, [Class B-]

Ladies and Gentlemen:                                                           

                In connection with the sale by ____________ the "Seller") to
______________ the "Purchaser") of $ _________________ Certificate Principal    
Balance of Mortgage Pass-Through Certificates, Series 1997-S15, Class         
(the "Certificates"), issued pursuant to the Pooling and Servicing Agreement    
(the "Pooling and Servicing Agreement"), dated as of October 1, 1997 among      
Residential Funding Mortgage Securities I, Inc., as seller (the "Company"),     
Residential Funding Corporation, as master servicer,                            
and The First National Bank of Chicago, 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:

DOCSNY1:411312.4                                                                

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 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 Funding Mortgage
Securities I, Inc. as depositor pursuant to Section 5.02 of the Agreement and 
The First National Bank of Chicago, 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.                                                    

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

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___      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:
DOCSNY1:411312.4                                                                

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 EXHIBIT M

 [TEXT OF AMENDMENT TO POOLING AND SERVICING
AGREEMENT PURSUANT TO SECTION 13.01(E) FOR A
 LIMITED GUARANTY]

ARTICLE 13                                                                      

 Subordinate Certificate Loss Coverage; Limited Guaranty

     SECTION 13.01. 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).           

              (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 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.                                  

              (b) 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  13.02.   Residential  Funding's  obligations  as
         described in this  Section are  referred to herein as the  "Subordinate
Certificate Loss Obligation."                                 

              (c) 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.

          (d)                   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.             

              (e) The Company shall have the option, in its sole discretion,  to
         substitute  for  either  or  both  of  the  Limited   Guaranty  or  the
         Subordinate  Certificate Loss Obligation another instrument in the form
         of a corporate  guaranty,  an  irrevocable  letter of credit,  a surety
         bond,  insurance  policy  or  similar  instrument  or a  reserve  fund;
         provided  that (i) the Company  obtains  (subject to the  provisions of
         Section  10.01(f)  as if the  Company  was  substituted  for the Master
         Servicer  solely  for the  purposes  of such  provision)  an Opinion of
         Counsel  (which need not be an opinion of  Independent  counsel) to the
         effect that obtaining such substitute  corporate guaranty,  irrevocable
         letter of credit,  surety bond,  insurance policy or similar instrument
         or reserve fund will not cause either (a) any federal tax to be imposed
         on the Trust  Fund,  including  without  limitation,  any  federal  tax
         imposed on "prohibited  transactions" under Section 860(F)(a)(1) of the
         Code  or on  "contributions  after  the  startup  date"  under  Section
         860(G)(d)(1)  of the Code or (b) the Trust Fund to fail to qualify as a
         REMIC at any time that any Certificate is outstanding, and (ii) no such
         substitution  shall be made unless (A) the substitute  Limited Guaranty
         or Subordinate Certificate Loss Obligation is for an initial amount not
         less than the then current  Amount  Available  and contains  provisions
         that are in all material  respects  equivalent to the original  Limited
         Guaranty or Subordinate  Certificate Loss Obligation (including that no
         portion of the fees, reimbursements or other obligations under any such
         instrument  will be borne by the  Trust  Fund),  (B) the long term debt
         obligations  of any  obligor  of any  substitute  Limited  Guaranty  or
         Subordinate  Certificate  Loss  Obligation  (if  not  supported  by the
         Limited  Guaranty) shall be rated at least the lesser of (a) the rating
         of  the  long  term  debt  obligations  of  General  Motors  Acceptance
         Corporation as of the date of issuance of the Limited  Guaranty and (b)
         the  rating  of the  long  term  debt  obligations  of  General  Motors
         Acceptance  Corporation  at the date of such  substitution  and (C) the
         Company obtains written  confirmation  from each nationally  recognized
         credit rating agency that rated the Class B Certificates at the request
         of the Company that such substitution shall not lower the rating on the
         Class B Certificates  below the lesser of (a) the  then-current  rating
         assigned to the Class B Certificates  by such rating agency and (b) the
         original  rating  assigned to the Class B  Certificates  by such rating
         agency.   Any  replacement  of  the  Limited  Guaranty  or  Subordinate
         Certificate   Loss  Obligation   pursuant  to  this  Section  shall  be
         accompanied by a written Opinion of 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 13.02. Amendments Relating to the Limited Guaranty. Notwithstanding
Sections 13.01: (i) the provisions of this Article 13 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  13 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  13.01(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 the
Trust Fund, including without limitation, any federal tax imposed on "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section  860G(d)(1) of the Code or (b) the Trust Fund to
fail to qualify as a REMIC at any time that any  Certificate is  outstanding.  A
copy of any such  instrument  shall be  provided  to the  Trustee and the Master
Servicer  together with an Opinion of Counsel that such amendment  complies with
this Section 13.02.                                                             

DOCSNY1:411312.4                                                                

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[FORM OF LIMITED GUARANTY]

LIMITED GUARANTY

 RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

Mortgage Pass-Through Certificates
 Series 1997-S15

                                                                         , 199__
The First National Bank of Chicago                                              
One North State Street                                                          
Chicago, Illinois  60602                                                        

Attention:                 Residential Funding Corporation Series 1997-S15      

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 13.01 of the Pooling and
Servicing  Agreement  dated as of October 1, 1997 (the  "Servicing  Agreement"),
among  Residential   Funding  Mortgage   Securities  I,  Inc.  (the  "Company"),
Residential  Funding and The First  National Bank of Chicago (the  "Trustee") as
amended by Amendment No. ___ thereto, dated as of ________,  with respect to the
Mortgage Pass-Through Certificates, Series 1997-S15 (the "Certificates"); and   

                  WHEREAS, pursuant to Section 13.01 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.  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
13.01 of the Servicing Agreement.                                               

              (A) 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 13.01(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 13.02 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.                                     

                                                   GENERAL MOTORS ACCEPTANCE
                                     CORPORATION

                             By:
                               Name:
                                Title:

Acknowledged by:                                                                

THE FIRST NATIONAL BANK OF CHICAGO,                                             
as Trustee                                                                  

By:                                                                             
Name:                                                                           
Title:                                                                          

RESIDENTIAL FUNDING MORTGAGE                                                    
SECURITIES I, INC.                                                          

By:                                                                             
Name:                                                                           
Title:                                                                          

DOCSNY1:411312.4                                                                

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FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                      __________________, 19____

Residential Funding Mortgage                                                    
Securities I, Inc.                                                          
8400 Normandale Lake Boulevard                                                  
Suite 600                                                                       
Minneapolis, Minnesota  55437                                                   

The First National Bank of Chicago                                              
One North State Street                                                          
Chicago, Illinois  60602                                                        

Attention:  Residential Funding Corporation Series 1997-S15                     

Re:      Mortgage Pass-Through Certificates,
                 Series 1997-S15 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  Funding  Mortgage  Securities I,
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:
DOCSNY1:411312.4                                                                

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SCHEDULE OF DISCOUNT FRACTIONS

Schedule of Discount Fractions                                                  

PRINCIPAL       NET MORTGAGE    DISCOUNT        PO              
LOAN #  BALANCE RATE    FRACTION        BALANCE                                 
1629912 295,251.74      6.545   6.5000000000%   19,191.36                       
1634801 327,724.44      6.545   6.5000000000%   21,302.09                       
1634827 414,651.34      6.545   6.5000000000%   26,952.34                       
1629802 399,622.16      6.670   4.7142857143%   18,839.33                       
1629929 234,807.36      6.670   4.7142857143%   11,069.49                       
1629930 356,707.37      6.670   4.7142857143%   16,816.20                       
1634810 276,772.94      6.670   4.7142857143%   13,047.87                       
1635770 464,000.00      6.670   4.7142857143%   21,874.29                       
1626708 183,852.85      6.795   2.9285714286%   5,384.26                        
1628309 266,286.89      6.795   2.9285714286%   7,798.40                        
1634821 294,963.93      6.795   2.9285714286%   8,638.23                        
1634924 229,816.08      6.795   2.9285714286%   6,730.33                        
1630330 269,784.09      6.845   2.2142857143%   5,973.79                        
1633143 211,830.47      6.845   2.2142857143%   4,690.53                        
1628302 239,862.74      6.920   1.1428571429%   2,741.29                        
1628950 274,569.66      6.920   1.1428571429%   3,137.94                        
1632107 168,668.31      6.920   1.1428571429%   1,927.64                        
1633398 232,518.47      6.920   1.1428571429%   2,657.35                        
1633734 208,787.01      6.920   1.1428571429%   2,386.14                        
1634280 339,734.78      6.920   1.1428571429%   3,882.68                        
1616491 274,785.47      6.970   0.4285714286%   1,177.65                        
1619189 165,000.00      6.970   0.4285714286%   707.14                          
1622251 273,321.61      6.970   0.4285714286%   1,171.38                        
1622563 243,809.66      6.970   0.4285714286%   1,044.90                        
1627513 221,253.22      6.970   0.4285714286%   948.23                          
1629197 107,815.83      6.970   0.4285714286%   462.07                          
1629862 165,071.12      6.970   0.4285714286%   707.45                          
1629953 139,890.78      6.970   0.4285714286%   599.53                          
1632922 215,831.50      6.970   0.4285714286%   924.99                          

$7,496,991.82           2.8382702596%   $212,784.89             

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FORM OF REQUEST FOR EXCHANGE

                                                                          [DATE]

The First National Bank of Chicago                                              
One First National Plaza                                                        
Suite 0126                                                                      
Chicago, Illinois 60670                                                         

       Re:      Residential Funding Mortgage Securities I,
               Inc., Mortgage Pass-Through Certificates,
Series 1997-S15                   

                  Residential  Funding  Corporation,  as  the  Holder  of a ___%
Percentage  Interest of the of Class A-9[-1]  Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:                                                              

   (1)              Class A-9-_ 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-9-_ 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-9[-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  Funding  Mortgage  Securities  I,  Inc.,
Residential  Funding  Corporation  and The First  National  Bank of Chicago,  as
trustee.                                                                        

                                             RESIDENTIAL FUNDING CORPORATION

                                               By:______________________________
                   Name:
                    Title:

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 EXHIBIT R

COPY OF FSA POLICY

Policy No.: 50637-N                         Date of Issuance: October 30, 1997  

ENDORSEMENT NO. 1 TO
 FINANCIAL GUARANTY INSURANCE POLICY

FINANCIAL SECURITY ASSURANCE INC. 

TRUST: The  Trust  Fund held by the  Trustee  under the  Pooling  and  Servicing
     Agreement,  dated as of October 1, 1997,  among The First  National Bank of
     Chicago,  as Trustee,  Residential Funding Mortgage Securities I, Inc., and
Residential Funding Corporation, as Master Servicer                   

CERTIFICATES: $14,999,000 Original Principal Amount Residential Funding Mortgage
     Securities I, Inc.  Mortgage  Pass-Through  Certificates,  Series 1997-S15,
Class A-2                                                             

POLICY NO.:                50637-N                                              

DATE OF ISSUANCE:           October 30, 1997                                    

1. Definitions. For all purposes of this Policy, the terms specified below shall
have the meanings or constructions provided below. Capitalized terms used herein
and not otherwise defined herein shall have the meanings provided in the Pooling
and Servicing Agreement unless the context shall otherwise require.             

     "Accrued Certificate Interest" has the meaning set forth in the Pooling and
Servicing Agreement,  provided,  however, that, for all purposes of this Policy,
Accrued  Certificate  Interest on the Certificates will be deemed to include any
portion of the amounts allocated to the Certificates  described in clause (i) of
the  definition  thereof (to the extent such  amounts are not offset by payments
made by the Master  Servicer or from the Insured  Reserve  Withdrawal);  clauses
(ii) and (iii) of the  definition  thereof;  and clause  (iv) of the  definition
thereof  (in each case,  to the extent  such  shortfalls  are not covered by the
subordination provided by the Class M and Class B Certificates and provided that
such  shortfalls  shall not include  interest  not  collectible  pursuant to the
Soldiers' and Sailors' Relief Act of 1940).                                     

     "Business Day" means any day other than (i) a Saturday or Sunday, or (ii) a
day on  which  banking  institutions  in the  City of New  York,  the  State  of
Michigan,  the State of California or the State of Illinois (or such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time  located) are  authorized  or  obligated  by law or  executive  order to be
closed.                                                                         

     "Guaranteed  Distributions"  means, with respect to each Distribution Date,
the  distribution  to be made to Holders  of the  Certificates  in an  aggregate
amount equal to the sum of (1) the Accrued Certificate Interest thereon, (2) the
principal  portion of any Realized Losses  allocable to the Certificates on such
Distribution   Date,  and  (3)  the  Certificate   Principal   Balances  of  the
Certificates  to the  extent  unpaid on the final  Distribution  Date or earlier
termination of the Trust Fund pursuant to the terms of the Pooling and Servicing
Agreement, in accordance with the original terms of the Certificates when issued
and without regard to any amendment or modification  of the  Certificates or the
Pooling and Servicing  Agreement  except  amendments or  modifications  to which
Financial Security has given its prior written consent. Guaranteed Distributions
shall not include,  nor shall  coverage be provided under this Policy in respect
of,  any  taxes,  withholding  or  other  charge  imposed  by  any  governmental
authority.                                                                      

     "Policy" means this Financial  Guaranty  Insurance Policy and includes each
endorsement thereto.                                                            

     "Pooling  and  Servicing   Agreement"   means  the  Pooling  and  Servicing
Agreement, dated as of October 1, 1997 among The First National Bank of Chicago,
as Trustee,  Residential  Funding  Mortgage  Securities I, Inc., and Residential
Funding Corporation, as Master Servicer relating to the Certificates, as amended
from time to time with the consent of Financial Security.                       

     "Receipt" and "Received" mean actual delivery to Financial  Security and to
the Fiscal Agent (as defined below),  if any, prior to 12:00 noon, New York City
time, on a Business Day; delivery either on a day that is not a Business Day, or
after 12:00 noon, New York City time,  shall be deemed to be receipt on the next
succeeding  Business Day. If any notice or  certificate  given  hereunder by the
Trustee  is  not in  proper  form  or is not  properly  completed,  executed  or
delivered,  it shall be deemed not to have been Received, and Financial Security
or its Fiscal  Agent  shall  promptly  so advise the Trustee and the Trustee may
submit an amended notice.                                                       

     "Term of This  Policy"  means the  period  from and  including  the Date of
Issuance to and including the date on which the Certificate Principal Balance on
the Certificates is zero.                                                       

     "Trustee"  means The First  National  Bank of  Chicago in its  capacity  as
Trustee  under the Pooling and  Servicing  Agreement  and any  successor in such
capacity.                                                                       

2.  Deletions  from  Policy.  The second  paragraph  of the  Financial  Guaranty
Insurance Policy to which this Endorsement  relates  (regarding  Policy payments
subsequently  avoided  in  whole  or  in  part  as a  preference  payment  under
applicable law) is hereby deleted.                                              

3. Notices and  Conditions  to Payment in Respect of  Guaranteed  Distributions.
Following  Receipt by Financial  Security of a notice and  certificate  from the
Trustee  in the  form  attached  as  Exhibit  A to this  Endorsement,  Financial
Security  will  pay any  amount  payable  hereunder  in  respect  of  Guaranteed
Distributions  out of the funds of  Financial  Security on the later to occur of
(a) 12:00 noon,  New York City time, on the Business Day following such Receipt;
and (b) 12:00 noon, New York City time, on the  Distribution  Date to which such
claim  relates.  Payments due hereunder in respect of  Guaranteed  Distributions
will be disbursed by wire  transfer of  immediately  available  funds to the FSA
Policy  Payments  Account  established  pursuant to the  Pooling  and  Servicing
Agreement or, if no such FSA Policy Payments  Account has been  established,  to
the Trustee for deposit to the Certificate Account.                             

Financial  Security  shall be entitled to pay, at any time after a claim is made
under the Policy,  any amount hereunder in respect of Guaranteed  Distributions,
including any  acceleration  payment,  whether or not any notice and certificate
shall have been  Received by  Financial  Security as provided  above.  Financial
Security  shall be entitled to pay hereunder any amount in respect of Guaranteed
Distributions  on an accelerated  basis, at any time after a claim is made under
the Policy,  or from time to time,  in whole or in part,  prior to the scheduled
date of payment thereof;  Guaranteed  Distributions  insured hereunder shall not
include  interest,  in respect of principal  paid  hereunder  on an  accelerated
basis,  accruing  from after the date of such  payment of  principal.  Financial
Security's obligations hereunder in respect of Guaranteed Distributions shall be
discharged to the extent funds are  disbursed by Financial  Security as provided
herein whether or not such funds are properly applied by the Trustee.           

4.  Governing  Law. This Policy shall be governed by and construed in accordance
with the laws of the State of New York, without giving effect to the conflict of
laws principles thereof.                                                        

5. Fiscal Agent. At any time during the Term of this Policy,  Financial Security
may appoint a fiscal agent (the  "Fiscal  Agent") for purposes of this Policy by
written notice to the Trustee at the notice address specified in the Pooling and
Servicing Agreement  specifying the name and notice address of the Fiscal Agent.
From and after the date of receipt of such notice by the Trustee,  (i) copies of
all notices  and  documents  required  to be  delivered  to  Financial  Security
pursuant to this Policy  shall be  simultaneously  delivered to the Fiscal Agent
and to Financial  Security and shall not be deemed  Received  until  Received by
both and (ii) all payments required to be made by Financial  Security under this
Policy may be made  directly by  Financial  Security  or by the Fiscal  Agent on
behalf  of  Financial  Security.  The  Fiscal  Agent is the  agent of  Financial
Security only and the Fiscal Agent shall in no event be liable to any Holder for
any acts of the Fiscal Agent or any failure of Financial Security to deposit, or
cause to be deposited, sufficient funds to make payments due under this Policy. 

6. Waiver of  Defenses.  To the fullest  extent  permitted  by  applicable  law,
Financial  Security agrees not to assert,  and hereby waives, for the benefit of
each Holder of any Certificates, all rights (whether by counterclaim, set off or
otherwise) and defenses (including,  without limitation,  the defense of fraud),
whether  acquired by  subrogation,  assignment or otherwise,  to the extent that
such rights and defenses may be available to Financial Security to avoid payment
of its obligations  under this Policy in accordance with the express  provisions
of this Policy.                                                                 

7. Notices.  All notices to be given  hereunder  shall be in writing  (except as
otherwise  specifically  provided herein) and shall be mailed by registered mail
or personally delivered or telecopied to Financial Security as follows:         

Financial Security Assurance Inc.                       
350 Park Avenue                                         
New York, New York  10022                               
Attention:  Senior Vice President                       
- Surveillance            
  Re:      $14,999,000 Original Principal Amount Residential
      Funding Mortgage Securities I, Inc. Mortgage
Pass-Through Certificates, Series 1997-S15, Class A-2   
Telecopy No.:    (212) 339-3518                         
(212) 826-0100        

Financial  Security  may specify a  different  address or  addresses  by writing
mailed or delivered to the Trustee.                                             

8. Priorities.  In the event any term or provision of the face of this Policy is
inconsistent  with the  provisions of this  Endorsement,  the provisions of this
Endorsement shall take precedence and shall be binding.                         

9. Exclusions From Insurance  Guaranty Funds.  This Policy is not covered by the
Property/Casualty  Insurance  Security  Fund  specified in Article 76 of the New
York Insurance Law. This Policy is not covered by the Florida Insurance Guaranty
Association  created under Part II of Chapter 631 of the Florida Insurance Code.
In the event  Financial  Security were to become  insolvent,  any claims arising
under  this  Policy are  excluded  from  coverage  by the  California  Insurance
Guaranty Association,  established pursuant to Article 14.2 of Chapter 1 of Part
2 of Division 1 of the California Insurance Code.                               

10.  Surrender of Policy.  The Trustee shall  surrender this Policy to Financial
Security for cancellation upon expiration of the Term of this Policy.           

     IN WITNESS  WHEREOF,  FINANCIAL  SECURITY  ASSURANCE  INC.  has caused this
Endorsement No. 1 to be executed by its Authorized Officer.                     

                                         FINANCIAL SECURITY ASSURANCE INC.

          By

                          Authorized Officer

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Policy No. 50637-N                       Date of Issuance:  October 30, 1997

                                                     Exhibit A
                                                            To Endorsement 1

 NOTICE OF CLAIM AND CERTIFICATE

Financial Security Assurance Inc.                                               
350 Park Avenue                                                                 
New York, NY  10022                                                             

                  The  undersigned,  a duly  authorized  officer  of  The  First
National Bank of Chicago (the "Trustee"), hereby certifies to Financial Security
Assurance Inc.  ("Financial  Security"),  with  reference to Financial  Guaranty
Insurance  Policy No.  50637-N dated October 30, 1997 (the  "Policy")  issued by
Financial Security in respect of the Residential  Funding Mortgage Securities I,
Inc.  Mortgage  Pass-Through  Certificates,  Series  1997-S15,  Class A-2 (the "
Certificates"), that:                                                           

                  (i) The Trustee is the Trustee under the Pooling and Servicing
Agreement for the Holders of the Certificates.                                  

                  (ii) The sum of all amounts on deposit (or  scheduled to be on
deposit) in the Certificate  Account (after giving effect to any applications of
funds from the Insured  Reserve  Fund) and  available  for  distribution  to the
Holders  pursuant to the Pooling and Servicing  Agreement  will be  $___________
(the  "Shortfall")  less than the sum of (a) the Guaranteed  Distributions  with
respect to the Distribution Date ($____________) and (b) the aggregate amount on
deposit (or scheduled to be on deposit) in the Certificate Account (after giving
effect to any  applications of funds from the Insured Reserve Fund) that will be
applied to make  payments of principal or interest on the  Certificates  on such
Distribution Date pursuant to the Pooling and Servicing  Agreement,  but without
giving effect to any payments to be made under the Policy.                      

                  (iii) The  Trustee is making a claim  under the Policy for the
lesser of (a) the Shortfall and (b) the Guaranteed Distributions with respect to
the  Distribution  Date, to be applied to distributions of principal or interest
or both with respect to the Certificates.                                       

                  (iv) The Trustee agrees that,  following receipt of funds from
Financial  Security,  it shall (a) hold such amounts in trust and apply the same
directly to the payment of Guaranteed  Distributions  on the  Certificates  when
due;  (b) not apply such funds for any other  purpose;  (c) not  commingle  such
funds with other funds held by the Trustee and (d)  maintain an accurate  record
of such payments with respect to each Certificate and the corresponding claim on
the Policy and  proceeds  thereof  and,  if the  Certificate  is  required to be
presented  for such  payment,  shall stamp on each such  Certificate  the legend
"$[insert  applicable  amount] paid by Financial Security and the balance hereof
has been  canceled and  reissued"  and then shall  deliver such  Certificate  to
Financial Security.                                                             

                  (v) The Trustee,  on behalf of the Holders,  hereby assigns to
Financial Security the rights of the Holders with respect to the Certificates to
the extent of any payments under the Policy, including,  without limitation, any
amounts due to the Holders in respect of securities law violations  arising from
the offer and sale of the Certificates.  The foregoing assignment is in addition
to, and not in  limitation  of,  rights of  subrogation  otherwise  available to
Financial  Security in respect of such  payments.  The  Trustee  shall take such
action and deliver such  instruments as may be reasonably  requested or required
by Financial  Security to  effectuate  the purpose or  provisions of this clause
(v).                                                                            

                  (vi) The Trustee,  on its behalf and on behalf of the Holders,
hereby appoints Financial Security as agent and attorney-in-fact for the Trustee
and each such Holder in any legal  proceeding with respect to the  Certificates.
The Trustee  hereby agrees that, so long as a Financial  Security  Default shall
not exist,  Financial  Security may at any time during the  continuation  of any
proceeding by or against the Depositor  under the United States  Bankruptcy Code
or any other applicable bankruptcy, insolvency, receivership,  rehabilitation or
similar law (an  "Insolvency  Proceeding")  direct all matters  relating to such
Insolvency Proceeding with respect to the Certificates. In addition, the Trustee
hereby agrees that Financial Security shall be subrogated to, and the Trustee on
its behalf and on behalf of each Holder,  hereby  delegates and assigns,  to the
fullest  extent  permitted  by law, the rights of the Trustee and each Holder in
the conduct of any Insolvency  Proceeding,  including,  without limitation,  all
rights of any party to an  adversary  proceeding  or action with  respect to any
court order issued in connection with any such Insolvency Proceeding.           

                  (vii)  Payments  should be made by wire  transfer  directed to
[SPECIFY FSA POLICY PAYMENTS ACCOUNT OR CERTIFICATE ACCOUNT].                   

                  Unless the context otherwise requires,  capitalized terms used
in this Notice of Claim and  Certificate  and not defined  herein shall have the
meanings provided in the Policy.                                                

                  IN WITNESS  WHEREOF,  the Trustee has executed  and  delivered
this Notice of Claim and Certificate as of the ____ day of _______, _________.  

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

                     By:
                        Title:

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For Financial Security or Fiscal Agent Use Only                                 

Wire transfer sent on _________ by                                              
Confirmation Number                                                             

                                                              FINANCIAL GUARANTY
                                                                INSURANCE POLICY
Policy No.:  50637-N                                                            
Date of Issuance:  10/30/97                                                     
Trust:   As described in Endorsement No. 1                                      
Certificates:  $14,999,000 Original Principal Amount Residential Funding        
Mortgage Securities I, Inc. Mortgage Pass-Through 
Certificates, Series 1997-S15, Class A-2          

         FINANCIAL  SECURITY   ASSURANCE  INC.   ("Financial   Security"),   for
consideration received, hereby UNCONDITIONALLY AND IRREVOCABLY GUARANTEES to the
Trustee for the benefit of each Holder, subject only to the terms of this Policy
(which  includes  each  endorsement  hereto),  the full and complete  payment of
Guaranteed  Distributions with respect to the Certificates of the Trust referred
to above.                                                                       

         For  the  further   protection  of  each  Holder,   Financial  Security
irrevocably  and  unconditionally  guarantees  payment  of  the  amount  of  any
distribution  of principal or interest  with  respect to the  Certificates  made
during the Term of this Policy to such Holder  that is  subsequently  avoided in
whole or in part as a preference payment under applicable law.                  

         Payment of any amount  required  to be paid under this  Policy  will be
made  following  receipt  by  Financial  Security  of  notice  as  described  in
Endorsement No. 1 hereto.                                                       

         Financial  Security shall be subrogated to the rights of each Holder to
receive  distributions  with respect to each  Certificate held by such Holder to
the extent of any payment by Financial Security hereunder.                      

         Except to the extent  expressly  modified by Endorsement  No. 1 hereto,
the following  terms shall have the meanings  specified for all purposes of this
Policy.  "Holder" means the registered  owner of any Certificate as indicated on
the  registration  books  maintained  by or on  behalf of the  Trustee  for such
purpose or, if the Certificate is in bearer form, the holder of the Certificate.
"Trustee",  "Guaranteed  Distributions" and "Term of this Policy" shall have the
meanings set forth in Endorsement No. 1 hereto.                                 

         This Policy sets forth in full the  undertaking of Financial  Security,
and shall not be  modified,  altered  or  affected  by any  other  agreement  or
instrument,  including  any  modification  or amendment  thereto.  Except to the
extent expressly modified by an endorsement hereto, the premiums paid in respect
of this Policy are nonrefundable for any reason whatsoever.  This Policy may not
be canceled or revoked during the Term of this Policy.  An acceleration  payment
shall not be due under  this  Policy  unless  such  acceleration  is at the sole
option   of   Financial   Security.   THIS   POLICY  IS  NOT   COVERED   BY  THE
PROPERTY/CASUALTY  INSURANCE  SECURITY  FUND  SPECIFIED IN ARTICLE 76 OF THE NEW
YORK INSURANCE LAW.                                                             

       In witness  whereof,  FINANCIAL  SECURITY  ASSURANCE  INC. has caused
this Policy to be executed on its behalf by its Authorized Officer.             

                                         FINANCIAL SECURITY ASSURANCE INC.

                                          By________________________________
                                            AUTHORIZED OFFICER

A subsidiary of Financial Security Assurance Holdings Ltd.                      
350 Park Avenue, New York, N.Y.  10022-6022                      (212) 826-0100 
Form 101NY (5/89)                                                               

 R-1

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		10/25/27		3		22
		11/25/97		10		22			424B5,  8-K
Filed on / For Period End:		11/12/97							424B5,  8-K
		10/30/97		4		53
		10/1/97		1		52
		12/15/95		4
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