IMPAC SECURED ASSETS CORP., Depositor, IMPAC FUNDING CORPORATION Master Servicer, and DEUTSCHE BANK NATIONAL TRUST COMPANY Trustee POOLING AND SERVICING AGREEMENT Dated as of December 1, 2006 Mortgage Pass-Through Certificates Series 2006-5

IMPAC SECURED ASSETS CORP.,

Depositor,

IMPAC FUNDING CORPORATION

Master Servicer,

and

DEUTSCHE BANK NATIONAL TRUST COMPANY

Trustee

POOLING AND SERVICING AGREEMENT

Dated as of December 1, 2006

________________________

Mortgage Pass-Through Certificates

Series 2006-5

TABLE OF CONTENTS

Page

ARTICLE I DEFINITIONS		16
Section 1.01.	Defined Terms.	16

Accrual Period	16
Adjustment Date	16
Advance	16
Affected Party	16
Affiliate	16
Aggregate Stated Principal Balance	16
Agreement	16
Allocated Realized Loss Amount	16
Assessment of Compliance	17
Assignment	17
Attestation Report	17
Available Distribution Amount	17
Bankruptcy Code	17
Basic Principal Distribution Amount	17
Book-Entry Certificate	17
Business Day	17
Cap Contracts	17
Cap Counterparties	18
Cash Liquidation	18
Certificate	18
Certificate Account	18
Certificate Account Deposit Date	18
Certificateholder	18
Certificate Guaranty Insurance Policy	18
Certificate Insurer	18
Certificate Margin	18
Certificate Owner	19
Certificate Principal Balance	19
Certificate Register	19
Class	19
Class 1-A Certificates	20
Class 1-A Principal Distribution Amount	20
Class 1-A1 Certificates	20
Class 1-C Distribution Amount	20
Class 1-IO Interest	20
Class 1-M Certificates	20
Class 2-A Principal Distribution Amount	20
Class 2-C Distribution Amount	20
Class 2-IO Interest	21

Class A Certificates	21
Class C Certificates	21
Class IO Interests	21
Class IO Distribution Amount	21
Class P Certificates	21
Class R Certificate	21
Class R-1 Interest	21
Class R-2 Interest	21
Class R-3 Interest	21
Class R-4 Interest	21
Closing Date	21
Code	21
Collateral Account One	21
Collateral Account Two	21
Collateral Account Three	21
Collateral Account Four	21
Collateral Value	21
Commission	22
Compensating Interest	22
Countrywide	22
Corporate Trust Office	22
Corresponding Certificate	22
Credit Enhancement Percentage	22
Credit Support Annex One	22
Credit Support Annex Two	22
Credit Support Annex Three	22
Credit Support Annex Four	23
Cross Collateralized Loss Payments	23
Crossable Excess	23
Crossable Losses	23
Current Report	23
Curtailment	23
Custodial Account	23
Custodian	23
Custodian One	23
Custodian Two	23
Custodian Three	23
Custodian Four	23
Cut-off Date	23
Cut-off Date Balance	23
Debt Service Coverage Ratio	24
Defaulted Mortgage Loan	24
Defaulting Party	24
Deficiency Amount	24
Deficient Valuation	24
Definitive Certificate	24

Deleted Mortgage Loan	24
Depositor	24
Depository	24
Depository Participant	24
Derivative Account	25
Determination Date	25
Disqualified Organization	25
Distribution Date	25
Distribution Report	25
Due Date	25
Due Period	25
Eligible Account	25
Estimated Swap Termination Payment	26
Event of Default	26
Excess Proceeds	26
Excess Servicing Strip	26
Exchange Act	26
Extra Principal Distribution Amount	26
Xxxxxx Xxx	26
FDIC	26
Final Scheduled Distribution Date	27
Xxxxxxx Mac	27
GMAC	27
Gross Margin	27
Group 1 Cap Contracts	27
Group 1 Cap Counterparties	27
Group 1 Certificates	27
Group 1 Class IO Distribution Amount	27
Group 1 Cut-off Date Balance	27
Group 1 Derivative Account	27
Group 1 Derivative Contract	27
Group 1 Derivative Termination Payment	27
Group 1 Estimated Swap Termination Payment	27
Group 1 Interest Rate Swap Agreement	27
Group 1 Loans	28
Group 1 Marker Rate	28
Group 1 Maximum Uncertificated Accrued Interest Deferral Amount	28
Group 1 Net Mortgage Rate	28
Group 1 Net Swap Payment	28
Group 1 Net WAC Rate	29
Group 1 Net WAC Shortfall Reserve Fund	29
Group 1 Net WAC Shortfall Reserve Fund Deposit	29
Group 1 Optional Termination	29
Group 1 Overcollateralization Deficiency Amount	29
Group 1 Overcollateralization Floor	29
Group 1 Overcollateralization Release Amount	30

iii

Group 1 Overcollateralization Target Amount	30
Group 1 Overcollateralized Amount	30
Group 1 Schedule	30
Group 1 Stepdown Date	30
Group 1 Step-Up Date	30
Group 1 Subordinate Class Principal Distribution Amount	30
Group 1 Supplemental Interest Trust	31
Group 1 Supplemental Interest Trust Trustee	31
Group 1 Swap Optional Termination Payment	31
Group 1 Swap Provider	31
Group 1 Trigger Event	31
Group 2 Cap Contracts	32
Group 2 Cap Counterparties	32
Group 2 Class IO Distribution Amount	32
Group 2 Cut-off Date Balance	32
Group 2 Derivative Account	32
Group 2 Derivative Contract	32
Group 2 Derivative Termination Payment	33
Group 2 Estimated Swap Termination Payment	33
Group 2 Marker Rate	33
Group 2 Maximum Uncertificated Accrued Interest Deferral Amount	33
Group 2 Interest Rate Swap Agreement	33
Group 2 Loans	33
Group 2 Net Mortgage Rate	34
Group 2 Net Swap Payment	34
Group 2 Net WAC Rate	34
Group 2 Net WAC Shortfall Reserve Fund	34
Group 2 Net WAC Shortfall Reserve Fund Deposit	34
Group 2 Optional Termination	34
Group 2 Overcollateralization Deficiency Amount	35
Group 2 Overcollateralization Floor	35
Group 2 Overcollateralization Release Amount	35
Group 2 Overcollateralization Target Amount	35
Group 2 Overcollateralized Amount	35
Group 2 Schedule	35
Group 2 Stepdown Date	35
Group 2 Step-Up Date	35
Group 2 Supplemental Interest Trust	36
Group 2 Supplemental Interest Trust Trustee	36
Group 2 Swap Optional Termination Payment	36
Group 2 Swap Provider	36
Group 2 Trigger Event	36
Index	37
Initial Certificate Principal Balance	37
Initial Notional Amount	37
Insurance Account	37

Insurance Agreement	37
Insurance Policy	37
Insurance Proceeds	37
Insured Amounts	37
Insurer Default	37
Interest Remittance Amount	37
Interest Rate Swap Agreement	37
Late Collections	37
LIBOR	38
LIBOR Business Day	38
LIBOR Rate Adjustment Date	38
Liquidated Mortgage Loan	38
Liquidation Proceeds	38
Loan-to-Value Ratio	38
Loan Group	38
Loan Group 1	38
Loan Group 2	38
Lost Note Affidavit	38
Majority Class C Certificateholder	38
Master Servicer	38
Master Servicer Prepayment Charge Payment Amount	39
Master Servicing Fees	39
Master Servicing Fee Rate	39
MERS	39
MERS® System	39
Midland	39
MIN	39
MOM Loan	39
Monthly Interest Distributable Amount	39
Monthly Payment	39
Xxxxx'x	40
Mortgage	40
Mortgage File	40
Mortgage Loan	40
Mortgage Loan Purchase Agreement	40
Mortgage Loan Schedule	40
Mortgage Note	41
Mortgage Rate	41
Mortgaged Property	41
Mortgagor	41
Net Liquidation Proceeds	42
Net Monthly Excess Cashflow	42
Net Mortgage Rate	42
Net Prepayment Interest Shortfall	42
Net Swap Payment	42
Net WAC Rate	42

Net WAC Shortfall Amount	42
Net WAC Shortfall Reserve Fund	42
Nonrecoverable Advance	42
Non-United States Person	43
Notional Balance	43
Officers’ Certificate	43
Offered Certificates	43
One Month LIBOR	43
Opinion of Counsel	43
Optional Termination	43
Optional Termination Date	43
OTS	43
Outstanding Mortgage Loan	43
Overcollateralization Deficiency Xxxxxx	00
Xxxxxxxxxxxxxxxxxxxxx Xxxxx	44
Overcollateralization Release Amount	44
Overcollateralization Target Amount	44
Overcollateralized Amount	44
Ownership Interest	44
Pass-Through Rate	44
Percentage Interest	45
Permitted Investment	45
Permitted Transferee	46
Person	46
PMI Insurer	46
PMI Insurer Policy	46
PMI Mortgage Loan	46
PMI Insurer Fee Rate	46
Policy Premium	47
Policy Premium Rate	47
Preference Amount	47
Prepayment Assumption	47
Prepayment Charge	47
Prepayment Interest Excess	47
Prepayment Interest Shortfall	47
Prepayment Period	47
Primary Hazard Insurance Policy	47
Primary Insurance Policy	47
Principal Distribution Amount	48
Principal Prepayment	48
Principal Prepayment in Full	48
Principal Remittance Amount	48
Prospectus Supplement	48
Purchase Price	48
Qualified Insurer	49
Qualified Substitute Mortgage Loan	49

Rating Agency	49
Realized Loss	49
Record Date	50
Regular Certificate	50
Regulation AB	50
Relief Act	50
Relief Act Interest Shortfall	50
REMIC	50
REMIC 1	50
REMIC 1 Regular Interest	51
REMIC 2	51
REMIC 2 Regular Interest	51
REMIC 3	51
REMIC 3 Group 1 Interest Loss Allocation Amount	52
REMIC 3 Group 1 Overcollateralized Amount	52
REMIC 3 Group 1 Principal Loss Allocation Amount	52
REMIC 3 Group 1 Overcollateralization Target Amount	52
REMIC 3 Group 1 Regular Interest	52
REMIC 3 Group 2 Interest Loss Allocation Amount	52
REMIC 3 Group 2 Overcollateralized Amount	52
REMIC 3 Group 2 Principal Loss Allocation Amount	53
REMIC 3 Group 2 Overcollateralization Target Amount	53
REMIC 3 Group 2 Regular Interest	53
REMIC 3 Regular Interest	53
REMIC 4	53
REMIC 4 Regular Interest	53
REMIC Provisions	53
REMIC Regular Interest	53
Remittance Report	53
REO Acquisition	54
REO Disposition	54
REO Imputed Interest	54
REO Proceeds	54
REO Property	54
Request for Release	54
Residual Certificate	54
Residual Interest	54
Responsible Officer	54
Servicing Account	54
Servicing Advances	54
Servicing Criteria	55
Servicing Guide	55
Servicing Officer	55
Single Certificate	55
Specially Serviced Multifamily Loan	55
Sponsor	55

vii

Standard & Poor's	55
Startup Day	55
Stated Principal Balance	55
Step-Up Date	56
Stepdown Date	56
Stepdown Target Subordination Percentage	56
Subordinate Certificates	56
Subsequent Recoveries	56
Sub-Servicer	56
Sub-Servicer Remittance Date	56
Sub-Servicing Account	57
Sub-Servicing Agreement	57
Sub-Servicing Fees	57
Sub-Servicing Fee Rate	57
Substitution Adjustment	57
Supplemental Interest Trust	57
Supplemental Interest Trust Trustee	57
Swap LIBOR	57
Swap Optional Termination Payment	57
Swap Provider	57
Swap Provider Trigger Event	57
Swap Termination Payment	57
Tax Matters Person	58
Tax Returns	58
Transfer	58
Transferor	58
Trust Fund	58
Trustee	58
Uncertificated Accrued Interest	58
Uncertificated Notional Balance	58
Uncertificated Pass-Through Rate	63
Uncertificated Principal Balance	63
Uncertificated REMIC 1 Pass-Through Rate	63
Uncertificated REMIC 2 Pass-Through Rate	63
Uncertificated REMIC 3 Pass-Through Rate	00
Xxxxxxxxx Xxxxx	00
Xxxxxx Xxxxxx Person	74
Unpaid Interest Shortfall Amount	75
Voting Rights	75

Section 1.02.	Determination of LIBOR.	75
Section 1.03.	Allocation of Certain Interest Shortfalls.	76

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES		78
Section 2.01.	Conveyance of Mortgage Loans.	78

viii

Section 2.02.	Acceptance of the Trust Fund by the Trustee.	82
Section 2.03.	Representations, Warranties and Covenants of the Master Servicer and the Depositor.	83
Section 2.04.	Representations and Warranties of the Sponsor.	85
Section 2.05.	Issuance of Certificates; Conveyance of REMIC 1 Regular Interests, Class C Interest, Class P Interest and Acceptance of REMIC 2, REMIC 3 and REMIC 4 by the Trustee.	87
Section 2.06.	Purposes and Powers of the Trust.	88

ARTICLE III ADMINISTRATION AND SERVICING OF THE TRUST FUND		90
Section 3.01.	Master Servicer to Act as Master Servicer.	90
Section 3.02.	Sub-Servicing Agreements Between Master Servicer and Sub-Servicers.	92
Section 3.03.	Successor Sub-Servicers.	93
Section 3.04.	Liability of the Master Servicer.	93
Section 3.05.	No Contractual Relationship Between Sub-Servicers and Trustee or Certificateholders.	93
Section 3.06.	Assumption or Termination of Sub-Servicing Agreements by Trustee.	94
Section 3.07.	Collection of Certain Mortgage Loan Payments.	94
Section 3.08.	Sub-Servicing Accounts.	95
Section 3.09.	Collection of Taxes, Assessments and Similar Items; Servicing Accounts.	96
Section 3.10.	Custodial Account.	96
Section 3.11.	Permitted Withdrawals From the Custodial Account.	97
Section 3.12.	Permitted Investments.	98
Section 3.13.	Maintenance of Primary Hazard Insurance.	99
Section 3.14.	Enforcement of Due-on-Sale Clauses; Assumption Agreements.	101
Section 3.15.	Realization Upon Defaulted Mortgage Loans.	102
Section 3.16.	Trustee to Cooperate; Release of Mortgage Files.	103
Section 3.17.	Servicing Compensation.	105
Section 3.18.	Maintenance of Certain Servicing Policies.	106
Section 3.19.	Annual Statement as to Compliance.	106
Section 3.20.	Assessments of Compliance and Attestation Reports.	107
Section 3.21.	Access to Certain Documentation.	108
Section 3.22.	Title, Conservation and Disposition of REO Property.	108
Section 3.23.	Additional Obligations of the Master Servicer.	111
Section 3.24.	Additional Obligations of the Depositor.	111
Section 3.25.	Exchange Act Reporting.	111
Section 3.26.	Intention of the Parties and Interpretation.	114
Section 3.27.	Optional Purchase of Certain Mortgage Loans.	115

ARTICLE IV PAYMENTS TO CERTIFICATEHOLDERS		116
Section 4.01.	Distributions.	116
Section 4.02.	Statements to Certificateholders.	125

Section 4.03.	Remittance Reports; Advances by the Master Servicer.	129
Section 4.04.	Distributions on the REMIC Regular Interests.	130
Section 4.05.	Allocation of Realized Losses.	135
Section 4.06.	Information Reports to Be Filed by the Master Servicer.	138
Section 4.07.	Compliance with Withholding Requirements.	138
Section 4.08.	Group 1 Net WAC Shortfall Reserve Fund.	138
Section 4.09.	Group 2 Net WAC Shortfall Reserve Fund.	139
Section 4.10.	Group 1 Supplemental Interest Trust.	140
Section 4.11.	Group 2 Supplemental Interest Trust.	143
Section 4.12.	Tax Treatment of Class IO Distribution Amounts in the Event of Resecuritization of Class 1-A, Class 2-A, Class 1-M or Class 1-B Certificates.	146
Section 4.13.	The Certificate Guaranty Insurance Policy	147
Section 4.14.	Collateral Accounts	149

ARTICLE V THE CERTIFICATES		153
Section 5.01.	The Certificates.	153
Section 5.02.	Registration of Transfer and Exchange of Certificates.	154
Section 5.03.	Mutilated, Destroyed, Lost or Stolen Certificates.	160
Section 5.04.	Persons Deemed Owners.	160
Section 5.05.	Rule 144A Information.	161

ARTICLE VI THE Depositor AND THE MASTER SERVICER		162
Section 6.01.	Liability of the Depositor and the Master Servicer.	162
Section 6.02.	Merger, Consolidation or Conversion of the Depositor or the Master Servicer.	162
Section 6.03.	Limitation on Liability of the Depositor, the Master Servicer and Others.	162
Section 6.04.	Limitation on Resignation of the Master Servicer.	163
Section 6.05.	Sale and Assignment of Master Servicing.	164

ARTICLE VII DEFAULT		165
Section 7.01.	Events of Default.	165
Section 7.02.	Trustee to Act; Appointment of Successor.	167
Section 7.03.	Notification to Certificateholders.	168
Section 7.04.	Waiver of Events of Default.	168
Section 7.05.	List of Certificateholders.	169

ARTICLE VIII CONCERNING THE TRUSTEE		170
Section 8.01.	Duties of Trustee.	170

Section 8.02.	Certain Matters Affecting the Trustee.	171
Section 8.03.	Trustee Not Liable for Certificates or Mortgage Loans.	173
Section 8.04.	Trustee May Own Certificates.	173
Section 8.05.	Trustee’s Fees.	173
Section 8.06.	Eligibility Requirements for Trustee.	174
Section 8.07.	Resignation and Removal of the Trustee.	174
Section 8.08.	Successor Trustee.	175
Section 8.09.	Merger or Consolidation of Trustee.	176
Section 8.10.	Appointment of Co-Trustee or Separate Trustee.	176

ARTICLE IX TERMINATION		178
Section 9.01.	Termination Upon Repurchase or Liquidation of All Mortgage Loans or upon Purchase of Certificates.	178
Section 9.02.	Termination of REMIC 4 and Retirement of Class R Certificates.	185
Section 9.03.	Additional Termination Requirements.	185

ARTICLE X REMIC PROVISIONS		187
Section 10.01.	REMIC Administration.	187
Section 10.02.	Prohibited Transactions and Activities.	190
Section 10.03.	Master Servicer and Trustee Indemnification.	190

ARTICLE XI MISCELLANEOUS PROVISIONS		191
Section 11.01.	Amendment.	191
Section 11.02.	Recordation of Agreement; Counterparts.	192
Section 11.03.	Limitation on Rights of Certificateholders.	193
Section 11.04.	Governing Law.	194
Section 11.05.	Notices.	194
Section 11.06.	Severability of Provisions.	194
Section 11.07.	Successors and Assigns.	194
Section 11.08.	Article and Section Headings.	195
Section 11.09.	Notice to Rating Agencies.	195
Section 11.10.	Rights of the Certificate Insurer.	195
Section 11.11.	Control by the Certificate Insurer.	196
Section 11.12.	Third Party Rights.	197

Signatures

Acknowledgments

Exhibit A	Form of Class A Certificate
Exhibit B-1	Form of Class [M][B] Certificate
Exhibit B-2	Form of Class C Certificate
Exhibit B-3	Form of Class P Certificate

Exhibit B-4	Form of Class R Certificate
Exhibit C	Form of Custodian Initial Certification
Exhibit D	Form of Custodian Final Certification
Exhibit E	Form of Remittance Report
Exhibit F-1	Request for Release
Exhibit F-2	Request for Release for Mortgage Loans Paid in Full
Exhibit G-1	Form of Investor Representation Letter
Exhibit G-2	Form of Transferor Representation Letter
Exhibit G-3	Form of Rule 144A Investment Representation
Exhibit G-4	Transferor Certificate for Transfers of Residual Certificates
Exhibit G-5	Transfer Affidavit and Agreement for Transfers of Residual Certificates
Exhibit H	Mortgage Loan Schedule
Exhibit I	Sponsor Representations and Warranties
Exhibit J	Form of Notice Under Section 3.24
Exhibit K	Impac Funding Corporation Servicing Guide
Exhibit L-1	Form 10-K Certification
Exhibit L-2	Form 10-K Back-up Certification (Master Servicer)
Exhibit L-3	Form 10-K Back-up Certification (Trustee)
Exhibit L-4	Form of Back-up Certification to Form 10-K Certificate
Exhibit M	Form of Interest Rate Swap Agreement
Exhibit N	Servicing Criteria to be Addressed in Assessment of Compliance
Exhibit O	Form 10-D, Form 8-K and Form 10-K Reporting Responsibility
Exhibit P	Additional Disclosure Notification
Exhibit Q	Form of Countrywide Servicing Agreement
Exhibit R	Form of GMAC Servicing Agreement
Exhibit S	Form of Midland Servicing Agreement
Exhibit T	Form of Item 1115 Agreement

xii

This Pooling and Servicing Agreement, dated and effective as of December 1, 2006, is entered into among Impac Secured Assets Corp., as depositor (the “Depositor”), Impac Funding Corporation, as master servicer (the “Master Servicer”), and Deutsche Bank National Trust Company, as trustee (the “Trustee”).

PRELIMINARY STATEMENT:

The Depositor intends to sell pass-through certificates (collectively, the “Certificates”), to be issued hereunder in multiple classes, which in the aggregate will evidence the entire beneficial ownership interest in the Trust Fund created hereunder. The Certificates will consist of nineteen classes of certificates, designated as (i) the Class 1-A1-A Certificates, (ii) the Class 1-A1-B Certificates, (iii) the Class 1-A1-C Certificates, (iv) the Class 1-AM Certificates, (v) the Class 2-A Certificates, (vi) the Class 1-M-1 Certificates, (vii) the Class 1-M-2 Certificates, (viii) the Class 1-M-3 Certificates, (ix) the Class 1-M-4 Certificates, (x) the Class 1-M-5 Certificates, (xi) the Class 1-M-6 Certificates, (xii) the Class 1-M-7 Certificates, (xiii) the Class 1-M-8 Certificates, (xiv) the Class 1-B Certificates, (xv) the Class 1-C Certificates, (xvi) the Class 2-C Certificates, (xvii) the Class 1-P Certificates, (xviii) the Class 2-P Certificates, and (xix) the Class R Certificates.

REMIC 1

As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of Loan Group 1 and certain other related assets (other than the Group 1 Net WAC Shortfall Reserve Fund, any related Master Servicer Prepayment Charge Payment Amounts and, for the avoidance of doubt, the Group 1 Supplemental Interest Trust, the Group 1 Derivative Account, the Group 1 Interest Rate Swap Agreement and the Group 1 Cap Contracts) subject to this Agreement as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 1.” The Class R-1 Interest will be the sole class of Residual Interests in REMIC 1 for purposes of the REMIC Provisions (as defined herein). The following table irrevocably sets forth the designation, the Uncertificated REMIC 1 Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 1 Regular Interests (as defined herein). None of the REMIC 1 Regular Interests will be certificated.

Designation	Uncertificated REMIC 1 Pass-Through Rate		Initial Uncertificated Principal Balance		Latest Possible Maturity Date ⁽¹⁾
1-1-A		Variable⁽²⁾	$	2,082,479.45		February 2037
1-1-B		Variable⁽²⁾	$	2,082,479.45		February 2037
1-2-A		Variable⁽²⁾	$	3,149,113.15		February 2037
1-2-B		Variable⁽²⁾	$	3,149,113.15		February 2037
1-3-A		Variable⁽²⁾	$	4,223,864.23		February 2037
1-3-B		Variable⁽²⁾	$	4,223,864.23		February 2037
1-4-A		Variable⁽²⁾	$	5,300,288.69		February 2037
1-4-B		Variable⁽²⁾	$	5,300,288.69		February 2037
1-5-A		Variable⁽²⁾	$	6,371,739.35		February 2037
1-5-B		Variable⁽²⁾	$	6,371,739.35		February 2037

Designation	Uncertificated REMIC 1 Pass-Through Rate		Initial Uncertificated Principal Balance		Latest Possible Maturity Date ⁽¹⁾
1-6-A		Variable⁽²⁾	$	7,431,484.42		February 2037
1-6-B		Variable⁽²⁾	$	7,431,484.42		February 2037
1-7-A		Variable⁽²⁾	$	8,472,191.08		February 2037
1-7-B		Variable⁽²⁾	$	8,472,191.08		February 2037
1-8-A		Variable⁽²⁾	$	9,486,612.86		February 2037
1-8-B		Variable⁽²⁾	$	9,486,612.86		February 2037
1-9-A		Variable⁽²⁾	$	10,468,074.44		February 2037
1-9-B		Variable⁽²⁾	$	10,468,074.44		February 2037
1-10-A		Variable⁽²⁾	$	11,408,929.13		February 2037
1-10-B		Variable⁽²⁾	$	11,408,929.13		February 2037
1-11-A		Variable⁽²⁾	$	12,302,217.99		February 2037
1-11-B		Variable⁽²⁾	$	12,302,217.99		February 2037
1-12-A		Variable⁽²⁾	$	12,580,468.56		February 2037
1-12-B		Variable⁽²⁾	$	12,580,468.56		February 2037
1-13-A		Variable⁽²⁾	$	12,200,224.90		February 2037
1-13-B		Variable⁽²⁾	$	12,200,224.90		February 2037
1-14-A		Variable⁽²⁾	$	11,831,589.24		February 2037
1-14-B		Variable⁽²⁾	$	11,831,589.24		February 2037
1-15-A		Variable⁽²⁾	$	11,474,117.67		February 2037
1-15-B		Variable⁽²⁾	$	11,474,117.67		February 2037
1-16-A		Variable⁽²⁾	$	11,127,289.52		February 2037
1-16-B		Variable⁽²⁾	$	11,127,289.52		February 2037
1-17-A		Variable⁽²⁾	$	10,790,883.78		February 2037
1-17-B		Variable⁽²⁾	$	10,790,883.78		February 2037
1-18-A		Variable⁽²⁾	$	10,464,394.17		February 2037
1-18-B		Variable⁽²⁾	$	10,464,394.17		February 2037
1-19-A		Variable⁽²⁾	$	10,148,019.07		February 2037
1-19-B		Variable⁽²⁾	$	10,148,019.07		February 2037
1-20-A		Variable⁽²⁾	$	9,841,317.56		February 2037
1-20-B		Variable⁽²⁾	$	9,841,317.56		February 2037
1-21-A		Variable⁽²⁾	$	9,543,336.88		February 2037
1-21-B		Variable⁽²⁾	$	9,543,336.88		February 2037
1-22-A		Variable⁽²⁾	$	9,254,469.47		February 2037
1-22-B		Variable⁽²⁾	$	9,254,469.47		February 2037
1-23-A		Variable⁽²⁾	$	14,644,161.40		February 2037
1-23-B		Variable⁽²⁾	$	14,644,161.40		February 2037
1-24-A		Variable⁽²⁾	$	19,869,300.43		February 2037
1-24-B		Variable⁽²⁾	$	19,869,300.43		February 2037
1-25-A		Variable⁽²⁾	$	7,925,826.45		February 2037
1-25-B		Variable⁽²⁾	$	7,925,826.45		February 2037
1-26-A		Variable⁽²⁾	$	7,685,708.54		February 2037
1-26-B		Variable⁽²⁾	$	7,685,708.54		February 2037
1-27-A		Variable⁽²⁾	$	7,453,065.89		February 2037

Designation	Uncertificated REMIC 1 Pass-Through Rate		Initial Uncertificated Principal Balance		Latest Possible Maturity Date ⁽¹⁾
1-27-B		Variable⁽²⁾	$	7,453,065.89		February 2037
1-28-A		Variable⁽²⁾	$	7,348,094.00		February 2037
1-28-B		Variable⁽²⁾	$	7,348,094.00		February 2037
1-29-A		Variable⁽²⁾	$	9,797,485.19		February 2037
1-29-B		Variable⁽²⁾	$	9,797,485.19		February 2037
1-30-A		Variable⁽²⁾	$	9,283,442.21		February 2037
1-30-B		Variable⁽²⁾	$	9,283,442.21		February 2037
1-31-A		Variable⁽²⁾	$	8,814,140.86		February 2037
1-31-B		Variable⁽²⁾	$	8,814,140.86		February 2037
1-32-A		Variable⁽²⁾	$	8,404,996.08		February 2037
1-32-B		Variable⁽²⁾	$	8,404,996.08		February 2037
1-33-A		Variable⁽²⁾	$	8,033,554.75		February 2037
1-33-B		Variable⁽²⁾	$	8,033,554.75		February 2037
1-34-A		Variable⁽²⁾	$	7,692,243.83		February 2037
1-34-B		Variable⁽²⁾	$	7,692,243.83		February 2037
1-35-A		Variable⁽²⁾	$	7,585,654.37		February 2037
1-35-B		Variable⁽²⁾	$	7,585,654.37		February 2037
1-36-A		Variable⁽²⁾	$	87,320,147.27		February 2037
1-36-B		Variable⁽²⁾	$	87,320,147.27		February 2037
1-37-A		Variable⁽²⁾	$	2,522,861.13		February 2037
1-37-B		Variable⁽²⁾	$	2,522,861.13		February 2037
1-38-A		Variable⁽²⁾	$	2,446,455.48		February 2037
1-38-B		Variable⁽²⁾	$	2,446,455.48		February 2037
1-39-A		Variable⁽²⁾	$	2,372,025.07		February 2037
1-39-B		Variable⁽²⁾	$	2,372,025.07		February 2037
1-40-A		Variable⁽²⁾	$	2,300,189.20		February 2037
1-40-B		Variable⁽²⁾	$	2,300,189.20		February 2037
1-41-A		Variable⁽²⁾	$	2,230,114.71		February 2037
1-41-B		Variable⁽²⁾	$	2,230,114.71		February 2037
1-42-A		Variable⁽²⁾	$	2,162,421.06		February 2037
1-42-B		Variable⁽²⁾	$	2,162,421.06		February 2037
1-43-A		Variable⁽²⁾	$	2,096,897.81		February 2037
1-43-B		Variable⁽²⁾	$	2,096,897.81		February 2037
1-44-A		Variable⁽²⁾	$	2,032,919.59		February 2037
1-44-B		Variable⁽²⁾	$	2,032,919.59		February 2037
1-45-A		Variable⁽²⁾	$	1,971,313.61		February 2037
1-45-B		Variable⁽²⁾	$	1,971,313.61		February 2037
1-46-A		Variable⁽²⁾	$	1,911,247.20		February 2037
1-46-B		Variable⁽²⁾	$	1,911,247.20		February 2037
1-47-A		Variable⁽²⁾	$	1,853,340.22		February 2037
1-47-B		Variable⁽²⁾	$	1,853,340.22		February 2037
1-48-A		Variable⁽²⁾	$	1,796,760.15		February 2037
1-48-B		Variable⁽²⁾	$	1,796,760.15		February 2037

Designation

Uncertificated REMIC 1

Pass-Through Rate

Initial Uncertificated

Principal Balance

Latest Possible

Maturity Date ⁽¹⁾

1-49-A

Variable⁽²⁾

1,742,127.02

February 2037

1-49-B

Variable⁽²⁾

1,742,127.02

February 2037

1-50-A

Variable⁽²⁾

1,689,230.96

February 2037

1-50-B

Variable⁽²⁾

1,689,230.96

February 2037

1-51-A

Variable⁽²⁾

1,637,654.63

February 2037

1-51-B

Variable⁽²⁾

1,637,654.63

February 2037

1-52-A

Variable⁽²⁾

1,587,810.80

February 2037

1-52-B

Variable⁽²⁾

1,587,810.80

February 2037

1-53-A

Variable⁽²⁾

1,539,489.80

February 2037

1-53-B

Variable⁽²⁾

1,539,489.80

February 2037

1-54-A

Variable⁽²⁾

1,492,689.49

February 2037

1-54-B

Variable⁽²⁾

1,492,689.49

February 2037

1-55-A

Variable⁽²⁾

1,447,200.34

February 2037

1-55-B

Variable⁽²⁾

1,447,200.34

February 2037

1-56-A

Variable⁽²⁾

1,403,020.35

February 2037

1-56-B

Variable⁽²⁾

1,403,020.35

February 2037

1-57-A

Variable⁽²⁾

1,360,355.11

February 2037

1-57-B

Variable⁽²⁾

1,360,355.11

February 2037

1-58-A

Variable⁽²⁾

1,318,787.72

February 2037

1-58-B

Variable⁽²⁾

1,318,787.72

February 2037

1-59-A

Variable⁽²⁾

39,651,498.88

February 2037

1-59-B

Variable⁽²⁾

39,651,498.88

February 2037

1-60-A

Variable⁽²⁾

57,849.32

February 2037

1-60-B

Variable⁽²⁾

57,849.32

February 2037

1-61-A

Variable⁽²⁾

56,084.85

February 2037

1-61-B

Variable⁽²⁾

56,084.85

February 2037

1-62-A

Variable⁽²⁾

54,373.79

February 2037

1-62-B

Variable⁽²⁾

54,373.79

February 2037

1-63-A

Variable⁽²⁾

52,714.56

February 2037

1-63-B

Variable⁽²⁾

52,714.56

February 2037

1-64-A

Variable⁽²⁾

51,105.56

February 2037

1-64-B

Variable⁽²⁾

51,105.56

February 2037

1-65-A

Variable⁽²⁾

49,545.32

February 2037

1-65-B

Variable⁽²⁾

49,545.32

February 2037

1-66-A

Variable⁽²⁾

48,032.33

February 2037

1-66-B

Variable⁽²⁾

48,032.33

February 2037

1-67-A

Variable⁽²⁾

46,565.20

February 2037

1-67-B

Variable⁽²⁾

46,565.20

February 2037

1-68-A

Variable⁽²⁾

45,142.55

February 2037

1-68-B

Variable⁽²⁾

45,142.55

February 2037

1-69-A

Variable⁽²⁾

43,763.01

February 2037

1-69-B

Variable⁽²⁾

43,763.01

February 2037

1-70-A

Variable⁽²⁾

42,425.31

February 2037

Designation

Uncertificated REMIC 1

Pass-Through Rate

Initial Uncertificated

Principal Balance

Latest Possible

Maturity Date ⁽¹⁾

1-70-B

Variable⁽²⁾

42,425.31

February 2037

1-71-A

Variable⁽²⁾

41,128.17

February 2037

1-71-B

Variable⁽²⁾

41,128.17

February 2037

1-72-A

Variable⁽²⁾

39,870.38

February 2037

1-72-B

Variable⁽²⁾

39,870.38

February 2037

1-73-A

Variable⁽²⁾

38,650.75

February 2037

1-73-B

Variable⁽²⁾

38,650.75

February 2037

1-74-A

Variable⁽²⁾

37,468.13

February 2037

1-74-B

Variable⁽²⁾

37,468.13

February 2037

1-75-A

Variable⁽²⁾

36,321.40

February 2037

1-75-B

Variable⁽²⁾

36,321.40

February 2037

1-76-A

Variable⁽²⁾

35,209.48

February 2037

1-76-B

Variable⁽²⁾

35,209.48

February 2037

1-77-A

Variable⁽²⁾

34,131.32

February 2037

1-77-B

Variable⁽²⁾

34,131.32

February 2037

1-78-A

Variable⁽²⁾

33,085.91

February 2037

1-78-B

Variable⁽²⁾

33,085.91

February 2037

1-79-A

Variable⁽²⁾

32,072.25

February 2037

1-79-B

Variable⁽²⁾

32,072.25

February 2037

1-80-A

Variable⁽²⁾

31,089.39

February 2037

1-80-B

Variable⁽²⁾

31,089.39

February 2037

1-81-A

Variable⁽²⁾

30,136.39

February 2037

1-81-B

Variable⁽²⁾

30,136.39

February 2037

1-82-A

Variable⁽²⁾

29,212.36

February 2037

1-82-B

Variable⁽²⁾

29,212.36

February 2037

1-83-A

Variable⁽²⁾

463,533.33

February 2037

1-83-B

Variable⁽²⁾

463,533.33

February 2037

1-84-A

Variable⁽²⁾

449,154.60

February 2037

1-84-B

Variable⁽²⁾

449,154.60

February 2037

Variable⁽²⁾

100.00

February 2037

Variable⁽²⁾

321,489,158.20

February 2037

___________________

(1)

(2)	Calculated in accordance with the definition of “Uncertificated REMIC 1 Pass-Through Rate” in this Agreement.

REMIC 2

As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of Loan Group 2 and certain other related assets (other than the Group 2 Net WAC Shortfall Reserve Fund, any related Master Servicer Prepayment Charge Payment Amounts and, for the avoidance of doubt, the Group 2 Supplemental Interest Trust, the Group 2 Derivative Account, the Group 2 Interest Rate Swap Agreement and the Group 2 Cap Contracts) subject to this Agreement as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 2.” The Class R-2 Interest will be the sole class of Residual Interests in REMIC 2 for purposes of the REMIC Provisions (as defined herein). The following table irrevocably sets forth the designation, the Uncertificated REMIC 2 Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 2 Regular Interests (as defined herein). None of the REMIC 2 Regular Interests will be certificated.

Designation	Uncertificated REMIC 2 Pass-Through Rate		Initial Uncertificated Principal Balance		Latest Possible Maturity Date ⁽¹⁾
1-1-A		Variable⁽²⁾	$	291,064.80		December 2036
1-1-B		Variable⁽²⁾	$	291,064.80		December 2036
1-2-A		Variable⁽²⁾	$	309,984.00		December 2036
1-2-B		Variable⁽²⁾	$	309,984.00		December 2036
1-3-A		Variable⁽²⁾	$	328,698.40		December 2036
1-3-B		Variable⁽²⁾	$	328,698.40		December 2036
1-4-A		Variable⁽²⁾	$	347,456.00		December 2036
1-4-B		Variable⁽²⁾	$	347,456.00		December 2036
1-5-A		Variable⁽²⁾	$	365,798.40		December 2036
1-5-B		Variable⁽²⁾	$	365,798.40		December 2036
1-6-A		Variable⁽²⁾	$	383,981.60		December 2036
1-6-B		Variable⁽²⁾	$	383,981.60		December 2036
1-7-A		Variable⁽²⁾	$	402,358.40		December 2036
1-7-B		Variable⁽²⁾	$	402,358.40		December 2036
1-8-A		Variable⁽²⁾	$	420,540.00		December 2036
1-8-B		Variable⁽²⁾	$	420,540.00		December 2036
1-9-A		Variable⁽²⁾	$	438,560.00		December 2036
1-9-B		Variable⁽²⁾	$	438,560.00		December 2036
1-10-A		Variable⁽²⁾	$	456,236.00		December 2036
1-10-B		Variable⁽²⁾	$	456,236.00		December 2036
1-11-A		Variable⁽²⁾	$	473,633.60		December 2036
1-11-B		Variable⁽²⁾	$	473,633.60		December 2036
1-12-A		Variable⁽²⁾	$	491,225.60		December 2036
1-12-B		Variable⁽²⁾	$	491,225.60		December 2036
1-13-A		Variable⁽²⁾	$	508,693.60		December 2036
1-13-B		Variable⁽²⁾	$	508,693.60		December 2036
1-14-A		Variable⁽²⁾	$	525,627.20		December 2036
1-14-B		Variable⁽²⁾	$	525,627.20		December 2036
1-15-A		Variable⁽²⁾	$	542,355.20		December 2036
1-15-B		Variable⁽²⁾	$	542,355.20		December 2036
1-16-A		Variable⁽²⁾	$	559,133.60		December 2036
1-16-B		Variable⁽²⁾	$	559,133.60		December 2036
1-17-A		Variable⁽²⁾	$	575,107.20		December 2036
1-17-B		Variable⁽²⁾	$	575,107.20		December 2036
1-18-A		Variable⁽²⁾	$	586,275.20		December 2036
1-18-B		Variable⁽²⁾	$	586,275.20		December 2036

Designation	Uncertificated REMIC 2 Pass-Through Rate		Initial Uncertificated Principal Balance		Latest Possible Maturity Date ⁽¹⁾
1-19-A		Variable⁽²⁾	$	593,706.40		December 2036
1-19-B		Variable⁽²⁾	$	593,706.40		December 2036
1-20-A		Variable⁽²⁾	$	598,356.00		December 2036
1-20-B		Variable⁽²⁾	$	598,356.00		December 2036
1-21-A		Variable⁽²⁾	$	603,074.40		December 2036
1-21-B		Variable⁽²⁾	$	603,074.40		December 2036
1-22-A		Variable⁽²⁾	$	605,194.40		December 2036
1-22-B		Variable⁽²⁾	$	605,194.40		December 2036
1-23-A		Variable⁽²⁾	$	603,700.00		December 2036
1-23-B		Variable⁽²⁾	$	603,700.00		December 2036
1-24-A		Variable⁽²⁾	$	600,793.60		December 2036
1-24-B		Variable⁽²⁾	$	600,793.60		December 2036
1-25-A		Variable⁽²⁾	$	597,992.00		December 2036
1-25-B		Variable⁽²⁾	$	597,992.00		December 2036
1-26-A		Variable⁽²⁾	$	595,375.20		December 2036
1-26-B		Variable⁽²⁾	$	595,375.20		December 2036
1-27-A		Variable⁽²⁾	$	592,620.80		December 2036
1-27-B		Variable⁽²⁾	$	592,620.80		December 2036
1-28-A		Variable⁽²⁾	$	590,182.40		December 2036
1-28-B		Variable⁽²⁾	$	590,182.40		December 2036
1-29-A		Variable⁽²⁾	$	5,429,740.80		December 2036
1-29-B		Variable⁽²⁾	$	5,429,740.80		December 2036
1-30-A		Variable⁽²⁾	$	4,017,668.00		December 2036
1-30-B		Variable⁽²⁾	$	4,017,668.00		December 2036
1-31-A		Variable⁽²⁾	$	2,267,128.00		December 2036
1-31-B		Variable⁽²⁾	$	2,267,128.00		December 2036
1-32-A		Variable⁽²⁾	$	526,179.20		December 2036
1-32-B		Variable⁽²⁾	$	526,179.20		December 2036
1-33-A		Variable⁽²⁾	$	9,170,977.60		December 2036
1-33-B		Variable⁽²⁾	$	9,170,977.60		December 2036
1-34-A		Variable⁽²⁾	$	3,934,082.40		December 2036
1-34-B		Variable⁽²⁾	$	3,934,082.40		December 2036
1-35-A		Variable⁽²⁾	$	454,775.20		December 2036
1-35-B		Variable⁽²⁾	$	454,775.20		December 2036
1-36-A		Variable⁽²⁾	$	452,850.40		December 2036
1-36-B		Variable⁽²⁾	$	452,850.40		December 2036
1-37-A		Variable⁽²⁾	$	451,056.00		December 2036
1-37-B		Variable⁽²⁾	$	451,056.00		December 2036
1-38-A		Variable⁽²⁾	$	448,955.20		December 2036
1-38-B		Variable⁽²⁾	$	448,955.20		December 2036
1-39-A		Variable⁽²⁾	$	447,259.20		December 2036
1-39-B		Variable⁽²⁾	$	447,259.20		December 2036
1-40-A		Variable⁽²⁾	$	445,519.20		December 2036

Designation	Uncertificated REMIC 2 Pass-Through Rate		Initial Uncertificated Principal Balance		Latest Possible Maturity Date ⁽¹⁾
1-40-B		Variable⁽²⁾	$	445,519.20		December 2036
1-41-A		Variable⁽²⁾	$	443,596.00		December 2036
1-41-B		Variable⁽²⁾	$	443,596.00		December 2036
1-42-A		Variable⁽²⁾	$	441,822.40		December 2036
1-42-B		Variable⁽²⁾	$	441,822.40		December 2036
1-43-A		Variable⁽²⁾	$	439,723.20		December 2036
1-43-B		Variable⁽²⁾	$	439,723.20		December 2036
1-44-A		Variable⁽²⁾	$	438,012.80		December 2036
1-44-B		Variable⁽²⁾	$	438,012.80		December 2036
1-45-A		Variable⁽²⁾	$	436,316.80		December 2036
1-45-B		Variable⁽²⁾	$	436,316.80		December 2036
1-46-A		Variable⁽²⁾	$	434,610.40		December 2036
1-46-B		Variable⁽²⁾	$	434,610.40		December 2036
1-47-A		Variable⁽²⁾	$	432,776.00		December 2036
1-47-B		Variable⁽²⁾	$	432,776.00		December 2036
1-48-A		Variable⁽²⁾	$	430,935.20		December 2036
1-48-B		Variable⁽²⁾	$	430,935.20		December 2036
1-49-A		Variable⁽²⁾	$	429,236.80		December 2036
1-49-B		Variable⁽²⁾	$	429,236.80		December 2036
1-50-A		Variable⁽²⁾	$	427,720.80		December 2036
1-50-B		Variable⁽²⁾	$	427,720.80		December 2036
1-51-A		Variable⁽²⁾	$	425,965.60		December 2036
1-51-B		Variable⁽²⁾	$	425,965.60		December 2036
1-52-A		Variable⁽²⁾	$	2,552,123.20		December 2036
1-52-B		Variable⁽²⁾	$	2,552,123.20		December 2036
1-53-A		Variable⁽²⁾	$	18,650,986.40		December 2036
1-53-B		Variable⁽²⁾	$	18,650,986.40		December 2036
1-54-A		Variable⁽²⁾	$	11,559,650.40		December 2036
1-54-B		Variable⁽²⁾	$	11,559,650.40		December 2036
1-55-A		Variable⁽²⁾	$	12,583,316.00		December 2036
1-55-B		Variable⁽²⁾	$	12,583,316.00		December 2036
1-56-A		Variable⁽²⁾	$	1,000,423.20		December 2036
1-56-B		Variable⁽²⁾	$	1,000,423.20		December 2036
1-57-A		Variable⁽²⁾	$	4,229,892.80		December 2036
1-57-B		Variable⁽²⁾	$	4,229,892.80		December 2036
1-58-A		Variable⁽²⁾	$	16,427,123.20		December 2036
1-58-B		Variable⁽²⁾	$	16,427,123.20		December 2036
1-59-A		Variable⁽²⁾	$	1,110,806.40		December 2036
1-59-B		Variable⁽²⁾	$	1,110,806.40		December 2036
1-60-A		Variable⁽²⁾	$	1,077,515.20		December 2036
1-60-B		Variable⁽²⁾	$	1,077,515.20		December 2036
1-61-A		Variable⁽²⁾	$	1,045,194.40	December 2036
1-61-B		Variable⁽²⁾	$	1,045,194.40	December 2036

Designation	Uncertificated REMIC 2 Pass-Through Rate		Initial Uncertificated Principal Balance		Latest Possible Maturity Date ⁽¹⁾
1-62-A		Variable⁽²⁾	$	1,013,882.40	December 2036
1-62-B		Variable⁽²⁾	$	1,013,882.40	December 2036
1-63-A		Variable⁽²⁾	$	983,549.60	December 2036
1-63-B		Variable⁽²⁾	$	983,549.60	December 2036
1-64-A		Variable⁽²⁾	$	954,104.80	December 2036
1-64-B		Variable⁽²⁾	$	954,104.80	December 2036
1-65-A		Variable⁽²⁾	$	925,556.00	December 2036
1-65-B		Variable⁽²⁾	$	925,556.00	December 2036
1-66-A		Variable⁽²⁾	$	897,861.60	December 2036
1-66-B		Variable⁽²⁾	$	897,861.60	December 2036
1-67-A		Variable⁽²⁾	$	871,023.20	December 2036
1-67-B		Variable⁽²⁾	$	871,023.20	December 2036
1-68-A		Variable⁽²⁾	$	844,928.00	December 2036
1-68-B		Variable⁽²⁾	$	844,928.00	December 2036
1-69-A		Variable⁽²⁾	$	819,672.00	December 2036
1-69-B		Variable⁽²⁾	$	819,672.00	December 2036
1-70-A		Variable⁽²⁾	$	795,196.80	December 2036
1-70-B		Variable⁽²⁾	$	795,196.80	December 2036
1-71-A		Variable⁽²⁾	$	771,420.80	December 2036
1-71-B		Variable⁽²⁾	$	771,420.80	December 2036
1-72-A		Variable⁽²⁾	$	748,393.60	December 2036
1-72-B		Variable⁽²⁾	$	748,393.60	December 2036
1-73-A		Variable⁽²⁾	$	726,070.40	December 2036
1-73-B		Variable⁽²⁾	$	726,070.40	December 2036
1-74-A		Variable⁽²⁾	$	704,406.40	December 2036
1-74-B		Variable⁽²⁾	$	704,406.40	December 2036
1-75-A		Variable⁽²⁾	$	683,396.80	December 2036
1-75-B		Variable⁽²⁾	$	683,396.80	December 2036
1-76-A		Variable⁽²⁾	$	663,019.20	December 2036
1-76-B		Variable⁽²⁾	$	663,019.20	December 2036
1-77-A		Variable⁽²⁾	$	643,262.40	December 2036
1-77-B		Variable⁽²⁾	$	643,262.40	December 2036
1-78-A		Variable⁽²⁾	$	624,099.20	December 2036
1-78-B		Variable⁽²⁾	$	624,099.20	December 2036
1-79-A		Variable⁽²⁾	$	605,521.60	December 2036
1-79-B		Variable⁽²⁾	$	605,521.60	December 2036
1-80-A		Variable⁽²⁾	$	587,507.20	December 2036
1-80-B		Variable⁽²⁾	$	587,507.20	December 2036
1-81-A		Variable⁽²⁾	$	570,009.60	December 2036
1-81-B		Variable⁽²⁾	$	570,009.60	December 2036
1-82-A		Variable⁽²⁾	$	553,075.20	December 2036
1-82-B		Variable⁽²⁾	$	553,075.20	December 2036
1-83-A		Variable⁽²⁾	$	4,544,576.80	December 2036

Designation	Uncertificated REMIC 2 Pass-Through Rate		Initial Uncertificated Principal Balance		Latest Possible Maturity Date ⁽¹⁾
1-83-B		Variable⁽²⁾	$	4,544,576.80	December 2036
1-84-A		Variable⁽²⁾	$	499,219.20	December 2036
1-84-B		Variable⁽²⁾	$	499,219.20	December 2036
1-85-A		Variable⁽²⁾	$	483,891.20	December 2036
1-85-B		Variable⁽²⁾	$	483,891.20	December 2036
1-86-A		Variable⁽²⁾	$	469,025.60	December 2036
1-86-B		Variable⁽²⁾	$	469,025.60	December 2036
1-87-A		Variable⁽²⁾	$	454,596.80	December 2036
1-87-B		Variable⁽²⁾	$	454,596.80	December 2036
1-88-A		Variable⁽²⁾	$	440,611.20	December 2036
1-88-B		Variable⁽²⁾	$	440,611.20	December 2036
1-89-A		Variable⁽²⁾	$	427,056.00	December 2036
1-89-B		Variable⁽²⁾	$	427,056.00	December 2036
1-90-A		Variable⁽²⁾	$	413,931.20	December 2036
1-90-B		Variable⁽²⁾	$	413,931.20	December 2036
1-91-A		Variable⁽²⁾	$	401,182.40	December 2036
1-91-B		Variable⁽²⁾	$	401,182.40	December 2036
1-92-A		Variable⁽²⁾	$	388,830.40	December 2036
1-92-B		Variable⁽²⁾	$	388,830.40	December 2036
1-93-A		Variable⁽²⁾	$	376,857.60	December 2036
1-93-B		Variable⁽²⁾	$	376,857.60	December 2036
1-94-A		Variable⁽²⁾	$	365,256.00	December 2036
1-94-B		Variable⁽²⁾	$	365,256.00	December 2036
1-95-A		Variable⁽²⁾	$	353,998.40	December 2036
1-95-B		Variable⁽²⁾	$	353,998.40	December 2036
1-96-A		Variable⁽²⁾	$	343,076.80	December 2036
1-96-B		Variable⁽²⁾	$	343,076.80	December 2036
1-97-A		Variable⁽²⁾	$	332,494.40	December 2036
1-97-B		Variable⁽²⁾	$	332,494.40	December 2036
1-98-A		Variable⁽²⁾	$	322,256.00	December 2036
1-98-B		Variable⁽²⁾	$	322,256.00	December 2036
1-99-A		Variable⁽²⁾	$	312,310.40	December 2036
1-99-B		Variable⁽²⁾	$	312,310.40	December 2036
1-100-A		Variable⁽²⁾	$	302,672.00	December 2036
1-100-B		Variable⁽²⁾	$	302,672.00	December 2036
1-101-A		Variable⁽²⁾	$	293,318.40	December 2036
1-101-B		Variable⁽²⁾	$	293,318.40	December 2036
1-102-A		Variable⁽²⁾	$	284,280.00	December 2036
1-102-B		Variable⁽²⁾	$	284,280.00	December 2036
1-103-A		Variable⁽²⁾	$	275,480.00	December 2036
1-103-B		Variable⁽²⁾	$	275,480.00	December 2036
1-104-A		Variable⁽²⁾	$	266,971.20	December 2036
1-104-B		Variable⁽²⁾	$	266,971.20	December 2036

Designation	Uncertificated REMIC 2 Pass-Through Rate		Initial Uncertificated Principal Balance		Latest Possible Maturity Date ⁽¹⁾
1-105-A		Variable⁽²⁾	$	258,721.60	December 2036
1-105-B		Variable⁽²⁾	$	258,721.60	December 2036
1-106-A		Variable⁽²⁾	$	250,721.60	December 2036
1-106-B		Variable⁽²⁾	$	250,721.60	December 2036
1-107-A		Variable⁽²⁾	$	242,953.60	December 2036
1-107-B		Variable⁽²⁾	$	242,953.60	December 2036
1-108-A		Variable⁽²⁾	$	235,444.80	December 2036
1-108-B		Variable⁽²⁾	$	235,444.80	December 2036
1-109-A		Variable⁽²⁾	$	228,160.00	December 2036
1-109-B		Variable⁽²⁾	$	228,160.00	December 2036
1-110-A		Variable⁽²⁾	$	221,096.00	December 2036
1-110-B		Variable⁽²⁾	$	221,096.00	December 2036
1-111-A		Variable⁽²⁾	$	214,257.60	December 2036
1-111-B		Variable⁽²⁾	$	214,257.60	December 2036
1-112-A		Variable⁽²⁾	$	207,611.20	December 2036
1-112-B		Variable⁽²⁾	$	207,611.20	December 2036
1-113-A		Variable⁽²⁾	$	201,168.00	December 2036
1-113-B		Variable⁽²⁾	$	201,168.00	December 2036
1-114-A		Variable⁽²⁾	$	1,082,782.40	December 2036
1-114-B		Variable⁽²⁾	$	1,082,782.40	December 2036
1-115-A		Variable⁽²⁾	$	3,490,360.00	December 2036
1-115-B		Variable⁽²⁾	$	3,490,360.00	December 2036
1-116-A		Variable⁽²⁾	$	1,160,811.20	December 2036
1-116-B		Variable⁽²⁾	$	1,160,811.20	December 2036
1-117-A		Variable⁽²⁾	$	458,364.80	December 2036
1-117-B		Variable⁽²⁾	$	458,364.80	December 2036
P		Variable⁽²⁾	$	100.00	December 2036
OC		Variable⁽²⁾	$	104,607,591.34	December 2036

_____________

(1)

For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan in Loan Group 2 with the latest possible maturity date has been designated as the “latest possible maturity date” for each REMIC 2 Regular Interest.

(2)	Calculated in accordance with the definition of “Uncertificated REMIC 2 Pass-Through Rate” in this Agreement.

REMIC 3

As provided in this Agreement, the Trustee will make an election to treat the segregated pool of assets consisting of the REMIC 1 Regular Interests and the REMIC 2 Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 3”. The Class R-3 Interest will represent the sole class of Residual Interests in REMIC 3 for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the Uncertificated REMIC 3 Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 3 Regular Interests (as defined herein). None of the REMIC 3 Regular Interests will be certificated.

Designation	Uncertificated REMIC 3 Pass-Through Rate		Initial Uncertificated Principal Balance		Latest Possible Maturity Date⁽¹⁾
1-AA		Variable⁽²⁾	$	1,283,801,140.49		February 2037
1-A1-A		Variable⁽²⁾	$	4,199,570.00		February 2037
1-A1-B		Variable⁽²⁾	$	4,245,920.00		February 2037
1-A1-C		Variable⁽²⁾	$	2,578,160.00		February 2037
1-AM		Variable⁽²⁾	$	1,224,850.00		February 2037
1-M-1		Variable⁽²⁾	$	170,300.00		February 2037
1-M-2		Variable⁽²⁾	$	157,200.00		February 2037
1-M-3		Variable⁽²⁾	$	85,150.00		February 2037
1-M-4		Variable⁽²⁾	$	72,050.00		February 2037
1-M-5		Variable⁽²⁾	$	65,500.00		February 2037
1-M-6		Variable⁽²⁾	$	45,850.00		February 2037
1-M-7		Variable⁽²⁾	$	45,850.00		February 2037
1-M-8		Variable⁽²⁾	$	45,850.00		February 2037
1-B		Variable⁽²⁾	$	58,950.00		February 2037
1-ZZ		Variable⁽²⁾	$	13,204,823.28		February 2037
1-IO		Variable⁽²⁾		⁽³⁾		February 2037
1-P		Variable⁽²⁾	$	100.00		February 2037
2-AA		Variable⁽²⁾	$	403,653,688.95		December 2036
2-A		Variable⁽²⁾	$	3,983,040.00		December 2036
2-ZZ		Variable⁽²⁾	$	4,254,790.39		December 2036
2-IO		Variable⁽²⁾		⁽³⁾		December 2036
2-P		Variable⁽²⁾	$	100.00		December 2036

___________________

(1)

For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the maturity date for the Mortgage Loan in Loan Group 1 with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC 3 Group 1 Regular Interest (as defined herein), and the Distribution Date immediately following the maturity date for the Mortgage Loan in Loan Group 2 with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC 3 Group 2 Regular Interest (as defined herein).

(2) Calculated in accordance with the definition of “Uncertificated REMIC 3 Pass-Through Rate” in this Agreement.

(3)	REMIC 3 Regular Interest 1-IO and REMIC 3 Regular Interest 2-IO will not have Uncertificated Principal Balances but will accrue interest on their respective uncertificated notional amounts calculated in accordance with the related definition of “Uncertificated Notional Amount” herein.

REMIC 4

As provided in this Agreement, the Trustee will make an election to treat the segregated pool of assets consisting of the REMIC 3 Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 4”. The Class R-4 Interest will represent the sole class of Residual Interests in REMIC 4 for purposes of the REMIC Provisions.

The following table irrevocably sets forth the designation, the Pass-Through Rate, the Initial Certificate Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each class of Certificates and interests that represents ownership of one or more of the Regular Interests in REMIC 4 created hereunder.

Each Certificate, other than the Class R Certificates, represents ownership of a Regular Interest in REMIC 4 and also represents (i) the right to receive, or the obligation to make, as described herein, payments with respect to the related Net WAC Shortfall Amount (as defined herein) and (ii) the obligation to pay, or the right to receive, as described herein, related Class IO Distribution Amounts (as defined herein). The entitlement to principal of the Regular Interest which corresponds to each Certificate shall be equal in amount and timing to the entitlement to principal of such Certificate.

Class Designation	Initial Certificate Principal Balance		Pass-Through Rate		Assumed Final Maturity Date⁽¹⁾
Class 1-A1-A⁽⁴⁾	$	419,957,000		Variable⁽²⁾		February 2037
Class 1-A1-B⁽⁴⁾	$	424,592,000		Variable⁽²⁾		February 2037
Class 1-A1-C⁽⁴⁾	$	257,816,000		Variable⁽²⁾		February 2037
Class 1-AM⁽⁴⁾	$	122,485,000		Variable⁽²⁾		February 2037
Class 2-A⁽⁴⁾	$	398,304,000		Variable⁽²⁾		December 2036
Class 1-M-1⁽⁴⁾	$	17,030,000		Variable⁽²⁾		February 2037
Class 1-M-2⁽⁴⁾	$	15,720,000		Variable⁽²⁾		February 2037
Class 1-M-3⁽⁴⁾	$	8,515,000		Variable⁽²⁾		February 2037
Class 1-M-4⁽⁴⁾	$	7,205,000		Variable⁽²⁾		February 2037
Class 1-M-5⁽⁴⁾	$	6,550,000		Variable⁽²⁾		February 2037
Class 1-M-6⁽⁴⁾	$	4,585,000		Variable⁽²⁾		February 2037
Class 1-M-7⁽⁴⁾	$	4,585,000		Variable⁽²⁾		February 2037
Class 1-M-8⁽⁴⁾	$	4,585,000		Variable⁽²⁾		February 2037
Class 1-B⁽⁴⁾	$	5,895,000		Variable⁽²⁾		February 2037
Class 1-C	$	10,481,163.77		Variable⁽³⁾		February 2037
Class 2-C	$	13,587,519.34		Variable⁽³⁾		December 2036
Class 1-P	$	100.00		N/A⁽⁵⁾		February 2037
Class 2-P	$	100.00		N/A⁽⁵⁾		December 2036
Class 1-IO Interest		⁽⁶⁾		⁽⁷⁾		February 2037
Class 2-IO Interest		⁽⁶⁾		⁽⁷⁾		December 2036

___________________

(1)

For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan in Loan Group 1 with the latest maturity date has been designated as the “latest possible maturity date” for each Regular Interest in REMIC 4 the ownership of which is represented by the Class 1-A, Class 1-M, Class 1-B, Class 1-C and Class 1-P Certificates and the Class 1-IO Interest, and the Distribution Date in the month following the maturity date for the Mortgage Loan in Loan Group 2 with the latest maturity date has been designated as the “latest possible maturity date” for each Regular Interest in REMIC 4 the ownership of which is represented by the Class 2-A, Class 2-C and Class 2-P Certificates and the Class 2-IO Interest.

(2)

Calculated in accordance with the definition of “Pass-Through Rate” in this Agreement. Each Regular Interest in REMIC 4 which corresponds to a Class 1-A, Class 2-A, Class 1-B or Class 1-M Certificate will have the same Pass-Through Rate as such Certificate, except with respect to the related Net WAC Rate. The Net WAC Rate for each such Regular Interest in REMIC 4 and Certificate is specified in the related definition of “Net WAC Rate .”

(3)

The Class 1-C Certificates and Class 2-C Certificates will accrue interest at their variable Pass-Through Rates on their Notional Balances outstanding from time to time, which shall equal the aggregate Uncertificated Principal Balances of the REMIC 3 Group 1 Regular Interests (other than REMIC 3 Regular Interest 1-P) or the REMIC 3 Group 2 Regular Interests (other than REMIC 3 Regular Interest 2-P), respectively. The Class C Certificates will not accrue interest on their Certificate Principal Balances.

(4)

This Class of Certificates represents ownership of a Regular Interest in REMIC 4. Any amount distributed on this Class of Certificates on any Distribution Date in excess of the amount distributable on the related Regular Interest in REMIC 4 on such Distribution Date shall be treated for federal income tax purposes as having been paid from the related Net WAC Shortfall Reserve Fund or the related Supplemental Interest Trust, as applicable, and any amount distributable on the related Regular Interest in REMIC 4 on such Distribution Date in excess of the amount distributable on such Class of Certificates on such Distribution Date shall be treated for such purposes as having been distributed to the Holders of such Certificates and then paid by such Holders to the related Supplemental Interest Trust, all pursuant to and as further provided in Section 4.10 and Section 4.11 hereof.

(5)	The Class 1-P Certificates and Class 2-P Certificates do not accrue interest.

(6)	For federal income tax purposes, the Class 1-IO Interest and Class 2-IO Interest will not have Uncertificated Principal Balances, but will have notional amounts equal to the Uncertificated Notional Amounts of REMIC 3 Regular Interest 1-IO and REMIC 3 Regular Interest 2-IO, respectively.

(7)	For federal income tax purposes, the Class 1-IO Interest and Class 2-IO Interest will not have Pass-Through Rates, but will be entitled to 100% of the amounts distributed on REMIC 3 Regular Interest 1-IO and REMIC 3 Regular Interest 2-IO, respectively.

ARTICLE I

DEFINITIONS

Section 1.01. Defined Terms.

Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the meanings specified in this Article. Unless otherwise specified, all calculations in respect of interest on the Class A, Class M and Class B Certificates shall accrue on the basis of a 360-day year and the actual number of days in the related Accrual Period. All calculations of interest on the Class C Certificates will be made on the basis of a 360-day year consisting of twelve 30-day months. The Class 1-P, Class 2-P and Class R Certificates do not accrue interest.

“Accrual Period”: With respect to each Class of Certificates (other than the Class C, Class P and Class R Certificates) and the Distribution Date in January 2007, the period commencing on the Closing Date and ending on the day preceding the Distribution Date in January 2007, and (ii) with respect to any Distribution Date after the Distribution Date in January 2007, the period commencing on the Distribution Date in the month immediately preceding the month in which such Distribution Date occurs and ending on the day preceding such Distribution Date. With respect to the Class C Certificates and any Distribution Date, the calendar month immediately preceding such Distribution Date.

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

“Advance”: As to any Mortgage Loan, any advance made by the Sub-Servicer or Master Servicer on any Distribution Date pursuant to Section 4.03.

“Affected Party”: As defined in the related Interest Rate Swap Agreement.

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

“Aggregate Stated Principal Balance”: As of any date of determination, the aggregate Stated Principal Balance of the Mortgage Loans.

“Agreement”: This Pooling and Servicing Agreement and all amendments hereof.

“Allocated Realized Loss Amount”: With respect to any Class of Offered Certificates and any Distribution Date, an amount equal to the sum of any Realized Loss allocated to that Class of Certificates on that Distribution Date (other than, with respect to the Class 2-A Certificates, a Realized Loss which was covered by the Certificate Guaranty Insurance Policy) and any Allocated Realized Loss Amount for that Class remaining unpaid from any previous Distribution Date, minus any Subsequent Recoveries applied to such Allocated Realized Loss Amount.

“Assessment of Compliance” As defined in Section 3.20

“Assignment”: An assignment of Mortgage, notice of transfer or equivalent instrument, in recordable form, which is sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect of record the sale of the Mortgage.

“Attestation Report”: As defined in Section 3.20

“Available Distribution Amount”: With respect to any Distribution Date and any Loan Group, an amount equal to the amount received by the Trustee and available in the Certificate Account on that Distribution Date. The Available Distribution Amount will generally be equal to (i) the sum of (1) the aggregate amount of scheduled payments on the related Mortgage Loans received or advanced that were due during the related Due Period and (2) any unscheduled payments and receipts, including mortgagor prepayments on such Mortgage Loans, Insurance Proceeds, Liquidation Proceeds and Subsequent Recoveries, received during the related Prepayment Period, minus (ii) (A) amounts reimbursable therefrom to the Trustee, the Master Servicer and any Sub-Servicer, Master Servicing Fees, Sub-Servicing Fees, the Policy Premium payable to the Certificate Insurer, any amounts needed to reimburse the Master Servicer for amounts due under the Servicing Agreement and this Agreement to the extent such amounts have not been retained by, or paid previously to the Master Servicer, and any amounts in respect of the premiums payable to the PMI Insurer under the PMI Insurer Policy and (B) amounts payable to the related Supplemental Interest Trust in respect of related Net Swap Payments and related Swap Termination Payments other than Swap Termination Payments payable to the related Swap Provider resulting from a Swap Provider Trigger Event.

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

“Basic Principal Distribution Amount”: With respect to any Distribution Date and any Loan Group, the excess of (i) the related Principal Remittance Amount for such Distribution Date over (ii) the related Overcollateralization Release Amount, if any, for such Distribution Date.

“Book-Entry Certificate”: Each class of the Offered Certificates for so long as they are issued, maintained and transferred at the Depository.

“Business Day”: Any day other than a Saturday, a Sunday or a day on which banking institutions in California or New York (and such other state or states in which the Custodial Account or the Certificate Account are at the time located) or in the city in which the Corporate Trust Office of the Trustee is located are authorized or obligated by law or executive order to close.

“Cap Contracts”: The Group 1 Cap Contracts or Group 2 Cap Contracts, as applicable.

“Cap Counterparties”: The Group 1 Cap Counterparties or Group 2 Cap Counterparties, as applicable.

“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 Regular Certificate or Class R Certificate.

“Certificate Account”: The trust account or accounts created and maintained pursuant to Section 4.01, which shall be entitled Deutsche Bank National Trust Company, in trust for registered holders of Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2006-5, and which account or accounts must each be an Eligible Account.

“Certificate Account Deposit Date”: With respect to any Distribution Date, the Business Day immediately preceding such Distribution Date.

“Certificateholder” or “Holder”: The Person in whose name a Certificate is registered in the Certificate Register, except that only a Permitted Transferee shall be a holder of a Residual Certificate for any purposes hereof and, solely for the purposes of giving any consent pursuant to this Agreement, any Certificate registered in the name of the Depositor, the Sponsor, the Trustee, a subservicer or the Master Servicer or any affiliate thereof shall be deemed not to be outstanding and the Voting Rights to which such Certificate is entitled shall not be taken into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent has been obtained, except as otherwise provided in Section 11.01. The Trustee shall be entitled to rely upon a certification of the Depositor or the Master Servicer in determining if any Certificates are registered in the name of the respective affiliate. All references in this Agreement 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 in this Agreement; 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 Guaranty Insurance Policy”: The certificate guaranty insurance policy issued by the Certificate Insurer for the benefit of the Class 2-A Certificateholders.

“Certificate Insurer”: Ambac Assurance Corporation, a Wisconsin domiciled stock insurance corporation, or any successor thereto as provided in the Agreement.

“Certificate Margin” The Certificate Margin for the Offered Certificates, and for purposes of the definition of “Group 1 Marker Rate”, “Group 2 Marker Rate”, “Group 1 Maximum Uncertificated Accrued Interest Deferral Amount”, or “Group 2 Maximum Uncertificated Accrued Interest Deferral Amount”, each REMIC 3 Regular Interest for which such Certificates are Corresponding Certificates, shall be:

Certificate Margin
Class	(1)	(2)
1-A-1A	0.110%	0.220%
1-A-1B	0.200%	0.400%
1-A-1C	0.270%	0.540%
1-AM	0.250%	0.500%
2-A	0.200%	0.400%
1-M-1	0.300%	0.450%
1-M-2	0.320%	0.480%
1-M-3	0.340%	0.510%
1-M-4	0.420%	0.630%
1-M-5	0.450%	0.675%
1-M-6	0.500%	0.750%
1-M-7	1.050%	1.575%
1-M-8	1.500%	2.250%
1-B	1.500%	2.250%

______

(1) Initially.

(2) On and after the related Step-Up Date.

“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 any Certificate (other than the Class 1-C, Class 2-C and Class R Certificates) as of any date of determination, the Initial Certificate Principal Balance thereof, increased by any Subsequent Recoveries allocated thereto, and reduced by the aggregate of (a) all amounts allocable to principal previously distributed with respect to such Certificate and (b) any reductions in the Certificate Principal Balance thereof deemed to have occurred in connection with allocations of Realized Losses in the manner described herein. With respect to the Class 1-C Certificates as of any date of determination, an amount equal to the excess, if any, of (A) the then aggregate Uncertificated Principal Balance of the REMIC 3 Group 1 Regular Interests, over (B) the then aggregate Certificate Principal Balance of the Class 1-A, Class 1-M, Class 1-B and Class 1-P Certificates then outstanding. With respect to the Class 2-C Certificates as of any date of determination, an amount equal to the excess, if any, of (A) the then aggregate Uncertificated Principal Balance of the REMIC 3 Group 2 Regular Interests, over (B) the then aggregate Certificate Principal Balance of the Class 2-A Certificates and Class 2-P Certificates then outstanding.

“Certificate Register”: The register maintained pursuant to Section 5.02.

“Class”: Collectively, all of the Certificates bearing the same designation.

“Class 1-A Certificates”: The Class 1-A1-A, Class 1-A1-B, Class 1-A1-C and Class 1-AM Certificates.

“Class 1-A Principal Distribution Amount”: For any Distribution Date will equal the excess of (1) the aggregate Certificate Principal Balance of the Class 1-A Certificates immediately prior to such Distribution Date, over (2) the lesser of (x) 87.00% of the aggregate Stated Principal Balance of the Group 1 Loans for such Distribution Date after giving effect to distributions to be made on that Distribution Date and (y) the aggregate Stated Principal Balance of the Group 1 Loans for such Distribution Date after giving effect to distributions to be made on that Distribution Date minus the Group 1 Overcollateralization Floor.

“Class 1-A1 Certificates”: The Class 1-A1-A, Class 1-A1-B and Class 1-A1-C Certificates.

“Class 1-C Distribution Amount”: With respect to any Distribution Date, the sum of (i) the Monthly Interest Distributable Amount for the Class 1-C Certificates for such Distribution Date, (ii) any Group 1 Overcollateralization Release Amount for such Distribution Date and (iii) without duplication, any Subsequent Recoveries related to Loan Group 1 not distributed to the Class 1-A, Class 1-M and Class 1-B Certificates on such Distribution Date; provided, however that on any Distribution Date after the Distribution Date on which the Certificate Principal Balances of the Class 1-A, Class 1-M, Class 1-B and Class 1-P Certificates have been reduced to zero, the Class 1-C Distribution Amount shall include the Group 1 Overcollateralization Amount.

“Class 1-IO Interest”: An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Supplemental Interest Trust, evidencing a Regular Interest in REMIC 4 for purposes of the REMIC Provisions.

“Class 1-M Certificates”: The Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7 and Class 1-M-8 Certificates.

“Class 2-A Principal Distribution Amount”: For any Distribution Date will equal the excess of (1) the aggregate Certificate Principal Balance of the Class 2-A Certificates immediately prior to such Distribution Date, over (2) the lesser of (x) 88.70% of the aggregate Stated Principal Balance of the Group 2 Loans for such Distribution Date after giving effect to distributions to be made on that Distribution Date and (y) the aggregate Stated Principal Balance of the Group 2 Loans for such Distribution Date after giving effect to distributions to be made on that Distribution Date minus the Group 2 Overcollateralization Floor.

“Class 2-C Distribution Amount”: With respect to any Distribution Date, the sum of (i) the Monthly Interest Distributable Amount for the Class 2-C Certificates for such Distribution Date, (ii) any Group 2 Overcollateralization Release Amount for such Distribution Date and (iii) without duplication, any Subsequent Recoveries related to Loan Group 2 not distributed to the Class 2-A Certificates on such Distribution Date; provided, however that on any Distribution Date after the Distribution Date on which the Certificate Principal Balances of the Class 2-A Certificates and Class 2-P Certificates have been reduced to zero, the Class 2-C Distribution Amount shall include the Group 2 Overcollateralization Amount.

“Class 2-IO Interest”: An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Supplemental Interest Trust, evidencing a Regular Interest in REMIC 4 for purposes of the REMIC Provisions.

“Class A Certificates”: The Class 1-A and Class 2-A Certificates.

“Class C Certificates ”: The Class 1-C Certificates and Class 2-C Certificates.

“Class IO Interests”: The Class 1-IO Interest and Class 2-IO Interest.

“Class IO Distribution Amount”: Any of the Group 1 Class IO Distribution Amount or the Group 2 Class IO Distribution Amount.

“Class P Certificates ”: The Class 1-P Certificates and Class 2-P Certificates.

“Class R Certificate”: Any one of the Class R Certificates as designated on the face thereof substantially in the form annexed hereto as Exhibit B-4, evidencing the ownership of the Class R-1 Interest, Class R-2 Interest, Class R-3 Interest and Class R-4 Interest.

“Class R-1 Interest”: The uncertificated Residual Interest in REMIC 1.

“Class R-2 Interest”: The uncertificated Residual Interest in REMIC 2.

“Class R-3 Interest”: The uncertificated Residual Interest in REMIC 3.

“Class R-4 Interest”: The uncertificated Residual Interest in REMIC 4.

“Closing Date”: December 21, 2006.

“Code”: The Internal Revenue Code of 1986.

“Collateral Account One”: Shall mean the segregated trust account created and maintained by Custodian One pursuant to Section 4.14(a) hereof.

“Collateral Account Two”: Shall mean the segregated trust account created and maintained by Custodian Two pursuant to Section 4.14(b) hereof.

“Collateral Account Three”: Shall mean the segregated trust account created and maintained by Custodian Three pursuant to Section 4.14(c) hereof.

“Collateral Account Four”: Shall mean the segregated trust account created and maintained by Custodian Four pursuant to Section 4.14(d) hereof.

“Collateral Value”: The appraised value of a Mortgaged Property based upon the lesser of (i) the appraisal (as reviewed and approved by the Sponsor) made at the time of the origination of the related Mortgage Loan, or (ii) the sales price of such Mortgaged Property at such time of origination. With respect to a Mortgage Loan the proceeds of which were used to refinance an existing mortgage loan, the appraised value of the Mortgaged Property based upon the appraisal (as reviewed and approved by the Sponsor) obtained at the time of refinancing.

“Commission”: The Securities and Exchange Commission.

“Compensating Interest”: With respect to any Distribution Date, any payments made by the Subservicer or the Master Servicer from its own funds to cover Prepayment Interest Shortfalls, which shall be equal to the lesser of (x) the sum of the related Master Servicing and related Sub-Servicing Fees (not including such portion that represents the Excess Servicing Strip) for the related Distribution Date, and (y) the related Prepayment Interest Shortfall for such Distribution Date.

“Countrywide”: Countrywide Home Loans Servicing LP, or its successor in interest.

“Corporate Trust Office”: The principal corporate trust office of the Trustee at which at any particular time its corporate trust business related to this Agreement shall be administered, which office at the date of the execution of this Agreement is located at 0000 Xxxx Xx. Xxxxxx Xxxxx, Xxxxx Xxx, Xxxxxxxxxx 00000, Attention: Corporate Trust, Impac Secured Assets Corp. Series 2006-5 (IM06S5).

“Corresponding Certificate”: With respect to each REMIC 3 Regular Interest (other than REMIC 3 Regular Interests 1-AA, 2-AA, 1-ZZ, 2-ZZ, 1-IO and 2-IO), the Certificate with the corresponding designation. With respect to each REMIC 4 Regular Interest (other than the Class IO Interests), the related Certificate representing an ownership therein.

“Credit Enhancement Percentage”: For any Distribution Date and any Loan Group is the percentage equivalent of a fraction, the numerator of which is equal to (a) the excess of (i) the Aggregate Stated Principal Balance of the related Mortgage Loans for such Distribution Date (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) over (ii) (1) before the Certificate Principal Balances of the related Class A Certificates have been reduced to zero, the sum of the Certificate Principal Balances of the related Class A Certificates, (after taking into account distribution of the related Principal Distribution Amount for such Distribution Date) or (2) after such time, the Certificate Principal Balance of the most senior class of related Subordinate Certificates outstanding (after taking into account distribution of the related Principal Distribution Amount for such distribution date), and the denominator of which is equal to (b) the Aggregate Stated Principal Balance of the related Mortgage Loans for such Distribution Date (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period).

“Credit Support Annex One”: The credit support annex, dated as of December 21, 2006, between the Group 1 Supplemental Interest Trust Trustee and Wachovia Bank, N.A.

“Credit Support Annex Two”: The credit support annex, dated as of December 21, 2006, between the Group 2 Supplemental Interest Trust Trustee and Wachovia Bank, N.A.

“Credit Support Annex Three”: The credit support annex, dated as of December 21, 2006, between the Group 1 Supplemental Interest Trust Trustee and Bank of America, N.A.

“Credit Support Annex Four”: The credit support annex, dated as of December 21, 2006, between the Group 2 Supplemental Interest Trust Trustee and Bear Xxxxxxx Financial Products Inc.

“Cross Collateralized Loss Payments”: For any payment date and each Loan Group, the amount, if any, of Crossable Excess from such Loan Group available to cover Crossable Losses in the other Loan Group as provided in Sections 4.01(l)(v) and (m)(iv) below.

“Crossable Excess”: With respect to Loan Group 1 and Loan Group 2 and any Distribution Date, an amount equal to the related Net Monthly Excess Cashflow remaining after distributions made pursuant to Sections 4.01(l)(iv) and (m)(iii) below, respectively.

“Crossable Losses”: With respect to either Loan Group and any Distribution Date, an amount equal to any Realized Losses suffered by any Mortgage Loan in such Loan Group, to the extent that such Realized Losses have not been covered by related Net Monthly Excess Cashflow on such Distribution Date, and any previously unreimbursed Realized Losses suffered by any Mortgage Loans in such Loan Group to the extent such Realized Losses have not been covered by related and non-related Net Monthly Excess Cashflow on prior Distribution Dates.

“Current Report The Current Report pursuant to Section 13 or 15(d) of the Exchange Act.

“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 3.10 in the name of a depository institution, as custodian for the Holders of the Certificates. Any such account or accounts shall be an Eligible Account.

“Custodian”: Deutsche Bank National Trust Company.

“Custodian One”: As defined in Section 4.14(a).

“Custodian Two”: As defined in Section 4.14(b).

“Custodian Three”: As defined in Section 4.14(c).

“Custodian Four”: As defined in Section 4.14(d).

“Cut-off Date”: With respect to the Mortgage Loans, December 1, 2006. References herein to the “Cut-off Date,” when used with respect to more than one Mortgage Loan, shall be to the respective Cut-off Dates for such Mortgage Loans.

“Cut-off Date Balance”: Any of the Group 1 Cut-off Date Balance or Group 2 Cut-off Date Balance, as applicable.

“Debt Service Coverage Ratio”: With respect to any multifamily loan at any given time, the ratio of (i) the net cashflow of the related mortgaged property for a twelve month period to (ii) the annualized scheduled payments on the mortgage loan.

“Defaulted Mortgage Loan” means any Mortgage Loan as to which the Mortgagor has failed to make unexcused three or more consecutive scheduled Monthly Payments.

“Defaulting Party”: As defined in the Interest Rate Swap Agreement.

“Deficiency Amount”: As applied to the Class 2-A Certificates, (A) with respect to each Distribution Date prior to the Final Scheduled Distribution Date, an amount equal to the sum of (i) the excess, if any, of (a) the aggregate amount of the Monthly Interest Distributable Amount on the Class 2-A Certificates for that Distribution Date over (b) the funds available to make payment thereof pursuant to Article IV of this Agreement for that Distribution Date and (ii) the amount of any Realized Losses allocated to the Class 2-A Certificates for such Distribution Date; and (B) with respect to the Final Scheduled Distribution Date and the Class 2-A Certificates, an amount equal to the sum of (i) the excess, if any, of (a) the amount of the Monthly Interest Distributable Amount on the Class 2-A Certificates for the Final Scheduled Distribution Date over (b) the funds available to make payment thereof pursuant to Article IV of this Agreement for the Final Scheduled Distribution Date and (ii) the outstanding Certificate Principal Balance of the Class 2-A Certificates due on the Final Scheduled Distribution Date to the extent not paid from the related Available Distribution Amount on the Final Scheduled Distribution Date. Any Deficiency Amount shall not include any Prepayment Interest Shortfalls, any Relief Act Shortfalls or any Net WAC Shortfall Amounts.

“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.

“Depositor” Impac Secured Assets Corp., or its successor in interest.

“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(5) of the Uniform Commercial Code of the State of New York and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended.

“Depository Participant”: A broker, dealer, bank or other financial institutions or other Person for whom from time to time a Depository effects book-entry transfers and pledges of securities deposited with the Depository.

“Derivative Account”: The Group 1 Derivative Account or Group 2 Derivative Account, as applicable.

“Determination Date”: With respect to any Distribution Date, the 15th day of the month in which such Distribution Date occurs or, if such day is not a Business Day, on the immediately preceding Business Day.

“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 Xxxxxxx Mac, a majority of its board of directors is not selected by such governmental unit), (ii) a foreign government, any international organization, or any agency or instrumentality of any of the foregoing, (iii) any organization (other than certain farmers' cooperatives described in Section 521 of the Code) which is exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income), (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code and (v) 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 REMIC 1, REMIC 2, REMIC 3 or REMIC 4 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, or if such 25th day is not a Business Day, the Business Day immediately following such 25th day, commencing in January 2007.

“Distribution Report” The Asset-Backed Issuer Distribution Report pursuant to Section 13 or 15(d) of the Exchange Act.

“Due Date”: With respect to each Mortgage Loan, the first day of the month of the related Distribution Date.

“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 (or, with respect to the first Due Period, the day following the Cut-off Date) and ending on the first day of the month in which such Distribution Date occurs.

“Eligible Account”: Any of (i) a segregated account maintained with a federal or state chartered depository institution (A) the short-term obligations of which are rated A-1+ or better by Standard & Poor's and P-1 by Moody's at the time of any deposit therein or if such account is maintained with PNC Bank, National Association, rated no less than A-1 by Standard & Poor’s and no less than P-1 by Moody’s or (B) insured by the FDIC (to the limits established by such Corporation), the uninsured deposits in which account are otherwise secured such that, as evidenced by an Opinion of Counsel (obtained by the Person requesting that the account be held pursuant to this clause (ii)) delivered to the Trustee prior to the establishment of such account, the Certificateholders will have a claim with respect to the funds in such account and a perfected first priority security interest against any collateral (which shall be limited to Permitted Investments, each of which shall mature not later than the Business Day immediately preceding the Distribution Date next following the date of investment in such collateral or the Distribution Date if such Permitted Investment is an obligation of the institution that maintains the Certificate Account, Insurance Account or Custodial Account) securing such funds that is superior to claims of any other depositors or general creditors of the depository institution with which such account is maintained, (ii) a segregated trust account or accounts maintained with a federal or state chartered depository institution or trust company subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations Section 9.10(b), which, in either case, has corporate trust powers, acting in its fiduciary capacity or (iii) a segregated account or accounts of a depository institution acceptable to the Rating Agencies (as evidenced in writing by the Rating Agencies that use of any such account as the Custodial Account or the Certificate Account will not have an adverse effect on the then-current ratings assigned to the Classes of the Certificates then rated by the Rating Agencies). Eligible Accounts may bear interest.

“Estimated Swap Termination Payment”: As defined in the Interest Rate Swap Agreement.

“Event of Default”: One or more of the events described in Section 7.01.

“Excess Proceeds”: As defined in Section 3.22.

“Excess Servicing Strip”: With respect to any Group 2 Loan that has not become a Specially Serviced Group 2 Loan, that portion of the related Sub-Servicing Fee computed at a rate equal to the excess of (a) 0.25% (25 basis points) per annum over (b) 0.14% (14 basis points) per annum. With respect to any Group 2 Loan that has become a Specially Serviced Group 2 Loan, that portion of the related Sub-Servicing Fee computed at a rate equal to the excess of (a) 0.75% (75 basis points) per annum over (b) 0.64% (64 basis points) per annum.

“Exchange Act”: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

“Extra Principal Distribution Amount”: With respect to any Distribution Date and Loan Group, the lesser of (x) the related Overcollateralization Deficiency Amount for such Distribution Date and (y) the sum of (1) the related Net Monthly Excess Cashflow Amount for such Distribution Date and (2) amounts available from the related Supplemental Interest Trust to pay principal as provided in Section 4.01(n)(iii) and 4.01(o)(iii), as applicable, hereof.

“Xxxxxx Xxx” Xxxxxx Xxx (formerly, Federal National Mortgage Association) or any successor thereto.

“FDIC”: Federal Deposit Insurance Corporation or any successor.

“Final Scheduled Distribution Date”: With respect to the Group 1 Certificates, the Distribution Date occurring in February 2037. With respect to the Class 2-A Certificates, the Distribution Date occurring in December 2036.

“Xxxxxxx Mac”: Federal Home Loan Mortgage Corporation or any successor.

“GMAC”: GMAC Mortgage Corporation, or an Affiliate thereof.

“Gross Margin”: With respect to any Mortgage Loan, the percentage set forth as the “Gross Margin” for such Mortgage Loan on the Mortgage Loan Schedule, as adjusted from time to time in accordance with the terms of this Agreement.

“Group 1 Cap Contracts”: The letter of agreement dated December 21, 2006, between Wachovia Bank, N.A., as cap counterparty and Deutsche Bank National Trust Company, not in its individual capacity, but solely as Group 1 Supplemental Interest Trust Trustee and the letter of agreement dated December 21, 2006, between Bank of America, N.A., as cap counterparty and Deutsche Bank National Trust Company, not in its individual capacity, but solely as Group 1 Supplemental Interest Trust Trustee.

“Group 1 Cap Counterparties”: Wachovia Bank, N.A. and Bank of America, N.A.

“Group 1 Certificates”: The Class 1-A, Class 1-M and Class 1-B Certificates.

“Group 1 Class IO Distribution Amount”: As defined in Section 4.10 hereof. For purposes of clarity, the Group 1 Class IO Distribution Amount for any Distribution Date shall equal the amount payable to the Group I Supplemental Interest Trust with respect to the Group 1 Interest Rate Swap Agreement pursuant to the first and third sentences of Section 4.01(a) (fifth paragraph) on such Distribution Date in excess of the amount payable on the Class 1-IO Interest on such Distribution Date, all as further provided in Section 4.10 hereof.

“Group 1 Cut-off Date Balance”: With respect to any Mortgage Loan in Loan Group 1, the Stated Principal Balance thereof as of the Cut-off Date.

“Group 1 Derivative Account”: As defined in Section 4.10(i).

“Group 1 Derivative Contract”: Any of the Group 1 Cap Contracts or the Group 1 Interest Rate Swap Agreement, as applicable.

“Group 1 Derivative Termination Payment”: Any termination payment due under a Group 1 Derivative Contract upon the early termination of such Group 1 Derivative Contract.

“Group 1 Estimated Swap Termination Payment”: As defined in the Group 1 Interest Rate Swap Agreement.

“Group 1 Interest Rate Swap Agreement”: An interest rate swap agreement, dated as of December 21, 2006, between the Group 1 Supplemental Interest Trust by Deutsche Bank National Trust Company, as Group 1 Supplemental Interest Trust Trustee on behalf of the Group 1 Supplemental Interest Trust, and Wachovia Bank, N.A., as Swap Provider for the benefit of the Class 1-A, Class 1-M and Class 1-B Certificates, which agreement provides for Net Swap Payments and Swap Termination Payments to be paid, as provided therein, together with any schedules, confirmations or other agreements relating thereto, a form of which is attached hereto as Exhibit M.

“Group 1 Loans”: The Mortgage Loans in Loan Group 1.

“Group 1 Marker Rate”: With respect to the Class 1-C Certificates and any Distribution Date, a per annum rate equal to two (2) times the weighted average of the Uncertificated REMIC 3 Pass-Through Rates for each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-M or Class 1-B Certificate is the Corresponding Certificate and REMIC 3 Regular Interest 1-ZZ, with the rate on each such REMIC 3 Group 1 Regular Interest (other than REMIC 3 Regular Interest 1-ZZ) subject to a cap equal to the least of (i) LIBOR plus the Certificate Margin for the Corresponding Certificate for such Distribution Date, (ii) 11.50% per annum and (iii) the Group 1 Net WAC Rate for the REMIC 4 Regular Interest the ownership of which is represented by the Corresponding Certificate for such Distribution Date for the purpose of this calculation, and with the rate on REMIC 3 Regular Interest 1-ZZ subject to a cap of zero for the purpose of this calculation; provided, however, that solely for this purpose, the related cap with respect to each such REMIC 3 Group 1 Regular Interest (other than REMIC 3 Regular Interest 1-ZZ) shall be multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Accrual Period.

“Group 1 Maximum Uncertificated Accrued Interest Deferral Amount”: With respect to any Distribution Date, the excess of (i) the sum of (x) accrued interest at the Uncertificated REMIC 3 Pass-Through Rate applicable to REMIC 3 Regular Interest 1-ZZ for such Distribution Date on a balance equal to the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-ZZ minus the REMIC 3 Group 1 Overcollateralized Amount, in each case for such Distribution Date and (y) 1.00% of the accrued interest on REMIC 3 Regular Interest 1-P at the applicable Uncertificated REMIC 3 Pass-Through Rate for such Distribution Date, over (ii) the aggregate amount of Uncertificated Accrued Interest for such Distribution Date on the REMIC 3 Group 1 Regular Interests for which the Class 1-A, Class 1-M and Class 1-B Certificates are the Corresponding Certificates, with the rate on each such REMIC 3 Group 1 Regular Interest subject to a cap equal to the least of (i) LIBOR plus the Certificate Margin for the Corresponding Certificate for such Distribution Date, (ii) 11.50% per annum and (iii) the Group 1 Net WAC Rate for the REMIC 4 Regular Interest the ownership of which is represented by the Corresponding Certificate for such Distribution Date for the purpose of this calculation; provided, however, that solely for this purpose, the related cap with respect to each such REMIC 3 Group 1 Regular Interest shall be multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Accrual Period.

“Group 1 Net Mortgage Rate”: The weighted average of the Net Mortgage Rates of the Group 1 Loans weighted on the basis of the Stated Principal Balances of the Group 1 Loans as of the related Due Date (prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such Due Date).

“Group 1 Net Swap Payment”: With respect to each Distribution Date, the net payment required to be made pursuant to the terms of the Group 1 Interest Rate Swap Agreement by either the Group 1 Swap Provider or the Group 1 Supplemental Interest Trust, which net payment shall not take into account any Group 1 Swap Termination Payment.

“Group 1 Net WAC Rate”: With respect to the Class 1-A, Class 1-M and Class 1-B Certificates and any Distribution Date, a per annum rate equal to the excess, if any, of (A) a per annum rate equal to the Group 1 Net Mortgage Rate over (B) the sum of (1) a per annum rate equal to the Net Swap Payment with respect to the Group 1 Interest Rate Swap Agreement payable to the Group 1 Swap Provider on such Distribution Date, divided by the outstanding Stated Principal Balance of the Group 1 Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs, multiplied by 12, and (2) a per annum rate equal to any Swap Termination Payment with respect to the Group 1 Interest Rate Swap Agreement not due to a Swap Provider Trigger Event payable to the Group 1 Swap Provider on such Distribution Date, divided by the outstanding Stated Principal Balance of the Group 1 Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs, multiplied by 12. The Group 1 Net WAC Rate will be adjusted to an effective rate reflecting the accrual of interest on an actual/360 basis. With respect to any Distribution Date and the REMIC 4 Regular Interests the ownership of which is represented by the Class 1-A, Class 1-M and Class 1-B Certificates, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC 3 Pass-Through Rates on the REMIC 3 Group 1 Regular Interests (other than REMIC 3 Regular Interest 1-IO), weighted on the basis of the Uncertificated Principal Balances of each such REMIC 3 Group 1 Regular Interest immediately prior to such Distribution Date.

“Group 1 Net WAC Shortfall Reserve Fund”: A reserve fund established by the Trustee for the benefit of the Holders of the Group 1 Certificates and the Class 1-C Certficates, and funded on the Closing Date by or on behalf of the Depositor with an amount equal to the Group 1 Net WAC Shortfall Reserve Fund Deposit. The Group 1 Net WAC Shortfall Reserve Fund is an “outside reserve fund” within the meaning of Treasury regulation Section 1.860G-2(h), which is not an asset of any REMIC, the ownership of which is evidenced by the Class 1-C Certificates, and which is established and maintained pursuant to Section 4.08.

“Group 1 Net WAC Shortfall Reserve Fund Deposit”: With respect to the Group 1 Net WAC Shortfall Reserve Fund, an amount equal to $5,000, which the Depositor shall fund initially pursuant to Section 4.08 hereof.

“Group 1 Optional Termination”: As defined in Section 9.01(b) of this Agreement.

“Group 1 Overcollateralization Deficiency Amount”: With respect to any Distribution Date, the amount, if any, by which the Group 1 Overcollateralization Target Amount exceeds the Group 1 Overcollateralized Amount on such Distribution Date (after giving effect to distributions in respect of the related Basic Principal Distribution Amount on such Distribution Date).

“Group 1 Overcollateralization Floor”: With respect to any Distribution Date, 0.50% of the Group 1 Cut-off Date Balance.

“Group 1 Overcollateralization Release Amount”: With respect to any Distribution Date, the lesser of (x) the related Principal Remittance Amount for such Distribution Date and (y) the excess, if any, of (i) the Group 1 Overcollateralized Amount for such Distribution Date (assuming that 100% of the related Principal Remittance Amount is applied as a principal payment on such Distribution Date) over (ii) the Group 1 Overcollateralization Target Amount for such Distribution Date.

“Group 1 Overcollateralization Target Amount”: With respect to any Distribution Date prior to the Group 1 Stepdown Date, 0.80% of the Group 1 Cut-off Date Balance. With respect to any Distribution Date on or after the Group 1 Stepdown Date, the greater of (x) 1.60% of the aggregate Stated Principal Balance of the Group 1 Loans and (y) the Group 1 Overcollateralization Floor; provided, however, that if a Group 1 Trigger Event is in effect on any Distribution Date, the Group 1 Overcollateralization Target Amount will be equal to the Group 1 Overcollateralization Target Amount on the prior Distribution Date.

“Group 1 Overcollateralized Amount”: For any Distribution Date, the amount, if any, by which (i) the aggregate Stated Principal Balance of the related mortgage loans (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, unscheduled collections of principal received during the related Prepayment Period and any Realized Losses on the mortgage loans during the related Prepayment Period), exceeds (ii) the aggregate Certificate Principal Balance of the Class 1-A, Class 1-M, Class 1-B and the Class 1-P Certificates as of such Distribution Date (after giving effect to distributions in respect of the related Principal Remittance Amount to be made on such Distribution Date).

“Group 1 Schedule”: The ISDA schedule, dated as of December 21, 2006, between the Group 1 Supplemental Interest Trust Trustee and Wachovia Bank, N.A.

“Group 1 Stepdown Date”: The earlier of (i) the first Distribution Date after the Distribution Date on which the aggregate Certificate Principal Balance of the Class 1-A Certificates have been reduced to zero and (ii) the later to occur of (x) the Distribution Date occurring in January 2010 and (y) the first Distribution Date on which the aggregate Certificate Principal Balance of the Class 1-A Certificates (calculated for this purpose only after taking into account the receipt of principal on the related mortgage loans, but prior to any distribution of principal to the holders of the related certificates) is less than or equal to approximately 87.00% of the aggregate principal balance of the Group 1 Loans, calculated after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period.

“Group 1 Step-Up Date”: The first Distribution Date following the first month in which the aggregate unpaid principal balance of the Group 1 Loans, and properties acquired in respect thereof, remaining in the trust has been reduced to less than or equal to 10% of the aggregate Group 1 Cut-off Date Balance.

“Group 1 Subordinate Class Principal Distribution Amount”: For any class of Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates and any Distribution Date, the excess of (1) the sum of (a) the aggregate Certificate Principal Balance of the Class 1-A Certificates (after taking into account distribution of the Class 1-A Principal Distribution Amount for such Distribution Date), (b) the aggregate Certificate Principal Balance of any class(es) of Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7 and Class 1-M-8 that are senior to the subject class (in each case, after taking into account distribution of the Group 1 Subordinate Class Principal Distribution Amount(s) for such more senior class(es) of Certificates for such Distribution Date) and (c) the Certificate Principal Balance of the subject class of Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates immediately prior to such Distribution Date over (2) the lesser of (a) the product of (x) 100% minus the Stepdown Target Subordination Percentage for the subject class of Certificates and (y) the aggregate Stated Principal Balance of the Group 1 Loans for such Distribution Date and (b) the aggregate Stated Principal Balance of the Group 1 Loans for such Distribution Date minus the Group 1 Overcollateralization Floor; provided, however, that if such class of Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 or Class 1-B Certificates is the only class of Group 1 Subordinate Certificates outstanding on such Distribution Date, that class will be entitled to receive the entire remaining related Principal Distribution Amount until the Certificate Principal Balance thereof is reduced to zero.

“Group 1 Supplemental Interest Trust”: The corpus of a trust created pursuant to Section 4.10 of this Agreement and designated as the “Group 1 Supplemental Interest Trust,” consisting of the Group 1 Interest Rate Swap Agreement, the Group 1 Derivative Account, the Group 1 Cap Contracts and the Class 1-IO Interest. For the avoidance of doubt, the Group 1 Supplemental Interest Trust does not constitute a part of the Trust Fund.

“Group 1 Supplemental Interest Trust Trustee”: Deutsche Bank National Trust Company, or its successor in interest, or any successor trustee appointed as herein provided.

“Group 1 Swap Optional Termination Payment”: As defined in Section 9.01(b) hereof.

“Group 1 Swap Provider”: The swap provider under the Group 1 Interest Rate Swap Agreement either (a) entitled to receive payments from the Group 1 Supplemental Interest Trust from amounts payable by the Trust Fund with respect to the Mortgage Loans under this Agreement or (b) required to make payments to the Group 1 Supplemental Interest Trust for payment to the Trust Fund with respect to the Mortgage Loans, in either case pursuant to the terms of the Group 1 Interest Rate Swap Agreement, and any successor in interest or assign. Initially, the Group 1 Swap Provider shall be Wachovia Bank, N.A.

“Group 1 Trigger Event”: A Group 1 Trigger Event is in effect with respect to any Distribution Date with respect to the Group 1 Loans if:

(1) the average three-month rolling percentage obtained by dividing (x) Aggregate Stated Principal Balance of the Group 1 Loans that are 60 or more days delinquent (including for this purpose any such mortgage loans in foreclosure, Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the trust, and Mortgage Loans discharged due to bankruptcy) by (y) the Aggregate Stated Principal Balance of the Mortgage Loans, in each case, as of the last day of the previous calendar month, exceeds 43.00% multiplied by the related Credit Enhancement Percentage; or

(2) the cumulative amount of Realized Losses incurred on the Group 1 Loans from the Cut-off Date through the end of the calendar month immediately preceding such Distribution Date divided by the Group 1 Cut-off Date Balance exceeds (i) 0.30% with respect to the Distribution Date occurring in January 2009, plus an additional 1/12th of 0.40% for each month thereafter up to and including the Distribution Date in December 2009, (ii) 0.70% with respect to the Distribution Date occurring in January 2010, plus an additional 1/12th of 0.50% for each month thereafter up to and including the Distribution Date in December 2010, (iii) 1.20% with respect to the Distribution Date occurring in January 2011, plus an additional 1/12th of 0.50% for each month thereafter up to and including the Distribution Date in December 2011, (iv) 1.70% with respect to any Distribution Date occurring in January 2012, plus an additional 1/12th of 0.35% for each month thereafter up to and including the Distribution Date in December 2012 and (v) 2.05% with respect to any Distribution Date occurring in January 2013 and thereafter.

For purposes of the foregoing calculation, a Mortgage Loan is considered “60 days” delinquent if a payment due on the first day of a month has not been received by the second day of the second following month.

“Group 2 Cap Contracts”: The letter of agreement dated December 21, 2006, between Wachovia Bank, N.A., as cap counterparty and Deutsche Bank National Trust Company, not in its individual capacity, but solely as Group 2 Supplemental Interest Trust Trustee and the letter of agreement dated December 21, 2006, between Bear Xxxxxxx Financial Products Inc., as cap counterparty and the Group 2 Supplemental Interest Trust relating to Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2006-5 by Deutsche Bank National Trust Company, not in its individual capacity, but solely as Group 2 Supplemental Interest Trust Trustee.

“Group 2 Cap Counterparties”: Wachovia Bank, N.A. and Bear Xxxxxxx Financial Products Inc.

“Group 2 Class IO Distribution Amount”: As defined in Section 4.11 hereof. For purposes of clarity, the Group 2 Class IO Distribution Amount for any Distribution Date shall equal the amount payable to the Group 2 Supplemental Interest Trust with respect to the Group 2 Interest Rate Swap Agreement pursuant to the first and third sentences of Section 4.01(a) (fifth paragraph) on such Distribution Date in excess of the amount payable on the Class 2-IO Interest on such Distribution Date, all as further provided in Section 4.11 hereof.

“Group 2 Cut-off Date Balance”: With respect to any Mortgage Loan in Loan Group 2, the Stated Principal Balance thereof as of the Cut-off Date.

“Group 2 Derivative Account”: As defined in Section 4.11(i).

“Group 2 Derivative Contract”: Any of the Group 2 Cap Contracts or the Group 2 Interest Rate Swap Agreement, as applicable.

“Group 2 Derivative Termination Payment”: Any termination payment due under a Group 2 Derivative Contract upon the early termination of such Group 2 Derivative Contract.

“Group 2 Estimated Swap Termination Payment”: As defined in the Group 2 Interest Rate Swap Agreement.

“Group 2 Marker Rate”: With respect to the Class 2-C Certificates and any Distribution Date, a per annum rate equal to two (2) times the weighted average of the Uncertificated REMIC 3 Pass-Through Rates for REMIC 3 Regular Interest 2-A and REMIC 3 Regular Interest 2-ZZ, with the rate on REMIC 3 Regular Interest 2-A subject to a cap equal to the least of (i) LIBOR plus the Certificate Margin for the Corresponding Certificate for such Distribution Date, plus the Policy Premium Rate, (ii) 11.50% per annum, plus the Policy Premium Rate, and (iii) the Group 2 Net WAC Rate for the REMIC 4 Regular Interest the ownership of which is represented by the Corresponding Certificate for such Distribution Date for the purpose of this calculation, and with the rate on REMIC 3 Regular Interest 2-ZZ subject to a cap of zero for the purpose of this calculation; provided, however, that solely for this purpose, the related cap with respect to REMIC 3 Regular Interest 2-A shall be multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Accrual Period.

“Group 2 Maximum Uncertificated Accrued Interest Deferral Amount”: With respect to any Distribution Date, the excess of (i) the sum of (x) accrued interest at the Uncertificated REMIC 3 Pass-Through Rate applicable to REMIC 3 Regular Interest 2-ZZ for such Distribution Date on a balance equal to the Uncertificated Principal Balance of REMIC 3 Regular Interest 2-ZZ minus the REMIC 3 Group 2 Overcollateralized Amount, in each case for such Distribution Date and (y) 1.00% of the accrued interest on REMIC 3 Regular Interest 2-P at the applicable Uncertificated REMIC 3 Pass-Through Rate for such Distribution Date, over (ii) the aggregate amount of Uncertificated Accrued Interest for such Distribution Date on REMIC 3 Regular Interest 2-A, with the rate on such REMIC 3 Regular Interest subject to a cap equal to the least of (i) LIBOR plus the Certificate Margin for the Corresponding Certificate for such Distribution Date, plus the Policy Premium Rate, (ii) 11.50% per annum, plus the Policy Premium Rate, and (iii) the Group 2 Net WAC Rate for the REMIC 4 Regular Interest the ownership of which is represented by the Corresponding Certificate for such Distribution Date for the purpose of this calculation; provided, however, that solely for this purpose, the related cap with respect to REMIC 3 Regular Interest 2-A shall be multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Accrual Period.

“Group 2 Interest Rate Swap Agreement”: An interest rate swap agreement, dated as of December 21, 2006, between the Group 2 Supplemental Interest Trust, by Deutsche Bank National Trust Company, as Group 2 Supplemental Interest Trust Trustee on behalf of the Group 2 Supplemental Interest Trust, and Wachovia Bank, N.A., as Swap Provider for the benefit of the Class 2-A Certificates, which agreement provides for Net Swap Payments and Swap Termination Payments to be paid, as provided therein, together with any schedules, confirmations or other agreements relating thereto, a form of which is attached hereto as Exhibit M.

“Group 2 Loans”: The Mortgage Loans in Loan Group 2.

“Group 2 Net Mortgage Rate”: The weighted average of the Net Mortgage Rates of the Group 2 Loans weighted on the basis of the Stated Principal Balances of the Group 2 Loans as of the related Due Date (prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such due date).

“Group 2 Net Swap Payment”: With respect to each Distribution Date, the net payment required to be made pursuant to the terms of the Group 2 Interest Rate Swap Agreement by either the Group 2 Swap Provider or the Group 2 Supplemental Interest Trust, which net payment shall not take into account any Group 2 Swap Termination Payment.

“Group 2 Net WAC Rate”: With respect to the Class 2-A Certificates and any Distribution Date, a per annum rate equal to the excess, if any, of (A) a per annum rate equal to the Group 2 Net Mortgage Rate over (B) the sum of (1) the sum of (a) a per annum rate equal to the Net Swap Payment with respect to the Group 2 Interest Rate Swap Agreement payable to the Group 2 Swap Provider on such Distribution Date, divided by the outstanding Stated Principal Balance of the Group 2 Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs, multiplied by 12, and (b) a per annum rate equal to any Swap Termination Payment with respect to the Group 2 Interest Rate Swap Agreement not due to a Swap Provider Trigger Event payable to the Group 2 Swap Provider on such Distribution Date, divided by the outstanding Stated Principal Balance of the Group 2 Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs, multiplied by 12, and (2) the Policy Premium Rate. The Group 2 Net WAC Rate will be adjusted to an effective rate reflecting the accrual of interest on an actual/360 basis. With respect to any Distribution Date and the REMIC 4 Regular Interests the ownership of which is represented by the Class 2-A Certificates, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC 3 Pass-Through Rates on the REMIC 3 Group 2 Regular Interests (other than REMIC 3 Regular Interest 2-IO), weighted on the basis of the Uncertificated Principal Balances of each such REMIC 3 Group 2 Regular Interest immediately prior to such Distribution Date, minus the Policy Premium Rate. For purposes of the definitions of the “Group 2 Marker Rate” and “Group 2 Maximum Uncertificated Accrued Interest Deferral Amount”, the foregoing definitions in this paragraph shall not be reduced by the Policy Premium Rate.

“Group 2 Net WAC Shortfall Reserve Fund”: A reserve fund established by the Trustee for the benefit of the Holders of the Class 2-A Certificates and the Class 2-C Certificates, and funded on the Closing Date by or on behalf of the Depositor with an amount equal to the Group 2 Net WAC Shortfall Reserve Fund Deposit. The Group 2 Net WAC Shortfall Reserve Fund is an “outside reserve fund” within the meaning of Treasury regulation Section 1.860G-2(h), which is not an asset of any REMIC, the ownership of which is evidenced by the Class 2-C Certificates, and which is established and maintained pursuant to Section 4.09.

“Group 2 Net WAC Shortfall Reserve Fund Deposit”: With respect to the Group 2 Net WAC Shortfall Reserve Fund, an amount equal to $5,000, which the Depositor shall fund initially pursuant to Section 4.09 hereof.

“Group 2 Optional Termination”: As defined in Section 9.01(g) of this Agreement.

“Group 2 Overcollateralization Deficiency Amount”: With respect to any Distribution Date, the amount, if any, by which the Group 2 Overcollateralization Target Amount exceeds the Group 2 Overcollateralized Amount on such Distribution Date (after giving effect to distributions in respect of the related Basic Principal Distribution Amount on such Distribution Date).

“Group 2 Overcollateralization Floor”: With respect to any Distribution Date, 0.50% of the Group 2 Cut-off Date Balance.

“Group 2 Overcollateralization Release Amount”: With respect to any Distribution Date, the lesser of (x) the related Principal Remittance Amount for such Distribution Date and (y) the excess, if any, of (i) the Group 2 Overcollateralized Amount for such Distribution Date (assuming that 100% of the related Principal Remittance Amount is applied as a principal payment on such Distribution Date) over (ii) the Group 2 Overcollateralization Target Amount for such Distribution Date.

“Group 2 Overcollateralization Target Amount”: With respect to any Distribution Date prior to the Group 2 Stepdown Date, 5.65% of the Group 2 Cut-off Date Balance. With respect to any Distribution Date on or after the Group 2 Stepdown Date, the greater of (x) 11.30% of the aggregate Stated Principal Balance of the Group 2 Loans and (y) the Group 2 Overcollateralization Floor; provided, however, that if a Group 2 Trigger Event is in effect on any Distribution Date, the Group 2 Overcollateralization Target Amount will be equal to the Group 2 Overcollateralization Target Amount on the prior Distribution Date.

“Group 2 Overcollateralized Amount”: For any Distribution Date, the amount, if any, by which (i) the aggregate principal balance of the related mortgage loans (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, unscheduled collections of principal received during the related Prepayment Period and any Realized Losses on the Mortgage Loans during the related Prepayment Period), exceeds (ii) the aggregate Certificate Principal Balance of the Class 2-A Certificates and the Class 2-P Certificates as of such Distribution Date (after giving effect to distributions in respect of the related Principal Remittance Amount to be made on such Distribution Date).

“Group 2 Schedule”: The ISDA schedule, dated as of December 21, 2006, between the Group 2 Supplemental Interest Trust Trustee and Wachovia Bank, N.A.

“Group 2 Stepdown Date”: The later to occur of (x) the Distribution Date occurring in January 2014 and (y) the first Distribution Date on which the aggregate Certificate Principal Balance of the Class 2-A Certificates (calculated for this purpose only after taking into account the receipt of principal on the Mortgage Loans, but prior to any distribution of principal to the holders of the certificates) is less than or equal to approximately 88.70% of the aggregate principal balance of the Group 2 Loans, calculated after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period.

“Group 2 Step-Up Date”: The first Distribution Date following the first month in which the aggregate unpaid principal balance of the Group 2 Loans, and properties acquired in respect thereof, remaining in the trust has been reduced to less than or equal to 10% of the aggregate Group 2 Cut-off Date Balance.

“Group 2 Supplemental Interest Trust”: The corpus of a trust created pursuant to Section 4.11 of this Agreement and designated as the “Group 2 Supplemental Interest Trust,” consisting of the Group 2 Interest Rate Swap Agreement, the Group 2 Derivative Account, the Group 2 Cap Contracts and the Class 2-IO Interest. For the avoidance of doubt, the Group 2 Supplemental Interest Trust does not constitute a part of the Trust Fund.

“Group 2 Supplemental Interest Trust Trustee”: Deutsche Bank National Trust Company, or its successor in interest, or any successor trustee appointed as herein provided.

“Group 2 Swap Optional Termination Payment”: As defined in Section 9.01(f) hereof.

“Group 2 Swap Provider”: The swap provider under the Group 2 Interest Rate Swap Agreement either (a) entitled to receive payments from the Group 2 Supplemental Interest Trust from amounts payable by the Trust Fund with respect to the Mortgage Loans under this Agreement or (b) required to make payments to the Group 2 Supplemental Interest Trust for payment to the Trust Fund with respect to the Group 2 Mortgage Loans, in either case pursuant to the terms of the Group 2 Interest Rate Swap Agreement, and any successor in interest or assign. Initially, the Group 2 Swap Provider shall be Wachovia Bank, N.A.

“Group 2 Trigger Event”: A Group 2 Trigger Event is in effect with respect to any Distribution Date with respect to the Group 2 Loans if:

(1) the three month average of the aggregate principal balance of Group 2 Loans that are 60 or more days delinquent (including for this purpose any such Mortgage Loans in bankruptcy or foreclosure and Mortgage Loans with respect to which the related mortgaged property has been acquired by the trust) as of the close of business on the last day of the preceding calendar month exceeds in the case of any Distribution Date on or after the January 2014 Distribution Date, 10.00%, and in the case of any Distribution Date on or after the January 2018 Distribution Date, 12.00% of the aggregate Stated Principal Balance of the Group 2 Loans;

(2) the cumulative amount of Realized Losses incurred on the Group 2 Loans from the Cut-off Date through the end of the calendar month immediately preceding such Distribution Date divided by the Group 2 Cut-off Date Balance exceeds (i) 4.75% with respect to the Distribution Date occurring in January 2014, plus an additional 1/12th of 1.25% for each month thereafter up to and including the Distribution Date in December 2014, (ii) 6.00% with respect to the Distribution Date occurring in January 2015, plus an additional 1/12th of 0.35% for each month thereafter up to and including the Distribution Date in December 2015, (iii) 6.35% with respect to the Distribution Date occurring in January 2016, plus an additional 1/12th of 0.15% for each month thereafter up to and including the Distribution Date in December 2016 and (iv) 6.50% with respect to any Distribution Date occurring in January 2017 and thereafter.

For purposes of the foregoing calculation, a mortgage loan is considered “60 days” delinquent if a payment due on the first day of a month has not been received by the second day of the second following month.

“Index”: With respect to any Mortgage Loan, the index for the adjustment of the Mortgage Rate set forth as such on the related Mortgage Note.

“Initial Certificate Principal Balance”: With respect to each Class of Regular Certificates, the Initial Certificate Principal Balance of such Class of Certificates as set forth in the Preliminary Statement hereto, or with respect to any single Certificate, the Initial Certificate Principal Balance as stated on the face thereof.

“Initial Notional Amount”: With respect to the Class C Certificates, an amount equal to the Notional Balance of the Class C Certificates, or with respect to any single Certificate, the Initial Notional Amount as stated on the face thereof.

“Insurance Account”: The segregated, non-interest bearing trust account created and maintained pursuant to Section 4.12(b) of this Agreement. The Insurance Account shall be an Eligible Account.

“Insurance Agreement”: The Insurance and Indemnity Agreement, dated as of December 21, 2006, among the Certificate Insurer, the Depositor, the Sponosr, the Master Servicer, the Trustee and Impac Mortgage Holdings, Inc., in regard to the Class 2-A Certificates, as such agreement may be amended, modified or supplemented from time to time.

“Insurance Policy”: With respect to any Mortgage Loan, any insurance policy (including a PMI Insurer Policy) which is required to be maintained from time to time under this Agreement in respect of such Mortgage Loan.

“Insurance Proceeds”: Proceeds paid in respect of the Mortgage Loans pursuant to any Primary Hazard Insurance Policy, any title insurance policy or any other insurance policy covering a Mortgage Loan, to the extent such proceeds 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 Amounts”: Shall mean (1) with respect to any Distribution Date, any Deficiency Amount plus any Preference Amount and (2) with respect to the Final Scheduled Distribution Date, the Deficiency Amount for the Final Scheduled Distribution Date.

“Insurer Default”: An insurer default will occur in the event the Certificate Insurer fails to make a payment under the Certificate Guaranty Insurance Policy or if certain events of bankruptcy or insolvency occur with respect to the Certificate Insurer.

“Interest Remittance Amount”: With respect to any Distribution Date and each Loan Group, that portion of the Available Distribution Amount for such Distribution Date that represents interest received or advanced with respect to the related Mortgage Loans.

“Interest Rate Swap Agreement”: The Group 1 Interest Rate Swap Agreement or the Group 2 Interest Rate Swap Agreement.

“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.

“LIBOR”: With respect to any Distribution Date and the Pass-Through Rates on the Class A Certificates and Subordinate Certificates, the arithmetic mean of the London interbank offered rate quotations of reference banks (which will be selected by the Trustee after consultation with the Master Servicer) for one-month U.S. dollar deposits, expressed on a per annum basis, determined in accordance with Section 1.02.

“LIBOR Business Day”: Any day other than (i) Saturday or Sunday or (ii) a day on which banking institutions in the city of London, England and New York City are required or authorized by law to be closed.

“LIBOR Rate Adjustment Date”: With respect to each Distribution Date, the second LIBOR Business Day immediately preceding the commencement of the related Accrual Period.

“Liquidated Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of which the Master Servicer has determined, in accordance with the servicing procedures specified herein, as of the end of the related Prepayment Period, that all Liquidation Proceeds which it expects to recover with respect to the liquidation of the Mortgage Loan or disposition of the related REO Property have been 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 amounts received in respect of any REO Property.

“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 Collateral Value of the related Mortgaged Property.

“Loan Group”: Any of Loan Group 1 or Loan Group 2.

“Loan Group 1”: The group 1 loans.

“Loan Group 2”: The group 2 loans.

“Lost Note Affidavit”: With respect to any Mortgage Note, an original lost note affidavit from the Sponsor stating that the original Mortgage Note was lost, misplaced or destroyed, together with a copy of the related Mortgage Note.

“Majority Class C Certificateholder”: The holder of a 50.01% or greater Percentage Interest of the Class C Certificates.

“Master Servicer”: Impac Funding Corporation, or any successor master servicer appointed as herein provided.

“Master Servicer Prepayment Charge Payment Amount”: The amounts payable by the Master Servicer in respect of any waived Prepayment Charges pursuant to Section 2.03, and any amount paid to the Trust Fund by any Person to remedy any breach of any representation, warranty or covenant made with respect to the Prepayment Charges to the extent the Trust Fund, as assignee, is the beneficiary of such representation, warranty or covenant.

“Master Servicing Fees”: With respect to each Mortgage Loan, an amount, payable out of any payment of interest on the Mortgage Loan, equal to interest at the Master Servicing Fee Rate on the Stated Principal Balance of such Mortgage Loan as of the Due Date in the calendar month preceding the month in which the payment of the Master Servicing Fee is due (alternatively, in the event such payment of interest accompanies a Principal Prepayment in part or in full made by the Mortgagor, interest for the number of days covered by such payment of interest). The Master Servicing Fee consists of servicing compensation payable to the Master Servicer in respect of its master servicing responsibilities.

“Master Servicing Fee Rate”: With respect to each Mortgage Loan, the per annum rate of 0.030%.

“MERS”: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.

“MERS® System”: The system of recording transfers of Mortgages electronically maintained by MERS.

“Midland”: Midland Loan Services, Inc., or its successor in interest.

“MIN”: The Mortgage Identification Number for Mortgage Loans registered with MERS on the MERS® System.

“MOM Loan”: With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

“Monthly Interest Distributable Amount”: For any Distribution Date and each class of Offered Certificates, Class C Certificates and Class IO Interests, the amount of interest accrued during the related Accrual Period at the related Pass-Through Rate on the Certificate Principal Balances or Notional Balances or Uncertificated Notional Amounts of such Certificates or interests immediately prior to such Distribution Date, in each case, reduced by any Net Prepayment Interest Shortfalls to the extent not covered by Compensating Interest payable by the Sub-Servicer or Master Servicer and any shortfalls resulting from the application of the Relief Act (in each case to the extent allocated to such class of Certificates or interests as set forth in Section 1.03). The Monthly Interest Distributable Amount on the Offered Certificates will be calculated on the basis of the actual number of days in the related Accrual Period and a 360-day year.

“Monthly Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of principal and interest on such Mortgage Loan which is payable by a Mortgagor from time to time under the related Mortgage Note as originally executed (after adjustment, if any, for Deficient Valuations occurring prior to such Due Date, and after any adjustment by reason of any bankruptcy or similar proceeding or any moratorium or similar waiver or grace period).

“Moody's”: Xxxxx'x Investors Service, Inc., or its successor in interest.

“Mortgage”: The mortgage, deed of trust or any other instrument securing the Mortgage Loan.

“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 and the Custodial Agreement; provided, that whenever the term “Mortgage File” is used to refer to documents actually received by the Custodian, such term shall not be deemed to include such additional documents required to be added unless they are actually so added.

“Mortgage Loan”: Each of the mortgage loans, transferred and assigned to the Trustee pursuant to Section 2.01, 2.04 or 2.06 and from time to time held in the Trust Fund (including any Qualified Substitute Mortgage Loans), the mortgage loans so transferred, assigned and held being identified in the Mortgage Loan Schedule. As used herein, the term “Mortgage Loan” includes the related Mortgage Note and Mortgage.

“Mortgage Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement dated as of December 21, 2006, among Impac Funding Corporation, as sponsor, Impac Mortgage Holdings, Inc. and the Depositor as purchaser, and all amendments thereof and supplements thereto.

“Mortgage Loan Schedule”: As of any date of determination, the schedule of Mortgage Loans included in the Trust Fund. The schedule of Mortgage Loans with accompanying information transferred on the Closing Date to the Trustee as part of the Trust Fund for the Certificates, attached hereto as Exhibit H, which list shall set forth the following information with respect to each Mortgage Loan:

(i) [reserved];

(ii) the city, state and zip code of the Mortgaged Property;

(iii) the original term to maturity;

(iv) the original principal balance and the original Mortgage Rate;

(v) the first payment date;

(vi) the applicable Loan Group;

(vii) the type of Mortgaged Property;

(viii) the Monthly Payment in effect as of the Cut-off Date;

(ix) the principal balance as of the Cut-off Date;

(x) the Mortgage Rate as of the Cut-off Date;

(xi) the occupancy status;

(xii) the purpose of the Mortgage Loan;

(xiii) the Collateral Value of the Mortgaged Property;

(xiv) the remaining term to maturity;

(xv) the paid-through date of the Mortgage Loan;

(xvi) the Master Servicing Fee Rate;

(xvii) the Sub-Servicing Fee Rate;

(xviii) the Net Mortgage Rate for the Mortgage Loan;

(xix) whether such Mortgage Loan is a PMI Mortgage Loan and, if so, the related PMI Insurer Fee Rate;

(xx) whether the Mortgage Loan is covered by a private mortgage insurance policy or an original certificate of private mortgage insurance;

(xxi) the documentation type;

(xxii) the type and term of the related Prepayment Charge, if any;

(xxiii) the Index and the Gross Margin; and

(xxiv) the Adjustment Date frequency and Distribution Date frequency.

The Mortgage Loan Schedule may be in the form of more than one schedule, collectively setting forth all of the information required.

“Mortgage Note”: The note or other evidence of the indebtedness of a Mortgagor under a Mortgage Loan.

“Mortgage Rate”: With respect to any Mortgage Loan, the annual rate at which interest accrues on such Mortgage Loan in the absence of default, as adjusted from time to time in accordance with the provisions of the Mortgage Note.

“Mortgaged Property”: The underlying property securing a Mortgage Loan.

“Mortgagor”: The obligor or obligors on a Mortgage Note.

“Net Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other disposition of related Mortgaged Property (including REO Property) the related Liquidation Proceeds net of Advances, Servicing Advances, Master Servicing Fees, Sub-Servicing Fees and any other accrued and unpaid servicing fees received and retained in connection with the liquidation of such Mortgage Loan or Mortgaged Property.

“Net Monthly Excess Cashflow”: For any Distribution Date and any Loan Group, the sum of (a) any related Overcollateralization Release Amount and (b) the excess of (x) the related Interest Remittance Amount for such Distribution Date over (y) the aggregate Monthly Interest Distributable Amount for the related Offered Certificates for such Distribution Date and (c) (i) with respect to Loan Group 1, on any Payment Date after the Group 1 Stepdown Date for which a Group 1 Trigger Event is not in effect, any principal remaining after payment of the Class 1-A Principal Distribution Amount and Group 1 Subordinate Class Principal Distribution Amount and (ii) with respect to Loan Group 2, on any Payment Date after the Group 2 Stepdown Date for which a Group 2 Trigger Event is not in effect, any principal remaining after payment of the Class 2-A Principal Distribution Amount.

“Net Mortgage Rate”: With respect to each Mortgage Loan Due Date, the then applicable Mortgage Rate thereon minus the sum of (1) the Master Servicing Fee Rate, (2) the Sub-Servicing Fee Rate and (3) the related PMI Insurer Fee Rate, if such Mortgage Loan is a PMI Mortgage Loan.

“Net Prepayment Interest Shortfall”: With respect to any Distribution Date, the excess, if any, of any Prepayment Interest Shortfalls for such date over the related Compensating Interest.

“Net Swap Payment”: Any of the Group 1 Net Swap Payment or Group 2 Net Swap Payment, as applicable.

“Net WAC Rate”: With respect to the Class 1-A, Class 1-M and Class 1-B Certificates, the Group 1 Net WAC Rate. With respect to the Class 2-A Certificates, the Group 2 Net WAC Rate.

“Net WAC Shortfall Amount”: With respect to the Offered Certificates and any Distribution Date, the sum of (i) the excess, if any, of (a) the amount of interest such Offered Certificates would have been entitled to receive on such Distribution Date at the related Pass-Through Rate without regard to the applicable Net WAC Rate over (b) the amount of interest accrued on such Certificates at such Net WAC Rate, plus (ii) the related Net WAC Shortfall Amount from the prior Distribution Date not previously reimbursed together with interest thereon at the related Pass-Through Rate for the most recently ended Accrual Period.

“Net WAC Shortfall Reserve Fund”: Any of the Group 1 Net WAC Shortfall Reserve Fund or the Group 2 Net WAC Shortfall Reserve Fund.

“Nonrecoverable Advance”: Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan which, in the good faith judgment of the Master Servicer, will not or, in the case of a proposed Servicing Advance, would not be ultimately recoverable from related Late Collections, Insurance Proceeds, Liquidation Proceeds or REO Proceeds. The determination by the Master Servicer that it has made a Nonrecoverable Advance or that any proposed Advance or Servicing Advance would constitute a Nonrecoverable Advance, shall be evidenced by a certificate of a Servicing Officer delivered to the Depositor and the Trustee.

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

“Notional Balance”: With respect to the Class 1-C Certificates and any Distribution Date, an amount equal to the Stated Principal Balance of the Group 1 Loans as of the related Due Date, minus the Certificate Principal Balance of the Class 1-P Certificates. For federal income tax purposes, the Notional Balance of the Class 1-C Certificates for any Distribution Date shall be an amount equal to the aggregate Uncertificated Principal Balance of the REMIC 3 Group 1 Regular Interests, other than REMIC 3 Regular Interest 1-P, for such Distribution Date. With respect to the Class 2-C Certificates and any Distribution Date, an amount equal to the Stated Principal Balance of the Group 2 Loans as of the related Due Date, minus the Certificate Principal Balance of the Class 2-P Certificates. For federal income tax purposes, the Notional Balance of the Class 2-C Certificates for any Distribution Date shall be an amount equal to the aggregate Uncertificated Principal Balance of the REMIC 3 Group 2 Regular Interests, other than REMIC 3 Regular Interest 2-P, for such Distribution Date.

“Officers’ Certificate”: A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a vice president and by the Treasurer, the Secretary, or one of the assistant treasurers or assistant secretaries of the Depositor, the Sponsor, the Master Servicer or of any Sub-Servicer and delivered to the Depositor and Trustee.

“Offered Certificates”: The Class 1-A, Class 2-A, Class 1-M and Class 1-B Certificates.

“One Month LIBOR”: The London interbank offered rate for one-month United States dollar deposits, determined as described in Section 1.02 of this Agreement.

“Opinion of Counsel”: A written opinion of counsel, who may be counsel for the Depositor, the Sponsor, or the Master Servicer, reasonably acceptable to the Trustee; except that any opinion of counsel relating to (a) the qualification of any account required to be maintained pursuant to this Agreement as an Eligible Account, (b) the qualification of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 as REMICs, (c) compliance with the REMIC Provisions or (d) resignation of the Master Servicer pursuant to Section 6.04 must be an opinion of counsel who (i) is in fact independent of the Depositor and the Master Servicer, (ii) does not have any direct financial interest or any material indirect financial interest in the Depositor or the Master Servicer or in an affiliate of either and (iii) is not connected with the Depositor or the Master Servicer as an officer, employee, director or person performing similar functions.

“Optional Termination”: As defined in Section 9.01(b) of this Agreement.

“Optional Termination Date”: The first Distribution Date on which the Master Servicer may opt to terminate the Trust Fund pursuant to Section 9.01.

“OTS”: Office of Thrift Supervision or any successor.

“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 prior to such Due Date pursuant to Sections 2.02, 2.04 or 3.14.

“Overcollateralization Deficiency Amount”: The Group 1 Overcollataralization Deficiency Amount or the Group 2 Overcollateralization Deficiency Amount, as applicable.

“Overcollateralization Floor”: The Group 1 Overcollateralization Floor or the Group 2 Overcollateralization Floor, as applicable.

“Overcollateralization Release Amount”: The Group 1 Overcollateralization Release Amount or the Group 2 Overcollateralization Release Amount, as applicable.

“Overcollateralization Target Amount”: The Group 1 Overcollateralization Target Amount or the Group 2 Overcollateralization Target Amount, as applicable.

“Overcollateralized Amount”: The Group 1 Overcollateralized Amount or the Group 2 Overcollateralized Amount, as applicable.

“Ownership Interest”: As to any Certificate, any ownership or security interest in such Certificate, including any interest in such Certificate as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

“Pass-Through Rate”: With respect to any Distribution Date and

(i) the Offered Certificates, the least of (x) One-Month LIBOR plus the related Certificate Margin (y) the applicable Net WAC Rate and (z) 11.50% per annum;

(ii) the Class 1-C Certificates and any Distribution Date, (x) a rate per annum equal to the percentage equivalent of a fraction, the numerator of which is the sum of the amount determined for each REMIC 3 Group 1 Regular Interest (other than REMIC 3 Regular Interests 1-IO and 1-P) equal to the product of (a) the excess, if any, of the Uncertificated REMIC 3 Pass-Through Rate for such REMIC 3 Group 1 Regular Interest over the Group 1 Marker Rate and (b) a notional amount equal to the Uncertificated Principal Balance of such REMIC 3 Group 1 Regular Interest, and the denominator of which is the aggregate Uncertificated Principal Balance of such REMIC 3 Group 1 Regular Interests, and (y) 100% of the interest distributable in respect of REMIC 3 Regular Interest 1-P;

(iii) the Class 2-C Certificates and any Distribution Date, (x) a rate per annum equal to the percentage equivalent of a fraction, the numerator of which is the sum of the amount determined for each REMIC 3 Group 2 Regular Interest (other than REMIC 3 Regular Interests 2-IO and 2-P) equal to the product of (a) the excess, if any, of the Uncertificated REMIC 3 Pass-Through Rate for such REMIC 3 Group 2 Regular Interest over the Group 2 Marker Rate and (b) a notional amount equal to the Uncertificated Principal Balance of such REMIC 3 Group 2 Regular Interest, and the denominator of which is the aggregate Uncertificated Principal Balance of such REMIC 3 Group 2 Regular Interests, and (y) 100% of the interest distributable in respect of REMIC 3 Regular Interest 2-P;

(iv) each of the Class 1-P Certificates and Class 2-P Certificates, 0.00% per annum; and

(v) each of the Class 1-IO Interest and Class 2-IO Interest, 100% of the amounts distributable to REMIC 3 Regular Interest 1-IO and REMIC 3 Regular Interest 2-IO, respectively, for such Distribution Date.

“Percentage Interest”: With respect to any Regular 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 divided by the aggregate Initial Certificate Principal Balance of all of the Certificates of the same Class. With respect to any 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 Investment”: 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, provided, however, that such repurchase agreements are treated as financings under generally accepted accounting principles (“GAAP”);

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

(iv) commercial paper (having original maturities of not more than 365 days) of any corporation incorporated under the laws of the United States or any state thereof which on the date of acquisition has been rated by Moody's and Standard & Poor's in their highest short-term ratings 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 Moody's in its highest long-term ratings available or rated AAAm or AAAm-G by Standard & Poor's, including any such funds for which Deutsche Bank National Trust Company or any affiliate thereof serves as an investment advisor, manager, administrator, shareholder, servicing agent, and/or custodian or sub-custodian; 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, that no instrument shall be a Permitted Investment if it represents, either (1) the right to receive only interest payments with respect to the underlying debt instrument or (2) the right to receive both principal and interest payments derived from obligations underlying such instrument and the principal and interest payments with respect to such instrument provide a yield to maturity greater than 120% of the yield to maturity at par of such underlying obligations.

To the extent that the Trustee receives any materials in connection with the holding of any Permitted Investment which require the holder to vote, the Trustee shall not exercise its voting rights.

Permitted Investments shall not be sold prior to maturity, except that a money market fund or qualified investment fund may be liquidated at any time.

“Permitted Transferee”: Any transferee of a Residual Certificate other than a Disqualified Organization, a Non-United States Person or an “electing large partnership” (as defined in Section 775 of the Code).

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

“PMI Insurer”: Radian Guaranty, Inc., or its successors or assigns.

“PMI Insurer Policy”: The lender-paid primary mortgage insurance policy issued by the PMI Insurer in accordance with a March 29, 2002 letter between the Sponsor and the PMI Insurer.

“PMI Mortgage Loan”: Any mortgage loan covered by the PMI Insurer Policy.

“PMI Insurer Fee Rate”: With respect to each PMI Mortgage Loan, the per annum rate payable to the PMI Insurer under the PMI Insurer Policy.

“Policy Premium”: The premium set forth in the Certificate Guaranty Insurance Policy.

“Policy Premium Rate”: The rate per annum set forth in the Insurance Agreement.

“Preference Amount”: Any amount previously distributed to a Class 2-A Certificateholder by or on behalf of the trust estate that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended from time to time, in accordance with a final nonappealable order of a court having competent jurisdiction.

“Prepayment Assumption”: As defined in the Prospectus Supplement.

“Prepayment Charge”: With respect to any Mortgage Loan, the charges or premiums, if any, due in connection with a full or partial prepayment of such Mortgage Loan in accordance with the terms thereof (other than any Master Servicer Prepayment Charge Payment Amount).

“Prepayment Interest Excess”: With respect to any Distribution Date, for each GMAC Mortgage Loan that was the subject of a Principal Prepayment during the portion of the Prepayment Period from the related Due Date to the end of such Prepayment Period, any payment of interest received in connection therewith (net of any applicable Servicing Fee) representing interest accrued for any portion of such month of receipt.

“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 on the Stated Principal Balance of such Mortgage Loan over the amount of interest (adjusted to the Net Mortgage Rate) 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 on the amount of such Curtailment.

“Prepayment Period”: With respect to any Mortgage Loan subserviced by Countrywide Home Loans Servicing LP and any Distribution Date, the period between the 16th of the month prior to such Distribution Date and the 15th of the current month, except the initial Prepayment Period will run from December 1, 2006 through January 15, 2007. With respect to any Mortgage Loan subserviced by GMAC Mortgage, LLC and any Distribution Date, the calendar month immediately preceding the month in which such distribution occurs. With respect to any Mortgage Loan subserviced by Midland and any Distribution Date, the calendar month immediately preceding the month in which such distribution occurs.

“Primary Hazard Insurance Policy”: Each primary hazard insurance policy required to be maintained pursuant to Section 3.13.

“Primary Insurance Policy”: Any primary policy of mortgage guaranty insurance including the PMI Insurer Policy, or any replacement policy therefor.

“Principal Distribution Amount”: With respect to any Distribution Date and any Loan Group, an amount equal to the sum of the related Basic Principal Distribution Amount plus the related Extra Principal Distribution Amount.

“Principal Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan which is received in advance of its scheduled Due Date and which is not accompanied by an amount of interest representing scheduled interest 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 unpaid principal balance of the Mortgage Loan.

“Principal Remittance Amount”: With respect to any Distribution Date and each Loan Group, the sum of the following from the Available Distribution Amount: (i) each scheduled payment of principal collected or advanced on the related Mortgage Loans by the Master Servicer that were due during the related Due Period, (ii) the principal portion of all partial and full Principal Prepayments of the related Mortgage Loans applied by the Master Servicer during the related Prepayment Period, (iii) the principal portion of all Net Liquidation Proceeds, REO Proceeds, Insurance Proceeds, and Subsequent Recoveries received during the related Prepayment Period, (iv) the principal portion of proceeds of Mortgage Loan purchases made pursuant to Section 2.02, 2.04 or 3.14, in each case received or made during the related Prepayment Period, (v) the principal portion of any related Substitution Adjustments deposited in the Custodial Account during the related Prepayment Period and (vi) on the Distribution Date on which the Trust Fund is to be terminated pursuant to Section 9.01, the principal portion of the termination price received from the Master Servicer in connection with a termination of the Trust Fund to occur on such Distribution Date.

“Prospectus Supplement”: That certain Prospectus Supplement dated December 20, 2006 relating to the public offering of the Offered Certificates.

“Purchase Price”: With respect to any Mortgage Loan (or REO Property) required to be purchased pursuant to Section 2.02, 2.04 or 3.14, an amount equal to the sum of (i) 100% of the Stated Principal Balance thereof, (ii) unpaid accrued interest (or REO Imputed Interest) at the applicable Net Mortgage Rate on the Stated Principal Balance thereof outstanding during each Due Period that such interest was not paid or advanced, from the date through which interest was last paid by the Mortgagor or advanced and distributed to Certificateholders together with unpaid Master Servicing Fees, Sub-Servicing Fees and, if such Mortgage Loan is a PMI Mortgage Loan, fees due the PMI Insurer at the PMI Insurer Fee Rate, from the date through which interest was last paid by the Mortgagor, in each case to the first day of the month in which such Purchase Price is to be distributed, plus (iii) the aggregate of all Advances and Servicing Advances made in respect thereof that were not previously reimbursed and (iv) costs and damages incurred by the Trust Fund in connection with a repurchase pursuant to Section 2.04 hereof that arises out of a violation of any anti-predatory lending law which also constitutes an actual breach of representations (xii), (xxxv), (xxxiii), (xxxviii), (xxxix) or (xliii) of Section 3.1(b) of the Mortgage Loan Purchase Agreement.

“Qualified Insurer”: Any insurance company duly qualified as such under the laws of the state or states in which the related Mortgaged Property or Mortgaged Properties is or are located, duly authorized and licensed in such state or states to transact the type of insurance business in which it is engaged and approved as an insurer by the Master Servicer, so long as the claims paying ability of which is acceptable to the Rating Agencies for pass-through certificates having the same rating as the Certificates rated by the Rating Agencies as of the Closing Date.

“Qualified Substitute Mortgage Loan”: A Mortgage Loan substituted by the Depositor for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed in an Officers’ Certificate of the Sponsor 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 paid to the Master Servicer for deposit 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 Section 2.04 hereof; and, (vi) comply with each non-statistical representation and warranty set forth in the Mortgage Loan Purchase Agreement.

“Rating Agency”: Standard & Poor's or Moody's and each of their successors. If such agencies and their successors are no longer in existence, “Rating Agency” shall be such nationally recognized statistical rating agency, or other comparable Person, designated by the Depositor, notice of which designation shall be given to the Trustee and Master Servicer. References herein to the two highest long term debt rating of a Rating Agency shall mean “AA” or better in the case of Standard & Poor's and “Aa2” or better in the case of Moody's and references herein to the highest short-term debt rating of a Rating Agency shall mean “A-1+” in the case of Standard & Poor's and “P-1” in the case of Moody's, and in the case of any other Rating Agency such references shall mean such rating categories without regard to any plus or minus.

“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 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 date of the Cash Liquidation or REO Disposition on the Stated Principal Balance of such Mortgage Loan 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 Sub-Servicer with respect to related Advances or Servicing Advances not previously reimbursed. 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.

“Record Date”: With respect to each Distribution Date and the Offered Certificates, so long as such Certificates are Book-Entry Certificates, the Business Day prior to such Distribution Date. With respect to any Offered Certificates which are not Book-Entry Certificates, the close of business on the last Business Day of the month preceding the month in which such Distribution Date occurs.

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

“Regulation AB” Subpart 229,1100 - Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan.7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

“Relief Act”: The Servicemembers Relief Act, as amended, and similar legislation or regulations.

“Relief Act Interest Shortfall”: With respect to any Distribution Date, for any Mortgage Loan with respect to which there has been a reduction in the amount of interest collectible thereon for the most recently ended Due Period as a result of the application of the Relief Act, the amount by which (i) interest collectible on such Mortgage Loan during such Due Period is less than (ii) one month's interest on the Stated Principal Balance of such Mortgage Loan at the Loan Rate for such Mortgage Loan before giving effect to the application of the Relief Act.

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

“REMIC 1”: The segregated pool of assets subject hereto (exclusive of the Net WAC Shortfall Reserve Funds, any Master Servicer Prepayment Charge Payment Amounts and, for the avoidance of doubt, the Supplemental Interest Trusts, the Derivative Accounts, the Interest Rate Swap Agreements and the Cap Contracts) with respect to which a REMIC election is to be made, conveyed in trust to the Trustee, for the benefit of the holders of the REMIC 1 Regular Interests and the Holders of the Class R Certificates (in respect of the Class R-1 Interest), consisting of: (i) each Mortgage Loan in Loan Group 1 (exclusive of payments of principal and interest due on or before the Cut-off Date, if any, received by the Master Servicer, which shall not constitute an asset of the Trust Fund) as from time to time are subject to this Agreement and all payments under and proceeds of such Mortgage Loans (exclusive of any late payment charges received on the Mortgage Loans), together with all documents included in the related Mortgage File, subject to Section 2.01; (ii) such funds or assets relating to such Mortgage Loans as from time to time are deposited in the Custodial Account or the Certificate Account and belonging to the Trust Fund; (iii) any related REO Property; (iv) the Primary Hazard Insurance Policies, if any, the Primary Insurance Policies, if any, and all other Insurance Policies with respect to such Mortgage Loans; and (v) the Depositor’s interest in respect of the representations and warranties made by the Sponsor in the Mortgage Loan Purchase Agreement as assigned to the Trustee pursuant to Section 2.04 hereof.

“REMIC 1 Regular Interest”: Any of the separate non-certificated beneficial ownership interests in REMIC 1 issued hereunder and designated as a Regular Interest in REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at the related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC 1 Regular Interests are set forth in the Preliminary Statement hereto. The REMIC 1 Regular Interests consist of REMIC 1 Regular Interest 1-1-A through REMIC 1 Regular Interest 1-84-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest OC, each as designated in the Preliminary Statement hereto.

“REMIC 2”: The segregated pool of assets subject hereto (exclusive of the Net WAC Shortfall Reserve Funds, any Master Servicer Prepayment Charge Payment Amounts and, for the avoidance of doubt, the Supplemental Interest Trusts, the Derivative Accounts, the Interest Rate Swap Agreements and the Cap Contracts) with respect to which a REMIC election is to be made, conveyed in trust to the Trustee, for the benefit of the holders of the REMIC 2 Regular Interests and the Holders of the Class R Certificates (in respect of the Class R-2 Interest), consisting of: (i) each Mortgage Loan in Loan Group 2 (exclusive of payments of principal and interest due on or before the Cut-off Date, if any, received by the Master Servicer, which shall not constitute an asset of the Trust Fund) as from time to time are subject to this Agreement and all payments under and proceeds of such Mortgage Loans (exclusive of any late payment charges received on the Mortgage Loans), together with all documents included in the related Mortgage File, subject to Section 2.01; (ii) such funds or assets relating to such Mortgage Loans as from time to time are deposited in the Custodial Account or the Certificate Account and belonging to the Trust Fund; (iii) any related REO Property; (iv) the Primary Hazard Insurance Policies, if any, the Primary Insurance Policies, if any, and all other Insurance Policies with respect to such Mortgage Loans; and (v) the Depositor’s interest in respect of the representations and warranties made by the Sponsor in the Mortgage Loan Purchase Agreement as assigned to the Trustee pursuant to Section 2.04 hereof.

“REMIC 2 Regular Interest”: Any of the separate non-certificated beneficial ownership interests in REMIC 2 issued hereunder and designated as a Regular Interest in REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC 2 Regular Interests are set forth in the Preliminary Statement hereto. The REMIC 2 Regular Interests consist of REMIC 2 Regular Interests 1-1-A through REMIC 2 Regular Interest 1-117-B, REMIC 2 Regular Interest OC and REMIC 2 Regular Interest P, each as designated in the Preliminary Statement hereto.

“REMIC 3”: The segregated pool of assets consisting of all of the REMIC 1 Regular Interests and REMIC 2 Regular Interests conveyed in trust to the Trustee, for the benefit of the holders of the REMIC 3 Regular Interests and the Holders of the Class R Certificates (in respect of the Class R-3 Interest), pursuant to Article II hereunder, with respect to which a separate REMIC election is to be made.

“REMIC 3 Group 1 Interest Loss Allocation Amount”: With respect to any Distribution Date, an amount (subject to adjustment based on the actual number of days elapsed in the respective Accrual Period) equal to (a) the sum of (x) the product of (i) the aggregate Stated Principal Balance of the Group 1 Loans and the related REO Properties then outstanding, minus the Certificate Principal Balance of the Class 1-P Certificates, and (ii) the Uncertificated REMIC 3 Pass-Through Rate for REMIC 3 Regular Interest 1-AA minus the Group 1 Marker Rate, and (y) the accrued interest on REMIC 3 Regular Interest 1-P, divided by (b) 12.

“REMIC 3 Group 1 Overcollateralized Amount”: With respect to any date of determination, (i) 1.00% of the aggregate Uncertificated Principal Balance of the REMIC 3 Group 1 Regular Interests, other than REMIC 3 Regular Interest 1-P, minus (ii) the aggregate Uncertificated Principal Balance of each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-M or Class 1-B Certificate is a Corresponding Certificate, in each case, as of such date of determination.

“REMIC 3 Group 1 Principal Loss Allocation Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the aggregate Stated Principal Balance of the Group 1 Loans and the related REO Properties then outstanding, minus the Certificate Principal Balance of the Class 1-P Certificates, and (ii) 1 minus a fraction, the numerator of which is two (2) times the aggregate Uncertificated Principal Balance of each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-M or Class 1-B Certificate is a Corresponding Certificate and the denominator of which is the aggregate Uncertificated Principal Balance of each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-M or Class 1-B Certificate is a Corresponding Certificate and REMIC 3 Regular Interest 1-ZZ.

“REMIC 3 Group 1 Overcollateralization Target Amount”: 1.00% of the Group 1 Overcollateralization Target Amount.

“REMIC 3 Group 1 Regular Interest”: Any of the REMIC 3 Regular Xxxxxxxxx 0-XX, 0-XX, 0-X0-X, 0-X0-X, 0-X0-X, 1-AM, 1-M-1, 1-M-2, 1-M-3, 1-M-4, 1-M-5, 1-M-6, 1-M-7, 1-M-8, 1-B, 1-IO and 1-P.

“REMIC 3 Group 2 Interest Loss Allocation Amount”: With respect to any Distribution Date, an amount (subject to adjustment based on the actual number of days elapsed in the respective Accrual Period) equal to (a) the sum of (x) the product of (i) the aggregate Stated Principal Balance of the Group 2 Loans and the related REO Properties then outstanding, minus the Certificate Principal Balance of the Class 2-P Certificates, and (ii) the Uncertificated REMIC 3 Pass-Through Rate for REMIC 3 Regular Interest 2-AA minus the Group 2 Marker Rate, and (y) the accrued interest on REMIC 3 Regular Interest 2-P, divided by (b) 12.

“REMIC 3 Group 2 Overcollateralized Amount”: With respect to any date of determination, (i) 1.00% of the aggregate Uncertificated Principal Balance of the REMIC 3 Group 2 Regular Interests, other than REMIC 3 Regular Interest 2-P, minus (ii) the Uncertificated Principal Balance of REMIC 3 Regular Interest 2-A, in each case, as of such date of determination.

“REMIC 3 Group 2 Principal Loss Allocation Amount”: With respect to any Distribution Date, an amount equal to the product of (i) the aggregate Stated Principal Balance of the Group 2 Loans and the related REO Properties then outstanding, minus the Certificate Principal Balance of the Class 2-P Certificates, and (ii) 1 minus a fraction, the numerator of which is two (2) times the Uncertificated Principal Balance of REMIC 3 Regular Interest 2-A and the denominator of which is the Uncertificated Principal Balance of REMIC 3 Regular Interest 2-A and REMIC 3 Regular Interest 2-ZZ.

“REMIC 3 Group 2 Overcollateralization Target Amount”: 1.00% of the Group 1 Overcollateralization Target Amount.

“REMIC 3 Group 2 Regular Interest”: Any of the REMIC 3 Regular Interests 2-AA, 2-ZZ, 2-A, 2-IO and 2-P.

“REMIC 3 Regular Interest”: Any of the separate non-certificated beneficial ownership interests in REMIC 3 issued hereunder and designated as a Regular Interest in REMIC 3. Each REMIC 3 Regular Interest shall accrue interest at the related Uncertificated REMIC 3 Pass-Through Rate in effect from time to time, and (except for the REMIC 3 Regular Interests 1-IO and 2-IO) shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC 3 Regular Interests are set forth in the Preliminary Statement hereto. The REMIC 3 Regular Interests consist of the REMIC 3 Group 1 Regular Interests and REMIC 3 Group 2 Regular Interests.

“REMIC 4”: The segregated pool of assets consisting of all of the REMIC 3 Regular Interests conveyed in trust to the Trustee, for the benefit of the holders of the Regular 4 Regular Interests and the Holders of the Class R Certificates (in respect of the Class R-4 Interest), pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.

“REMIC 4 Regular Interest”: The Class 1-IO Interest, Class 2-IO Interest or any Regular Interest in REMIC 4 the ownership of which is represented by any of the Regular Certificates.

“REMIC Provisions”: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A through 860G of Subchapter M of Chapter 1 of the Code, and related provisions, and proposed, temporary and final regulations and published rulings, notices and announcements promulgated thereunder, as the foregoing may be in effect from time to time.

“REMIC Regular Interest”: A REMIC 1 Regular Interest, REMIC 2 Regular Interest or REMIC 3 Regular Interest.

“Remittance Report”: A report prepared by the Master Servicer providing the information set forth in Exhibit E attached hereto.

“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 3.15.

“REO Disposition”: The receipt by the Master Servicer of Insurance Proceeds, Liquidation 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 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 (as such balance is reduced pursuant to Section 3.15 by any income from the REO Property treated as a recovery of principal).

“REO Proceeds”: Proceeds, net of directly related expenses, received in respect of any REO Property (including, without limitation, proceeds from the rental of the related Mortgaged Property and of any REO Disposition), which proceeds are required to be deposited into the Custodial Account as and when received.

“REO Property”: A Mortgaged Property acquired by the Master Servicer on behalf of the Trust Fund through foreclosure or deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan.

“Request for Release”: A release signed by a Servicing Officer, in the form of Exhibits F-1 or F-2 attached hereto.

“Residual Certificate”: The Class R Certificates.

“Residual Interest”: The sole class of “residual interests” in a REMIC within the meaning of Section 860G(a)(2) of the Code.

“Responsible Officer”: When used with respect to the Trustee, the Chairman or Vice Chairman of the Board of Directors or Trustees, the Chairman or Vice Chairman of the Executive or Standing Committee of the Board of Directors or Trustees, the President, the Chairman of the Committee on Trust Matters, any vice president, any assistant vice president, the Secretary, any assistant secretary, the Treasurer, any assistant treasurer, 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 and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject.

“Servicing Account”: The account or accounts created and maintained pursuant to Section 3.09.

“Servicing Advances”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred in connection with a default, delinquency or other unanticipated event in the performance by the Master Servicer or any Sub-Servicer 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, including any expenses incurred in relation to any such proceedings that result from the Mortgage Loan being registered on the MERS System, (iii) the management and liquidation of any REO Property, including reasonable fees paid to any independent contractor in connection therewith, and (iv) compliance with the obligations under the second paragraph of Section 3.01, Section 3.09 and Section 3.13 (other than any deductible described in the last paragraph thereof).

“Servicing Criteria” The “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time, or those Servicing Criteria otherwise mutually agreed to by Sponsor, the Master Servicer and the applicable Sub-Servicer in response to evolving interpretations of Regulation AB and incorporated into a revised Exhibit N.

“Servicing Guide”: The Impac Funding Corporation Servicing Guide attached hereto as Exhibit K.

“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.

“Single Certificate”: A Regular Certificate of any Class (other than a Class P Certificate) evidencing an Initial Certificate Principal Balance of $1,000, or, in the case of a Class P Certificate, a Certificate of such Class evidencing an Initial Certificate Principal Balance of $100.

“Specially Serviced Group 2 Loan”: A Group 2 loan with respect to which certain delinquency, loss or foreclosure events have occurred as provided in the related Sub-Servicing Agreement, including any Group 2 loan which is 60 days or more delinquent.

“Sponsor” Impac Funding Corporation, or its successor in interest.

“Standard & Poor’s”: Standard & Poor's Ratings Services, a division of The McGraw Hill Companies, Inc., or its successor in interest.

“Startup Day”: The day designated as such pursuant to Article X hereof.

“Stated Principal Balance”: With respect to any Mortgage Loan or related REO Property at any given time, (i) the principal balance of the Mortgage Loan outstanding as of the Cut-off Date, after application of principal payments due on or before such date, whether or not received, 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 3.15 with respect to such Mortgage Loan or REO Property, which were distributed pursuant to Section 4.01 on any previous Distribution Date, and (c) any Realized Loss with respect thereto allocated pursuant to Section 4.07 for any previous Distribution Date.

“Step-Up Date”: The Group 1 Step-Up Date or the Group 2 Step-Up Date.

“Stepdown Date”: The Group 1 Stepdown Date or the Group 2 Stepdown Date.

“Stepdown Target Subordination Percentage”: For each class of Subordinate Certificates, the respective percentages indicated in the following table:

	Stepdown Target Subordination Percentage
Class 1-M-1		10.40	%
Class 1-M-2		8.00	%
Class 1-M-3		6.70	%
Class 1-M-4		5.60	%
Class 1-M-5		4.60	%
Class 1-M-6		3.90	%
Class 1-M-7		3.20	%
Class 1-M-8		2.50	%
Class 1-B		1.60	%

“Subordinate Certificates”: The Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates.

“Subsequent Recoveries”: Any Liquidation Proceeds (net of amounts owed to the Master Servicer or any Sub-Servicer with respect to the related Mortgage Loan) received after the final liquidation of a Mortgage Loan. If Subsequent Recoveries are received, they will be included as part of the Principal Remittance Amount for the following Distribution Date and distributed in accordance with the priorities described in Section 4.01 of this Agreement. In addition, after giving effect to all distributions on a Distribution Date, if any Allocated Realized Loss Amounts are outstanding, the Allocated Realized Loss Amount for the class of Offered Certificates then outstanding with the highest distribution priority will be decreased by the amount of such Subsequent Recoveries until reduced to zero (with any remaining Subsequent Recoveries applied to reduce the Allocated Realized Loss Amount of the class with the next highest distribution priority), and the Certificate Principal Balance of such class or classes of Offered Certificates will be increased by the same amount. Thereafter, such class or classes of Offered Certificates will accrue interest on the increased Certificate Principal Balance.

“Sub-Servicer”: Any Person with which the Master Servicer has entered into a Sub-Servicing Agreement and which meets the qualifications of a Sub-Servicer pursuant to Section 3.02.

“Sub-Servicer Remittance Date”: With respect to any Mortgage Loan subserviced by Countrywide Home Loans Servicing LP, the 21st day of each month, or if such day is not a Business Day, the immediately preceding Business Day. With respect to any Mortgage Loan subserviced by GMAC Mortgage, LLC, the 18th day of each month, or if such day is not a Business Day, the immediately preceding Business Day. With respect to any Mortgage Loan subserviced by Midland, the 18th day of each month, or if such day is not a Business Day, the immediately preceding Business Day.

“Sub-Servicing Account”: An account established by a Sub-Servicer which meets the requirements set forth in Section 3.08 and is otherwise acceptable to the Master Servicer.

“Sub-Servicing Agreement”: The written contract between the Master Servicer and a Sub-Servicer and any successor Sub-Servicer relating to servicing and administration of certain Mortgage Loans as provided in Section 3.02.

“Sub-Servicing Fees”: With respect to each Mortgage Loan, accrued interest at the Sub-Servicing Fee Rate with respect to the Mortgage Loan on the same principal balance on which interest on the Mortgage Loan accrues for the calendar month. The Sub-Servicing Fees consist of subservicing and other related compensation payable to the related Sub-Servicer or to the Master Servicer if the Master Servicer is directly servicing the loan.

“Sub-Servicing Fee Rate”: On each adjustable-rate Group 1 Loan, including any such mortgage loan with an initial fixed rate, 0.375% per annum. On each fixed-rate Group 1 Loan for the first lien mortgage loans, 0.250% per annum. On each fixed-rate Group 1 Loan for the second lien mortgage loans, 0.500% per annum. On each Group 2 Loan, a rate equal to 0.250% per annum, with such rate increasing to 0.750% per annum for any Group 2 Loan that becomes a Specially Serviced Group 2 Loan.

“Substitution Adjustment”: As defined in Section 2.04 hereof.

“Supplemental Interest Trust”: The Group 1 Supplemental Interest Trust or the Group 2 Supplemental Interest Trust, as applicable.

“Supplemental Interest Trust Trustee”: The Group 1 Supplemental Interest Trust Trustee or the Group 2 Supplemental Interest Trust Trustee, as applicable.

“Swap LIBOR”: LIBOR as determined pursuant to each Interest Rate Swap Agreement.

“Swap Optional Termination Payment”: As defined in Section 9.01 hereof.

“Swap Provider”: The Group 1 Swap Provider or Group 2 Swap Provider, as applicable.

“Swap Provider Trigger Event” With respect to any Distribution Date, (i) an Event of Default under the related Interest Rate Swap Agreement with respect to which the Swap Provider is a Defaulting Party, (ii) a Termination Event under the related Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party, or (iii) an Additional Termination Event under the related Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party.

“Swap Termination Payment” Upon the designation of an “Early Termination Date” as defined in the related Interest Rate Swap Agreement, the payment to be made by the Supplemental Interest Trust to the Swap Provider or by the Swap Provider to the Supplemental Interest Trust, as applicable, pursuant to the terms of the related Interest Rate Swap Agreement.

“Tax Matters Person”: The person designated as “tax matters person” in the manner provided under Treasury Regulation Sections 1.860F-4(d) and 301.6231(a)(7)-1T. The Holder of the greatest Percentage Interest in a class of Residual Interests in a REMIC shall be the Tax Matters Person for the related REMIC. The Trustee, or any successor thereto or assignee thereof, shall serve as tax administrator hereunder and as agent for the related Tax Matters Person.

“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 REMIC 1, REMIC 2, REMIC 3 and REMIC 4 due to their classification as REMICs 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.

“Transferor”: Any Person who is disposing by Transfer of any Ownership Interest in a Certificate.

“Trust Fund”: REMIC 1, REMIC 2, REMIC 3, REMIC 4 the Net WAC Shortfall Reserve Fund and Master Servicer Prepayment Charge Payment Amount.

“Trustee”: Deutsche Bank National Trust Company, or its successor in interest, or any successor trustee appointed as herein provided.

“Uncertificated Accrued Interest”: With respect to each REMIC Regular Interest on each Distribution Date, an amount equal to one month's interest at the related Uncertificated Pass-Through Rate on the related Uncertificated Principal Balance or related Uncertificated Notional Amount of such REMIC Regular Interest. In each case, Uncertificated Accrued Interest will be reduced by any Net Prepayment Interest Shortfalls and Relief Act Interest Shortfalls (allocated to such REMIC Regular Interests as set forth in Section 1.03).

“Uncertificated Notional Balance”: With respect to REMIC 3 Regular Interest 1-IO and each Distribution Date listed below, the aggregate Uncertificated Principal Balance of the REMIC 1 Regular Interests ending with the designation “A” listed below:

Distribution Date	REMIC 1 Regular Interests
1	1-1-A through 1-84-A
2	1-1-A through 1-84-A
3	1-3-A through 1-84-A
4	1-4-A through 1-84-A
5	1-5-A through 1-84-A
6	1-6-A through 1-84-A

7	1-7-A through 1-84-A
8	1-8-A through 1-84-A
9	1-9-A through 1-84-A
10	1-10-A through 1-84-A
11	1-11-A through 1-84-A
12	1-11-A through 1-84-A
13	1-13-A through 1-84-A
14	1-14-A through 1-84-A
15	1-15-A through 1-84-A
16	1-16-A through 1-84-A
17	1-17-A through 1-84-A
18	1-18-A through 1-84-A
19	1-19-A through 1-84-A
20	1-20-A through 1-84-A
21	1-21-A through 1-84-A
22	1-21-A through 1-84-A
23	1-23-A through 1-84-A
24	1-24-A through 1-84-A
25	1-25-A through 1-84-A
26	1-26-A through 1-84-A
27	1-27-A through 1-84-A
28	1-28-A through 1-84-A
29	1-29-A through 1-84-A
30	1-30-A through 1-84-A
31	1-31-A through 1-84-A
32	1-31-A through 1-84-A
33	1-33-A through 1-84-A
34	1-34-A through 1-84-A
35	1-35-A through 1-84-A
36	1-36-A through 1-84-A
37	1-37-A through 1-84-A
38	1-38-A through 1-84-A
39	1-39-A through 1-84-A
40	1-40-A through 1-84-A
41	1-41-A through 1-84-A
42	1-41-A through 1-84-A
43	1-43-A through 1-84-A
44	1-44-A through 1-84-A
45	1-45-A through 1-84-A
46	1-46-A through 1-84-A
47	1-47-A through 1-84-A
48	1-48-A through 1-84-A
49	1-49-A through 1-84-A
50	1-50-A through 1-84-A
51	1-51-A through 1-84-A
52	1-51-A through 1-84-A
53	1-53-A through 1-84-A
54	1-54-A through 1-84-A
55	1-55-A through 1-84-A
56	1-56-A through 1-84-A
57	1-57-A through 1-84-A
58	1-58-A through 1-84-A
59	1-59-A through 1-84-A
60	1-60-A through 1-84-A
61	1-61-A through 1-84-A
62	1-61-A through 1-84-A

63	1-63-A through 1-84-A
64	1-64-A through 1-84-A
65	1-65-A through 1-84-A
66	1-66-A through 1-84-A
67	1-67-A through 1-84-A
68	1-68-A through 1-84-A
69	1-69-A through 1-84-A
70	1-70-A through 1-84-A
71	1-71-A through 1-84-A
72	1-71-A through 1-84-A
73	1-73-A through 1-84-A
74	1-74-A through 1-84-A
75	1-75-A through 1-84-A
76	1-76-A through 1-84-A
77	1-77-A through 1-84-A
78	1-78-A through 1-84-A
79	1-79-A through 1-84-A
80	1-80-A through 1-84-A
81	1-81-A through 1-84-A
82	1-81-A through 1-84-A
83	1-83-A through 1-84-A
84	1-84-A
thereafter	$0.00

With respect to REMIC 3 Regular Interest 2-IO and each Distribution Date listed below, the aggregate Uncertificated Principal Balance of the REMIC 2 Regular Interests ending with the designation “A” listed below:

Distribution Date	REMIC 2 Regular Interests
1	1-1-A through 1-117-A
2	1-1-A through 1-117-A
3	1-3-A through 1-117-A
4	1-4-A through 1-117-A
5	1-5-A through 1-117-A
6	1-6-A through 1-117-A
7	1-7-A through 1-117-A
8	1-8-A through 1-117-A
9	1-9-A through 1-117-A
10	1-10-A through 1-117-A
11	1-11-A through 1-117-A
12	1-11-A through 1-117-A
13	1-13-A through 1-117-A
14	1-14-A through 1-117-A
15	1-15-A through 1-117-A
16	1-16-A through 1-117-A
17	1-17-A through 1-117-A
18	1-18-A through 1-117-A
19	1-19-A through 1-117-A
20	1-20-A through 1-117-A
21	1-21-A through 1-117-A
22	1-21-A through 1-117-A

23	1-23-A through 1-117-A
24	1-24-A through 1-117-A
25	1-25-A through 1-117-A
26	1-26-A through 1-117-A
27	1-27-A through 1-117-A
28	1-28-A through 1-117-A
29	1-29-A through 1-117-A
30	1-30-A through 1-117-A
31	1-31-A through 1-117-A
32	1-31-A through 1-117-A
33	1-33-A through 1-117-A
34	1-34-A through 1-117-A
35	1-35-A through 1-117-A
36	1-36-A through 1-117-A
37	1-37-A through 1-117-A
38	1-38-A through 1-117-A
39	1-39-A through 1-117-A
40	1-40-A through 1-117-A
41	1-41-A through 1-117-A
42	1-41-A through 1-117-A
43	1-43-A through 1-117-A
44	1-44-A through 1-117-A
45	1-45-A through 1-117-A
46	1-46-A through 1-117-A
47	1-47-A through 1-117-A
48	1-48-A through 1-117-A
49	1-49-A through 1-117-A
50	1-50-A through 1-117-A
51	1-51-A through 1-117-A
52	1-51-A through 1-117-A
53	1-53-A through 1-117-A
54	1-54-A through 1-117-A
55	1-55-A through 1-117-A
56	1-56-A through 1-117-A
57	1-57-A through 1-117-A
58	1-58-A through 1-117-A
59	1-59-A through 1-117-A
60	1-60-A through 1-117-A
61	1-61-A through 1-117-A
62	1-61-A through 1-117-A
63	1-63-A through 1-117-A
64	1-64-A through 1-117-A
65	1-65-A through 1-117-A
66	1-66-A through 1-117-A
67	1-67-A through 1-117-A
68	1-68-A through 1-117-A
69	1-69-A through 1-117-A
70	1-70-A through 1-117-A
71	1-71-A through 1-117-A
72	1-71-A through 1-117-A
73	1-73-A through 1-117-A

74	1-74-A through 1-117-A
75	1-75-A through 1-117-A
76	1-76-A through 1-117-A
77	1-77-A through 1-117-A
78	1-78-A through 1-117-A
79	1-79-A through 1-117-A
80	1-80-A through 1-117-A
81	1-81-A through 1-117-A
82	1-81-A through 1-117-A
83	1-83-A through 1-117-A
84	1-84-A through 1-117-A
85	1-85-A through 1-117-A
86	1-86-A through 1-117-A
87	1-87-A through 1-117-A
88	1-88-A through 1-117-A
89	1-89-A through 1-117-A
90	1-90-A through 1-117-A
91	1-91-A through 1-117-A
92	1-91-A through 1-117-A
93	1-93-A through 1-117-A
94	1-94-A through 1-117-A
95	1-95-A through 1-117-A
96	1-96-A through 1-117-A
97	1-97-A through 1-117-A
98	1-98-A through 1-117-A
99	1-99-A through 1-117-A
100	1-100-A through 1-117-A
101	1-101-A through 1-117-A
102	1-101-A through 1-117-A
103	1-103-A through 1-117-A
104	1-104-A through 1-117-A
105	1-105-A through 1-117-A
106	1-106-A through 1-117-A
107	1-107-A through 1-117-A
108	1-108-A through 1-117-A
109	1-109-A through 1-117-A
110	1-110-A through 1-117-A
111	1-111-A through 1-117-A
112	1-111-A through 1-117-A
113	1-113-A through 1-117-A
114	1-114-A through 1-117-A
115	1-115-A through 1-117-A
116	1-116-A through 1-117-A
117	1-117-A
thereafter	$0.00

With respect to the Class 1-IO Interest and any Distribution Date, an amount equal to the Uncertificated Notional Amount of the REMIC 3 Regular Interest 1-IO.

With respect to the Class 2-IO Interest and any Distribution Date, an amount equal to the Uncertificated Notional Amount of the REMIC 3 Regular Interest 2-IO.

“Uncertificated Pass-Through Rate”: The Uncertificated REMIC 1 Pass-Through Rate, Uncertificated REMIC 2 Pass-Through Rate or Uncertificated REMIC 3 Pass-Through Rate.

“Uncertificated Principal Balance”: With respect to each REMIC Regular Interest, the principal amount of such REMIC Regular Interest outstanding as of any date of determination. As of the Closing Date, the Uncertificated Principal Balance of each REMIC Regular Interest shall equal the amount set forth in the Preliminary Statement hereto as its initial Uncertificated Principal Balance. On each Distribution Date, the Uncertificated Principal Balance of each such REMIC Regular Interest shall be reduced by all distributions of principal made on such REMIC Regular Interest on such Distribution Date pursuant to Section 4.04 and, if and to the extent necessary and appropriate, shall be further reduced on such Distribution Date by Realized Losses as provided in Section 4.05. The Uncertificated Principal Balances of REMIC 3 Regular Interest 1-ZZ and REMIC 3 Regular Interest 2-ZZ shall be increased by interest deferrals as provided in Sections 4.04(c)(1)(ii) and 4.04(c)(2)(ii), respectively. The Uncertificated Principal Balance of each REMIC Regular Interest shall never be less than zero.

“Uncertificated REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interests OC and P and any Distribution Date, a per annum rate equal to the Group 1 Net Mortgage Rate for such Distribution Date.

With respect to each REMIC 1 Regular Interest ending with the designation “A” and any Distribution Date, a per annum rate equal to the Group 1 Net Mortgage Rate for such Distribution Date multiplied by 2, subject to a maximum rate equal to 2 multiplied by the per annum fixed rate set forth in the Group 1 Interest Rate Swap Agreement to be used in determining the Net Swap Payment under such agreement for such Distribution Date.

With respect to each REMIC 1 Regular Interest ending with the designation “B” and any Distribution Date, a per annum rate equal to the greater of (x) the excess of (1) 2 multiplied by the Group 1 Net Mortgage Rate for such Distribution Date over (2) 2 multiplied by the per annum fixed rate set forth in the Group 1 Interest Rate Swap Agreement to be used in determining the Net Swap Payment under such agreement for such Distribution Date, and (y) 0.00%.

“Uncertificated REMIC 2 Pass-Through Rate”: With respect to REMIC 2 Regular Interests OC and P and any Distribution Date, a per annum rate equal to the Group 2 Net Mortgage Rate for such Distribution Date.

With respect to each REMIC 2 Regular Interest ending with the designation “A” and any Distribution Date, a per annum rate equal to the Group 2 Net Mortgage Rate for such Distribution Date, multiplied by 2, subject to a maximum rate equal to 2 multiplied by the per annum fixed rate set forth in the Group 2 Interest Rate Swap Agreement to be used in determining the Net Swap Payment under such agreement for such Distribution Date.

With respect to each REMIC 2 Regular Interest ending with the designation “B” and any Distribution Date, a per annum rate equal to the greater of (x) the excess of (1) 2 multiplied by the Group 2 Net Mortgage Rate for such Distribution Date over (2) 2 multiplied by the per annum fixed rate set forth in the Group 2 Interest Rate Swap Agreement to be used in determining the Net Swap Payment under such agreement for such Distribution Date, and (y) 0.00%.

“Uncertificated REMIC 3 Pass-Through Rate”: With respect to each REMIC 3 Group 1 Regular Interest (other than REMIC 3 Regular Interest 1-IO) and any Distribution Date, a per annum rate equal to the weighted average of (i) the Uncertificated REMIC 1 Pass-Through Rates for the REMIC 1 Regular Interests ending with the designation “B”, REMIC 1 Regular Interest P and REMIC 1 Regular Interest OC for such Distribution Date, and (ii) the rates listed below for the REMIC 1 Regular Interests ending with the designation “A” for such Distribution Date, in each case weighted on the basis of the Uncertificated Principal Balances of each such REMIC 1 Regular Interest for such Distribution Date:

Distribution Date	REMIC 1 Regular Interest	Rate
1	1-1-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
2	1-1-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A	Uncertificated REMIC 1 Pass-Through Rate
3	1-3-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-1-A	Uncertificated REMIC 1 Pass-Through Rate
4	1-4-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-3-A	Uncertificated REMIC 1 Pass-Through Rate
5	1-5-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-4-A	Uncertificated REMIC 1 Pass-Through Rate
6	1-6-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-5-A	Uncertificated REMIC 1 Pass-Through Rate
7	1-7-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-6-A	Uncertificated REMIC 1 Pass-Through Rate
8	1-8-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-7-A	Uncertificated REMIC 1 Pass-Through Rate
9	1-9-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-8-A	Uncertificated REMIC 1 Pass-Through Rate
10	1-10-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-9-A	Uncertificated REMIC 1 Pass-Through Rate
11	1-11-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-10-A	Uncertificated REMIC 1 Pass-Through Rate
12	1-11-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-11-A	Uncertificated REMIC 1 Pass-Through Rate
13	1-13-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-11-A	Uncertificated REMIC 1 Pass-Through Rate
14	1-14-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-13-A	Uncertificated REMIC 1 Pass-Through Rate

15	1-15-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-14-A	Uncertificated REMIC 1 Pass-Through Rate
16	1-16-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-15-A	Uncertificated REMIC 1 Pass-Through Rate
17	1-17-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-16-A	Uncertificated REMIC 1 Pass-Through Rate
18	1-18-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-17-A	Uncertificated REMIC 1 Pass-Through Rate
19	1-19-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-18-A	Uncertificated REMIC 1 Pass-Through Rate
20	1-20-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-19-A	Uncertificated REMIC 1 Pass-Through Rate
21	1-21-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-20-A	Uncertificated REMIC 1 Pass-Through Rate
22	1-21-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-21-A	Uncertificated REMIC 1 Pass-Through Rate
23	1-23-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-21-A	Uncertificated REMIC 1 Pass-Through Rate
24	1-24-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-23-A	Uncertificated REMIC 1 Pass-Through Rate
25	1-25-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-24-A	Uncertificated REMIC 1 Pass-Through Rate
26	1-26-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-25-A	Uncertificated REMIC 1 Pass-Through Rate
27	1-27-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-26-A	Uncertificated REMIC 1 Pass-Through Rate
28	1-28-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-27-A	Uncertificated REMIC 1 Pass-Through Rate
29	1-29-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-28-A	Uncertificated REMIC 1 Pass-Through Rate
30	1-30-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-29-A	Uncertificated REMIC 1 Pass-Through Rate
31	1-31-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-30-A	Uncertificated REMIC 1 Pass-Through Rate
32	1-31-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-31-A	Uncertificated REMIC 1 Pass-Through Rate
33	1-33-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-31-A	Uncertificated REMIC 1 Pass-Through Rate
34	1-34-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-33-A	Uncertificated REMIC 1 Pass-Through Rate
35	1-35-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-34-A	Uncertificated REMIC 1 Pass-Through Rate

36	1-36-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-35-A	Uncertificated REMIC 1 Pass-Through Rate
37	1-37-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-36-A	Uncertificated REMIC 1 Pass-Through Rate
38	1-38-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-37-A	Uncertificated REMIC 1 Pass-Through Rate
39	1-39-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-38-A	Uncertificated REMIC 1 Pass-Through Rate
40	1-40-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-39-A	Uncertificated REMIC 1 Pass-Through Rate
41	1-41-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-40-A	Uncertificated REMIC 1 Pass-Through Rate
42	1-41-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-41-A	Uncertificated REMIC 1 Pass-Through Rate
43	1-43-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-41-A	Uncertificated REMIC 1 Pass-Through Rate
44	1-44-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-43-A	Uncertificated REMIC 1 Pass-Through Rate
45	1-45-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-44-A	Uncertificated REMIC 1 Pass-Through Rate
46	1-46-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-45-A	Uncertificated REMIC 1 Pass-Through Rate
47	1-47-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-46-A	Uncertificated REMIC 1 Pass-Through Rate
48	1-48-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-47-A	Uncertificated REMIC 1 Pass-Through Rate
49	1-49-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-48-A	Uncertificated REMIC 1 Pass-Through Rate
50	1-50-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-49-A	Uncertificated REMIC 1 Pass-Through Rate
51	1-51-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-50-A	Uncertificated REMIC 1 Pass-Through Rate
52	1-51-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-51-A	Uncertificated REMIC 1 Pass-Through Rate
53	1-53-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-51-A	Uncertificated REMIC 1 Pass-Through Rate
54	1-54-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-53-A	Uncertificated REMIC 1 Pass-Through Rate
55	1-55-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-54-A	Uncertificated REMIC 1 Pass-Through Rate
56	1-56-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate

	1-1-A through 1-55-A	Uncertificated REMIC 1 Pass-Through Rate
57	1-57-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-56-A	Uncertificated REMIC 1 Pass-Through Rate
58	1-58-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-57-A	Uncertificated REMIC 1 Pass-Through Rate
59	1-59-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-58-A	Uncertificated REMIC 1 Pass-Through Rate
60	1-60-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-59-A	Uncertificated REMIC 1 Pass-Through Rate
61	1-61-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-60-A	Uncertificated REMIC 1 Pass-Through Rate
62	1-61-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-61-A	Uncertificated REMIC 1 Pass-Through Rate
63	1-63-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-61-A	Uncertificated REMIC 1 Pass-Through Rate
64	1-64-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-63-A	Uncertificated REMIC 1 Pass-Through Rate
65	1-65-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-64-A	Uncertificated REMIC 1 Pass-Through Rate
66	1-66-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-65-A	Uncertificated REMIC 1 Pass-Through Rate
67	1-67-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-66-A	Uncertificated REMIC 1 Pass-Through Rate
68	1-68-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-67-A	Uncertificated REMIC 1 Pass-Through Rate
69	1-69-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-68-A	Uncertificated REMIC 1 Pass-Through Rate
70	1-70-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-59-A	Uncertificated REMIC 1 Pass-Through Rate
71	1-71-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-70-A	Uncertificated REMIC 1 Pass-Through Rate
72	1-72-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-71-A	Uncertificated REMIC 1 Pass-Through Rate
73	1-73-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-72-A	Uncertificated REMIC 1 Pass-Through Rate
74	1-74-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-73-A	Uncertificated REMIC 1 Pass-Through Rate
75	1-75-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-74-A	Uncertificated REMIC 1 Pass-Through Rate
76	1-76-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-75-A	Uncertificated REMIC 1 Pass-Through Rate
77	1-77-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate

	1-1-A through 1-76-A	Uncertificated REMIC 1 Pass-Through Rate
78	1-78-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-77-A	Uncertificated REMIC 1 Pass-Through Rate
79	1-79-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-78-A	Uncertificated REMIC 1 Pass-Through Rate
80	1-80-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-59-A	Uncertificated REMIC 1 Pass-Through Rate
81	1-81-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-80-A	Uncertificated REMIC 1 Pass-Through Rate
82	1-81-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-81-A	Uncertificated REMIC 1 Pass-Through Rate
83	1-83-A through 1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-81-A	Uncertificated REMIC 1 Pass-Through Rate
84	1-84-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 1 Pass-Through Rate
	1-1-A through 1-83-A	Uncertificated REMIC 1 Pass-Through Rate
thereafter	1-1-A through 1-84-A	Uncertificated REMIC 1 Pass-Through Rate

With respect to REMIC 3 Regular Interest 1-IO and any Distribution Date, a per annum rate equal to the excess, if any, of (i) the weighted average of the Uncertificated REMIC 1 Pass-Through Rates for the REMIC 1 Regular Interests ending with the designation “A” for such Distribution Date over (ii) 2 multiplied by Swap LIBOR for such Distribution Date.

With respect to each REMIC 3 Group 2 Regular Interest (other than REMIC 3 Regular Interest 2-IO) and any Distribution Date, a per annum rate equal to the weighted average of (i) the Uncertificated REMIC 2 Pass-Through Rates for the REMIC 2 Regular Interests ending with the designation “B”, REMIC 2 Regular Interest P and REMIC 2 Regular Interest OC for such Distribution Date, and (ii) the rates listed below for the REMIC 2 Regular Interests ending with the designation “A” for such Distribution Date, in each case weighted on the basis of the Uncertificated Principal Balances of each such REMIC 2 Regular Interest for such Distribution Date:

Distribution Date	REMIC 2 Regular Interest	Rate
1	1-1-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
2	1-2-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A	Uncertificated REMIC 2 Pass-Through Rate
3	1-3-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-2-A	Uncertificated REMIC 2 Pass-Through Rate
4	1-4-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-3-A	Uncertificated REMIC 2 Pass-Through Rate
5	1-5-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-4-A	Uncertificated REMIC 2 Pass-Through Rate
6	1-6-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate

	1-1-A through 1-5-A	Uncertificated REMIC 2 Pass-Through Rate
7	1-7-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-6-A	Uncertificated REMIC 2 Pass-Through Rate
8	1-8-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-7-A	Uncertificated REMIC 2 Pass-Through Rate
9	1-9-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-8-A	Uncertificated REMIC 2 Pass-Through Rate
10	1-10-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-9-A	Uncertificated REMIC 2 Pass-Through Rate
11	1-11-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-10-A	Uncertificated REMIC 2 Pass-Through Rate
12	1-12-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-11-A	Uncertificated REMIC 2 Pass-Through Rate
13	1-13-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-12-A	Uncertificated REMIC 2 Pass-Through Rate
14	1-14-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-13-A	Uncertificated REMIC 2 Pass-Through Rate
15	1-15-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-14-A	Uncertificated REMIC 2 Pass-Through Rate
16	1-16-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-15-A	Uncertificated REMIC 2 Pass-Through Rate
17	1-17-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-16-A	Uncertificated REMIC 2 Pass-Through Rate
18	1-18-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-17-A	Uncertificated REMIC 2 Pass-Through Rate
19	1-19-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-18-A	Uncertificated REMIC 2 Pass-Through Rate
20	1-20-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-19-A	Uncertificated REMIC 2 Pass-Through Rate
21	1-21-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-20-A	Uncertificated REMIC 2 Pass-Through Rate
22	1-22-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-21-A	Uncertificated REMIC 2 Pass-Through Rate
23	1-23-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-22-A	Uncertificated REMIC 2 Pass-Through Rate
24	1-24-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-23-A	Uncertificated REMIC 2 Pass-Through Rate
25	1-25-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-24-A	Uncertificated REMIC 2 Pass-Through Rate
26	1-26-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-25-A	Uncertificated REMIC 2 Pass-Through Rate

27	1-27-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-26-A	Uncertificated REMIC 2 Pass-Through Rate
28	1-28-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-27-A	Uncertificated REMIC 2 Pass-Through Rate
29	1-29-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-28-A	Uncertificated REMIC 2 Pass-Through Rate
30	1-30-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-29-A	Uncertificated REMIC 2 Pass-Through Rate
31	1-31-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-30-A	Uncertificated REMIC 2 Pass-Through Rate
32	1-32-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-31-A	Uncertificated REMIC 2 Pass-Through Rate
33	1-33-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-32-A	Uncertificated REMIC 2 Pass-Through Rate
34	1-34-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-33-A	Uncertificated REMIC 2 Pass-Through Rate
35	1-35-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-34-A	Uncertificated REMIC 2 Pass-Through Rate
36	1-36-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-35-A	Uncertificated REMIC 2 Pass-Through Rate
37	1-37-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-36-A	Uncertificated REMIC 2 Pass-Through Rate
38	1-38-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-37-A	Uncertificated REMIC 2 Pass-Through Rate
39	1-39-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-38-A	Uncertificated REMIC 2 Pass-Through Rate
40	1-40-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-39-A	Uncertificated REMIC 2 Pass-Through Rate
41	1-41-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-40-A	Uncertificated REMIC 2 Pass-Through Rate
42	1-42-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-41-A	Uncertificated REMIC 2 Pass-Through Rate
43	1-43-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-42-A	Uncertificated REMIC 2 Pass-Through Rate
44	1-44-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-43-A	Uncertificated REMIC 2 Pass-Through Rate
45	1-45-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-44-A	Uncertificated REMIC 2 Pass-Through Rate
46	1-46-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-45-A	Uncertificated REMIC 2 Pass-Through Rate
47	1-47-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate

	1-1-A through 1-46-A	Uncertificated REMIC 2 Pass-Through Rate
48	1-48-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-47-A	Uncertificated REMIC 2 Pass-Through Rate
49	1-49-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-48-A	Uncertificated REMIC 2 Pass-Through Rate
50	1-50-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-49-A	Uncertificated REMIC 2 Pass-Through Rate
51	1-51-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-50-A	Uncertificated REMIC 2 Pass-Through Rate
52	1-52-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-51-A	Uncertificated REMIC 2 Pass-Through Rate
53	1-53-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-52-A	Uncertificated REMIC 2 Pass-Through Rate
54	1-54-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-53-A	Uncertificated REMIC 2 Pass-Through Rate
55	1-55-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-54-A	Uncertificated REMIC 2 Pass-Through Rate
56	1-56-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-55-A	Uncertificated REMIC 2 Pass-Through Rate
57	1-57-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-56-A	Uncertificated REMIC 2 Pass-Through Rate
58	1-58-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-57-A	Uncertificated REMIC 2 Pass-Through Rate
59	1-59-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-58-A	Uncertificated REMIC 2 Pass-Through Rate
60	1-60-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-59-A	Uncertificated REMIC 2 Pass-Through Rate
61	1-61-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-84-A	Uncertificated REMIC 2 Pass-Through Rate
62	1-62-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-61-A	Uncertificated REMIC 2 Pass-Through Rate
63	1-63-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-62-A	Uncertificated REMIC 2 Pass-Through Rate
64	1-64-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-63-A	Uncertificated REMIC 2 Pass-Through Rate
65	1-65-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-64-A	Uncertificated REMIC 2 Pass-Through Rate
66	1-66-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-65-A	Uncertificated REMIC 2 Pass-Through Rate
67	1-67-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-66-A	Uncertificated REMIC 2 Pass-Through Rate
68	1-68-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate

	1-1-A through 1-67-A	Uncertificated REMIC 2 Pass-Through Rate
69	1-69-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-68-A	Uncertificated REMIC 2 Pass-Through Rate
70	1-70-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-69-A	Uncertificated REMIC 2 Pass-Through Rate
71	1-71-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-70-A	Uncertificated REMIC 2 Pass-Through Rate
72	1-72-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-71-A	Uncertificated REMIC 2 Pass-Through Rate
73	1-73-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-72-A	Uncertificated REMIC 2 Pass-Through Rate
74	1-74-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-73-A	Uncertificated REMIC 2 Pass-Through Rate
75	1-75-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-74-A	Uncertificated REMIC 2 Pass-Through Rate
76	1-76-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-75-A	Uncertificated REMIC 2 Pass-Through Rate
77	1-77-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-76-A	Uncertificated REMIC 2 Pass-Through Rate
78	1-78-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-77-A	Uncertificated REMIC 2 Pass-Through Rate
79	1-79-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-78-A	Uncertificated REMIC 2 Pass-Through Rate
80	1-80-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-79-A	Uncertificated REMIC 2 Pass-Through Rate
81	1-81-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-80-A	Uncertificated REMIC 2 Pass-Through Rate
82	1-82-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-81-A	Uncertificated REMIC 2 Pass-Through Rate
83	1-83-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-82-A	Uncertificated REMIC 2 Pass-Through Rate
84	1-84-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-83-A	Uncertificated REMIC 2 Pass-Through Rate
85	1-85-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-84-A	Uncertificated REMIC 2 Pass-Through Rate
86	1-86-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-85-A	Uncertificated REMIC 2 Pass-Through Rate
87	1-87-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-86-A	Uncertificated REMIC 2 Pass-Through Rate
88	1-88-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-87-A	Uncertificated REMIC 2 Pass-Through Rate

89	1-89-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-88-A	Uncertificated REMIC 2 Pass-Through Rate
80	1-80-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-89-A	Uncertificated REMIC 2 Pass-Through Rate
91	1-91-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-90-A	Uncertificated REMIC 2 Pass-Through Rate
92	1-92-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-91-A	Uncertificated REMIC 2 Pass-Through Rate
93	1-93-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-92-A	Uncertificated REMIC 2 Pass-Through Rate
94	1-94-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-93-A	Uncertificated REMIC 2 Pass-Through Rate
95	1-95-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-94-A	Uncertificated REMIC 2 Pass-Through Rate
96	1-96-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-95-A	Uncertificated REMIC 2 Pass-Through Rate
97	1-97-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-96-A	Uncertificated REMIC 2 Pass-Through Rate
98	1-98-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-97-A	Uncertificated REMIC 2 Pass-Through Rate
99	1-99-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-98-A	Uncertificated REMIC 2 Pass-Through Rate
90	1-90-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-99-A	Uncertificated REMIC 2 Pass-Through Rate
101	1-101-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-100-A	Uncertificated REMIC 2 Pass-Through Rate
102	1-102-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-101-A	Uncertificated REMIC 2 Pass-Through Rate
103	1-103-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-102-A	Uncertificated REMIC 2 Pass-Through Rate
104	1-104-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-103-A	Uncertificated REMIC 2 Pass-Through Rate
105	1-105-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-104-A	Uncertificated REMIC 2 Pass-Through Rate
106	1-106-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-105-A	Uncertificated REMIC 2 Pass-Through Rate
107	1-107-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-106-A	Uncertificated REMIC 2 Pass-Through Rate
108	1-108-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-107-A	Uncertificated REMIC 2 Pass-Through Rate
109	1-109-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate

	1-1-A through 1-108-A	Uncertificated REMIC 2 Pass-Through Rate
110	1-100-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-109-A	Uncertificated REMIC 2 Pass-Through Rate
111	1-111-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-110-A	Uncertificated REMIC 2 Pass-Through Rate
112	1-112-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-111-A	Uncertificated REMIC 2 Pass-Through Rate
113	1-113-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-112-A	Uncertificated REMIC 2 Pass-Through Rate
114	1-114-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-113-A	Uncertificated REMIC 2 Pass-Through Rate
115	1-115-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-114-A	Uncertificated REMIC 2 Pass-Through Rate
116	1-116-A through 1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-115-A	Uncertificated REMIC 2 Pass-Through Rate
117	1-117-A	2 multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated REMIC 2 Pass-Through Rate
	1-1-A through 1-116-A	Uncertificated REMIC 2 Pass-Through Rate
thereafter	1-1-A through 1-117-A	Uncertificated REMIC 2 Pass-Through Rate

With respect to REMIC 3 Regular Interest 2-IO and any Distribution Date, a per annum rate equal to the excess of (i) the weighted average of the Uncertificated REMIC 2 Pass-Through Rates for the REMIC 2 Regular Interests ending with the designation “A” for such Distribution Date over (ii) 2 multiplied by Swap LIBOR for such Distribution Date.

“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 or flood insurance policies required to be maintained pursuant to Section 3.13.

“United States Person”: A citizen or resident of the United States, a corporation or a partnership (including an entity treated as a corporation or partnership for United States federal income tax purposes) created or organized in, or under the laws of, the United States or any State thereof or the District of Columbia (except, in the case of a partnership, to the extent provided in regulations) provided that, for purposes solely of the restrictions on the transfer of Class R Certificates, no partnership or other entity treated as a partnership for United States federal income tax purposes shall be treated as a United States Person unless all persons that own an interest in such partnership either directly or through any entity that is not a corporation for United States federal income tax purposes are required by the applicable operative agreement to be United States Persons or an estate whose income is subject to United States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more such United States Persons have the authority to control all substantial decisions of the trust. To the extent prescribed in regulations by the Secretary of the Treasury, which have not yet been issued, a trust which was in existence on August 20, 1996 (other than a trust treated as owned by the grantor under subpart E of part I of subchapter J of chapter 1 of the Code), and which was treated as a United States person on August 20, 1996 may elect to continue to be treated as a United States person notwithstanding the previous sentence.

“Unpaid Interest Shortfall Amount”: For each Class of Offered Certificates and any Distribution Date, the amount, if any, by which (a) the sum of (1) the Monthly Interest Distributable Amount for such Class for such Distribution Date and (2) the outstanding Unpaid Interest Shortfall Amount, if any, for such Class for the immediately preceding Distribution Date exceeds (b) the aggregate amount distributed on such Class in respect of interest pursuant to clause (a) of this definition on such Distribution Date, plus interest on the amount of Unpaid Interest Shortfall Amount due but not paid on such Class on the immediately preceding Distribution Date, to the extent permitted by law, at the Pass-Through Rate for such Class for the related Accrual Period.

“Voting Rights”: The portion of the voting rights of all of the Certificates which is allocated to any Certificate. At all times during the term of this Agreement, (i) 98% of all Voting Rights will be allocated among the Holders of the Class A Certificates, the Subordinate Certificates and the Class C Certificates in proportion to the then outstanding Certificate Principal Balances of their respective Certificates, (ii) 1% of all Voting Rights will be allocated to the Holders of the Class P Certificates and (iii) 1% of all Voting Rights will be allocated to the Holders of the Class R Certificates. The Voting Rights allocated to any Class of Certificates shall be allocated among all Holders of the Certificates of such Class in proportion to the outstanding Percentage Interests in such Class represented thereby.

Section 1.02. Determination of LIBOR.

LIBOR applicable to the calculation of the Pass-Through Rate on the Class A Certificates and Subordinate Certificates for any Accrual Period will be determined on each LIBOR Rate Adjustment Date.

On each LIBOR Rate Adjustment Date, LIBOR shall be established by the Trustee and, as to any Accrual Period, will equal the rate for one month United States dollar deposits that appears on the Telerate Screen Page 3750 as of 11:00 a.m., London time, on such LIBOR Rate Adjustment Date. “Telerate Screen Page 3750” means the display designated as page 3750 on the Telerate Service (or such other page as may replace page 3750 on that service for the purpose of displaying London interbank offered rates of major banks). If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, LIBOR shall be so established by use of such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate will be the Reference Bank Rate. The “Reference Bank Rate” will be determined on the basis of the rates at which deposits in U.S. Dollars are offered by the reference banks (which shall be any three major banks that are engaged in transactions in the London interbank market, selected by the Trustee after consultation with the Master Servicer) as of 11:00 a.m., London time, on the LIBOR Rate Adjustment Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to the aggregate Certificate Principal Balance of the Class A Certificates and Subordinate Certificates then outstanding. The Trustee will request the principal London office of each of the reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate will be the arithmetic mean of the quotations rounded up to the next multiple of 1/16%. If on such date fewer than two quotations are provided as requested, the rate will be the arithmetic mean of the rates quoted by one or more major banks in New York City, selected by the Trustee after consultation with the Master Servicer, as of 11:00 a.m., New York City time, on such date for loans in U.S. Dollars to leading European banks for a period of one month. If no such quotations can be obtained, the rate will be LIBOR for the prior Distribution Date; provided however, if, under the priorities described above, LIBOR for a Distribution Date would be based on LIBOR for the previous Distribution Date for the third consecutive Distribution Date, the Trustee shall select an alternative comparable index after consultation with the Master Servicer (over which the Trustee has no control), used for determining one-month Eurodollar lending rates that is calculated and published (or otherwise made available) by an independent party.

The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date and the Trustee’s subsequent calculation of the Pass-Through Rate applicable to the Class A Certificates and Subordinate Certificates for the relevant Accrual Period, in the absence of manifest error, will be final and binding.

Promptly following each LIBOR Rate Adjustment Date the Trustee shall supply the Master Servicer with the results of its determination of LIBOR on such date. Furthermore, the Trustee will supply to any Certificateholder so requesting by telephone the Pass-Through Rate on the Class A Certificates and Subordinate Certificates for the current and the immediately preceding Accrual Period.

Section 1.03. Allocation of Certain Interest Shortfalls.

For purposes of calculating the amount of the Monthly Interest Distributable Amount for the Class A Certificates, the Subordinate Certificates and the Class C Certificates for any Distribution Date, the aggregate amount of any Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred in respect of the related Mortgage Loans for any Distribution Date shall be allocated first, among the related Class C Certificates, based on, and to the extent of, one month's interest at the then applicable Pass-Through Rate on the related Notional Balance of each such Certificate and, thereafter, among the Class A Certificates and the Subordinate Certificates on a pro rata basis, based on, and to the extent of, one month's interest at the then applicable respective Pass-Through Rates on the respective Certificate Principal Balances of each such Certificate.

For purposes of calculating the amount of Uncertificated Accrued Interest for the REMIC 1 Regular Interests for any Distribution Date, the aggregate amount of any Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred in respect of Loan Group 1 shall be allocated first, to REMIC 1 Regular Interests ending with the designation “B” and REMIC 1 Regular Interests OC and P, pro rata, based on, and to the extent of, one month’s interest at the then applicable respective Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated Principal Balances of each such REMIC 1 Regular Interest, and then, to REMIC 1 Regular Interests ending with the designation “A”, pro rata, based on, and to the extent of, one month’s interest at the then applicable respective Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated Principal Balances of each such REMIC 1 Regular Interest.

For purposes of calculating the amount of Uncertificated Accrued Interest for the REMIC 2 Regular Interests for any Distribution Date, the aggregate amount of any Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred in respect of Loan Group 2 shall be allocated first, to REMIC 2 Regular Interests ending with the designation “B” and REMIC 2 Regular Interests OC and P, pro rata, based on, and to the extent of, one month’s interest at the then applicable respective Uncertificated REMIC 2 Pass-Through Rates on the respective Uncertificated Principal Balances of each such REMIC 2 Regular Interest, and then, to REMIC 2 Regular Interests ending with the designation “A”, pro rata, based on, and to the extent of, one month’s interest at the then applicable respective Uncertificated REMIC 2 Pass-Through Rates on the respective Uncertificated Principal Balances of each such REMIC 2 Regular Interest.

For purposes of calculating the amount of Uncertificated Accrued Interest for the REMIC 3 Group 1 Regular Interests (other than REMIC 3 Regular Interest 1-IO) for any Distribution Date, the aggregate amount of any Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred in respect of the Loan Group 1 for any Distribution Date shall be allocated first, to Uncertificated Accrued Interest payable to REMIC 3 Regular Interest 1-AA and REMIC 3 Regular Interest 1-ZZ up to an aggregate amount equal to the REMIC 3 Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC 3 Regular Interest 1-AA, each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-M, Class 1-B or Class 1-P Certificate is the Corresponding Certificate and REMIC 3 Regular Interest 1-ZZ, pro rata, based on, and to the extent of, one month’s interest at the then applicable respective Uncertificated REMIC 3 Pass-Through Rates on the respective Uncertificated Principal Balances of each such REMIC 3 Regular Interest.

For purposes of calculating the amount of Uncertificated Accrued Interest for the REMIC 3 Group 2 Regular Interests (other than REMIC 3 Regular Interest 2-IO) for any Distribution Date, the aggregate amount of any Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred in respect of the Loan Group 2 for any Distribution Date shall be allocated first, to Uncertificated Accrued Interest payable to REMIC 3 Regular Interest 2-AA and REMIC 3 Regular Interest 2-ZZ up to an aggregate amount equal to the REMIC 3 Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC 3 Regular Interest 1-AA, each REMIC 3 Group 2 Regular Interest for which a Class 2-A Certificate or Class 2-P Certificate is the Corresponding Certificate and REMIC 3 Regular Interest 2-ZZ, pro rata, based on, and to the extent of, one month’s interest at the then applicable respective Uncertificated REMIC 3 Pass-Through Rates on the respective Uncertificated Principal Balances of each such REMIC 3 Regular Interest.

ARTICLE II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01. Conveyance of Mortgage Loans.

The Depositor, as of the Closing Date, and concurrently with the execution and delivery hereof, does hereby assign, transfer, sell, set over and otherwise convey to the Trustee without recourse all the right, title and interest of the Depositor in and to the Mortgage Loans identified on the Mortgage Loan Schedule (exclusive of any prepayment fees and late payment charges received thereon) and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders, including the amount to be deposited by or on behalf of the Depositor into the Net WAC Shortfall Reserve Fund. Such assignment includes all principal and interest received by the Master Servicer on or with respect to the Mortgage Loans (other than payment of principal and interest due on or before the Cut-off Date).

In connection with such transfer and assignment, the Depositor has caused the Sponsor to deliver to, and deposit with the Custodian, as described in the Mortgage Loan Purchase Agreement, with respect to each Mortgage Loan, the following documents or instruments:

(i) the original Mortgage Note endorsed without recourse, “Deutsche Bank National Trust Company, as trustee under the Pooling and Servicing Agreement relating to Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2006-5” with all intervening endorsements showing an unbroken chain of endorsements from the originator to the Person endorsing it to the Trustee or, with respect to any Mortgage Loan as to which the original Mortgage Note has been permanently lost or destroyed and has not been replaced, a Lost Note Affidavit;

(ii) the original recorded Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording indicated thereon or, if the original Mortgage has not been returned from the public recording office, a copy of the Mortgage certified by the Sponsor or the public recording office in which such Mortgage has been recorded to be a true and complete copy of the original Mortgage submitted for recording;

(iii) unless the Mortgage Loan is registered on the MERS® System, a duly executed original Assignment of the Mortgage, without recourse, in recordable form to Deutsche Bank National Trust Company, as trustee,” or to “Deutsche Bank National Trust Company, as trustee for holders of Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2006-5”;

(iv) the original recorded Assignment or Assignments of the Mortgage showing an unbroken chain of assignment from the originator thereof to the Person assigning it to the Trustee (or to MERS, if the Mortgage Loan is registered on the MERS® System and noting the presence of a MIN) or, if any such Assignment has not been returned from the applicable public recording office, a copy of such Assignment certified by the Sponsor to be a true and complete copy of the original Assignment submitted to the title insurance company for recording;

(v) the original title insurance policy, or, if such policy has not been issued, any one of an original or a copy of the preliminary title report, title binder or title commitment on the Mortgaged Property with the original policy of the insurance to be delivered promptly following the receipt thereof;

(vi) a copy of the related hazard insurance policy; and

(vii) a true and correct copy of any assumption, modification, consolidation or substitution agreement.

The Sponsor is obligated as described in the Mortgage Loan Purchase Agreement, with respect to the Mortgage Loans, to deliver to the Custodian: (a) either the original recorded Mortgage, or in the event such original cannot be delivered by the Sponsor, a copy of such Mortgage certified as true and complete by the appropriate recording office, in those instances where a copy thereof certified by the Sponsor was delivered to the Custodian pursuant to clause (ii) above; and (b) either the original Assignment or Assignments of the Mortgage, with evidence of recording thereon, showing an unbroken chain of assignment from the originator to the Sponsor, or in the event such original cannot be delivered by the Sponsor, a copy of such Assignment or Assignments certified as true and complete by the appropriate recording office, in those instances where copies thereof certified by the Sponsor were delivered to the Custodian pursuant to clause (iv) above. However, pursuant to the Mortgage Loan Purchase Agreement with respect to the Mortgage Loans, the Sponsor need not cause to be recorded any assignment in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Sponsor to the Trustee, the Certificate Insurer and the Rating Agencies, the recordation of such assignment is not necessary to protect the Trustee’s interest in the related Mortgage Loan; provided, however, notwithstanding the delivery of any Opinion of Counsel, each assignment shall be submitted for recording by the Sponsor in the manner described above, at no expense to the Trust or the Trustee, upon the earliest to occur of: (i) direction by the Holders of Certificates evidencing at least 25% of the Voting Rights or the Certificate Insurer, (ii) the occurrence of a Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Sponsor, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Sponsor is not the Master Servicer and with respect to any one assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage.

Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage after it has been recorded, the Sponsor shall be deemed to have satisfied its obligations hereunder upon delivery to the Custodian of a copy of such Mortgage certified by the public recording office to be a true and complete copy of the recorded original thereof.

If any Assignment is lost or returned unrecorded to the Custodian because of any defect therein, the Sponsor is required, as described in the Mortgage Loan Purchase Agreement with respect to the Mortgage Loans, to prepare a substitute Assignment or cure such defect, as the case may be, and the Sponsor shall cause such Assignment to be recorded in accordance with this section.

The Sponsor is required as described in the Mortgage Loan Purchase Agreement with respect to the Mortgage Loans, to exercise its best reasonable efforts to deliver or cause to be delivered to the Custodian within 120 days of the Closing Date, with respect to the Mortgage Loans, the original or a photocopy of the title insurance policy with respect to each such Mortgage Loan assigned to the Trustee pursuant to this Section 2.01.

In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Sponsor further agrees that it will cause, at the Sponsor's own expense, as of the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by the Sponsor to the Trustee in accordance with this Agreement for the benefit of the Certificateholders and the Certificate Insurer by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field “Pool Field” which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Depositor further agrees that it will not, and will not permit the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement.

All original documents relating to the Mortgage Loans which are not delivered to the Custodian are and shall be held by the Master Servicer in trust for the benefit of the Trustee on behalf of the Certificateholders and the Certificate Insurer.

Except as may otherwise expressly be provided herein, none of the Depositor, the Master Servicer or the Trustee shall (and the Master Servicer shall ensure that no Sub-Servicer shall) assign, sell, dispose of or transfer any interest in the Trust Fund or any portion thereof, or cause the Trust Fund or any portion thereof to be subject to any lien, claim, mortgage, security interest, pledge or other encumbrance.

It is intended that the conveyance of the Mortgage Loans by the Depositor to the Trustee as provided in this Section be, and be construed as, a sale of the Mortgage Loans as provided for in this Section 2.01 by the Depositor to the Trustee for the benefit of the Certificateholders and the Certificate Insurer. It is, further, not intended that such conveyance be deemed a pledge of the Mortgage Loans by the Depositor to the Trustee to secure a debt or other obligation of the Depositor. However, in the event that the Mortgage Loans are held to be property of the Depositor, 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 this Section shall be deemed to be (1) a grant by the Depositor to the Trustee of a security interest in all of the Depositor'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 the Mortgage Notes, the Mortgages, any related Insurance Policies and all other documents in the related Mortgage Files, (B) all amounts payable to the holders of the Mortgage Loans in accordance with the terms thereof and (C) 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 Depositor to the Trustee of any security interest in any and all of the Sponsor'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) through (C); (c) the possession by the Trustee or any other Custodian or agent of the Trustee of Mortgage Notes and 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 New York Uniform Commercial Code and the Uniform Commercial Code of any other applicable jurisdiction (including, without limitation, Sections 9-115, 9-305, 8-102, 8-301, 8-501 and 8-503 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 Depositor and the Trustee shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Mortgage Loans, 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 the Agreement.

Concurrently with the execution of this Agreement, the Interest Rate Swap Agreements and Cap Contracts shall be delivered to the Trustee. In connection therewith, the Company hereby directs the Trustee, as Supplemental Interest Trust Trustee (not in its individual capacity, but solely in its capacity as Supplemental Interest Trust Trustee), to execute and deliver the related Interest Rate Swap Agreement and to exercise the rights, perform the obligations, and make the representations of Party B (as defined therein) as set forth in the related Interest Rate Swap Agreement and as provided in this Agreement on the Closing Date and thereafter. In addition, the Trustee, as Supplemental Interest Trust Trustee (not in its individual capacity, but solely in its capacity as Supplemental Interest Trust Trustee), is hereby directed to execute and deliver the related Cap Contracts on behalf of Party B (as defined therein) and to exercise the rights, perform the obligations, and make the representations of Party B as set forth in the related Cap Contracts and as provided in this Agreement on the Closing Date and thereafter. The Seller, the Servicer, the Depositor and the related Certificateholders, by acceptance of their Certificates, acknowledge and agree the Trustee, as Supplemental Interest Trust Trustee, shall execute and deliver the related Interest Rate Swap Agreement and Cap Contracts on behalf of Party B (as defined therein) and to exercise the rights, perform the obligations, and make the representations of Party B as set forth in the related Interest Rate Swap Agreement and Cap Contracts and as provided in this Agreement and shall do so solely in its capacity as Supplemental Interest Trust Trustee and not in its individual capacity.

Every provision of this Agreement relating to the conduct or affecting the liability of or affording protection to the Supplemental Interest Trust Trustees shall apply to each Supplemental Interest Trust Trustee’s execution of the related Interest Rate Swap Agreement and Cap Contracts, and the performance of its duties and satisfaction of its obligations on behalf of Party B thereunder.

Section 2.02. Acceptance of the Trust Fund by the Trustee.

The Custodian, with respect to the Mortgage Files held by it, acknowledges receipt (subject to any exceptions noted in the Initial Certification described below) on behalf of the Trustee, of the documents referred to in Section 2.01 above and all other assets included in the definition of “Trust Fund” and declares that it holds and will hold such documents and the other documents delivered to it constituting the Mortgage Files, and that it holds or will hold such other assets included in the definition of “Trust Fund” (to the extent delivered or assigned to the Trustee), in trust for the exclusive use and benefit of all present and future Certificateholders and the Certificate Insurer.

The Custodian agrees, for the benefit of the Certificateholders and the Certificate Insurer, to review or cause to be reviewed on its behalf, each Mortgage File on or before the Closing Date to ascertain that all documents required to be delivered to it are in its possession, and the Custodian agrees to execute and deliver, or cause to be executed and delivered, to the Certificate Insurer, the Depositor and the Master Servicer on the Closing Date, with respect to each Mortgage Loan, an Initial Certification in the form annexed hereto as Exhibit C to the effect that, as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan specifically identified in such certification as not covered by such certification), (i) all documents required to be delivered to it pursuant to this Agreement with respect to such Mortgage Loan are in its possession, (ii) such documents have been reviewed by it and appear regular on their face and relate to such Mortgage Loan and (iii) based on its examination and only as to the foregoing documents, the information set forth in items (i), (ii), (iii)(A) and (iv) of the definition of the “Mortgage Loan Schedule” accurately reflects information set forth in the Mortgage File. None of the Custodian, the Trustee or the Master Servicer shall be under any duty to determine whether any Mortgage File should include any of the documents specified in clause (vi) or (vii) of Section 2.01. None of the Custodian, the Trustee or the Master Servicer shall be under any 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 they are in recordable form or that they are other than what they purport to be on their face.

Within 90 days of the Closing Date, with respect to the Mortgage Loans, the Trustee, or the Custodian on its behalf, shall deliver to the Certificate Insurer, the Depositor and the Master Servicer a Final Certification in the form annexed hereto as Exhibit D evidencing the completeness of the Mortgage Files, with any applicable exceptions noted thereon, with respect to all of the Mortgage Loans.

If in the process of reviewing the Mortgage Files and preparing the certifications referred to above the Custodian finds any document or documents constituting a part of a Mortgage File to be missing or defective in any material respect, the Custodian shall promptly notify the Sponsor, the Master Servicer, the Certificate Insurer, the Trustee (if not the Custodian) and the Depositor. The Trustee shall promptly notify the Sponsor of such defect and request that the Sponsor cure any such defect within 60 days from the date on which the Sponsor was notified of such defect, and if the Sponsor does not cure such defect in all material respects during such period, request on behalf of the Certificateholders and the Certificate Insurer that the Sponsor purchase such Mortgage Loan from the Trust Fund at the Purchase Price within 90 days after the date on which the Sponsor was notified of such defect; provided that if such 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. It is understood and agreed that the obligation of the Sponsor to cure a material defect in, or purchase any Mortgage Loan as to which a material defect in a constituent document exists shall constitute the sole remedy respecting such defect available to Certificateholders, the Certificate Insurer or the Trustee on behalf of Certificateholders. The Purchase Price for the purchased Mortgage Loan shall be deposited or caused to be deposited upon receipt by the Master Servicer in the Custodial Account and, upon receipt by the Trustee of written notification of such deposit signed by a Servicing Officer, the Custodian shall release or cause to be released to the Sponsor the related Mortgage File and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Sponsor shall require as necessary to vest in the Sponsor ownership of any Mortgage Loan released pursuant hereto and at such time the Trustee and the Custodian shall have no further responsibility with respect to the related Mortgage File. In furtherance of the foregoing, if the Sponsor is not a member of MERS and the Mortgage is registered on the MERS® System, the Master Servicer, at its own expense and without any right of reimbursement, shall cause MERS to execute and deliver an assignment of the Mortgage in recordable form to transfer the Mortgage from MERS to the Sponsor and shall cause such Mortgage to be removed from registration on the MERS® System in accordance with MERS' rules and regulations.

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

(a) The Master Servicer hereby represents and warrants to and covenants with the Depositor and the Trustee for the benefit of Certificateholders and the Certificate Insurer that:

(i) The Master Servicer is, and throughout the term hereof shall remain, a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation (except as otherwise permitted pursuant to Section 6.02), the Master Servicer is, and shall remain, in compliance with the laws of each state in which any Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement, and the Master Servicer is, and shall remain, approved to sell mortgage loans to and service mortgage loans for Xxxxxx Xxx and Xxxxxxx Mac;

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

(iii) The Master Servicer has the full power and authority to enter into and consummate all transactions contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

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

(v) The Master Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation is likely to affect materially and adversely either the ability of the Master Servicer to perform its obligations under this Agreement or the financial condition of the Master Servicer;

(vi) No litigation is pending (other than litigation with respect to which pleadings or documents have been filed with a court, but not served on the Master Servicer) 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 or is likely to affect materially and adversely either the ability of the Master Servicer to perform its obligations under this Agreement or the financial condition of the Master Servicer;

(vii) 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 Insurance Policy;

(viii) The execution of this Agreement and the performance of the Master Servicer's obligations hereunder do not require any license, consent or approval of any state or federal court, agency, regulatory authority or other governmental body having jurisdiction over the Master Servicer, other than such as have been obtained;

(ix) No information, certificate of an officer, statement furnished in writing or report delivered to the Depositor, any affiliate of the Depositor or the Trustee by the Master Servicer in its capacity as Master Servicer, and not in its capacity as a Sponsor hereunder, will, to the knowledge of the Master Servicer, contain any untrue statement of a material fact;

(x) The Master Servicer will not waive any Prepayment Charge unless it is waived in accordance with the standard set forth in Section 3.01; and

(xi) The Master Servicer is a member of MERS in good standing, and will comply in all material respects with the rules and procedures of MERS in connection with the servicing of the Mortgage Loans that are registered with MERS.

It is understood and agreed that the representations, warranties and covenants set forth in this Section 2.03(a) shall survive the execution and delivery of this Agreement, and shall inure to the benefit of the Depositor, the Trustee, the Certificate Insurer and the Certificateholders. Upon discovery by the Depositor, the Trustee, the Certificate Insurer or the Master Servicer of a breach of any of the foregoing representations, warranties and covenants that materially and adversely affects the interests of the Depositor, the Certificate Insurer or the Trustee, the party discovering such breach shall give prompt written notice to the other parties. Notwithstanding the foregoing, within 90 days of the earlier of discovery by the Master Servicer or receipt of notice by the Master Servicer of the breach of the covenant of the Master Servicer set forth in Section 2.03(x) above which materially and adversely affects the interests of the Holders of the related Class P Certificates in any Prepayment Charge, the Master Servicer shall remedy such breach as follows: the Master Servicer shall pay the amount of such waived Prepayment Charge, for the benefit of the Holders of the related Class P Certificates, by depositing such amount into the Custodial Account (net of any amount actually collected by the Master Servicer in respect of such Prepayment Charge and remitted by the Master Servicer, for the benefit of the Holders of the related Class P Certificates, in respect of such Prepayment Charge, into the Custodial Account). The foregoing shall not, however, limit any remedies available to the Certificateholders, the Depositor, the Certificate Insurer or the Trustee on behalf of the Certificateholders, pursuant to the Mortgage Loan Purchase Agreement respecting a breach of any of the representations, warranties and covenants contained in the Mortgage Loan Purchase Agreement.

(b) The Depositor hereby represents and warrants to the Master Servicer and the Trustee for the benefit of Certificateholders and the Certificate Insurer that as of the Closing Date, the representations and warranties of the Sponsor with respect to the Mortgage Loans and the remedies therefor that are contained in the Mortgage Loan Purchase Agreement are as set forth in Exhibit I hereto.

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 Custodian, on behalf of the Trustee.

Upon discovery by either the Depositor, the Master Servicer, the Certificate Insurer or the Trustee of a breach of any representation or warranty set forth in this Section 2.03 which materially and adversely affects the interests of the Certificateholders or the Certificate Insurer in any Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties.

Section 2.04. Representations and Warranties of the Sponsor.

The Depositor hereby assigns to the Trustee for the benefit of Certificateholders and the Certificate Insurer all of its rights (but none of its obligations) in, to and under the Mortgage Loan Purchase Agreement. Insofar as the Mortgage Loan Purchase Agreement relates to such representations and warranties and any remedies provided thereunder for any breach of such representations and warranties, such right, title and interest may be enforced by the Trustee on behalf of the Certificateholders. Upon the discovery by the Depositor, the Master Servicer, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties made in the Mortgage Loan Purchase Agreement in respect of any Mortgage Loan which materially and adversely affects the interests of the Certificateholders or the Certificate Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. The Trustee shall promptly notify the Sponsor of such breach and request that the Sponsor shall, within 90 days from the date that the Sponsor was notified or otherwise obtained knowledge of such breach, 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 if such 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 repurchase must occur within 90 days from the date such breach was discovered. However, in the case of a breach under the Mortgage Loan Purchase Agreement, subject to the approval of the Depositor the Sponsor 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 substitution must occur within 90 days from the date the breach was discovered if such 90 day period expires before two years following the Closing Date. In the event that the Sponsor elects to substitute a Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant to this Section 2.04, the Trustee shall enforce the obligation of the Sponsor under the Mortgage Loan Purchase Agreement to deliver to the Trustee and the Master Servicer, as appropriate, 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, to the extent received by the Master Servicer or any Sub-Servicer, shall not be part of the Trust Fund and will be retained by the Master Servicer and remitted by the Master Servicer to the Sponsor on the next succeeding Distribution Date. For the month of substitution, distributions to Certificateholders will include the Monthly Payment due on a Deleted Mortgage Loan for such month and thereafter the Sponsor shall be entitled to retain all amounts received in respect of such Deleted Mortgage Loan. The Depositor shall amend or cause to be amended the Mortgage Loan Schedule for the benefit of the Certificateholders and the Certificate Insurer to reflect the removal of such Deleted Mortgage Loan and the substitution of the Qualified Substitute Mortgage Loan or Loans and the Depositor shall deliver the amended Mortgage Loan Schedule to the Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans shall be subject to the terms of this Agreement in all respects, the Sponsor shall be deemed to have made the representations and warranties with respect to the Qualified Substitute Mortgage Loan contained in the Mortgage Loan Purchase Agreement as of the date of substitution, and the Depositor shall be deemed to have made with respect to any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution, the non-statistical representations and warranties set forth in Exhibit I hereof.

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 (the “Substitution Adjustment”), 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 Certificateholders in the month of substitution). The Trustee shall enforce the obligation of the Sponsor under the Mortgage Loan Purchase Agreement to provide the Master Servicer on the day of substitution for immediate deposit into the Custodial Account the amount of such shortfall, without any reimbursement therefor. In accordance with the Mortgage Loan Purchase Agreement, the Sponsor 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 by an Opinion of Counsel to the effect that such substitution will not cause (a) any federal tax to be imposed on REMIC 1, REMIC 2, REMIC 3 or REMIC 4, 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 of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify as a REMIC at any time that any Certificate is outstanding. The costs of any substitution as described above, including any related assignments, opinions or other documentation in connection therewith shall be borne by the Sponsor.

Except as expressly set forth herein none of the Trustee or the Master Servicer is under any obligation to discover any breach of the above-mentioned representations and warranties. It is understood and agreed that the obligation of the Sponsor to cure such breach, purchase or 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 Certificateholders or the Trustee on behalf of Certificateholders.

Section 2.05. Issuance of Certificates; Conveyance of REMIC 1 Regular Interests, Class C Interest, Class P Interest and Acceptance of REMIC 2, REMIC 3 and REMIC 4 by the Trustee.

(a) The Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery to it or to a Custodian on its behalf of the Mortgage Files, subject to the provisions of Sections 2.01 and 2.02, together with the assignment to it of all other assets included in the Trust Fund, receipt of which is hereby acknowledged. Concurrently with such assignment and delivery and in exchange therefor, the Trustee, pursuant to the written request of the Depositor executed by an officer of the Depositor, has executed, authenticated and delivered to or upon the order of the Depositor, the Certificates in authorized denominations. The interests evidenced by the Certificates, constitute the entire beneficial ownership interest in the Trust Fund.

(b) The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey in trust to the Trustee without recourse all the right, title and interest of the Depositor in and to the REMIC 1 Regular Interests and REMIC 2 Regular Interests for the benefit of the holders of the REMIC 3 Regular Interests and the Holders of the Class R Certificates (in respect of the Class R-3 Interest). The Trustee acknowledges receipt of the REMIC 1 Regular Interests and REMIC 2 Regular Interests (all of which are uncertificated) and declares that it holds and will hold the same in trust for the exclusive use and benefit of the holders of the REMIC 3 Regular Interests and the Holders of the Class R Certificates (in respect of the Class R-3 Interest). The interests evidenced by the Class R-3 Interest, together with the REMIC 3 Regular Interests, constitute the entire beneficial ownership interest in REMIC 3.

(c) The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey in trust to the Trustee without recourse all the right, title and interest of the Depositor in and to the REMIC 3 Regular Interests for the benefit of the holders of the REMIC 4 Regular Interests and the Holders of the Class R Certificates (in respect of the Class R-4 Interest). The Trustee acknowledges receipt of the REMIC 3 Regular Interests (which are uncertificated) and declares that it holds and will hold the same in trust for the exclusive use and benefit of the holders of the REMIC 4 Regular Interests and the Holders of the Class R Certificates (in respect of the Class R-4 Interest). The interests evidenced by the Class R-4 Interest, together with the REMIC 4 Regular Interests, constitute the entire beneficial ownership interest in REMIC 4.

(c) In exchange for the REMIC 3 Regular Interests and, concurrently with the assignment to the Trustee thereof, pursuant to the written request of the Depositor executed by an officer of the Depositor, the Trustee has executed, authenticated and delivered to or upon the order of the Depositor, the Regular Certificates in authorized denominations evidencing (together with the Class R-4 Interest and Class IO Interests) the entire beneficial ownership interest in REMIC 4.

(d) Concurrently with (i) the assignment and delivery to the Trustee of REMIC 1 (including the Residual Interest therein represented by the Class R-1 Interest) and the acceptance by the Trustee thereof, (ii) the assignment and delivery to the Trustee of REMIC 2 (including the Residual Interest therein represented by the Class R-2 Interest), (iii) the assignment and delivery to the Trustee of REMIC 3 (including the Residual Interest therein represented by the Class R-3 Interest) (iv) the assignment and delivery to the Trustee of REMIC 4 (including the Residual Interest therein represented by the Class R-4 Interest) and the acceptance by the Trustee thereof, the Trustee, from and pursuant to the written request of the Depositor executed by an officer of the Depositor, has executed, authenticated and delivered to or upon the order of the Depositor, the Class R Certificates in authorized denominations evidencing the Class R-1 Interest and Class R-2 Interest and the Class R-3 Interest and Class R-4 Interest, respectively.

Section 2.06. Purposes and Powers of the Trust.

The purpose of the common law trust, as created hereunder, is to engage in the following activities:

(a) acquire and hold the Mortgage Loans and the other assets of the Trust Fund and the proceeds therefrom;

(b) to issue the Certificates sold to the Depositor in exchange for the Mortgage Loans;

(d) to engage in those activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and

(e) subject to compliance with this Agreement, to engage in such other activities as may be required in connection with conservation of the Trust Fund and the making of distributions to the Certificateholders.

The trust is hereby authorized to engage in the foregoing activities. The Trustee shall not knowingly and explicity cause the trust to engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement while any Certificate is outstanding, and this Section 2.06 may not be amended, without the consent of the Certificateholders evidencing 51% or more of the aggregate voting rights of the Certificates and the Certificate Insurer.

ARTICLE III

ADMINISTRATION AND SERVICING

OF THE TRUST FUND

Section 3.01. Master Servicer to Act as Master Servicer.

The Master Servicer shall supervise, or take such actions as are necessary to ensure, the servicing and administration of the Mortgage Loans and any REO Property in accordance with this Agreement and its normal servicing practices, which generally shall conform to the standards (i) of the Servicing Guide, if Impac Funding Corporation is Master Servicer, or (ii) if Impac Funding Corporation is not the Master Servicer, of an institution prudently servicing mortgage loans for its own account and shall have full authority to do anything it reasonably deems appropriate or desirable in connection with such servicing and administration. To the extent consistent with the foregoing, the Master Servicer shall waive (or permit a Sub-Servicer to waive) a Prepayment Charge only if such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Charge and related Mortgage Loan and doing so is standard and customary in servicing mortgage loans similar to the Mortgage Loans (including any waiver of a Prepayment Charge in connection with a refinancing of a Mortgage Loan that is related to a default or a reasonably foreseeable default), and in no event will it waive a Prepayment Charge in connection with a refinancing of a Mortgage Loan that is not related to a default or a reasonably foreseeable default.

The Master Servicer may perform its responsibilities relating to servicing through other agents or independent contractors, but shall not thereby be released from any of its responsibilities as hereinafter set forth. The authority of the Master Servicer, in its capacity as master servicer, and any Sub-Servicer acting on its behalf, shall include, without limitation, the power to (i) consult with and advise any Sub-Servicer regarding administration of a related Mortgage Loan, (ii) approve any recommendation by a Sub-Servicer to foreclose on a related Mortgage Loan, (iii) supervise the filing and collection of insurance claims and take or cause to be taken such actions on behalf of the insured Person thereunder as shall be reasonably necessary to prevent the denial of coverage thereunder, and (iv) effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing a related Mortgage Loan, including the employment of attorneys, the institution of legal proceedings, the collection of deficiency judgments, the acceptance of compromise proposals, the filing of claims under any Insurance Policy and any other matter pertaining to a delinquent Mortgage Loan. The authority of the Master Servicer shall include, in addition, the power on behalf of the Certificateholders, the Trustee or any of them to (i) execute and deliver customary consents or waivers and other instruments and documents, (ii) consent to transfer of any related Mortgaged Property and assumptions of the related Mortgage Notes and Security Instruments (in the manner provided in this Agreement) and (iii) collect any Insurance Proceeds and Liquidation Proceeds. If permitted under applicable law without prejudicing any rights of the Trust Fund with respect to any Mortgage Loan, the Master Servicer, with such documentation as local law requires, acting in its own name, may pursue claims on behalf of the Trust Fund. Without limiting the generality of the foregoing, the Master Servicer and any Sub-Servicer acting on its behalf may, and is hereby authorized, and empowered by the Trustee to, execute and deliver, on behalf of itself, the Certificateholders or the Trustee or any of them, any instruments of satisfaction, cancellation, partial or full release, discharge and all other comparable instruments, with respect to the related Mortgage Loans, the Insurance Policies and the accounts related thereto, and the Mortgaged Properties. The Master Servicer may exercise this power in its own name or in the name of a Sub-Servicer.

Subject to Section 3.16, the Trustee shall execute, at the written request of the Master Servicer, and furnish to the Master Servicer and any Sub-Servicer such documents as are necessary or appropriate to enable the Master Servicer or any Sub-Servicer to carry out their servicing and administrative duties hereunder, and the Trustee hereby grants to the Master Servicer a power of attorney to carry out such duties. The Trustee shall not be liable for the actions of the Master Servicer or any Sub-Servicers under such powers of attorney.

In accordance with the standards of the preceding paragraph, the Master Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.09, and further as provided in Section 3.11; provided that the Master Servicer shall not be obligated to make such advance if, in its reasonable good faith judgment, the Master Servicer determines that such advance to be a Nonrecoverable Advance.

The Master Servicer is authorized and empowered by the Trustee, on behalf of the Certificateholders and the Trustee, in its own name or in the name of any Sub-Servicer, when the Master Servicer or such Sub-Servicer, as the case may be, believes it is appropriate in its best judgment to register any Mortgage Loan on the MERS® System, or cause the removal from the registration of any Mortgage Loan on the MERS® System, to execute and deliver, on behalf of the Trustee and the Certificateholders or any of them, any and all instruments of assignment and other comparable instruments with respect to such assignment or re-recording of a Mortgage in the name of MERS, solely as nominee for the Trustee and its successors and assigns. Any expenses incurred in connection with the actions described in the preceding sentence shall be borne by the Master Servicer in accordance with Section 3.17, with no right of reimbursement; provided, that if, as a result of MERS discontinuing or becoming unable to continue operations in connection with the MERS System, it becomes necessary to remove any Mortgage Loan from registration on the MERS System and to arrange for the assignment of the related Mortgages to the Trustee, then any related expenses shall be reimbursable to the Master Servicer from the Trust Fund.

Notwithstanding anything in this Agreement to the contrary, the Master Servicer shall not (unless the Mortgagor is in default with respect to the Mortgage Loan or such default is, in the judgment of the Master Servicer, reasonably foreseeable) make or permit any modification, waiver or amendment of any term of any Mortgage Loan that would both (i) effect an exchange or reissuance of such Mortgage Loan under Section 1001 of the Code (or Treasury regulations promulgated thereunder) and (ii) cause any of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify as a REMIC under the Code or the imposition of any tax on “prohibited transactions” or “contributions” after the startup date under the REMIC Provisions.

The relationship of the Master Servicer (and of any successor to the Master Servicer under this Agreement) to the Trustee under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent.

Section 3.02. Sub-Servicing Agreements Between Master Servicer and Sub-Servicers.

(a) The Master Servicer may enter into Sub-Servicing Agreements with Sub-Servicers for the servicing and administration of the Mortgage Loans and for the performance of any and all other activities of the Master Servicer hereunder; provided, however, that such agreements would not result in a withdrawal or a downgrading by Standard & Poor's of its rating on any Class of Certificates. Each Sub-Servicer shall be either (i) an institution the accounts of which are insured by the FDIC or (ii) another entity that engages in the business of originating or servicing mortgage loans comparable to the Mortgage Loans, and in either case shall be authorized to transact business in the state or states in which the related Mortgaged Properties it is to service are situated, if and to the extent required by applicable law to enable the Sub-Servicer to perform its obligations hereunder and under the Sub-Servicing Agreement, and in either case shall be a Xxxxxxx Mac or Xxxxxx Mae approved mortgage servicer. Any Sub-Servicing Agreement entered into by the Master Servicer shall include the provision that such Agreement may be immediately terminated (x) with cause and without any termination fee by any Master Servicer hereunder or (y) without cause in which case the Master Servicer shall be responsible for any termination fee or penalty resulting therefrom (except that in the case of Midland acting as a Sub-Servicer, neither the Master Servicer nor any successor Master Servicer shall terminate the related Sub-Servicing Agreement without cause). In addition, each Sub-Servicing Agreement shall provide for servicing of the Mortgage Loans consistent with the terms of this Agreement. The Master Servicer and the Sub-Servicers may enter into Sub-Servicing Agreements and make amendments to the Sub-Servicing Agreements or enter into different forms of Sub-Servicing Agreements providing for, among other things, the delegation by the Master Servicer to a Sub-Servicer of additional duties regarding the administration of the Mortgage Loans; provided, however, that any such amendments or different forms shall be consistent with and not violate the provisions of this Agreement, and that no such amendment or different form shall be made or entered into which could be reasonably expected to be materially adverse to the interests of the Certificate Insurer or Certificateholders, without the consent of the Certificate Insurer or the Holders of Certificates entitled to at least 51% of the Voting Rights. The parties hereto acknowledge that the initial Sub-Servicers shall be Countrywide, Midland and GMAC.

The Master Servicer has entered into a separate Sub-Servicing Agreement with each of Countrywide, GMAC and Midland for the servicing and administration of certain of the Mortgage Loans and may enter into additional Sub-Servicing Agreements with Sub-Servicers for the servicing and administration of certain of the Mortgage Loans.

(b) As part of its servicing activities hereunder, the Master Servicer, for the benefit of the Trustee, the Certificate Insurer and the Certificateholders, shall enforce the obligations of each Sub-Servicer under the related Sub-Servicing Agreement. The Certificate Insurer may direct the Master Servicer to enforce any remedies against a defaulting Sub-Servicer. Such enforcement, including, without limitation, the legal prosecution of claims, termination of Sub-Servicing Agreements 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, in its good faith business judgment, would require were it the owner of the related Mortgage Loans. The Master Servicer shall pay the costs of such enforcement at its own expense, but shall be reimbursed therefor only (i) from a general recovery resulting from such enforcement only 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.

(d) The Master Servicer represents that it will cause any Sub-Servicer to accurately and fully report its borrower credit files to all three credit repositories in a timely manner.

Section 3.03. Successor Sub-Servicers.

The Master Servicer shall be entitled to terminate any Sub-Servicing Agreement and the rights and obligations of any Sub-Servicer pursuant to any Sub-Servicing Agreement in accordance with the terms and conditions of such Sub-Servicing Agreement, except that in the case of Midland such termination may only be for cause. In the event of termination of any Sub-Servicer, all servicing obligations of such Sub-Servicer shall be assumed simultaneously by the Master Servicer without any act or deed on the part of such Sub-Servicer or the Master Servicer, and the Master Servicer either shall service directly the related Mortgage Loans or shall enter into a Sub-Servicing Agreement with a successor Sub-Servicer which qualifies under Section 3.02.

Section 3.04. Liability of the Master Servicer.

Notwithstanding any Sub-Servicing Agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer and a Sub-Servicer or reference to actions taken through a Sub-Servicer or otherwise, the Master Servicer shall under all circumstances remain obligated and primarily liable to the Trustee, the Certificate Insurer and Certificateholders for the servicing and administering of the Mortgage Loans and any REO Property in accordance with the provisions of Article III without diminution of such obligation or liability by virtue of such Sub-Servicing Agreements or arrangements or by virtue of indemnification from the Sub-Servicer 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. For purposes of this Agreement, the Master Servicer shall be deemed to have received payments on Mortgage Loans when the Sub-Servicer has received such payments. The Master Servicer shall be entitled to enter into any agreement with a Sub-Servicer for indemnification of the Master Servicer by such Sub-Servicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

Section 3.05. No Contractual Relationship Between Sub-Servicers and Trustee or Certificateholders.

Any Sub-Servicing Agreement that may be entered into and any transactions or services relating to the Mortgage Loans involving a Sub-Servicer in its capacity as such and not as an originator shall be deemed to be between the Sub-Servicer and the Master Servicer alone, and the Trustee and Certificateholders shall not be deemed parties thereto and shall have no claims, rights, obligations, duties or liabilities with respect to the Sub-Servicer except as set forth in Section 3.06. The Master Servicer (or the Sub-Servicer of the Group 1 Loans) shall be liable for the payment of any franchise taxes which may be assessed by the California Franchise Tax Board in connection with the activities of the Trust under this Agreement.

Section 3.06. Assumption or Termination of Sub-Servicing Agreements by Trustee.

(a) If the Trustee or its designee shall assume the master servicing obligations of the Master Servicer in accordance with Section 7.02 below, the Trustee, to the extent necessary to permit the Trustee to carry out the provisions of Section 7.02 with respect to the Mortgage Loans, shall succeed to all of the rights and obligations of the Master Servicer under each of the Sub-Servicing Agreements. In such event, the Trustee or its designee as the successor master servicer shall be deemed to have assumed all of the Master Servicer's rights and obligations therein and to have replaced the Master Servicer as a party to such Sub-Servicing Agreements to the same extent as if such Sub-Servicing Agreements had been assigned to the Trustee or its designee as a successor master servicer, except that the Trustee or its designee as a successor master servicer shall not be deemed to have assumed any obligations or liabilities of the Master Servicer arising prior to such assumption (other than the obligation to make any Advances hereunder) and the Master Servicer shall not thereby be relieved of any liability or obligations under such Sub-Servicing Agreements arising prior to such assumption. Nothing in the foregoing shall be deemed to entitle the Trustee or its designee as a successor master servicer at any time to receive any portion of the servicing compensation provided under Section 3.17 except for such portion as the Master Servicer would be entitled to receive.

(b) In the event that the Trustee or its designee as successor master servicer for the Trustee assumes the servicing obligations of the Master Servicer under Section 7.02, upon the reasonable request of the Trustee or such designee as successor master servicer the Master Servicer shall at its own expense deliver to the Trustee, or at its written request to such designee, photocopies of all documents, files and records, electronic or otherwise, relating to the Sub-Servicing Agreements and the related Mortgage Loans or REO Property then being serviced and an accounting of amounts collected and held by it, if any, and will otherwise cooperate and use its reasonable efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreements, or responsibilities hereunder to the Trustee, or at its written request to such designee as successor master servicer.

Section 3.07. Collection of Certain Mortgage Loan Payments.

(a) The Master Servicer will coordinate and monitor remittances by Sub-Servicers to the Master Servicer with respect to the Mortgage Loans in accordance with this Agreement.

(b) The Master Servicer shall make its reasonable efforts to collect or cause to be collected all payments required under the terms and provisions of the Mortgage Loans and shall follow, and use its reasonable efforts to cause Sub-Servicers to follow, collection procedures comparable to the collection procedures of prudent mortgage lenders servicing mortgage loans for their own account to the extent such procedures shall be consistent with this Agreement. Consistent with the foregoing, the Master Servicer may in its discretion (i) waive or permit to be waived any late payment charge, assumption fee, or any penalty interest in connection with the prepayment of a Mortgage Loan and (ii) suspend or reduce or permit to be suspended or reduced regular monthly payments for a period of up to six months, or arrange or permit an arrangement with a Mortgagor for a scheduled liquidation of delinquencies. In the event the Master Servicer shall consent to the deferment of the due dates for payments due on a Mortgage Note, the Master Servicer shall nonetheless make an Advance or, in the case of a Group 1 Loan, shall cause the related Sub-Servicer to make an Advance to the same extent as if such installment were due, owing and delinquent and had not been deferred through liquidation of the Mortgaged Property; provided, however, that the obligation of the Master Servicer or related Sub-Servicer to make an Advance shall apply only to the extent that such Advances are not Nonrecoverable Advances.

(c) On each Determination Date, with respect to each Mortgage Loan for which during the related Prepayment Period the Master Servicer has determined that all amounts which it expects to recover from or on account of each such Mortgage Loan have been recovered and that no further Liquidation Proceeds will be received in connection therewith, the Master Servicer shall provide to the Trustee a certificate of a Servicing Officer that such Mortgage Loan became a Liquidated Mortgage Loan in a Cash Liquidation or REO Disposition.

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 Insurance Policy, follow such collection procedures as it would follow with respect to mortgage loans comparable to the Mortgage Loans and held for its own account. The Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note, Primary Hazard Insurance Policy or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that it is prohibited by applicable law from enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required. The Master Servicer shall be responsible for preparing and distributing all information statements relating to payments on the Mortgage Loans, in accordance with all applicable federal and state tax laws and regulations.

Section 3.08. Sub-Servicing Accounts.

In those cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a Sub-Servicing Agreement, the Sub-Servicer will be required to establish and maintain one or more accounts (collectively, the “Sub-Servicing Account”). The Sub-Servicing Account shall be an Eligible Account and shall otherwise be acceptable to the Master Servicer. All amounts held in a Sub-Servicing Account shall be held in trust for the Trustee for the benefit of the Certificateholders and the Certificate Insurer. Any investment of funds held in such an account shall be in Permitted Investments maturing not later than the Business Day immediately preceding the next Sub-Servicer Remittance Date. The Sub-Servicer will be required to deposit into the Sub-Servicing Account no later than two Business Days after receipt all proceeds of Mortgage Loans received by the Sub-Servicer, less the Excess Servicing Strip (in the case of Loan Group 2) and its servicing compensation and any unreimbursed expenses and advances, to the extent permitted by the Sub-Servicing Agreement. On each Sub-Servicer Remittance Date the Sub-Servicer will be required to remit to the Master Servicer for deposit in the Custodial Account all funds held in the Sub-Servicing Account with respect to any Mortgage Loan as of the Sub-Servicer Remittance Date, after deducting from such remittance the Excess Servicing Strip (in the case of Loan Group 2) and an amount equal to the servicing compensation (including interest on Permitted Investments) and unreimbursed expenses and advances to which it is then entitled pursuant to the related Sub-Servicing Agreement, to the extent not previously paid to or retained by it. In addition, on each Sub-Servicer Remittance Date the Sub-Servicer will be required to remit to the Master Servicer any amounts required to be advanced pursuant to the related Sub-Servicing Agreement. The Sub-Servicer will also be required to remit to the Master Servicer, within five Business Days of receipt, the proceeds of any Principal Prepayment made by the Mortgagor, and, on each Sub-Servicer Remittance Date, the amount of any Insurance Proceeds or Liquidation Proceeds received during the related Prepayment Period.

Section 3.09. Collection of Taxes, Assessments and Similar Items; Servicing Accounts.

The Master Servicer and the Sub-Servicers shall establish and maintain one or more accounts (the “Servicing Accounts”), and shall deposit and retain therein all collections from the Mortgagors (or related advances from Sub-Servicers) for the payment of taxes, assessments, Primary Hazard Insurance Policy premiums, and comparable items for the account of the Mortgagors, to the extent that the Master Servicer customarily escrows for such amounts. Withdrawals of amounts so collected from a Servicing Account may be made only to (i) effect payment of taxes, assessments, Primary Hazard Insurance Policy premiums and comparable items; (ii) reimburse the Master Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any payments made pursuant to Sections 3.01 (with respect to taxes and assessments), and 3.13 (with respect to Primary Hazard Insurance Policies); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) payment of investment income to the extent provided in the mortgage loan documentation or (v) clear and terminate the Servicing Account at the termination of this Agreement pursuant to Section 9.01. As part of its servicing duties, the Master Servicer or the Sub-Servicer of the Group 1 Loans shall, if and to the extent required by law, pay to the Mortgagors interest on funds in Servicing Accounts from its or their own funds, without any reimbursement therefor.

Section 3.10. Custodial Account.

(a) The Master Servicer shall establish and maintain one or more accounts (collectively, the “Custodial Account”) in which the Master Servicer shall deposit or cause to be deposited on a daily basis, or as and when received and identified from the Sub-Servicers, the following payments and collections received or made by or on behalf of it subsequent to the Cut-off Date with respect to the Mortgage Loans, or payments received by it prior to the Cut-off Date but allocable to a period subsequent thereto (other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date):

(i) all payments (including advances by a Sub-Servicer) on account of principal, including Principal Prepayments, on the Mortgage Loans;

(ii) all payments (including advances by a Sub-Servicer) on account of interest on the Mortgage Loans, net of any portion thereof retained by the Master Servicer or any Sub-Servicer as Servicing Fees;

(iii) all Insurance Proceeds, other than proceeds that represent reimbursement of costs and expenses incurred by the Master Servicer or any Sub-Servicer in connection with presenting claims under the related Insurance Policies, Liquidation Proceeds and REO Proceeds;

(iv) all proceeds of any Mortgage Loan or REO Property repurchased or purchased in accordance with Sections 2.02, 2.04, 3.14 or 9.01; and all amounts required to be deposited in connection with the substitution of a Qualified Substitute Mortgage Loan pursuant to Section 2.04; and

(v) any amounts required to be deposited pursuant to Section 3.12, 3.13, 3.15 or 3.22.

The foregoing requirements for deposit in the Custodial Account shall be exclusive. In the event the Master Servicer shall deposit in the Custodial Account any amount not required to be deposited therein, it may withdraw such amount from the Custodial Account, any provision herein to the contrary notwithstanding. The Custodial Account shall be maintained as a segregated account, separate and apart from trust funds created for mortgage pass-through certificates of other series, and the other accounts of the Master Servicer.

(b) Funds in the Custodial Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. The Master Servicer shall give notice to the Trustee and the Depositor of the location of the Custodial Account after any change thereof.

Section 3.11. Permitted Withdrawals From the Custodial Account.

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 3.10 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 pay to itself, the Depositor, the Sponsor or any other appropriate person, as the case may be, with respect to each Mortgage Loan that has previously been purchased or repurchased pursuant to Sections 2.02, 2.04, 3.14 or 9.01 all amounts received thereon and not yet distributed as of the date of purchase or repurchase;

(iii) to reimburse itself or any Sub-Servicer for Advances not previously reimbursed, the Master Servicer's or any Sub-Servicer's right to reimbursement pursuant to this clause (iii) being limited to amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such Advances were made and as further provided in Section 3.15;

(iv) to reimburse or pay itself, the Trustee or the Depositor for expenses incurred by or reimbursable to the Master Servicer, the Trustee or the Depositor pursuant to Sections 3.22, 6.03, 8.05 or 10.01(g), except as otherwise provided in such Sections hereof;

(v) to reimburse itself or any Sub-Servicer for costs and expenses incurred by or reimbursable to it relating to the prosecution of any claims pursuant to Section 3.13 that are in excess of the amounts so recovered;

(vi) to reimburse itself or any Sub-Servicer for unpaid Master Servicing Fees, Sub-Servicing Fees and unreimbursed Servicing Advances, the Master Servicer's or any Sub-Servicer's right to reimbursement pursuant to this clause (vi) with respect to any Mortgage Loan being limited to late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.09 and any other related Late Collections;

(vii) to pay itself as servicing compensation (in addition to the Master Servicing Fee and Sub-Servicing Fee), on or after each Distribution Date, any interest or investment income earned on funds deposited in the Custodial Account for the period ending on such Distribution Date;

(viii) to reimburse itself or any Sub-Servicer for any Advance or Servicing Advance previously made, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or Servicing Advance was not reimbursed pursuant to clauses (iii) and (vi);

(ix) to pay PMI Insurer the premium under the PMI Insurer Policies;

(x) to clear and terminate the Custodial Account at the termination of this Agreement pursuant to Section 9.01; and

(xi) to reimburse itself or any Sub-Servicer from general collections for any Advance or Servicing Advance made that has been deemed by the Master Servicer to be a Nonrecoverable Advance.

The Master Servicer shall keep and maintain separate accounting records on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (ii) through (x). Reconciliations will be prepared for the Custodial Account within 45 Calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification.

Section 3.12. Permitted Investments.

Any institution maintaining the Custodial Account shall at the direction of the Master Servicer invest the funds in such account in Permitted Investments, each of which shall mature not later than (i) the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Trustee is the obligor thereon, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Trustee is the obligor thereon and shall not be sold or disposed of prior to its maturity. All income and gain realized from any such investment as well as any interest earned on deposits in the Custodial Account shall be for the benefit of the Master Servicer. The Master Servicer shall deposit in the Custodial Account an amount equal to the amount of any loss incurred in respect of any such investment immediately upon realization of such loss without right of reimbursement.

The Trustee or its Affiliates are permitted to receive additional compensation that could be deemed to be in the Trustee’s economic self-interest for (i) serving as investment adviser, administrator, shareholder servicing agent, custodian or sub-custodian with respect to certain of the Permitted Investments, (ii) using Affiliates to effect transactions in certain Permitted Investments and (iii) effecting transactions in certain Permitted Investments.

Funds on deposit in the Group 1 Net WAC Shortfall Reserve Fund or Group 2 Net WAC Shortfall Reserve Fund may be invested in Permitted Investments in accordance with this Section 3.12 subject to any limitations set forth in Section 4.08 (with respect to the Group 1 Net WAC Shortfall Reserve Fund or Group 2 Net WAC Shortfall Reserve Fund, as applicable) and any investment earnings or interest paid shall accrue to the Trustee and the Trustee shall deposit in the related account from its own funds the amount of any loss incurred on Permitted Investments in such account.

Section 3.13. Maintenance of Primary Hazard Insurance.

The Master Servicer shall cause to be maintained for each Mortgage Loan primary hazard insurance by a Qualified Insurer or other insurer satisfactory to the Rating Agencies with extended coverage on the related Mortgaged Property in an amount equal to the lesser of (i) 100% of the replacement value of the improvements, as determined by the insurance company, on such Mortgaged Property or (ii) the unpaid principal balance of the Mortgage Loan. The Master Servicer shall also cause to be maintained on property acquired upon foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan, fire insurance with extended coverage in an amount equal to the replacement value of the improvements thereon. Any costs incurred in maintaining any insurance described in this Section 3.13 (other than any deductible described in the last paragraph hereof) shall be recoverable as a Servicing Advance. The Master Servicer shall not be obligated to advance any amounts pursuant to this Section 3.13 if, in its good faith judgment, the Master Servicer determines that such advance would be a Nonrecoverable Advance. Pursuant to Section 3.10, 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 3.11. Any cost incurred by the Master Servicer in maintaining any such insurance shall not, for the purpose of calculating monthly distributions to Certificateholders, be added to the amount owing under the Mortgage Loan, notwithstanding that the terms of the Mortgage Loan so permit. 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.

The Master Servicer shall, or shall cause the related Sub-Servicer to, exercise its best reasonable efforts to maintain and keep in full force and effect each Primary Insurance Policy by a Qualified Insurer, or other insurer satisfactory to the Rating Agencies, with respect to each first lien Mortgage Loan as to which as of the Cut-Off Date such a Primary Insurance Policy was in effect (or, in the case of a Qualified Substitute Mortgage Loan, the date of substitution) and the original principal amount of the related Mortgage Note exceeded 80% of the Collateral Value in an amount at least equal to the excess of such original principal amount over 75% of such Collateral Value until the principal amount of any such first lien Mortgage Loan is reduced below 80% of the Collateral Value or, based upon a new appraisal, the principal amount of such first lien Mortgage Loan represents less than 80% of the new appraised value. The Master Servicer shall, or shall cause the related Sub-Servicer to, effect the timely payment of the premium on each Primary Insurance Policy. The Master Servicer and the related Sub-Servicer shall have the power to substitute for any Primary Insurance Policy another substantially equivalent policy issued by another Qualified Insurer, provided, that, such substitution shall be subject to the condition that it will not cause the ratings on the Certificates to be downgraded or withdrawn, as evidenced in writing from each Rating Agency.

The Master Servicer shall cooperate with the PMI Insurer and shall use its best efforts to furnish all reasonable aid, evidence and information in the possession of the Master Servicer or to which the Master Servicer has access with respect to any PMI Mortgage Loan.

In the event of a default by PMI Insurer under the PMI Insurer Policy (a “Replacement Event”), the Master Servicer shall use its best efforts to obtain a substitute lender-paid primary mortgage insurance policy (a “Substitute PMI Policy”), with the approval of the Certificate Insurer; provided, however, that the Master Servicer shall not be obligated, and shall have no liability for failing, to obtain a Substitute PMI Policy unless such Substitute PMI Policy can be obtained on the following terms and conditions: (i) the Certificates shall be rated no lower than the rating assigned by each Rating Agency to the Certificates immediately prior to such Replacement Event, as evidenced by a letter from each Rating Agency addressed to the Company, the Master Servicer and the Trustee, (ii) the timing and mechanism for drawing on such new Substitute PMI Policy shall be reasonably acceptable to the Master Servicer and the Trustee and (iii) the premiums under the proposed Substitute PMI Policy shall not exceed such premiums under the existing PMI Insurer Policy.

With respect to the PMI Mortgage Loans covered by a PMI Insurer Policy, the Master Servicer will confirm with PMI Insurer, and PMI Insurer will certify to the Trustee, on or before February 1, 2007, that the Mortgage Loans indicated on the Mortgage Loan Schedule as being covered by PMI Insurer Policy are so covered.

No earthquake or other additional insurance is to be required of any Mortgagor or maintained on property acquired with respect to a security instrument other than pursuant to such applicable laws and regulations as shall at any time be in force and shall require such additional insurance. When, at the time of origination of the Mortgage Loan or at any subsequent time, the Mortgaged Property is located in a federally designated special flood hazard area, the Master Servicer shall cause with respect to the Mortgage Loans and each REO Property flood insurance (to the extent available and in accordance with mortgage servicing industry practice) to be maintained. Such flood insurance shall cover the Mortgaged Property, including all items taken into account in arriving at the Collateral Value on which the Mortgage Loan was based, and shall be in an amount equal to the lesser of (i) the Stated Principal Balance of the related Mortgage Loan and (ii) the minimum amount required under the terms of coverage to compensate for any damage or loss on a replacement cost basis, but not more than the maximum amount of such insurance available for the related Mortgaged Property under either the regular or emergency programs of the National Flood Insurance Program (assuming that the area in which such Mortgaged Property is located is participating in such program). Unless applicable state law requires a higher deductible, the deductible on such flood insurance may not exceed $5,000 or 1% of the applicable amount of coverage, whichever is less.

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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 two sentences of this Section 3.13, 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 two sentences of this Section 3.13 and there shall have been a loss which would have been covered by such policy, deposit in the Certificate Account from its own funds 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. Any such deposit shall not be deemed Servicing Advances and the Master Servicer shall not be entitled to reimbursement therefor. 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 Certificateholders, claims under any such blanket policy.

Section 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements.

The Master Servicer will, to the extent it has knowledge of any conveyance or prospective conveyance by any Mortgagor of the Mortgaged Property (whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains or is to remain liable under the Mortgage Note or the Mortgage), exercise or cause to be exercised its rights to accelerate the maturity of such Mortgage Loan under any “due-on-sale” clause applicable thereto; provided, however, that the Master Servicer shall not exercise any such rights if it reasonably believes that it is prohibited by law from doing so. The Master Servicer or the related Sub-Servicer may repurchase a Mortgage Loan at the Purchase Price when the Master Servicer requires acceleration of the Mortgage Loan, but only if the Master Servicer is satisfied, as evidenced by an Officer's Certificate delivered to the Trustee, that either (i) such Mortgage Loan is in default or default is reasonably foreseeable or (ii) if such Mortgage Loan is not in default or default is not reasonably foreseeable, such repurchase will have no adverse tax consequences for the Trust Fund or any Certificateholder. If the Master Servicer is unable to enforce such “due-on-sale” clause (as provided in the second preceding sentence) or if no “due-on-sale” clause is applicable, the Master Servicer or the Sub-Servicer is authorized to enter into an assumption and modification agreement with the Person to whom such property has been conveyed or is proposed to be conveyed, pursuant to which such Person becomes liable under the Mortgage Note and, to the extent permitted by applicable state law, the Mortgagor remains liable thereon; provided, however, that the Master Servicer shall not enter into any assumption and modification agreement if the coverage provided under the Primary Insurance Policy, if any, would be impaired by doing so. The Master Servicer shall notify the Trustee, whenever possible, before the completion of such assumption agreement, and shall forward to the Custodian the original copy of such assumption agreement, which copy shall be added by the Custodian to the related Mortgage File and which shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. In connection with any such assumption agreement, the interest rate on the related Mortgage Loan shall not be changed and no other material alterations in the Mortgage Loan shall be made unless such material alteration would not cause any of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify as a REMIC for federal income tax purposes, as evidenced by an Opinion of Counsel. The Master Servicer is also authorized to enter into a substitution of liability agreement with such Person, pursuant to which the original Mortgagor is released from liability and such Person is substituted as the Mortgagor and becomes liable under the Mortgage Note. Any fee collected by or on behalf of the Master Servicer for entering into an assumption or substitution of liability agreement will be retained by or on behalf of the Master Servicer as additional servicing compensation. In connection with any such assumption, no material term of the Mortgage Note (including but not limited to the Mortgage Rate, the amount of the Monthly Payment and any other term affecting the amount or timing of payment on the Mortgage Loan) may be changed. The Master Servicer shall not enter into any substitution or assumption if such substitution or assumption shall (i) both constitute a “significant modification” effecting an exchange or reissuance of such Mortgage Loan under the Code (or Treasury regulations promulgated thereunder) and cause any of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify as a REMIC under the REMIC Provisions or (ii) cause the imposition of any tax on “prohibited transactions” or “contributions” after the Startup Day under the REMIC Provisions. The Master Servicer shall notify the Trustee that any such substitution or assumption agreement has been completed and shall forward to the Custodian the original copy of such substitution or assumption agreement, which copy shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. A portion equal to up to 2% of the Collateral Value of the related Mortgage Loan, of any fee or additional interest collected by the related Sub-Servicer for consenting in any such conveyance or entering into any such assumption agreement may be retained by the related Sub-Servicer as additional servicing compensation.

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Notwithstanding the foregoing paragraph or any other provision of this Agreement, the Master Servicer shall not be deemed to be in default, breach or any other violation of its obligations hereunder by reason of any assumption of a Mortgage Loan by operation of law or any assumption that the Master Servicer may be restricted by law from preventing, for any reason whatsoever. For purposes of this Section 3.14, the term “assumption” is deemed to also include a sale of a Mortgaged Property that is not accompanied by an assumption or substitution of liability agreement.

Section 3.15. Realization Upon Defaulted Mortgage Loans.

The Master Servicer shall exercise reasonable efforts, consistent with the procedures that the Master Servicer would use in servicing loans for its own account, to 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, and which are not released from the Trust Fund pursuant to any other provision hereof. The Master Servicer shall use reasonable efforts to realize proceeds from such defaulted Mortgage Loans in such manner (including short sales and passing through to the Trust Fund less than the full amount it expects to receive from the related Mortgage Loan) as will maximize the receipt of principal and interest by Certificateholders, taking into account, among other things, the timing of foreclosure proceedings. The foregoing is subject to the provisions that, in any case in which Mortgaged Property shall have suffered damage from an Uninsured Cause, the Master Servicer shall not be required to expend its own funds toward the restoration of such property unless it shall determine in its sole discretion (i) that such restoration will increase the net proceeds of liquidation of the related Mortgage Loan to Certificateholders and the Certificate Insurer after reimbursement to itself for such expenses, and (ii) that such expenses will be recoverable by the Master Servicer through Insurance Proceeds or Liquidation Proceeds from the related Mortgaged Property, as contemplated in Section 3.11. The Master Servicer shall be responsible for all other costs and expenses incurred by it in any such proceedings; provided, however, that it shall be entitled to reimbursement thereof from the related property, as contemplated in Section 3.11.

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The proceeds of any Cash Liquidation or REO Disposition, as well as any recovery resulting from a partial collection of Insurance Proceeds or Liquidation Proceeds or any income from an REO Property, will be deposited into the Custodial Account and applied in the following order of priority: first, to reimburse the Master Servicer or any Sub-Servicer for any related unreimbursed Servicing Advances, pursuant to Section 3.11(vi) or 3.22; second, to accrued and unpaid interest on the Mortgage Loan or REO Imputed Interest, at the Mortgage Rate, to the date of the Cash Liquidation or REO Disposition, or to the Due Date prior to the Distribution Date on which such amounts are to be distributed if not in connection with a Cash Liquidation or REO Disposition; and third, as a recovery of principal of the Mortgage Loan. If the amount of the recovery so allocated to interest is less than a full recovery thereof, that amount will be allocated as follows: first, to unpaid Master Servicing Fees or Sub-Servicing Fees; and second, to interest at the Net Mortgage Rate. The portion of the recovery so allocated to unpaid Master Servicing Fees or Sub-Servicing Fees shall be reimbursed to the Master Servicer or any Sub-Servicer pursuant to Section 3.11(vi). The portions of the recovery so allocated to interest at the Net Mortgage Rate and to principal of the Mortgage Loan shall be applied as follows: first, to reimburse the Master Servicer or any Sub-Servicer for any related unreimbursed Advances in accordance with Section 3.11(iii) or 3.22, second, payment to the PMI Insurer in accordance with Sections 3.11(ix) and third, for payment to the Trustee and distribution to the Certificateholders in accordance with the provisions of Section 4.01, subject to Section 3.22 with respect to certain recoveries from an REO Disposition constituting Excess Proceeds. To the extent the Master Servicer receives additional recoveries following a Cash Liquidation, the amount of the Realized Loss will be restated, and the additional recoveries will be passed through the Trust Fund as Liquidation Proceeds.

The Master Servicer, on behalf of the Trust, may also, in its discretion, as an alternative to foreclosure, sell defaulted Mortgage Loans at fair market value to third-parties, if the Master Servicer reasonably believes that such sale would maximize proceeds to the Certificateholders in the aggregate (on a present value basis) with respect to that Mortgage Loan.

Section 3.16. Trustee to Cooperate; Release of Mortgage Files.

Upon the payment in full of any Mortgage Loan, or the receipt by the Master Servicer of a notification that payment in full shall be escrowed in a manner customary for such purposes, the Master Servicer will immediately notify the Trustee 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 3.10 have been or will be so deposited) of a Servicing Officer and shall request delivery to it of the Mortgage File in the form of the Request for Release attached hereto as Exhibit F-2. Upon receipt by the Custodian of such certification and request, such Custodian shall promptly release the related Mortgage File to the Master Servicer. Subject to the receipt by the Master Servicer of the proceeds of such payment in full and the payment of all related fees and expenses, the Master Servicer shall arrange for the release to the Mortgagor of the original canceled Mortgage Note. In connection with the satisfaction of any MOM Loan, the Master Servicer is authorized to cause the removal from the registration on the MERS® System of such Mortgage. All other documents in the Mortgage File shall be retained by the Master Servicer to the extent required by applicable law. The Master Servicer shall provide for preparation of the appropriate instrument of satisfaction covering any Mortgage Loan which pays in full and the Trustee shall cooperate in the execution and return of such instrument to provide for its delivery or recording as may be required. 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.

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From time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan, including, for this purpose, collection under any insurance policy relating to the Mortgage Loan, the Custodian shall, upon request of the Master Servicer and delivery to the Custodian of a Request for Release in the form attached hereto as Exhibit F-1, release the related Mortgage File to the Master Servicer and the Trustee shall execute such documents as the Master Servicer shall prepare and request as being necessary to the prosecution of any such proceedings. Such Request for Release shall obligate the Master Servicer to return each document previously requested from the Mortgage File to the Custodian when the need therefor by the Master Servicer no longer exists; and in any event within 21 days of the Master Servicer's receipt thereof, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Custodial Account or the Mortgage File or such document 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 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. Upon receipt of a Request for Release stating that such Mortgage Loan was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Custodial Account have been or will be so deposited, or that such Mortgage Loan has become an REO Property, a copy of the Request for Release shall be released by the Trustee to the Master Servicer.

Upon written request of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer any court pleadings, requests for trustee’s sale or other documents prepared by the Master Servicer that are 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. Each such request that such pleadings or documents be executed by the Trustee shall include a certification signed by a Servicing Officer as to the reason such documents or pleadings are required and that the execution and delivery thereof by the Trustee will not 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.

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Section 3.17. Servicing Compensation.

As compensation for its activities hereunder, the Master Servicer shall be entitled to withhold and retain, from deposits to the Custodial Account of amounts representing payments or recoveries of interest, the Master Servicing Fees and Sub-Servicing Fees with respect to each Mortgage Loan (less any portion of such amounts retained by any Sub-Servicer). In addition, the Master Servicer shall be entitled to recover unpaid Master Servicing Fees and Sub-Servicing Fees out of related Late Collections to the extent permitted in Section 3.11.

Each Sub-Servicing Agreement shall permit the related Sub-Servicer to retain the Sub-Servicer Fees from collections on the related Mortgage Loans, or shall provide that the Sub-Servicer be paid directly by the Master Servicer from collections on the related Mortgage Loans. To the extent the Master Servicer directly services a Mortgage Loan, the Master Servicer shall be entitled to retain the Sub-Servicing Fees for that Mortgage Loan.

The Master Servicer also shall be entitled pursuant to Section 3.11 to receive from the Custodial Account as additional servicing compensation interest or other income earned on deposits therein, subject to Section 3.23, as well as any assumption fees, late payment charges and reconveyance fees. The Master Servicer shall not be entitled to retain any Prepayment Charges. Any Prepayment Charges identified on Exhibit H hereto as belonging to the Class P Certificateholder shall be paid to the Holders of the related Class P Certificates. Any Prepayment Charges identified on Exhibit H hereto as belong to a Sub-Servicer shall be paid to the related Sub-Servicer. The Master Servicer shall be required to pay all expenses incurred by it in connection with its servicing activities hereunder (including payment of the premiums for any blanket policy insuring against hazard losses pursuant to Section 3.13 and servicing compensation of the Sub-Servicer to the extent not retained by it), and shall not be entitled to reimbursement therefor except as specifically provided in Section 3.11. The Master Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Master Servicer's responsibilities and obligations under this Agreement.

Notwithstanding anything herein to the contrary, Midland (and its successors and assigns) shall also be entitled to the Excess Servicing Strip with respect to the Mortgage Loans that it is servicing and may at its option assign or pledge to any third party or retain for itself the Excess Servicing Strip. The Master Servicer (or its successor hereunder, if any) shall pay the Excess Servicing Strip to the holder of the Excess Servicing Strip (i.e., Midland or any such third party) at such time and to the extent the Master Servicer is entitled to receive payment of its Master Servicing Fees hereunder, notwithstanding any resignation or termination of the Master Servicer hereunder. In the event that Midland is terminated or resigns as Sub-Servicer, it (and its successors and assigns) will be entitled to retain the Excess Servicing Strip.

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Section 3.18. Maintenance of Certain Servicing Policies.

The Master Servicer shall obtain and maintain at its own expense and shall cause each Sub-Servicer to obtain and maintain for the duration of this Agreement a blanket fidelity bond and an errors and omissions insurance policy covering the Master Servicer's and such Sub-Servicer's officers, employees and other persons acting on its behalf in connection with its activities under this Agreement. The amount of coverage shall be at least equal to the coverage maintained by the Master Servicer or Sub-Servicer in order to be acceptable to Xxxxxx Xxx or Xxxxxxx Mac to service loans for it or otherwise in an amount as is commercially available at a cost that is generally not regarded as excessive by industry standards. The Master Servicer shall promptly notify the Trustee in writing of any material change in the terms of such bond or policy. The Master Servicer shall provide annually to the Trustee a certificate of insurance that such bond and policy are in effect. If any such bond or policy ceases to be in effect, the Master Servicer shall, to the extent possible, give the Trustee ten days' notice prior to any such cessation and shall use its reasonable best efforts to obtain a comparable replacement bond or policy, as the case may be.

Section 3.19. Annual Statement as to Compliance.

Not later than March 22nd of each calendar year beginning in 2007, the Master Servicer at its own expense shall deliver to the Trustee via e-mail (XXXXX.Xxxxxxxxxxxxx@xx.xxx), and shall deliver (or otherwise make available) to the Certificate Insurer, a certificate (an “Annual Statement of Compliance”) signed by a Servicing Officer stating, as to the signers thereof, that (i) a review of the activities of the Master Servicer during the preceding calendar year and of performance under this Agreement or other applicable servicing agreement has been made under such officers’ supervision, (ii) to the best of such officers’ knowledge, based on such review, the Master Servicer has fulfilled all its obligations under this Agreement or other applicable servicing agreement in all material respects for such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof. Such Annual Statement of Compliance shall contain no restrictions or limitations on its use. In the event that the Master Servicer has delegated any servicing responsibilities with respect to the Mortgage Loans to a Sub-Servicer, the Master Servicer shall deliver a similar Annual Statement of Compliance by that Sub-Servicer to the Trustee and the Certificate Insurer as described above as and when required with respect to the Master Servicer.

Failure of the Master Servicer to timely comply with this Section 3.19 shall be deemed an Event of Default, and the Trustee may, in addition to whatever rights the Trustee may have under this Agreement and at law or equity or to damages, including injunctive relief and specific performance, upon notice immediately terminate all the rights and obligations of the Master Servicer under this Agreement and in and to the Mortgage Loans and the proceeds thereof without compensating the Master Servicer for the same. This paragraph shall supersede any other provision in this Agreement or any other agreement to the contrary.

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Section 3.20. Assessments of Compliance and Attestation Reports.

Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(a) of Regulation AB, the Master Servicer shall deliver to the Trustee via e-mail (XXXXX.Xxxxxxxxxxxxx@xx.xxx) and shall deliver (or otherwise make available) to the Certificate Insurer on or before March 22nd of each calendar year beginning in 2007, a report regarding the Master Servicer’s assessment of compliance (an “Assessment of Compliance”) with the applicable Servicing Criteria (as set forth in Exhibit N) during the preceding calendar year. The Assessment of Compliance must contain the following:

(a) A statement by such officer of its responsibility for assessing compliance with the Servicing Criteria applicable to the Master Servicer;

(b) A statement by such officer that such officer used the Servicing Criteria, and which will also be attached to the Assement of Compliance, to assess compliance with the Servicing Criteria applicable to the Master Servicer;

(c) An assessment by such officer of the Master Servicer’s compliance with the applicable Servicing Criteria for the period consisting of the preceding calendar year, including disclosure of any material instance of noncompliance with respect thereto during such period, which assessment shall be based on the activities it performs with respect to asset-backed securities transactions taken as a whole involving the Master Servicer, that are backed by the same asset type as the Mortgage Loans;

(d) A statement that a registered public accounting firm has issued an attestation report on the Master Servicer’s Assessment of Compliance for the period consisting of the preceding calendar year; and

(e) A statement as to which of the Servicing Criteria, if any, are not applicable to the Master Servicer, which statement shall be based on the activities it performs with respect to asset-backed securities transactions taken as a whole involving the Master Servicer, that are backed by the same asset type as the Mortgage Loans.

Such report at a minimum shall address each of the Servicing Criteria specified on Exhibit N hereto which are indicated as applicable to the Master Servicer.

On or before March 22nd of each calendar year beginning in 2007, the Master Servicer shall furnish to the Trustee and the Certificate Insurer a report (an “Attestation Report”) by a registered public accounting firm that attests to, and reports on, the Assessment of Compliance made by the Master Servicer, as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which Attestation Report must be made in accordance with standards for attestation reports issued or adopted by the Public Company Accounting Oversight Board.

The Master Servicer shall cause any Sub-Servicer and each subcontractor determined by the Master Servicer to be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, to deliver to the Trustee, the Certificate Insurer and the Depositor an Assessment of Compliance and Attestation Report as and when provided above.

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Such Assessment of Compliance, as to any Sub-Servicer, shall address each of the Servicing Criteria applicable to the Sub-Servicer. Notwithstanding the foregoing, as to any subcontractor determined by the Master Servicer to be “participating in the servicing function,” an Assessment of Compliance is not required to be delivered unless it is required as part of a Form 10-K with respect to the Trust Fund.

Failure of the Master Servicer to timely comply with this Section 3.20 (taking into account the cure period if permitted as set forth in the preceding paragraph) shall be deemed an Event of Default, and the Trustee may, in addition to whatever rights the Trustee may have under this Agreement and at law or equity or to damages, including injunctive relief and specific performance, give notice to Certificateholders that they have ten Business Days to object. If no such objection is received, the Trustee shall immediately terminate all the rights and obligations of the Master Servicer under this Agreement and in and to the Mortgage Loans and the proceeds thereof without compensating the Master Servicer for the same (other than as provided herein with respect to unreimbursed Advances or Servicing Advances or accrued and unpaid Servicing Fees). This paragraph shall supercede any other provision in this Agreement or any other agreement to the contrary.

The Trustee shall also provide an Assessment of Compliance (with respect to items (a) - (d) but not (e) above) and Attestation Report, as and when provided above, which shall at a minimum address each of the Servicing Criteria specified on Exhibit N hereto which are indicated as applicable to the “trustee”. Notwithstanding the foregoing, as to any trustee, an Assessment of Compliance is not required to be delivered unless it is required as part of a Form 10-K with respect to the Trust Fund.

Section 3.21. Access to Certain Documentation.

The Master Servicer shall provide, and shall cause any Sub-Servicer to provide, to the Trustee and the Certificate Insurer, access to the documentation in their possession regarding the related Mortgage Loans and REO Properties and to the Certificateholders, the FDIC, and the supervisory agents and examiners of the FDIC (to which the Trustee shall also provide) access to the documentation regarding the related Mortgage Loans required by applicable regulations, such access being afforded without charge but only upon reasonable request and during normal business hours at the offices of the Master Servicer or the Sub-Servicers that are designated by these entities; provided, however, that, unless otherwise required by law, the Trustee, the Custodian, the Master Servicer or the Sub-Servicer shall not be required to provide access to such documentation if the provision thereof would violate the legal right to privacy of any Mortgagor. The Master Servicer and the Sub-Servicers shall allow representatives of the above entities to photocopy any of the documentation and shall provide equipment for that purpose at a charge that covers their own actual out-of-pocket costs. The Master Servicer shall designate a Servicing Officer to provide certain information regarding the Mortgage Loans.

Section 3.22. Title, Conservation and Disposition of REO Property.

This Section shall apply only to REO Properties acquired for the account of REMIC 1 or REMIC 2, as applicable, and shall not apply to any REO Property relating to a Mortgage Loan which was purchased or repurchased from REMIC 1 or REMIC 2, as applicable, pursuant to Sections 2.02, 2.04 or 3.14. In the event that title to any such REO Property is acquired, the deed or certificate of sale shall be issued to the Trustee, or to its nominee, on behalf of the Certificateholders. The Master Servicer, on behalf of REMIC 1 or REMIC 2, as applicable, shall either sell any related REO Property before the close of the third taxable year following the taxable year in which REMIC 1 or REMIC 2, as applicable, acquires ownership of such REO Property for purposes of Section 860G(a)(8) of the Code or, at the expense of REMIC 1 or REMIC 2, as applicable, request, more than 60 days before the day on which the three-year grace period would otherwise expire an extension of the three-year grace period, unless the Master Servicer has delivered to the Trustee and the Certificate Insurer an Opinion of Counsel (which shall not be at the expense of the Trustee or the Certificate Insurer), addressed to the Trustee, the Certificate Insurer and the Master Servicer, to the effect that the holding by REMIC 1 or REMIC 2, as applicable, of such REO Property subsequent to the close of the third taxable year following the taxable year in which REMIC 1 or REMIC 2, as applicable, acquires ownership of such REO Property will not result in the imposition on REMIC 1 or REMIC 2, as applicable, of taxes on “prohibited transactions” thereof, as defined in Section 860F of the Code, or cause any of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of the laws of the State of California at any time that any Certificates are outstanding. The Master Servicer shall manage, conserve, protect and operate each REO Property for the Certificateholders solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) or result in the receipt by any of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 of any “income from non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code or any “net income from foreclosure property” which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Certificateholders, rent the same, or any part thereof, as the Master Servicer deems to be in the best interest of the Certificateholders for the period prior to the sale of such REO Property.

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Any REO Disposition shall be for cash only (unless changes in the REMIC Provisions made subsequent to the Startup Day allow a sale for other consideration).

The Master Servicer shall segregate and hold all funds collected and received in connection with the operation of any REO Property separate and apart from its own funds and general assets. The Master Servicer shall deposit, or cause to be deposited, on a daily basis in the Custodial Account all revenues received with respect to the REO Properties, net of any directly related expenses incurred or withdraw therefrom funds necessary for the proper operation, management and maintenance of the REO Property.

If as of the date of acquisition of title to any REO Property there remain outstanding unreimbursed Servicing Advances with respect to such REO Property or any outstanding Advances allocated thereto the Master Servicer, upon an REO Disposition, shall be entitled to reimbursement for any related unreimbursed Servicing Advances and any unreimbursed related Advances as well as any unpaid Master Servicing Fees or Sub-Servicing Fees from proceeds received in connection with the REO Disposition, as further provided in Section 3.15. The Master Servicer shall not be obligated to advance any amounts with respect to an REO Property if such advance would constitute a Nonrecoverable Advance.

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The REO Disposition shall be carried out by the Master Servicer at such price and upon such terms and conditions as the Master Servicer shall determine.

The Master Servicer shall deposit the proceeds from the REO Disposition, net of any payment to the Master Servicer as provided above, in the Custodial Account upon receipt thereof for distribution in accordance with Section 4.01; provided, that any such net proceeds received by the Master Servicer which are in excess of the applicable Stated Principal Balance plus all unpaid REO Imputed Interest thereon through the last day of the month in which the REO Disposition occurred (“Excess Proceeds”) shall be retained by the Master Servicer as additional servicing compensation.

With respect to any Mortgage Loan as to which the Master Servicer has received notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the Mortgaged Property, the Master Servicer shall not, on behalf of the Trustee, either (i) obtain title to the related Mortgaged Property as a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of, the related Mortgaged Property, unless the Master Servicer has, at least 30 days prior to taking such action, obtained and delivered to the Trustee an environmental audit report prepared by a Person who regularly conducts environmental audits using customary industry standards. The Master Servicer shall take such action as it deems to be in the best economic interest of the Trust Fund (other than proceeding against the Mortgaged Property) and is hereby authorized at such time as it deems appropriate to release such Mortgaged Property from the lien of the related Mortgage.

The cost of the environmental audit report contemplated by this Section 3.22 shall be advanced by the Master Servicer as an expense of the Trust Fund, and the Master Servicer shall be reimbursed therefor from the Custodial Account as provided in Section 3.11, any such right of reimbursement being prior to the rights of the Certificateholders to receive any amount in the Custodial Account.

If the Master Servicer determines, as described above, that it is in the best economic interest of the Trust Fund to take such actions as are necessary to bring any such Mortgaged Property in compliance with applicable environmental laws, or to take such action with respect to the containment, clean-up or remediation of hazardous substances, hazardous materials, hazardous wastes, or petroleum-based materials affecting any such Mortgaged Property, then the Master Servicer shall take such action as it deems to be in the best economic interest of the Trust Fund. The cost of any such compliance, containment, clean-up or remediation shall be advanced by the Master Servicer as an expense of the Trust Fund, and the Master Servicer shall be entitled to be reimbursed therefor from the Custodial Account as provided in Section 3.11, any such right of reimbursement being prior to the rights of the Certificateholders to receive any amount in the Custodial Account.

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Section 3.23. Additional Obligations of the Master Servicer.

On each Certificate Account Deposit Date, the Master Servicer shall deliver to the Trustee for deposit in the Certificate Account from its own funds and without any right of reimbursement therefor, a total amount equal to the amount of Compensating Interest for the related Distribution Date.

Section 3.24. Additional Obligations of the Depositor.

The Depositor agrees that on or prior to the tenth day after the Closing Date, the Depositor shall provide the Trustee with a written notification, substantially in the form of Exhibit J attached hereto, relating to each Class of Certificates, setting forth (i) in the case of each Class of such Certificates, (a) if less than 10% of the aggregate Certificate Principal Balance of such Class of Certificates has been sold as of such date, the value calculated pursuant to clause (b)(iii) of Exhibit J hereto, or, (b) if 10% or more of such Class of Certificates has been sold as of such date but no single price is paid for at least 10% of the aggregate Certificate Principal Balance of such Class of Certificates, then the weighted average price at which the Certificates of such Class were sold and the aggregate percentage of Certificates of such Class sold, (c) the first single price at which at least 10% of the aggregate Certificate Principal Balance of such Class of Certificates was sold, or (d) if any Certificates of each Class of Certificates are retained by the Depositor or an affiliate corporation, or are delivered to the Sponsor, the fair market value of such Certificates as of the Closing Date, (ii) the Prepayment Assumption used in pricing the Certificates, and (iii) such other information as to matters of fact as the Trustee may reasonably request to enable it to comply with its reporting requirements with respect to each Class of such Certificates to the extent such information can in the good faith judgment of the Depositor be determined by it.

Section 3.25. Exchange Act Reporting.

(a) The Trustee (to the extent any information requested by the Depositor is actually in the possession of the Trustee) and the Master Servicer shall fully cooperate with the Depositor in connection with the Trust’s satisfying the reporting requirements under the Exchange Act as may be requested by the Depositor pursuant to Section 3.26.

(b) (i) Within 12 calendar days after each Distribution Date, the Trustee shall, in accordance with industry standards, file with the Commission via the Electronic Data Gathering and Retrieval System (“XXXXX”), a Distribution Report on Form 10-D, signed by the Depositor, with a copy of the monthly statement to be furnished by the Trustee to the Certificateholders for such Distribution Date. Any disclosure in addition to the monthly statement required to be included on the Form 10-D (“Additional Form 10-D Disclosure”) shall be determined and prepared by the entity that is indicated in Exhibit O as the responsible party for providing that information, if other than the Trustee, and the Trustee will have no duty or liability to verify the accuracy or sufficiency of any such Additional Form 10-D Disclosure and the Trustee shall have no liability with respect to any failure to properly prepare or file such Form 10-D resulting from or relating to the Trustee’s inability or failure to obtain any information in a timely manner from the party responsible for delivery of such Additional Form 10-D Disclosure.

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Within 3 calendar days after the related Distribution Date, each entity that is indicated in Exhibit O as the responsible party for providing Additional Form 10-D Disclosure shall be required to provide to the Trustee via e-mail (XXXXX.Xxxxxxxxxxxxx@xx.xxx), and to the Depositor and the Certificate Insurer, to the extent known by a responsible party thereof, any Additional Form 10-D Disclosure, if applicable, clearly identifying which item of Form 10-D the information relates to. The Trustee shall compile the information provided to it, prepare the Form 10-D and forward the Form 10-D to the Depositor for verification. The Depositor will approve, as to form and substance, or disapprove, as the case may be, the Form 10-D. No later than three Business Days prior to the 10th calendar day after the related Distribution Date, an officer of the Depositor shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Trustee. The Trustee shall have no liability with respect to any failure to properly file any Form 10-D resulting from or relating to the Depositor’s failure to timely comply with the provisions of this section.

(ii) Within four (4) Business Days after the occurrence of an event requiring disclosure on Form 8-K (each such event, a “Reportable Event”), the Depositor shall prepare and file any Form 8-K, as required by the Exchange Act, in addition to the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure Information”) shall be determined and prepared by the entity that is indicated in Exhibit O as the responsible party for providing that information.

For so long as the Trust is subject to the Exchange Act reporting requirements, no later than the end of business on the second Business Day after the occurrence of a Reportable Event, the entity that is indicated in Exhibit O as the responsible party for providing Form 8-K Disclosure Information shall be required to provide to the Depositor, to the extent known by a responsible officer thereof, the form and substance of any Form 8-K Disclosure Information, if applicable. The Depositor shall compile the information provided to it, and prepare and file the Form 8-K, which shall be signed by an officer of the Depositor.

(iii) Prior to January 30 of the first year in which the Trustee is able to do so under applicable law, the Trustee shall, in accordance with industry standards, file a Form 15 Suspension Notice with respect to the Trust Fund, if applicable. On or before (x) March 15, 2007 and (y) unless and until a Form 15 Suspension Notice shall have been filed, on or before April 15 of each year thereafter, the Master Servicer shall provide the Trustee and the Certificate Insurer with an Annual Compliance Statement, together with a copy of the Assessment of Compliance and Attestation Report to be delivered by the Master Servicer pursuant to Sections 3.19 and 3.20 (including with respect to any Sub-Servicer or any subcontractor, if required to be filed). Prior to (x) March 30, 2007 and (y) unless and until a Form 15 Suspension Notice shall have been filed, March 30 of each year thereafter, the Trustee shall file a Form 10-K, in substance as required by applicable law or applicable Securities and Exchange Commission staff’s interpretations and conforming to industry standards, with respect to the Trust Fund. Such Form 10-K shall include the Assessment of Compliance, Attestation Report, Annual Compliance Statements and other documentation provided by the Master Servicer pursuant to Sections 3.19 and 3.20 (including with respect to any Sub-Servicer or subcontractor, if required to be filed) and Section 3.20 with respect to the Trustee, and the Form 10-K certification in the form attached hereto as Exhibit L-1 (the “Certification”) signed by the senior officer of the Depositor in charge of securitization. The Trustee shall receive the items described in the preceding sentence no later than March 15 of each calendar year prior to the filing deadline for the Form 10-K.

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Any disclosure or information in addition to that described in the preceding paragraph that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by the entity that is indicated in Exhibit O as the responsible party for providing that information, if other than the Trustee, and the Trustee will have no duty or liability to verify the accuracy or sufficiency of any such Additional Form 10-K Disclosure.

If information, data and exhibits to be included in the Form 10-K are not so timely delivered, the Trustee shall file an amended Form 10-K including such documents as exhibits reasonably promptly after they are delivered to the Trustee. The Trustee shall have no liability with respect to any failure to properly prepare or file such periodic reports resulting from or relating to the Trustee’s inability or failure to timely obtain any information from any other party.

On or prior to (x) March 15, 2007 and (y) unless and until a Form 15 Suspension Notice shall have been filed, prior to March 15 of each year thereafter, each entity that is indicated in Exhibit O as the responsible party for providing Additional Form 10-K Disclosure shall be required to provide to the Trustee via e-mail (XXXXX.Xxxxxxxxxxxxx@xx.xxx), and to the Certificate Insurer and the Depositor, to the extent known by a responsible party thereof, the form and substance of any Additional Form 10-K Disclosure Information, if applicable. The Trustee shall compile the information provided to it, prepare the Form 10-K and forward the Form 10-K to the Depositor for verification. The Depositor will approve, as to form and substance, or disapprove, as the case may be, the Form 10-K by no later than March 25 of the relevant year (or the immediately preceding Business Day if March 25 is not a Business Day), an officer of the Depositor shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight mail) to the Trustee.

The Master Servicer shall be responsible for determining the pool concentration applicable to any Sub-Servicer to which the Master Servicer delegated any of its responsibilities with respect to the Mortgage Loans at any time, for purposes of disclosure as required by Items 1117 and 1119 of Regulation AB. The Trustee will provide electronic or paper copies of all Form 10-D, 8-K and 10-K filings free of charge to any Certificateholder upon request. Any expenses incurred by the Trustee in connection with the previous sentence shall be reimbursable to the Trustee out of the Trust Fund. The Trustee shall have no liability with respect to any failure to properly file any Form 10-K resulting from or relating to the Depositor’s failure to timely comply with the provisions of this section.

The Trustee shall sign a certification (in the form attached hereto as Exhibit L-3) for the benefit of the Depositor and its officers, directors and Affiliates in respect of items 1 through 3 of the Certification (provided, however, that the Trustee shall not undertake an analysis of the Attestation Report attached as an exhibit to the Form 10-K), and the Master Servicer shall sign a certification (the “Master Servicer Certification) solely with respect to the Master Servicer (in the form attached hereto as Exhibit L-2) for the benefit of the Depositor, the Trustee and each Person, if any, who “controls” the Depositor or the Trustee within the meaning of the Securities Act of 1933, as amended, and their respective officers and directors. Each such certification shall be delivered to the Depositor and the Trustee by March 15th of each year (or if not a Business Day, the immediately preceding Business Day). The Certification attached hereto as Exhibit L-1 shall be delivered to the Trustee by March 20th for filing on or prior to March 30th of each year (or if not a Business Day, the immediately preceding Business Day).

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The Trustee will have no duty to verify the accuracy or sufficiency of any information not prepared by it included in any Form 10-D, Form 10-K or Form 8-K. The Trustee shall have no liability with respect to any failure to properly prepare or file any Form 10- D or Form 10-K resulting from or relating to the Trustee’s inability or failure to obtain any information in a timely manner from the party responsible for delivery of such disclosure information. The Trustee shall have no liability with respect to any failure to properly file any Form l0-D or 10-K resulting from or relating to the Depositor’s failure to timely comply with the provisions of this section. Nothing herein shall be construed to require the Trustee or any officer, director or Affiliate thereof to sign any Form 10-D, Form 10-K or Form 8-K.

(c) (A) The Trustee shall indemnify and hold harmless the Depositor, the Master Servicer and their respective officers, directors and Affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon any material misstatement or omission in the Assessment of Compliance delivered by the Trustee pursuant to Section 3.20 and (B) the Master Servicer shall indemnify and hold harmless the Depositor, the Trustee and their respective officers, directors and Affiliates from and against any actual losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon (i) the failure of the Master Servicer to timely deliver the Master Servicer Certification or (ii) any material misstatement or omission in the Statement as to Compliance delivered by the Master Servicer pursuant to Section 3.19 or any Sub-Servicer pursuant to Section 3.20, the Assessment of Compliance delivered by the Master Servicer or any Sub-Servicer pursuant to Section 3.20 or the Master Servicer Certification. If the indemnification provided for herein is unavailable or insufficient to hold harmless the Depositor, then the Master Servicer agrees that it shall contribute to the amount paid or payable by the Depositor and the Trustee as a result of the losses, claims, damages or liabilities of the Depositor and the Trustee in such proportion as is appropriate to reflect the relative fault of the Depositor and the Trustee on the one hand and the Master Servicer on the other in connection with the Master Servicer Certification and the related obligations of the Master Servicer under this Section 3.25.

Upon any filing with the Securities and Exchange Commission, the Trustee shall promptly deliver to the Depositor a copy of any such executed report, statement or information.

Section 3.26. Intention of the Parties and Interpretation.

Each of the parties acknowledges and agrees that the purpose of Sections 3.19, 3.20 and 3.25 of this Agreement is to facilitate compliance by the Sponsor and the Depositor with the provisions of Regulation AB. Therefore, each of the parties agrees that (a) the obligations of the parties hereunder shall be interpreted in such a manner as to accomplish that purpose, (b) the parties’ obligations hereunder will be supplemented and modified as necessary to be consistent with any such amendments, interpretive advice or guidance, convention or consensus among active participants in the asset-backed securities markets, advice of counsel, or otherwise in respect of the requirements of Regulation AB, (c) the parties shall comply with requests made by the Sponsor or the Depositor for delivery of additional or different information as the Sponsor or the Depositor may determine in good faith is necessary to comply with the provisions of Regulation AB, and (d) no amendment of this Agreement shall be required to effect any such changes in the parties’ obligations as are necessary to accommodate evolving interpretations of the provisions of Regulation AB.

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Section 3.27. Optional Purchase of Certain Mortgage Loans.

The Master Servicer will have a one-time option to purchase up to a maximum of 1.00% (and in any case, at least 5 Mortgage Loans) of the Group 1 Loans, by aggregate Stated Principal Balance of the Group 1 Loans as of such date, from the Trustee at the Purchase Price. The Master Servicer will have the option, from time to time, of purchasing Group 2 Loans from the Trustee at the Purchase Price; provided that the aggregate Stated Principal Balance of such purchased Group 2 Loans from the Closing Date to the time of such purchase will not exceed 1% of the Group 2 Cut-off Date Balance; and provided, further, that the aggregate Stated Principal Balance of the Group 2 Loans purchased at any one time does not exceed 1% of the aggregate Stated Principal Balance of the Group 2 Loans as of such date. Any Group 1 Loans and Group 2 Loans that may be purchased by the Master Servicer pursuant to this Section 3.27 will be selected by the Master Servicer in its sole discretion. 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. Any tax on "prohibited transactions" (as defined in Section 860F(a)(2) of the Code) imposed on any REMIC relating to the exercise of the option provided in this Section 3.27 shall in no event be payable by the Trustee.

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ARTICLE IV

PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01. Distributions.

(a) 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 5:00 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 Sections 3.11, 3.13 or 3.23, (iii) all other amounts constituting the Available Distribution Amount for the immediately succeeding Distribution Date, (iv) amounts payable to the related Supplemental Interest Trust in respect of related Net Swap Payments and Swap Termination Payments payable to the related Swap Provider other than Swap Termination Payments resulting from a Swap Provider Trigger Event and (v) any amounts on deposit in the Custodial Account representing Prepayment Charges collected by the Master Servicer (and any Master Servicer Prepayment Charge Payment Amounts paid by, or collected on behalf of the Trust Fund by, the Master Servicer or any Sub-Servicer), other than any such Prepayment Charges or Master Servicer Prepayment Charge Payment Amounts relating to Principal Prepayments that occurred after the end of the related Prepayment Period.

On each Distribution Date, prior to making any other distributions referred to in Section 4.01 herein, the Trustee shall withdraw from the Certificate Account and pay itself any income earned on retention of amounts on deposit in the Certificate Account for such Distribution Date and any other amounts payable to it hereunder.

On each Distribution Date, prior to making any other distributions referred to in Section 4.01 herein, the Trustee shall withdraw from the Certificate Account and pay to the Certificate Insurer, by wire transfer of immediately available funds, the Policy Premium for such Distribution Date. The Trustee shall deposit any amounts received from the Certificate Insurer pursuant to the Certificate Guaranty Insurance Policy into the Insurance Account.

On each Distribution Date the Trustee shall distribute to each Certificateholder of record as of 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 Trustee at least 5 Business Days prior to the related Record Date, or otherwise by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register, such Certificateholder's share (based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder) of the amounts required to be distributed to such Holder pursuant to this Section 4.01.

Net Swap Payments and Swap Termination Payments (other than Swap Termination Payments resulting from a Swap Provider Trigger Event) payable by the related Supplemental Interest Trust to the related Swap Provider pursuant to the related Interest Rate Swap Agreement shall be deducted (without duplication) from the interest collections in the related Available Distribution Amount, and to the extent of any such remaining amounts due, from the principal collections in the related Available Distribution Amount, prior to any distributions to the related Certificateholders. On each Distribution Date, such amounts will be remitted to the related Supplemental Interest Trust, first to make any Net Swap Payment owed to the related Swap Provider pursuant to the related Interest Rate Swap Agreement for such Distribution Date and for prior Distribution Dates, and second to make any Swap Termination Payment (not due to a Swap Provider Trigger Event) owed to the related Swap Provider pursuant to the related Interest Rate Swap Agreement for such Distribution Date and for prior Distribution Dates. Any Swap Termination Payment triggered by a Swap Provider Trigger Event owed to the related Swap Provider pursuant to the related Interest Rate Swap Agreement will be subordinated to distributions to the Holders of the related Offered Certificates and shall be paid as set forth in Section 4.01(l)(viii) and 4.01(m)(vii), as applicable.

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(b) On each Distribution Date, the Trustee shall withdraw from the Certificate Account that portion of Available Distribution Amount for such Distribution Date consisting of the Interest Remittance Amount in respect of the Group 1 Loans for such Distribution Date, and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the related Interest Remittance Amount for such Class for such Distribution Date:

(i) from the Interest Remittance Amount in respect of the Group 1 Loans, concurrently to the Holders of the Class 1-A1-A, Class 1-A1-B, Class 1-A1-C and Class 1-AM Certificates, pro rata, based on entitlement, the related Monthly Interest Distributable Amount and any Unpaid Interest Shortfall Amount for each such Class for such Distribution Date;

(ii) from the remaining Interest Remittance Amount in respect of the Group 1 Loans, to the Class 1-M-1 Certificates, the related Monthly Interest Distributable Amount for such Class for such Distribution Date;

(iii) from the remaining Interest Remittance Amount in respect of the Group 1 Loans, to the Class 1-M-2 Certificates, the related Monthly Interest Distributable Amount for such Class for such Distribution Date;

(iv) from the remaining Interest Remittance Amount in respect of the Group 1 Loans, to the Class 1-M-3 Certificates, the related Monthly Interest Distributable Amount for such Class for such Distribution Date;

(v) from the remaining Interest Remittance Amount in respect of the Group 1 Loans, to the Class 1-M-4 Certificates, the related Monthly Interest Distributable Amount for such Class for such Distribution Date;

(vi) from the remaining Interest Remittance Amount in respect of the Group 1 Loans, to the Class 1-M-5 Certificates, the related Monthly Interest Distributable Amount for such Class for such Distribution Date;

(vii) from the remaining Interest Remittance Amount in respect of the Group 1 Loans, to the Class 1-M-6 Certificates, the related Monthly Interest Distributable Amount for such Class for such Distribution Date;

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(viii) from the remaining Interest Remittance Amount in respect of the Group 1 Loans, to the Class 1-M-7 Certificates, the related Monthly Interest Distributable Amount for such Class for such Distribution Date;

(ix) from the remaining Interest Remittance Amount in respect of the Group 1 Loans, to the Class 1-M-8 Certificates, the related Monthly Interest Distributable Amount for such Class for such Distribution Date; and

(x) from the remaining Interest Remittance Amount in respect of the Group 1 Loans, to the Class 1-B Certificates, the related Monthly Interest Distributable Amount for such Class for such Distribution Date.

(c) On each Distribution Date, the Trustee shall withdraw from the Certificate Account that portion of Available Distribution Amount for such Distribution Date consisting of the Interest Remittance Amount in respect of the Group 2 Loans for such Distribution Date, and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the related Interest Remittance Amount for such Class for such Distribution Date:

(i) from the Interest Remittance Amount in respect of the Group 2 Loans, to the Holders of the Class 2-A Certificates, the related Monthly Interest Distributable Amount and any Unpaid Interest Shortfall Amount for such Class for such Distribution Date.

(d) Except as provided in clause (f) below, on each Distribution Date (i) prior to the Group 1 Stepdown Date or (ii) on or after the Group 1 Stepdown Date if a Group 1 Trigger Event is in effect, the Trustee shall withdraw from the Certificate Account an amount equal to the Principal Distribution Amount related to Loan Group 1 and distribute to the Holders of the Class 1-A, Class 1-M and Class 1-B Certificates, distributions in respect of principal to the extent of the related Principal Distribution Amount remaining for such Distribution Date:

(i) first, from the related Principal Distribution Amount, concurrently, on a pro rata basis, based on the aggregate Certificate Principal Balances thereof (x) sequentially, to the Class 1-A1-A, Class 1-A1-B and Class 1-A1-C Certificates, in that order, and (y) to the Class 1-AM Certificates, in each case until the Certificate Principal Balances thereof are reduced to zero; and

(ii) second, from the remaining related Principal Distribution Amount, sequentially, to the Holders of the Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates, in that order, in each case until the Certificate Principal Balances thereof have been reduced to zero.

(e) Except as provided in clause (f) below, on each Distribution Date (i) on and after the Group 1 Stepdown Date and (ii) on which a Group 1 Trigger Event is not in effect, the Trustee shall withdraw from the Certificate Account an amount equal to the related Principal Distribution Amount and distribute to the Holders of the Class 1-A, Class 1-M and Class 1-B Certificates, distributions in respect of principal to the extent of the related Principal Distribution Amount remaining for such Distribution Date:

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(i) first, concurrently on a pro rata basis, based on the aggregate Certificate Principal Balances thereof (x) sequentially, to the Class 1-A1-A, Class 1-A1-B and Class 1-A1-C Certificates, in that order, and (y) to the Class 1-AM Certificates, the Class 1-A Principal Distribution Amount, in each case until the Certificate Principal Balances thereof are reduced to zero; and

(ii) second, sequentially, to the Holders of the Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates, in that order, the related Group 1 Subordinate Class Principal Distribution Amount, in each case until the Certificate Principal Balances thereof have been reduced to zero.

(f) Notwithstanding the foregoing, on any Distribution Date on which the aggregate Certificate Principal Balance of the Class 1-M Certificates and Class 1-B Certificates and the related Overcollateralized Amount have been reduced to zero, the related Principal Distribution Amount will be paid to the Class 1-A Certificates on a pro rata basis, based on the Certificate Principal Balances thereof, until reduced to zero.

(g) Notwithstanding the foregoing, to the extent any Net Swap Payment or Swap Termination Payment with respect to the Group 1 Interest Rate Swap Agreement is payable from principal collections from Loan Group 1, Principal Distribution Amounts with respect to Loan Group 1 will be deemed paid to the most subordinate class of related Certificates (other than the Class R Certificates and Class 1-P Certificates), until the Certificate Principal Balance thereof has been reduced to zero.

(h) Except as provided in clause (j) below, on each Distribution Date (i) prior to the Group 2 Stepdown Date or (ii) on or after the Group 2 Stepdown Date if a Group 2 Trigger Event is in effect, the Trustee shall withdraw from the Certificate Account an amount equal to the related Principal Distribution Amount and distribute to the Holders of the Class 2-A Certificates, distributions in respect of principal to the extent of the related Principal Distribution Amount remaining for such Distribution Date:

(i) first, to the Holders of the Class 2-A Certificates, the Principal Distribution Amount, until the Certificate Principal Balances thereof have been reduced to zero; and

(ii) second, to the Certificate Insurer, any amounts owed to the Certificate Insurer under the Insurance Agreement, the Certificate Guaranty Insurance Policy or the Agreement.

(i) Except as provided in clause (j) below, on each Distribution Date (i) on and after the Group 2 Stepdown Date and (ii) on which a Group 2 Trigger Event is not in effect, the Trustee shall withdraw from the Certificate Account an amount equal to the related Principal Distribution Amount and distribute to the Holders of the Class 2-A Certificates, distributions in respect of principal to the extent of the related Principal Distribution Amount remaining for such Distribution Date:

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(i) to the Holders of the Class 2-A Certificates, the Class 2-A Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and

(ii) to the Certificate Insurer, any amounts owed to the Certificate Insurer under the Insurance Agreement, the Certificate Guaranty Insurance Policy or the Agreement.

(j) Notwithstanding the foregoing, on any Distribution Date on which the related Overcollateralized Amount has been reduced to zero, the related Principal Distribution Amount will be paid to the Class 2-A Certificates until reduced to zero.

(k) Notwithstanding the foregoing, to the extent any Net Swap Payment or Swap Termination Payment with respect to the Group 2 Interest Rate Swap Agreement is payable from principal collections from Loan Group 2, Principal Distribution Amounts with respect to Loan Group 2 will be deemed paid to the most subordinate class of related certificates (other than the Class R Certificates and Class 2-P Certificates), until the Certificate Principal Balance thereof has been reduced to zero.

(l) On each Distribution Date the Net Monthly Excess Cashflow related to Loan Group 1 shall be distributed in the following order of priority:

(i) from the portion of such Net Monthly Excess Cashflow otherwise distributable to the Class 1-C Certificates, to the Holders of the Class 1-A, Class 1-M and Class 1-B Certificates then entitled to receive distributions in respect of principal, in an amount equal to any related Extra Principal Distribution Amount, payable to such Holders as part of the related Principal Distribution Amount as described under Sections 4.01(d), (e) and (f) above, as applicable;

(ii) to the Holders of the Class 1-A Certificates, pro rata, based on entitlement, in an amount equal to any Allocated Realized Loss Amount for each such class;

(iii) sequentially, to the Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates, in that order, in each case in an amount equal to the sum of the Unpaid Interest Shortfall Amount and the Allocated Realized Loss Amount (such amount to be applied first to cover the Unpaid Interest Shortfall Amount for such Class and second to cover the Allocated Realized Loss Amount for such class) for each such Class;

(iv) to the Certificate Insurer, in an amount equal to (i) any amounts reimbursable to the Certificate Insurer for Insured Payments made pursuant to the Insurance Agreement and (ii) any unpaid Policy Premium, in each case, to the extent not covered by the Net Monthly Excess Cashflow relating to Loan Group 2 on that Distribution Date;

(v) to the Class 2-A Certificates, any Cross-Collateralized Loss Payments;

(vi) from the portion of such Net Monthly Excess Cashflow otherwise distributable to the Class 1-C Certificates, to the Group 1 Net WAC Shortfall Reserve Fund, (i) first, to pay the Class 1-A, Class 1-M and Class 1-B Certificates, on a pro rata basis, based on the Certificate Principal Balances thereof, to the extent needed to pay any remaining related Net WAC Shortfall Amount for each such Class and to the extent such amount exceeds the amounts then on deposit in the Group 1 Net WAC Shortfall Reserve Fund; provided that any related Net Monthly Excess Cashflow remaining after such allocation to pay any such Net WAC Shortfall Amount based on the Certificate Principal Balances of the Class 1-A, Class 1-M and Class 1-B Certificates will be distributed to each such Class of Certificates with respect to which there remains any unpaid Net WAC Shortfall Amount (after the distribution based on Certificate Principal Balances), pro rata, based on the amount of such unpaid Net WAC Shortfall Amount to the extent such amount exceeds the amounts then on deposit in the Net WAC Shortfall Reserve Fund, and (ii) second, to maintain a balance in the Group 1 Net WAC Shortfall Reserve Fund equal to the Group 1 Net WAC Shortfall Reserve Fund Deposit;

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(vii) to the Holders of the Class 2-A Certificates, in respect of the Allocated Realized Loss Amounts to the extent not covered by any related Net Monthly Excess Cashflow for such Class;

(viii) to the Group 1 Supplemental Interest Trust for payment to the Group 1 Swap Provider any Swap Termination Payments with respect to the Group 1 Interest Rate Swap Agreement owed to the Group 1 Swap Provider due to a related Swap Provider Trigger Event not previously paid;

(ix) to the Certificate Insurer, in an amount equal to any amounts owed the Certificate Insurer under the Insurance Agreement to the extent not covered by the Net Monthly Excess Cashflow relating to Loan Group 2 on that Distribution Date;

(x) to the Holders of the Class 1-C Certificates, an amount equal to the Class 1-C Distribution Amount reduced by amounts distributed in clauses (i) and (vi) above; and

(ix) to the Class R Certificates, any remaining amounts.

(m) On each Distribution Date the Net Monthly Excess Cashflow related to Loan Group 2 shall be distributed in the following order of priority:

(i) to the Certificate Insurer, any amounts owed to the Certificate Insurer under the Insurance Agreement, the Certificate Guaranty Insurance Policy or this Agreement;

(ii) from the portion of such Net Monthly Excess Cashflow otherwise distributable to the Class 2-C Certificates, to the Holders of the Class 2-A Certificates then entitled to receive distributions in respect of principal, in an amount equal to any related Extra Principal Distribution Amount, payable to such Holders as part of the related Principal Distribution Amount as described under Sections 4.01(h), (i) and (j) above, as applicable;

(iii) to the Holders of the Class 2-A Certificates, an amount equal to any Allocated Realized Loss Amount;

(iv) first, to the Holders of the Class 1-A Certificates, on a pro rata basis, and second, sequentially, to the Holders of the Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates, in that order, any Cross-Collateralized Loss Payments;

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(v) from the portion of such Net Monthly Excess Cashflow otherwise distributable to the Class 2-C Certificates, to the Group 2 Net WAC Shortfall Reserve Fund, (i) first, to pay the Class 2-A Certificates to the extent needed to pay any remaining related Net WAC Shortfall Amount and to the extent such amount exceeds the amounts then on deposit in the Group 2 Net WAC Shortfall Reserve Fund, and (ii) second, to maintain a balance in the Group 2 Net WAC Shortfall Reserve Fund equal to the Group 2 Net WAC Shortfall Reserve Fund Deposit;

(vi) first, to the Holders of the Class 1-A Certificates, on a pro rata basis, based on entitlement, and second, sequentially, to the Holders of the Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates, in that order, in each case, in respect of the Allocated Realized Loss Amounts to the extent not covered by any related Net Monthly Excess Cashflow for each such Class;

(vii) to the Group 2 Supplemental Interest Trust for payment to the Group 2 Swap Provider any Swap Termination Payments with respect to the Group 2 Interest Rate Swap Agreement owed to the Group 2 Swap Provider due to a related Swap Provider Trigger Event not previously paid;

(viii) to the Holders of the Class 2-C Certificates, an amount equal to the Class 2-C Distribution Amount reduced by amounts distributed in clauses (ii) and (v) above; and

(ix) to the Class R Certificates, any remaining amounts.

(n) On or before each Distribution Date, the Trustee shall distribute from (i) the amounts received from the Group 1 Swap Provider pursuant to the Group 1 Interest Rate Swap Agreement in respect of any related Net Swap Payment and (ii) amounts received from the related Cap Counterparties pursuant to the Group 1 Cap Contracts, then on deposit in the Group 1 Derivative Account held by the Group 1 Supplemental Interest Trust to the Class 1-A, Class 1-M and Class 1-B Certificates in the following order of priority:

(i) concurrently, to the Holders of the Class 1-A Certificates, pro rata, based on entitlement, in an amount equal to any Unpaid Interest Shortfall Amount for such Class or Classes, in each case, to the extent not covered by the related Interest Remittance Amount and related Net Monthly Excess Cashflow on that Distribution Date and solely to the extent the Unpaid Interest Shortfall Amount is as a result of the interest portion of Realized Losses;

(ii) sequentially, to the Holders of the Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates, in that order, in an amount equal to any Unpaid Interest Shortfall Amount for such Class or Classes, in each case, to the extent not covered by the related Interest Remittance Amount and related Net Monthly Excess Cashflow on that Distribution Date and solely to the extent the Unpaid Interest Shortfall Amount is as a result of the interest portion of Realized Losses;

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(iii) to the Holders of the Class 1-A, Class 1-M and Class 1-B Certificates, in an amount equal to any related Extra Principal Distribution Amount, in each case, to the extent not covered by any related or unrelated Net Monthly Excess Cashflow on that Distribution Date and solely to the extent the payment of the related Extra Principal Distribution Amount is as a result of current or prior period Realized Losses, to be included in the related Principal Distribution Amount for that Distribution Date and payable to such Holders as part of the related Principal Distribution Amount as described under Sections 4.01(d), (e) and (f) above, as applicable;

(iv) to the Group 1 Net WAC Shortfall Reserve Fund, (i) first, to pay related Net WAC Shortfall Amounts on the Class 1-A, Class 1-M and Class 1-B Certificates, on a pro rata basis, based on the aggregate amount of Net WAC Shortfall Amounts for such Classes of Certificates remaining unpaid, in each case, to the extent not covered by the related Net Monthly Excess Cashflow on that Distribution Date, and (ii) second, to maintain a balance in the Group 1 Net WAC Shortfall Reserve Fund equal to the Group 1 Net WAC Shortfall Reserve Fund Deposit;

(v) to the Holders of the Class 1-A Certificates, pro rata, in an amount equal to any Allocated Realized Loss Amount for such Class or Classes, in each case, to the extent not covered by any related or unrelated Net Monthly Excess Cashflow on that Distribution Date; and

(vi) sequentially, to the Holders of the Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates, in that order, in an amount equal to any Allocated Realized Loss Amount for such Class or Classes, in each case, to the extent not covered by any related or unrelated Net Monthly Excess Cashflow on that Distribution Date.

(o) On or before each Distribution Date, the Trustee shall distribute from (i) the amounts received from the Group 2 Swap Provider pursuant to the Group 2 Interest Rate Swap Agreement in respect of any related Net Swap Payment and (ii) amounts received from the related Cap Counterparties pursuant to the Group 2 Cap Contracts, then on deposit in the Group 2 Derivative Account held by the Group 2 Supplemental Interest Trust to the Class 2-A Certificates in the following order of priority:

(i) to the Holders of the Class 2-A Certificates, in an amount equal to any Unpaid Interest Shortfall Amount for such Class, to the extent not covered by the related Interest Remittance Amount and related Net Monthly Excess Cashflow on that Distribution Date and solely to the extent the Unpaid Interest Shortfall Amount is as a result of the interest portion of Realized Losses;

(ii) to the Holders of the Class 2-A Certificates, an amount equal to any related Extra Principal Distribution Amount, to the extent not covered by any related and unrelated Net Monthly Excess Cashflow on that Distribution Date and solely to the extent the payment of the related Extra Principal Distribution Amount is as a result of current or prior period Realized Losses, to be included in the related Principal Distribution Amount for that Distribution Date and payable to such Holders as part of the related Principal Distribution Amount as described under Sections 4.01(h), (i) and (j) above, as applicable;

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(iii) to the Group 2 Net WAC Shortfall Reserve Fund, (i) first, to pay related Net WAC Shortfall Amounts remaining unpaid on the Class 2-A Certificates to the extent not covered by the related Net Monthly Excess Cashflow on that Distribution Date, and (ii) second, to maintain a balance in the Group 2 Net WAC Shortfall Reserve Fund equal to the Group 2 Net WAC Shortfall Reserve Fund Deposit; and

(iv) to the Holders of the Class 2-A Certificates, in an amount equal to any Allocated Realized Loss Amount for such Class, to the extent not covered by any related and unrelated Net Monthly Excess Cashflow on that Distribution Date.

(p) On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and identified on the Mortgage Loan Schedule attached as Exhibit H as belonging to the related Class P Certificateholder and any Master Servicer Prepayment Charge Amounts paid by the Master Servicer during the related Prepayment Period will be withdrawn from the Certificate Account and distributed by the Trustee to the Holders of the Class 1-P Certificates with respect to the Group 1 Loans and Class 2-P Certificates with respect to the Group 2 Loans and shall not be available for distribution to the Holders of any other Class of Certificates. The payment of the foregoing amounts to the Holders of the Class P Certificates shall not reduce the Certificate Principal Balances thereof. On the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the related Mortgage Loan Schedule attached as Exhibit H as belonging to the related Class P Certificateholder or any Distribution Date thereafter, the Available Funds with respect to each Loan Group remaining after payment of principal to the related Class A Certificates and Subordinate Certificates will be paid to the related Class P Certificates in reduction of the related Certificate Principal Balance, until reduced to zero.

(q) 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 Depositor or the Master Servicer shall have any responsibility therefor except as otherwise provided by this Agreement or applicable law.

(r) The Trustee, upon written direction of the Master Servicer, shall 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 Distribution Date next following the date of such investment and shall not be sold or disposed of prior to maturity. 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.

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(s) 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 15th day of the month in the month of such final distribution (or if such 15th day is not a Business Day, the Business Day immediately preceding such 15th day), notify the Trustee and the Trustee shall, no later than two (2) Business Days after such 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.

Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held in trust and credited to the account of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(r) shall not have been surrendered for cancellation within six months after the time specified in such notice, the Trustee shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with respect thereto. If within six months after the second notice all such Certificates shall not have been surrendered for cancellation, the Trustee shall take reasonable steps as directed by the Depositor, or appoint an agent to take reasonable steps, to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of maintaining the funds in trust and of contacting such Certificateholders shall be paid out of the assets remaining in the Trust Fund. If within nine months after the second notice any such Certificates shall not have been surrendered for cancellation, the Class R Certificateholders shall be entitled to all unclaimed funds and other assets which remain subject hereto. No interest shall accrue or be payable to any Certificateholder on any amount held in trust as a result of such Certificateholder's failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 4.01(r).

Section 4.02. Statements to Certificateholders.

(a) On each Distribution Date, based, as applicable, on information provided to it by the Master Servicer, the Trustee shall prepare and make available on the Trustee’s website, which shall initially be located at “xxxxx://xxx.xxx.xx.xxx/xxxx” (assistance in using the website can be obtained by calling the Trustee’s customer service desk at (000) 000-0000), to each Holder of the Regular Certificates, the Certificate Insurer, the Swap Provider, the Master Servicer and the Rating Agencies, a statement as to the distributions made on such Distribution Date setting forth, with respect to each Loan Group:

(i) the applicable record dates, accrual periods, determination dates for calculating distributions and general distributions dates;

(ii) the total cash flows received and the general sources thereof;

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(iii) the amount of any Net Swap Payment and any amount from the Cap Contracts payable to the related Supplemental Interest Trust, any Net Swap Payment payable to the related Swap Provider, any Swap Termination Payment payable to the related Supplemental Interest Trust and any Swap Termination Payment payable to the related Swap Provider;

(iv) (A) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates, separately identified, allocable to principal and (B) the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts;

(v) the amount of the distribution made on such Distribution Date to the Holders of each Class of Regular Certificates (other than the Class P Certificates) allocable to interest, separately identified;

(vi) the Pass-Through Rate on each Class of Regular Certificates (other than the Class P Certificates) for such Distribution Date;

(vii) the aggregate amount of Advances for such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;

(viii) the number and Aggregate Stated Principal Balance of the Mortgage Loans as of the end of the related Due Period;

(ix) the related Overcollateralization Release Amount and the related Overcollateralization Deficiency Amount for such Distribution Date;

(x) the aggregate Certificate Principal Balance of each Class of Regular Certificates after giving effect to the amounts distributed on such Distribution Date (in the case of each Class of the Offered Certificates, separately identifying any reduction thereof due to the allocation of Realized Losses thereto);

(xi) the number and Stated Principal Balance of Mortgage Loans in respect of which (a) one Scheduled Payment is delinquent, (b) two Scheduled Payments are delinquent, (c) three or more Scheduled Payments are delinquent and (d) foreclosure proceedings have been commenced, in each case as of the end of the calendar month prior to such Distribution Date;

(xii) the number, aggregate principal balance and book value of any REO Properties as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs;

(xiii) the weighted average remaining term to maturity, weighted average Mortgage Rate and weighted average Net Mortgage Rate of the Mortgage Loans as of the close of business on the first day of the calendar month in which such Distribution Date occurs;

(xiv) the aggregate amount of Principal Prepayments made during the related Prepayment Period;

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(xv) the aggregate amount of Realized Losses incurred during the related Prepayment Period and the cumulative amount of Realized Losses;

(xvi) if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;

(xvii) the aggregate amount of extraordinary Trust Fund expenses withdrawn from the Custodial Account or the Certificate Account for such Distribution Date;

(xviii) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Master Servicer or a Sub-Servicer pursuant to Section 3.23, and the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;

(xix) the Monthly Interest Distributable Amount in respect of each Class of the Offered Certificates for such Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect to each Class of Offered Certificates for such Distribution Date;

(xx) (A) the related Overcollateralization Target Amount, (B) the related Overcollateralized Amount and (C) the amount, if any, by which the related Overcollateralization Target Amount exceeds the related Overcollateralized Amount, in each case after giving effect to the distribution made on the Regular Certificates on such Distribution Date;

(xxi) the aggregate amount of servicing compensation received by the Master Servicer with respect to the related Due Period and such other customary information as the Trustee deems necessary or desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;

(xxii) the aggregate of any deposits to and withdrawals from the Net WAC Shortfall Reserve Fund for such Distribution Date and the remaining amount on deposit in the Net WAC Shortfall Reserve Fund after such deposits and withdrawals;

(xxiii) the Available Distribution Amount for such Distribution Date;

(xxiv) the Insured Amount, if any, paid by the Certificate Insurer under the Certificate Guaranty Insurance Policy for such Distribution Date and the aggregate Insured Amounts for all prior Distribution Dates paid by the Certificate Insurer under the Certificate Guaranty Insurance Policy and not yet reimbursed;

(xxv) updated pool composition data including the following with respect to each Loan Group: average loan balance, weighted average mortgage rate, weighted average loan-to-value ratio at origination, weighted average FICO at origination, and weighted average remaining term;

(xxvi) information about any additions of, substitutions for or removal of any Mortgage Loans from the Trust Fund, and any changes in the underwriting, acquisition or selection criteria as to any Mortgage Loans added to the Trust Fund; and

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(xxvii) the amount of any Net Swap Payment payable to the Supplemental Interest Trust made pursuant to Section 4.01(g) and (k), any Net Swap Payment payable to the Swap Provider pursuant to Section 4.01(g) and (k), any Swap Termination Payment payable to the Supplemental Interest Trust made pursuant to Section 4.01(l) and (m) and any Swap Termination Payment to the Swap Provider made pursuant to Section 4.01(l) and (m).

In the case of information furnished pursuant to subclauses (i) and (ii) above, the amounts shall also be expressed as a dollar amount per Single Certificate.

On each Distribution Date the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg.

Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses (i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force.

On each Distribution Date the Trustee shall prepare and make available on the Trustee’s website (or deliver at the recipient's option), to each Holder of a Class R Certificate a copy of the reports forwarded to the other Certificateholders on such Distribution Date.

Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward, to each Person who at any time during the calendar year was a Holder of a Class R Certificate a statement containing the information provided pursuant to the previous paragraph aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.

The location of the Trustee’s website and the procedures used therein are subject to change from time to time at the Trustee’s discretion. The Trustee shall have the right to change the way monthly distribution statement are distributed in order to make such distribution more convenient and/or more accessible to the above parties. The Trustee shall be entitled to conclusively rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement, and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Trustee’s website, the Trustee may require registration and the acceptance of a disclaimer. Notwithstanding anything to the contrary set forth in this Agreement, the parties hereto acknowledge that in connection with the Trustee’s preparation of the foregoing reports, the Trustee will rely solely upon the information provided to it in the Remittance Reports.

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Section 4.03. Remittance Reports; Advances by the Master Servicer.

(a) On the 19^th calendar day of the month (but it any event no later than the 21^st calendar day of the month), the Master Servicer shall deliver to the Trustee a report, prepared as of the close of business on Business Day preceding such Determination Date (the “Remittance Report”), in the form of an electromagnetic tape, disk or such other electronic format agreeable to both parties. The Remittance Report and any written information supplemental thereto shall include such information with respect to the Mortgage Loans that is required by the Trustee for purposes of making the calculations and preparing the statement described in Sections 4.01 and 4.02, as set forth in written specifications or guidelines issued by the Trustee from time to time. The Trustee shall have no obligation to recompute, recalculate or verify any information provided to it by the Master Servicer.

(b) The Master Servicer shall determine the aggregate amount of Advances required to be made for the related Distribution Date, which shall be in an aggregate amount equal to the sum of (1) the aggregate amount of Monthly Payments, other than Balloon Payments, (with each interest portion thereof adjusted to the Mortgage Rate less the sum of the Master Servicing Fee Rate, the Sub-Servicing Fee Rate and any applicable PMI Insurer Fee Rate, and less the amount of any reductions in the amount of interest collectable from the Mortgagor pursuant to the Relief Act, 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) plus (2) with respect to each Balloon Loan delinquent in respect of its Balloon Payment as of the close of business on the related Determination Date, an amount equal to the assumed Monthly Payment (net of the related Master Servicing Fees and Sub-Servicing Fees) that would have been due on the related Due Date based on the original principal amortization scheduled for such Balloon Loan until such Balloon Loan is finally liquidated; provided that no Advance shall be made if it would be a Nonrecoverable Advance. On or before 4:00 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 Sub-Servicers, an amount equal to the Advances to be made by the Master Servicer or any Sub-Servicers in respect of the related Distribution Date, (ii) withdraw from amounts on deposit in the Custodial Account and deposit in the Certificate Account all or a portion of the amounts 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 amounts held for future distribution so used shall be replaced by the Master Servicer (to the extent not previously replaced by late collections of Monthly Payments in respect of which such Advance was made) by deposit in the Certificate Account on or before 1:00 P.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 amount of any reimbursement pursuant to Section 3.11 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 3.11. 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 Sponsor, the Certificate Insurer and the Trustee with the Remittance Report. The Trustee shall deposit all funds it receives pursuant to this Section 4.03 into the Certificate Account.

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(c) In the event that the Master Servicer determines as of 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 in the amount determined by the Master Servicer pursuant to paragraph (b) above, it shall give notice to the Trustee of its inability to Advance (such notice may be given by telecopy), not later than 4:00 P.M., New York time, on such date, specifying the portion of such amount that it will be unable to deposit. Not later than 4:00 P.M., New York time, on the earlier of (x) two Business Days following such Certificate Account Deposit Date or (y) the Business Day preceding the related Distribution Date, unless by such time the Master Servicer shall have directly or indirectly deposited in the Certificate Account the entire amount of the Advances required to be made for the related Distribution Date, pursuant to Section 7.01, the Trustee shall (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 Master Servicer and Sub-Servicer shall in all cases have a right prior to the Certificateholders to any particular funds on deposit in the Custodial Account from time to time for the reimbursement or payment of its Master Servicing Fee or Sub-Servicing Fee, Advances, Servicing Advances and any amounts reimbursable thereto in accordance with Section 3.11 of this Agreement, but only if and to the extent such amounts are to be reimbursed or paid from such particular funds on deposit in the Custodial Account pursuant to the express terms of this Agreement.

Section 4.04. Distributions on the REMIC Regular Interests.

(a) On each Distribution Date, the Trustee shall cause the following amounts with respect to Loan Group 1, in the following order of priority, to be distributed by REMIC 1 to REMIC 3 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:

(i) from the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, to holders of the REMIC 1 Regular Interests, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;

(ii) to the extent of the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition thereof, remaining after the distribution made pursuant to clause (i) above, first, to the holders of REMIC 1 Regular Interest OC, until the Uncertificated Principal Balance thereof is reduced to zero, and second, to holders of REMIC 1 Regular Interests 1-1-A through 1-84-B, starting with the lowest numerical denomination, until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests;

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(iii) to holders of REMIC 1 Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Group 1 Loans received during the related Prepayment Period, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the related Prepayment Charge schedule or any Distribution Date thereafter, any remaining Available Distribution Amount with respect to Loan Group 1, until an amount equal to the initial Uncertificated Principal Balance of such REMIC 1 Regular Interest has been distributed pursuant to this clause; and

(iv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest).

(b) On each Distribution Date, the Trustee shall cause the following amounts with respect to Loan Group 2, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:

(i) from the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition thereof, to holders of REMIC 2 Regular Interests, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;

(iii) to holders of REMIC 2 Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Group 2 Loans received during the related Prepayment Period, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the related Prepayment Charge schedule or any Distribution Date thereafter, any remaining Available Distribution Amount with respect to Loan Group 2, until an amount equal to the initial Uncertificated Principal Balance of such REMIC 2 Regular Interest has been distributed pursuant to this clause; and

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(iv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest).

(c) (1) On each Distribution Date, the following amounts with respect to Loan Group 1, in the following order of priority, shall be distributed by REMIC 3 to REMIC 4 on account of the REMIC 3 Group 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-3 Interest), as the case may be:

(i) from the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, to holders of REMIC 3 Regular Interest 1-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;

(ii) to the extent of the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distribution pursuant to clause (i), to holders of each REMIC 3 Group 1 Regular Interest (other than REMIC 3 Regular Interest 1-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 3 Regular Interest 1-ZZ and REMIC 3 Regular Interest 1-P shall be reduced when the REMIC 3 Group 1 Overcollateralized Amount is less than the REMIC 3 Group 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group 1 Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to holders of each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-B or Class 1-M Certificate is the Corresponding Certificate in the same proportion as the Extra Principal Distribution Amount with respect to Loan Group 1 is allocated to the Corresponding Certificates for each such REMIC 3 Group 1 Regular Interest, and the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-ZZ shall be increased by such amount;

(iii) to the extent of the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition thereof, remaining after the distribution pursuant to clauses (i) and (ii), to holders of REMIC 3 Group 1 Regular Interests (other than REMIC 3 Regular Interests 1-IO and 1-P ), allocated as follows:

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(A) 98.00% of such remainder to holders of REMIC 3 Regular Interest 1-AA, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero; and

(B) 2.00% of such remainder, first, to holders of each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-B or Class 1-M Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC 3 Group 1 Regular Interest, until the Uncertificated Principal Balances of such REMIC 3 Group 1 Regular Interests are reduced to zero; and second, to the holders of REMIC 3 Regular Interest 1-ZZ, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero;

(iv) to holders of REMIC 3 Regular Interest 1-P, pro rata, (A) all amounts representing Prepayment Charges in respect of the Group 1 Loans distributed on REMIC 1 Regular Interest P, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the related Prepayment Charge schedule or any Distribution Date thereafter, any remaining Available Distribution Amount with respect to Loan Group 1 distributed in respect of REMIC 1 Regular Interest P, until an amount equal to the initial Uncertificated Principal Balance of such REMIC 3 Regular Interest has been distributed pursuant to this clause; and

(v) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-3 Interest).

(2) On each Distribution Date, the following amounts with respect to Loan Group 2, in the following order of priority, shall be distributed by REMIC 3 to REMIC 4 on account of the REMIC 3 Group 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R-3 Certificates (in respect of the Class R-3 Interest), as the case may be:

(i) from the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, to holders of REMIC 3 Regular Interest 2-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;

(ii) to the extent of the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distribution pursuant to clause (i), to holders of each REMIC 3 Group 2 Regular Interest (other than REMIC 3 Regular Interest 2-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 3 Regular Interests 2-ZZ and 2-P shall be reduced when the REMIC 3 Group 2 Overcollateralized Amount is less than the REMIC 3 Group 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group 2 Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to holders of REMIC 3 Regular Interest 2-A in the same proportion as the Extra Principal Distribution Amount with respect to Loan Group 2 is allocated to the Corresponding Certificates for such REMIC 3 Regular Interest, and the Uncertificated Principal Balance of REMIC 3 Regular Interest 2-ZZ shall be increased by such amount;

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(iii) to the extent of the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distributions pursuant to clauses (i) and (ii), to holders of REMIC 3 Group 2 Regular Interests (other than REMIC 3 Regular Interests 2-IO and 2-P), allocated as follows:

(A) 98.00% of such remainder to holders of REMIC 3 Regular Interest 2-AA, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero; and

(B) 2.00% of such remainder, first, to holders of REMIC 3 Regular Interest 2-A, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for such REMIC 3 Regular Interest, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero; and second, to the holders of REMIC 3 Regular Interest 2-ZZ, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero;

(iv) to holders of REMIC 3 Regular Interest 2-P, (A) all amounts representing Prepayment Charges in respect of the Group 2 Loans distributed on REMIC 2 Regular Interest 2-P, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the related Prepayment Charge schedule or any Distribution Date thereafter, any remaining Available Distribution Amount with respect to Loan Group 2 distributed in respect of REMIC 2 Regular Interest 2-P, until an amount equal to the initial Uncertificated Principal Balance of such REMIC 3 Regular Interest has been distributed pursuant to this clause; and

(v) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-3 Interest).

(d) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 4.01(l)(i), (vi) and (x) on such date shall be deemed distributed from REMIC 4 to Holders of the Class 1-C Certificates in respect of the Class 1-C Distribution Amount.

(d) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 4.01(m)(ii), (v) and (viii) on such date shall be deemed distributed from REMIC 4 to Holders of the Class 2-C Certificates in respect of the Class 2-C Distribution Amount.

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(e) On each Distribution Date, 100% of the amounts deemed distributed on REMIC 3 Regular Interest 1-IO shall be deemed distributed by REMIC 4 in respect of the Class 1-IO Interest for deposit into the Group 1 Supplemental Interest Trust.

(f) On each Distribution Date, 100% of the amounts deemed distributed on REMIC 3 Regular Interest 2-IO shall be deemed distributed by REMIC 4 in respect of the Class 2-IO Interest for deposit into the Group 2 Supplemental Interest Trust.

Section 4.05. Allocation of Realized Losses.

All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: first, to related Net Monthly Excess Cashflow, through a distribution of the related Extra Principal Distribution Amount for that Distribution Date; second, to the unrelated Net Monthly Excess Cashflow; third, to the related Overcollateralized Amount by a reduction of the Certificate Principal Balance of the related Class C Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, if such Realized Loss is on a Group 1 Loan, first, to the Class 1-B Certificates, until the Certificate Principal Balance thereof has been reduced to zero; second, to the Class 1-M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class 1-M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class 1-M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class 1-M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class 1-M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class 1-M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class 1-M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and ninth to the Class 1-M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thereafter, any Realized Losses on the Group 1 Loans will be allocated on any Distribution Date to the Class 1-A1-A, Class 1-A1-B, Class 1-A1-C and Class 1-AM Certificates, pro rata, based on the Certificate Principal Balances thereof, in each case in reduction of the Certificate Principal Balances thereof, until reduced to zero, provided that any such Realized Loss otherwise allocable to the Class 1-A1-A, Class 1-A1-B and Class 1-A1-C Certificates shall be first allocated to the Class 1-AM Certificates, until reduced to zero, and if such Realized Loss is on a Group 2 Loan, to the Class 2-A Certificates; provided, however, that any Realized Loss applied to the Class 2-A Certificates will be covered by the Certificate Guaranty Insurance Policy.

(a) Any allocation of Realized Losses to an Offered Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated. Any allocation of Realized Losses to Net Monthly Excess Cashflow related to Loan Group 1 shall be made by reducing the amount otherwise payable in respect of the Class 1-C Certificates pursuant to Section 4.01(l)(x), and any allocation of Realized Losses to Group 1 Overcollateralized Amount shall be made by reducing the Certificate Principal Balance of the Class 1-C Certificates by the amount so allocated. Any allocation of Realized Losses to Net Monthly Excess Cashflow related to Loan Group 2 shall be made by reducing the amount otherwise payable in respect of the Class 2-C Certificates pursuant to Section 4.01(m)(viii), and any allocation of Realized Losses to Group 2 Overcollateralized Amount shall be made by reducing the Certificate Principal Balance of the Class 2-C Certificates by the amount so allocated. No allocations of any Realized Losses shall be made to the Certificate Principal Balance of the Class 1-P Certificates and Class 2-P Certificates.

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(b) All Realized Losses on the Group 1 Loans shall be allocated on each Distribution Date, first, to REMIC 1 Regular Interest OC until the Uncertificated Principal Balance thereof has been reduced to zero, and second, to REMIC 1 Regular Interest 1-1-A through REMIC 1 Regular Interest 1-84-B, starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest has been reduced to zero; provided that, for REMIC 1 Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC 1 Regular Interests.

(c) All Realized Losses on the Group 2 Loans shall be allocated on each Distribution Date, first, to REMIC 2 Regular Interest OC until the Uncertificated Principal Balance thereof has been reduced to zero, and second, to REMIC 2 Regular Interest 1-1-A through REMIC 2 Regular Interest 1-117-B, starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 2 Regular Interest has been reduced to zero; provided that, for REMIC 2 Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC 2 Regular Interests.

(d) All Realized Losses on the Group 1 Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC 3 Group 1 Regular Interests in the following specified percentages: first, to Uncertificated Accrued Interest payable to the REMIC 3 Regular Interest 1-AA and REMIC 3 Regular Interest 1-ZZ up to an aggregate amount equal to the REMIC 3 Group 1 Interest Loss Allocation Amount (without duplication of shortfalls allocated pursuant to Section 1.03), 98.00% and 2.00%, respectively, and to the extent of any amount equal to the REMIC 3 Group 1 Interest Loss Allocation Amount remaining after the foregoing allocations to REMIC 3 Regular Interests 1-AA and 1-ZZ, to Uncertificated Accrued Interest payable to REMIC 3 Regular Interest 1-P to the extent of such remaining amount; second, to Uncertificated Accrued Interest payable to the REMIC 3 Regular Interest 2-AA and REMIC 3 Regular Interest 2-ZZ up to an aggregate amount equal to any portion of the REMIC 3 Group 2 Interest Loss Allocation Amount remaining after the allocation of Realized Losses on the Group 2 Loans pursuant to clause (e) below (without duplication of shortfalls allocated pursuant to Section 1.03), 98.00% and 2.00%, respectively, and to the extent of any amount of such portion of the REMIC 3 Group 2 Interest Loss Allocation Amount remaining after the foregoing allocations to REMIC 3 Regular Interests 2-AA and 2-ZZ, to Uncertificated Accrued Interest payable to REMIC 3 Regular Interest 2-P to the extent of such remaining amount; third, to the Uncertificated Principal Balances of REMIC 3 Regular Interest 1-AA and REMIC 3 Regular Interest 1-ZZ up to an aggregate amount equal to the REMIC 3 Group 1 Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; fourth, to the Uncertificated Principal Balances of REMIC 3 Regular Interest 1-AA, REMIC 3 Regular Interest 1-B and REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-B has been reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC 3 Regular Interest 1-AA, REMIC 3 Regular Interest 1-M-8 and REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-8 has been reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC 3 Regular Interest 1-AA, REMIC 3 Regular Interest 1-M-7 and REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-7 has been reduced to zero; seventh, to the Uncertificated Principal Balances of REMIC 3 Regular Interest 1-AA, REMIC 3 Regular Interest 1-M-6 and REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-6 has been reduced to zero; eighth, to the Uncertificated Principal Balances of REMIC 3 Regular Interest 1-AA, REMIC 3 Regular Interest 1-M-5 and REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-5 has been reduced to zero; ninth, to the Uncertificated Principal Balances of REMIC 3 Regular Interest 1-AA, REMIC 3 Regular Interest 1-M-4 and REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-4 has been reduced to zero; tenth, to the Uncertificated Principal Balances of REMIC 3 Regular Interest 1-AA, REMIC 3 Regular Interest 1-M-3 and REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-3 has been reduced to zero; eleventh, to the Uncertificated Principal Balances of REMIC 3 Regular Interest 1-AA, REMIC 3 Regular Interest 1-M-2 and REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-2 has been reduced to zero; twelfth, to the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-1 and REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-1 has been reduced to zero; and thirteenth, to the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-AA, 98.00%, to the Uncertificated Principal Balances of REMIC 3 Regular Interests 1-A1-A, 1-A1-B, 1-A1-C and 1-AM, 1.00% pro rata, and to the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-ZZ, 1.00%, until the Uncertificated Principal Balances of such REMIC 3 Regular Interests 1-A1-A, 1-A1-B, 1-A1-C and 1-AM have been reduced to zero, provided that any such Realized Losses otherwise allocable to REMIC 3 Regular Interests 1-A1-A, 1-A1-B and 1-A1-C shall be first allocated to REMIC 3 Regular Interest 1-AM, until the Uncertificated Principal Balance thereof has been reduced to zero.

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(e) All Realized Losses on the Group 2 Loans shall be allocated by the Trustee on each Distribution Date to the following REMIC 3 Group 2 Regular Interests in the following specified percentages: first, to Uncertificated Accrued Interest payable to the REMIC 3 Regular Interest 2-AA and REMIC 3 Regular Interest 2-ZZ up to an aggregate amount equal to the REMIC 3 Group 2 Interest Loss Allocation Amount (without duplication of shortfalls allocated pursuant to Section 1.03), 98.00% and 2.00%, respectively, and to the extent of any amount equal to the REMIC 3 Group 2 Interest Loss Allocation Amount remaining after the foregoing allocations to REMIC 3 Regular Interests 2-AA and 2-ZZ, to Uncertificated Accrued Interest payable to REMIC 3 Regular Interest 2-P to the extent of such remaining amount; second, to Uncertificated Accrued Interest payable to the REMIC 3 Regular Interest 1-AA and REMIC 3 Regular Interest 1-ZZ up to an aggregate amount equal to any portion of the REMIC 3 Group 1 Interest Loss Allocation Amount remaining after the allocation of Realized Losses on the Group 1 Loans pursuant to clause (d) above (without duplication of shortfalls allocated pursuant to Section 1.03), 98.00% and 2.00%, respectively, and to the extent of any amount of such portion of the REMIC 3 Group 1 Interest Loss Allocation Amount remaining after the foregoing allocations to REMIC 3 Regular Interests 1-AA and 1-ZZ, to Uncertificated Accrued Interest payable to REMIC 3 Regular Interest 1-P to the extent of such remaining amount; third, to the Uncertificated Principal Balances of the REMIC 3 Regular Interest 2-AA and REMIC 3 Regular Interest 2-ZZ up to an aggregate amount equal to the REMIC 3 Group 2 Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; and fourth, to the Uncertificated Principal Balances of REMIC 3 Regular Interest 2-AA, REMIC 3 Regular Interest 2-A and REMIC 3 Regular Interest 2-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal Balance of REMIC 3 Regular Interest 2-A has been reduced to zero.

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Section 4.06. Information Reports to Be Filed by the Master Servicer.

The Master Servicer or the Sub-Servicers shall file information reports with respect to the receipt of mortgage interest received in a trade or business, 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 of the Code, respectively, and deliver to the Trustee an Officers’ Certificate stating that such reports have been filed. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by such Sections 6050H, 6050J and 6050P of the Code.

Section 4.07. Compliance with Withholding Requirements.

Notwithstanding any other provision of this Agreement, the Trustee shall comply with all federal withholding requirements respecting payments to Certificateholders of interest or original issue discount on the Mortgage Loans, that the Trustee reasonably believes are applicable under the Code. The consent of Certificateholders shall not be required for such withholding. In the event the Trustee withholds any amount from interest or original issue discount payments or advances thereof to any Certificateholder pursuant to federal withholding requirements, the Trustee shall, together with its monthly report to such Certificateholders pursuant to Section 4.02 hereof, indicate such amount withheld.

Section 4.08. Group 1 Net WAC Shortfall Reserve Fund.

(a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Class 1-A Certificates, the Subordinate Certificates and the Class 1-C Certificates, the Group 1 Net WAC Shortfall Reserve Fund. In addition, on the Closing Date, the Depositor shall deposit into the Group 1 Net WAC Shortfall Reserve Fund an amount equal to the Group 1 Net WAC Shortfall Reserve Fund Deposit. The Trustee shall deposit in the Group 1 Net WAC Shortfall Reserve Fund all payments received from the Group 1 Supplemental Interest Trust that are payable to the Trust Fund under Sections 4.01(n)(iv) from amounts under the Group 1 Interest Rate Swap Agreement and Group 1 Cap Contracts, and on each Distribution Date, the Trustee shall remit such amounts received from the Group 1 Supplemental Interest Trust to the Holders of the related Class 1-A Certificates and Subordinate Certificates in the manner provided in that Section. In addition, on each Distribution Date as to which there is a Group 1 Net WAC Shortfall Amount with respect to Loan Group 1 payable to any Class of Class 1-A Certificates and Subordinate Certificates, the Trustee shall deposit the amounts distributable pursuant to clause (vi) of Section 4.01(l) into the Group 1 Net WAC Shortfall Reserve Fund, and the Trustee has been directed by the Holders of the Class 1-C Certificates to distribute amounts then on deposit in the Group 1 Net WAC Shortfall Reserve Fund to the Holders of the Class 1-A Certificates and Subordinate Certificates in respect of the Net WAC Shortfall Amount with respect to Loan Group 1 in the priority set forth in clause (vi) of Section 4.01(l). Any amount paid to the Holders of any Class 1-A Certificates and Subordinate Certificates pursuant to the preceding sentence in respect of Net WAC Shortfall Amounts from amounts distributable pursuant to clause (vi) of Section 4.01(l) shall be treated as distributed to the Holders of the Class 1-C Certificates in respect of the Class 1-C Certificates and paid by such Holders to the Holders of such Class 1-A Certificates and Subordinate Certificates. Any payments to the Holders of the Class 1-A Certificates and Subordinate Certificates in respect of Net WAC Shortfall Amounts, whether pursuant to the second preceding sentence or pursuant to Sections 4.01(n)(iv), shall not be payments with respect to a Regular Interest in a REMIC within the meaning of Code Section 860G(a)(1).

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(b) The Group 1 Net WAC Shortfall Reserve Fund is an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h) and shall be an asset of the Trust Fund but not an asset of any REMIC. The Trustee on behalf of the Trust shall be the nominal owner of the Group 1 Net WAC Shortfall Reserve Fund. The Holders of the Class 1-C Certificates shall be the beneficial owners of the Group 1 Net WAC Shortfall Reserve Fund, subject to the power of the Trustee to transfer amounts under Section 4.01. Amounts in the Group 1 Net WAC Shortfall Reserve Fund shall, at the written direction of the Holders of the Class 1-C Certificates, be invested in Permitted Investments that mature no later than the Business Day prior to the next succeeding Distribution Date. In the absence of such written direction, all funds in the Group 1 Net WAC Shortfall Reserve Fund shall remain uninvested. All net income and gain from such investments shall be distributed to the Holders of the Class 1-C Certificates, pro rata, not as a distribution in respect of any interest in any REMIC, on each such Distribution Date. All amounts earned on amounts on deposit in the Group 1 Net WAC Shortfall Reserve Fund shall be taxable to the Holders of the Class 1-C Certificates. Any losses on such investments shall be deposited in the Group 1 Net WAC Shortfall Reserve Fund by the Holders of the Class 1-C Certificates, pro rata, out of their own funds immediately as realized.

Section 4.09. Group 2 Net WAC Shortfall Reserve Fund.

(a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Class 2-A Certificates and the Class 2-C Certificates, the Group 2 Net WAC Shortfall Reserve Fund. In addition, on the Closing Date, the Depositor shall deposit into the Group 2 Net WAC Shortfall Reserve Fund an amount equal to the Group 2 Net WAC Shortfall Reserve Fund Deposit. The Trustee shall deposit in the Group 2 Net WAC Shortfall Reserve Fund all payments received from the Group 2 Supplemental Interest Trust that are payable to the Trust Fund under Section 4.01(o)(iii) from amounts under the Group 2 Interest Rate Swap Agreement and Group 2 Cap Contracts, and on each Distribution Date, the Trustee shall remit such amounts received from the Group 2 Supplemental Interest Trust to the Holders of the Class 2-A Certificates in the manner provided in that Section. In addition, on each Distribution Date as to which there is a Group 2 Net WAC Shortfall Amount with respect to Loan Group 2 payable to the Class 2-A Certificates, the Trustee shall deposit the amounts distributable pursuant to clause (v) of Section 4.01(m) into the Group 2 Net WAC Shortfall Reserve Fund, and the Trustee has been directed by the Holders of the Class 2-C Certificates to distribute amounts then on deposit in the Group 2 Net WAC Shortfall Reserve Fund to the Holders of the Class 2-A Certificates in respect of the Net WAC Shortfall Amount with respect to Loan Group 2 in the priority set forth in clause (v) of Section 4.01(l). Any amount paid to the Holders of any Class 2-A Certificates pursuant to the preceding sentence in respect of Net WAC Shortfall Amounts from amounts distributable pursuant to clause (v) of Section 4.01(m) shall be treated as distributed to the Holders of the Class 2-C Certificates in respect of the Class 2-C Certificates and paid by such Holders to the Holders of such Class 2-A Certificates. Any payments to the Holders of the Class 2-A Certificates in respect of Net WAC Shortfall Amounts, whether pursuant to the second preceding sentence or pursuant to Section 4.01(o)(iii), shall not be payments with respect to a Regular Interest in a REMIC within the meaning of Code Section 860G(a)(1).

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(b) The Group 2 Net WAC Shortfall Reserve Fund is an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h) and shall be an asset of the Trust Fund but not an asset of any REMIC. The Trustee on behalf of the Trust shall be the nominal owner of the Group 2 Net WAC Shortfall Reserve Fund. The Holders of the Class 2-C Certificates shall be the beneficial owners of the Group 2 Net WAC Shortfall Reserve Fund, in each case subject to the power of the Trustee to transfer amounts under Section 4.01. Amounts in the Group 2 Net WAC Shortfall Reserve Fund shall, at the written direction of the Holders of the Class 2-C Certificates, be invested in Permitted Investments that mature no later than the Business Day prior to the next succeeding Distribution Date. In the absence of such written direction, all funds in the Group 2 Net WAC Shortfall Reserve Fund shall remain uninvested. All net income and gain from such investments shall be distributed to the Holders of the Class 2-C Certificates, pro rata, not as a distribution in respect of any interest in any REMIC, on each such Distribution Date. All amounts earned on amounts on deposit in the Group 2 Net WAC Shortfall Reserve Fund shall be taxable to the Holders of the Class 2-C Certificates. Any losses on such investments shall be deposited in the Group 2 Net WAC Shortfall Reserve Fund by the Holders of the Class 2-C Certificates, pro rata, out of their own funds immediately as realized.

Section 4.10. Group 1 Supplemental Interest Trust.

(i) As of the Closing Date, the Trustee, as Group 1 Supplemental Interest Trust Trustee, is directed to enter into the Group 1 Interest Rate Swap Agreement and the Group 1 Cap Contracts and shall establish and maintain in the name of the Group 1 Supplemental Interest Trust Trustee, the Group 1 Supplemental Interest Trust for the benefit of the Group 1 Swap Provider and the Holders of the Class 1-A, Class 1-M, Class 1-B and Class 1-C Certificates. The Group 1 Supplemental Interest Trust shall hold the Group 1 Interest Rate Swap Agreement, the Class 1-IO Interest, the Group 1 Cap Contracts and the Group 1 Derivative Account. The Trustee shall establish an Eligible Account (the “Group 1 Derivative Account”) into which the Depositor shall deposit $1,000 on the Closing Date. Funds on deposit in the Group 1 Derivative Account shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee or held pursuant to this Agreement.

(ii) On each Distribution Date, the Trustee shall deposit into the Group 1 Derivative Account amounts distributable to the Group 1 Supplemental Interest Trust pursuant to Sections 4.01(a) (fifth paragraph) and 4.01(l)(viii) of this Agreement. In addition, the Trustee shall deposit into the Group 1 Derivative Account for payment to the Group 1 Swap Provider the Group 1 Swap Optional Termination Payment (which shall include any related Net Swap Payment payable to the Group 1 Swap Provider) payable under Section 9.01. On each Distribution Date, the Trustee shall distribute any such amounts to the Group 1 Swap Provider pursuant to the Group 1 Interest Rate Swap Agreement, first to pay any related Net Swap Payment owed to the Group 1 Swap Provider for such Distribution Date or remaining unpaid from prior Distribution Dates, and second to pay any related Swap Termination Payment owed to the Group 1 Swap Provider for such Distribution Date or remaining unpaid from prior Distribution Dates.

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(iii) On each Distribution Date, the Trustee, as Group 1 Supplemental Interest Trust Trustee, shall deposit into the Group 1 Derivative Account amounts received by the Group 1 Supplemental Interest Trust under the Group 1 Interest Rate Swap Agreement from the Group 1 Swap Provider and under the Group 1 Cap Contracts from the Group 1 Cap Counterparties. On each Distribution Date, the Trustee shall, and the Trustee has been directed by the Holders of the Class 1-C Certificates to, distribute from the Group 1 Derivative Account an amount equal to the amount of any related Net Swap Payment or Swap Termination Payment received from the Group 1 Swap Provider under the Group 1 Interest Rate Swap Agreement and payments received from the Group 1 Cap Counterparties under the Group 1 Cap Contracts, in the following order of priority:

(a) first, an amount equal to the aggregate amount required under Section 4.01(n) to be distributed on such Distribution Date, to the related Class 1-A, Class 1-M and Class 1-B Certificateholders in accordance with Section 4.01(n) of this Agreement, and

(b) second, any remainder, to the Holder of the Class 1-C Certificates.

(iv) The Group 1 Supplemental Interest Trust constitutes an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h) and shall not be an asset of any REMIC. The Holders of the Class 1-C Certificates shall be the beneficial owner of the Group 1 Supplemental Interest Trust, subject to the power of the Trustee to transfer amounts under this Agreement. The Trustee shall keep records that accurately reflect the funds on deposit in the Group 1 Derivative Account. The Trustee shall, at the written direction of the Holders of the Class 1-C Certificates, invest amounts on deposit in the Group 1 Supplemental Interest Trust in Permitted Investments that mature no later than the Business Day prior to the next succeeding Distribution Date. In the absence of such written direction, all funds in the Group 1 Supplemental Interest Trust shall remain uninvested. On each Distribution Date, the Trustee shall distribute, not as a distribution in respect of any interest in any REMIC, any income or gain earned on the invested assets in the Group 1 Supplemental Interest Trust to the Holders of the Class 1-C Certificates. All amounts earned on amounts on deposit in the Group 1 Supplemental Interest Trust shall be taxable to the Holders of the Class 1-C Certificates. Any losses on such investments shall be deposited in the Group 1 Supplemental Interest Trust by the Holders of the Class 1-C Certificates, out of their own funds immediately as realized.

(v) For federal income tax purposes, amounts paid to the Group 1 Supplemental Interest Trust on each Distribution Date pursuant to Section 4.01(a) (first and second sentences of the fifth paragraph) for payment to the Group 1 Swap Provider with respect to the Group 1 Interest Rate Swap Agreement shall first be deemed to be paid to the Group 1 Supplemental Interest Trust in respect of the Class 1-IO Interest to the extent of the amount distributable on such Class 1-IO Interest on such Distribution Date, and shall then be deemed to be paid to the Group 1 Supplemental Interest Trust in respect of a Group 1 Class IO Distribution Amount as described below.

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(vi) The Trustee shall treat the Holders of the Class 1-A, Class 1-M and Class 1-B Certificates as having entered into a notional principal contract with respect to the Holders of the Class 1-C Certificates. Pursuant to each such notional principal contract, all Holders of the Class 1-A, Class 1-M and Class 1-B Certificates shall be treated as having agreed to pay, on each Distribution Date, to the Holder of the Class 1-C Certificates an aggregate amount equal to the excess, if any, of (i) the amount payable on such Distribution Date on the REMIC 4 Regular Interest corresponding to such Class of Certificates over (ii) the amount payable on such Class of Certificates on such Distribution Date (such excess, a “Group 1 Class IO Distribution Amount”). A Group 1 Class IO Distribution Amount payable from interest collections shall be allocated pro rata among such Certificates based on the excess of, with respect to each such Certificate, (i) the amount of interest otherwise payable to the REMIC 4 Regular Interest relating to such Certificate over (ii) the amount of interest payable to such Certificate at a per annum rate equal to the related Net WAC Rate, and a Group 1 Class IO Distribution Amount payable from principal collections shall be allocated to the most subordinate Class of the Class 1-A, Class 1-M, Class 1-B and Class 1-C Certificates with an outstanding principal balance to the extent of such balance. In addition, pursuant to such notional principal contract, the Holder of the Class 1-C Certificates shall be treated as having agreed to pay Net WAC Shortfall Amounts with respect to Loan Group 1 to the Holders of the Class 1-A, Class 1-M and Class 1-B Certificates in accordance with the terms of this Agreement. Any payments to the Class 1-A, Class 1-M, Class 1-B and Class 1-C Certificates from amounts deemed received in respect of this notional principal contract shall not be payments with respect to a Regular Interest in a REMIC within the meaning of Section 860G(a)(1) of the Code. However, any payment from the Class 1-A, Class 1-M and Class 1-B Certificates of a Group 1 Class IO Distribution Amount shall be treated for tax purposes as having been received by the Holders of such Certificates in respect of their interests in REMIC 4 and as having been paid by such Holders to the Group 1 Supplemental Interest Trust pursuant to the notional principal contract. Thus, each Class 1-A, Class 1-M, Class 1-B and Class 1-C Certificate shall be treated as representing not only ownership of a Regular Interest in REMIC 4, but also ownership of an interest in, and obligations with respect to, a notional principal contract.

(vii) (a) Upon designation of an early termination date with respect to a Group 1 Derivative Contract other than in connection with a Group 1 Optional Termination, the Trustee, as Group 1 Supplemental Interest Trust Trustee, at the written direction of the Depositor or the Certificate Insurer will use reasonable efforts to appoint a successor derivative counterparty to enter into a new derivative contract on terms substantially similar to such Group 1 Derivative Contract with a derivative counterparty meeting all applicable eligibility requirements. The Trustee, as Group 1 Supplemental Interest Trust Trustee will apply any Group 1 Derivative Termination Payment received from the original derivative counterparty in connection with the early termination of such Group 1 Derivative Contract to the upfront payment required to appoint the successor derivative counterparty.

If a successor derivative counterparty is not appointed within 30 days of such early termination, then the Trustee, as Group 1 Supplemental Interest Trust Trustee will deposit any Group 1 Derivative Termination Payment received from the original derivative counterparty in connection with the early termination of such Group 1 Derivative Contract into a separate, non-interest bearing reserve account and will, on each subsequent Distribution Date, withdraw from the amount then remaining on deposit in such reserve account an amount equal to the payment, if any, that would have been paid to the Group 1 Supplemental Interest Trust Trustee by the original derivative counterparty calculated in accordance with the terms of the related Group 1 Derivative Contract, and distribute such amount in accordance with the terms of this Agreement.

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(b) In the event that the derivative counterparty under a Group 1 Derivative Contract fails to perform any of its obligations under such Group 1 Derivative Contract (including, without limitation, its obligation to make any payment or transfer collateral), or breaches any of its representations and warranties thereunder, or in the event that any Event of Default, Termination Event, or Additional Termination Event (each as defined in the related Group 1 Derivative Contract) occurs with respect to such Group 1 Derivative Contract, the Trustee, as Group 1 Supplemental Interest Trust Trustee shall, promptly following actual notice of such failure, breach or event, notify the Depositor and send any notices and make any demands, on behalf of the Group 1 Supplemental Interest Trust, required to enforce the rights of the Group 1 Supplemental Interest Trust under such Group 1 Derivative Contract.

In the event that a derivative counterparty’s obligations are guaranteed by a third party under a guaranty relating to a Group 1 Derivative Contract (such guaranty a “Group 1 Guaranty” and such third party a “Group 1 Guarantor”), then to the extent that derivative counterparty fails to make any payment by the close of business on the day it is required to make payment under the terms of such Group 1 Derivative Contract, the Trustee, as Group 1 Supplemental Interest Trust Trustee shall, promptly following actual notice of derivative counterparty’s failure to pay, demand that such Group 1 Guarantor make any and all payments then required to be made by such Group 1 Guarantor pursuant to such Group 1 Guaranty; provided that Trustee, as Group 1 Supplemental Interest Trust Trustee shall in no event be liable for any failure or delay in the performance by such Group 1 Guarantor of its obligations hereunder or pursuant to such Group 1 Derivative Contract and the Group 1 Guaranty, nor for any special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits) in connection therewith.

Section 4.11. Group 2 Supplemental Interest Trust.

(i) As of the Closing Date, the Trustee, as Group 2 Supplemental Interest Trust Trustee, is directed to enter into the Group 2 Interest Rate Swap Agreement and the Group 2 Cap Contracts and shall establish and maintain in the name of the Group 2 Supplemental Interest Trust Trustee, the Group 2 Supplemental Interest Trust for the benefit of the Group 2 Swap Provider and the Holders of the Class 2-A Certificates and Class 2-C Certificates. The Group 2 Supplemental Interest Trust shall hold the Group 2 Interest Rate Swap Agreement, the Class 2-IO Interests, the Group 2 Cap Contracts and the Group 2 Derivative Account. The Trustee shall establish an Eligible Account (the “Group 2 Derivative Account”) into which the Depositor shall deposit $1,000 on the Closing Date. Funds on deposit in the Group 2 Derivative Account shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee or held pursuant to this Agreement.

(ii) On each Distribution Date, the Trustee shall deposit into the Group 2 Derivative Account amounts distributable to the Group 2 Supplemental Interest Trust pursuant to Sections 4.01(a) (fifth paragraph) and 4.01(m)(vii) of this Agreement. In addition, the Trustee shall deposit into the Group 2 Derivative Account for payment to the Group 2 Swap Provider the Group 2 Swap Optional Termination Payment (which shall include any related Net Swap Payment payable to the Group 2 Swap Provider) payable under Section 9.01. On each Distribution Date, the Trustee shall distribute any such amounts to the Group 2 Swap Provider pursuant to the Group 2 Interest Rate Swap Agreement, first to pay any related Net Swap Payment owed to the Group 2 Swap Provider for such Distribution Date or remaining unpaid from prior Distribution Dates, and second to pay any related Swap Termination Payment owed to the Group 2 Swap Provider for such Distribution Date or remaining unpaid from prior Distribution Dates.

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(iii) On each Distribution Date, the Trustee, as Group 2 Supplemental Interest Trust Trustee, shall deposit into the Group 2 Derivative Account amounts received by the Group 2 Supplemental Interest Trust under the Group 2 Interest Rate Swap Agreement from the Group 2 Swap Provider and under the Group 2 Cap Contracts from the Group 2 Cap Counterparties. On each Distribution Date, the Trustee shall, and the Trustee has been directed by the Holders of the Class 2-C Certificates to, distribute from the Group 2 Derivative Account an amount equal to the amount of any related Net Swap Payment received from the Group 2 Swap Provider under the Group 2 Interest Rate Swap Agreement and payment received from the Group 2 Cap Counterparties under the Group 2 Cap Contracts, in the following order of priority:

(a) first, an amount equal to the aggregate amount required under Section 4.01(o) to be distributed on such Distribution Date, to the Class 2-A Certificateholders in accordance with Section 4.01(o) of this Agreement, and

(b) second, any remainder, to the Holder of the Class 2-C Certificates.

(iv) The Group 2 Supplemental Interest Trust constitutes an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h) and shall not be an asset of any REMIC. The Holders of the Class 2-C Certificates shall be the beneficial owner of the Group 2 Supplemental Interest Trust, subject to the power of the Trustee to transfer amounts under this Agreement. The Trustee shall keep records that accurately reflect the funds on deposit in the Group 2 Derivative Account. The Trustee shall, at the written direction of the Holders of the Class 2-C Certificates, invest amounts on deposit in the Group 2 Supplemental Interest Trust in Permitted Investments that mature no later than the Business Day prior to the next succeeding Distribution Date. In the absence of such written direction, all funds in the Group 2 Supplemental Interest Trust shall remain uninvested. On each Distribution Date, the Trustee shall distribute, not as a distribution in respect of any interest in any REMIC, any income or gain earned on the invested assets in the Group 2 Supplemental Interest Trust to the Holders of the Class 2-C Certificates. All amounts earned on amounts on deposit in the Group 2 Supplemental Interest Trust shall be taxable to the Holders of the Class 2-C Certificates. Any losses on such investments shall be deposited in the Group 2 Supplemental Interest Trust by the Holders of the Class 2-C Certificates, out of their own funds immediately as realized.

(v) For federal income tax purposes, amounts paid to the Group 2 Supplemental Interest Trust on each Distribution Date pursuant to Section 4.01(a) (first and second sentences of the fifth paragraph) for payment to the Group 2 Swap Provider with respect to the Group 2 Interest Rate Swap Agreement shall first be deemed to be paid to the Group 2 Supplemental Interest Trust in respect of the Class 2-IO Interest to the extent of the amount distributable on such Class 2-IO Interest on such Distribution Date, and shall then be deemed to be paid to the Group 2 Supplemental Interest Trust in respect of a Group 2 Class IO Distribution Amount as described below.

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(vi) The Trustee shall treat the Holders of the Class 2-A Certificates as having entered into a notional principal contract with respect to the Holders of the Class 2-C Certificates. Pursuant to each such notional principal contract, all Holders of the Class 2-A Certificates shall be treated as having agreed to pay, on each Distribution Date, to the Holder of the Class 2-C Certificates an aggregate amount equal to the excess, if any, of (i) the amount payable on such Distribution Date on the REMIC 4 Regular Interest corresponding to such Class of Certificates over (ii) the amount payable on such Class of Certificates on such Distribution Date (such excess, a “Group 2 Class IO Distribution Amount”). A Group 2 Class IO Distribution Amount payable from interest collections shall be allocated pro rata among such Certificates based on the excess of, with respect to each such Certificate, (i) the amount of interest otherwise payable to the REMIC 4 Regular Interest relating to such Certificate over (ii) the amount of interest payable to such Certificate at a per annum rate equal to the related Net WAC Rate, and a Group 2 Class IO Distribution Amount payable from principal collections shall be allocated to the most subordinate Class of the Class 2-A Certificates and Class 2-C Certificates with an outstanding principal balance to the extent of such balance. In addition, pursuant to such notional principal contract, the Holder of the Class 2-C Certificates shall be treated as having agreed to pay Net WAC Shortfall Amounts with respect to Loan Group 2 to the Holders of the Class 2-A Certificates in accordance with the terms of this Agreement. Any payments to the Class 2-A Certificates and Class 2-C Certificates from amounts deemed received in respect of this notional principal contract shall not be payments with respect to a Regular Interest in a REMIC within the meaning of Section 860G(a)(1) of the Code. However, any payment from the Class 2-A Certificates of a Group 2 Class IO Distribution Amount shall be treated for tax purposes as having been received by the Holders of such Certificates in respect of their interests in REMIC 4 and as having been paid by such Holders to the Group 2 Supplemental Interest Trust pursuant to the notional principal contract. Thus, each Class 2-A Certificate and Class 2-C Certificate shall be treated as representing not only ownership of a Regular Interest in REMIC 4, but also ownership of an interest in, and obligations with respect to, a notional principal contract.

(vii) (a) Upon designation of an early termination date with respect to a Group 2 Derivative Contract other than in connection with a Group 2 Optional Termination, the Trustee, as Group 2 Supplemental Interest Trust Trustee, at the written direction of the Depositor or the Certificate Insurer will use reasonable efforts to appoint a successor derivative counterparty to enter into a new derivative contract on terms substantially similar to such Group 2 Derivative Contract with a derivative counterparty meeting all applicable eligibility requirements. The Trustee, as Group 2 Supplemental Interest Trust Trustee will apply any Group 2 Derivative Termination Payment received from the original derivative counterparty in connection with the early termination of such Group 2 Derivative Contract to the upfront payment required to appoint the successor derivative counterparty.

If a successor derivative counterparty is not appointed within 30 days of such early termination, then the Trustee, as Group 2 Supplemental Interest Trust Trustee will deposit any Group 2 Derivative Termination Payment received from the original derivative counterparty in connection with the early termination of such Group 2 Derivative Contract into a separate, non-interest bearing reserve account and will, on each subsequent Distribution Date, withdraw from the amount then remaining on deposit in such reserve account an amount equal to the payment, if any, that would have been paid to the Group 2 Supplemental Interest Trust Trustee by the original derivative counterparty calculated in accordance with the terms of the related Group 2 Derivative Contract, and distribute such amount in accordance with the terms of this Agreement.

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(b) In the event that the derivative counterparty under a Group 2 Derivative Contract fails to perform any of its obligations under such Group 2 Derivative Contract (including, without limitation, its obligation to make any payment or transfer collateral), or breaches any of its representations and warranties thereunder, or in the event that any Event of Default, Termination Event, or Additional Termination Event (each as defined in the related Group 2 Derivative Contract) occurs with respect to such Group 2 Derivative Contract, the Trustee, as Group 2 Supplemental Interest Trust Trustee shall, promptly following actual notice of such failure, breach or event, notify the Depositor and send any notices and make any demands, on behalf of the Group 2 Supplemental Interest Trust, required to enforce the rights of the Group 2 Supplemental Interest Trust under such Group 2 Derivative Contract.

In the event that a derivative counterparty’s obligations are guaranteed by a third party under a guaranty relating to a Group 2 Derivative Contract (such guaranty a “Group 2 Guaranty” and such third party a “Group 2 Guarantor”), then to the extent that derivative counterparty fails to make any payment by the close of business on the day it is required to make payment under the terms of such Group 2 Derivative Contract, the Trustee, as Group 2 Supplemental Interest Trust Trustee shall, promptly following actual notice of derivative counterparty’s failure to pay, demand that such Group 2 Guarantor make any and all payments then required to be made by such Group 2 Guarantor pursuant to such Group 2 Guaranty; provided that Trustee, as Group 2 Supplemental Interest Trust Trustee shall in no event be liable for any failure or delay in the performance by such Group 2 Guarantor of its obligations hereunder or pursuant to such Group 2 Derivative Contract and the Group 2 Guaranty, nor for any special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits) in connection therewith.

Section 4.12. Tax Treatment of Class IO Distribution Amounts in the Event of Resecuritization of Class 1-A, Class 2-A, Class 1-M or Class 1-B Certificates.

In the event that any Class 1-A, Class 2-A, Class 1-M or Class 1-B Certificate is resecuritized in a REMIC (the “Resecuritization REMIC”), for federal income tax purposes, (i) payments on the REMIC 4 Regular Interest corresponding to such Class 1-A, Class 2-A, Class 1-M or Class 1-B Certificate shall, for the avoidance of doubt, be deemed to include the related Class IO Distribution Amount, and (ii) to the extent provided in the operative documents for the Resecuritization REMIC, (a) payments on the “regular interests” issued by the Resecuritization REMIC shall be deemed to include in the aggregate such Class IO Distribution Amount, and (b) such Class IO Distribution Amount shall be deemed paid to the Holder of the related Class C Certificates pursuant to a notional principal contract entered into by the holders of one or more “regular interests” issued by the Resecuritization REMIC (“Resecuritization Holders”) and the Holder of the related Class C Certificates. In such event, Class IO Distribution Amounts deemed paid by Resecuritization Holders under clause (b) of the immediately preceding sentence shall be paid on behalf of such holders pursuant to Section 4.10(ii) and Section 4.11(ii) hereof, as applicable.

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Section 4.13. The Certificate Guaranty Insurance Policy

(i) If the Trustee determines that an Insured Amount to be covered by the Certificate Guaranty Insurance Policy will exist for the related Distribution Date, the Trustee shall complete the notice in the form of Exhibit A to the Certificate Guaranty Insurance Policy (the “Notice”) and submit such Notice in accordance with the Certificate Guaranty Insurance Policy to the Certificate Insurer no later than 12:00 P.M., New York City time, on the second Business Day immediately preceding such Distribution Date, as a claim for the amount of such Insured Amount.

(ii) The Trustee shall establish and maintain the Insurance Account on behalf of the Holders of the Class 2-A Certificates over which the Trustee shall have the exclusive control and sole right of withdrawal. Upon receipt of a Insured Amount from the Certificate Insurer on behalf of the Holders of the Class 2-A Certificates, the Trustee shall deposit such Insured Amount in the Insurance Account and distribute such amount only for purposes of payment to the Class 2-A Certificates of the Insured Amount for which a claim was made and such amount may not be applied to satisfy any costs, expenses or liabilities of the Seller, the Depositor, the Trustee or the Trust Fund or to pay any other Class of Certificates. Amounts paid under the Certificate Guaranty Insurance Policy, to the extent needed to pay the Insured Amount, shall be disbursed by the Trustee to the Holders of the Class 2-A Certificates. 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 other distributions to the Holders of the Class 2-A Certificates with other funds available to make such payment. However, the amount of any payment of principal or of interest on the Class 2-A Certificates to be paid from funds transferred from the Insurance Account shall be noted as provided in paragraph (d) below and in the statement to be furnished to Holders of the Class 2-A Certificates pursuant to Section 4.01. Funds held in the Insurance Account shall not be invested. Any funds remaining in the Insurance Account on the first Business Day following the later of (i) the related Distribution Date or (ii) the date received by the Trustee, shall be returned to the Certificate Insurer pursuant to the written instructions of the Certificate Insurer by the end of such Business Day.

(iii) The Trustee shall keep a complete and accurate record of the amount of interest and principal paid in respect of the Class 2-A Certificates from moneys received under the Certificate Guaranty Insurance Policy. The Certificate Insurer shall have the right to inspect such records at reasonable times during normal business hours upon one Business Day’s prior notice to the Trustee.

(iv) In the event that the Trustee has received a certified copy of an order of the appropriate court that any Insured Amount has been voided in whole or in part as a preference payment under applicable bankruptcy law, the Trustee shall so notify the Certificate Insurer, shall comply with the provisions of the Certificate Guaranty Insurance Policy to obtain payment by the Certificate Insurer of such Preference Amount in the amount of such voided Insured Amount, and shall, at the time it provides notice to the Certificate Insurer, notify, by mail the Holders of the Class 2-A Certificates that, in the event any Holder’s Insured Amount is so recovered, such Holder of a Class 2-A Certificate will be entitled to payment pursuant to the Certificate Guaranty Insurance Policy, a copy of which shall be made available through the Trustee or the Certificate Insurer, and the Trustee shall furnish to the Certificate Insurer, its records evidencing the payments which have been made by the Trustee and subsequently recovered from the Holders of the Class 2-A Certificates, and dates on which such payments were made.

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(v) The Trustee shall promptly notify the Certificate Insurer of any proceeding or the institution of any action, of which a Responsible Officer of the Trustee has actual knowledge, seeking the avoidance as a preferential transfer under applicable bankruptcy, insolvency, receivership or similar law (a “Preference Claim”) of any distribution made with respect to the Class 2-A Certificates. Each Holder of a Class 2-A Certificate, by its purchase of such Class 2-A Certificate, the Depositor and the Trustee agree that the Certificate Insurer (so long as no Certificate Insurer Default exists) may at any time during the continuation of any proceeding relating to a Preference Claim direct all matters relating to such Preference Claim, including, without limitation, (i) the direction of any appeal of any order relating to such Preference Claim and (ii) the posting of any surety or performance bond pending any such appeal. In addition and without limitation of the foregoing, the Certificate Insurer shall be subrogated to, and each Holder of an Class 2-A Certificate and the Trustee hereby delegates and assigns to the Certificate Insurer, to the fullest extent permitted by law, the rights of the Trustee and each Holder of an Class 2-A Certificate in the conduct of any such Preference Claim, including, without limitation, all rights of any party to any adversary proceeding or action with respect to any court order issued in connection with any such Preference Claim.

(vi) The Trustee shall, upon retirement of the Class 2-A Certificates, furnish to the Certificate Insurer a notice of such retirement, and, upon retirement of the Class 2-A Certificates and the expiration of the term of the Certificate Guaranty Insurance Policy, surrender the Certificate Guaranty Insurance Policy to the Certificate Insurer for cancellation.

(vii) The Trustee will hold the Certificate Guaranty Insurance Policy in trust as agent for the Holders of the Class 2-A Certificates for the purpose of making claims thereon and distributing the proceeds thereof. Neither the Certificate Guaranty Insurance Policy nor the amounts paid on the Certificate Guaranty Insurance Policy will constitute part of the Trust Fund created by this Agreement. Each Holder of the Class 2-A Certificates, by accepting its Class 2-A Certificates, appoints the Trustee as attorney in fact for the purpose of making claims on the Certificate Guaranty Insurance Policy.

(viii) Anything herein to the contrary notwithstanding, any payment with respect to principal of or interest on the Class 2-A Certificates which is made with moneys received pursuant to the terms of the Certificate Guaranty Insurance Policy shall not be considered payment of the Class 2-A Certificates from the Trust Fund. The Depositor and the Trustee acknowledge, and each Holder by its acceptance of a Class 2-A Certificate agrees, that without the need for any further action on the part of the Certificate Insurer, the Depositor or the Trustee (a) to the extent the Certificate Insurer makes payments, directly or indirectly, on account of principal of or interest on the Class 2-A Certificates to the Holders of such Class 2-A Certificates, the Certificate Insurer will be fully subrogated to, and each Holder of a Class 2-A Certificate and the Trustee hereby delegate and assign to the Certificate Insurer, to the fullest extent permitted by law, the rights of such Holders to receive such principal and interest from the Trust Fund, including, without limitation, any amounts due to the Holders of the Class 2-A Certificates in respect of securities law violations arising from the offer and sale of the Class 2-A Certificates and (b) the Certificate Insurer shall be paid such amounts from the sources and in the manner provided herein for the payment of such amounts and as provided in this Agreement. The Trustee shall cooperate in all respects with any reasonable request by the Certificate Insurer for action to preserve or enforce the Certificate Insurer’s rights or interests under this Agreement without limiting the rights or affecting the interests of the Holders as otherwise set forth herein.

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(ix) By accepting its Class 2-A Certificate, each Holder of a Class 2-A Certificate agrees that, unless a Certificate Insurer Default exists, the Certificate Insurer shall be deemed to be the Holder of the Class 2-A Certificate for all purposes (other than with respect to the receipt of payment on the Class 2-A Certificates) and shall have the right to exercise all rights (including, without limitation, voting rights) of the Holders of the Class 2-A Certificates under this Agreement and under the Class 2-A Certificates without any further consent of the Holders of the Class 2-A Certificates. All notices, statement reports, certificates or opinions required by this Agreement to be sent to any Holders of Class 2-A Certificates shall also be sent to the Certificate Insurer.

Section 4.14. Collateral Accounts

(i) The Trustee, as Group 1 Supplemental Interest Trust Trustee is hereby directed to perform the obligations of the Custodian as defined under Credit Support Annex One (“Custodian One”).

Custodian One shall establish Collateral Account One. Collateral Account One shall be held in the name of Custodian One in trust for the benefit of the Holders of the Class 1-A, Class 1-M and Class 1-B Certificates. Collateral Account One must be an Eligible Account segregated from the Certificate Account and any other moneys of the Trustee held pursuant to this Agreement and shall be entitled “Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2006-5, Collateral Account One, Group 1 Supplemental Interest Trust Trustee, as Custodian One for the benefit of holders of the Class 1-A, Class 1-M and Class 1-B Certificates.”

Custodian One shall credit to Collateral Account One all collateral (whether in the form of cash or securities) posted by Wachovia Bank, N.A. to secure the obligations of Wachovia Bank, N.A. in accordance with the terms of Credit Support Annex One. Custodian One shall maintain and apply all collateral and earnings thereon on deposit in Collateral Account One in accordance with Credit Support Annex One.

Cash collateral posted by Wachovia Bank, N.A. in accordance with Credit Support Annex One shall be invested at the written direction of Wachovia Bank, N.A. in Permitted Investments in accordance with the requirements of Credit Support Annex One. All amounts earned on amounts on deposit in Collateral Account One (whether cash collateral or securities) shall be for the account of and taxable to Wachovia Bank, N.A. The Trustee shall not be liable for the selection of investments or investment losses incurred thereon.

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Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Group 1 Schedule) with respect to Wachovia Bank, N.A. or upon occurrence or designation of an Early Termination Date (as defined in the Group 1 Schedule) as a result of any such Event of Default or Specified Condition with respect to Wachovia Bank, N.A., and, in either such case, unless Wachovia Bank, N.A. has paid in full all of its Obligations (as defined in Credit Support Annex One) that are then due, then any collateral posted by Wachovia Bank, N.A. in accordance with the Credit Support Annex One, shall be applied by Custodian One to the payment of any Obligations due to Party B (as defined in Credit Support Annex One) in accordance with Credit Support Annex One. Any excess collateral posted by Wachovia Bank, N.A. in accordance with Credit Support Annex One and remaining after payment of all amounts owing to Party B shall be withdrawn from Collateral Account One and paid to Wachovia Bank, N.A. in accordance with Credit Support Annex One.

(ii) The Trustee, as Group 2 Supplemental Interest Trust Trustee is hereby directed to perform the obligations of the Custodian as defined under Credit Support Annex Two (“Custodian Two”).

Custodian Two shall establish Collateral Account Two. Collateral Account Two shall be held in the name of Custodian Two in trust for the benefit of the Holders of the Class 2-A Certificates. Collateral Account Two must be an Eligible Account segregated from the Certificate Account and any other moneys of the Trustee held pursuant to this Agreement and shall be entitled “Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2006-5, Collateral Account Two, Group 2 Supplemental Interest Trust Trustee, as Custodian Two for the benefit of holders of the Class 2-A Certificates.”

Custodian Two shall credit to Collateral Account Two all collateral (whether in the form of cash or securities) posted by Wachovia Bank, N.A. to secure the obligations of Wachovia Bank, N.A. in accordance with the terms of Credit Support Annex Two. Custodian Two shall maintain and apply all collateral and earnings thereon on deposit in Collateral Account Two in accordance with Credit Support Annex Two.

Cash collateral posted by Wachovia Bank, N.A. in accordance with Credit Support Annex Two shall be invested at the written direction of Wachovia Bank, N.A. in Permitted Investments in accordance with the requirements of Credit Support Annex Two. All amounts earned on amounts on deposit in Collateral Account Two (whether cash collateral or securities) shall be for the account of and taxable to Wachovia Bank, N.A. The Trustee shall not be liable for the selection of investments or investment losses incurred thereon.

Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Group 2 Schedule) with respect to Wachovia Bank, N.A. or upon occurrence or designation of an Early Termination Date (as defined in the Group 2 Schedule) as a result of any such Event of Default or Specified Condition with respect to Wachovia Bank, N.A., and, in either such case, unless Wachovia Bank, N.A. has paid in full all of its Obligations (as defined in Credit Support Annex Two) that are then due, then any collateral posted by Wachovia Bank, N.A. in accordance with Credit Support Annex Two, shall be applied by Custodian Two to the payment of any Obligations due to Party B (as defined in Credit Support Annex Two) in accordance with Credit Support Annex Two. Any excess collateral posted by Wachovia Bank, N.A. in accordance with Credit Support Annex Two and remaining after payment of all amounts owing to Party B shall be withdrawn from Collateral Account Two and paid to Wachovia Bank, N.A. in accordance with Credit Support Annex Two.

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(iii) The Trustee, as Group 1 Supplemental Interest Trust Trustee is hereby directed to perform the obligations of the Custodian as defined under Credit Support Annex Three (“Custodian Three”).

Custodian Three shall establish Collateral Account Three. Collateral Account Three shall be held in the name of Custodian Three in trust for the benefit of the Holders of the Class 1-A, Class 1-M and Class 1-B Certificates. Collateral Account Three must be an Eligible Account and shall be entitled “Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2006-5, Collateral Account Three, Group 1 Supplemental Interest Trust Trustee, as Custodian Three for the benefit of holders of the Class 1-A, Class 1-M and Class 1-B Certificates.”

Custodian Three shall credit to Collateral Account Three all collateral (whether in the form of cash or securities) posted by Bank of America, N.A. to secure the obligations of Bank of America, N.A. in accordance with the terms of Credit Support Annex Three. Except for investment earnings, Bank of America, N.A. shall not have any legal, equitable or beneficial interest in Collateral Account Three other than in accordance with this Agreement, Credit Support Annex Three and applicable law. Custodian Three shall maintain and apply all collateral and earnings thereon on deposit in Collateral Account Three in accordance with Credit Support Annex Three.

Cash collateral posted by Bank of America, N.A. in accordance with Credit Support Annex Three shall be invested at the written direction of Bank of America, N.A. in Permitted Investments in accordance with the requirements of Credit Support Annex Three. All amounts earned on amounts on deposit in Collateral Account Three (whether cash collateral or securities) shall be for the account of and taxable to Bank of America, N.A. The Trustee shall not be liable for the selection of investments or investment losses incurred thereon.

Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Group 1 Cap Contract with Bank of America, N.A.) with respect to Bank of America, N.A. or upon occurrence or designation of an Early Termination Date (as defined in the Group 1 Cap Contract with Bank of America, N.A.) as a result of any such Event of Default or Specified Condition with respect to Bank of America, N.A., and, in either such case, unless Bank of America, N.A. has paid in full all of its Obligations (as defined in Credit Support Annex Three) that are then due, then any collateral posted by Bank of America, N.A. in accordance with Credit Support Annex Three, shall be applied by Custodian Three to the payment of any Obligations due to Party B (as defined in Credit Support Annex Three) in accordance with Credit Support Annex Three. Any excess collateral posted by Bank of America, N.A. in accordance with Credit Support Annex Three and remaining after payment of all amounts owing to Party B shall be withdrawn from Collateral Account Three and paid to Bank of America, N.A. in accordance with Credit Support Annex Three.

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(iv) The Trustee, as Group 2 Supplemental Interest Trust Trustee is hereby directed to perform the obligations of the Custodian as defined under Credit Support Annex Four (“Custodian Four”).

Custodian Four shall establish Collateral Account Four. Collateral Account Four shall be held in the name of Custodian Four in trust for the benefit of the Holders of the Class 2-A Certificates. Collateral Account Four must be an Eligible Account and shall be entitled “Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2006-5, Collateral Account Four, Group 2 Supplemental Interest Trust Trustee, as Custodian Four for the benefit of holders of the Class 2-A Certificates.”

Custodian Four shall credit to Collateral Account Four all collateral (whether in the form of cash or securities) posted by Bear Xxxxxxx Financial Products Inc. to secure the obligations of Bear Xxxxxxx Financial Products Inc. in accordance with the terms of Credit Support Annex Four. Except for investment earnings, Bear Xxxxxxx Financial Products Inc. shall not have any legal, equitable or beneficial interest in Collateral Account Four other than in accordance with this Agreement, Credit Support Annex Four and applicable law. Custodian Four shall maintain and apply all collateral and earnings thereon on deposit in Collateral Account Four in accordance with Credit Support Annex Four.

Cash collateral posted by Bear Xxxxxxx Financial Products Inc. in accordance with Credit Support Annex Four shall be invested at the written direction of Bear Xxxxxxx Financial Products Inc. in Permitted Investments in accordance with the requirements of Credit Support Annex Four. All amounts earned on amounts on deposit in Collateral Account Four (whether cash collateral or securities) shall be for the account of and taxable to Bear Xxxxxxx Financial Products Inc. The Trustee shall not be liable for the selection of investments or investment losses incurred thereon.

Upon the occurrence of an Event of Default or Specified Condition (each as defined in the Group 2 Cap Contract with Bear Xxxxxxx Financial Products Inc.) with respect to Bear Xxxxxxx Financial Products Inc. or upon occurrence or designation of an Early Termination Date (as defined in the Group 2 Cap Contract with Bear Xxxxxxx Financial Products Inc.) as a result of any such Event of Default or Specified Condition with respect to Bear Xxxxxxx Financial Products Inc., and, in either such case, unless Bear Xxxxxxx Financial Products Inc. has paid in full all of its Obligations (as defined in Credit Support Annex Three) that are then due, then any collateral posted by Bear Xxxxxxx Financial Products Inc. in accordance with Credit Support Annex Four, shall be applied by Custodian Four to the payment of any Obligations due to Party B (as defined in Credit Support Annex Four) in accordance with Credit Support Annex Four. Any excess collateral posted by Bear Xxxxxxx Financial Products Inc. in accordance with Credit Support Annex Four and remaining after payment of all amounts owing to Party B shall be withdrawn from Collateral Account Four and paid to Bear Xxxxxxx Financial Products Inc. in accordance with Credit Support Annex Four.

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ARTICLE V

THE CERTIFICATES

Section 5.01. The Certificates.

(a) The Certificates will be substantially in the respective forms annexed hereto as Exhibits A and B-1 through B-4. The Certificates will be issuable in registered form only. The Certificates (other than the Class P, Class C and Class R Certificates) will be issued in minimum denominations of $25,000 Initial Certificate Principal Balance and integral multiples of $1 in excess thereof. The Class C Certificates will be issued in minimum denominations of $1.00 Initial Notional Amount and integral multiples of $1.00 in excess thereof. The Class P Certificates and the Class R Certificates will each be issuable in minimum denominations of any Percentage Interest representing 10.00% and multiples of 0.01% in excess thereof.

Upon original issue, the Certificates shall, upon the written request of the Depositor executed by an officer of the Depositor, be executed and delivered by the Trustee, authenticated by the Trustee and delivered to or upon the order of the Depositor upon receipt by the Trustee of the documents specified in Section 2.01. The Certificates shall be executed by manual or facsimile signature on behalf of the Trustee in its capacity as trustee hereunder by a Responsible Officer. Certificates bearing the manual or facsimile signatures of individuals who were at the time they signed 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 Certificates 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 Trustee 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 issued on the Closing Date shall be dated the Closing Date and any Certificates delivered thereafter shall be dated the date of their authentication.

(b) The Class A Certificates and the Subordinate 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 Certificate Owners shall hold their respective Ownership Interests in and to each of such Book-Entry 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 shall not be required to monitor, determine or inquire as to compliance with the transfer restrictions with respect to the Book-Entry Certificates, and the Trustee shall have no liability for transfers of Ownership Interests in the Book Entry Certificates made through the book-entry facilities of the Depositary or between or among Depositary Participants or Certificate Owners, made in violation of the applicable restrictions.

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The Trustee, the Master Servicer and the Depositor 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 Depositor advises the Trustee in writing that the Depository is no longer willing or able to properly discharge its responsibilities as Depository and (B) the Depositor is unable to locate a qualified successor or (ii) the Depositor 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, at the expense of the Depositor, issue the Definitive Certificates. Neither the Depositor, 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 the Trustee and the Master Servicer shall recognize the Holders of the Definitive Certificates as Certificateholders hereunder.

(c) Each Certificate is intended to be a “security” governed by Article 8 of the Uniform Commercial Code as in effect in the State of New York and any other applicable jurisdiction, to the extent that any of such laws may be applicable.

Section 5.02. Registration of Transfer and Exchange of Certificates.

(a) The Trustee shall maintain 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.

(b) Except as provided in Section 5.02(c), no transfer, sale, pledge or other disposition of a Class P, Class C or Class R 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 (the “Act”), and any applicable state securities laws or is made in accordance with said Act and laws. In the event that a transfer of a Class P, Class C or Class R Certificate is to be made under this Section 5.02(b), (i) the Trustee shall require an Opinion of Counsel acceptable to and in form and substance satisfactory to the Trustee that such transfer shall 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 Depositor or the Master Servicer, provided that such Opinion of Counsel will not be required in connection with the initial transfer of any such Certificate by the Depositor or any affiliate thereof, to a non-affiliate of the Depositor and (ii) the Trustee shall require the transferee to execute a representation letter, substantially in the form of Exhibit G-1 hereto, and the Trustee shall require the transferor to execute a representation letter, substantially in the form of Exhibit G-2 hereto, each acceptable to and in form and substance satisfactory to the Trustee certifying to the Depositor and the Trustee the facts surrounding such transfer, which representation letters shall not be an expense of the Trustee, the Depositor or the Master Servicer; provided, however, that such representation letters will not be required in connection with any transfer of any such Certificate by the Depositor to an affiliate of the Depositor and the Trustee shall be entitled to conclusively rely upon a representation (which, upon the request of the Trustee, shall be a written representation) from the Depositor of the status of such transferee as an affiliate of the Depositor. Any such Certificateholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such applicable federal and state laws.

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No transfer of any Class C Certificate shall be made unless the proposed transferee of such Class C Certificate (1) provides to the Trustee the appropriate tax certification forms that would eliminate any withholding or deduction for taxes from amounts payable by the related Swap Provider, pursuant to the related Interest Rate Swap Agreement, and by the related Cap Counterparties, pursuant to the related Cap Contacts, to the related Supplemental Interest Trust (i.e., IRS Form W-9 or IRS Form X-0XXX, X-0XXX, X-0XXX or W-8ECI, as applicable (or any successor form thereto), together with any applicable attachments) and (2) agrees to update such forms (i) upon expiration of any such forms, (ii) as required under then applicable U.S. Treasury regulations and (iii) promptly upon learning that such forms have become obsolete or incorrect, each as a condition to such transfer. In addition, no transfer of any Class C Certificate shall be made if such transfer would cause the related Supplemental Interest Trust to be beneficially owned by two or more persons for federal income tax purposes, or continue to be so treated, unless (i) each proposed transferee of such Class C Certificate complies with the foregoing conditions, (ii) the proposed majority holder of the Class C Certificates (or each holder, if there is or would be no majority holder) (A) provides, or causes to be provided, on behalf of the related Supplemental Interest Trust, if applicable, to the Trustee, the appropriate tax certification forms that would be required from the related Supplemental Interest Trust to eliminate any withholding or deduction for taxes from amounts payable by the related Swap Provider, pursuant to the related Interest Rate Swap Agreement, and by the related Cap Counterparties, pursuant to the related Cap Contacts, to the related Supplemental Interest Trust (i.e., IRS Form W-9 or IRS Form X-0XXX, X-0XXX, X-0XXX or W-8ECI, as applicable (or any successor form thereto), together with any applicable attachments) and (B) agrees to update such forms (x) upon expiration of any such forms, (y) as required under then applicable U.S. Treasury regulations and (z) promptly upon learning that such forms have become obsolete or incorrect. If, under applicable U.S. Treasury regulations, such tax certification forms may only be signed by a trustee acting on behalf of the related Supplemental Interest Trust, then the Trustee, as the related Supplemental Interest Trust Trustee, shall sign such certification forms if so directed by a Holder of the related Class C Certificates. Upon receipt of any such tax certification forms from a transferee of any Class C Certificate, the Trustee, as the related Supplemental Interest Trust Trustee, shall forward a copy of such tax certification forms provided to it to the related Swap Provider and related Cap Counterparties. Each Holder of a Class C Certificate and each transferee thereof shall be deemed to have consented to the Trustee forwarding to the related Swap Provider and related Cap Counterparties any tax certification form it has provided and updated in accordance with these transfer restrictions. Any purported sales or transfers of any Class C Certificate to a transferee which does not comply with the requirements of this paragraph shall be deemed null and void under this Agreement.

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The Trustee shall not be liable for the content or truthfulness of any such tax certification forms provided to it. The Trustee shall only be required to forward any tax certification forms received by it to the related Swap Provider and related Cap Counterparties at the last known address provided to it, and shall not be liable for the receipt of such tax certification forms by the related Swap Provider or the related Cap Counterparties, nor any failure of the related Swap Provider or related Cap Counterparties to process such forms or to take any action as required under the respective related Interest Rate Swap Agreement or related Cap Contract, or under applicable law. The Trustee shall have no duty to take action to correct any misstatement or omission in any tax certification forms provided to it and forwarded to the related Swap Provider and related Cap Counterparties.

(c) Notwithstanding the requirements of Section 5.02(b), transfers of Class 1-P, Class 2-P, Class 1-C, Class 2-C and Class R Certificates may be made in accordance with this Section 5.02(c) if the prospective transferee of a Certificate provides the Trustee and the Depositor with an investment letter substantially in the form of Exhibit G-3 attached hereto, which investment letter shall not be an expense of the Trustee, the Depositor or the Master Servicer, and which investment letter states that, among other things, such transferee is a “qualified institutional buyer” as defined under Rule 144A. Such transfers shall be deemed to have complied with the requirements of Section 5.02(b) hereof; provided, however, that no Transfer of any of the Class 1-P, Class 2-P, Class 1-C, Class 2-C and Class R Certificates may be made pursuant to this Section 5.02(c) by the Depositor. Any such Certificateholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such applicable federal and state laws.

The Trustee shall require an Opinion of Counsel, on which the Trustee, Depositor and Master Servicer may rely, from a prospective transferee prior to the transfer of any Class 1-P, Class 2-P, Class 1-C, Class 2-C and Class R Certificate to any employee benefit plan or other retirement arrangement, including individual retirement accounts and Xxxxx plans, that is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Code (any of the foregoing, a “Plan”), to a trustee or other Person acting on behalf of any Plan, or to any other person who is using “plan assets” of any Plan to effect such acquisition (including any insurance company using funds in its general or separate accounts that may constitute “plan assets”). Such Opinion of Counsel must establish to the satisfaction of the Trustee that such transfer is permissible under applicable law, will not constitute or result in a prohibited transaction under Section 406 of ERISA and Section 4975 of the Code, and will not subject the Trustee, the Master Servicer or the Depositor to any obligation in addition to those undertaken in this Agreement. Neither the Depositor, the Master Servicer nor the Trustee, will be required to obtain such Opinion of Counsel on behalf of any prospective transferee.

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Prior to the termination of a Supplemental Interest Trust, each beneficial owner of a related Offered Certificate or any interest therein, shall be deemed to have represented, by virtue of its acquisition or holding of the Offered Certificate, or interest therein, that either (i) it is not a Plan or (ii) (A) it is an accredited investor within the meaning of Prohibited Transaction Exemption 2002-41 (the “Exemption”) and (B) the acquisition and holding of such Certificate and the separate right to receive payments from the Supplemental Interest Trust are eligible for the exemptive relief available under one of Prohibited Transaction Class Exemption (“PTCE”) 84-14, 91-38, 95-60, 90-1 or 96-23.

Each beneficial owner of a Subordinate Certificate or any interest therein which is acquired subsequent to the termination of the related Supplemental Interest Trust shall be deemed to have represented, by virtue of its acquisition or holding of that Certificate or interest therein, that either (i) it is not a Plan or a trustee or other Person acting on behalf of a Plan or using “plan assets” of a Plan to effect such acquisition (including any insurance company using funds in its general or separate accounts that may constitute “plan assets”), (ii) it has acquired and is holding such Certificate in reliance on the Exemption, and that it understands that there are certain conditions to the availability of the Exemption, including that the Certificate must be rated, at the time of purchase, not lower than “BBB-” (or its equivalent) by Standard & Poor’s, Fitch Ratings, Inc. or Xxxxx’x, and the Certificate is so rated or (iii) (1) it is an insurance company, (2) the source of funds used to acquire or hold the Certificate or interest therein is an “insurance company general account,” as such term is defined in PTCE 95-60, and (3) the conditions in Sections I and III of PTCE 95-60 have been satisfied.

(d) [Reserved]

(e) (i) Each Person who has or who acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or acquisition of such Ownership Interest to have agreed to be bound by the following provisions and to have irrevocably authorized the Trustee or its designee under clause (iii)(A) below to deliver payments to a Person other than such Person and to negotiate the terms of any mandatory sale under clause (iii)(B) below and to execute all instruments of transfer and to do all other things necessary in connection with any such sale. The rights of each Person acquiring any Ownership Interest in a Class R Certificate are expressly subject to the following provisions:

(A) Each Person holding or acquiring any Ownership Interest in a Class R Certificate shall be a Permitted Transferee and shall promptly notify the Trustee of any change or impending change in its status as a Permitted Transferee.

(B) In connection with any proposed Transfer of any Ownership Interest in a Class R Certificate, the Trustee shall require delivery to it, and shall not register the Transfer of any Class R Certificate until its receipt, of (I) an affidavit and agreement (a “Transfer Affidavit and Agreement” in the form attached hereto as Exhibit G-5) from the proposed Transferee, in form and substance satisfactory to the Trustee 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 and agrees to be bound by them, and (II) a certificate, in the form attached hereto as Exhibit G-4, from the Holder wishing to transfer the Class R Certificate, in form and substance satisfactory to the Trustee representing and warranting, among other things, that no purpose of the proposed Transfer is to impede the assessment or collection of tax and that it has no knowledge that the proposed transferee is not a Permitted Transferee.

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(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 assigned to this transaction has actual knowledge that the proposed Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest in a Class R Certificate to such proposed Transferee shall be effected.

(D) Each Person holding or acquiring any Ownership Interest in a Class R Certificate shall agree (x) to require a Transfer Affidavit and Agreement from any other Person to whom such Person attempts to transfer its Ownership Interest in a Class R Certificate and (y) not to transfer its Ownership Interest unless it provides a certificate to the Trustee in the form attached hereto as Exhibit G-4.

(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 “a pass-through interest holder”, 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 in the form attached hereto as Exhibit G-5, a certificate of the Holder requesting such transfer in the form attached hereto as Exhibit G-4 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 other than to Permitted Transferees are prohibited.

(iii) (A) If any Person other than a Permitted Transferee 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 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 prior Holder shall be entitled to recover from any purported Holder of a Class R Certificate that was in fact not a Permitted Transferee under this Section 5.05(b) at the time it became a Holder all payments made on such Class R Certificate. Each Holder of a Class R Certificate, by acceptance thereof, shall be deemed for all purposes to have consented to the provisions of this clause (b) and to any amendment of this Agreement deemed necessary (whether as a result of new legislation or otherwise) by counsel of the Depositor to ensure that the Class R Certificates are not transferred to any Person who is not a Permitted Transferee and that any transfer of such Class R Certificates will not cause the imposition of a tax upon the Trust or cause any such REMIC to fail to qualify as a REMIC. Neither the Trustee nor the Trustee shall be under any 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 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.

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(B) If any purported Transferee shall become a Holder of a Class R Certificate in violation of the restrictions in this Section 5.02 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 Trustee 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 Trustee on such terms as the Trustee may choose. Such purported Transferee shall promptly endorse and deliver each Class R Certificate in accordance with the instructions of the Trustee. Such purchaser may be the Trustee itself. The proceeds of such sale, net of the commissions (which may include commissions payable to the Trustee), expenses and taxes due, if any, will be remitted by the Trustee 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 Trustee, and the Trustee 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.

(a) The Trustee shall make available to the Internal Revenue Service and those Persons specified by the REMIC Provisions, 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. The Trustee may charge and shall be entitled to reasonable compensation for providing such information as may be required from those Persons which may have had a tax imposed upon them as specified in clauses (A) and (B) of this paragraph for providing such information.

(F) Subject to the preceding paragraphs, upon surrender for registration of transfer of any Certificate at the office of the Trustee maintained for such purpose, the Trustee shall execute and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates of the same Class of a like aggregate Percentage Interest. Every Certificate surrendered for transfer shall be accompanied by notification of the account of the designated transferee or transferees for the purpose of receiving distributions pursuant to Section 4.01 by wire transfer, if any such transferee desires and is eligible for distribution by wire transfer.

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(G) At the option of the Certificateholders, Certificates may be exchanged for other Certificates of authorized denominations of the same Class of a like aggregate Percentage Interest, upon surrender of the Certificates to be exchanged at the office of the Trustee. Whenever any Certificates are so surrendered for exchange the Trustee shall execute, authenticate and deliver the Certificates 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) be duly endorsed by, or be accompanied by a written instrument of transfer in the form satisfactory to the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing. In addition, with respect to each Class R Certificate, the Holder thereof may exchange, in the manner described above, such Class R Certificate for four separate Certificates, each representing such Holder's respective Percentage Interest in the Class R-1 Interest, the Class R-2 Interest, the Class R-3 Interest and Class R-4 Interest, respectively, in each case that was evidenced by the Class R Certificate being exchanged.

(H) No service charge shall be made to the Certificateholders for any transfer or exchange of Certificates, 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.

(I) All Certificates surrendered for transfer and exchange shall be canceled and retained by the Trustee in accordance with the Trustee’s standard procedures.

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

If (i) any mutilated Certificate is surrendered to the Trustee and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Trustee such security or indemnity as may be required by it to save it harmless, then, in the absence of notice to the Trustee that such Certificate has been acquired by a bona fide purchaser, the Trustee shall execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of the same Class and Percentage Interest. 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) connected therewith. Any replacement 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.

The Depositor, the Master Servicer, the Trustee and any agent of any of them 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 4.01 and for all other purposes whatsoever, and neither the Depositor, the Master Servicer, the Trustee nor any agent of any of them shall be affected by notice to the contrary.

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Section 5.05. Rule 144A Information.

For so long as any Class P, Class C and Class R are outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) of the Securities Act, (1) the Depositor will provide or cause to be provided to any Holder of such Certificates and any prospective purchaser thereof designated by such a Holder, upon the request of such Holder or prospective purchaser, the information required to be provided to such Holder or prospective purchaser by Rule 144A(d)(4) under the Securities Act; and (2) the Depositor shall update such information from time to time in order to prevent such information from becoming false and misleading and will take such other actions as are necessary to ensure that the safe harbor exemption from the registration requirements of the Securities Act under Rule 144A is and will be available for resales of such Certificates conducted in accordance with Rule 144A. The Master Servicer shall cooperate with the Depositor and furnish the Depositor such information in the Master Servicer's possession as the Depositor may reasonably request.

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ARTICLE VI

THE DEPOSITOR AND THE MASTER SERVICER

Section 6.01. Liability of the Depositor and the Master Servicer.

The Depositor and the Master Servicer each shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by the Depositor and the Master Servicer herein. Only the Master Servicer, any successor Master Servicer or the Trustee acting as Master Servicer shall be liable with respect to the servicing of the Mortgage Loans and the REO Property for actions taken by any such Person in contravention of the Master Servicer's duties hereunder.

Section 6.02. Merger, Consolidation or Conversion of the Depositor or the Master Servicer.

The Depositor and the Master Servicer each will keep in full effect its existence, rights and franchises as a corporation under the laws of the state of its incorporation, and each will 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.

Any Person into which the Depositor or the Master Servicer may be merged, consolidated or converted, or any corporation resulting from any merger or consolidation to which the Depositor or the Master Servicer shall be a party, or any Person succeeding to the business of the Depositor or the Master Servicer, shall be the successor of the Depositor 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 sell mortgage loans to and service mortgage loans for Xxxxxx Mae or Xxxxxxx Mac.

Section 6.03. Limitation on Liability of the Depositor, the Master Servicer and Others.

Neither the Depositor, the Master Servicer nor any of the directors, officers, employees or agents of the Depositor 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 Depositor or the Master Servicer (but this provision shall protect the above described persons) against any breach of warranties or representations made herein, or against any specific liability imposed on the Master Servicer pursuant to Section 3.01 or any other Section hereof; and provided further that this provision shall not protect the Depositor, the Master Servicer or any such person, against 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 Depositor, the Master Servicer and any director, officer, employee or agent of the Depositor 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 Depositor, the Master Servicer and any director, officer, employee or agent of the Depositor or the Master Servicer shall be indemnified and held harmless by the Trust Fund against any loss, liability or expense incurred in connection with any legal action relating to this Agreement or the Certificates (including reasonable legal fees and disbursements of counsel), other than (a) any loss, liability or expense related to Master Servicer's servicing obligations with respect to any specific Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this Agreement) or related to the Master Servicer's obligations under Section 3.01, or (b) 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 Depositor nor the Master Servicer shall be under any obligation to appear in, prosecute or defend any legal action which 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 Depositor or the Master Servicer may in its sole discretion undertake any such action which it may deem necessary or desirable with 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 and any liability resulting therefrom (except any action or liability related to the Master Servicer's obligations under Section 3.01) shall be expenses, costs and liabilities of the Trust Fund, and the Depositor and the Master Servicer shall be entitled to be reimbursed therefor from the Certificate Account as provided in Section 3.11, any such right of reimbursement being prior to the rights of Certificateholders to receive any amount in the Certificate Account.

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Section 6.04. Limitation on Resignation of the Master Servicer.

The Master Servicer shall not resign from the obligations and duties hereby imposed on it except (a) upon appointment of a successor servicer reasonably acceptable to the Trustee and the Certificate Insurer upon receipt by the Trustee and Certificate Insurer (unless an Insurer Default has occurred and is continuing) of a letter from each Rating Agency (obtained by the Master Servicer and at its expense) that such a resignation and appointment will not, in and of itself, result in a downgrading of the Certificates without taking the Certificate Guaranty Insurance Policy into account or (b) upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Counsel (at the expense of the resigning Master Servicer) to such effect delivered to the Trustee and the Certificate Insurer. No such resignation shall become effective until the Trustee or a successor servicer shall have assumed the Master Servicer's responsibilities, duties, liabilities and obligations hereunder.

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Section 6.05. Sale and Assignment of Master Servicing.

The Master Servicer may sell and assign its rights and delegate its duties and obligations in their entirety as Master Servicer under this Agreement; provided, however, that: (i) the purchaser or transferee accepting such assignment and delegation (a) shall be a Person which shall be qualified to service mortgage loans for Xxxxxx Xxx or Xxxxxxx Mac; (b) shall, in the case of successor master servicers only, have a net worth of not less than $10,000,000 (unless otherwise approved by each Rating Agency pursuant to clause (ii) below); (c) shall be reasonably satisfactory to the Trustee and the Certificate Insurer (unless an Insurer Default has occurred and is continuing) (as evidenced in a writing signed by the Trustee and the Certificate Insurer) as having a comparable servicing ability to that of the Master Servicer on the Closing Date; (d) shall execute and deliver to the Trustee and the Certificate Insurer an agreement, in form and substance reasonably satisfactory to the Trustee and the Certificate Insurer, 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 it as master servicer under this Agreement and any custodial agreement, from and after the effective date of such agreement; (ii) each Rating Agency shall be given prior written notice of the identity of the proposed successor to the Master Servicer and each Rating Agency's rating of the Certificates in effect immediately prior to such assignment, sale and delegation will not be downgraded or withdrawn as a result of such assignment, sale and delegation without taking the Certificate Guaranty Insurance Policy into account, as evidenced by a letter to such effect obtained by the Master Servicer at its expense and delivered to the Trustee; and (iii) the Master Servicer assigning and selling the master servicing shall deliver to the Trustee an Officer's Certificate and an Opinion of Counsel (at the expense of the Master Servicer), each stating that all conditions precedent to such action under this Agreement have been completed and such action is permitted by and complies with the terms of this Agreement. No such assignment or delegation shall affect any liability of the Master Servicer arising prior to the effective date thereof.

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ARTICLE VII

DEFAULT

Section 7.01. Events of Default.

“Event of Default”, wherever used herein, means any one of the following events:

(i) any failure by the Master Servicer to deposit into the Certificate Account on each Certificate Account Deposit Date the amounts required to be deposited therein (other than an Advance) under the terms of this Agreement which continues unremedied for two (2) Business Days after such amount was required to be remitted; or

(ii) any failure on the part of the Master Servicer duly 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 or in this Agreement (including any breach of the Master Servicer's representations and warranties pursuant to Section 2.03(a) which materially and adversely affects the interests of the Certificateholders) which continues unremedied for a period of 60 days 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 Certificate Insurer, or to the Master Servicer, the Certificate Insurer and the Trustee by the Holders of Certificates entitled to at least 25% of the Voting Rights; or

(iii) a decree or order of a court or agency or supervisory authority having jurisdiction in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law or the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling 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 consecutive days; or

(iv) the Master Servicer shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Master Servicer or of or relating to all or substantially all of its property; 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 otherwise voluntarily commence a case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations; or

(vi) the Master Servicer shall fail to deposit in the Certificate Account on any Certificate Account Deposit Date an amount equal to any required Advance which continues unremedied for the earlier of (a) a period of two (2) Business Days or (b) the Business Day immediately preceding the Distribution Date.

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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, the Trustee, the Certificate Insurer (unless an Insurer Default has occurred and is continuing) or the Holders of Certificates entitled to at least 51% of the Voting Rights (with the consent of the Certificate Insurer), by notice in writing to the Master Servicer and the Swap Provider (and to the Trustee if given by such Holders of Certificates), with a copy to the Rating Agencies, may terminate all of the rights and obligations (but not the liabilities) of the Master Servicer under this Agreement and in and to the Trust Fund, other than its rights as a Certificateholder hereunder; provided, however, that the successor to the Master Servicer appointed pursuant to Section 7.02 shall have accepted the duties of Master Servicer effective upon the resignation or termination of the Master Servicer. If an Event of Default described in clause (vi) hereof shall occur, the Trustee, as applicable, shall, by notice to the Master Servicer, the Certificate Insurer and the Depositor, terminate all of the rights and obligations of the Master Servicer under this Agreement and in and to the Trust Fund, other than its rights as a Certificateholder hereunder; provided, however, that if the Trustee, as applicable, determines (in its sole discretion) that the failure by the Master Servicer to make any required Advance was due to circumstances beyond its control, and the required Advance was otherwise made, the Trustee, as applicable, shall not terminate the Master Servicer. On or after the receipt by the Master Servicer of such 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 pass to and be vested in the Trustee pursuant to and under this Section, 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 at the expense of the Master Servicer. The Master Servicer agrees to cooperate with (and pay any related costs and expenses of) the Trustee in effecting the termination of the Master Servicer's responsibilities and rights hereunder, including, without limitation, the transfer to the Trustee or the successor Master Servicer for administration by it of (i) the property and amounts which are then or should be part of the Trust Fund or which thereafter become part of the Trust Fund; (ii) originals or copies of all documents of the Master Servicer reasonably requested by the Trustee to enable it to assume the Master Servicer's duties thereunder; (iii) the rights and obligations of the Master Servicer under the Sub-Servicing Agreements with respect to the Mortgage Loans; and (iv) all cash amounts which shall at the time be deposited by the Master Servicer or should have been deposited to the Custodial or the Certificate Account or thereafter be received with respect to the Mortgage Loans. The Trustee shall not be deemed to have breached any obligation hereunder as a result of a failure to make or delay in making any distribution as and when required hereunder caused by the failure of the Master Servicer to remit any amounts received by it or to deliver any documents held by it with respect to the Mortgage Loans. For purposes of this Section 7.01, the Trustee shall not be deemed to have knowledge of an Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless notice of any event which is in fact such an Event of Default is received by the Trustee as provided in Section 11.05 and such notice references the Certificates, the Trust Fund or this Agreement.

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Section 7.02. Trustee to Act; Appointment of Successor.

Within 90 days of the time the Master Servicer receives a notice of termination pursuant to Section 7.01(i) - (v), the Trustee or its appointed agent shall be the successor in all respects to the Master Servicer in its capacity as Master Servicer under this Agreement and the transactions set forth or provided for herein and shall be subject thereafter to all the responsibilities, duties and liabilities relating thereto placed on the Master Servicer including the obligation to make Advances which have been or will be required to be made (except for the responsibilities, duties and liabilities contained in Section 2.03 and its obligations to deposit amounts in respect of losses pursuant to Section 3.12 and 4.01(r)) by the terms and provisions hereof; and provided further, that any failure to perform such duties or responsibilities caused by the Master Servicer's failure to provide information required by Section 4.03 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 if the Master Servicer had continued to act hereunder. If the Trustee has become the successor to the Master Servicer in accordance with Section 6.04 or Section 7.02, then notwithstanding the above, if the Trustee shall be unwilling to so act, or shall be unable to so act, the Trustee may appoint, or petition a court of competent jurisdiction or appoint, any established housing and home finance institution, which is also a Xxxxxx Mae- or Xxxxxxx Mac-approved mortgage servicing institution, having a net worth of not less than $10,000,000 and acceptable to the Certificate Insurer as evidenced by its prior written consent 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 act in such capacity as herein above 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 Master Servicer hereunder. Each of the Sponsor, the Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. In no event shall the successor Master Servicer be liable for the acts or omissions of the predecessor Master Servicer.

In connection with the termination or resignation of the Master Servicer hereunder, either (i) the successor Master Servicer, including the Trustee if the Trustee is acting as successor Master Servicer, shall represent and warrant that it is a member of MERS in good standing and shall agree to comply in all material respects with the rules and procedures of MERS in connection with the servicing of the Mortgage Loans that are registered with MERS, in which case the predecessor Master Servicer shall cooperate with the successor Master Servicer in causing MERS to revise its records to reflect the transfer of servicing to the successor Master Servicer as necessary under MERS' rules and regulations, or (ii) the predecessor Master Servicer shall cooperate with the successor Master Servicer in causing MERS to execute and deliver an assignment of Mortgage in recordable form to transfer the Mortgage from MERS to the Trustee and to execute and deliver such other notices, documents and other instruments as may be necessary or desirable to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS® System to the successor Master Servicer. The predecessor Master Servicer shall file or cause to be filed any such assignment in the appropriate recording office. The predecessor Master Servicer shall bear any and all fees of MERS, costs of preparing any assignments of Mortgage, and fees and costs of filing any assignments of Mortgage that may be required under this Section 7.02. The successor Master Servicer shall cause such assignment to be delivered to the Custodian promptly upon receipt of the original with evidence of recording thereon or a copy certified by the public recording office in which such assignment was recorded.

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Any successor, including the Trustee, to the Master Servicer shall maintain in force during its term as master servicer hereunder policies and fidelity bonds to the same extent as the Master Servicer is so required pursuant to Section 3.18.

Any successor, including the Trustee, to the Master Servicer shall not terminate any Sub-Servicing Agreement with Midland without cause.

Notwithstanding anything else herein to the contrary, in no event shall the Trustee be liable for any Master Servicing Fee or Sub-Servicing Fee or for any differential in the amount of the Master Servicing Fee or Sub-Servicing Fee paid hereunder and the amount necessary to induce any successor Master Servicer or Sub-Servicer, as applicable, to act as successor Master Servicer or Sub-Servicer, as applicable, under this Agreement and the transactions set forth or provided for herein.

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 notice thereof to Certificateholders, the Certificate Insurer and to the Rating Agencies.

(b) Within 60 days after the occurrence of any Event of Default, the Trustee shall transmit by mail to all Holders of Certificates, the Certificate Insurer and the Swap Provider 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 51% of the Voting Rights of Certificates affected by a default or Event of Default hereunder (with the consent of the Certificate Insurer), may waive such default or Event of Default (other than an Event of Default set forth in Section 7.01(vi)); 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 (with the consent of the Certificate Insurer) and (b) no waiver pursuant to this Section 7.04 shall affect the Holders of Certificates in the manner set forth in the second paragraph of Section 11.01 or materially adversely affect any non-consenting Certificateholder. Upon any such waiver of a default or Event of Default by the Holders representing the requisite percentage of Voting Rights of Certificates 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. The Master Servicer shall give notice of any such waiver to the Rating Agencies.

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Section 7.05. List of Certificateholders.

Upon written request of the Certificate Insurer or three or more Certificateholders of record, for purposes of communicating with other Certificateholders with respect to their rights under this Agreement, the Trustee will afford such Certificateholders access during business hours to the most recent list of Certificateholders held by the Trustee.

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ARTICLE VIII

CONCERNING THE TRUSTEE

Section 8.01. Duties of Trustee.

The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement. If an Event of Default occurs, is continuing and has not been 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 man would exercise or use under the circumstances in the conduct of his own affairs. Any permissive right of the Trustee enumerated in this Agreement shall not be construed as a duty.

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 in accordance with the requirements of this Agreement. If any such instrument is found not to conform to the requirements of this Agreement in a material manner, the Trustee shall take such action as it deems appropriate to have the instrument corrected, and if the instrument is not corrected to the Trustee’s satisfaction, the Trustee will provide notice thereof to the Certificateholders. Notwithstanding the foregoing, the Trustee shall not be responsible for the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Master Servicer hereunder or any Opinion of Counsel required hereunder.

The Trustee shall prepare and file or cause to be filed on behalf of the Trust Fund any tax return that is required with respect to REMIC 1, REMIC 2, REMIC 3 and REMIC 4 pursuant to applicable federal, state or local tax laws.

The Trustee covenants and agrees that it shall perform its obligations hereunder in a manner so as to maintain the status of REMIC 1, REMIC 2, REMIC 3 and REMIC 4 under the REMIC Provisions and to prevent the imposition of any federal, state or local income, prohibited transaction, contribution or other tax on any of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to the extent that maintaining such status and avoiding such taxes are within the control of the Trustee and are reasonably within the scope of its duties under this Agreement.

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 and conforming to the requirements of this Agreement;

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(ii) The Trustee shall not be 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; and

(iii) The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction of the Certificate Insurer or the Holders of Certificates entitled to at least 25% of the Voting Rights relating 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.

Section 8.02. Certain Matters Affecting the Trustee.

Except as otherwise provided in Section 8.01:

(a) The Trustee may conclusively rely upon and shall be fully protected in acting or refraining from acting in reliance 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 reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;

(b) 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 therewith;

(c) The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Agreement, other than its obligation to give notice pursuant to 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 or the Certificate Insurer (so long as no Insurer Default has occurred and is continuing) shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby and the Certificate Insurer (so long as no Insurer Default has occurred and is continuing) has given its consent; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default of which a Responsible Officer of the Trustee’s corporate trust department has actual knowledge (which has not been waived or 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 man would exercise or use under the circumstances in the conduct of his own affairs;

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(d) The Trustee shall not be 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;

(e) Prior to the occurrence of an Event of Default hereunder and after the curing or waiver of all Events of Default which may have occurred, the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Certificate Insurer (so long as no Insurer Default has occurred and is continuing) or the Holders of Certificates entitled to at least 25% of the Voting Rights with the written consent of the Certificate Insurer (so long as no Insurer Default has occurred and is continuing); 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, reasonably assured to the Trustee by the security afforded to it by the terms of this Agreement reasonable expense of every such examination shall be paid by the Certificateholders or the Certificate Insurer requesting the investigation;

(f) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys appointed with due care, and shall not be responsible for any willful misconduct or negligence on the part of any agent, attorney, custodian or nominee so appointed;

(g) The Trustee shall not be required to give any bond or surety with respect to the execution of the trust created hereby or the powers granted hereunder; and

(h) Whenever in the administration of the provisions of this Agreement the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering any action to be taken hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by a certificate signed and delivered to the Trustee and such certificate, in the absence of gross negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this Agreement upon the faith thereof.

The Trustee shall have no obligation to invest and reinvest any cash held in the absence of timely and specific written investment direction from the Master Servicer. In no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon. The Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any investment incurred as a result of the liquidation of any investment prior to its stated maturity or the failure of the Master Servicer to provide timely written investment direction.

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In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Lending Laws”), the Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Trustee. Accordingly, each of the parties agrees to provide to the Trustee upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee to comply with the Lending Laws.

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

The recitals contained herein and in the Certificates (other than the signature of the Trustee, the authentication of the Trustee on the Certificates, the acknowledgments of the Trustee contained in Article II) shall be taken as the statements of the Depositor and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations or warranties as to the validity or sufficiency of this Agreement or of the Certificates (other than the signature and authentication of the Trustee on the Certificates) or of any Mortgage Loan or related document, or of MERS or the MERS® System. The Trustee shall not be accountable for the use or application by the Depositor of any of the Certificates or of the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor or the Master Servicer in respect of the Mortgage Loans or deposited in or withdrawn from the Custodial Account by the Master Servicer.

Section 8.04. Trustee May Own Certificates.

The Trustee in its individual or any other capacity (other than as Trustee hereunder) may become the owner or pledgee of Certificates with the same rights it would have if it were not Trustee and may otherwise deal with the parties hereto.

Section 8.05. Trustee’s Fees.

On each Distribution Date, the Trustee shall be entitled to withdraw from the Certificate Account as compensation hereunder any amounts earned on funds in the Certificate Account. Such compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) shall be paid for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder or of the Trustee. Except as otherwise provided in this Agreement, the Trustee and any director, officer, employee or agent of the Trustee shall be indemnified and held harmless by the Trust Fund against any claim, loss, liability, fee or expense incurred in connection with any Event of Default, any breach of this Agreement or any claim or legal action (including any pending or threatened claim or legal action), relating to the acceptance or administration of its trusts hereunder or the Trustee’s performance under the Certificates, other than any claim, loss, liability or expense (i) sustained in connection with this Agreement related to the willful misfeasance, bad faith or negligence of the Master Servicer in the performance of its duties hereunder or (ii) incurred in connection with a breach constituting willful misfeasance, bad faith or negligence of the Trustee in the performance of its duties hereunder or by reason of reckless disregard of its obligations and duties hereunder.

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The Master Servicer shall indemnify the Trustee and any director, officer, employee or agent of the Trustee against any such claim or legal action (including any pending or threatened claim or legal action), loss, liability, fee or expense that may be sustained in connection with this Agreement related to the willful misfeasance, bad faith, or negligence in the performance of the Master Servicer's duties hereunder.

The provisions of this Section 8.05 shall survive the resignation or removal of the Trustee or the termination 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 organized and doing business under the laws of any state or the United States of America or the District of Columbia, 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. In addition, the Trustee shall at all times be acceptable to the Rating Agency rating the Certificates. If such corporation 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. The corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Sponsor and their affiliates or the Master Servicer and its affiliates; provided, however, that such corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.

Section 8.07. Resignation and Removal of the Trustee.

The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Master Servicer; with a copy to the Rating Agencies, the Certificate Insurer and the Swap Provider; provided, that such resignation shall not be effective until successor trustee is appointed and accepts appointment in accordance with the following provisions; provided, however, that the resigning trustee shall not resign and be discharged from the trusts hereby created until such time as the Rating Agency rating the Certificates and the Certificate Insurer approves the successor trustee. Upon receiving such notice of resignation, the Master Servicer shall promptly appoint successor trustee who meets the eligibility requirements of Section 8.06 by written instrument, in triplicate, one copy of which instrument shall be delivered to the resigning trustee and 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.

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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 Master Servicer, 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, the Master Servicer with the consent of the Certificate Insurer (so long as no Insurer Default has occurred and is continuing), which consent shall not be unreasonably withheld, may remove the Trustee and appoint successor trustee who meets the eligibility requirements of Section 8.06 by written instrument, in triplicate, which instrument shall be delivered to the Trustee so removed and to the successor trustee.

Any resignation or removal of the Trustee and appointment of successor trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor trustee as provided in Section 8.08.

Section 8.08. Successor Trustee.

Any successor trustee appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the Master Servicer an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor 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 after payment of its outstanding fees and expenses, promptly deliver to the successor trustee all assets and records of the Trust Fund held by it hereunder, and the Master Servicer and the predecessor trustee shall execute and deliver all 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.

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.

Upon acceptance of appointment by successor trustee as provided in this Section, the Master Servicer 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 Master Servicer fails to mail such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Master Servicer.

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Section 8.09. Merger or Consolidation of Trustee.

Any state bank or trust company or corporation or national banking association into which the Trustee may be merged or converted or with which it may be consolidated or any state bank or trust company or national banking association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any state bank or trust company or corporation or national banking association succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such state bank or trust company or 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.

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

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 without the Master Servicer. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as 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.

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 and required to be conferred or such co-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.

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

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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.

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ARTICLE IX

TERMINATION

Section 9.01. Termination Upon Repurchase or Liquidation of All Mortgage Loans or upon Purchase of Certificates.

(a) Subject to Section 9.03, the respective obligations and responsibilities of the Depositor, the Master Servicer and the Trustee created hereby (other than the obligations of the Master Servicer to the Trustee pursuant to Section 8.05 and of the Master Servicer to provide for and the Trustee to make payments to Certificateholders as hereafter set forth) shall terminate, with respect to Loan Group 1, upon payment to the related Certificateholders of all amounts held by or on behalf of the Trustee and required to be paid to them hereunder following the earlier to occur of (i) the repurchase by the Master Servicer or its designee of all Group 1 Loans and each related REO Property in respect thereof remaining in the Trust Fund at a price in cash equal to (a) 100% of the unpaid principal balance of each such Mortgage Loan in Loan Group 1 (other than one as to which a REO Property was acquired) on the day of repurchase together with accrued interest on such unpaid principal balance at the Group 1 Net Mortgage Rate to the first day of the month in which the proceeds of such repurchase are to be distributed, plus (b) the appraised value of any such REO Property (but not more than the unpaid principal balance of the related Mortgage Loan, together with accrued interest on that balance at the Group 1 Net Mortgage Rate to the first day of the month such repurchase price is distributed), less the good faith estimate of the Master Servicer of liquidation expenses to be incurred in connection with its disposal thereof, such appraisal to be conducted by an appraiser selected by the Master Servicer and at the expense of the Master Servicer, plus (c) any Group 1 Swap Termination Payment (which shall include any Group 1 Net Swap Payment payable for the final Distribution Date) payable to the Group 1 Swap Provider pursuant to the related Group 1 Interest Rate Swap Agreement which remains unpaid or which is due to the exercise of such option (a “Group 1 Swap Optional Termination Payment”) and plus (d) any unreimbursed amounts owed to the Certificate Insurer under the Certificate Guaranty Insurance Policy, the Insurance Agreement and this Agreement, and (ii) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan in Loan Group 1 remaining in the Trust Fund (or the disposition of all REO Property in respect thereof); provided, however, that in no event shall the trust created hereby continue beyond the earlier of (i) the Distribution Date occurring in February 2037 (ii) the expiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. Xxxxxxx, the late ambassador of the United States to the Court of St. Xxxxx, living on the date hereof and (iii) the “latest possible maturity date” specified in the Preliminary Statements with respect to the related Regular Interests and Certificates, and provided further, that the purchase price set forth above shall be increased as is necessary, as determined by the Master Servicer, to avoid disqualification of any of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 as a REMIC. In the case of any repurchase by the Master Servicer pursuant to clause (a)(i), the Master Servicer shall exercise reasonable efforts to cooperate fully with the Trustee in effecting such repurchase and the transfer of the Group 1 Loans and related Mortgage Files and related records to the Master Servicer.

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The right of the Master Servicer or its designee to repurchase all Group 1 Loans pursuant to (a)(i) above shall be conditioned upon the Aggregate Stated Principal Balance of such Mortgage Loans at the time of any such repurchase aggregating to an amount equal to or less than 10% of the Group 1 Cut-off Date Balance of such Mortgage Loans; provided, however, that no such purchase will be permitted if it would result in a draw on the Certificate Guaranty Insurance Policy or any amounts owed to the Certificate Insurer would remain unpaid, unless the Certificate Insurer consents in writing to such purchase. If such right is exercised, the Master Servicer upon such repurchase shall provide to the Trustee and the Certificate Insurer, notice of such exercise prior to the Determination Date in the month preceding the month of purchase and the certification required by Section 3.16.

In the case of a repurchase of Mortgage Loans and REO Property related to Loan Group 1 pursuant to clause (a)(i) above, only an amount equal to the repurchase price specified in such clause (a)(i) above for such Mortgage Loans and REO Property, less any related Group 1 Swap Optional Termination Payment and any portion of the repurchase price consisting of the unreimbursed amounts owed to the Certificate Insurer, shall be made available for distribution to the related Regular Certificates and Class 1-IO Interests. The Group 1 Swap Optional Termination Payment shall be withdrawn by the Trustee from the Certificate Account and remitted to the Group 1 Supplemental Interest Trust to be paid in accordance with Section 4.10(ii). The Group 1 Swap Optional Termination Payment shall not be part of any REMIC and shall not be paid into any account which is part of any REMIC.

(b) The Master Servicer has the right to repurchase all of the Mortgage Loans and related REO Properties pursuant to clause (i) of Section 9.01(a), conditioned upon the related Aggregate Stated Principal Balance of such Group 1 Loans at the time of any such repurchase aggregating to an amount equal to or less than 10% of the Group 1 Cut-off Date Balance. If the Master Servicer elects to terminate the Trust pursuant to this Section 9.01 (such termination, a “Group 1 Optional Termination”), the Master Servicer shall, at least 20 days prior to the last date on which notice of such Group 1 Optional Termination is required to be mailed to the related Certificateholders pursuant to Section 9.01(k), notify in writing (which may be done in electronic format) the Depositor, the Master Servicer, the Trustee and the Group 1 Swap Provider of the final Distribution Date on which the Master Servicer intends to terminate the Trust Fund.

(c) In connection with any Group 1 Optional Termination, four Business Days prior to the final Distribution Date specified in the notice required pursuant to Section 9.01(k), the Master Servicer shall, no later than 4:00 pm New York City time on such day, request in writing (in accordance with the applicable provision of the Group 1 Interest Rate Swap Agreement) and by phone from the Group 1 Swap Provider the amount of the related Group 1 Estimated Swap Termination Payment. The Group 1 Swap Provider shall, no later than 2:00 pm on the following Business Day, notify in writing (which may be done in electronic format) the Trustee of the amount of the Group 1 Estimated Swap Termination Payment; the Trustee shall promptly on the same day notify the Master Servicer of the amount of the related Group 1 Estimated Swap Termination Payment.

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(d) Two Business Days prior to the final Distribution Date specified in the notice required pursuant to Section 9.01(k), (i) the Master Servicer shall, no later than 1:00 pm New York City time on such day, deposit funds in the Certificate Account in an amount equal to the sum of the purchase price (other than the related Group 1 Swap Optional Termination Payment) and the Group 1 Estimated Swap Termination Payment, and (ii) if Trustee is notified in writing that the aggregate Stated Principal Balance of all of the Group 1 Loans in the Trust Fund as of the related Determination Date is not more than 10% of the aggregate Cut-off Date Balance of all of the Group 1 Loans, and the requirements of the Group 1 Optional Termination set forth in this Section 9.01 have been met, including the deposit required pursuant to the immediately preceding clause (i) then the Trustee shall, on the same Business Day, provide written notice to the the Depositor, the Certificate Insurer, the Master Servicer, the Trustee on behalf of the Group 1 Supplemental Interest Trust, the Trustee and the Group 1 Swap Provider confirming (in accordance with the applicable provisions of the Group 1 Interest Rate Swap Agreement) its receipt of the purchase price (other than the Group 1 Swap Optional Termination Payment) and the Group 1 Estimated Swap Termination Payment. Upon the Trustee’s providing the notice described in the preceding sentence, the Group 1 Optional Termination shall become irrevocable, the notice to the related Certificateholders of such Group 1 Optional Termination provided pursuant to the second paragraph of Section 9.01(k) shall become unrescindable, the Group 1 Swap Provider shall determine the Group 1 Swap Optional Termination Payment in accordance with the Group 1 Interest Rate Swap Agreement, and the Group 1 Swap Provider shall provide to the Trustee written notice of the amount of the Group 1 Swap Optional Termination Payment not later than one Business Day prior to the final Distribution Date specified in the notice required pursuant to Section 9.01(k) and in the event the Trustee fails to provide the notice described in the preceding sentence, any notice provided under Section 9.01(k) shall be deemed rescinded.

(e) In connection with any Group 1 Optional Termination, only an amount equal to the purchase price less any Group 1 Swap Optional Termination Payment shall be made available for distribution to the related Regular Certificates. Any Group 1 Estimated Swap Termination Payment deposited into the Certificate Account by the Master Servicer shall be withdrawn by the Trustee from the Certificate Account on the related final Distribution Date (prior to the distribution of any amounts pursuant to Section 9.01(k)) and distributed as follows: (i) to the Group 1 Supplemental Interest Trust for payment to the Group 1 Swap Provider in accordance with Section 4.10(ii), as applicable, an amount equal to the Group 1 Swap Optional Termination Amount calculated pursuant to the Group 1 Interest Rate Swap Agreement, provided that in no event shall the amount distributed to the Group 1 Swap Provider in respect of the Group 1 Swap Optional Termination Amount exceed the Group 1 Estimated Swap Termination Payment, and (ii) to the Master Servicer an amount equal to the excess, if any, of the Group 1 Estimated Swap Termination Payment over the Group 1 Swap Optional Termination Payment. The Group 1 Swap Optional Termination Payment shall not be part of any REMIC and shall not be paid into any account which is part of any REMIC.

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(f) Subject to Section 9.03, the respective obligations and responsibilities of the Depositor, the Master Servicer and the Trustee created hereby (other than the obligations of the Master Servicer to the Trustee pursuant to Section 8.05 and of the Master Servicer to provide for and the Trustee to make payments to Certificateholders as hereafter set forth) shall terminate, with respect to Loan Group 2, upon payment to the related Certificateholders of all amounts held by or on behalf of the Trustee and required to be paid to them hereunder following the earlier to occur of (i) the repurchase by the Master Servicer or its designee of all Group 2 Loans and each related REO Property in respect thereof remaining in the Trust Fund at a price in cash equal to (a) 100% of the unpaid principal balance of each such Mortgage Loan in Loan Group 2 (other than one as to which a REO Property was acquired) on the day of repurchase together with accrued interest on such unpaid principal balance at the Group 2 Net Mortgage Rate to the first day of the month in which the proceeds of such repurchase are to be distributed, plus (b) the appraised value of any such REO Property (but not more than the unpaid principal balance of the related Mortgage Loan, together with accrued interest on that balance at the Group 2 Net Mortgage Rate to the first day of the month such repurchase price is distributed), less the good faith estimate of the Master Servicer of liquidation expenses to be incurred in connection with its disposal thereof, such appraisal to be conducted by an appraiser selected by the Master Servicer and at the expense of the Master Servicer, plus (c) any Group 2 Swap Termination Payment (which shall include any Group 2 Net Swap Payment payable for the final Distribution Date) payable to the Group 2 Swap Provider pursuant to the related Group 2 Interest Rate Swap Agreement which remains unpaid or which is due to the exercise of such option (a “Group 2 Swap Optional Termination Payment”) and plus (d) any unreimbursed amounts owed to the Certificate Insurer under the Certificate Guaranty Insurance Policy, the Insurance Agreement and this Agreement, and (ii) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan in Loan Group 2 remaining in the Trust Fund (or the disposition of all REO Property in respect thereof); provided, however, that in no event shall the trust created hereby continue beyond the earlier of (i) the Distribution Date occurring in December 2036 (ii) the expiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. Xxxxxxx, the late ambassador of the United States to the Court of St. Xxxxx, living on the date hereof and (iii) the “latest possible maturity date” specified in the Preliminary Statements with respect to the related Regular Interests and Certificates, and provided further, that the purchase price set forth above shall be increased as is necessary, as determined by the Master Servicer, to avoid disqualification of any of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 as a REMIC. In the case of any repurchase by the Master Servicer pursuant to clause (i), the Master Servicer shall exercise reasonable efforts to cooperate fully with the Trustee in effecting such repurchase and the transfer of the Group 2 Loans and related Mortgage Files and related records to the Master Servicer.

The right of the Master Servicer or its designee to repurchase all Group 2 Loans pursuant to (f)(i) above shall be conditioned upon the Aggregate Stated Principal Balance of such Mortgage Loans at the time of any such repurchase aggregating to an amount equal to or less than 10% of the Group 2 Cut-off Date Balance of such Mortgage Loans; provided, however, that no such purchase will be permitted if it would result in a draw on the Certificate Guaranty Insurance Policy or any amounts owed to the Certificate Insurer would remain unpaid, unless the Certificate Insurer consents in writing to such purchase. If such right is exercised, the Master Servicer upon such repurchase shall provide to the Trustee and the Certificate Insurer, notice of such exercise prior to the Determination Date in the month preceding the month of purchase and the certification required by Section 3.16.

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In the case of a repurchase of Mortgage Loans and REO Property related to Loan Group 2 pursuant to clause (f)(i) above, only an amount equal to the repurchase price specified in such clause (f)(i) above for such Mortgage Loans and REO Property, less any related Group 2 Swap Optional Termination Payment and any portion of the repurchase price consisting of the unreimbursed amounts owed to the Certificate Insurer, shall be made available for distribution to the related Regular Certificates and Class 2-IO Interests. The Group 2 Swap Optional Termination Payment shall be withdrawn by the Trustee from the Certificate Account and remitted to the Group 2 Supplemental Interest Trust to be paid in accordance with Section 4.11(ii). The Group 2 Swap Optional Termination Payment shall not be part of any REMIC and shall not be paid into any account which is part of any REMIC.

(g) The Master Servicer has the right to repurchase all of the Mortgage Loans and related REO Properties pursuant to clause (i) of Section 9.01(f), conditioned upon the related Aggregate Stated Principal Balance of such Group 2 Loans at the time of any such repurchase aggregating to an amount equal to or less than 10% of the Group 2 Cut-off Date Balance. If the Master Servicer elects to terminate the Trust pursuant to this Section 9.01 (such termination, a “Group 2 Optional Termination”), the Master Servicer shall, at least 20 days prior to the last date on which notice of such Group 2 Optional Termination is required to be mailed to the related Certificateholders pursuant to Section 9.01(k), notify in writing (which may be done in electronic format) the Depositor, the Master Servicer, the Trustee and the Group 2 Swap Provider of the final Distribution Date on which the Master Servicer intends to terminate the Trust Fund.

(h) In connection with any Group 2 Optional Termination, four Business Days prior to the final Distribution Date specified in the notice required pursuant to Section 9.01(k), the Master Servicer shall, no later than 4:00 pm New York City time on such day, request in writing (in accordance with the applicable provision of the Group 2 Interest Rate Swap Agreement) and by phone from the Group 2 Swap Provider the amount of the related Group 2 Estimated Swap Termination Payment. The Group 2 Swap Provider shall, no later than 2:00 pm on the following Business Day, notify in writing (which may be done in electronic format) the Trustee of the amount of the Group 2 Estimated Swap Termination Payment; the Trustee shall promptly on the same day notify the Master Servicer of the amount of the related Group 2 Estimated Swap Termination Payment.

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(i) Two Business Days prior to the final Distribution Date specified in the notice required pursuant to Section 9.01(k), (i) the Master Servicer shall, no later than 1:00 pm New York City time on such day, deposit funds in the Certificate Account in an amount equal to the sum of the purchase price (other than the related Group 2 Swap Optional Termination Payment) and the Group 2 Estimated Swap Termination Payment, and (ii) if Trustee is notified in writing that the aggregate Stated Principal Balance of all of the Group 2 Loans in the Trust Fund as of the related Determination Date is not more than 10% of the aggregate Cut-off Date Balance of all of the Group 2 Loans, and the requirements of the Group 2 Optional Termination set forth in this Section 9.01 have been met, including the deposit required pursuant to the immediately preceding clause (i) then the Trustee shall, on the same Business Day, provide written notice to the the Depositor, the Certificate Insurer, the Master Servicer, the Trustee on behalf of the Group 2 Supplemental Interest Trust, the Trustee and the Group 2 Swap Provider confirming (in accordance with the applicable provisions of the Group 2 Interest Rate Swap Agreement) its receipt of the purchase price (other than the Group 2 Swap Optional Termination Payment) and the Group 2 Estimated Swap Termination Payment. Upon the Trustee’s providing the notice described in the preceding sentence, the Group 2 Optional Termination shall become irrevocable, the notice to the related Certificateholders of such Group 2 Optional Termination provided pursuant to the second paragraph of Section 9.01(k) shall become unrescindable, the Group 2 Swap Provider shall determine the Group 2 Swap Optional Termination Payment in accordance with the Group 2 Interest Rate Swap Agreement, and the Group 2 Swap Provider shall provide to the Trustee written notice of the amount of the Group 2 Swap Optional Termination Payment not later than one Business Day prior to the final Distribution Date specified in the notice required pursuant to Section 9.01(k) and in the event the Trustee fails to provide the notice described in the preceding sentence, any notice provided under Section 9.01(k) shall be deemed rescinded.

(j) In connection with any Group 2 Optional Termination, only an amount equal to the purchase price less any Group 2 Swap Optional Termination Payment and less any amounts payable to the Certificate Insurer shall be made available for distribution to the Regular Certificates; provided that the amount to be distributed to the Class 2-A Certificates and to the Certificate Insurer must be sufficient to not result in a draw on the Certificate Guaranty Insurance Policy and not leave any amount owed to the Certificate Insurer unpaid. Any Group 2 Estimated Swap Termination Payment deposited into the Certificate Account by the Master Servicer shall be withdrawn by the Trustee from the Certificate Account on the related final Distribution Date (prior to the distribution of any amounts pursuant to Section 9.01(k)) and distributed as follows: (i) to the Group 2 Supplemental Interest Trust for payment to the Group 2 Swap Provider in accordance with Section Section 4.11(ii), as applicable, an amount equal to the Group 2 Swap Optional Termination Amount calculated pursuant to the Group 2 Interest Rate Swap Agreement, provided that in no event shall the amount distributed to the Group 2 Swap Provider in respect of the Group 2 Swap Optional Termination Amount exceed the Group 2 Estimated Swap Termination Payment, and (ii) to the Master Servicer an amount equal to the excess, if any, of the Group 2 Estimated Swap Termination Payment over the Group 2 Swap Optional Termination Payment. The Group 2 Swap Optional Termination Payment shall not be part of any REMIC and shall not be paid into any account which is part of any REMIC.

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(k) Written notice of any termination, specifying the Distribution Date upon which the related Certificateholders may surrender their Certificates to the Trustee for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to the related Certificateholders, the Swap Providers and the Certificate Insurer mailed (a) in the event such notice is given in connection with the Master Servicer's election to repurchase, not earlier than the 15th day and not later than the 25th day of the month next preceding the month of such final distribution or (b) otherwise during the month of such final distribution on or before the 15th day of the month (or if such 15th day is not a Business Day, on the Business Day immediately preceding such 15th day) in such month, in each case specifying (i) the Distribution Date upon which final payment of such Certificates will be made upon presentation and surrender of Certificates at the office of the Trustee therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of such Certificates at the office of the Trustee therein specified. In the event such notice is given in connection with the Master Servicer or its designee's election to repurchase, the Master Servicer or its designee shall deliver to the Trustee for deposit in the Certificate Account on the day which is two Business Days immediately preceding the Distribution Date specified in such notice an amount equal to the above-described repurchase price payable out of its own funds. Upon presentation and surrender of the related Certificates by the Certificateholders, the Trustee shall first, pay itself its fee for such Distribution Date (as described in Section 8.05 ) and any other amounts owing to the Trustee under this Agreement, and second, distribute to such Certificateholders and the Certificate Insurer (i) the amount otherwise distributable on such Distribution Date, if not in connection with the Master Servicer's election to repurchase, or (ii) if the Master Servicer elected to so repurchase, an amount determined as follows: with respect to each related Regular Certificate, the outstanding Certificate Principal Balance thereof, plus with respect to each Regular Certificate (other than the Class P Certificates) and the related Class IO Interest, one month's interest thereon at the applicable Pass-Through Rate, or otherwise distributable thereto, and any Unpaid Interest Shortfall Amount, plus with respect to each Subordinate Certificate, any unpaid Allocated Realized Loss Amount; with respect to the Class R Certificates, the Percentage Interest evidenced thereby multiplied by the difference, if any, between the above described repurchase price (as adjusted in accordance with the preceding paragraph) and the aggregate amount to be distributed to the Holders of the related Regular Certificates and the related Class IO Interest, subject to the priorities set forth in Section 4.01; and with respect to the Certificate Insurer, any amounts owed under the Certificate Guaranty Insurance Policy, the Insurance Agreement and this Agreement. Upon certification to the Trustee and the Custodian by a Servicing Officer, following such final deposit, the Custodian shall promptly release the Mortgage Files as directed by the Master Servicer for the remaining Mortgage Loans, and the Trustee shall execute all assignments, endorsements and other instruments required by the Master Servicer as being necessary to effectuate such transfer.

In the event that all of the related Certificateholders shall not surrender their Certificates for cancellation within six months after the time specified in the above-mentioned notice, the Trustee shall give a second notice to the remaining related Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all of the related Certificates shall not have been surrendered for cancellation, the Trustee shall take reasonable steps as directed by the Depositor in writing, or appoint an agent to take reasonable steps, to contact the remaining related Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain subject hereto. If within nine months after the second notice all the Certificates shall not have been surrendered for cancellation, the Class R Certificateholders shall be entitled to all unclaimed funds and other assets which remain subject hereto.

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Section 9.02. Termination of REMIC 4 and Retirement of Class R Certificates.

REMIC 4 shall be terminated on the earlier of (i) the date on which the last distribution due on each of the REMIC 4 Regular Interests and Class R Certificates (in respect of the Class R-4 Interest) is made and (ii) the date on which it is terminated pursuant to an optional repurchase of all of the Mortgage Loans in accordance with Section 9.03. Notwithstanding anything to the contrary herein, the Class R Certificates will not be retired until the later of (i) the retirement of all the Certificates related to Loan Group 1 and (ii) the retirement of all the Certificates related to Loan Group 2.

Section 9.03. Additional Termination Requirements.

(a) In the event the Master Servicer repurchases any Mortgage Loans or REO Property in a Loan Group as provided in Section 9.01, the Trust Fund shall be terminated in accordance with the following additional requirements, unless the Master Servicer, at its own expense, obtains for the Trustee an Opinion of Counsel (which shall be provided to the Trustee at least two Business Days prior to the related Distribution Date) to the effect that the failure of the Trust Fund to comply with the requirements of this Section 9.03 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 either REMIC 1, REMIC 2, REMIC 3 or REMIC 4 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 and notify the Trustee in writing thereof, and the Trustee shall in turn specify the first day of such period in a statement attached to the Tax Return for each of REMIC 1, REMIC 2, REMIC 3 or REMIC 4, as the case may be, pursuant to Treasury Regulation Section 1.860F-1. The Master Servicer and the Trustee also shall satisfy all of the requirements of a qualified liquidation for REMIC 1, REMIC 2, REMIC 3 or REMIC 4, as the case may be, under Section 860F of the Code and regulations thereunder, as evidenced by an Opinion of Counsel obtained at the expense of the Master Servicer, as applicable;

(ii) During such 90-day liquidation period, and at or prior to the time of making the final payment on the related Certificates, the Trustee shall sell all of the assets of REMIC 1 or REMIC 2, as the case may be, for cash; and

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(iii) At the time of the making of the final payment on the related Certificates, the Trustee shall distribute or credit, or cause to be distributed or credited, to the Holders of the Class R Certificates all cash on hand (other than cash retained to meet claims), and REMIC 1, REMIC 2, REMIC 3 or REMIC 4, as the case may be, shall terminate at that time.

(b) By their acceptance of the Certificates, the Holders thereof hereby authorize the adoption of a 90-day liquidation period and the adoption of a plan of complete liquidation for the related REMICs, which authorization shall be binding upon all successor Certificateholders.

(c) The Trustee as agent for each REMIC hereby agrees to adopt and sign such a plan of complete liquidation meeting the requirements for a qualified liquidation under Section 860F of the Code and any regulations thereunder upon the written request of the Master Servicer and the receipt of the Opinion of Counsel referred to in clause (a)(i) above and to take such other action in connection therewith as may be reasonably requested by the Master Servicer.

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ARTICLE X

REMIC PROVISIONS

Section 10.01. REMIC Administration.

(a) The Trustee shall make an election to treat the Trust Fund as four REMICs under the Code and, if necessary, under applicable state law. Each 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 elections in respect of the Trust Fund, (i) the Class R-1 Interest will constitute the sole class of Residual Interests in REMIC 1, the REMIC 1 Regular Interests shall be designated as the Regular Interests in REMIC 1 (ii) the Class R-2 Interest will constitute the sole class of Residual Interests in REMIC 2, the REMIC 2 Regular Interests shall be designated as the Regular Interests in REMIC 2, (iii) the Class R-3 Interest will constitute the sole class of Residual Interests in REMIC 3, the REMIC 3 Regular Interests shall be designated as the Regular Interests in REMIC 3, (iv) the Class R-4 Interest will constitute the sole class of Residual Interests in REMIC 4, and the REMIC 4 Regular Interests shall be designated as the Regular Interests in REMIC 4. The Master Servicer and the Trustee shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in REMIC 1, REMIC 2, REMIC 3 or REMIC 4 other than the REMIC 1 Regular Interests, REMIC 2 Regular Interests, REMIC 3 Regular Interests, REMIC 4 Regular Interests, the Class R-1 Interest, the Class R-2 Interest, the Class R-3 Interest and the Class R-4 Interest. The Trustee will apply for an Employee Identification Number from the Internal Revenue Service via Form SS-4 or any other acceptable method for each of REMIC 1, REMIC 2, REMIC 3 or REMIC 4.

(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 Trustee shall pay out of its own funds, without any right of reimbursement, any and all expenses relating to any tax audit of the REMICs (including, but not limited to, any professional fees or any administrative or judicial proceedings with respect to the REMICs that involve the Internal Revenue Service or state tax authorities), other than the expense of obtaining any tax-related Opinion of Counsel except as specified herein. The Trustee, as agent for the REMICs' Tax Matters Person, shall (i) act on behalf of the REMICs 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.

(d) The Trustee shall prepare, sign and file all of the Tax Returns (including Form 8811, which must be filed within 30 days of the Closing Date) in respect of the REMICs created hereunder. The expenses of preparing and filing such returns shall be borne by the Trustee without any right of reimbursement therefor. The Master Servicer shall provide on a timely basis to the Trustee or its designee such information with respect to the assets of the REMICs as is in its possession and reasonably required by the Trustee to enable it to perform its obligations under this Article X.

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(e) The Trustee shall perform on behalf of the REMICs all reporting and other tax compliance duties that are the responsibility of the REMICs under the Code, the REMIC Provisions or other compliance guidance issued by the Internal Revenue Service or any state or local taxing authority. Among its other duties, as required by the Code, the REMIC Provisions or other such compliance guidance, the Trustee 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 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 as required) and (iii) to the Internal Revenue Service the name, title, address and telephone number of the Person who will serve as the representative of the REMICs. The Master Servicer shall provide on a timely basis to the Trustee such information with respect to the assets of the REMICs, including, without limitation, the related Mortgage Loans, as is in its possession and reasonably required by the Trustee to enable it to perform its obligations under this subsection. In addition, the Depositor shall provide or cause to be provided to the Trustee, within ten (10) days after the Closing Date, all information or data that the Trustee reasonably determines to be relevant for tax purposes as to the valuations and issue prices of the Certificates, including, without limitation, the price, yield, Prepayment Assumption and projected cash flow of the Certificates.

(f) The Trustee shall take such action and shall cause the REMICs created hereunder to take such action as shall be necessary to create or maintain the status thereof as REMICs under the REMIC Provisions (and the Master Servicer shall assist it, to the extent reasonably requested by it). The Trustee shall not take any action or cause the Trust Fund to take any action, or fail to take (or fail to cause to be taken), any action that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) endanger the status of the REMIC 1, REMIC 2, REMIC 3 or REMIC 4 as REMICs or (ii) result in the imposition of a tax upon the REMICs (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, an “Adverse REMIC Event”) unless the Trustee has received an Opinion of Counsel, addressed to the Trustee (at the expense of the party seeking to take or not take such action, but in no event at the expense of the Trustee) to the effect that the contemplated action or omission will not, with respect to the REMICs created hereunder, endanger such status or result in the imposition of such a tax; nor shall the Master Servicer take, or fail to take, any action (whether or not authorized hereunder) as to which the Trustee 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 the taking, or omission of, such action. In addition, prior to taking, or failing to take, any action with respect to the REMICs or the assets of the REMICs, or causing, or failing to cause, the REMICs to take any action, which is not contemplated under the terms of this Agreement, the Master Servicer will consult with the Trustee or its designee, in writing, with respect to whether the taking, or omission of, such action could cause an Adverse REMIC Event to occur with respect to any REMIC, and the Master Servicer shall not take, or fail to take, any such action, or cause, or fail to cause, any REMIC to take, any such action as to which the Trustee has advised it in writing that an Adverse REMIC Event could occur. The Trustee may consult with counsel to provide such written advice, and the cost of same shall be borne by the party seeking to take or not take the action other than as permitted by this Agreement, but in no event shall such cost be an expense of the Trustee. At all times as may be required by the Code, the Trustee will ensure that substantially all of the assets of the REMICs created hereunder will consist of “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.

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(g) In the event that any tax is imposed on “prohibited transactions” of any REMIC created hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from foreclosure property” of any REMIC as defined in Section 860G(c) of the Code, on any contributions to any 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 Trustee pursuant to Section 10.03 hereof, if such tax arises out of or results from a breach by the Trustee of any of its obligations under this Article X, (ii) to the Master Servicer pursuant to Section 10.03 hereof, if such tax arises out of or results from a breach by the Master Servicer of any of its obligations under Article III or this Article X or otherwise, (iii) to the Master Servicer as provided in Section 3.05 and (iv) against amounts related to such REMIC and the Loan Group to which such REMIC relates on deposit in the Certificate Account and shall be paid by withdrawal therefrom to the extent not required to be paid by the Master Servicer or the Trustee pursuant to another provision of this Agreement.

(h) On or before April 15 of each calendar year, commencing April 15, 2006, the Trustee shall deliver to the Master Servicer and the Rating Agency a Certificate from a Responsible Officer of the Trustee stating the Trustee’s compliance with this Article X.

(i) The Trustee shall, for federal income tax purposes, maintain books and records with respect to the REMICs on a calendar year and on an accrual basis.

(j) Following the Startup Day, the Trustee shall not accept any contributions of assets to the REMICs other than in connection with any Qualified Substitute Mortgage Loan delivered in accordance with Section 2.04 unless it shall have received an Opinion of Counsel to the effect that the inclusion of such assets in the REMICs will not cause REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify as REMICs at any time that any Certificates are outstanding or subject either REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to any tax under the REMIC Provisions or other applicable provisions of federal, state and local law or ordinances.

189

(k) Neither the Trustee nor the Master Servicer shall enter into any arrangement under which the REMICs will receive a fee or other compensation for services nor permit the REMICs 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.

Section 10.02. Prohibited Transactions and Activities.

None of the Depositor, the Master Servicer or the Trustee shall (except as otherwise expressly permitted under the terms of this Agreement) (1) sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the 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 Trust Fund, (iii) the termination of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 pursuant to Article IX of this Agreement, (iv) a substitution pursuant to Article II of this Agreement or (v) a purchase of defective or defaulted Mortgage Loans pursuant to Article II or III of this Agreement), nor acquire any assets for the Trust Fund (other than REO Property acquired in respect of a defaulted Mortgage Loan), (2) sell or dispose of any investments in the Custodial Account or the Certificate Account for gain, (3) accept any contributions to the REMICs after the Closing Date (other than a Qualified Substitute Mortgage Loan delivered in accordance with Section 2.04), in each case, unless it has received an Opinion of Counsel, addressed to the Trustee (at the expense of the party seeking to cause such sale, disposition, substitution, acquisition or contribution, but in no event at the expense of the Trustee) that such sale, disposition, substitution, acquisition or contribution will not (a) affect adversely the status of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 as REMICs or (b) cause the Trust Fund to be subject to a tax on “prohibited transactions” or “contributions” pursuant to the REMIC Provisions.

Section 10.03. Master Servicer and Trustee Indemnification.

(a) The Trustee agrees to indemnify the Trust Fund, the Depositor, 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 Depositor or the Master Servicer, as a result of a breach of the Trustee’s covenants set forth in this Article X.

(b) The Master Servicer agrees to indemnify the Trust Fund, the Depositor and the Trustee for any taxes and costs including, without limitation, any reasonable attorneys' fees imposed on or incurred by the Trust Fund, the Certificate Insurer, the Depositor or the Trustee, as a result of a breach of the Master Servicer's covenants set forth in Article III or this Article X, in each case with respect to compliance with the REMIC Provisions.

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ARTICLE XI

MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

This Agreement may be amended from time to time by the Depositor, the Master Servicer and the Trustee, with the consent of the Certificate Insurer (so long as no Insurer Default has occurred and is continuing) without the consent of any of the Certificateholders or the Swap Provider, (i) to cure any ambiguity, (ii) to correct or supplement any provisions herein which may be defective or inconsistent with any other provisions herein or to correct any error, (iii) to amend this Agreement in any respect subject to the provisions in clauses (A) and (B) below, or (iv) if such amendment, as evidenced by an Opinion of Counsel (provided by the Person requesting such amendment) delivered to the Trustee, is reasonably necessary to comply with any requirements imposed by the Code or any successor or amendatory statute or any temporary or final regulation, revenue ruling, revenue procedure or other written official announcement or interpretation relating to federal income tax laws or any proposed such action which, if made effective, would apply retroactively to the Trust Fund at least from the effective date of such amendment; provided that such action (except any amendment described in (iv) above) shall not adversely affect in any material respect the interests of any Certificateholder (other than Certificateholders who shall consent to such amendment), the Certificate Insurer (if an Insurer Default has occurred and is continuing) and the Swap Provider, as evidenced by (A) an Opinion of Counsel (provided by the Person requesting such amendment) delivered to the Trustee, the Swap Provider and the Certificate Insurer and (B) a letter from each Rating Agency, confirming that such amendment shall not cause it to lower its rating on any of the Certificates without taking the Certificate Guaranty Insurance Policy into account.

This Agreement may also be amended from time to time by the Depositor, the Master Servicer and the Trustee with the consent of the Certificate Insurer and Holders of Certificates entitled to at least 66-2/3% of the Voting Rights for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holders of Certificates; provided, however, that no such amendment shall (i) reduce in any manner the amount of, or delay the timing of, payments received on Mortgage Loans which are required to be distributed on any Certificate without the consent of the Holder of such Certificate, (ii) adversely affect in any material respect the interests of the Holders of any Class of Certificates in a manner other than as described in (i), without the consent of the Holders of Certificates of such Class evidencing at least 66-2/3% of the Voting Rights of such Class, or (iii) reduce the aforesaid percentage of Certificates the Holders of which are required to consent to any such amendment, without the consent of the Holders of all Certificates then outstanding. Notwithstanding any other provision of this Agreement, for purposes of the giving or withholding of consents pursuant to this Section 11.01, Certificates registered in the name of the Sponsor or the Master Servicer or any affiliate thereof shall be entitled to Voting Rights with respect to matters described in (i), (ii) and (iii) of this paragraph.

191

Notwithstanding any contrary provision of this Agreement, the Trustee shall not consent to any amendment to this Agreement unless they shall have first received an Opinion of Counsel (provided by the Person requesting such amendment) to the effect that such amendment will not result in the imposition of any tax on either REMIC 1, REMIC 2, REMIC 3 or REMIC 4 pursuant to the REMIC Provisions or cause either REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify as a REMIC at any time that any Certificates are outstanding.

Promptly after the execution of any such amendment the Trustee shall furnish a copy of such amendment or a written statement describing the amendment to each Certificateholder, with a copy to the Rating Agencies, the Certificate Insurer and the Swap Provider.

It shall not be necessary for the consent of Certificateholders under this Section 11.01 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Trustee may prescribe.

Notwithstanding any of the other provisions of this Section 11.01, none of the Depositor, the Master Servicer or the Trustee shall enter into any amendment to Section 4.09 or Section 4.01(l)(vii) or (m)(vii) of this Agreement without the prior written consent of the Swap Provider and shall not enter into an amendment as evidenced by an officer’s certificate that has a materially adverse effect on the Swap Provider without the Swap Provider’s consent (such consent shall not be unreasonably withheld, conditioned or delayed).

Prior to executing any amendment pursuant to this Section, the Trustee shall be entitled to receive an Opinion of Counsel (provided by the Person requesting such amendment) to the effect that such amendment is authorized or permitted by this Agreement. The cost of any Opinion of Counsel delivered pursuant to this Section 11.01 shall be an expense of the party requesting such amendment, but in any case shall not be an expense of the Trustee.

The Trustee may, but shall not be obligated to, enter into any amendment pursuant to this Section that affects its rights, duties and immunities under this Agreement or otherwise.

Section 11.02. Recordation of Agreement; Counterparts.

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 at the expense of the Certificateholders, but only upon direction of the Depositor accompanied by an Opinion of Counsel to the effect that such recordation materially and beneficially affects the interests of the Certificateholders.

192

For the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.

Section 11.03. Limitation on Rights of Certificateholders.

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 the parties hereto or any of them.

No Certificateholder shall have any right to vote (except as expressly provided for 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 party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof.

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 notice of an Event of Default, or of a default by the Sponsor or the Trustee in the performance of any obligation hereunder, and of the continuance thereof, as hereinbefore provided, and unless also the Holders of Certificates entitled to at least 51% of the Voting Rights 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 is understood and intended, and expressly covenanted by each Certificateholder with every other Certificateholder, the Trustee, that no one or more Holders of Certificates 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, 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 equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section, each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

193

Section 11.04. Governing Law.

This Agreement and the Certificates shall be construed in accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.

Section 11.05. Notices.

All demands, notices and direction hereunder shall be in writing and shall be deemed effective upon receipt when delivered to (a) in the case of the Depositor, 00000 Xxxxxxxx Xxxx, Xxxxxx, Xxxxxxxxxx 00000, Attention: General Counsel, or such other address as may hereafter be furnished to the other parties hereto in writing; (b) in the case of Impac Funding, 00000 Xxxxxxxx Xxxx, Xxxxxx, Xxxxxxxxxx 00000, Attention: General Counsel, or such other address as may hereafter be furnished to the other parties hereto in writing; (c) in the case of the Trustee, to its Corporate Trust Offices, or such other address as may hereafter be furnished to the other parties hereto in writing; (d) in the case of the Rating Agencies, Standard & Poor’s, 00 Xxxxx Xxxxxx, 00^xx Xxxxx, Xxx Xxxx, XX 00000, Attention: Asset Backed Surveillance Department; and Moody’s, Xxxxx’x Investors Service, Inc., Residential Mortgage Monitoring Department, 00 Xxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000; (e) in the case of the Certificate Insurer, Ambac Assurance Corporation, Xxx Xxxxx Xxxxxx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Consumer Asset-Backed Securities Group or such other address as may be hereafter furnished to the Depositor, the Trustee and the Master Servicer in writing by the Certificate Insurer; or (f) in the case of the Swap Provider, Wachovia Bank, N.A., One Wachovia Center, 000 Xxxxx Xxxxxxx Xxxxxx, Xxxxxxxx XX0000, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000 or such other address as may be hereafter furnished to the Depositor, the Trustee and the Master Servicer in writing by the Swap Provider. Any notice required or permitted to be mailed to a Certificateholder shall be given by first class mail, postage prepaid, at the address of such Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

Section 11.06. Severability of Provisions.

If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

Section 11.07. Successors and Assigns.

The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and all such provisions shall inure to the benefit of the Trustee, the Certificate Insurer and the Certificateholders.

194

Section 11.08. Article and Section Headings.

The article and Section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

Section 11.09. Notice to Rating Agencies.

The Trustee shall use its best efforts to promptly provide notice to each Rating Agency and the Certificate Insurer referred to below with respect to each of the following of which it has actual knowledge:

1. Any material change or amendment to this Agreement;

2. The occurrence of any Event of Default that has not been cured;

3. The resignation or termination of the Master Servicer or the Trustee;

4. The repurchase or substitution of Mortgage Loans pursuant to Section 2.04;

5. The final payment to Certificateholders; and

6. Any change in the location of the Custodial Account or the Certificate Account.

In addition, the Trustee shall promptly furnish to each Rating Agency copies of each report to Certificateholders described in Section 4.02; and the Master Servicer shall promptly furnish to each Rating Agency copies of each annual independent public accountants' servicing report received as described in Section 3.20.

Any such notice pursuant to this Section 11.09 shall be in writing and shall be deemed to have been duly given if personally delivered or mailed by first class mail, postage prepaid, or by express delivery service to (i) in the case of Standard & Poor's, 00 Xxxxx Xxxxxx, 00^xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Asset Backed Surveillance Department and (ii) in the case of Moody's, Residential Mortgage Monitoring Department, 00 Xxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, or, in each case, such other address as either such Rating Agency may designate in writing to the parties thereto.

Section 11.10. Rights of the Certificate Insurer.

(a) The Certificate Insurer is an express third-party beneficiary of this Agreement.

(b) On each Distribution Date the Trustee shall make available to the Certificate Insurer a copy of the reports made available to the Certificateholders and the Depositor on such Distribution Date.

195

(c) The Trustee shall provide to the Certificate Insurer copies of any report, notice, Opinion of Counsel, Officers’ Certificate, request for consent or request for amendment to any document related hereto promptly upon the Trustee’s production or receipt thereof.

(d) Unless an Insurer Default exists, the Trustee, the Depositor and the Master Servicer shall not agree to any amendment to this Agreement without first having obtained the prior written consent of the Certificate Insurer, which consent shall not be unreasonably withheld.

(e) So long as there does not exist a failure by the Certificate Insurer to make a required payment under the Certificate Guaranty Insurance Policy, the Certificate Insurer will have the right to exercise all rights of the Holders of the Class 2-A Certificates under this Agreement (including voting rights) without the consent of the Holders.

Section 11.11. Control by the Certificate Insurer.

With respect to the Class 2-A Certificates only, the Certificate Insurer, or, if an Insurer Default exists, the Holders of a majority of the Class 2-A Certificates shall have the right (subject to the provisions of Section 11.03) to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee with respect to the Class 2-A Certificates or exercising any trust or power conferred on the Trustee; provided that:

(i) such direction shall not be in conflict with any rule of law or with this Agreement:

(ii) if an Insurer Default exists, any direction to the Trustee to sell or liquidate the Trust Fund shall be by Holders of Certificates representing not less than 100% of the Certificate Principal Balance of the Certificates;

(iii) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction of the Holders of Certificates representing a majority of the Certificate Principal Balance of the Certificates.

Notwithstanding the rights of Certificateholders set forth in this Section 11.11 the Trustee need not take any action that it determines might involve it in liability unless such Holders of Certificates or the Certificate Insurer shall have offered security or indemnity satisfactory to the Trustee, against the costs, expenses and liabilities which might be incurred by it in compliance with such request, order or direction.

The Trustee shall not be deemed to have knowledge of an Insurer Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless the Trustee received written notice of such Insurer Default.

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Section 11.12. Third Party Rights.

The Swap Provider and the Cap Counterparties shall be express third-party beneficiaries of this Agreement to the extent of their express rights to receive payments under this Agreement or any other express rights of the Swap Provider and the Cap Counterparties explicitly stated in this Agreement, and shall have the right to enforce such rights under this Agreement as if the Swap Provider and the Cap Counterparties were parties hereto.

197

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

IMPAC SECURED ASSETS CORP.,

Depositor

By: /s/ Xxxxxxx X. Xxxxxxx

Name: Xxxxxxx X. Xxxxxxx

Title: EVP, COO

IMPAC FUNDING CORPORATION,

Master Servicer

By: /s/ Xxxxx Xxxxxxx

Name: Xxxxx Xxxxxxx

Title: EVP

DEUTSCHE BANK NATIONAL TRUST COMPANY,

Trustee

By: /s/ Xxxxxx Xxxxx

Name: Xxxxxx Xxxxx

Title: Associate

By: /s/ Xxxxxxx Xxxxxxxx

Name: Xxxxxxx Xxxxxxxx

Title: Vice President

198

Agreed and accepted to with respect to

its obligations under Section 9.01(a)

IMPAC MORTGAGE HOLDINGS, INC.

(solely with respect to its obligations under

Section 9.01(a))

By: /s/ Xxxxxxx X. Xxxxxxx

Name: Xxxxxxx X. Xxxxxxx

Title: EVP, COO

000

XXXXX XX XXXXXXXXXX	)
	) ss.:
COUNTY OF ORANGE	)

On the 21^st day of December, 2006, before me, a notary public in and for said State, personally appeared Xxxxxxx X. Xxxxxxx, known to me to be an Executive Vice President and the Chief Operating Officer of Impac Secured Assets Corp., 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]

000

XXXXX XX XXXXXXXXXX	)
	) ss.:
COUNTY OF ORANGE	)

On the 21^st day of December, 2006, before me, a notary public in and for said State, personally appeared Xxxxx Xxxxxxx, known to me to be an Executive Vice President of Impac 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]

000

XXXXX XX XXXXXXXXXX	)
	) ss.:
COUNTY OF ORANGE	)

On the 21^st day of December, 2006, before me, a notary public in and for said State, personally appeared _________________, known to me to be a(n) ________________ of Deutsche Bank National Trust Company, one of the entities that executed the within instrument, and also known to me to be the person who executed it on behalf of said entity, 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]

000

XXXXX XX XXXXXXXXXX	)
	) ss.:
COUNTY OF ORANGE	)

On the 21^st day of December, 2006, before me, a notary public in and for said State, personally appeared ____________________, known to me to be a(n)____________________ of Deutsche Bank National Trust Company, one of the entities that executed the within instrument, and also known to me to be the person who executed it on behalf of said entity, 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]

000

XXXXX XX XXXXXXXXXX	)
	) ss.:
COUNTY OF ORANGE	)

On the 21^st day of December, 2006, before me, a notary public in and for said State, personally appeared Xxxxxxx X. Xxxxxxx, known to me to be an Executive Vice President and the Chief Operating Officer of Impac Mortgage Holdings, 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]

204

EXHIBIT A

FORM OF CLASS A CERTIFICATE

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).

THIS CERTIFICATE 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 CERTIFICATE OWNERS SHALL HOLD THEIR RESPECTIVE OWNERSHIP INTERESTS IN AND TO EACH OF SUCH BOOK-ENTRY 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 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 SHALL NOT BE REQUIRED TO MONITOR, DETERMINE OR INQUIRE AS TO COMPLIANCE WITH THE TRANSFER RESTRICTIONS WITH RESPECT TO THE BOOK-ENTRY CERTIFICATES, AND THE TRUSTEE SHALL HAVE NO LIABILITY FOR TRANSFERS OF OWNERSHIP INTERESTS IN THE BOOK-ENTRY CERTIFICATES MADE THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY OR BETWEEN OR AMONG DEPOSITORY PARTICIPANTS OR CERTIFICATE OWNERS, MADE IN VIOLATION OF THE APPLICABLE RESTRICTIONS.

[For the Class 1-A1-[A][B][C] [1-AM] Certificates] [PRIOR TO THE TERMINATION OF THE GROUP 1 SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 5.02(c) OF THE AGREEMENT (AS DEFINED BELOW).]

[For the Class 2-A Certificates] [PRIOR TO THE TERMINATION OF THE GROUP 2 SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 5.02(c) OF THE AGREEMENT (AS DEFINED BELOW).]

A-1

Certificate No. 1	Adjustable Pass-Through Rate

Class [1-A1-[A][B][C]] [1-AM] [2-A] Senior

Date of Pooling and Servicing Agreement and Cut-off Date: December 1, 2006	Percentage Interest: [_]%

First Distribution Date: January 25, 2007	Aggregate Initial [Certificate Principal] [Notional] Balance of the Class [1-A1-[A][B][C]] [1-AM] [2-A] Certificates: $[_____________]

Master Servicer:	Initial [Certificate Principal] [Notional]

Impac Funding Corporation	Balance of this Certificate:

	$[____________]

Assumed Final	CUSIP: [_________]

Distribution Date: [_____________], 20__

MORTGAGE PASS-THROUGH CERTIFICATE

SERIES 2006-5

evidencing a percentage interest in the distributions allocable to the Class [1-A1-[A][B][C]] [1-AM] [2-A] Certificates with respect to a Trust Fund consisting primarily of a pool of adjustable-rate and fixed-rate, first and second lien, one-to-four family residential mortgage loans and adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans formed and sold by IMPAC SECURED ASSETS CORP.

[For the Class 1-A1-[A][B][C] [1-AM] Certificates] [This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Impac Secured Assets Corp., the Master Servicer, the Trustee referred to below 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 Impac Secured Assets Corp., the Master Servicer, the Trustee or any of their affiliates. None of the Company, the Master Servicer 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.]

[For the Class 2-A Certificates] [This Certificate is payable solely from the assets of the Trust Fund and the Certificate Guaranty Insurance Policy, and does not represent an obligation of or interest in Impac Secured Assets Corp., the Master Servicer, the Trustee referred to below 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 Impac Secured Assets Corp., the Master Servicer, the Trustee or any of their affiliates. None of the Company, the Master Servicer 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.]

A-2

This certifies that Cede & Co. 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 [1-A1-[A][B][C]] [1-AM] [2-A] Certificates, both as specified above) in certain distributions with respect to the Trust Fund consisting primarily of an interest in a pool of adjustable-rate and fixed-rate, first and second lien, one-to-four family residential mortgage loans and adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans (the “Mortgage Loans”), formed and sold by Impac Secured Assets Corp. (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 Deutsche Bank National Trust Company, as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (the "Distribution Date”), commencing as described in the Agreement, to the Person in whose name this Certificate is registered on the Business Day immediately preceding such Distribution Date (the “Record Date”), from the Available Funds 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 [1-A1-[A][B][C]] [1-AM] [2-A] Certificates on such Distribution Date.

Distributions on this Certificate will be made either by the Trustee or by a Paying Agent appointed by the Trustee either 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 Trustee or such Paying Agent at least 5 Business Days prior to the related Record Date, 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.

A-3

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”).

[For the Class 2-A Certificates] [Ambac Assurance Corporation, in consideration of the payment of the premium and subject to the terms of the Certificate Guaranty Insurance Policy, has unconditionally and irrevocably guaranteed the payment of an amount equal to the Insured Amount (as defined in the Certificate Guaranty Insurance Policy) with respect to the Class 2-A Certificates with respect to each Distribution Date.]

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 the Master Servicer advances funds 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 Trustee, 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 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby and with the consent of the Certificate Insurer. 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 Certificate Insurer and the Holders of any of the Certificates and, in certain additional circumstances, without the consent of the Holders of certain Classes of Certificates.

[For the Class 1-A1-[A][B][C] [1-AM] Certificates] [Prior to the termination of the Group 1 Supplemental Interest Trust, any transferee shall be deemed to have made the representations in Section 5.02(c) of the Agreement.]

[For the Class 2-A Certificates] [Prior to the termination of the Group 2 Supplemental Interest Trust, any transferee shall be deemed to have made the representations in Section 5.02(c) of the Agreement.]

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, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Trustee 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.

A-4

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 and the Trustee and any agent of the Company, the Master Servicer or the Trustee 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 Group 1 Certificates are subject to termination in whole, but not in part, by the Master Servicer, on or after the Distribution Date on which the aggregate Stated Principal Balance of the Group 1 Mortgage Loans as of the end of the related Due Period is less than or equal to 10% of the aggregate Stated Principal Balance of the Group 1 Mortgage Loans as of the Cut-off Date. The Group 2 Certificates are subject to termination in whole, but not in part, by the Master Servicer, on or after the Distribution Date on which the aggregate Stated Principal Balance of the Group 2 Mortgage Loans as of the end of the related Due Period is less than or equal to 10% of the aggregate Stated Principal Balance of the Group 2 Mortgage Loans as of the Cut-off Date; provided, however, that no such purchase will be permitted if it would result in a draw on the Certificate Guaranty Insurance Policy, unless the Certificate Insurer consents in writing to such purchase.

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

A-5

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

Dated: December 21, 2006

DEUTSCHE BANK NATIONAL

TRUST COMPANY

as Trustee

By:______________________________

Authorized Signatory

CERTIFICATE OF AUTHENTICATION

This is one of the Class [1-A1-[A][B][C]] [1-AM] [2-A] Certificates referred to in the within-mentioned Agreement.


	DEUTSCHE BANK NATIONAL TRUST COMPANY as Trustee By:______________________________ Authorized Signatory

A-6

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 Trustee 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

A-7

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.

X-0

XXXXXXX X-0

FORM OF CLASS M CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES [,] [AND] [THE CLASS 1-M-1 CERTIFICATES] [,] [AND] [THE CLASS 1-M-2 CERTIFICATES] [,] [AND] [THE CLASS 1-M-3 CERTIFICATES] [,] [AND] [THE CLASS 1-M-4 CERTIFICATES] [,] [AND] [THE CLASS 1-M-5 CERTIFICATES] [,] [AND] [THE CLASS 1-M-6 CERTIFICATES] [,] [AND] [THE CLASS 1-M-7 CERTIFICATES] [,] [AND] [THE CLASS 1-M-8 CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).

B-1-1

ANY TRANSFEREE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 5.02(c) OF THE AGREEMENT (AS DEFINED BELOW).

Certificate No. 1	Adjustable Pass-Through Rate

Class [1]-M-[1][2][3][4][5][6][7][8]	Aggregate Initial Certificate Principal

	Balance of the Class [1]-M-[1][2][3][4][5][6][7][8] Certificates:

	$[____________]

Date of Pooling and Servicing	Initial Certificate Principal Balance of this Certificate:

Agreement and Cut-off Date: December 1, 2006	$[____________]

First Distribution Date:	CUSIP: [________]

January 25, 2007

Master Servicer:

Impac Funding Corporation

Assumed Final Distribution Date:

[________ __], 20__

MORTGAGE PASS-THROUGH CERTIFICATE

SERIES 2006-5

evidencing a percentage interest in any distributions allocable to the Class [1]-M-[1][2][3][4][5][6][7][8] Certificates with respect to a Trust Fund consisting primarily of a pool of adjustable-rate and fixed-rate, first and second lien, one-to-four family residential mortgage loans and adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans formed and sold by IMPAC SECURED ASSETS CORP.

This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Impac Secured Assets Corp., the Master Servicer, the Trustee referred to below 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 Impac Secured Assets Corp., the Master Servicer, the Trustee or any of their affiliates. None of the Company, the Master Servicer 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.

B-1-2

This certifies that Cede & Co. 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 [1]-M-[1][2][3][4][5][6][7][8] Certificates, both as specified above) in certain distributions with respect to a Trust Fund consisting primarily of a pool of adjustable-rate and fixed-rate, first and second lien, one-to-four family residential mortgage loans and adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans (the “Mortgage Loans”), formed and sold by Impac Secured Assets Corp. (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 Deutsche Bank National Trust Company, as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (the "Distribution Date”), commencing as described in the Agreement, to the Person in whose name this Certificate is registered on the Business Day immediately preceding such Distribution Date (the “Record Date”), from the Available Funds 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 [1]-M-[1][2][3][4][5][6][7][8] Certificates on such Distribution Date.

Any transferee shall be deemed to have made the representations set forth in Section 5.02(c) of the Agreement.

B-1-3

B-1-4

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

B-1-5

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

Dated: December 21, 2006

DEUTSCHE BANK NATIONAL

TRUST COMPANY

as Trustee

By:______________________________

Authorized Signatory

CERTIFICATE OF AUTHENTICATION

This is one of the Class [1]-M-[1][2][3][4][5][6][7][8] Certificates referred to in the within-mentioned Agreement.


	DEUTSCHE BANK NATIONAL TRUST COMPANY Trustee By:______________________________ Authorized Signatory

B-1-6

ASSIGNMENT

I (We) further direct the Trustee 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

B-1-7

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.

X-0-0

XXXXXXX X-0

CLASS B CERTIFICATE

B-2-1

ANY TRANSFEREE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 5.02(c) OF THE AGREEMENT (AS DEFINED BELOW).

B-2-2

Certificate No. 1	Adjustable Pass-Through Rate

Class 1-B	Aggregate Initial Certificate Principal

	Balance of the Class 1-B Certificates:

	$[____________]

Date of Pooling and Servicing	Initial Certificate Principal Balance of this Certificate:

Agreement and Cut-off Date: December 1, 2006	$[____________]


First Distribution Date:	CUSIP: [________]

January 25, 2007

Master Servicer:

Impac Funding Corporation

Assumed Final Distribution Date:

[________ __], 20__

MORTGAGE PASS-THROUGH CERTIFICATE

SERIES 2006-5

evidencing a percentage interest in any distributions allocable to the Class 1-B Certificates with respect to a Trust Fund consisting primarily of a pool of adjustable-rate and fixed-rate, first and second lien, one-to-four family residential mortgage loans and adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans formed and sold by IMPAC SECURED ASSETS CORP.

B-2-3

This certifies that Cede & Co. 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 1-B Certificates, both as specified above) in certain distributions with respect to a Trust Fund consisting primarily of a pool of adjustable-rate and fixed-rate, first and second lien, one-to-four family residential mortgage loans and adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans (the “Mortgage Loans”), formed and sold by Impac Secured Assets Corp. (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 Deutsche Bank National Trust Company, as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

B-2-4

Any transferee shall be deemed to have made the representations set forth in Section 5.02(c) of the Agreement.

No transfer of this Class 1-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 shall require an opinion of counsel acceptable to and in form and substance satisfactory to the Trustee 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 and transferor shall execute a representation 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 and the Master Servicer 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.

B-2-5

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

The Group 1 Certificates are subject to termination in whole, but not in part, by the Master Servicer, on or after the Distribution Date on which the aggregate Stated Principal Balance of the Group 1 Mortgage Loans as of the end of the related Due Period is less than or equal to 10% of the aggregate Stated Principal Balance of the Group 1 Mortgage Loans as of the Cut off Date. The Group 2 Certificates are subject to termination in whole, but not in part, by the Master Servicer, on or after the Distribution Date on which the aggregate Stated Principal Balance of the Group 2 Mortgage Loans as of the end of the related Due Period is less than or equal to 10% of the aggregate Stated Principal Balance of the Group 2 Mortgage Loans as of the Cut off Date; provided, however, that no such purchase will be permitted if it would result in a draw on the Certificate Guaranty Insurance Policy, unless the Certificate Insurer consents in writing to such purchase.

B-2-6

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

Dated: December 21, 2006

DEUTSCHE BANK NATIONAL

TRUST COMPANY

as Trustee

By:______________________________

Authorized Signatory

CERTIFICATE OF AUTHENTICATION

This is one of the Class 1-B Certificates referred to in the within-mentioned Agreement.


	DEUTSCHE BANK NATIONAL TRUST COMPANY as Trustee By:______________________________ Authorized Signatory

B-2-7

ASSIGNMENT

I (We) further direct the Trustee 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

B-2-8

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.

X-0-0

XXXXXXX X-0

FORM OF CLASS C CERTIFICATE

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

B-3-1

NO TRANSFER OF ANY CLASS C CERTIFICATE SHALL BE MADE UNLESS THE PROPOSED TRANSFEREE OF SUCH CLASS C CERTIFICATE (1) PROVIDES TO THE TRUSTEE THE APPROPRIATE TAX CERTIFICATION FORM THAT WOULD ELIMINATE ANY WITHHOLDING OR DEDUCTION FOR TAXES FROM AMOUNTS PAYABLE TO THE TRUSTEE, ON BEHALF OF THE SUPPLEMENTAL INTEREST TRUST, PURSUANT TO THE RELATED INTEREST RATE SWAP AGREEMENT BY THE RELATED SWAP PROVIDER (I.E., IRS FORM W-9 OR IRS FORM W-8BEN, W-8IMY, W-8EXP OR W-8ECI, AS APPLICABLE (OR ANY SUCCESSOR FORM THERETO)) AND (2) AGREES TO UPDATE SUCH FORMS (I) UPON EXPIRATION OF ANY SUCH FORM, (II) AS REQUIRED UNDER THEN APPLICABLE U.S. TREASURY REGULATIONS AND (III) PROMPTLY UPON LEARNING THAT SUCH FORM HAS BECOME OBSOLETE OR INCORRECT, EACH AS A CONDITION TO SUCH TRANSFER. UNDER THE AGREEMENT, UPON RECEIPT OF ANY SUCH TAX CERTIFICATION FORM FROM A PROPOSED TRANSFEREE OF ANY CLASS C CERTIFICATE, THE TRUSTEE SHALL FORWARD SUCH TAX CERTIFICATION FORM PROVIDED TO IT TO THE RELATED SWAP PROVIDER AND THE RELATED CAP COUNTERPARTIES. EACH HOLDER OF A CLASS C CERTIFICATE AND EACH TRANSFEREE THEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE TRUSTEE FORWARDING TO THE RELATED SWAP PROVIDER AND THE RELATED CAP COUNTERPARTIES ANY TAX CERTIFICATION FORM IT HAS PROVIDED AND UPDATED IN ACCORDANCE WITH THESE TRANSFER RESTRICTIONS. ANY PURPORTED SALES OR TRANSFERS OF ANY CLASS C CERTIFICATE TO A TRANSFEREE WHICH DOES NOT COMPLY WITH THESE REQUIREMENTS SHALL BE DEEMED NULL AND VOID UNDER THE AGREEMENT.

B-3-2

Certificate No. [ ]

Class [1][2]-C	Aggregate Initial Notional Amount of the Class [1][2]-C Certificates:

	$_____________]

Date of Pooling and Servicing	Initial Notional Amount of this Certificate:

Agreement and Cut-off Date: December 1, 2006	$[_____________]

First Distribution Date:	Initial Certificate Principal Balance

January 25, 2007	of this Certificate $[_________]

Master Servicer:	Percentage Interest of this

Impac Funding Corporation	Certificate: [___]%

Assumed Final Distribution Date:	CUSIP: [_________]

[_______ ___], 20--

MORTGAGE PASS-THROUGH CERTIFICATE

SERIES 2006-5

evidencing percentage interest in the distributions allocable to the Class [1][2]-C Certificates with respect to a Trust Fund consisting primarily of a pool of adjustable-rate and fixed-rate, first and second lien, one-to-four family residential mortgage loans and adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans formed and sold by IMPAC SECURED ASSETS CORP.

This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Impac Secured Assets Corp., the Master Servicer, the Trustee referred to below 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 Impac Secured Assets Corp., the Master Servicer, the Trustee or any of their affiliates. None of the Company, the Master Servicer or any of their affiliates will have any obligation with respect to any certificate or other or obligation secured by or payable from payments on the Certificates.

B-3-3

This certifies that Deutsche Bank National Trust Company is the registered owner of the Percentage Interest evidenced by this Class [1][2]-C Certificate (obtained by dividing the Original Class [1][2]-C Certificate by the Original Class Certificate Principal Balance) in certain distributions with respect to a Trust consisting primarily of the Mortgage Loans deposited by Impac Secured Assets Corp. (the “Company”). The Trust was created pursuant to a Pooling and Servicing Agreement dated as of December 1, 2006 (the “Agreement”) among the Company, as depositor, Impac Funding Corporation, as master servicer (the “Master Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”). To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Class [1][2]-C Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Class [1][2]-C 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 Business Day of the month immediately preceding the month of such Distribution Date (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 [1][2]-C Certificates on such Distribution Date.

B-3-4

No transfer of a Certificate of this Class shall be made unless such transfer is made pursuant to an effective registration statement under the Act and any applicable state securities laws or is exempt from the registration requirements under said Act and such laws. In the event that a transfer is to be made in reliance upon an exemption from the Act and such laws, in order to assure compliance with the act and such laws, the Certificateholder desiring to effect such transfer and such Certificateholder's prospective transferee shall each certify to the Trustee and the Company in writing the facts surrounding the transfer. In the event that such a transfer is not to be made pursuant to Rule 144A of the act, there shall be delivered to the Trustee and the Company of an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Act, which Opinion of Counsel shall not be obtained at the expense of the Trustee, the Master Servicer or the Company; or there shall be delivered to the Trustee and the Company a transferor certificate by the transferor and an investment letter shall be executed by the transferee. The Holder hereof desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee and the Company 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.

No transfer of this Certificate to a Plan subject to ERISA or Section 4975 of the Code, any Person acting, directly or indirectly, on behalf of any such Plan or any person using Plan Assets to acquire this Certificate shall be made except in accordance with Section 5.02(c) of the Agreement.

B-3-5

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

B-3-6

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

Dated: December 21, 2006

DEUTSCHE BANK NATIONAL

TRUST COMPANY

as Trustee

By:______________________________

Authorized Signatory

CERTIFICATE OF AUTHENTICATION

This is one of the Class [1][2]-C Certificates referred to in the within-mentioned Agreement.


	DEUTSCHE BANK NATIONAL TRUST COMPANY as Trustee By:______________________________ Authorized Signatory

B-3-7

ASSIGNMENT

I (We) further direct the Trustee 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

B-3-8

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.

X-0-0

XXXXXXX X-0

FORM OF CLASS P CERTIFICATE

B-4-1

Certificate No. []

Class [1][2]-P	Aggregate Initial Certificate Principal

	Balance of the Class [1][2]-P Certificates:

	$[_________]

Date of Pooling and Servicing	Initial Certificate Principal Balance

Agreement and Cut-off Date: December 1, 2006	of this Certificate Denomination:

	$[_________]

First Distribution Date	Percentage Interest of this Certificate:

January 25, 2007	[___]%

Master Servicer	CUSIP: [_________]

Impac Funding Corporation

Assumed Final Distribution Date:

[________ ___], 20__

MORTGAGE PASS-THROUGH CERTIFICATE

SERIES 2006-5

evidencing a percentage interest in any distributions allocable to the Class [1][2]-P Certificates with respect to a Trust Fund consisting primarily of a pool of adjustable-rate and fixed-rate, first and second lien, one-to-four family residential mortgage loans and adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans formed and sold by IMPAC SECURED ASSETS CORP.

B-4-2

This certifies that Deutsche Bank National Trust Company is the registered owner of the Percentage Interest evidenced by this Class [1][2]-P Certificate (obtained by dividing the Denomination of this Class [1][2]-P Certificate by the Original Class Certificate Principal Balance) in certain distributions with respect to a Trust Fund consisting primarily of a pool adjustable-rate and fixed-rate, first and second lien, one-to-four family residential mortgage loans and adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans (the “Mortgage Loans”), formed and sold by Impac Secured Assets Corp. (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, Deutsche Bank National Trust Company, as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement; to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (the “Distribution Date”), commencing as described in the Agreement, to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month of such Distribution Date (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 Prepayment Charges and principal, if any) required to be distributed to Holders of Class [1][2]-P Certificates on such Distribution Date.

B-4-3

No transfer of a Certificate of this Class shall be made unless such transfer is made pursuant to an effective registration statement under the Act and any applicable state securities laws or is exempt from the registration requirements under said Act and such laws. In the event that a transfer is to be made in reliance upon an exemption from the Act and such laws, in order to assure compliance with the Act and such laws, the Certificateholder desiring to effect such transfer and such Certificateholder's prospective transferee shall each certify to the Trustee and the Company in writing the facts surrounding the transfer. In the event that such a transfer is not to be made pursuant to Rule 144A of the Act, there shall be delivered to the Trustee and the Company of an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Act, which Opinion of Counsel shall not be obtained at the expense of the Trustee, the Master Servicer or the Company; or there shall be delivered to the Trustee and the Company a transferor certificate by the transferor and an investment letter shall be executed by the transferee. The Holder hereof desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee and the Company 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.

B-4-4

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

B-4-5

B-4-6

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

Dated: December 21, 2006

DEUTSCHE BANK NATIONAL

TRUST COMPANY

as Trustee

By:______________________________

Authorized Signatory

CERTIFICATE OF AUTHENTICATION

This is one of the Class [1][2]-P Certificates referred to in the within-mentioned Agreement.


	DEUTSCHE BANK NATIONAL TRUST COMPANY as Trustee By:______________________________ Authorized Signatory

B-4-7

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)

the Percentage Interest evidenced by the within Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register of the Trust.

I (We) further direct the Trustee 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

B-4-8

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.

X-0-0

XXXXXXX X-0

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 REPRESENTS 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(c) OF THE AGREEMENT OR AN OPINION OF COUNSEL AS PROVIDED IN SECTION 5.02(c) THAT THE PURCHASE OF THIS CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, 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 POOLING AND SERVICING AGREEMENT (THE “AGREEMENT”).

THIS CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND WILL NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

B-5-1

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, (D) ANY ELECTING LARGE PARTNERSHIP WITHIN THE MEANING OF SECTION 775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), (C) OR (D) 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, (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND (4) SUCH TRANSFEREE IS NOT A NON-UNITED STATES PERSON. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR NON-UNITED STATE PERSON OR AN AGENT OF A DISQUALIFIED ORGANIZATION OR NON-UNITED STATES PERSON, 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.

B-5-2

Certificate No. 1

Class R

Date of Pooling and Servicing	Percentage Interest: 100%

Agreement and Cut-off Date: December 1, 2006

First Distribution Date: January 25, 2007

Master Servicer:

Impac Funding Corporation

Assumed Final Distribution Date: [_________], 20__	CUSIP: [_________]

MORTGAGE PASS-THROUGH CERTIFICATE,

SERIES 2006-5

evidencing a percentage interest in any distributions allocable to the Class R Certificates with respect to a Trust Fund consisting primarily of a pool of adjustable-rate and fixed-rate, first and second lien, one-to-four family residential mortgage loans and adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans formed and sold by IMPAC SECURED ASSETS CORP.

This certifies that Impac Funding Corporation is the registered owner of the Percentage Interest evidenced by this Certificate stated above in certain distributions with respect to a Trust Fund, consisting primarily of a pool of adjustable-rate and fixed-rate, first and second lien, one-to-four family residential mortgage loans and adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans (the “Mortgage Loans”), formed and sold by Impac Secured Assets Corp. (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, Deutsche Bank National Trust Company, as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

B-5-3

This Certificate does not have a principal balance or pass-through rate and will be entitled to distributions only to the Patent set forth in the Agreement. In addition, any distribution of the proceeds of any remaining assets of the Trust will be made only upon presentment and surrender of this Certificate at the office or agency maintained by the Trustee.

No transfer of a Certificate of this Class shall be made unless such transfer is made pursuant to an effective registration statement under the Act and any applicable state securities laws or is exempt from the registration requirements under said Act and such laws. In the event that a transfer is to be made in reliance upon an exemption from the Act and such laws, in order to assure compliance with the Act and such laws, the Certificateholder desiring to effect such transfer and such Certificateholder's prospective transferee shall each certify to the Trustee and the Company in writing the facts surrounding the transfer. In the event that such a transfer is not to be made pursuant to Rule 144A of the Act, there shall be delivered to the Trustee and the Company of an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Act, which Opinion of Counsel shall not be obtained at the expense of the Trustee, the Master Servicer or the Company; or there shall be delivered to the Trustee and the Company a transferor certificate by the transferor and an investment letter shall be executed by the transferee. The Holder hereof desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee and the Company 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.

Each Holder of this Certificate will be deemed to have agreed to be bound by the restrictions of the Agreement, including but not limited to the restrictions that (i) each person holding or acquiring any Ownership Interest in this Certificate must be a Permitted Transferee, (ii) no Ownership Interest, in this Certificate may be transferred without delivery to the Trustee of (a) a transfer affidavit of the proposed transferee and (b) a transfer certificate of the transferor, each of such documents to be in the form described in the Agreement, (iii) each person holding or acquiring any Ownership Interest in this Certificate must agree to require a transfer affidavit and to deliver a transfer certificate to the Trustee as required pursuant to the Agreement, (iv) each person holding or acquiring an Ownership Interest in this Certificate must agree not to transfer an Ownership Interest in this Certificate if it has actual knowledge that the proposed transferee is not a Permitted Transferee and (v) 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. Pursuant to the Agreement, the Trustee will provide the Internal Revenue Service and any pertinent persons with the information needed to compute the tax imposed under the applicable tax laws on transfers of residual interests to disqualified organizations, if any person other than a Permitted Transferee acquires an Ownership Interest on a Class [R] Certificate in violation of the restrictions mentioned above.

B-5-4

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, duly endorsed by, or accompanied by an, assignment in the form below or other written instrument of transfer in form satisfactory to the Trustee 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.

B-5-5

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

B-5-6

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

Dated: December 21, 2006

DEUTSCHE BANK NATIONAL

TRUST COMPANY

as Trustee

By:______________________________

Authorized Signatory

CERTIFICATE OF AUTHENTICATION

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


	DEUTSCHE BANK NATIONAL TRUST COMPANY as Trustee By:______________________________ Authorized Signatory

B-5-7

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)

the Percentage Interest evidenced by the within Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate Register of the Trust.

I (We) further direct the Trustee 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

B-5-8

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to ________________________________________________for the account of ______________ account number ___________, or, if mailed by check, to________________ _____ Applicable statements should be mailed to ______________________________________ ______________________________________________________________________________ _________.

This information is provided by __________________, the assignee named above, or ____________________, as its agent.

B-5-9

EXHIBIT C

FORM OF CUSTODIAN'S INITIAL CERTIFICATION

_______________, 20___

Impac Funding Corporation

00000 Xxxxxxxx Xxxx

Xxxxxx, Xxxxxxxxxx 00000

	Re:	Pooling and Servicing Agreement, dated as of December 1, 2006 among Impac
		Secured Assets Corp., Impac Funding Corporation and Deutsche Bank National
		Trust Company, Mortgage Pass-Through Certificates, Series 2006-5

Ladies and Gentlemen:

In accordance with Section 2.02 of the above-captioned Pooling and Servicing Agreement, the undersigned, as Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on the attachment hereto) it has reviewed the Mortgage File and the Mortgage Loan Schedule and has determined that: (i) all documents required to be included in the Mortgage File are in its possession; (ii) such documents have reviewed by it and appear regular on their face and relate to such Mortgage Loan; and (iii) based on examination by it, and only as to such documents, the information set forth in items (iii) and (iv) of the definition or description of “Mortgage Loan Schedule” is correct.

The Custodian has made no independent examination of any documents contained in each Mortgage File beyond the review specifically required in the above-referenced Pooling and Servicing Agreement. The Custodian makes no representation that any documents specified in clause (vi) of Section 2.01 should be included in any Mortgage File. The Custodian makes no representations as to and shall not be responsible to verify: (i) the validity, legality, sufficiency, enforceability, due authorization, recordability or genuineness of any of the documents contained in each Mortgage File of any of the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the collectability, insurability, effectiveness or suitability of any such Mortgage Loan, or (iii) the existence of any assumption, modification, written assurance or substitution agreement with respect to any Mortgage File if no such documents appear in the Mortgage File delivered to the Custodian.

C-1

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

	[_______________________________]

	By: ________________________________

	Name:

	Title:

C-2

EXHIBIT D

FORM OF CUSTODIAN FINAL CERTIFICATION

______________, 20__

Impac Funding Corporation

00000 Xxxxxxxx Xxxx

Xxxxxx, Xxxxxxxxxx 00000

Ambac Assurance Corporation

	Re:	Pooling and Servicing Agreement, dated as of December 1, 2006 among Impac
		Secured Assets Corp., Impac Funding Corporation and Deutsche Bank National
		Trust Company, Mortgage Pass-Through Certificates, Series 2006-5

Ladies and Gentlemen:

The Custodian has made no independent examination of any documents contained in each Mortgage File beyond the review specifically required in the above-referenced Pooling and Servicing Agreement. The Custodian makes no representation that any documents specified in clause (vi) of Section 2.01 should be included in any Mortgage File. The Custodian makes no representations as to and shall not be responsible to verify: (i) the validity, legality, sufficiency, enforceability, due authorization, recordability or genuineness of any of the documents contained in each Mortgage File of any of the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the collectability, insurability, effectiveness or suitability of any such Mortgage Loan or (iii) the existence of any assumption, modification, written assurance or substitution agreement with respect to any Mortgage File if no such documents appear in the Mortgage File delivered to the Custodian.

D-1

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

	[_______________________________]

	By: ________________________________

	Name:

	Title:

D-2

EXHIBIT E

FORM OF REMITTANCE REPORT

(Provided Upon Request)

E-1

EXHIBIT F-1

REQUEST FOR RELEASE

(for Custodian)

Loan Information
	Name of Mortgagor:	___________________________

	Master Servicer

	Loan No.:	___________________________

Trustee
	Name:	___________________________

	Address:	___________________________

		___________________________

	Trustee

	Mortgage File No.:	___________________________

F-1-1

Request for Requesting Documents (check one):

Mortgage Loan Liquidated.

(The Master Servicer hereby certifies that all proceeds of foreclosure, insurance or other liquidation have been finally received and deposited into the Custodial Account to the extent required pursuant to the Pooling and Servicing Agreement.)

Mortgage Loan in Foreclosure.

Mortgage Loan Repurchased Pursuant to Section 9.01 of the Pooling and Servicing Agreement.

Mortgage Loan Repurchased Pursuant to Article II of the Pooling and Servicing Agreement.

(The Master Servicer hereby certifies that the repurchase price has been deposited into the Custodial Account pursuant to the Pooling and Servicing Agreement.)

Other (explain).

_________________________________________________________________________

F-1-2

The undersigned Master Servicer hereby acknowledges that it has received from the Trustee for the Holders of Mortgage Pass-Through Certificates, Series 2006-5, the documents referred to below (the “Documents”). All capitalized terms not otherwise defined in this Request for Release shall have the meanings given them in the Pooling and Servicing Agreement, dated as of December 1, 2006 (the “Pooling and Servicing Agreement”), among Impac Secured Assets Corp., Impac Funding Corporation and the Trustee.

( )	Promissory Note dated _________________, 200_, in the original principal sum of $__________, made by __________________, payable to, or endorsed to the order of, the Trustee.

( )	Mortgage recorded on _________________________ as instrument no. ___________ in the County Recorders Office of the County of ______________________, State of _____________________ in book/reel/docket of official records at page/image _______________.

( )	Deed of Trust recorded on ____________________ as instrument no._____________ in the County Recorder's Office of the County of ______________________, State of _____________________in book/reel/docket __________________ of official records at page/image ________________.

( )	Assignment of Mortgage or Deed of Trust to the Trustee, recorded on _______________ as instrument no. ______________ in the County Recorder's Office of the County of ________________, State of ___________________ in book/reel/docket ____________ of official records at page/image ___________.

( )	Other documents, including any amendments, assignments or other assumptions of the Mortgage Note or Mortgage.

	( )	_________________________

	( )	_________________________

	( )	_________________________

	( )	_________________________

F-1-3

The undersigned Master Servicer hereby acknowledges and agrees as follows:

(1) The Master Servicer shall hold and retain possession of the Documents in trust for the benefit of the Trustee, solely for the purposes provided in the Agreement.

(2) The Master Servicer shall not cause or knowingly permit the Documents to become subject to, or encumbered by, any claim, liens, security interest, charges, writs of attachment or other impositions nor shall the Master Servicer assert or seek to assert any claims or rights of setoff to or against the Documents or any proceeds thereof.

(3) The Master Servicer shall return each and every Document previously requested from the Mortgage File to the Custodian when the need therefor no longer exists, unless the Mortgage Loan relating to the Documents has been liquidated and the proceeds thereof have been remitted to the Custodial Account and except as expressly provided in the Agreement.

(4) The Documents and any proceeds thereof, including any proceeds of proceeds, coming into the possession or control of the Master Servicer shall at all times be earmarked for the account of the Trustee, and the Master Servicer shall keep the Documents and any proceeds separate and distinct from all other property in the Master Servicer's possession, custody or control.

	IMPAC FUNDING CORPORATION
	By: ___________________________ Title: ___________________________

Date: _________________, 200_

F-1-4

EXHIBIT F-2

REQUEST FOR RELEASE

[Mortgage Loans Paid in Full]

OFFICER'S CERTIFICATE AND TRUST RECEIPT

MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2006-5

_____________________________________ HEREBY CERTIFIES THAT HE/SHE IS AN OFFICER OF THE MASTER SERVICER, HOLDING THE OFFICE SET FORTH BENEATH HIS/HER SIGNATURE, AND HEREBY FURTHER CERTIFIES AS FOLLOWS:

WITH RESPECT TO THE MORTGAGE LOANS, AS THE TERM IS DEFINED IN THE POOLING AND SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

ALL PAYMENTS OF PRINCIPAL, PREMIUM (IF ANY), AND INTEREST HAVE BEEN MADE.

LOAN NUMBER: _____________________	BORROWER'S NAME: ________________

COUNTY: ___________________________

F-2-1

WE HEREBY CERTIFY THAT ALL AMOUNTS RECEIVED IN CONNECTION WITH SUCH PAYMENTS, WHICH ARE REQUIRED TO BE DEPOSITED IN THE CUSTODIAL ACCOUNT PURSUANT TO SECTION 3.10 OF THE POOLING AND SERVICING AGREEMENT, HAVE BEEN OR WILL BE CREDITED.

_________ ____________

DATED: _____________________

// VICE PRESIDENT

// ASSISTANT VICE PRESIDENT

F-2-2

EXHIBIT G-1

FORM OF INVESTOR REPRESENTATION LETTER

___________,200__

Impac Secured Assets Corp.

00000 Xxxxxxxx Xxxx

Xxxxxx, Xxxxxxxxxx 00000

DB Services Tennessee

000 Xxxxxxxxx Xxxx Xxxx

Xxxxxxxxx, Xxxxxxxxx 00000-0000

Attention: Transfer Unit

Re:

Impac Secured Assets Corp.

Mortgage Pass-Through Certificates Series 2006-5, Class [_] Certificates

Ladies and Gentlemen:

______________ (the “Purchaser”) intends to purchase from ______________ (the “Seller”) $_________ Initial Certificate Principal Balance of Mortgage Pass-Through Certificates, Series 2006-5, Class _____ (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of December 1, 2006 among Impac Secured Assets Corp., as depositor (the “Company”), Impac Funding Corporation, as master servicer, Deutsche Bank National Trust Company, as trustee (the “Trustee”). All terms used herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and warrants to, and covenants with, the Company and the Trustee that:

1. The Purchaser understands that (a) the Certificates have not been and will not be registered or qualified under the Securities Act of 1933, as amended (the “Act”) or any state securities law, (b) the Company is not required to so register or qualify the Certificates, (c) the Certificates may be resold only if registered and qualified pursuant to the provisions of the Act or any state securities law, or if an exemption from such registration and qualification is available, (d) the Pooling and Servicing Agreement contains restrictions regarding the transfer of the Certificates and (e) the Certificates will bear a legend to the foregoing effect.

G-1-1

2. The Purchaser is acquiring the Certificates for its own account for investment only and not with a view to or for sale in connection with any distribution thereof in any manner that would violate the Act or any applicable state securities laws.

3. The Purchaser is (a) a substantial, sophisticated institutional investor having such knowledge and experience in financial and business matters, and, in particular, in such matters related to securities similar to the Certificates, such that it is capable of evaluating the merits and risks of investment in the Certificates, (b) able to bear the economic risks of such an investment and (c) an “accredited investor” within the meaning of Rule 501 (a) promulgated pursuant to the Act.

4. The Purchaser has been furnished with, and has had an opportunity to review (a) a copy of the Pooling and Servicing Agreement and (b) 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.

5. The Purchaser has not and will not nor has it authorized or will it authorize any person to (a) offer, pledge, sell, dispose of or otherwise transfer any Certificate, any interest in any Certificate or any other similar security to any person in any manner, (b) solicit any offer to buy or to accept a pledge, disposition of other transfer of any Certificate, any interest in any Certificate or any other similar security from any person in any manner, (c) otherwise approach or negotiate with respect to any Certificate, any interest in any Certificate or any other similar security with any person in any manner, (d) make any general solicitation by means of general advertising or in any other manner or (e) take any other action, that (as to any of (a) through (e) above) would constitute a distribution of any Certificate under the Act, that would render the disposition of any Certificate a violation of Section 5 of the Act or any state securities law, or that would require registration or qualification pursuant thereto. The Purchaser will not sell or otherwise transfer any of the Certificates, except in compliance with the provisions of the Pooling and Servicing Agreement.

	Very truly yours,

	(Purchaser)

G-1-2

By:

Name:

Title:

G-1-3

EXHIBIT G-2

FORM OF TRANSFEROR REPRESENTATION LETTER

______________,200___

Impac Secured Assets Corp.

00000 Xxxxxxxx Xxxx

Xxxxxx, Xxxxxxxxxx 00000

DB Services Tennessee

000 Xxxxxxxxx Xxxx Xxxx

Xxxxxxxxx, Xxxxxxxxx 00000-0000

Attention: Transfer Unit

Re:

Impac Secured Assets Corp.

Mortgage Pass-Through Certificates, Series 2006-5, Class [] Certificates

Ladies and Gentlemen:

In connection with the sale by ___________ (the “Seller”) to ________ (the “Purchaser”) of $_________ Initial Certificate Principal Balance of Mortgage Pass-Through Certificates, Series 2006-5, Class _____ (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of December 1, 2006 among Impac Secured Assets Corp., as depositor (the “Company”), Impac Funding Corporation, as master servicer, Deutsche Bank National Trust Company, as trustee (the “Trustee”). The Seller hereby certifies, represents and warrants to, and covenants with, the Company and the Trustee that:

Neither the Seller nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred any Certificate, any interest in any Certificate or any other similar security to any person in any manner, (b) has solicited any offer to buy or to accept a pledge, disposition or other transfer of any Certificate, any interest in any Certificate or any other similar security from any person in any manner, (c) has otherwise approached or negotiated with respect to any Certificate, any interest in any Certificate or any other similar security with any person in any manner, (d) has made any general solicitation by means of general advertising or in any other manner, or (e) has taken any other action, that (as to any of (a) through (e) above) would constitute a distribution of the Certificates under the Securities Act of 1933 (the “Act”), that would render the disposition of any Certificate a violation of Section 5 of the Act or any state securities law, or that would require registration or qualification pursuant thereto. The Seller will not act in any manner set forth in the foregoing sentence with respect to any Certificate. The Seller has not and will not sell or otherwise transfer any of the Certificates, except in compliance with the provisions of the Pooling and Servicing Agreement.

G-2-1

	Very truly yours, _____________________ (Seller)

	By: _____________________ Name: ___________________ Title: _____________________

G-2-2

EXHIBIT G-3

FORM OF RULE 144A INVESTMENT REPRESENTATION

Description of Rule 144A Securities, including numbers:

Impac Secured Assets Corp.

Mortgage Pass-Through Certificates

Series 2006-5, Class ____, No. ____

The undersigned seller, as registered holder (the “Transferor”), 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 Transferor hereby certifies the following facts: Neither the Transferor 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, 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, which would constitute a distribution of the Rule 144A Securities under the Securities Act of 1933, as amended (the “1933 Act”), or which 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 Transferor 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 0000 Xxx.

2. The Buyer warrants and represents to, and covenants with, the Transferor, the Trustee and the Master Servicer pursuant to Section 5.02 of the Pooling and Servicing Agreement 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 Transferor, the Trustee or the Master Servicer.

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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 144 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 account of other qualified institutional buyers, understands that such Rule 144 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 warrants and represents to, and covenants with, the Transferor, the Servicer and the Company that either (1) the Buyer is not an employee benefit plan within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) (“Plan”), or a plan within the meaning of Section 4975(e)(1) of the Internal Revenue Code of 1986 (the “Code”) (also a “Plan”), and the Buyer is not directly or indirectly purchasing the Rule 144A Securities on behalf of, as investment manager of, as named fiduciary of, as trustee of, or with assets of a Plan, or (2) the Buyer has provided the Trustee with the opinion letter required by section 5.02(c) of the Pooling and Servicing Agreement.

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.

G-3-2

IN WITNESS WHEREOF, each of the parties has executed this document as of the date set forth below.

________________________________ Print Name of Transferor	________________________________ Print Name of Buyer

By: ________________________________ Name: Title:	By: ________________________________ Name: Title:

Taxpayer Identification: No. ________________________________ Date:	Taxpayer Identification: No. ________________________________ Date:

G-3-3

ANNEX 1 TO EXHIBIT G-

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 $____________________¹ 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 statement, a copy of which is attached hereto.
____	Savings and Loan. The Buyer (a) is a savings and loan association, building and loan association, cooperative bank, homestead association or similar institution, which is supervised and examined by a State or Federal authority having supervision over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an audited net worth of at least $25,000,000 as demonstrated in its latest annual financial statements.

___________

¹ Buyer must own and/or invest on a discretionary basis at least $100,000,000 in securities unless Buyer is a dealer, and, in that case, Buyer must own and/or invest on a discretionary basis at least $10,000,000 in securities.

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____	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, 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.

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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: ________________________________

G-3-6

ANNEX 2 TO EXHIBIT G-3

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.

G-3-7

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: ________________________________

G-3-8

EXHIBIT G-4

FORM OF TRANSFEROR CERTIFICATE

______________, 200__

Impac Secured Assets Corp.

00000 Xxxxxxxx Xxxx

Xxxxxx, Xxxxxxxxxx 00000

DB Services Tennessee

000 Xxxxxxxxx Xxxx Xxxx

Xxxxxxxxx, Xxxxxxxxx 00000-0000

Attention: Transfer Unit

Re:

Impac Secured Assets Corp.

Mortgage Pass-Through Certificates

Series 2006-5, Class [R]_________

Ladies and Gentlemen:

This letter is delivered to you in connection with the sale by ________________________ (the “Seller”) to _______________________________________ (the “Purchaser”) of a ____% Percentage Interest in the Mortgage Pass-Through Certificates, Series 2006-5, Class [R] “Certificates”), issued pursuant to Section 5.02 of the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of December 1, 2006, among Impac Secured Assets Corp., as depositor (the “Company”), Impac Funding Corporation, as master servicer and Deutsche Bank National Trust Company, as trustee (the “Trustee”). All terms used herein and not otherwise defined shall have the meaning 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 sale of the Certificates by the Seller to the Purchaser is or will be to impede the assessment or collection of any tax.

2. The Seller understands that the Purchaser has delivered to the Trustee and the Master Servicer a transfer affidavit and agreement in the form attached to the Pooling and Servicing Agreement as Exhibit G-5. The Seller does not know or believe that any representation contained therein is false.

3. The Seller has at the time of the transfer conducted a reasonable investigation of the financial condition of the Purchaser as contemplated by Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Seller has determined that the Purchaser has historically paid its debts as they have 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 the Certificates 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.

G-4-1

4. The Seller has no actual knowledge that the proposed Transferee is a Disqualified Organization, an agent of a Disqualified Organization or a Non-United States Person.

	Very truly yours, ________________________________ (Seller)

	By: ________________________________ Name________________________________ Title: ________________________________

G-4-2

EXHIBIT G-5

FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF	)
	:ss.
COUNTY OF	)

___________________, being first duly sworn, deposes, represents and warrants:

1. That he/she is [Title of Officer] of [Name of Owner], a [savings institution] [corporation] duly organized and existing under the laws of [the State of __________] [the United States], (the “Owner”), (record or beneficial owner of the Class [R] Certificates (the “Class [R] Certificates”) on behalf of which he/she makes this affidavit and agreement). This Class [R] Certificates were issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of December 1, 2006 among Impac Secured Assets Corp., as depositor, Impac Funding Corporation, as master servicer (the “Master Servicer”) and Deutsche Bank National Trust Company, as trustee (the “Trustee”).

2. That the Owner (i) is not and will not be a “disqualified organization” as of _____________ [date of transfer] within the meaning of Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”), (ii) will endeavor to remain other than a disqualified organization for so long as it retains its ownership interest in the Class [R] Certificates, and (iii) is acquiring the Class [R] Certificates for its own account or for the account of another Owner from which it has received an affidavit and agreement in substantially the same form as this affidavit and agreement. (For this purpose, a “disqualified organization” means the United States, any state or political subdivision thereof, any agency or instrumentality of any of the foregoing (other than an instrumentality all of the activities of which are subject to tax and, except for Xxxxxxx Mac, a majority of whose board of directors is not selected by any such governmental entity) or any foreign government, international organization or any agency or instrumentality of such foreign government or organization, any rural electric or telephone cooperative, or any organization (other than certain farmers' cooperatives) that is generally exempt from federal income tax unless such organization is subject to the tax on unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on transfers of Class R Certificates to disqualified organizations under the Code, that applies to all transfers of Class [R] Certificates after March 31, 1988; (ii) that such tax would be on the transferor, or, if such transfer is through an agent (which person includes a broker, nominee or middleman) for a disqualified organization, on the agent; (iii) that the person otherwise liable for the tax shall be relieved of liability for the tax if the transferee furnishes to such person an affidavit that the transferee is not a disqualified organization and, at the time of transfer, such person does not have actual knowledge that the affidavit is false; and (iv) that the Class [R] Certificates may be “noneconomic residual interests” within the meaning of Treasury regulations promulgated pursuant to the Code and that the transferor of a noneconomic residual interest will remain liable for any taxes due with respect to the income on such residual interest, unless no significant purpose of the transfer was to impede the assessment or collection of tax.

G-5-1

4. That the Owner is aware of the tax imposed on a “pass-through entity” holding Class [R] Certificates if at any time during the taxable year of the pass-through entity a disqualified organization is the record holder of an interest in such entity. (For this purpose, a “pass through entity” includes a regulated investment company, a real estate investment trust or common trust fund, a partnership, trust or estate, and certain cooperatives.)

5. 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.

6. That the Owner has reviewed the restrictions set forth on the face of the Class [R] Certificates and the provisions of Section 5.02(e) 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(e) 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(e)). The Owner expressly agrees to be bound by and to comply with such restrictions and provisions.

7. 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.

8. The Owner's Taxpayer Identification Number is ____________________ and the Owner has provided to the Trustee a correct, complete and duly executed Internal Revenue Service Form W-9 (or successor thereto), together with appropriate attachments.

9. 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.

10. 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.

11. 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.

G-5-2

12. 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.

13. 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, provided that with respect to any partnership or other entity treated as a partnership for United States federal income tax purposes, all persons that own an interest in such partnership either directly or through any entity that is not a corporation for United States federal income tax purposes are required by the applicable operative agreement to be United States Persons, or an estate or trust whose income from sources without the United States is includible in gross income for United States federal income tax purposes regardless of its connection with the conduct of a trade or business within the United States.

14. (a) The Certificates (i) are not being acquired by, and will not be transferred to, any employee benefit plan within the meaning of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or other retirement arrangement, including individual retirement accounts and annuities, Xxxxx plans and bank collective investment funds and insurance company general or separate accounts in which such plans, accounts or arrangements are invested, that is subject to ERISA or Section 4975 of the Internal Revenue Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being acquired with “plan assets” of a Plan within the meaning of the Department of Labor (“DOL”) regulation, 29 C.F.R. § 2510.3-101 or otherwise under ERISA, and (iii) will not be transferred to any entity that is deemed to be investing in plan assets of a plan within the meaning of the DOL regulation, 29 C.F.R. § 2510.3-101 or otherwise under ERISA; or

(b) The Owner will provide the Trustee with an opinion of counsel, as specified in Section 5.02(c) of the Pooling and Servicing Agreement, acceptable to and in form and substance satisfactory to the Trustee to the effect that the purchase of Certificates is permissible under applicable law, will not constitute or result in any non-exempt prohibited transaction under ERISA or Section 4975 of the Code 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 the Pooling and Servicing Agreement.

In addition, the Owner hereby certifies, represents and warrants to, and covenants with, the Company, the Trustee and the Master Servicer that the Owner will not transfer such Certificates to any Plan or person unless either such Plan or person meets the requirements set forth in either (a) or (b) above.

Capitalized terms used but not defined herein shall have the meanings assigned in the Pooling and Servicing Agreement.

G-5-3

IN WITNESS WHEREOF, the Owner has caused this instrument to be executed on its behalf, by its [Title of Officer] and its corporate seal to be hereunto attached, attested by its [Assistant] Secretary, this ______ day of _____________, _____.

	________________________________ [NAME OF OWNER] By: ________________________________ [Name of Officer] [Title of Officer]
[Corporate Seal] ATTEST: ________________________________ [Assistant] Secretary

G-5-4

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 such person executed the same as such person's free act and deed and the free act and deed of the Owner.

Subscribed and sworn before me this ____ day of ___________, 200__.

________________________________

NOTARY PUBLIC

COUNTY OF_________________________

STATE OF___________________________

My Commission expires the ____ day of __________, 200__.

G-5-5

EXHIBIT H

MORTGAGE LOAN SCHEDULE

(Provided Upon Request)

X-0

XXXX                                                    XXXXX                  ZIPCODE              ORIGINAL_TERM                 ORIGINAL_BALANCE              CURRENT_RATE               FIRST_PAY_DATE   PROPERTY_TYPE                              CURRENT_PAYMENT                 CURRENT_BALANCE              CURRENT_RATE    OCCUPANCY              LOAN_PURPOSE                                 ORIGINAL_APPRAISAL_VALUE                REMAINING_TERM   IPTD                     SERVICING_FEE               SERVICING_FEE_2           NET_RATE           LPMI_FEE    INSURER                                        MI_PERCENT   DOCUMENTATION_CODE                                      PREPAY_PENALTY_TERM    PREPAY_PENALTY_DESC                               GROSS_MARGIN    INDEX                 Rate Adj Freq
XXXXXXXXXX                                              XX                       00000                        240                        71,300.00                    11.100                     20051101   SFR                                                 740.81                       70,047.79                    11.100    Owner Occupied         Purchase                                                   366,000.00                           226      20061201                      0.500                         0.030             10.570                                                                                   Express Non-Verified Assets                                              36    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        360                       159,600.00                     8.000                     20060510   SFR                                               1,171.09                      158,835.21                     8.000    Investment             Purchase                                                   285,000.00                           352      20061110                      0.375                         0.030              7.595                                                                                   Stated                                                                                                                                    4.5    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       288,750.00                     8.000                     20060601   SFR                                               1,925.00                      288,750.00                     8.000    Owner Occupied         Purchase                                                   390,000.00                           353      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        180                        63,000.00                    11.875                     20060701   SFR                                                 623.44                       63,000.00                    11.875    Owner Occupied         Purchase                                                   315,000.00                           174      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXX                                                  XX                       00000                        360                        93,555.00                    10.900                     20061001   D-PUDS                                              883.88                       93,451.80                    10.900    Investment             Purchase                                                   105,000.00                           357      20061201                      0.375                         0.030             10.495                                                                                   SISA                                                                                                                                        0    XXXXX                             0
XXXXXXXXXXXXX                                           XX                       00000                        180                       184,000.00                    14.750                     20060801   SFR                                               2,289.84                      183,855.63                    14.750    Investment             Purchase                                                 1,125,000.00                           175      20061201                      0.500                         0.030             14.220                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXX                                                  XX                       00000                        180                       156,800.00                    12.975                     20061001   4-FAMILY                                          1,731.46                      156,690.65                    12.975    Owner Occupied         Purchase                                                   784,000.00                           177      20061201                      0.500                         0.030             12.445                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXX                                                   XX                       00000                        180                        31,000.00                    12.550                     20061001   SFR                                                 324.21                       31,000.00                    12.550    Owner Occupied         CashOut Refi                                               310,000.00                           177      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXX                                                   XX                       00000                        180                       116,390.00                    13.000                     20060801   SFR                                               1,287.51                      116,253.99                    13.000    Owner Occupied         Purchase                                                   581,950.00                           175      20061201                      0.500                         0.030             12.470                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXX                                                  XX                       00000                        180                       130,000.00                    10.250                     20061001   SFR                                               1,110.42                      130,000.00                    10.250    Owner Occupied         Purchase                                                   650,000.00                           177      20061201                      0.500                         0.030              9.720                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        360                       172,900.00                     8.625                     20060801   SFR                                               1,242.72                      172,900.00                     8.625    Owner Occupied         Purchase                                                   185,000.00                           355      20061201                      0.375                         0.030              7.040               1.18    RADIAN - LENDER PAID                                   30   Express No Xxx                                                                                                                          0.000    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       114,373.00                     7.000                     20061101   SFR                                                 667.18                      114,373.00                     7.000    2nd Home               Purchase                                                   163,500.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
XXX XXXXX                                               XX                       00000                        180                        45,000.00                    10.500                     20061001   SFR                                                 411.63                       44,945.89                    10.500    Owner Occupied         CashOut Refi                                               450,000.00                           177      20061201                      0.500                         0.030              9.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXX XXX                                               XX                       00000                        360                       327,000.00                     7.250                     20061201   SFR                                               1,975.63                      327,000.00                     7.250    Owner Occupied         CashOut Refi                                               650,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
XXXXXXXXXXX                                             XX                       00000                        180                        32,500.00                    12.500                     20061001   D-PUDS                                              346.86                       32,474.79                    12.500    Owner Occupied         CashOut Refi                                               975,000.00                           177      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        180                        45,000.00                    12.000                     20060901   CONDO                                               462.88                       44,947.70                    12.000    Investment             Purchase                                                   225,000.00                           176      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX XXXXX XXXX                                      XX                       00000                        360                       296,000.00                     7.125                     20060901   CONDO                                             1,757.50                      296,000.00                     7.125    Owner Occupied         Purchase                                                   370,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                             0
XXXXXX XXXXX XXXXXXXXX                                  XX                       00000                        360                       334,800.00                     6.000                     20061201   CONDO                                             1,674.00                      334,800.00                     6.000    Owner Occupied         Rate Refi                                                  430,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXX                                                   XX                       00000                        180                        97,065.00                    12.125                     20060701   SFR                                               1,007.77                       96,870.06                    12.125    Owner Occupied         CashOut Refi                                               485,500.00                           174      20070101                      0.250                         0.030             11.845                                                                                   Stated                                                                   24    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        180                        62,900.00                    14.350                     20061001   D-PUDS                                              752.18                       62,900.00                    14.350    Investment             Purchase                                                   314,950.00                           177      20061201                      0.500                         0.030             13.820                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXXXX                                             XX                       00000                        180                        37,980.00                    13.100                     20061001   SFR                                                 423.11                       37,954.23                    13.100    Investment             Purchase                                                   190,000.00                           177      20061201                      0.500                         0.030             12.570                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXX                                               XX                       00000                        360                        97,420.00                     8.250                     20061001   SFR                                                 669.76                       95,901.88                     8.250    Investment             Purchase                                                   130,000.00                           357      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXX                                                   XX                       00000                        180                       120,000.00                    13.500                     20061001   D-PUDS                                            1,350.00                      120,000.00                    13.500    Owner Occupied         Purchase                                                   480,000.00                           177      20061201                      0.500                         0.030             12.970                                                                                   Stated                                                                                                                                      0    FIXED
XXXX XXXXXXXXXX                                         XX                       00000                        180                        79,900.00                    12.625                     20061101   SFR                                                  860.5                       79,860.02                    12.625    Owner Occupied         Purchase                                                   810,000.00                           178      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        180                        26,500.00                    11.750                     20061001   SFR                                                 267.49                       26,475.73                    11.750    Owner Occupied         CashOut Refi                                               265,000.00                           177      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                                                                                      0    FIXED
DOS XXXXX                                               XX                       00000                        360                       297,400.00                     6.500                     20061201   SFR                                               1,610.92                      297,400.00                     6.500    Owner Occupied         Purchase                                                   382,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    X                                                            0    XXXXX                             0
XXX XXXXX                                               XX                       00000                        180                        74,350.00                    12.000                     20061201   SFR                                                 764.77                       74,328.73                    12.000    Owner Occupied         Purchase                                                   382,000.00                           179      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXXX                                               XX                       00000                        360                       373,950.00                     6.625                     20061101   HI-RISE                                           2,064.52                      373,950.00                     6.625    2nd Home               Purchase                                                   418,000.00                           358      20061201                      0.375                         0.030              6.220                       RADIAN - BORROWER PAID                                 25   Express Non-Verified Assets                                              00    X                                                            0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        180                       112,000.00                    11.850                     20061101   SFR                                               1,139.13                      111,933.41                    11.850    Owner Occupied         Purchase                                                   560,000.00                           178      20061201                      0.500                         0.030             11.320                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXX                                                  XX                       00000                        180                       119,000.00                    12.750                     20061101   CONDO                                             1,293.16                      118,942.13                    12.750    Owner Occupied         Purchase                                                   595,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        240                        57,900.00                    13.650                     20061001   D-PUDS                                              705.33                       57,758.24                    13.650    Owner Occupied         CashOut Refi                                               193,000.00                           237      20061201                      0.500                         0.030             13.120                                                                                   Stated                                                                                                                                      0    FIXED
XXXX XXXXX                                              XX                       00000                        180                       110,000.00                    12.000                     20061001   SFR                                               1,131.47                      109,904.65                    12.000    Owner Occupied         CashOut Refi                                               550,000.00                           177      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        180                        82,500.00                    13.650                     20061001   D-PUDS                                              954.71                       82,450.63                    13.650    Owner Occupied         Purchase                                                   278,000.00                           177      20061201                      0.500                         0.030             13.120                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        180                        63,000.00                    14.500                     20061001   SFR                                                 761.25                       63,000.00                    14.500    Investment             Purchase                                                   330,000.00                           177      20061201                      0.500                         0.030             13.970                                                                                   Stated                                                                                                                                      0    FIXED
XXXXX                                                   XX                       00000                        180                        32,250.00                    14.500                     20061101   SFR                                                 394.92                       32,239.47                    14.500    Investment             CashOut Refi                                               215,000.00                           178      20061201                      0.500                         0.030             13.970                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXX                                                XX                       00000                        360                       480,000.00                     5.875                     20061201   D-PUDS                                            2,350.00                      480,000.00                     5.875    Owner Occupied         Purchase                                                   745,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Express Non-Verified Assets                                              00    X                                                            0    XXXXX                             0
XXXXX XXXX                                              XX                       00000                        360                       163,300.00                     7.875                     20061101   SFR                                               1,184.04                      163,074.50                     7.875    Owner Occupied         Purchase                                                   172,000.00                           358      20061201                      0.375                         0.030              7.470                       RADIAN - BORROWER PAID                                 30   Express No Doc                                                                                                                              3    LIBOR                             6
XXXXXX                                                  XX                       00000                        180                        27,135.00                    14.400                     20061101   CONDO                                               330.12                       27,125.95                    14.400    Investment             Purchase                                                   195,000.00                           178      20061201                      0.500                         0.030             13.870                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXX XXXXXXX                                            XX                       00000                        360                       314,250.00                     7.000                     20061001   SFR                                               1,952.85                      313,888.72                     7.000    Investment             Purchase                                                   413,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXX                                                  XX                       00000                        180                        65,000.00                    12.750                     20061101   SFR                                                 706.35                       64,968.39                    12.750    2nd Home               Purchase                                                   410,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXX XXXXXXXXX                                          XX                       00000                        180                        31,000.00                    12.375                     20061101   SFR                                                 327.85                       30,983.59                    12.375    Owner Occupied         CashOut Refi                                               315,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXX                                                   XX                       00000                        180                        32,800.00                    14.255                     20061201   CONDO                                               395.27                       32,794.37                    14.255    Owner Occupied         Purchase                                                   175,000.00                           179      20061201                      0.500                         0.030             13.725                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXX XXXXX                                               XX                       00000                        180                        37,000.00                    12.550                     20061001   D-PUDS                                              386.96                       37,000.00                    12.550    Owner Occupied         Rate Refi                                                  370,000.00                           177      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXX XXX                                               XX                       00000                        360                       469,000.00                     6.625                     20061201   SFR                                               2,589.27                      469,000.00                     6.625    Investment             CashOut Refi                                               670,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       400,000.00                     8.875                     20070101   D-PUDS                                            2,958.33                      400,000.00                     8.875    Owner Occupied         Rate Refi                                                  500,000.00                           360      20061201                      0.375                         0.030              8.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXXXX                                                   XX                       00000                        180                        28,500.00                    11.500                     20061101   D-PUDS                                              282.23                       28,481.71                    11.500    Owner Occupied         CashOut Refi                                               290,000.00                           178      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        360                       460,000.00                     6.875                     20061201   SFR                                               2,635.42                      460,000.00                     6.875    Owner Occupied         Purchase                                                   575,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                          2.5    LIBOR                             6
XXXXXXX XXXX                                            XX                       00000                        180                        50,100.00                    12.750                     20061101   SFR                                                 544.43                       50,070.00                    12.750    2nd Home               Purchase                                                   335,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       110,000.00                     6.125                     20061101   SFR                                                 561.46                      110,000.00                     6.125    Owner Occupied         Rate Refi                                                  315,000.00                           358      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                     00    X                                                            0    XXXXX                             0
XXXXXXX XXX XXXX                                        XX                       00000                        360                       500,000.00                     5.750                     20061201   SFR                                               2,917.86                      499,477.97                     5.750    Owner Occupied         Purchase                                                 1,750,000.00                           359      20061201                      0.250                         0.030              5.470                                                                                   Full                                                                     12    H                                                                 FIXED
XXX XXXXXXX                                             XX                       00000                        180                        98,400.00                    11.375                     20061101   SFR                                                 965.07                       98,335.05                    11.375    Owner Occupied         Purchase                                                   492,000.00                           178      20061201                      0.500                         0.030             10.845                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX XXXXX                                           XX                       00000                        180                        44,000.00                    10.650                     20061001   D-PUDS                                              407.43                       43,948.76                    10.650    Owner Occupied         CashOut Refi                                               440,000.00                           177      20061201                      0.500                         0.030             10.120                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXX                                                XX                        0000                        360                       226,000.00                     7.875                     20061101   SFR                                               1,483.13                      226,000.00                     7.875    Owner Occupied         CashOut Refi                                               515,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXX                                                  XX                       00000                        360                       417,000.00                     9.750                     20061001   D-PUDS                                            3,388.13                      417,000.00                     9.750    Investment             Purchase                                                   505,000.00                           357      20061201                      0.375                         0.030              8.405               0.94    PMI - LENDER PAID                                      22   SISA                                                                     00    X                                                          0.0    XXXXX                             0
XXXXX                                                   XX                       00000                        360                       324,000.00                     9.000                     20061001   CONDO                                             2,430.00                      324,000.00                     9.000    Investment             Purchase                                                   432,000.00                           357      20061201                      0.375                         0.030              8.595                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXX XXXXX                                             XX                       00000                        180                       126,000.00                    13.350                     20061101   SFR                                               1,428.36                      125,946.48                    13.350    Owner Occupied         Purchase                                                   425,000.00                           178      20061201                      0.500                         0.030             12.820                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXXXXXX XXXXX                                        XX                       00000                        360                       127,680.00                     7.875                     20061101   SFR                                                 925.77                      127,503.68                     7.875    Owner Occupied         Purchase                                                   160,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        180                        42,250.00                    12.275                     20061001   2-FAMILY                                            443.56                       42,215.52                    12.275    Investment             Purchase                                                   169,000.00                           177      20061201                      0.500                         0.030             11.745                                                                                   Stated                                                                                                                                      0    FIXED
XXXXX XXXXXX                                            XX                       00000                        180                        22,700.00                    12.750                     20061101   SFR                                                 241.19                       22,700.00                    12.750    Owner Occupied         CashOut Refi                                               227,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX XXXX                                            XX                       00000                        180                       110,000.00                    11.350                     20061101   D-PUDS                                            1,076.75                      109,926.99                    11.350    Investment             Purchase                                                   440,000.00                           178      20061201                      0.500                         0.030             10.820                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXX XXXXX                                             XX                       00000                        180                       144,500.00                    12.875                     20061001   SFR                                               1,584.35                      142,023.62                    12.875    Owner Occupied         Purchase                                                   578,000.00                           177      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXX XXXXX                                               XX                       00000                        360                       348,750.00                     6.750                     20061101   SFR                                               1,961.72                      348,750.00                     6.750    Investment             CashOut Refi                                               465,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXX XXXXXXX                                          XX                       00000                        180                        36,000.00                    12.800                     20061101   SFR                                                 392.61                       35,982.69                    12.800    Owner Occupied         CashOut Refi                                               360,000.00                           178      20061201                      0.500                         0.030             12.270                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXX XXXXX                                              XX                       00000                        360                       120,000.00                     8.000                     20070101   SFR                                                    800                      120,000.00                     8.000    Investment             Purchase                                                   164,000.00                           360      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXX                                                  XX                       00000                        180                        26,250.00                    12.500                     20061101   SFR                                                 280.16                       26,236.49                    12.500    Investment             CashOut Refi                                               105,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       126,500.00                     7.125                     20061201   SFR                                                 852.25                      126,398.84                     7.125    Investment             CashOut Refi                                               181,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXX XXXXX                                              XX                       00000                        180                        25,500.00                    12.500                     20061101   SFR                                                 272.15                       25,486.89                    12.500    Owner Occupied         Rate Refi                                                  255,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXX XXXX                                             XX                       00000                        360                       186,600.00                     6.500                     20061101   SFR                                               1,179.44                      186,261.71                     6.500    Investment             Purchase                                                   249,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXXX                                             XX                       00000                        180                        48,750.00                    13.475                     20061101   SFR                                                 557.43                       48,729.87                    13.475    Investment             Purchase                                                   195,000.00                           178      20061201                      0.500                         0.030             12.945                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        180                        20,000.00                    12.375                     20061101   D-PUDS                                              211.51                       19,950.94                    12.375    Owner Occupied         CashOut Refi                                               342,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXXX                                               XX                       00000                        360                        26,800.00                    11.500                     20061001   SFR                                                 256.83                       26,791.35                    11.500    Owner Occupied         Purchase                                                   268,000.00                           357      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXXXX                                             XX                       00000                        180                        26,000.00                    11.350                     20061101   SFR                                                  254.5                       25,982.76                    11.350    Owner Occupied         CashOut Refi                                               260,000.00                           178      20061201                      0.500                         0.030             10.820                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXX                                                   XX                       00000                        180                        57,000.00                    11.875                     20061001   SFR                                                 580.83                       56,949.20                    11.875    Owner Occupied         CashOut Refi                                               570,000.00                           177      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       200,000.00                     6.500                     20061101   SFR                                               1,083.33                      200,000.00                     6.500    Owner Occupied         CashOut Refi                                               270,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                          4.5    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       112,450.00                     6.875                     20060801   SFR                                                 644.24                      112,450.00                     6.875    Investment             Purchase                                                   174,700.00                           355      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                           00    X                                                         0.00    XXXXX                             0
XXXXXXXXX                                               XX                        0000                        360                       720,000.00                     7.875                     20061001   2-FAMILY                                          5,220.50                      717,998.41                     7.875    Investment             CashOut Refi                                             1,200,000.00                           357      20061201                      0.375                         0.030              7.470                                                                                   Express No Doc                                                                                                                           2.75    LIBOR                             6
XXXXXXXXXXX                                             XX                       00000                        360                       140,600.00                     7.500                     20061101   SFR                                                 878.75                      140,600.00                     7.500    Investment             Purchase                                                   205,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXX XXXXXXX                                             XX                       00000                        180                        68,000.00                    12.625                     20061001   SFR                                                 732.34                       67,948.70                    12.625    Owner Occupied         Purchase                                                   377,000.00                           177      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        180                        55,500.00                    11.975                     20061001   SFR                                                 569.82                       55,451.58                    11.975    Owner Occupied         CashOut Refi                                               185,000.00                           177      20061201                      0.500                         0.030             11.445                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXXXX                                             XX                       00000                        180                        50,200.00                    14.000                     20061101   SFR                                                 594.81                       50,181.61                    14.000    Investment             Purchase                                                   205,000.00                           178      20061201                      0.500                         0.030             13.470                                                                                   Stated                                                                                                                                      0    FIXED
XXXX XXXX                                               XX                       00000                        180                        33,900.00                    11.975                     20061001   SFR                                                 348.05                       33,870.44                    11.975    Owner Occupied         Purchase                                                   115,000.00                           177      20061201                      0.500                         0.030             11.445                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXX XXXX                                              XX                       00000                        180                        78,000.00                    11.250                     20061101   SFR                                                 757.58                       77,846.16                    11.250    Owner Occupied         CashOut Refi                                               780,000.00                           178      20061201                      0.500                         0.030             10.720                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXX                                                  XX                       00000                        180                        42,400.00                    12.175                     20061101   D-PUDS                                              441.85                       42,376.54                    12.175    Owner Occupied         CashOut Refi                                               420,000.00                           178      20061201                      0.500                         0.030             11.645                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXXX                                               XX                       00000                        360                        32,000.00                    12.450                     20061001   D-PUDS                                              340.28                       31,974.90                    12.450    Owner Occupied         CashOut Refi                                               320,000.00                           357      20061201                      0.500                         0.030             11.920                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        180                        37,472.00                    13.750                     20060901   CONDO                                               436.59                       37,420.66                    13.750    Investment             Purchase                                                   149,890.00                           176      20061201                      0.500                         0.030             13.220                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXX                                                   XX                       00000                        180                        93,750.00                    12.525                     20061101   SFR                                               1,002.38                       93,702.03                    12.525    Investment             Purchase                                                   625,000.00                           178      20061201                      0.500                         0.030             11.995                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXXXXXXXX                                             XX                       00000                        180                        42,000.00                    12.375                     20061101   SFR                                                 444.18                       41,977.78                    12.375    Investment             CashOut Refi                                               210,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        180                        25,600.00                    11.975                     20061101   SFR                                                 262.83                       25,585.20                    11.975    Investment             Purchase                                                   128,000.00                           178      20061201                      0.500                         0.030             11.445                                                                                   Stated                                                                   12    H                                                            0    FIXED
XX XXXX                                                 XX                       00000                        360                       264,000.00                     6.125                     20061101   PUD                                               1,347.50                      264,000.00                     6.125    Owner Occupied         Purchase                                                   380,000.00                           358      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                                                                                    3.5    LIBOR                             6
XXXXX XXXX                                              XX                       00000                        180                        43,000.00                    12.225                     20061101   SFR                                                 438.06                       43,000.00                    12.225    Owner Occupied         CashOut Refi                                               430,000.00                           178      20061201                      0.500                         0.030             11.695                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXX                                                  XX                       00000                        180                        34,100.00                    11.725                     20061101   SFR                                                 343.56                       34,079.15                    11.725    Investment             Purchase                                                   171,000.00                           178      20061201                      0.500                         0.030             11.195                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        360                       489,150.00                     7.750                     20061201   SFR                                               3,504.33                      488,804.76                     7.750    Owner Occupied         Purchase                                                   611,480.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        180                        58,500.00                    10.375                     20061001   SFR                                                 529.66                       58,417.31                    10.375    Owner Occupied         Rate Refi                                                  585,000.00                           177      20061201                      0.500                         0.030              9.845                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXX XXXXXX                                           XX                       00000                        180                        47,000.00                    12.750                     20061101   SFR                                                 510.75                       46,886.94                    12.750    Owner Occupied         CashOut Refi                                               470,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXX XXXXX                                               XX                       00000                        180                        87,000.00                    11.975                     20061001   SFR                                                 893.22                       86,924.16                    11.975    Owner Occupied         Purchase                                                   290,000.00                           177      20061201                      0.500                         0.030             11.445                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXX XXXXXX                                           XX                  00000-0000                        360                       136,500.00                     6.625                     20061201   SFR                                                 874.02                      136,379.57                     6.625    Owner Occupied         Purchase                                                   200,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc Verified Assets                                           24    H                                                                 FIXED
XXXX XXXXXXXXXX                                         XX                       00000                        180                        52,000.00                    12.475                     20061012   SFR                                                 553.97                       51,973.08                    12.475    Owner Occupied         Purchase                                                   260,000.00                           177      20061112                      0.500                         0.030             11.945                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXX                                                   XX                       00000                        180                        42,000.00                    12.860                     20061101   CONDO                                               460.02                       41,980.05                    12.860    Owner Occupied         Purchase                                                   168,000.00                           178      20061201                      0.500                         0.030             12.330                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXXXXX                                             XX                       00000                        360                       280,000.00                     6.750                     20061201   SFR                                               1,575.00                      280,000.00                     6.750    Investment             CashOut Refi                                             1,050,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXX                                                  XX                       00000                        180                        67,500.00                     9.900                     20061001   SFR                                                 587.38                       67,407.73                     9.900    Owner Occupied         Purchase                                                   225,000.00                           177      20061201                      0.500                         0.030              9.370                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXX XXXXXXXX                                           XX                       00000                        180                       140,000.00                    10.325                     20061101   D-PUDS                                            1,262.36                      139,883.95                    10.325    Owner Occupied         CashOut Refi                                               560,000.00                           178      20061201                      0.500                         0.030              9.795                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       165,600.00                     7.500                     20061101   SFR                                               1,157.90                      165,353.43                     7.500    Owner Occupied         Purchase                                                   223,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        180                        41,400.00                    12.375                     20061101   SFR                                                 437.83                       41,378.11                    12.375    Owner Occupied         Purchase                                                   223,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        360                        56,240.00                    12.875                     20061101   SFR                                                 616.64                       56,213.40                    12.875    Owner Occupied         Rate Refi                                                  562,400.00                           358      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXX                                               XX                       00000                        180                        47,000.00                    11.500                     20061101   SFR                                                 465.44                       46,969.81                    11.500    Owner Occupied         CashOut Refi                                               470,000.00                           178      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXXX                                                  XX                       00000                        180                        72,400.00                    13.275                     20061101   D-PUDS                                              816.48                       72,368.71                    13.275    Investment             CashOut Refi                                               362,000.00                           178      20061201                      0.500                         0.030             12.745                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXXXXX XXX                                            XX                        0000                        180                        76,000.00                    11.875                     20061101   2-FAMILY                                            774.44                       75,955.06                    11.875    Owner Occupied         Purchase                                                   380,000.00                           178      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXX                                                  XX                       00000                        180                        41,400.00                    14.125                     20061101   D-PUDS                                              494.64                       41,385.26                    14.125    Investment             Purchase                                                   221,000.00                           178      20061201                      0.500                         0.030             13.595                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        180                        59,000.00                    11.875                     20061101   SFR                                                 601.21                       58,927.35                    11.875    Owner Occupied         Rate Refi                                                  652,000.00                           178      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        180                        58,569.00                    14.000                     20061101   SFR                                                 693.97                       58,547.55                    14.000    Investment             Purchase                                                   235,000.00                           178      20061201                      0.500                         0.030             13.470                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX XXXXX                                           XX                       00000                        180                        60,000.00                    12.875                     20061101   SFR                                                 657.86                       59,971.63                    12.875    Owner Occupied         CashOut Refi                                               600,000.00                           178      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        180                        36,500.00                    11.780                     20061101   SFR                                                 369.28                       36,427.94                    11.780    Investment             Purchase                                                   147,000.00                           178      20061201                      0.500                         0.030             11.250                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXX                                               XX                       00000                        180                        62,500.00                    11.375                     20061001   D-PUDS                                              592.45                       62,500.00                    11.375    Owner Occupied         Purchase                                                   731,000.00                           177      20061201                      0.500                         0.030             10.845                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        180                        69,998.00                    12.290                     20061101   SFR                                                 735.67                       69,960.26                    12.290    Owner Occupied         Purchase                                                   350,000.00                           178      20061201                      0.500                         0.030             11.760                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXX                                                   XX                       00000                        180                        29,000.00                    12.625                     20061101   SFR                                                 312.32                       28,985.49                    12.625    Owner Occupied         CashOut Refi                                               290,000.00                           178      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXX                                                  XX                       00000                        180                        64,000.00                    13.125                     20061201   2-FAMILY                                            714.23                       63,985.77                    13.125    Owner Occupied         Purchase                                                   340,000.00                           179      20061201                      0.500                         0.030             12.595                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX XXXXX                                           XX                       00000                        180                        42,475.00                    13.980                     20061101   CONDO                                               502.61                       42,459.35                    13.980    Investment             Purchase                                                   170,000.00                           178      20061201                      0.500                         0.030             13.450                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        180                        28,500.00                    12.550                     20061101   SFR                                                 298.06                       28,500.00                    12.550    Owner Occupied         CashOut Refi                                               285,000.00                           178      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXX                                                XX                       00000                        180                       127,790.00                    11.325                     20061101   CONDO                                             1,478.64                      127,242.19                    11.325    Owner Occupied         Purchase                                                   639,000.00                           178      20061201                      0.500                         0.030             10.795                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXXXXX                                             XX                       00000                        180                        61,000.00                    12.835                     20061101   SFR                                                 652.45                       61,000.00                    12.835    Owner Occupied         Rate Refi                                                  610,000.00                           178      20061201                      0.500                         0.030             12.305                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        360                       176,250.00                     6.500                     20061101   SFR                                                 954.69                      176,250.00                     6.500    Owner Occupied         CashOut Refi                                               235,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                        52,000.00                    10.100                     20061101   SFR                                                 460.18                       51,954.79                    10.100    Owner Occupied         CashOut Refi                                               520,000.00                           358      20061201                      0.500                         0.030              9.570                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        360                       142,425.00                     8.500                     20061201   CONDO                                             1,008.84                      142,425.00                     8.500    Investment             Purchase                                                   190,000.00                           359      20061201                      0.375                         0.030              8.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        180                        27,780.00                    14.340                     20061101   CONDO                                               336.65                       27,770.59                    14.340    Owner Occupied         Purchase                                                   139,000.00                           178      20061201                      0.500                         0.030             13.810                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXX                                                XX                       00000                        180                       108,000.00                    12.725                     20061101   SFR                                               1,171.53                      107,941.63                    12.725    Owner Occupied         CashOut Refi                                               360,000.00                           178      20061201                      0.500                         0.030             12.195                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXXX                                              XX                       00000                        180                        47,000.00                    13.900                     20061101   SFR                                                 553.17                       46,982.40                    13.900    Owner Occupied         Purchase                                                   242,000.00                           178      20061201                      0.500                         0.030             13.370                                                                                   Stated                                                                                                                                      0    FIXED
XXX XXXXX                                               XX                       00000                        360                       298,000.00                     5.990                     20070101   SFR                                               1,487.52                      298,000.00                     5.990    Investment             Rate Refi                                                  478,000.00                           360      20061201                      0.375                         0.030              5.585                                                                                   Express Verified Assets                                                  24    H                                                            3    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       105,000.00                    11.950                     20061101   SFR                                               1,076.00                      104,938.95                    11.950    Owner Occupied         Purchase                                                   525,000.00                           358      20061201                      0.500                         0.030             11.420                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXX XXXXXXXX                                           XX                       00000                        180                       140,000.00                    12.000                     20061201   SFR                                               1,440.06                      139,959.94                    12.000    Owner Occupied         Purchase                                                   700,000.00                           179      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXX                                                XX                       00000                        180                        39,500.00                    10.875                     20061101   SFR                                                 372.44                       39,470.93                    10.875    Owner Occupied         CashOut Refi                                               395,000.00                           178      20061201                      0.500                         0.030             10.345                                                                                   Stated                                                                                                                                      0    FIXED
XX XXXXX                                                XX                       00000                        360                       499,999.00                     7.125                     20061201   SFR                                               3,152.65                      499,815.09                     7.125    Owner Occupied         CashOut Refi                                               640,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    H                                                            0    XXXXX                             0
XXXX XX XXXXX                                           XX                       00000                        180                        47,500.00                    11.675                     20061101   SFR                                                 476.74                       47,470.65                    11.675    Owner Occupied         CashOut Refi                                               475,000.00                           178      20061201                      0.500                         0.030             11.145                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        240                        66,500.00                    11.900                     20061101   SFR                                                  727.6                       66,363.04                    11.900    Investment             Purchase                                                   290,000.00                           238      20061201                      0.500                         0.030             11.370                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXX                                                  XX                       00000                        180                       110,000.00                    12.100                     20061101   SFR                                               1,109.17                      110,000.00                    12.100    Owner Occupied         Purchase                                                   550,000.00                           178      20061201                      0.500                         0.030             11.570                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       628,800.00                     6.625                     20061201   SFR                                               3,471.50                      628,800.00                     6.625    Owner Occupied         Purchase                                                   795,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        180                        45,105.00                    10.375                     20061101   D-PUDS                                              408.38                       45,068.02                    10.375    Investment             Purchase                                                   182,000.00                           178      20061201                      0.500                         0.030              9.845                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        180                        35,475.00                    13.250                     20061101   SFR                                                 399.37                       35,459.58                    13.250    Investment             Purchase                                                   236,500.00                           178      20061201                      0.500                         0.030             12.720                                                                                   Full                                                                                                                                        0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       185,500.00                     6.875                     20061201   PUD                                               1,062.76                      185,500.00                     6.875    2nd Home               Purchase                                                   274,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   SISA                                                                     00    X                                                            0    XXXXX                             0
XXXXX XXXXX                                             XX                       00000                        180                        53,000.00                    10.750                     20061101   PUD                                                 494.75                       52,853.71                    10.750    Owner Occupied         CashOut Refi                                               530,000.00                           178      20061201                      0.500                         0.030             10.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXX XXX                                               XX                       00000                        360                       486,500.00                     7.000                     20061201   SFR                                               2,837.95                      486,500.00                     7.000    Owner Occupied         CashOut Refi                                               695,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        180                       117,000.00                    11.500                     20061201   3-FAMILY                                          1,158.64                      116,962.61                    11.500    Owner Occupied         Purchase                                                   585,000.00                           179      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX XXXXX                                           XX                       00000                        360                       421,600.00                     5.990                     20061201   CONDO                                             2,104.49                      421,600.00                     5.990    Owner Occupied         Rate Refi                                                  555,000.00                           359      20061201                      0.375                         0.030              5.585                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       315,000.00                     7.000                     20061201   D-PUDS                                            2,095.71                      314,741.79                     7.000    Investment             Purchase                                                   460,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        180                       159,500.00                    14.750                     20061101   2-FAMILY                                          1,984.94                      159,450.86                    14.750    Investment             CashOut Refi                                               638,000.00                           178      20061201                      0.500                         0.030             14.220                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXXX                                              XX                       00000                        360                       212,000.00                     9.250                     20061201   SFR                                               1,744.07                      211,890.10                     9.250    Investment             Purchase                                                   265,000.00                           359      20061201                      0.375                         0.030              8.845                                                                                   Express Non-Verified Assets                                              00    X                                                            0    XXXXX                             0
XXXXXX                                                  XX                       00000                        360                       165,000.00                     6.500                     20061101   SFR                                               1,042.91                      164,700.87                     6.500    Investment             Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       178,766.00                     6.750                     20061101   D-PUDS                                            1,005.56                      178,766.00                     6.750    Investment             Purchase                                                   239,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    6H/30S                                                       3    LIBOR                             6
XXX XXXXXXXXXX                                          XX                       00000                        180                        29,000.00                    12.675                     20061101   SFR                                                 306.31                       29,000.00                    12.675    Owner Occupied         CashOut Refi                                               290,000.00                           178      20061201                      0.500                         0.030             12.145                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        180                        54,000.00                    14.125                     20061101   SFR                                                 645.18                       53,980.78                    14.125    Owner Occupied         CashOut Refi                                               360,000.00                           178      20061201                      0.500                         0.030             13.595                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXX                                                XX                       00000                        180                        87,000.00                    13.790                     20061101   2-FAMILY                                          1,016.40                       86,966.56                    13.790    Owner Occupied         Purchase                                                   435,000.00                           178      20061201                      0.500                         0.030             13.260                                                                                   Stated                                                                                                                                      0    FIXED
XXXX XXXXXX                                             XX                       00000                        180                        52,000.00                    12.950                     20061101   SFR                                                 573.19                       51,975.83                    12.950    Owner Occupied         CashOut Refi                                               260,000.00                           178      20061201                      0.500                         0.030             12.420                                                                                   Stated                                                                   12    H                                                            0    FIXED
STREET #1-#2 XXX XXXXXXX                                XX                       00000                        360                       250,000.00                     6.650                     20061201   3-FAMILY                                          1,385.42                      250,000.00                     6.650    Investment             CashOut Refi                                               670,000.00                           359      20061201                      0.375                         0.030              6.245                                                                                   SISA                                                                     00    X                                                            0    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       172,525.00                    12.875                     20061001   4-FAMILY                                          1,891.63                      172,401.94                    12.875    Owner Occupied         Purchase                                                   695,000.00                           357      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXX                                                XX                       00000                        180                        55,500.00                    10.750                     20061001   SFR                                                 518.08                       55,436.75                    10.750    Owner Occupied         Purchase                                                   380,000.00                           177      20061201                      0.500                         0.030             10.220                                                                                   SISA                                                                                                                                        0    FIXED
XXXXXXXXXX                                              XX                        0000                        360                        84,750.00                    12.250                     20061001   SFR                                                 888.09                       84,680.48                    12.250    Owner Occupied         Purchase                                                   565,000.00                           357      20061201                      0.500                         0.030             11.720                                                                                   Express Verified Assets                                                                                                                     0    FIXED
XXXX XXXXXXXXXX                                         XX                       00000                        180                       103,400.00                     9.125                     20061001   SFR                                                  841.3                      103,233.65                     9.125    Investment             CashOut Refi                                               517,000.00                           177      20061201                      0.500                         0.030              8.595                                                                                   Stated                                                                                                                                      0    FIXED
XXXX XXXXXXXX                                           XX                        0000                        360                        62,000.00                    13.625                     20061001   SFR                                                 716.26                       61,962.68                    13.625    Owner Occupied         Purchase                                                   320,000.00                           357      20061201                      0.500                         0.030             13.095                                                                                   SISA                                                                                                                                        0    FIXED
XXXXXXX                                                 XX                       00000                        360                       247,500.00                     8.625                     20061101   D-PUDS                                            1,778.91                      247,500.00                     8.625    Owner Occupied         CashOut Refi                                               330,000.00                           358      20061201                      0.375                         0.030              8.220                                                                                   SISA                                                                     12    H                                                          4.5    LIBOR                             6
XXXXXX                                                  XX                       00000                        180                        40,400.00                    12.875                     20061101   SFR                                                 442.96                       40,380.90                    12.875    Investment             Purchase                                                   214,900.00                           178      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                        0000                        360                       344,000.00                     9.625                     20061101   2-FAMILY                                          2,923.97                      343,669.07                     9.625    Investment             Purchase                                                   430,000.00                           358      20061201                      0.375                         0.030              9.220                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXXX                                                 XX                        0000                        180                        64,500.00                    14.250                     20061101   2-FAMILY                                            777.03                       64,477.69                    14.250    Investment             Purchase                                                   430,000.00                           178      20061201                      0.500                         0.030             13.720                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXXX                                              XX                       00000                        360                       238,000.00                     8.070                     20061201   2-FAMILY                                          1,600.55                      238,000.00                     8.070    Owner Occupied         CashOut Refi                                               430,000.00                           359      20061201                      0.250                         0.030              7.790                                                                                   Express Non-Verified Assets                                                                                                                      FIXED
XXXXXXX                                                 XX                       00000                        360                       192,000.00                     6.125                     20061201   SFR                                                    980                      192,000.00                     6.125    Owner Occupied         CashOut Refi                                               240,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                     24    H                                                            3    LIBOR                             6
XXXXXXX                                                 XX                       00000                        180                        67,800.00                    14.000                     20061101   D-PUDS                                              803.34                       67,775.18                    14.000    Investment             CashOut Refi                                               452,000.00                           178      20061201                      0.500                         0.030             13.470                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        180                        22,850.00                    13.050                     20061101   SFR                                                 253.66                       22,826.80                    13.050    Owner Occupied         CashOut Refi                                               228,500.00                           178      20061201                      0.500                         0.030             12.520                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXXXX                                             XX                       00000                        180                        35,600.00                    11.950                     20061101   SFR                                                 364.82                       35,579.29                    11.950    Owner Occupied         CashOut Refi                                               356,000.00                           178      20061201                      0.500                         0.030             11.420                                                                                   Stated                                                                                                                                      0    FIXED
XXX XXXXXXX (XXXXXXXX XXXXX)                            XX                       00000                        180                        68,000.00                    12.500                     20061101   SFR                                                 708.33                       68,000.00                    12.500    Owner Occupied         CashOut Refi                                               680,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXXX XXXXX                                           XX                       00000                        360                       196,750.00                     7.250                     20061201   SFR                                               1,342.18                      196,596.52                     7.250    Owner Occupied         Rate Refi                                                  348,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        180                        80,000.00                    12.000                     20061101   SFR                                                 822.89                       79,953.99                    12.000    Owner Occupied         CashOut Refi                                               800,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        360                       296,000.00                     7.875                     20061201   SFR                                               1,942.50                      296,000.00                     7.875    Owner Occupied         CashOut Refi                                               370,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Express Verified Assets                                                  12    H                                                            3    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        180                        84,000.00                    11.625                     20061101   SFR                                                 839.87                       83,947.51                    11.625    Owner Occupied         Purchase                                                   460,000.00                           178      20061201                      0.500                         0.030             11.095                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        180                        77,000.00                    13.250                     20061101   D-PUDS                                              866.85                       76,966.53                    13.250    Investment             Purchase                                                   385,000.00                           178      20061201                      0.500                         0.030             12.720                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXX                                                XX                       00000                        180                        38,250.00                    14.000                     20061101   D-PUDS                                              453.21                       38,236.00                    14.000    Investment             CashOut Refi                                               255,000.00                           178      20061201                      0.500                         0.030             13.470                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXX                                                   XX                       00000                        180                        99,500.00                    12.000                     20061101   SFR                                               1,023.47                       99,442.78                    12.000    Owner Occupied         Purchase                                                   512,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        360                       125,000.00                     5.625                     20061101   SFR                                                 585.94                      125,000.00                     5.625    Owner Occupied         CashOut Refi                                               480,000.00                           358      20061201                      0.375                         0.030              5.220                                                                                   Full                                                                     36    H                                                          2.5    LIBOR                             0
XXXXX XXX XXXXX                                         XX                       00000                        180                        42,000.00                    12.125                     20061101   SFR                                                 436.06                       41,972.54                    12.125    Investment             Rate Refi                                                  280,000.00                           178      20061201                      0.500                         0.030             11.595                                                                                   Stated                                                                                                                                      0    FIXED
XXXXX XXXXX                                             XX                       00000                        180                        62,500.00                    14.275                     20061101   2-FAMILY                                            754.17                       62,478.51                    14.275    Investment             CashOut Refi                                               250,000.00                           178      20061201                      0.500                         0.030             13.745                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXX XXXX                                           XX                       00000                        360                       364,000.00                     6.500                     20061101   SFR                                               1,971.67                      363,913.38                     6.500    Investment             CashOut Refi                                               520,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXX XXXXX                                           XX                       00000                        180                        68,000.00                    11.000                     20061101   D-PUDS                                              647.58                       67,951.28                    11.000    Owner Occupied         Purchase                                                   725,000.00                           178      20061201                      0.500                         0.030             10.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXXX                                              XX                       00000                        180                        36,000.00                    12.025                     20061101   SFR                                                    371                       35,979.40                    12.025    Investment             Purchase                                                   240,000.00                           178      20061201                      0.500                         0.030             11.495                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       159,140.00                     7.375                     20061101   SFR                                               1,099.14                      158,897.07                     7.375    Owner Occupied         CashOut Refi                                               278,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                     12    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        180                       180,400.00                    11.250                     20061101   SFR                                               1,752.16                      180,277.61                    11.250    Owner Occupied         CashOut Refi                                               902,000.00                           178      20061201                      0.500                         0.030             10.720                                                                                   Stated                                                                                                                                      0    FIXED
XXX XXXXXXX                                             XX                       00000                        360                       296,400.00                     7.125                     20061201   SFR                                               1,759.88                      296,400.00                     7.125    Owner Occupied         Purchase                                                   377,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  00    X                                                            0    XXXXX                             0
XXXXXXXXXX                                              XX                       00000                        360                       146,250.00                     7.000                     20061201   SFR                                                 853.13                      146,250.00                     7.000    Investment             Rate Refi                                                  225,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   SISA                                                                     12    H                                                            3    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       305,800.00                     6.875                     20061101   SFR                                               1,751.98                      305,800.00                     6.875    Owner Occupied         Purchase                                                   383,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXXXX                                              XX                       00000                        180                       122,000.00                    13.625                     20061101   SFR                                               1,409.41                      121,951.32                    13.625    Owner Occupied         Purchase                                                   610,000.00                           178      20061201                      0.500                         0.030             13.095                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        180                        30,100.00                    12.800                     20061101   CONDO                                               328.27                       30,085.52                    12.800    2nd Home               Purchase                                                   128,000.00                           178      20061201                      0.500                         0.030             12.270                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXX                                               XX                       00000                        180                       103,998.00                    12.600                     20061101   SFR                                               1,091.98                      103,998.00                    12.600    Owner Occupied         Purchase                                                   520,000.00                           178      20061201                      0.500                         0.030             12.070                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXXXX                                             XX                       00000                        180                        42,400.00                    13.750                     20061101   SFR                                                 494.01                       42,383.55                    13.750    Investment             CashOut Refi                                               212,000.00                           178      20061201                      0.500                         0.030             13.220                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        180                        76,000.00                    12.775                     20061101   SFR                                                 827.37                       75,963.23                    12.775    Owner Occupied         Purchase                                                   380,000.00                           178      20061201                      0.500                         0.030             12.245                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       300,000.00                     6.375                     20061201   SFR                                               1,593.75                      300,000.00                     6.375    Owner Occupied         CashOut Refi                                               455,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        180                        63,000.00                    11.500                     20061101   SFR                                                 603.75                       63,000.00                    11.500    Owner Occupied         CashOut Refi                                               630,000.00                           178      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXXX                                               XX                       00000                        360                       220,500.00                     6.375                     20061101   D-PUDS                                            1,171.41                      220,500.00                     6.375    2nd Home               Purchase                                                   295,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXX                                                  XX                       00000                        360                       162,750.00                     7.625                     20061201   SFR                                               1,034.14                      162,750.00                     7.625    Owner Occupied         Purchase                                                   235,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        180                        52,000.00                    13.625                     20061101   SFR                                                 600.74                       51,979.24                    13.625    Investment             Purchase                                                   235,000.00                           178      20061201                      0.500                         0.030             13.095                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        360                       378,400.00                     7.625                     20061201   SFR                                               2,404.42                      378,400.00                     7.625    Owner Occupied         CashOut Refi                                               473,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                             6
ROGUE XXXXX                                             XX                       00000                        360                       232,500.00                     6.750                     20061101   SFR                                               1,307.81                      232,500.00                     6.750    Owner Occupied         CashOut Refi                                               310,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXXXX XXXXX                                          XX                       00000                        180                        74,000.00                    13.030                     20061101   SFR                                                 820.33                       73,966.19                    13.030    Owner Occupied         Purchase                                                   376,000.00                           178      20061201                      0.500                         0.030             12.500                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                  00000-0000                        360                       455,000.00                     7.125                     20070101   SFR                                               2,701.56                      455,000.00                     7.125    Owner Occupied         Rate Refi                                                  650,000.00                           360      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   12    H                                                            0    XXXXX                             0
XXXX XXXXXX                                             XX                       00000                        360                       736,000.00                     6.625                     20061101   SFR                                               4,063.33                      736,000.00                     6.625    Owner Occupied         Rate Refi                                                  920,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                          4.5    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        180                        53,600.00                    11.500                     20061101   SFR                                                  530.8                       53,565.57                    11.500    Owner Occupied         Purchase                                                   270,000.00                           178      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        180                        33,219.00                    12.150                     20061201   D-PUDS                                              345.54                       33,209.80                    12.150    Investment             Purchase                                                   225,000.00                           179      20061201                      0.500                         0.030             11.620                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       345,600.00                     6.750                     20061101   SFR                                               1,944.00                      345,600.00                     6.750    Owner Occupied         Purchase                                                   432,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXX                                                  XX                       00000                        180                        93,000.00                    12.700                     20061201   SFR                                               1,007.01                       92,977.24                    12.700    Owner Occupied         Purchase                                                   310,000.00                           179      20061201                      0.500                         0.030             12.170                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXXX                                               XX                       00000                        180                        59,400.00                    13.350                     20061101   SFR                                                 673.37                       59,374.78                    13.350    Owner Occupied         Purchase                                                   310,000.00                           178      20061201                      0.500                         0.030             12.820                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXX XXXXXXX                                             XX                       00000                        360                        79,000.00                     7.000                     20061201   2-FAMILY                                            525.59                       78,935.24                     7.000    Investment             Rate Refi                                                  120,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                     36    H                                                                 FIXED
XXX XXXXXXX                                             XX                       00000                        360                       278,650.00                     6.875                     20061101   SFR                                               1,596.43                      278,650.00                     6.875    Investment             Purchase                                                   388,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        180                        43,000.00                    10.650                     20061101   SFR                                                 398.17                       42,966.77                    10.650    Owner Occupied         Purchase                                                   215,000.00                           178      20061201                      0.500                         0.030             10.120                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        360                       115,500.00                     7.625                     20061201   CONDO                                               733.91                      115,500.00                     7.625    Investment             Rate Refi                                                  165,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        180                        55,000.00                    11.750                     20061101   SFR                                                 555.18                       54,966.56                    11.750    Owner Occupied         Purchase                                                   550,000.00                           178      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXXX                                               XX                       00000                        180                        78,112.00                    12.300                     20061101   D-PUDS                                              821.56                       78,069.52                    12.300    Investment             Purchase                                                   313,000.00                           178      20061201                      0.500                         0.030             11.770                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXX XXXXXXX                                             XX                       00000                        180                        92,000.00                    12.850                     20061101   SFR                                                 985.17                       92,000.00                    12.850    Owner Occupied         CashOut Refi                                               460,000.00                           178      20061201                      0.500                         0.030             12.320                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXXXX                                             XX                       00000                        180                        24,700.00                    12.500                     20061201   SFR                                                 263.61                       24,693.68                    12.500    Investment             Purchase                                                   165,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        180                        85,000.00                    11.750                     20061201   CONDO                                                  858                       84,974.29                    11.750    Owner Occupied         CashOut Refi                                               425,000.00                           179      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                                                                                      0    FIXED
XXXXX                                                   XX                       00000                        360                       267,200.00                     5.625                     20061101   SFR                                               1,538.15                      266,627.36                     5.625    Owner Occupied         Purchase                                                   340,000.00                           358      20061201                      0.250                         0.030              5.345                                                                                   Full                                                                     36    H                                                                 FIXED
XXXX XXXXX                                              XX                       00000                        180                        65,250.00                    13.875                     20061101   SFR                                                 766.68                       65,225.40                    13.875    2nd Home               Purchase                                                   440,000.00                           178      20061201                      0.500                         0.030             13.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXX XXXXX                                            XX                       00000                        360                       463,200.00                     6.250                     20070101   CONDO                                             2,852.00                      463,200.00                     6.250    Owner Occupied         Rate Refi                                                  579,000.00                           360      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                     24    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       265,200.00                     5.875                     20061201   SFR                                               1,298.37                      265,200.00                     5.875    Owner Occupied         Purchase                                                   351,500.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                     24    H                                                            3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        180                        66,300.00                    12.375                     20061201   SFR                                                 701.17                       66,282.55                    12.375    Owner Occupied         Purchase                                                   351,500.00                           179      20061201                      0.500                         0.030             11.845                                                                                   Full                                                                                                                                        0    FIXED
XXXXXXXX                                                XX                        0000                        360                       329,600.00                     8.750                     20061201   3-FAMILY                                          2,592.97                      329,410.36                     8.750    Owner Occupied         Purchase                                                   535,000.00                           359      20061201                      0.375                         0.030              8.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXXXX XXXXXXX                                           XX                       00000                        360                       206,720.00                     6.875                     20061101   CONDO                                             1,184.33                      206,720.00                     6.875    Owner Occupied         Purchase                                                   278,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                        94,400.00                     7.000                     20061001   SFR                                                 550.67                       94,400.00                     7.000    Owner Occupied         Purchase                                                   118,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       156,100.00                     7.125                     20061001   CONDO                                               926.84                      156,100.00                     7.125    Investment             Rate Refi                                                  223,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       172,000.00                     8.250                     20061001   SFR                                               1,182.50                      172,000.00                     8.250    Owner Occupied         Rate Refi                                                  215,000.00                           357      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        360                       315,000.00                     6.625                     20061001   SFR                                               1,739.06                      315,000.00                     6.625    Owner Occupied         Purchase                                                   450,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       347,920.00                     7.375                     20061001   PUD                                               2,138.26                      347,920.00                     7.375    Owner Occupied         Purchase                                                   434,900.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXX XXXXX                                               XX                       00000                        360                       376,800.00                     6.750                     20061001   SFR                                               2,119.50                      376,800.00                     6.750    Investment             Rate Refi                                                  540,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                  36    H                                                         2.25    LIBOR                             6
LAWRENCE                                                MA                        1841                        360                       273,000.00                     6.875                     20061001   3-FAMILY                                          1,564.06                      273,000.00                     6.875    Owner Occupied         CashOut Refi                                               390,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
XXXXXXXXXXXX                                            XX                       00000                        180                        22,200.00                    12.500                     20061101   SFR                                                 236.93                       22,188.58                    12.500    Owner Occupied         CashOut Refi                                               222,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXXXXX                                             XX                       00000                        180                       150,000.00                    11.125                     20061101   SFR                                               1,442.67                      149,895.43                    11.125    Owner Occupied         CashOut Refi                                             1,000,000.00                           178      20061201                      0.500                         0.030             10.595                                                                                   Stated                                                                                                                                      0    FIXED
XXXXX                                                   XX                       00000                        180                        51,840.00                    14.875                     20061201   HI-RISE                                             650.31                       51,832.29                    14.875    Owner Occupied         Purchase                                                   278,000.00                           179      20061201                      0.500                         0.030             14.345                                                                                   Stated                                                                                                                                      0    FIXED
XXXXX                                                   XX                       00000                        360                       126,000.00                    11.700                     20061101   SFR                                               1,267.03                      125,922.56                    11.700    Owner Occupied         Purchase                                                   665,000.00                           358      20061201                      0.500                         0.030             11.170                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                       298,500.00                     6.500                     20061101   SFR                                               1,616.88                      298,500.00                     6.500    Owner Occupied         CashOut Refi                                               398,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                     36    H                                                          3.5    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        180                       158,384.00                    12.500                     20061101   SFR                                               1,690.37                      158,302.50                    12.500    Owner Occupied         Purchase                                                   530,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       504,000.00                     6.250                     20061201   SFR                                               2,625.00                      504,000.00                     6.250    Owner Occupied         CashOut Refi                                               720,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       244,000.00                     7.625                     20061201   SFR                                               1,550.42                      244,000.00                     7.625    Owner Occupied         Purchase                                                   305,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        360                       287,992.00                     6.250                     20061101   CONDO                                             1,499.96                      287,992.00                     6.250    Owner Occupied         Purchase                                                   360,000.00                           358      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        180                        71,998.00                    12.500                     20061101   CONDO                                                768.4                       71,960.97                    12.500    Owner Occupied         Purchase                                                   360,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXX                                                  XX                        0000                        180                        61,600.00                    11.375                     20061101   SFR                                                 604.15                       61,559.34                    11.375    Owner Occupied         Purchase                                                   313,000.00                           178      20061201                      0.500                         0.030             10.845                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXX                                                XX                       00000                        180                        66,000.00                    12.250                     20061101   SFR                                                 691.61                       65,964.10                    12.250    Owner Occupied         CashOut Refi                                               660,000.00                           178      20061201                      0.500                         0.030             11.720                                                                                   Stated                                                                                                                                      0    FIXED
XXXX XXXXXX                                             XX                       00000                        360                       107,900.00                    15.375                     20061101   HI-RISE                                           1,382.47                      107,900.00                    15.375    Owner Occupied         Purchase                                                   530,000.00                           358      20061201                      0.500                         0.030             14.845                                                                                   Stated                                                                                                                                      0    FIXED
XXXXX                                                   XX                       00000                        180                       165,000.00                    12.775                     20061201   SFR                                               1,796.26                      164,960.30                    12.775    Owner Occupied         Purchase                                                   555,000.00                           179      20061201                      0.500                         0.030             12.245                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       301,600.00                     5.875                     20061101   CONDO                                             1,476.58                      301,600.00                     5.875    Owner Occupied         Purchase                                                   380,000.00                           358      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        180                        75,400.00                    12.500                     20061101   CONDO                                               804.71                       75,361.22                    12.500    Owner Occupied         Purchase                                                   380,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        360                       372,000.00                     5.750                     20061101   SFR                                               1,782.50                      372,000.00                     5.750    Owner Occupied         Rate Refi                                                  615,000.00                           358      20061201                      0.250                         0.030              5.470                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        180                        50,000.00                    11.525                     20061101   SFR                                                  496.1                       49,968.07                    11.525    Owner Occupied         Purchase                                                   527,080.00                           178      20061201                      0.500                         0.030             10.995                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXX                                                XX                       00000                        180                        44,000.00                    12.000                     20061101   SFR                                                 452.59                       43,974.69                    12.000    Owner Occupied         CashOut Refi                                               680,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXXXX                                             XX                       00000                        180                        43,800.00                    12.375                     20061101   SFR                                                 451.69                       43,800.00                    12.375    Investment             Purchase                                                   295,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXX                                                XX                       00000                        360                       243,000.00                     6.990                     20061201   D-PUDS                                            1,615.05                      242,800.43                     6.990    Investment             CashOut Refi                                               355,000.00                           359      20061201                      0.250                         0.030              6.710                                                                                   Full                                                                     12    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       276,000.00                     6.250                     20061201   CONDO                                             1,437.50                      276,000.00                     6.250    Owner Occupied         Purchase                                                   345,000.00                           359      20070101                      0.375                         0.030              5.845                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
XXXXXX                                                  XX                       00000                        180                        80,600.00                    13.875                     20061101   SFR                                                 947.04                       80,569.62                    13.875    Owner Occupied         Purchase                                                   403,000.00                           178      20061201                      0.500                         0.030             13.345                                                                                   Stated                                                                                                                                      0    FIXED
XXX XXXXX                                               XX                       00000                        360                       323,200.00                     6.750                     20061201   CONDO                                             1,818.00                      323,200.00                     6.750    Owner Occupied         Rate Refi                                                  404,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                        30,500.00                    12.625                     20061201   SFR                                                 320.89                       30,500.00                    12.625    Owner Occupied         CashOut Refi                                               305,000.00                           359      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                       305,000.00                    12.500                     20061101   SFR                                               3,255.14                      304,843.07                    12.500    Owner Occupied         Rate Refi                                                1,400,000.00                           358      20061201                      0.500                         0.030             11.970                                                                                   Express No Doc                                                                                                                              0    FIXED
XXXX XXXXX                                              XX                       00000                        180                        32,800.00                    13.000                     20060801   CONDO                                               362.83                       32,761.66                    13.000    2nd Home               Purchase                                                   226,500.00                           175      20061201                      0.500                         0.030             12.470                                                                                   Stated                                                                                                                                      0    FIXED
XXX XXXXX                                               XX                       00000                        180                        39,500.00                    12.000                     20061101   D-PUDS                                               406.3                       39,477.29                    12.000    Owner Occupied         Purchase                                                   395,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        360                       225,000.00                     7.375                     20061201   D-PUDS                                            1,382.81                      225,000.00                     7.375    Owner Occupied         CashOut Refi                                               300,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        360                       417,000.00                     6.875                     20061101   2-FAMILY                                          2,389.06                      417,000.00                     6.875    Owner Occupied         Purchase                                                   560,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXXXXXXXXX XXXXX                                        XX                       00000                        360                       504,750.00                     6.250                     20061201   SFR                                               2,628.91                      504,750.00                     6.250    Owner Occupied         Purchase                                                   680,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
XXXXXX                                                  XX                       00000                        180                        29,550.00                    12.375                     20061101   CONDO                                               312.51                       29,534.36                    12.375    Owner Occupied         CashOut Refi                                               197,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       353,000.00                     5.875                     20061101   D-PUDS                                            1,728.23                      353,000.00                     5.875    Owner Occupied         Rate Refi                                                  560,000.00                           358      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
XXXXXXXXXX XXXXX                                        XX                       00000                        360                       615,000.00                     6.125                     20061101   SFR                                               3,139.06                      615,000.00                     6.125    Owner Occupied         Purchase                                                   820,000.00                           358      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXX XXXX                                              XX                       00000                        360                       553,150.00                     7.375                     20061101   CONDO                                             3,820.47                      552,305.61                     7.375    Investment             CashOut Refi                                               800,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       184,000.00                     9.125                     20061101   SFR                                               1,399.17                      184,000.00                     9.125    Investment             Purchase                                                   250,000.00                           358      20061201                      0.375                         0.030              8.720                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        360                       277,000.00                     5.500                     20061101   SFR                                               1,269.58                      277,000.00                     5.500    Owner Occupied         Rate Refi                                                  625,000.00                           358      20061201                      0.375                         0.030              5.095                                                                                   Full                                                                     36    H                                                          2.5    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       156,600.00                     8.500                     20061201   SFR                                               1,109.25                      156,600.00                     8.500    Investment             Purchase                                                   174,000.00                           359      20061201                      0.375                         0.030              8.095                                                                                   SISA                                                                     24    H                                                        3.625    LIBOR                             6
XXXXXXX XXXXX                                           XX                       00000                        180                        35,400.00                    13.475                     20061101   CONDO                                               404.78                       35,385.38                    13.475    Owner Occupied         Purchase                                                   177,000.00                           178      20061201                      0.500                         0.030             12.945                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        180                        33,000.00                    11.675                     20061101   SFR                                                 331.21                       32,979.60                    11.675    Investment             Purchase                                                   230,000.00                           178      20061201                      0.500                         0.030             11.145                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        360                       500,000.00                     6.250                     20061101   SFR                                               3,078.59                      499,048.69                     6.250    Owner Occupied         CashOut Refi                                               900,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                     36    S                                                                 FIXED
XXXX XXXXX                                              XX                       00000                        360                       390,000.00                     7.250                     20061201   SFR                                               2,356.25                      390,000.00                     7.250    Owner Occupied         CashOut Refi                                               790,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                     36    H                                                                 FIXED
XXX XXXXX                                               XX                       00000                        360                       252,000.00                     7.750                     20061201   CONDO                                             1,627.50                      252,000.00                     7.750    Owner Occupied         CashOut Refi                                               315,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   XXXX                                                                     00    X                                                            0    XXXXX                             0
XXXXXX                                                  XX                       00000                        360                       126,000.00                     8.125                     20061201   SFR                                                 935.55                      125,917.58                     8.125    Investment             CashOut Refi                                               180,000.00                           359      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   36    H                                                                 FIXED
XXX XXXXXXXXXX                                          XX                       00000                        180                        60,800.00                    11.375                     20061101   CONDO                                               596.31                       60,759.85                    11.375    Owner Occupied         Purchase                                                   244,000.00                           178      20061201                      0.500                         0.030             10.845                                                                                   Stated                                                                   12    H                                                            0    FIXED
XX XXXXX                                                XX                       00000                        360                     2,000,000.00                     5.750                     20061201   SFR                                               9,583.33                    2,000,000.00                     5.750    Owner Occupied         Rate Refi                                                3,000,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                        85,855.00                    10.000                     20061201   SFR                                                 753.44                       85,817.02                    10.000    Investment             Purchase                                                   112,000.00                           359      20061201                      0.375                         0.030              9.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       272,000.00                     8.875                     20061201   2-FAMILY                                          2,164.15                      271,847.52                     8.875    Owner Occupied         Purchase                                                   340,000.00                           359      20061201                      0.375                         0.030              8.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        180                        45,000.00                    14.375                     20061101   CONDO                                               546.58                       44,984.87                    14.375    Owner Occupied         CashOut Refi                                               150,000.00                           178      20061201                      0.500                         0.030             13.845                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXX                                                XX                       00000                        180                        51,800.00                    12.725                     20061101   SFR                                                  561.9                       51,774.66                    12.725    Owner Occupied         Purchase                                                   265,000.00                           178      20061201                      0.500                         0.030             12.195                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXXXXX                                             XX                       00000                        360                       382,500.00                     6.875                     20061201   SFR                                               2,191.41                      382,500.00                     6.875    Owner Occupied         CashOut Refi                                               425,000.00                           359      20061201                      0.375                         0.030              5.380               1.09    RADIAN - LENDER PAID                                   25   Stated                                                                   36    H                                                        3.625    LIBOR                             6
XXXXXXX                                                 XX                       00000                        180                        59,700.00                    12.075                     20061101   SFR                                                 617.53                       59,666.23                    12.075    Investment             Purchase                                                   300,000.00                           178      20061201                      0.500                         0.030             11.545                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXX                                                   XX                       00000                        360                       198,000.00                     6.625                     20061201   SFR                                               1,093.13                      198,000.00                     6.625    Owner Occupied         Rate Refi                                                  475,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        180                        67,000.00                    12.500                     20061101   SFR                                                 715.06                       66,965.54                    12.500    Owner Occupied         Purchase                                                   350,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        360                       188,000.00                     6.500                     20061101   SFR                                               1,018.33                      188,000.00                     6.500    Owner Occupied         Rate Refi                                                  235,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     00    X                                                         0.00    XXXXX                            00
XXXXXXX                                                 XX                       00000                        360                       300,000.00                     6.500                     20061101   SFR                                               1,625.00                      300,000.00                     6.500    Owner Occupied         Rate Refi                                                  375,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
XXX XXXXXXX                                             XX                       00000                        180                        73,000.00                    12.725                     20061101   SFR                                                  774.1                       73,000.00                    12.725    Owner Occupied         Purchase                                                   371,000.00                           178      20061201                      0.500                         0.030             12.195                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       485,000.00                     6.750                     20061201   SFR                                               2,728.13                      485,000.00                     6.750    Owner Occupied         CashOut Refi                                               755,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express Non-Verified Assets                                              00    X                                                            0    XXXXX                             0
XXXXXX                                                  XX                       00000                        180                        77,000.00                    11.875                     20061101   SFR                                                 784.63                       76,954.48                    11.875    Owner Occupied         CashOut Refi                                               770,000.00                           178      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        360                        49,000.00                    11.750                     20061101   D-PUDS                                              494.61                       48,964.83                    11.750    Owner Occupied         Purchase                                                   248,000.00                           358      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       165,750.00                     7.000                     20070101   TOWNHOUSE                                         1,102.74                      165,750.00                     7.000    Investment             Rate Refi                                                  221,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        180                        36,975.00                    11.825                     20061101   TOWNHOUSE                                           375.36                       36,952.89                    11.825    Investment             Purchase                                                   155,000.00                           178      20061201                      0.500                         0.030             11.295                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       247,600.00                     6.000                     20061101   D-PUDS                                            1,238.00                      247,600.00                     6.000    Owner Occupied         Purchase                                                   310,000.00                           358      20061201                      0.375                         0.030              5.595                                                                                   Full                                                                     00    X                                                            0    XXXXX                             0
XXXXXXX                                                 XX                       00000                        180                       100,000.00                    12.550                     20061201   CONDO                                             1,071.14                       99,974.69                    12.550    Investment             Purchase                                                   500,000.00                           179      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXX                                                  XX                       00000                        360                       144,750.00                     6.000                     20061101   2-FAMILY                                            867.85                      144,461.08                     6.000    Investment             Purchase                                                   193,000.00                           358      20061201                      0.250                         0.030              5.720                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXX                                                  XX                       00000                        360                       464,000.00                     5.375                     20061201   SFR                                               2,078.33                      464,000.00                     5.375    Owner Occupied         Rate Refi                                                  625,000.00                           359      20061201                      0.375                         0.030              4.970                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
XXXXX                                                   XX                       00000                        180                        61,980.00                    11.875                     20061101   CONDO                                               631.58                       61,943.34                    11.875    Owner Occupied         Purchase                                                   309,900.00                           178      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        360                       518,000.00                     5.750                     20061201   SFR                                               2,482.08                      518,000.00                     5.750    Owner Occupied         CashOut Refi                                               740,000.00                           359      20061201                      0.250                         0.030              5.470                                                                                   Full                                                                     60    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       300,000.00                     6.000                     20061201   SFR                                               1,500.00                      300,000.00                     6.000    Investment             CashOut Refi                                               600,000.00                           359      20061201                      0.250                         0.030              5.720                                                                                   SISA                                                                     60    H                                                                 FIXED
XXXX XXXXX                                              XX                       00000                        180                        20,000.00                    12.750                     20061101   SFR                                                 217.34                       19,990.27                    12.750    Owner Occupied         Rate Refi                                                  452,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXX XXXXXXXX                                          XX                  00000-0000                        360                       162,450.00                     7.000                     20061201   D-PUDS                                              947.63                      162,450.00                     7.000    Investment             Purchase                                                   218,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        180                        57,500.00                    11.950                     20061101   SFR                                                 589.24                       57,466.56                    11.950    Investment             Purchase                                                   235,000.00                           178      20061201                      0.500                         0.030             11.420                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        360                       457,100.00                     5.875                     20061201   2-FAMILY                                          2,703.92                      456,633.97                     5.875    Owner Occupied         CashOut Refi                                               653,000.00                           359      20061201                      0.250                         0.030              5.595                                                                                   Stated                                                                                                                                           FIXED
XXXX                                                    XX                       00000                        180                        69,300.00                    13.275                     20061101   SFR                                                 781.52                       69,270.06                    13.275    Owner Occupied         Purchase                                                   231,000.00                           178      20061201                      0.500                         0.030             12.745                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXX                                                  XX                       00000                        360                       210,000.00                     6.000                     20061201   SFR                                               1,050.00                      210,000.00                     6.000    Investment             CashOut Refi                                               310,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       112,980.00                     7.455                     20061201   CONDO                                               701.89                      112,980.00                     7.455    2nd Home               Purchase                                                   176,000.00                           359      20061201                      0.375                         0.030              7.050                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                        80,000.00                     7.250                     20061101   CONDO                                               545.74                       79,874.81                     7.250    Investment             CashOut Refi                                               187,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       405,000.00                     7.500                     20061201   SFR                                               2,531.25                      405,000.00                     7.500    Investment             CashOut Refi                                               540,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       448,000.00                     6.000                     20061201   D-PUDS                                            2,240.00                      448,000.00                     6.000    Owner Occupied         CashOut Refi                                               560,000.00                           359      20061201                      0.250                         0.030              5.720                                                                                   SISA                                                                                                                                             FIXED
XX XXXXXX                                               XX                       00000                        180                        90,000.00                    14.150                     20061101   SFR                                               1,077.08                       89,968.15                    14.150    Investment             Purchase                                                   392,000.00                           178      20061201                      0.500                         0.030             13.620                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        360                       372,000.00                     6.750                     20061201   SFR                                               2,092.50                      372,000.00                     6.750    Owner Occupied         Rate Refi                                                  465,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       378,000.00                     6.625                     20061101   SFR                                               2,086.88                      378,000.00                     6.625    Investment             Purchase                                                   540,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXXX                                                 XX                       00000                        180                       135,000.00                    11.675                     20061101   SFR                                               1,354.95                      134,916.57                    11.675    Investment             Purchase                                                   540,000.00                           178      20061201                      0.500                         0.030             11.145                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                       218,000.00                     7.375                     20061201   SFR                                               1,414.50                      217,925.29                     7.375    Owner Occupied         CashOut Refi                                               372,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXX XXXXXXXXXX                                          XX                       00000                        360                       262,500.00                     6.250                     20070101   SFR                                               1,367.19                      262,500.00                     6.250    Investment             CashOut Refi                                               375,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   SISA                                                                     12    H                                                            0    XXXXX                             0
XXX XXXXX                                               XX                       00000                        180                       100,000.00                    11.875                     20061101   D-PUDS                                              989.58                      100,000.00                    11.875    Owner Occupied         Purchase                                                   500,000.00                           178      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXXXXX                                             XX                       00000                        360                       288,000.00                     6.375                     20061201   2-FAMILY                                          1,796.75                      287,733.25                     6.375    Owner Occupied         Rate Refi                                                  515,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    12H/24S                                                           FIXED
XXX XXXXX                                               XX                       00000                        360                       181,000.00                     6.375                     20061201   SFR                                               1,129.21                      180,832.35                     6.375    Owner Occupied         Rate Refi                                                  282,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   60    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       108,750.00                     7.250                     20061001   SFR                                                 741.87                      108,493.94                     7.250    Investment             Purchase                                                   145,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXXXXXXXXX                                          XX                       00000                        360                       640,000.00                     6.500                     20061001   SFR                                               4,045.24                      638,254.86                     6.500    Owner Occupied         CashOut Refi                                               800,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXXXXXX                                              XX                       00000                        360                       241,600.00                     7.125                     20060801   PUD                                               1,434.50                      241,600.00                     7.125    Owner Occupied         Purchase                                                   304,000.00                           355      20061201                      0.375                         0.030              6.720                                                                                   SISA                                                                                                                                     2.75    LIBOR                             6
XXXX XXXXX                                              XX                       00000                        360                       228,000.00                     8.500                     20060901   SFR                                               1,615.00                      228,000.00                     8.500    Investment             Purchase                                                   299,000.00                           356      20061201                      0.375                         0.030              8.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
LAWRENCE                                                MA                        1841                        360                       301,000.00                     8.000                     20060901   4-FAMILY                                          2,208.63                      300,117.33                     8.000    Owner Occupied         Purchase                                                   430,000.00                           356      20061201                      0.375                         0.030              7.595                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             0
XXXXXXX XXXXX                                           XX                       00000                        360                       325,000.00                     8.000                     20060901   SFR                                               2,384.73                      324,118.99                     8.000    Owner Occupied         Purchase                                                   325,000.00                           356      20061201                      0.375                         0.030              7.595                       RADIAN - BORROWER PAID                                 35   Express Verified Assets                                                                                                                     5    LIBOR                             6
XXXXX                                                   XX                       00000                        360                       160,000.00                     8.250                     20060901   SFR                                               1,202.03                      159,567.56                     8.250    Investment             Purchase                                                   200,000.00                           356      20061201                      0.375                         0.030              7.845                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       112,000.00                     8.000                     20061101   SFR                                                 821.82                      111,849.20                     8.000    Owner Occupied         Purchase                                                   140,000.00                           358      20061201                      0.375                         0.030              7.595                                                                                   Xxxxxxx Xx Xxx                                                                                                                              0    XXXXX                             0
XXXXXXXXXX                                              XX                        0000                        360                       420,000.00                     7.375                     20061101   SFR                                               2,581.25                      419,950.00                     7.375    Owner Occupied         Rate Refi                                                  600,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
DRUMS                                                   PA                       43153                        360                       245,332.00                     8.000                     20061101   PUD                                               1,800.16                      245,001.68                     8.000    2nd Home               Purchase                                                   310,000.00                           358      20061201                      0.375                         0.030              7.595                                                                                   Express No Doc                                                                                                                              5    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       622,392.00                     6.875                     20061201   D-PUDS                                            3,565.79                      622,392.00                     6.875    Owner Occupied         Purchase                                                   778,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXX XXXXXX                                           XX                       00000                        360                       375,200.00                     6.500                     20061201   SFR                                               2,032.33                      375,200.00                     6.500    Owner Occupied         Purchase                                                   482,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Xxxxxx                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXX                                                XX                        0000                        360                       206,000.00                     6.750                     20061001   SFR                                               1,336.11                      205,452.95                     6.750    Owner Occupied         CashOut Refi                                               396,154.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXX                                                   XX                       00000                        360                       150,000.00                     6.750                     20061001   SFR                                                 843.75                      149,988.46                     6.750    Owner Occupied         CashOut Refi                                               194,805.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXXXX XXXXX                                        XX                       00000                        360                       532,000.00                     6.375                     20061001   SFR                                               3,067.38                      529,786.70                     6.375    Owner Occupied         Purchase                                                   665,000.00                           357      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                     00    X                                                         0.00    XXXXX                            00
XX XXXX                                                 XX                       00000                        360                       156,400.00                     6.875                     20061001   SFR                                                 896.04                      156,400.00                     6.875    Owner Occupied         Purchase                                                   195,500.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       339,000.00                     6.750                     20060901   D-PUDS                                            1,906.88                      339,000.00                     6.750    Owner Occupied         Purchase                                                   525,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       191,900.00                     6.875                     20061001   PUD                                               1,099.43                      191,900.00                     6.875    Investment             Purchase                                                   239,875.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       580,000.00                     7.375                     20061101   2-FAMILY                                          3,564.58                      580,000.00                     7.375    Owner Occupied         Purchase                                                   725,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
FT. XXXXXXXXXX                                          XX                       00000                        360                       163,120.00                     7.500                     20061001   CONDO                                             1,019.50                      163,120.00                     7.500    Investment             Purchase                                                   203,900.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
XXXXX                                                   XX                       00000                        360                       143,920.00                     7.500                     20061001   CONDO                                                899.5                      143,920.00                     7.500    Investment             Purchase                                                   179,900.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       192,000.00                     7.500                     20061101   CONDO                                             1,200.00                      192,000.00                     7.500    Investment             Rate Refi                                                  240,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       146,000.00                     7.500                     20060901   CONDO                                                912.5                      146,000.00                     7.500    Investment             Rate Refi                                                  184,810.00                           356      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXX XXXXXXXXXX                                         XX                       00000                        360                       171,000.00                     6.750                     20060801   SFR                                               1,109.10                      170,255.51                     6.750    Investment             CashOut Refi                                               259,091.00                           355      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXX                                                   XX                       00000                        360                       208,000.00                     6.875                     20060801   SFR                                               1,191.67                      208,000.00                     6.875    Investment             CashOut Refi                                               717,241.00                           355      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXX XXXXX                                             XX                       00000                        360                       137,068.00                     7.500                     20060801   D-PUDS                                              856.68                      137,068.00                     7.500    Investment             Purchase                                                   171,335.00                           355      20061201                      0.375                         0.030              7.095                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       120,000.00                     7.750                     20060901   SFR                                                    775                      120,000.00                     7.750    Investment             Purchase                                                   150,000.00                           356      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       120,000.00                     7.750                     20060901   SFR                                                    775                      120,000.00                     7.750    Investment             Purchase                                                   150,000.00                           356      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXX XXXXXXX                                           XX                       00000                        360                        93,750.00                     7.375                     20061001   SFR                                                 576.17                       93,750.00                     7.375    Investment             Purchase                                                   125,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXX XXXXX                                             XX                       00000                        360                       144,000.00                     7.875                     20060901   PUD                                                    945                      144,000.00                     7.875    Investment             Purchase                                                   180,000.00                           356      20061201                      0.375                         0.030              7.470                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
XXXXX XXXXXX                                            XX                       00000                        360                       193,500.00                     7.375                     20060901   PUD                                               1,189.22                      193,500.00                     7.375    Investment             Purchase                                                   215,000.00                           356      20061201                      0.375                         0.030              6.970                       RADIAN - BORROWER PAID                                 25   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       240,000.00                     6.625                     20060801   SFR                                               1,325.00                      240,000.00                     6.625    Owner Occupied         Purchase                                                   300,000.00                           355      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       176,000.00                     6.500                     20060801   SFR                                                 953.33                      176,000.00                     6.500    Owner Occupied         Purchase                                                   220,000.00                           355      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXX XXXXXXX                                             XX                       00000                        360                       371,250.00                     6.625                     20060801   CONDO                                             2,049.61                      371,250.00                     6.625    Owner Occupied         Rate Refi                                                  495,000.00                           355      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       125,600.00                     7.000                     20060801   CONDO                                               732.67                      125,600.00                     7.000    Owner Occupied         Purchase                                                   157,000.00                           355      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                  00    X                                                        0.000    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       132,000.00                     6.875                     20061001   SFR                                                 756.25                      131,900.00                     6.875    Owner Occupied         Purchase                                                   188,571.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  00    X                                                        0.000    XXXXX                             0
XXXXXX                                                  XX                       00000                        360                       409,500.00                     8.125                     20061001   D-PUDS                                            2,772.66                      409,500.00                     8.125    Investment             Rate Refi                                                  525,000.00                           357      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            00
XXXXXXX XXXXX                                           XX                       00000                        360                       311,250.00                     7.500                     20061001   SFR                                               1,945.31                      311,250.00                     7.500    Owner Occupied         CashOut Refi                                               415,000.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXX XXXXX                                            XX                       00000                        360                       181,657.00                     6.999                     20060901   SFR                                               1,059.51                      181,657.00                     6.999    Owner Occupied         Purchase                                                   227,071.00                           356      20061201                      0.375                         0.030              6.594                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       160,000.00                     6.875                     20060901   SFR                                                 916.67                      160,000.00                     6.875    Owner Occupied         Rate Refi                                                  200,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
XXXXXXXXXX                                              XX                       00000                        360                       417,000.00                     7.000                     20060801   SFR                                               2,432.50                      417,000.00                     7.000    Owner Occupied         CashOut Refi                                               571,233.00                           355      20061201                      0.375                         0.030              6.595                                                                                   Express No Doc                                                           36    S                                                          3.5    LIBOR                             6
XXXXXX XXXXXX                                           XX                       00000                        360                       356,000.00                     6.625                     20060901   SFR                                               1,965.42                      355,700.00                     6.625    Owner Occupied         Purchase                                                   445,000.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Express Verified Assets                                                  00    X                                                          0.0    XXXXX                             0
XXXXXXXXXX                                              XX                       00000                        360                       152,000.00                     7.000                     20060901   CONDO                                               886.67                      151,937.82                     7.000    Owner Occupied         Purchase                                                   190,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                  00    X                                                          0.0    XXXXX                             0
XXX XXXXX                                               XX                       00000                        360                       405,920.00                     6.625                     20060801   HI-RISE                                           2,241.02                      405,920.00                     6.625    Owner Occupied         Purchase                                                   507,400.00                           355      20061201                      0.375                         0.030              6.220                                                                                   Express Verified Assets                                                  00    X                                                          0.0    XXXXX                             0
XXX XXXX                                                XX                       00000                        360                       650,000.00                     7.250                     20060901   SFR                                               3,927.08                      649,999.80                     7.250    Investment             CashOut Refi                                             1,181,818.00                           356      20061201                      0.375                         0.030              6.845                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       177,600.00                     6.750                     20060901   D-PUDS                                                 999                      177,600.00                     6.750    Owner Occupied         CashOut Refi                                               222,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            00
XX XXXXXXXXX                                            XX                       00000                        360                       315,000.00                     7.000                     20060901   SFR                                               1,837.50                      315,000.00                     7.000    Owner Occupied         CashOut Refi                                               450,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       170,000.00                     6.625                     20060901   SFR                                                 938.54                      170,000.00                     6.625    Owner Occupied         Rate Refi                                                  283,333.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
XXX XXXX                                                XX                       00000                        360                       308,000.00                     6.875                     20060901   SFR                                               1,764.58                      308,000.00                     6.875    Owner Occupied         Rate Refi                                                  385,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                            00
XXXXXXX                                                 XX                       00000                        360                       263,650.00                     7.250                     20060901   SFR                                               1,798.56                      262,819.81                     7.250    Owner Occupied         Rate Refi                                                  330,000.00                           356      20061201                      0.375                         0.030              6.845                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       173,600.00                     7.000                     20061001   SFR                                               1,012.67                      173,600.00                     7.000    Owner Occupied         Rate Refi                                                  217,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             0
XXXXXX XXX XXXXXXX                                      XX                       00000                        360                       170,000.00                     6.500                     20060901   2-FAMILY                                            920.83                      170,000.00                     6.500    Investment             CashOut Refi                                               361,702.00                           356      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       300,000.00                     6.750                     20060901   D-PUDS                                            1,687.50                      300,000.00                     6.750    Owner Occupied         Purchase                                                   789,474.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                           36    S                                                         2.25    LIBOR                             6
XXXXXXXXXXXX                                            XX                       00000                        360                       315,744.00                     6.750                     20060901   D-PUDS                                            1,776.06                      315,744.00                     6.750    Owner Occupied         Purchase                                                   394,680.00                           356      20061201                      0.375                         0.030              6.345                                                                                   SISA                                                                     00    X                                                         0.00    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       209,520.00                     6.625                     20061001   CONDO                                             1,156.73                      209,520.00                     6.625    Owner Occupied         Purchase                                                   261,900.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXXXXX                                              XX                       00000                        360                       468,000.00                     7.250                     20061001   D-PUDS                                            2,827.50                      468,000.00                     7.250    Investment             Purchase                                                   806,897.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            00
XXXXXX XXXX                                             XX                       00000                        360                        89,200.00                     7.375                     20061001   CONDO                                               616.08                       88,995.13                     7.375    Owner Occupied         Purchase                                                   111,500.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXX                                                    XX                       00000                        360                       217,200.00                     7.625                     20061001   D-PUDS                                            1,537.33                      216,725.39                     7.625    Owner Occupied         Purchase                                                   271,500.00                           357      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       417,000.00                     6.375                     20061001   D-PUDS                                            2,215.31                      416,830.17                     6.375    Owner Occupied         Rate Refi                                                  548,684.00                           357      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            00
XXXX XXXXXX XXXXXXXX                                    XX                        0000                        360                       292,000.00                     7.500                     20060901   SFR                                               1,825.00                      292,000.00                     7.500    Owner Occupied         Purchase                                                   324,444.00                           356      20061201                      0.375                         0.030              7.095                       RADIAN - BORROWER PAID                                 25   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXXXXXXXXX                                          XX                       00000                        360                       158,400.00                     6.500                     20061001   SFR                                                    858                      158,400.00                     6.500    Owner Occupied         Purchase                                                   198,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             0
XXXXX XXXXXXXXX XXXX                                    XX                       00000                        360                       500,000.00                     6.750                     20061001   SFR                                               3,242.99                      498,701.25                     6.750    Owner Occupied         CashOut Refi                                               684,932.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                            00
XXXXXX                                                  XX                       00000                        360                       468,000.00                     7.000                     20061001   SFR                                               2,730.00                      468,000.00                     7.000    Owner Occupied         Purchase                                                   585,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       176,400.00                     7.500                     20061001   CONDO                                             1,233.41                      176,004.81                     7.500    Investment             Purchase                                                   252,000.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXXXX                                              XX                       00000                        360                       202,720.00                     7.000                     20061001   D-PUDS                                            1,182.53                      202,720.00                     7.000    Owner Occupied         Purchase                                                   253,400.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       240,000.00                     6.875                     20060901   D-PUDS                                            1,375.00                      240,000.00                     6.875    Owner Occupied         Rate Refi                                                  303,797.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            00
XX XXXXX XXXXX                                          XX                       00000                        360                       212,000.00                     7.000                     20061001   SFR                                               1,236.67                      211,967.05                     7.000    Owner Occupied         Rate Refi                                                  265,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       396,091.00                     6.875                     20061001   SFR                                               2,269.27                      395,091.00                     6.875    Owner Occupied         Purchase                                                   495,114.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       341,250.00                     7.375                     20061001   SFR                                               2,097.27                      341,250.00                     7.375    Owner Occupied         CashOut Refi                                               525,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       188,800.00                     6.875                     20061001   SFR                                               1,240.28                      188,321.43                     6.875    Owner Occupied         Purchase                                                   236,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXXXXXX                                            XX                       00000                        360                       207,920.00                     7.375                     20061001   CONDO                                             1,277.84                      207,907.64                     7.375    Owner Occupied         Purchase                                                   259,900.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
XXXXX XXXXXXXX                                          XX                       00000                        360                       152,750.00                     6.750                     20061001   D-PUDS                                              859.22                      152,750.00                     6.750    Investment             Purchase                                                   235,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
XXXXXXXXXXX                                             XX                       00000                        360                       203,700.00                     6.875                     20061001   2-FAMILY                                          1,167.03                      203,699.03                     6.875    Investment             Rate Refi                                                  291,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       125,600.00                     7.375                     20061001   SFR                                                 771.92                      125,600.00                     7.375    Owner Occupied         CashOut Refi                                               157,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       320,000.00                     7.000                     20061001   SFR                                               1,866.67                      320,000.00                     7.000    Owner Occupied         Purchase                                                   400,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             0
XXXXXXX XXXXXX                                          XX                       00000                        360                       380,000.00                     6.625                     20061001   SFR                                               2,097.92                      380,000.00                     6.625    Owner Occupied         CashOut Refi                                               475,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       176,800.00                     7.000                     20061001   SFR                                               1,031.33                      176,800.00                     7.000    Owner Occupied         Purchase                                                   221,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       180,000.00                     6.875                     20061001   D-PUDS                                            1,031.25                      180,000.00                     6.875    Owner Occupied         Purchase                                                   225,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  00    X                                                         0.00    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       331,600.00                     7.375                     20061001   SFR                                               2,037.96                      331,600.00                     7.375    Owner Occupied         Purchase                                                   414,500.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       244,000.00                     6.875                     20061001   SFR                                               1,397.92                      244,000.00                     6.875    Investment             CashOut Refi                                               348,571.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  00    X                                                         0.00    XXXXX                             0
XXXXXX                                                  XX                       00000                        360                       156,000.00                     6.750                     20061001   SFR                                                  877.5                      156,000.00                     6.750    Owner Occupied         Purchase                                                   195,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                     00    X                                                         0.00    XXXXX                            00
XXXXXXXXXX                                              XX                       00000                        360                       152,000.00                     7.000                     20061001   TOWNHOUSE                                           886.67                      151,998.58                     7.000    Owner Occupied         Purchase                                                   190,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXX XXXXX                                             XX                       00000                        360                       176,000.00                     7.375                     20061001   D-PUDS                                            1,081.67                      175,973.92                     7.375    Owner Occupied         Purchase                                                   220,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       190,000.00                     6.750                     20061001   D-PUDS                                            1,068.75                      190,000.00                     6.750    Investment             CashOut Refi                                               380,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                            00
XXXXX XXXXX                                             XX                       00000                        360                       285,000.00                     6.625                     20061001   CONDO                                             1,573.44                      285,000.00                     6.625    Owner Occupied         CashOut Refi                                               445,313.00                           357      20061201                      0.375                         0.030              6.220                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       266,000.00                     6.875                     20061001   SFR                                               1,523.96                      266,000.00                     6.875    Owner Occupied         Purchase                                                   332,500.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                        3    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       252,000.00                     7.375                     20061001   SFR                                               1,548.75                      252,000.00                     7.375    Investment             Purchase                                                   315,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXX                                                   XX                       00000                        360                       380,000.00                     6.750                     20061001   SFR                                               2,137.50                      380,000.00                     6.750    Owner Occupied         Rate Refi                                                  475,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                            00
XXXXXX                                                  XX                       00000                        360                       336,000.00                     6.500                     20061001   SFR                                               1,820.00                      336,000.00                     6.500    Owner Occupied         Purchase                                                   420,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Express Verified Assets                                                  00    X                                                         0.00    XXXXX                            00
XXXXXX XXXXXXX                                          XX                       00000                        360                       252,000.00                     6.875                     20061001   SFR                                               1,443.75                      252,000.00                     6.875    Owner Occupied         Purchase                                                   315,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                            00
XXXXXX                                                  XX                       00000                        360                       673,375.00                     6.875                     20061001   SFR                                               3,857.88                      673,375.00                     6.875    Owner Occupied         CashOut Refi                                             1,496,389.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express No Xxx                                                                                                                           0.00    XXXXX                            00
XXXXXX                                                  XX                       00000                        360                       400,000.00                     6.625                     20061001   SFR                                               2,208.33                      400,000.00                     6.625    Owner Occupied         CashOut Refi                                               579,710.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       155,520.00                     6.875                     20061001   SFR                                                    891                      155,520.00                     6.875    Owner Occupied         Purchase                                                   194,400.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       132,000.00                     6.750                     20061001   PUD                                                  742.5                      132,000.00                     6.750    Owner Occupied         CashOut Refi                                               165,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       175,900.00                     6.750                     20061001   SFR                                                 989.44                      175,900.00                     6.750    Owner Occupied         Purchase                                                   219,875.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                      0    X                                                         0.00    XXXXX                            00
XXXXXXXX                                                XX                       00000                        360                       222,800.00                     6.875                     20061001   D-PUDS                                            1,276.46                      222,800.00                     6.875    Owner Occupied         Rate Refi                                                  278,500.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
XXXXXXX XXXXXX                                          XX                       00000                        360                       154,950.00                     7.375                     20061001   SFR                                                  952.3                      154,950.00                     7.375    Owner Occupied         Purchase                                                   193,688.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
TROY                                                    NH                        3465                        360                       145,900.00                     6.750                     20061001   SFR                                                 820.69                      145,900.00                     6.750    Owner Occupied         Purchase                                                   270,185.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       147,750.00                     7.250                     20061001   SFR                                                 892.66                      147,750.00                     7.250    Investment             Purchase                                                   197,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXXXXXXX XXXXXXXX                                       XX                       00000                        360                       417,000.00                     6.990                     20061001   SFR                                               2,429.03                      417,000.00                     6.990    Owner Occupied         Purchase                                                   530,000.00                           357      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       136,000.00                     6.750                     20061001   SFR                                                    765                      136,000.00                     6.750    Owner Occupied         Rate Refi                                                  170,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
XXXX                                                    XX                       00000                        360                       258,750.00                     7.125                     20061001   SFR                                               1,536.33                      258,750.00                     7.125    Investment             CashOut Refi                                               345,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXX                                                   XX                       00000                        360                       183,100.00                     6.750                     20061001   D-PUDS                                            1,187.58                      182,624.39                     6.750    Owner Occupied         Purchase                                                   228,875.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        360                       182,700.00                     6.500                     20061001   PUD                                                 989.63                      182,700.00                     6.500    Owner Occupied         CashOut Refi                                               261,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
XXXXXXXXXX                                              XX                       00000                        360                       320,900.00                     6.625                     20060901   CONDO                                             1,771.64                      320,900.00                     6.625    Owner Occupied         Purchase                                                   471,912.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            00
XXXXXXXXXX                                              XX                       00000                        360                       152,000.00                     6.625                     20061001   SFR                                                 839.17                      151,978.28                     6.625    Owner Occupied         Rate Refi                                                  190,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXXX XXXX                                           XX                       00000                        360                       377,000.00                     6.500                     20061001   SFR                                               2,042.08                      376,800.00                     6.500    Owner Occupied         CashOut Refi                                               554,412.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       390,000.00                     6.500                     20061001   SFR                                               2,112.50                      389,850.00                     6.500    Owner Occupied         CashOut Refi                                               780,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                            00
XXXXXXXXX                                               XX                       00000                        360                       140,400.00                     7.250                     20061001   SFR                                                 848.25                      140,400.00                     7.250    Owner Occupied         Purchase                                                   175,500.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       292,000.00                     6.625                     20061001   SFR                                               1,612.08                      292,000.00                     6.625    Owner Occupied         Purchase                                                   365,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       361,600.00                     7.750                     20061001   D-PUDS                                            2,335.33                      361,600.00                     7.750    Owner Occupied         Purchase                                                   452,000.00                           357      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXX                                                    XX                       00000                        360                       134,400.00                     6.875                     20061101   SFR                                                 882.91                      134,173.53                     6.875    Owner Occupied         Purchase                                                   168,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            00
XXXXX XXXXXX                                            XX                        0000                        360                       385,000.00                     7.000                     20061001   CONDO                                             2,245.83                      385,000.00                     7.000    Owner Occupied         CashOut Refi                                               550,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXXXXX                                             XX                       00000                        360                       179,584.00                     6.750                     20061001   D-PUDS                                            1,164.78                      179,117.53                     6.750    Owner Occupied         Purchase                                                   224,480.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXXXX                                              XX                       00000                        360                       103,600.00                     7.250                     20061101   SFR                                                 625.92                      103,600.00                     7.250    Owner Occupied         Purchase                                                   129,500.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       107,500.00                     6.750                     20061101   SFR                                                 697.24                      107,314.38                     6.750    Owner Occupied         CashOut Refi                                               383,929.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
XXXXXXXXX                                               XX                       00000                        360                       180,000.00                     6.750                     20061001   2-FAMILY                                          1,012.50                      180,000.00                     6.750    Investment             Purchase                                                   225,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                     00    X                                                         0.00    XXXXX                            00
XX XXXXXX                                               XX                       00000                        360                       460,000.00                     7.000                     20061101   SFR                                               2,683.33                      459,998.33                     7.000    Owner Occupied         Purchase                                                   575,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXX XXXXX                                             XX                       00000                        360                       228,225.00                     7.125                     20061001   D-PUDS                                            1,355.09                      228,225.00                     7.125    Owner Occupied         Purchase                                                   285,281.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXXXX                                              XX                       00000                        360                       975,000.00                     7.125                     20061101   D-PUDS                                            5,789.06                      975,000.00                     7.125    Owner Occupied         CashOut Refi                                             1,300,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXXX                                               XX                       00000                        360                       468,000.00                     6.875                     20061101   D-PUDS                                            2,681.25                      468,000.00                     6.875    Owner Occupied         Rate Refi                                                  585,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXXXX                                              XX                       00000                        360                       618,750.00                     7.375                     20061101   SFR                                               3,802.73                      618,750.00                     7.375    Owner Occupied         Rate Refi                                                  825,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
XXXXXXXXX                                               XX                       00000                        360                        80,000.00                     6.750                     20061101   SFR                                                 518.88                       79,861.85                     6.750    Owner Occupied         CashOut Refi                                               296,296.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Xxxxxxx Xx Xxx                                                           00    X                                                         0.00    XXXXX                            12
XXXXXXX                                                 XX                       00000                        360                       372,000.00                     6.750                     20061101   SFR                                               2,092.50                      371,900.00                     6.750    Owner Occupied         Purchase                                                   465,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       164,000.00                     6.875                     20061101   SFR                                                 939.58                      164,000.00                     6.875    Owner Occupied         Purchase                                                   205,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                            00
XXX XXXXXXXXXX                                          XX                       00000                        360                       308,000.00                     6.875                     20060901   SFR                                               1,764.58                      308,000.00                     6.875    Investment             CashOut Refi                                               385,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     3.25    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        360                       217,748.00                     6.875                     20060901   SFR                                               1,247.51                      217,748.00                     6.875    Investment             Purchase                                                   272,185.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       164,800.00                     6.999                     20060901   CONDO                                                961.2                      164,800.00                     6.999    Owner Occupied         Purchase                                                   206,000.00                           356      20061201                      0.375                         0.030              6.594                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXXXX                                              XX                       00000                        360                       379,900.00                     7.125                     20061001   CONDO                                             2,255.66                      379,900.00                     7.125    Investment             Purchase                                                   474,875.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
XXXX XXXX XXXX                                          XX                       00000                        360                        95,900.00                     7.250                     20061001   CONDO                                                579.4                       95,880.00                     7.250    Owner Occupied         Purchase                                                   119,875.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       199,500.00                     7.250                     20061001   2-FAMILY                                          1,205.31                      199,500.00                     7.250    Investment             Purchase                                                   285,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       236,000.00                     7.375                     20061001   CONDO                                             1,450.42                      236,000.00                     7.375    Owner Occupied         Purchase                                                   295,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       209,250.00                     7.125                     20061001   CONDO                                             1,242.42                      209,250.00                     7.125    Investment             Purchase                                                   279,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXX XXX                                               XX                       00000                        360                       103,200.00                     6.750                     20061001   2-FAMILY                                            669.35                      102,931.95                     6.750    Owner Occupied         Purchase                                                   129,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     2.25    LIBOR                            00
XXXX XX XXXXX                                           XX                       00000                        360                       276,000.00                     6.875                     20060901   SFR                                               1,581.25                      276,000.00                     6.875    Owner Occupied         Purchase                                                   345,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
NETHER XXXXXXXXXX XX                                    XX                       00000                        360                       288,000.00                     7.500                     20060901   SFR                                               1,800.00                      288,000.00                     7.500    Owner Occupied         Purchase                                                   360,000.00                           356      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             0
XXXXX  XXXXXXXX                                         XX                        0000                        360                       123,200.00                     8.000                     20061001   CONDO                                               821.33                      123,200.00                     8.000    Owner Occupied         Purchase                                                   154,000.00                           357      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXXX XXXX                                           XX                        0000                        360                       336,000.00                     7.875                     20060901   2-FAMILY                                          2,205.00                      335,470.83                     7.875    Owner Occupied         Purchase                                                   420,000.00                           356      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        360                       384,800.00                     7.625                     20060901   D-PUDS                                            2,445.08                      384,799.98                     7.625    Owner Occupied         Purchase                                                   481,000.00                           356      20061201                      0.375                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       240,000.00                     7.750                     20061001   SFR                                               1,719.39                      239,488.55                     7.750    Owner Occupied         Purchase                                                   300,000.00                           357      20061201                      0.375                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
XXXXXXXXXXX                                             XX                       00000                        360                       352,000.00                     7.500                     20060901   D-PUDS                                            2,200.00                      352,000.00                     7.500    Owner Occupied         Purchase                                                   440,000.00                           356      20061201                      0.375                         0.030              7.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                             0
XXXX XXXXXXXX XXXXXX                                    XX                        0000                        360                       404,000.00                     7.500                     20060901   SFR                                               2,525.00                      404,000.00                     7.500    Owner Occupied         Purchase                                                   505,000.00                           356      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       218,400.00                     7.125                     20060901   D-PUDS                                            1,296.75                      218,326.62                     7.125    Owner Occupied         Purchase                                                   273,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
XXXXXXXXX XXXXXXXX                                      XX                        0000                        360                       388,000.00                     7.875                     20061001   SFR                                               2,546.25                      387,999.26                     7.875    Owner Occupied         Purchase                                                   485,000.00                           357      20061201                      0.375                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
XXXXXXXXXX XXXX                                         XX                        0000                        360                        91,600.00                     9.440                     20060901   SFR                                                 766.18                       91,351.66                     9.440    Owner Occupied         Purchase                                                   130,000.00                           356      20061201                      0.375                         0.030              9.035                                                                                   SISA                                                                                                                                     2.25    LIBOR                             0
XXXXX XXXXXXX XXXXXX                                    XX                       00000                        360                       164,000.00                     7.250                     20060901   SFR                                               1,118.77                      163,482.14                     7.250    Owner Occupied         Purchase                                                   205,000.00                           356      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       743,250.00                     7.125                     20060901   HI-RISE                                           4,413.05                      743,250.00                     7.125    Owner Occupied         Purchase                                                   991,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        360                       178,400.00                     6.875                     20061001   SFR                                               1,022.08                      178,322.58                     6.875    Owner Occupied         Rate Refi                                                  198,222.00                           357      20061201                      0.375                         0.030              6.470                       MGIC                                                   25   Full                                                                                                                                     2.25    LIBOR                             6
XXXXX XXXXXX                                            XX                       00000                        360                       291,600.00                     6.875                     20061001   SFR                                               1,670.63                      291,600.00                     6.875    Owner Occupied         Purchase                                                   324,000.00                           357      20061201                      0.375                         0.030              6.470                       MGIC                                                   25   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
XXXXXXXXX XXXXXXX                                       XX                       00000                        360                        93,100.00                     8.125                     20061001   CONDO                                               630.36                       93,100.00                     8.125    Owner Occupied         Purchase                                                    98,000.00                           357      20061201                      0.375                         0.030              7.720                       MGIC                                                   30   Express No Doc                                                                                                                           2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       182,148.00                     7.625                     20061001   D-PUDS                                            1,157.40                      182,148.00                     7.625    Owner Occupied         Purchase                                                   191,735.00                           357      20061201                      0.375                         0.030              7.220                       MGIC                                                   30   Express No Doc                                                                                                                           2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       205,641.00                     7.625                     20061001   SFR                                               1,306.68                      205,641.00                     7.625    Investment             Purchase                                                   228,490.00                           357      20061201                      0.375                         0.030              7.220                       MGIC                                                   25   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       141,550.00                     8.000                     20061001   D-PUDS                                            1,038.64                      141,263.18                     8.000    Owner Occupied         Purchase                                                   149,000.00                           357      20061201                      0.375                         0.030              7.595                       MGIC                                                   30   Express No Doc                                                                                                                           2.25    LIBOR                            12
XXXXXXX XXXX                                            XX                       00000                        360                       176,850.00                     7.125                     20061001   SFR                                               1,050.05                      176,850.00                     7.125    Investment             Purchase                                                   196,500.00                           357      20061201                      0.375                         0.030              6.720                       MGIC                                                   25   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXXXXX                                              XX                       00000                        360                       263,250.00                     7.625                     20061101   SFR                                               1,672.73                      263,250.00                     7.625    Owner Occupied         CashOut Refi                                               292,500.00                           358      20061201                      0.375                         0.030              7.220                       MGIC                                                   25   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       153,611.00                     7.125                     20061101   CONDO                                             1,034.91                      153,364.59                     7.125    Owner Occupied         Purchase                                                   161,696.00                           358      20061201                      0.375                         0.030              6.720                       MGIC                                                   30   Express No Doc                                                                                                                           2.25    LIBOR                            12
XXXXXXXXXX XXXXX                                        XX                       00000                        360                        96,300.00                     7.500                     20060901   CONDO                                               673.34                       96,011.46                     7.500    Owner Occupied         Purchase                                                   109,432.00                           356      20061201                      0.375                         0.030              7.095                       MGIC                                                   25   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXX                                                  XX                        0000                        360                       300,000.00                     6.500                     20061001   SFR                                               1,625.00                      300,000.00                     6.500    Owner Occupied         CashOut Refi                                               415,000.00                           357      20061201                      0.250                         0.030              6.220                                                                                   Express Verified Assets                                                  00    X                                                                 XXXXX
XXXXX XXXXXXXX                                          XX                       00000                        360                       447,960.00                     6.625                     20061001   PUD                                               2,868.34                      446,767.76                     6.625    Owner Occupied         Purchase                                                   560,000.00                           357      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                  12    S                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        360                       389,000.00                     6.625                     20061001   SFR                                               2,312.16                      388,313.68                     6.625    Owner Occupied         CashOut Refi                                               725,000.00                           357      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                  12    S                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       436,000.00                     6.500                     20061101   SFR                                               2,755.82                      435,209.56                     6.500    Owner Occupied         Purchase                                                   545,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXX XXXX                                             XX                       00000                        360                       306,500.00                     6.500                     20061101   SFR                                               1,794.43                      306,218.11                     6.500    Investment             Rate Refi                                                  530,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Express Verified Assets                                                  36    12H/24S                                                           FIXED
XXXXXXXXX XXXXXXX                                       XX                       00000                        180                        75,000.00                    12.500                     20061101   SFR                                                 800.44                       74,961.41                    12.500    Owner Occupied         Purchase                                                   500,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Express No Doc Verified Assets                                                                                                              0    FIXED
XXXXX XXXXX                                             XX                       00000                        360                       147,000.00                     6.875                     20061201   SFR                                                 965.69                      146,876.50                     6.875    Owner Occupied         CashOut Refi                                               210,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
XX XXXXX                                                XX                       00000                        360                       175,000.00                     7.500                     20061201   SFR                                               1,093.75                      175,000.00                     7.500    2nd Home               Purchase                                                   299,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                    2.5    LIBOR                             6
XXXX XXXXXX                                             XX                       00000                        180                       114,400.00                    10.450                     20061101   SFR                                               1,042.19                      114,307.68                    10.450    Owner Occupied         Rate Refi                                                  572,000.00                           178      20061201                      0.500                         0.030              9.920                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        360                       183,350.00                     6.990                     20061201   SFR                                               1,068.01                      183,350.00                     6.990    Owner Occupied         CashOut Refi                                               262,000.00                           359      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       103,250.00                    11.375                     20061101   SFR                                               1,012.64                      103,181.84                    11.375    Investment             Purchase                                                   155,000.00                           358      20061201                      0.250                         0.030             11.095                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        180                        25,000.00                    13.475                     20061101   TOWNHOUSE                                           285.87                       24,989.36                    13.475    Investment             Purchase                                                   155,000.00                           178      20061201                      0.500                         0.030             12.945                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        360                       497,000.00                     7.250                     20061101   D-PUDS                                            3,002.71                      497,000.00                     7.250    Investment             Purchase                                                   725,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                        95,500.00                     6.875                     20061201   SFR                                                 627.37                       95,419.77                     6.875    Owner Occupied         CashOut Refi                                               280,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXX                                             XX                       00000                        360                       440,000.00                     7.875                     20061101   4-FAMILY                                          3,190.31                      439,050.87                     7.875    Investment             Purchase                                                   550,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Full                                                                                                                                             FIXED
XXXXXX XXXXXXXX                                         XX                       00000                        360                       170,000.00                     7.125                     20061101   SFR                                               1,145.32                      169,370.52                     7.125    Owner Occupied         CashOut Refi                                               325,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXXX                                               XX                        0000                        360                       204,800.00                     8.000                     20061001   CONDO                                             1,502.75                      204,385.00                     8.000    Owner Occupied         Purchase                                                   257,000.00                           357      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXX                                                  XX                       00000                        360                       400,000.00                     9.250                     20061101   4-FAMILY                                          3,290.70                      399,583.66                     9.250    Investment             CashOut Refi                                               500,000.00                           358      20061201                      0.250                         0.030              8.970                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       192,000.00                     7.125                     20061101   SFR                                               1,140.00                      191,999.82                     7.125    Owner Occupied         CashOut Refi                                               240,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXXX                                            XX                       00000                        360                       300,000.00                     6.500                     20061101   SFR                                               1,625.00                      300,000.00                     6.500    Owner Occupied         CashOut Refi                                               630,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                     00    X                                                            0    XXXXX                             0
XXXXXX                                                  XX                       00000                        360                       248,000.00                     5.750                     20060801   PUD                                               1,321.56                      245,615.60                     5.750    Owner Occupied         Rate Refi                                                  440,000.00                           355      20061201                      0.375                         0.030              5.345                                                                                   Full                                                                     00    X                                                         0.00    XXXXX                            00
XXXXXXXXX                                               XX                       00000                        360                       368,000.00                     7.000                     20060901   SFR                                               2,146.67                      368,000.00                     7.000    Owner Occupied         Rate Refi                                                  480,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXX XXXXX                                             XX                       00000                        360                       228,000.00                     6.625                     20061001   SFR                                               1,258.75                      228,000.00                     6.625    Owner Occupied         CashOut Refi                                               498,500.00                           357      20061201                      0.375                         0.030              6.220                                                                                   SISA                                                                     00    X                                                         0.00    XXXXX                            00
XXXXXXXXXX                                              XX                       00000                        360                        80,000.00                     7.500                     20060901   SFR                                                 559.37                       79,760.25                     7.500    Investment             CashOut Refi                                               100,000.00                           356      20061201                      0.375                         0.030              7.095                                                                                   SISA                                                                     12    S                                                         2.25    LIBOR                             6
XXXXX XXX                                               XX                       00000                        360                       319,920.00                     6.500                     20060801   CONDO                                             1,732.90                      319,920.00                     6.500    Owner Occupied         Purchase                                                   399,900.00                           355      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       415,000.00                     6.500                     20060801   PUD                                               2,247.92                      414,999.98                     6.500    Owner Occupied         CashOut Refi                                               810,000.00                           355      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                     00    X                                                         0.00    XXXXX                            00
XXXXXX XXXXX                                            XX                       00000                        360                       162,838.00                     6.875                     20060601   SFR                                                 866.29                      151,207.08                     6.875    Owner Occupied         Rate Refi                                                  204,000.00                           353      20061201                      0.375                         0.030              6.470                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXXXXXXX                                              XX                       00000                        360                       685,000.00                     6.500                     20060901   PUD                                               3,710.42                      684,900.00                     6.500    Owner Occupied         CashOut Refi                                               900,000.00                           356      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     00    X                                                         0.00    XXXXX                            00
XXXXXXXX                                                XX                       00000                        360                       680,000.00                     6.875                     20060801   SFR                                               4,467.12                      675,249.43                     6.875    Owner Occupied         Purchase                                                   850,000.00                           355      20061201                      0.375                         0.030              6.470                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXX XXXXXXXXXX                                         XX                       00000                        360                       202,000.00                     5.875                     20060801   SFR                                                 988.96                      202,000.00                     5.875    Owner Occupied         CashOut Refi                                               425,000.00                           355      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       328,000.00                     6.375                     20060901   CONDO                                             1,742.50                      328,000.00                     6.375    Owner Occupied         Rate Refi                                                  500,000.00                           356      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            00
XXXXXX                                                  XX                       00000                        360                       723,000.00                     6.500                     20061001   SFR                                               3,916.25                      718,917.05                     6.500    Owner Occupied         Rate Refi                                                  920,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       680,000.00                     6.125                     20061001   SFR                                               3,470.83                      680,000.00                     6.125    Owner Occupied         Rate Refi                                                  945,000.00                           357      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXX                                                   XX                       00000                        360                       172,000.00                     6.750                     20060901   SFR                                               1,115.59                      171,402.63                     6.750    Owner Occupied         Rate Refi                                                  215,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                     00    X                                                        0.000    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       520,000.00                     6.500                     20060901   CONDO                                             3,286.75                      518,104.34                     6.500    Owner Occupied         Purchase                                                   680,000.00                           356      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXX XXXXX                                               XX                       00000                        360                       448,000.00                     7.250                     20060901   SFR                                               2,706.67                      447,998.83                     7.250    Owner Occupied         CashOut Refi                                               560,000.00                           356      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                  36    S                                                          3.5    LIBOR                             6
XXXXXXXXXX XXXXX                                        XX                       00000                        360                       808,000.00                     5.375                     20060901   2-4FAMILY                                         3,619.17                      807,997.74                     5.375    Owner Occupied         Purchase                                                 1,010,000.00                           356      20061201                      0.375                         0.030              4.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       270,000.00                     6.250                     20060801   SFR                                               1,406.25                      270,000.00                     6.250    Owner Occupied         Purchase                                                   365,000.00                           355      20061201                      0.375                         0.030              5.845                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXX                                                   XX                       00000                        360                       468,000.00                     6.625                     20060901   PUD                                               2,583.75                      468,000.00                     6.625    Owner Occupied         CashOut Refi                                               735,000.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                        0    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       524,000.00                     7.125                     20060901   PUD                                               3,111.25                      524,000.00                     7.125    Owner Occupied         CashOut Refi                                               690,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXXX XXXX                                           XX                       00000                        360                       417,000.00                     6.000                     20060801   SFR                                               2,085.00                      416,791.53                     6.000    Owner Occupied         Rate Refi                                                  530,000.00                           355      20061201                      0.375                         0.030              5.595                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXX XXXX XXXX                                          XX                       00000                        360                       700,000.00                     6.375                     20061001   SFR                                               3,718.75                      700,000.00                     6.375    Owner Occupied         Purchase                                                   885,000.00                           357      20061201                      0.375                         0.030              5.970                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXX XXXXX                                             XX                       00000                        360                       560,000.00                     7.375                     20060901   SFR                                               3,441.67                      560,000.00                     7.375    Owner Occupied         CashOut Refi                                               700,000.00                           356      20061201                      0.375                         0.030              6.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       487,992.00                     6.750                     20060901   SFR                                               2,744.96                      487,992.00                     6.750    Owner Occupied         Purchase                                                   612,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXX XXXXXX                                              XX                       00000                        360                       457,500.00                     6.500                     20060901   CONDO                                             2,478.13                      457,500.00                     6.500    Owner Occupied         Purchase                                                   610,000.00                           356      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            00
XXXXX XXXXX                                             XX                       00000                        360                       650,000.00                     6.625                     20061001   CONDO                                             3,588.54                      650,000.00                     6.625    Owner Occupied         Purchase                                                   814,500.00                           357      20061201                      0.375                         0.030              6.220                                                                                   SISA                                                                     12    S                                                         2.25    LIBOR                            12
XXXXXXXXX                                               XX                       00000                        360                       680,000.00                     5.500                     20060901   SFR                                               3,116.67                      680,000.00                     5.500    Owner Occupied         Purchase                                                   870,000.00                           356      20061201                      0.375                         0.030              5.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXX XXXX XXXX                                          XX                       00000                        360                       576,800.00                     6.250                     20061001   SFR                                               3,004.17                      576,800.00                     6.250    Owner Occupied         Purchase                                                   721,000.00                           357      20061201                      0.375                         0.030              5.845                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       524,000.00                     6.000                     20061001   PUD                                               2,620.00                      524,000.00                     6.000    Owner Occupied         Purchase                                                   720,000.00                           357      20061201                      0.375                         0.030              5.595                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXX XXXXX                                              XX                       00000                        360                       307,000.00                     6.500                     20060901   SFR                                               1,662.92                      306,947.84                     6.500    Owner Occupied         CashOut Refi                                               675,000.00                           356      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXXXXX XXXXXX                                           XX                       00000                        360                       360,000.00                     5.750                     20060901   SFR                                               1,725.00                      360,000.00                     5.750    Owner Occupied         Purchase                                                   480,000.00                           356      20061201                      0.375                         0.030              5.345                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXXXXXXXXXXX                                          XX                       00000                        360                       231,900.00                     6.500                     20060801   PUD                                               1,256.13                      231,900.00                     6.500    Owner Occupied         Purchase                                                   290,000.00                           355      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXX XXXX                                                XX                       00000                        360                       479,089.00                     6.750                     20060901   CONDO                                             2,694.88                      479,089.00                     6.750    Owner Occupied         Purchase                                                   598,862.00                           356      20061201                      0.375                         0.030              6.345                                                                                   SISA                                                                     12    S                                                         2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       131,600.00                     7.500                     20060901   CONDO                                                822.5                      131,469.52                     7.500    Owner Occupied         Purchase                                                   164,500.00                           356      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            00
XXX XXXXX                                               XX                       00000                        360                       332,000.00                     5.875                     20060901   PUD                                               1,625.42                      331,879.72                     5.875    Owner Occupied         Purchase                                                   415,000.00                           356      20061201                      0.375                         0.030              5.470                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXXXXXXXX                                             XX                       00000                        360                     1,031,250.00                     6.250                     20060601   PUD                                               5,371.09                    1,031,250.00                     6.250    Owner Occupied         CashOut Refi                                             1,375,000.00                           353      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       402,000.00                     6.625                     20060801   SFR                                               2,389.43                      399,320.30                     6.625    Owner Occupied         CashOut Refi                                               675,000.00                           355      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXX XXXXXX                                           XX                       00000                        360                       417,000.00                     6.250                     20060901   PUD                                               2,171.87                      416,999.99                     6.250    Owner Occupied         CashOut Refi                                               552,500.00                           356      20061201                      0.375                         0.030              5.845                                                                                   SISA                                                                     00    X                                                         0.00    XXXXX                             0
XXXXX XXXXXXXXX                                         XX                       00000                        360                       235,000.00                     6.000                     20060801   SFR                                               1,175.00                      235,000.00                     6.000    Owner Occupied         CashOut Refi                                               660,000.00                           355      20061201                      0.375                         0.030              5.595                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       524,000.00                     6.375                     20060901   CONDO                                             2,783.75                      524,000.00                     6.375    Owner Occupied         Rate Refi                                                  655,000.00                           356      20061201                      0.375                         0.030              5.970                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXX XXXXXX                                             XX                       00000                        360                       480,000.00                     6.125                     20060701   CONDO                                             2,450.00                      478,737.51                     6.125    Owner Occupied         Purchase                                                   600,000.00                           354      20061201                      0.375                         0.030              5.720                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXXX                                                  XX                       00000                        360                       110,400.00                     6.500                     20060901   SFR                                                    598                      110,400.00                     6.500    Owner Occupied         Rate Refi                                                  138,000.00                           356      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
XXXXXX XXXXXX                                           XX                       00000                        360                     1,285,500.00                     6.625                     20061001   PUD                                               7,097.03                    1,285,500.00                     6.625    Owner Occupied         CashOut Refi                                             1,714,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                     00    X                                                         0.00    XXXXX                            00
XXXXXXXXXX                                              XX                       00000                        360                       215,600.00                     6.750                     20060801   PUD                                               1,212.75                      215,600.00                     6.750    Owner Occupied         Rate Refi                                                  270,000.00                           355      20070101                      0.375                         0.030              6.345                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
XXXXXXXXX                                               XX                       00000                        360                       385,000.00                     5.875                     20060801   PUD                                               1,884.90                      384,905.65                     5.875    Owner Occupied         CashOut Refi                                               600,000.00                           355      20061201                      0.375                         0.030              5.470                                                                                   SISA                                                                                                                                     2.25    LIBOR                            00
XXXXXX XXXXXX                                           XX                       00000                        360                       495,000.00                     6.500                     20061001   SFR                                               2,681.25                      495,000.00                     6.500    Owner Occupied         CashOut Refi                                               705,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     00    X                                                         0.00    XXXXX                            00
XXXXXX                                                  XX                       00000                        360                       335,000.00                     6.625                     20060901   PUD                                               1,849.48                      332,090.01                     6.625    Owner Occupied         Rate Refi                                                  540,000.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXX XXXXX                                               XX                       00000                        360                       274,511.00                     6.375                     20060801   PUD                                               1,712.59                      273,226.17                     6.375    2nd Home               Purchase                                                   344,000.00                           355      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                     2.75    CMT                              12
XXXXX                                                   XX                       00000                        360                       102,400.00                     7.250                     20060901   SFR                                                 618.67                      102,398.23                     7.250    Owner Occupied         Purchase                                                   129,000.00                           356      20061201                      0.375                         0.030              6.845                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
XXXX XXXXX                                              XX                       00000                        360                       397,000.00                     6.250                     20061001   SFR                                               2,067.71                      396,940.25                     6.250    Owner Occupied         Rate Refi                                                3,970,000.00                           357      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                     00    X                                                         0.00    XXXXX                            00
XXXXXXX XXXXX                                           XX                       00000                        360                       480,000.00                     5.875                     20060901   PUD                                               2,839.38                      478,028.06                     5.875    Owner Occupied         Rate Refi                                                  600,000.00                           356      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
XXXXXXXX                                                XX                       00000                        360                       937,500.00                     8.125                     20060901   SFR                                               6,347.65                      937,499.64                     8.125    Owner Occupied         Purchase                                                 1,350,000.00                           356      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       400,000.00                     7.125                     20061001   SFR                                               2,375.00                      400,000.00                     7.125    Owner Occupied         CashOut Refi                                               540,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        360                       320,000.00                     7.250                     20061001   SFR                                               1,933.33                      319,877.25                     7.250    Owner Occupied         Rate Refi                                                  400,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXX XXXXXX                                              XX                       00000                        360                       324,000.00                     6.750                     20060801   SFR                                               1,822.50                      324,000.00                     6.750    Owner Occupied         CashOut Refi                                               405,000.00                           355      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       424,500.00                     6.750                     20060901   SFR                                               2,387.81                      424,500.00                     6.750    Owner Occupied         CashOut Refi                                               560,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXX XXXXX                                               XX                       00000                        360                       324,000.00                     6.625                     20061001   SFR                                               1,788.75                      324,000.00                     6.625    Owner Occupied         CashOut Refi                                               405,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                     1,330,000.00                     7.375                     20060801   CONDO                                             8,173.95                    1,330,000.00                     7.375    Owner Occupied         Rate Refi                                                1,900,000.00                           355      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXX                                                   XX                       00000                        360                       880,000.00                     6.875                     20060801   SFR                                               5,041.67                      874,985.33                     6.875    Owner Occupied         Purchase                                                 1,146,000.00                           355      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXX XXXXX                                               XX                       00000                        360                       319,950.00                     6.375                     20061201   CONDO                                             1,699.73                      319,950.00                     6.375    Owner Occupied         Purchase                                                   410,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Xxxxxx                                                                   00    X                                                            0    XXXXX                             0
XXXXXXX                                                 XX                        0000                        360                       112,500.00                     9.500                     20061201   SFR                                                 890.63                      112,500.00                     9.500    Investment             Purchase                                                   155,000.00                           359      20061201                      0.375                         0.030              9.095                                                                                   SISA                                                                     00    X                                                          0.0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       300,000.00                     5.875                     20061201   SFR                                               1,468.75                      300,000.00                     5.875    Investment             CashOut Refi                                               610,000.00                           359      20061201                      0.250                         0.030              5.595                                                                                   SISA                                                                     60    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       209,300.00                     7.250                     20061201   SFR                                               1,264.52                      209,300.00                     7.250    Investment             CashOut Refi                                               299,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                         6.25    LIBOR                             6
XXXX XXXXXX                                             XX                       00000                        180                        67,500.00                    12.600                     20061201   CONDO                                               725.64                       67,483.11                    12.600    Owner Occupied         Purchase                                                   270,000.00                           179      20061201                      0.500                         0.030             12.070                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       169,400.00                     6.875                     20061201   3-FAMILY                                            970.52                      169,400.00                     6.875    Investment             CashOut Refi                                               242,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       216,000.00                     7.625                     20061201   D-PUDS                                            1,372.50                      216,000.00                     7.625    Investment             Purchase                                                   270,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   24    X                                                            0    XXXXX                             0
XXXXX                                                   XX                       00000                        360                       120,750.00                     7.000                     20061201   SFR                                                 704.38                      120,750.00                     7.000    Investment             Rate Refi                                                  162,500.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                     12    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                        90,000.00                     9.125                     20061201   PUD                                                 732.27                       89,952.11                     9.125    Investment             Purchase                                                   148,000.00                           359      20061201                      0.375                         0.030              8.720                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       238,500.00                     6.875                     20061201   SFR                                               1,366.41                      238,500.00                     6.875    Investment             CashOut Refi                                               318,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXX XXXXXX                                            XX                       00000                        360                       153,600.00                     8.375                     20061201   SFR                                               1,072.00                      153,599.18                     8.375    Owner Occupied         Purchase                                                   224,000.00                           359      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXX XXX                                               XX                       00000                        360                       278,500.00                     6.500                     20061201   SFR                                               1,508.54                      278,500.00                     6.500    Owner Occupied         CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       448,000.00                     8.875                     20061201   D-PUDS                                            3,313.33                      448,000.00                     8.875    Owner Occupied         Purchase                                                   569,000.00                           359      20061201                      0.375                         0.030              8.470                                                                                   Stated                                                                   36    12H/24S                                                      3    LIBOR                             6
XXXXXXXXXXX                                             XX                       00000                        360                       257,000.00                     6.500                     20061201   SFR                                               1,392.08                      257,000.00                     6.500    Investment             Purchase                                                   375,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XX XXXXX                                                XX                       00000                        360                       712,500.00                     9.375                     20061201   SFR                                               5,566.41                      712,500.00                     9.375    Owner Occupied         Purchase                                                   950,000.00                           359      20061201                      0.375                         0.030              8.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXX XXXXX                                              XX                       00000                        180                        88,000.00                    12.250                     20061201   SFR                                                 922.15                       87,976.18                    12.250    Owner Occupied         Purchase                                                   455,000.00                           179      20061201                      0.500                         0.030             11.720                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        180                        58,000.00                    12.480                     20061101   SFR                                                 618.11                       57,970.02                    12.480    Owner Occupied         Purchase                                                   295,000.00                           178      20061201                      0.500                         0.030             11.950                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        180                        60,000.00                    11.850                     20061201   SFR                                                  592.5                       60,000.00                    11.850    Investment             CashOut Refi                                               318,000.00                           179      20061201                      0.500                         0.030             11.320                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXXX                                               XX                       00000                        360                       162,050.00                     6.875                     20061201   SFR                                                 928.41                      162,050.00                     6.875    Investment             Purchase                                                   228,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXXX                                               XX                  00000-0000                        360                       137,350.00                     6.250                     20061201   SFR                                                 779.79                      137,285.57                     6.250    Owner Occupied         Rate Refi                                                  330,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       250,000.00                     6.500                     20061201   SFR                                               1,580.17                      249,774.00                     6.500    Owner Occupied         CashOut Refi                                               415,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   SISA                                                                     36    H                                                                 FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       144,750.00                     7.000                     20061201   SFR                                                 844.38                      144,750.00                     7.000    Investment             CashOut Refi                                               193,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       100,999.00                     7.875                     20061201   SFR                                                 732.31                      100,929.50                     7.875    Owner Occupied         Rate Refi                                                  140,000.00                           359      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX XXXXX                                           XX                       00000                        360                       248,400.00                     6.250                     20061201   HI-RISE                                           1,293.75                      248,400.00                     6.250    2nd Home               Purchase                                                   430,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        180                       177,000.00                    11.875                     20061201   SFR                                               1,751.56                      177,000.00                    11.875    Owner Occupied         Purchase                                                   900,000.00                           179      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                                                                                      0    FIXED
XXXXX XXXXX                                             XX                       00000                        360                       294,000.00                     5.990                     20061201   CONDO                                             1,467.55                      294,000.00                     5.990    Investment             CashOut Refi                                               460,000.00                           359      20061201                      0.375                         0.030              5.585                                                                                   Stated                                                                   36    12H/24S                                                      3    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       552,000.00                     6.500                     20061201   SFR                                               2,990.00                      552,000.00                     6.500    Owner Occupied         CashOut Refi                                             1,100,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     00    X                                                            0    XXXXX                             0
XXXXXXXXXX                                              XX                       00000                        360                       240,000.00                     6.750                     20061201   SFR                                               1,350.00                      239,937.83                     6.750    Investment             CashOut Refi                                               324,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXX                                                   XX                       00000                        180                        66,000.00                    12.670                     20061101   SFR                                                 713.11                       65,967.31                    12.670    Owner Occupied         Purchase                                                   220,000.00                           178      20061201                      0.500                         0.030             12.140                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXXXX                                               XX                       00000                        180                       165,000.00                    12.450                     20061201   D-PUDS                                            1,754.58                      164,957.30                    12.450    Owner Occupied         Purchase                                                   600,000.00                           179      20061201                      0.500                         0.030             11.920                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXX                                                   XX                       00000                        360                       457,774.00                     6.750                     20061201   SFR                                               2,574.98                      457,774.00                     6.750    Owner Occupied         CashOut Refi                                               750,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       436,400.00                     5.625                     20061201   SFR                                               2,045.63                      436,400.00                     5.625    Investment             Rate Refi                                                  645,000.00                           359      20061201                      0.375                         0.030              5.220                                                                                   Full                                                                                                                                        0    XXXXX                             0
XXXXXXXXXXX                                             XX                       00000                        360                       232,000.00                     6.875                     20061201   SFR                                               1,329.17                      232,000.00                     6.875    Investment             Rate Refi                                                  332,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Non-Verified Assets                                                                                                                 0    XXXXX                             0
XXXXXXXXXX                                              XX                       00000                        360                       672,000.00                     7.500                     20061201   SFR                                               4,200.00                      672,000.00                     7.500    Owner Occupied         Rate Refi                                                  850,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       195,000.00                     7.125                     20061201   SFR                                               1,157.81                      195,000.00                     7.125    Investment             CashOut Refi                                               325,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       205,000.00                     7.750                     20061201   SFR                                               1,323.96                      205,000.00                     7.750    Owner Occupied         CashOut Refi                                               365,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
XXXXX                                                   XX                       00000                        360                       623,000.00                     6.375                     20061201   SFR                                               3,309.69                      623,000.00                     6.375    Investment             CashOut Refi                                               890,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    12H/24S                                                      3    LIBOR                             6
XXXXXX                                                  XX                       00000                        180                        76,400.00                    10.575                     20061101   SFR                                                 703.15                       76,338.14                    10.575    Owner Occupied         Purchase                                                   395,000.00                           178      20061201                      0.500                         0.030             10.045                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        360                       198,000.00                     8.875                     20061201   4-FAMILY                                          1,575.38                      197,889.00                     8.875    Investment             Purchase                                                   265,000.00                           359      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                   36    S                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       190,000.00                     6.500                     20061201   SFR                                               1,200.93                      189,828.24                     6.500    Owner Occupied         CashOut Refi                                               309,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
XX XXXXX                                                XX                       00000                        180                       461,250.00                     6.990                     20061101   SFR                                               2,686.78                      461,250.00                     6.990    Owner Occupied         Purchase                                                   515,000.00                           178      20061201                      0.250                         0.030              6.710                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXX                                                  XX                       00000                        360                       115,520.00                     7.750                     20061101   SFR                                                  827.6                      115,356.41                     7.750    Owner Occupied         Purchase                                                   145,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Full                                                                     36    S                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        180                       213,600.00                     7.875                     20061101   D-PUDS                                            1,401.75                      213,600.00                     7.875    Investment             Purchase                                                   285,000.00                           178      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  00    X                                                                 XXXXX
XXX XXXXXXX XXXX                                        XX                       00000                        180                       528,000.00                     7.750                     20061101   SFR                                               3,410.00                      528,000.00                     7.750    Owner Occupied         Purchase                                                   660,000.00                           178      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXX                                                   XX                       00000                        360                       335,920.00                     9.250                     20061101   4-FAMILY                                          2,589.38                      335,920.00                     9.250    Investment             Purchase                                                   420,000.00                           358      20061201                      0.250                         0.030              8.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       310,000.00                     6.500                     20061101   SFR                                               1,959.41                      309,438.00                     6.500    Owner Occupied         CashOut Refi                                               636,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Express No Doc                                                           36    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       189,600.00                     7.875                     20061101   SFR                                               1,244.25                      189,600.00                     7.875    Owner Occupied         Purchase                                                   270,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXX XXXXX                                               XX                       00000                        180                        57,200.00                     8.625                     20060901   CONDO                                               411.13                       57,200.00                     8.625    Investment             Purchase                                                    80,000.00                           176      20061201                      0.250                         0.030              8.345                                                                                   Full                                                                     36    H                                                                 FIXED
CORNISH                                                 ME                        4020                        360                       190,000.00                     7.750                     20061001   SFR                                               1,361.18                      189,595.11                     7.750    Owner Occupied         CashOut Refi                                               218,391.00                           357      20061201                      0.250                         0.030              6.950               0.52    PMI - LENDER PAID                                      25   Express Verified Assets                                                                                                                          FIXED
XXXXXXX XXXXX                                           XX                       00000                        360                       204,800.00                     8.000                     20061101   SFR                                               1,502.75                      204,524.25                     8.000    Owner Occupied         Purchase                                                   256,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   SISA                                                                                                                                             FIXED
XXXXX XXXX                                              XX                       00000                        360                       207,850.00                     7.750                     20061001   SFR                                               1,489.06                      207,407.06                     7.750    Investment             Purchase                                                   259,855.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
XXX XXX                                                 XX                       00000                        180                        38,800.00                     8.375                     20061101   SFR                                                 379.24                       38,582.34                     8.375    Investment             Purchase                                                    48,500.00                           178      20061201                      0.250                         0.030              8.095                                                                                   Express No Doc                                                                                                                                   FIXED
XXXX XXXXX                                              XX                       00000                        180                        52,250.00                     7.625                     20061101   SFR                                                 488.08                       51,936.86                     7.625    Owner Occupied         Purchase                                                    55,000.00                           178      20061201                      0.250                         0.030              6.465               0.88    PMI - LENDER PAID                                      30   Express No Doc                                                           36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        180                       130,000.00                     7.125                     20061101   SFR                                               1,177.58                      129,186.19                     7.125    Owner Occupied         CashOut Refi                                               224,138.00                           178      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                     60    H                                                                 FIXED
XXXXX XXXXX                                             XX                       00000                        180                       190,000.00                     6.125                     20061101   2-FAMILY                                          1,616.19                      188,703.90                     6.125    Owner Occupied         CashOut Refi                                               340,000.00                           178      20061201                      0.250                         0.030              5.845                                                                                   Express No Doc                                                           60    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                        40,800.00                     8.375                     20061101   SFR                                                 310.11                       40,749.10                     8.375    Investment             CashOut Refi                                                51,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                        44,000.00                     6.875                     20061101   SFR                                                 289.05                       43,925.85                     6.875    Investment             CashOut Refi                                                55,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                        45,600.00                     7.750                     20061101   SFR                                                 326.68                       45,535.43                     7.750    Investment             Purchase                                                    57,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXX                                                  XX                       00000                        360                        46,400.00                     8.375                     20061101   SFR                                                 352.67                       46,342.12                     8.375    Investment             CashOut Refi                                                58,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                   60    H                                                                 FIXED
XXXX                                                    XX                       00000                        360                        48,000.00                     7.375                     20061101   SFR                                                 331.52                       47,926.74                     7.375    Investment             CashOut Refi                                                87,273.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXXXX                                              XX                       00000                        360                        49,600.00                     8.375                     20061101   SFR                                                    377                       49,538.12                     8.375    Investment             CashOut Refi                                                62,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                        50,000.00                     8.250                     20061101   SFR                                                 375.63                       49,936.02                     8.250    Investment             CashOut Refi                                                69,444.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXXX                                                  XX                       00000                        360                        50,000.00                     8.875                     20061101   SFR                                                 397.82                       49,941.54                     8.875    Investment             CashOut Refi                                                66,667.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXX XXXX                                              XX                       00000                        360                        54,400.00                     8.125                     20061101   SFR                                                 403.92                       54,328.58                     8.125    Investment             Purchase                                                    68,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express No Doc                                                           60    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                        54,400.00                     7.750                     20061101   SFR                                                 389.73                       54,322.96                     7.750    Investment             CashOut Refi                                                68,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                        54,400.00                     8.125                     20061101   SFR                                                 403.92                       54,328.58                     8.125    Investment             CashOut Refi                                                74,521.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                        55,000.00                     8.250                     20061101   SFR                                                  413.2                       54,929.61                     8.250    Investment             CashOut Refi                                                74,324.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXX XXXXX                                             XX                       00000                        360                        55,000.00                     8.000                     20060901   SFR                                                 403.57                       54,850.78                     8.000    Investment             CashOut Refi                                                84,615.00                           356      20061201                      0.250                         0.030              7.720                                                                                   Express No Doc                                                                                                                                   FIXED
XXX XXXXX                                               XX                       00000                        360                        55,000.00                     8.000                     20061101   SFR                                                 403.57                       54,925.95                     8.000    Owner Occupied         CashOut Refi                                                80,882.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXX                                                 XX                       00000                        360                        55,800.00                     7.875                     20061101   SFR                                                 404.59                       55,722.95                     7.875    Investment             Rate Refi                                                   71,538.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                        56,800.00                     8.250                     20061101   SFR                                                 426.72                       56,727.31                     8.250    Investment             CashOut Refi                                                71,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   SISA                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                        56,800.00                     7.750                     20061001   SFR                                                 406.92                       56,678.95                     7.750    Investment             CashOut Refi                                                71,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXX XXXXX                                             XX                       00000                        360                        57,400.00                     8.375                     20061101   SFR                                                 436.28                       57,328.40                     8.375    Owner Occupied         Purchase                                                    82,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                        58,400.00                     7.750                     20061101   SFR                                                 418.38                       58,317.31                     7.750    Investment             CashOut Refi                                                73,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                        59,600.00                     7.750                     20061101   SFR                                                 426.98                       59,515.61                     7.750    Investment             CashOut Refi                                                74,500.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                        60,000.00                     8.625                     20061101   SFR                                                 466.67                       59,928.91                     8.625    Investment             CashOut Refi                                                75,000.00                           358      20061201                      0.250                         0.030              8.345                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                        60,000.00                     7.625                     20061101   SFR                                                 424.68                       59,912.86                     7.625    Investment             CashOut Refi                                                85,714.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXX                                                   XX                       00000                        360                        60,000.00                     8.750                     20060901   SFR                                                 472.02                       59,860.40                     8.750    Investment             CashOut Refi                                                75,000.00                           356      20061201                      0.250                         0.030              8.470                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                        64,000.00                     7.625                     20061101   SFR                                                 452.99                       63,907.06                     7.625    Owner Occupied         Purchase                                                    80,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                        65,550.00                     8.875                     20061101   SFR                                                 521.55                       65,469.76                     8.875    Owner Occupied         Purchase                                                    69,000.00                           358      20061201                      0.250                         0.030              7.185               1.41    PMI - LENDER PAID                                      30   SISA                                                                                                                                             FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                        67,600.00                     7.875                     20061101   SFR                                                 490.15                       67,506.65                     7.875    Investment             CashOut Refi                                                84,500.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                        69,600.00                     6.625                     20061101   SFR                                                 445.66                       69,476.84                     6.625    Owner Occupied         Purchase                                                    87,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
XXXXX XXXXX                                             XX                       00000                        360                        69,600.00                     7.875                     20061101   SFR                                                 504.65                       69,503.89                     7.875    Investment             CashOut Refi                                                87,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                        74,900.00                     7.375                     20061101   SFR                                                 517.32                       74,785.65                     7.375    Owner Occupied         CashOut Refi                                                84,157.00                           358      20061201                      0.250                         0.030              6.205               0.89    PMI - LENDER PAID                                      25   Full                                                                                                                                             FIXED
XXXXX XXXXX                                             XX                       00000                        360                        76,000.00                     7.875                     20061101   SFR                                                 551.05                       75,895.06                     7.875    Investment             CashOut Refi                                                95,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                        76,000.00                     7.000                     20061101   SFR                                                 505.63                       75,874.23                     7.000    Owner Occupied         CashOut Refi                                                95,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXXX                                             XX                       00000                        360                        77,400.00                     7.000                     20061101   SFR                                                 514.94                       77,272.75                     7.000    2nd Home               Purchase                                                    86,000.00                           358      20061201                      0.250                         0.030              6.000               0.72    PMI - LENDER PAID                                      25   Stated                                                                                                                                           FIXED
XXXXX XXXX                                              XX                       00000                        360                        78,400.00                     8.125                     20061001   SFR                                                 582.12                       78,245.10                     8.125    Investment             Purchase                                                    98,000.00                           357      20061201                      0.250                         0.030              7.845                                                                                   Express No Doc                                                           36    H                                                                 FIXED
XXXXXX                                                  XX                       00000                        360                        83,340.00                     6.375                     20061101   SFR                                                 519.93                       83,185.21                     6.375    Investment             Rate Refi                                                  141,254.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXX                                                  XX                       00000                        360                        84,500.00                     7.125                     20061101   SFR                                                 569.29                       84,364.46                     7.125    Investment             CashOut Refi                                               130,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        360                        86,000.00                     8.250                     20061001   SFR                                                 646.09                       85,834.10                     8.250    Owner Occupied         Purchase                                                   150,000.00                           357      20061201                      0.250                         0.030              7.970                                                                                   Express No Doc                                                           36    H                                                                 FIXED
XXXXX XXXX                                              XX                       00000                        360                        87,200.00                     7.625                     20061101   PUD                                                  617.2                       87,073.56                     7.625    Owner Occupied         CashOut Refi                                               109,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
XXXXX XXXXXXXX                                          XX                       00000                        360                        87,600.00                     8.000                     20061101   CONDO                                               642.78                       87,482.05                     8.000    Investment             Purchase                                                   109,500.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXX XXXXXXXXX                                         XX                       00000                        360                        88,400.00                     7.375                     20061101   CONDO                                               610.56                       88,265.05                     7.375    Investment             CashOut Refi                                               136,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
XXX XXXX                                                XX                       00000                        360                        91,500.00                     7.000                     20061101   SFR                                                 608.75                       91,349.56                     7.000    Owner Occupied         Rate Refi                                                  155,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXX                                                XX                       00000                        360                        92,000.00                     7.875                     20061001   CONDO                                               667.06                       91,808.82                     7.875    Owner Occupied         Purchase                                                   115,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXX                                                  XX                       00000                        360                        92,800.00                     7.250                     20061101   PUD                                                 633.06                       92,654.78                     7.250    Investment             Rate Refi                                                  116,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
XXXXX XXXXXXXX                                          XX                       00000                        360                        93,200.00                     7.750                     20061101   SFR                                                  667.7                       93,068.01                     7.750    Owner Occupied         Purchase                                                   116,500.00                           358      20061201                      0.250                         0.030              7.470                                                                                   FISA                                                                                                                                             FIXED
XXXXXXXXXX                                              XX                       00000                        360                        93,800.00                     7.500                     20061101   PUD                                                 655.86                       93,660.34                     7.500    Investment             Purchase                                                   134,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                        97,600.00                     7.125                     20061101   SFR                                                 657.55                       96,707.14                     7.125    Owner Occupied         CashOut Refi                                               122,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXX XXXX                                               XX                       00000                        360                        98,000.00                     7.625                     20061001   SFR                                                 693.64                       97,785.85                     7.625    Owner Occupied         Rate Refi                                                  124,051.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                        98,080.00                     6.500                     20061101   SFR                                                 619.93                       97,902.20                     6.500    Owner Occupied         Purchase                                                   122,600.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                     36    H                                                                 FIXED
XXXXX XXXXX                                             XX                       00000                        360                        98,100.00                     7.375                     20061001   SFR                                                 677.55                       97,874.70                     7.375    Owner Occupied         CashOut Refi                                               125,769.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXXX                                               XX                       00000                        360                        98,300.00                     7.375                     20061001   SFR                                                 678.93                       98,074.22                     7.375    Owner Occupied         Purchase                                                   125,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                        99,200.00                     7.375                     20061001   PUD                                                 685.15                       98,972.16                     7.375    Owner Occupied         Purchase                                                   124,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                       100,000.00                     7.250                     20061001   SFR                                                 682.18                       99,714.25                     7.250    Owner Occupied         CashOut Refi                                               125,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       100,000.00                     7.875                     20061101   SFR                                                 725.07                       99,861.91                     7.875    Owner Occupied         CashOut Refi                                               950,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                       102,400.00                     8.375                     20061101   SFR                                                 778.31                      102,272.27                     8.375    Investment             CashOut Refi                                               128,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express No Doc                                                                                                                                   FIXED
XXXX XXXX                                               XX                       00000                        360                       103,600.00                     6.875                     20061101   SFR                                                 680.58                      103,425.42                     6.875    Investment             Rate Refi                                                  148,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       103,920.00                     7.625                     20061001   SFR                                                 735.54                      103,692.93                     7.625    Owner Occupied         Purchase                                                   129,900.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXXXX                                              XX                       00000                        360                       104,000.00                     8.375                     20061101   SFR                                                 790.48                      103,870.25                     8.375    Investment             CashOut Refi                                               130,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXX XXXXX                                            XX                       00000                        360                       104,500.00                     6.875                     20061101   SFR                                                 686.49                      104,323.91                     6.875    Owner Occupied         Purchase                                                   183,333.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXXX                                               XX                       00000                        360                       105,000.00                     7.375                     20061101   SFR                                                 725.21                      104,839.71                     7.375    Investment             CashOut Refi                                               150,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXX                                                XX                       00000                        360                       108,000.00                     7.750                     20061101   SFR                                                 773.73                      107,847.05                     7.750    Owner Occupied         CashOut Refi                                               135,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       108,439.00                     7.250                     20061101   PUD                                                 739.75                      108,007.47                     7.250    Investment             Purchase                                                   154,913.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       109,600.00                     6.750                     20061101   SFR                                                 710.86                      109,410.75                     6.750    Owner Occupied         CashOut Refi                                               138,734.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       110,000.00                     6.750                     20061001   SFR                                                 713.46                      109,714.27                     6.750    Owner Occupied         Purchase                                                   137,500.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
XXXX XXXXX                                              XX                       00000                        360                       116,000.00                     7.250                     20061101   SFR                                                 791.32                      115,818.48                     7.250    Owner Occupied         Rate Refi                                                  145,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       116,000.00                     7.750                     20061101   SFR                                                 831.04                      115,835.73                     7.750    Investment             CashOut Refi                                               145,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   60    H                                                                 FIXED
XXX XXXXXXX                                             XX                       00000                        360                       116,000.00                     7.750                     20061001   2-FAMILY                                            831.04                      115,752.80                     7.750    Investment             Purchase                                                   145,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       120,000.00                     6.875                     20061101   SFR                                                 788.31                      119,697.23                     6.875    Owner Occupied         Purchase                                                   190,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                           36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       120,000.00                     7.250                     20061001   4-FAMILY                                            818.61                      119,717.47                     7.250    Owner Occupied         CashOut Refi                                               150,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXX                                               XX                       00000                        360                       120,400.00                     7.500                     20061101   SFR                                                 841.85                      120,220.74                     7.500    Owner Occupied         Purchase                                                   154,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                           36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       123,500.00                     8.375                     20061101   SFR                                                 938.69                      123,345.94                     8.375    Owner Occupied         Purchase                                                   130,000.00                           358      20061201                      0.250                         0.030              7.345               0.75    PMI - LENDER PAID                                      30   Express No Doc                                                                                                                                   FIXED
XXXXXXXXXX                                              XX                       00000                        360                       126,000.00                     8.000                     20061101   4-FAMILY                                            924.54                      125,820.36                     8.000    Investment             Purchase                                                   157,500.00                           358      20061201                      0.250                         0.030              7.720                                                                                   SISA                                                                     36    H                                                                 FIXED
XXXXXXXX XXXXX                                          XX                       00000                        360                       130,000.00                     7.125                     20061101   PUD                                                 875.83                      129,791.48                     7.125    Owner Occupied         Rate Refi                                                  205,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        360                       130,400.00                     7.625                     20061101   CONDO                                               922.96                      130,210.64                     7.625    Owner Occupied         Purchase                                                   183,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       130,400.00                     7.000                     20061101   SFR                                                 867.55                      130,185.61                     7.000    Owner Occupied         Rate Refi                                                  163,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       130,500.00                     8.375                     20061101   SFR                                                 991.89                      130,337.22                     8.375    Owner Occupied         Purchase                                                   145,000.00                           358      20061201                      0.250                         0.030              7.325               0.77    PMI - LENDER PAID                                      25   Express No Doc                                                                                                                                   FIXED
XXXXXXX                                                 XX                       00000                        360                       130,500.00                     7.500                     20061001   SFR                                                 912.47                      130,207.65                     7.500    Investment             CashOut Refi                                               174,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       130,560.00                     7.500                     20061001   PUD                                                 912.89                      130,267.51                     7.500    Investment             Purchase                                                   163,200.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
XXXXX XXXXX                                             XX                       00000                        360                       132,000.00                     8.125                     20061101   4-FAMILY                                             980.1                      131,826.72                     8.125    Investment             Purchase                                                   165,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       135,012.00                     6.875                     20061101   PUD                                                 886.93                      134,784.51                     6.875    Owner Occupied         Purchase                                                   168,765.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXX                                               XX                        0000                        360                       135,850.00                     6.750                     20061101   SFR                                                 881.12                      135,615.42                     6.750    Owner Occupied         CashOut Refi                                               209,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                           36    H                                                                 FIXED
XXX XXXX                                                XX                       00000                        360                       136,000.00                     7.500                     20061101   SFR                                                 950.93                      135,797.44                     7.500    Owner Occupied         CashOut Refi                                               170,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       136,000.00                     6.875                     20061101   SFR                                                 893.42                      135,770.84                     6.875    Investment             Purchase                                                   170,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                       139,920.00                     7.500                     20061101   SFR                                                 978.34                      139,711.67                     7.500    Owner Occupied         Purchase                                                   174,900.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXX                                                 XX                       00000                        360                       142,500.00                     8.875                     20061101   CONDO                                             1,133.79                      142,339.65                     8.875    Owner Occupied         Purchase                                                   150,000.00                           358      20061201                      0.250                         0.030              7.595                  1    PMI - LENDER PAID                                      30   Express No Doc                                                                                                                                   FIXED
XXXXXX                                                  XX                       00000                        360                       143,500.00                     7.500                     20061001   SFR                                               1,003.37                      143,178.52                     7.500    2nd Home               CashOut Refi                                               205,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXX XXX                                                 XX                       00000                        360                       145,600.00                     6.750                     20061101   SFR                                                 944.36                      145,348.57                     6.750    Owner Occupied         Purchase                                                   186,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXX                                              XX                       00000                        360                       145,600.00                     7.250                     20061101   SFR                                                 993.25                      145,372.15                     7.250    Owner Occupied         Purchase                                                   182,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXX XXXXXXXXXX                                         XX                       00000                        360                       147,200.00                     6.500                     20061001   SFR                                                  930.4                      146,798.63                     6.500    Owner Occupied         Purchase                                                   206,000.00                           357      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                       147,200.00                     7.500                     20061001   2-FAMILY                                          1,029.24                      146,870.23                     7.500    Investment             Purchase                                                   184,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
XXXX                                                    XX                       00000                        360                       147,600.00                     7.125                     20061101   SFR                                                 994.41                      147,363.23                     7.125    Owner Occupied         Purchase                                                   184,500.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
XXXXX                                                   XX                       00000                        360                       147,600.00                     7.375                     20061101   3-FAMILY                                          1,019.44                      147,350.69                     7.375    Investment             Purchase                                                   190,500.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       148,000.00                     7.250                     20061101   SFR                                               1,009.62                      147,768.40                     7.250    Investment             Purchase                                                   195,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX XXXX                                          XX                       00000                        360                       148,200.00                     7.875                     20061101   SFR                                               1,074.55                      147,909.91                     7.875    Owner Occupied         Purchase                                                   156,000.00                           358      20061201                      0.250                         0.030              7.085               0.51    PMI - LENDER PAID                                      30   Express No Doc                                                                                                                                   FIXED
XXXXXXX                                                 XX                       00000                        360                       148,500.00                     7.250                     20061101   SFR                                               1,013.03                      147,704.21                     7.250    Owner Occupied         Rate Refi                                                  178,916.00                           358      20061201                      0.250                         0.030              6.440               0.53    PMI - LENDER PAID                                      22   SISA                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       150,000.00                     6.875                     20061101   SFR                                                 985.39                      149,747.25                     6.875    Owner Occupied         CashOut Refi                                               197,500.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                       150,400.00                     7.375                     20061101   PUD                                               1,038.78                      150,170.40                     7.375    Investment             Rate Refi                                                  188,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       152,000.00                     6.750                     20061101   SFR                                                 985.87                      151,737.52                     6.750    Owner Occupied         CashOut Refi                                               190,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       153,800.00                     7.000                     20061101   PUD                                               1,023.24                      153,420.30                     7.000    Investment             Purchase                                                   192,250.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
XXXXX XXXXX                                             XX                       00000                        360                       155,000.00                     7.250                     20061101   PUD                                               1,057.37                      154,757.45                     7.250    Owner Occupied         CashOut Refi                                               292,453.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXX XXXX                                              XX                       00000                        360                       155,000.00                     7.375                     20061101   SFR                                               1,070.55                      154,763.38                     7.375    Owner Occupied         Rate Refi                                                  195,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
XXXXX                                                   XX                       00000                        360                       156,800.00                     7.125                     20061101   SFR                                               1,056.39                      156,548.48                     7.125    Owner Occupied         Purchase                                                   200,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       158,200.00                     6.750                     20061101   2-FAMILY                                          1,026.08                      157,926.83                     6.750    Owner Occupied         Rate Refi                                                  262,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
XX XXXXX                                                XX                       00000                        360                       158,400.00                     7.875                     20061101   4-FAMILY                                          1,148.51                      158,181.26                     7.875    Owner Occupied         CashOut Refi                                               198,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       160,000.00                     7.500                     20061101   SFR                                               1,118.74                      159,661.15                     7.500    Owner Occupied         Purchase                                                   168,421.00                           358      20061201                      0.250                         0.030              5.570               1.65    PMI - LENDER PAID                                      30   Express Verified Assets                                                                                                                          FIXED
XXXXXXXX                                                XX                       00000                        360                       160,000.00                     7.250                     20061001   4-FAMILY                                          1,091.48                      159,623.29                     7.250    Investment             Purchase                                                   200,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXX                                              XX                       00000                        360                       164,000.00                     7.500                     20061101   CONDO                                             1,146.71                      159,730.82                     7.500    Owner Occupied         Purchase                                                   205,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                           36    H                                                                 FIXED
XXXX                                                    XX                       00000                        360                       164,000.00                     7.625                     20061101   SFR                                               1,160.78                      163,761.85                     7.625    Owner Occupied         Purchase                                                   205,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
XXXXX                                                   XX                       00000                        360                       164,400.00                     7.750                     20061101   SFR                                               1,177.78                      164,167.19                     7.750    Owner Occupied         CashOut Refi                                               205,500.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                     36    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       165,000.00                     6.750                     20061001   SFR                                               1,070.19                      164,570.14                     6.750    Owner Occupied         CashOut Refi                                               225,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXXX                                              XX                       00000                        360                       166,540.00                     6.500                     20061101   PUD                                               1,052.65                      166,238.07                     6.500    Owner Occupied         Purchase                                                   208,175.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       168,000.00                     7.000                     20061101   SFR                                               1,117.71                      167,723.78                     7.000    Owner Occupied         Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       168,000.00                     6.750                     20061101   SFR                                               1,089.64                      167,709.91                     6.750    Owner Occupied         Rate Refi                                                  210,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                       168,000.00                     8.125                     20061101   4-FAMILY                                          1,247.40                      167,779.46                     8.125    Investment             CashOut Refi                                               218,182.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXX XXXXXXXX                                           XX                       00000                        360                       170,000.00                     7.250                     20061101   SFR                                               1,159.70                      169,721.60                     7.250    Owner Occupied         CashOut Refi                                               188,889.00                           358      20061201                      0.250                         0.030              6.380               0.59    PMI - LENDER PAID                                      25   SISA                                                                                                                                             FIXED
XXXXX XXXXXXXXXX                                        XX                       00000                        360                       172,000.00                     8.000                     20061101   3-FAMILY                                          1,262.08                      171,768.41                     8.000    Investment             Purchase                                                   225,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                        0000                        360                       174,000.00                     6.750                     20061001   SFR                                               1,128.56                      173,548.04                     6.750    Owner Occupied         Rate Refi                                                  305,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       175,000.00                     7.500                     20061101   SFR                                               1,223.63                      174,737.88                     7.500    Owner Occupied         Purchase                                                   223,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       176,000.00                     7.750                     20061101   SFR                                               1,260.89                      175,750.75                     7.750    Owner Occupied         CashOut Refi                                               220,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
XXXXXX XXXX                                             XX                       00000                        360                       176,000.00                     8.000                     20061101   SFR                                               1,291.43                      175,763.02                     8.000    Investment             Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX XXX                                            XX                       00000                        360                       176,000.00                     7.500                     20061001   SFR                                               1,230.62                      175,403.81                     7.500    Owner Occupied         Purchase                                                   220,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXX                                                  XX                       00000                        360                       178,400.00                     7.875                     20061001   SFR                                               1,293.52                      178,029.26                     7.875    Owner Occupied         CashOut Refi                                               223,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       183,200.00                     6.750                     20061101   SFR                                               1,188.23                      182,883.65                     6.750    Owner Occupied         CashOut Refi                                               229,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXX XXXX                                          XX                       00000                        360                       186,400.00                     8.000                     20061001   SFR                                               1,367.74                      186,017.74                     8.000    Investment             CashOut Refi                                               233,000.00                           357      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       188,000.00                     8.375                     20061101   SFR                                               1,428.94                      187,765.47                     8.375    Investment             Purchase                                                   235,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Xxxxxxx Xx Xxx                                                                                                                                   XXXXX
XXXXX XXX XXXXX                                         XX                       00000                        360                       188,000.00                     7.750                     20061001   2-FAMILY                                          1,346.86                      187,599.35                     7.750    Investment             CashOut Refi                                               235,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXX                                                XX                       00000                        360                       192,000.00                     7.375                     20061101   PUD                                               1,326.10                      191,706.90                     7.375    Owner Occupied         Purchase                                                   240,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       192,000.00                     6.875                     20061101   SFR                                               1,261.30                      191,639.57                     6.875    Owner Occupied         Purchase                                                   240,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                       210,000.00                     7.000                     20061101   SFR                                               1,397.14                      209,654.72                     7.000    Owner Occupied         CashOut Refi                                               300,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
XXXX XXXXXX XXXX                                        XX                       00000                        360                       212,000.00                     6.875                     20061001   SFR                                               1,392.69                      211,462.61                     6.875    Owner Occupied         CashOut Refi                                               275,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                     36    H                                                                 FIXED
XXXXX XXXXX XXXXXXX                                     XX                       00000                        360                       216,800.00                     6.500                     20061001   SFR                                               1,370.32                      216,208.84                     6.500    Owner Occupied         CashOut Refi                                               271,000.00                           357      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XXXXXXX XXXX                                            XX                       00000                        360                       225,600.00                     7.625                     20061101   SFR                                               1,596.78                      225,272.40                     7.625    Owner Occupied         Purchase                                                   282,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       226,880.00                     7.500                     20061001   4-FAMILY                                          1,586.38                      226,371.70                     7.500    Investment             Purchase                                                   283,600.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       228,550.00                     7.750                     20061101   PUD                                               1,637.36                      228,226.34                     7.750    Owner Occupied         Purchase                                                   253,944.00                           358      20061201                      0.250                         0.030              6.630               0.84    PMI - LENDER PAID                                      30   Express No Doc                                                                                                                                   FIXED
XXXXXXXXXX                                              XX                       00000                        360                       236,000.00                     6.750                     20061101   SFR                                               1,530.69                      235,592.48                     6.750    Owner Occupied         Purchase                                                   295,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXX                                                  XX                       00000                        360                       236,700.00                     7.875                     20061101   SFR                                               1,716.24                      236,373.13                     7.875    Owner Occupied         CashOut Refi                                               263,000.00                           358      20061201                      0.250                         0.030              6.405               1.19    PMI - LENDER PAID                                      25   SISA                                                                     36    H                                                                 FIXED
PAWTUCKET                                               RI                        2860                        360                       240,000.00                     7.250                     20061101   3-FAMILY                                          1,637.22                      239,624.43                     7.250    Owner Occupied         CashOut Refi                                               307,692.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXX                                                    XX                       00000                        360                       246,000.00                     7.000                     20061101   4-FAMILY                                          1,636.64                      245,595.54                     7.000    Investment             Purchase                                                   330,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX XXXXX                                           XX                       00000                        360                       251,750.00                     6.625                     20061001   SFR                                               1,611.98                      251,079.96                     6.625    Owner Occupied         Purchase                                                   336,000.00                           357      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXXX                                              XX                       00000                        360                       254,400.00                     7.375                     20061101   SFR                                               1,757.08                      254,011.65                     7.375    Owner Occupied         Purchase                                                   318,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXX                                                 XX                       00000                        360                       258,000.00                     7.625                     20061001   SFR                                               1,826.11                      257,436.23                     7.625    Owner Occupied         CashOut Refi                                               322,500.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
XXXXX XXX                                               XX                       00000                        360                       260,000.00                     7.500                     20061101   CONDO                                             1,817.96                      259,613.67                     7.500    Owner Occupied         Purchase                                                   325,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       260,000.00                     7.500                     20061001   SFR                                               1,817.96                      259,417.49                     7.500    Owner Occupied         CashOut Refi                                               325,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       260,700.00                     7.250                     20061101   PUD                                               1,778.43                      260,292.03                     7.250    Investment             Purchase                                                   325,875.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
XXXX                                                    XX                       00000                        360                       268,000.00                     6.500                     20061101   SFR                                               1,693.94                      267,514.14                     6.500    Owner Occupied         Purchase                                                   335,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       272,000.00                     7.750                     20061101   PUD                                               1,948.64                      271,614.82                     7.750    Owner Occupied         CashOut Refi                                               340,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       275,200.00                     6.875                     20061001   SFR                                               1,807.87                      273,870.61                     6.875    Owner Occupied         Purchase                                                   345,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       278,000.00                     7.250                     20061101   PUD                                               1,896.45                      277,564.95                     7.250    Owner Occupied         Purchase                                                   413,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       285,000.00                     7.750                     20061101   3-FAMILY                                          2,041.77                      284,596.41                     7.750    Owner Occupied         CashOut Refi                                               498,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXX                                                XX                       00000                        360                       285,600.00                     7.250                     20061101   2-FAMILY                                          1,948.30                      285,153.05                     7.250    Investment             Purchase                                                   357,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                       288,000.00                     8.125                     20061001   2-FAMILY                                          2,138.39                      287,430.11                     8.125    Investment             CashOut Refi                                               369,231.00                           357      20061201                      0.250                         0.030              7.845                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXX XXXXXX                                          XX                       00000                        360                       308,000.00                     7.500                     20061101   PUD                                               2,153.58                      307,541.41                     7.500    Investment             Purchase                                                   385,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       312,000.00                     6.500                     20061001   SFR                                               1,972.05                      311,149.26                     6.500    Owner Occupied         CashOut Refi                                               390,000.00                           357      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       315,811.00                     8.125                     20061101   PUD                                               2,344.89                      315,396.42                     8.125    Owner Occupied         Purchase                                                   332,433.00                           358      20061201                      0.250                         0.030              6.245                1.6    PMI - LENDER PAID                                      30   SISA                                                                     12    H                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        360                       318,000.00                     7.375                     20061001   SFR                                               2,196.35                      317,269.60                     7.375    Owner Occupied         CashOut Refi                                               425,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   NINA                                                                                                                                             FIXED
X XXXXXXXXXXX                                           XX                       00000                        360                       328,250.00                     8.250                     20061101   PUD                                               2,466.03                      327,829.94                     8.250    Owner Occupied         Purchase                                                   345,526.00                           358      20061201                      0.250                         0.030              7.970                       RADIAN - BORROWER PAID                                 30   Express No Doc                                                                                                                                   FIXED
XXXXXX XXXXXXX                                          XX                       00000                        360                       332,000.00                     7.375                     20061001   2-FAMILY                                          2,293.04                      331,237.46                     7.375    Owner Occupied         CashOut Refi                                               415,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       332,500.00                     7.500                     20061101   CONDO                                             2,324.89                      331,864.20                     7.500    Owner Occupied         Purchase                                                   350,000.00                           358      20061201                      0.250                         0.030              5.560               1.66    PMI - LENDER PAID                                      30   Express Verified Assets                                                                                                                          FIXED
XXXXXXX                                                 XX                       00000                        360                       340,000.00                     7.000                     20061101   SFR                                               2,262.03                      339,369.90                     7.000    Owner Occupied         CashOut Refi                                               425,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       357,000.00                     6.875                     20061101   SFR                                               2,345.24                      356,398.42                     6.875    Owner Occupied         Rate Refi                                                  410,345.00                           358      20061201                      0.250                         0.030              5.825               0.77    PMI - LENDER PAID                                      25   Express No Doc                                                                                                                                   FIXED
XXXX XXXX XXXXX                                         XX                       00000                        360                       360,000.00                     6.875                     20061101   PUD                                               2,364.94                      359,393.39                     6.875    Owner Occupied         CashOut Refi                                               450,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       364,000.00                     7.250                     20061101   SFR                                               2,483.12                      363,430.36                     7.250    Owner Occupied         CashOut Refi                                               520,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXX                                                 XX                        0000                        360                       378,000.00                     7.250                     20061001   2-FAMILY                                          2,578.63                      377,110.01                     7.250    Investment             CashOut Refi                                               540,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
XXX XXXXX                                               XX                       00000                        360                       380,000.00                     6.875                     20061001   PUD                                               2,496.33                      378,835.86                     6.875    Owner Occupied         Purchase                                                   542,857.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       380,000.00                     7.250                     20061101   SFR                                               2,592.27                      379,405.33                     7.250    Owner Occupied         CashOut Refi                                               567,164.00                           358      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
XXXXXX XXXXXXX                                          XX                       00000                        360                       384,000.00                     8.125                     20061101   2-FAMILY                                          2,851.19                      383,495.92                     8.125    Investment             Purchase                                                   750,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       405,000.00                     7.000                     20061101   SFR                                               2,694.48                      404,334.10                     7.000    Owner Occupied         CashOut Refi                                               547,297.00                           358      20061201                      0.250                         0.030              6.720                                                                                   SISA                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       408,000.00                     7.250                     20061001   SFR                                               2,783.28                      407,039.38                     7.250    2nd Home               CashOut Refi                                               510,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXX XXXX                                             XX                       00000                        360                       416,000.00                     6.750                     20061001   2-FAMILY                                          2,698.17                      414,919.44                     6.750    Owner Occupied         CashOut Refi                                               520,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
XXX XXXXX                                               XX                       00000                        360                       417,000.00                     8.375                     20061001   SFR                                               3,169.50                      416,216.99                     8.375    2nd Home               CashOut Refi                                               680,000.00                           357      20061201                      0.250                         0.030              8.095                                                                                   Express Verified Assets                                                                                                                          FIXED
XXX XXXXXXX                                             XX                       00000                        360                        51,800.00                     8.875                     20060901   SFR                                                  383.1                       51,800.00                     8.875    Investment             Rate Refi                                                   74,000.00                           356      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                           60    H                                                                 FIXED
XXXXXXXXXXXXXX                                          XX                       00000                        360                        54,000.00                     7.875                     20061101   SFR                                                 354.38                       54,000.00                     7.875    Investment             CashOut Refi                                                90,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
XXXX XXXXX                                              XX                       00000                        360                        56,000.00                     8.875                     20061101   SFR                                                 414.17                       56,000.00                     8.875    Investment             Rate Refi                                                   70,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXX                                                XX                       00000                        360                        56,000.00                     7.375                     20061101   SFR                                                 344.17                       55,999.46                     7.375    Investment             CashOut Refi                                                70,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXX                                                    XX                       00000                        360                        56,250.00                     8.375                     20061101   SFR                                                 392.58                       56,250.00                     8.375    Investment             CashOut Refi                                                75,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                        63,800.00                     7.875                     20061001   4-FAMILY                                            418.69                       63,800.00                     7.875    Investment             Purchase                                                    81,795.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXX                                                    XX                       00000                        360                        64,000.00                     7.625                     20061101   SFR                                                 406.67                       63,999.79                     7.625    Investment             CashOut Refi                                                80,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                        67,200.00                     7.000                     20061101   SFR                                                    392                       67,200.00                     7.000    Owner Occupied         Purchase                                                    90,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                        68,000.00                     7.500                     20061001   SFR                                                    425                       67,894.66                     7.500    Investment             CashOut Refi                                                85,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                        72,000.00                     8.875                     20061101   SFR                                                  532.5                       71,964.87                     8.875    Investment             CashOut Refi                                                90,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                        75,000.00                     8.375                     20061001   PUD                                                 523.44                       75,000.00                     8.375    Owner Occupied         CashOut Refi                                               340,000.00                           357      20061201                      0.250                         0.030              8.095                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXX                                                   XX                       00000                        360                        75,000.00                     7.875                     20061001   SFR                                                 492.19                       75,000.00                     7.875    Investment             CashOut Refi                                                94,937.00                           357      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                        85,000.00                     6.750                     20061101   PUD                                                 478.13                       85,000.00                     6.750    Owner Occupied         Purchase                                                   235,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                           36    H                                                                 FIXED
XXXXX                                                   XX                       00000                        360                        87,500.00                     7.875                     20061101   SFR                                                 574.22                       87,500.00                     7.875    Investment             CashOut Refi                                               130,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                        88,000.00                     7.875                     20061101   SFR                                                  577.5                       88,000.00                     7.875    Investment             CashOut Refi                                               112,821.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                        88,000.00                     8.125                     20061101   SFR                                                 595.83                       88,000.00                     8.125    Investment             CashOut Refi                                               110,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXXXX                                             XX                       00000                        360                        89,600.00                     8.875                     20061101   SFR                                                 662.67                       89,600.00                     8.875    Owner Occupied         Purchase                                                   112,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX XXXXXXX                                         XX                       00000                        360                        92,000.00                     6.750                     20061001   SFR                                                  517.5                       92,000.00                     6.750    Owner Occupied         CashOut Refi                                               115,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXX                                                   XX                       00000                        360                        93,000.00                     8.875                     20061101   CONDO                                               687.81                       93,000.00                     8.875    Owner Occupied         CashOut Refi                                               136,765.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                        94,400.00                     9.000                     20061101   SFR                                                    708                       94,400.00                     9.000    Investment             CashOut Refi                                               118,000.00                           358      20061201                      0.250                         0.030              8.720                                                                                   SISA                                                                     24    H                                                                 FIXED
XXXXX                                                   XX                       00000                        360                        94,500.00                     7.875                     20061101   SFR                                                 620.16                       94,500.00                     7.875    Investment             CashOut Refi                                               150,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                        94,500.00                     8.000                     20061101   SFR                                                    630                       94,500.00                     8.000    Owner Occupied         CashOut Refi                                               105,000.00                           358      20061201                      0.250                         0.030              6.210               1.51    PMI - LENDER PAID                                      25   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                        94,800.00                     8.250                     20061101   SFR                                                 651.75                       94,800.00                     8.250    Owner Occupied         Purchase                                                   118,500.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                        95,000.00                     7.625                     20061101   SFR                                                 603.65                       94,998.49                     7.625    Owner Occupied         CashOut Refi                                               128,378.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                     12    H                                                                 FIXED
XXXX XXXXX                                              XX                       00000                        360                        95,900.00                     6.875                     20061101   SFR                                                 549.43                       95,900.00                     6.875    Investment             Purchase                                                   119,875.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     12    H                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        360                        97,340.00                     8.125                     20061001   SFR                                                 659.07                       97,324.21                     8.125    Owner Occupied         Purchase                                                   121,675.00                           357      20061201                      0.250                         0.030              7.845                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXX                                                  XX                       00000                        360                        97,600.00                     7.500                     20061101   SFR                                                    610                       97,600.00                     7.500    Owner Occupied         Purchase                                                   122,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       103,200.00                     7.250                     20061101   CONDO                                                623.5                      103,200.00                     7.250    Owner Occupied         CashOut Refi                                               129,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       104,800.00                     7.250                     20061101   SFR                                                 633.17                      104,800.00                     7.250    Owner Occupied         Rate Refi                                                  131,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                       109,050.00                     7.750                     20061001   PUD                                                 704.28                      109,050.00                     7.750    Owner Occupied         Purchase                                                   155,786.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXX XXXXX                                             XX                       00000                        360                       110,000.00                     7.500                     20061101   SFR                                                  687.5                      110,000.00                     7.500    Investment             Purchase                                                   137,500.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXXX                                              XX                       00000                        360                       115,200.00                     7.500                     20061001   SFR                                                    720                      115,200.00                     7.500    Investment             CashOut Refi                                               144,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   FISA                                                                                                                                             FIXED
XXXXXXXXXXXXX                                           XX                       00000                        360                       116,000.00                     7.500                     20061101   SFR                                                    725                      116,000.00                     7.500    2nd Home               Purchase                                                   145,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       116,720.00                     6.875                     20061001   PUD                                                 668.71                      116,720.00                     6.875    Owner Occupied         Purchase                                                   145,900.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXX                                                 XX                       00000                        360                       119,200.00                     7.250                     20061101   SFR                                                 720.17                      119,200.00                     7.250    Owner Occupied         CashOut Refi                                               149,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
XXXX XXXXXX                                             XX                       00000                        360                       120,000.00                     7.250                     20061101   CONDO                                                  725                      120,000.00                     7.250    Investment             Purchase                                                   150,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       121,793.00                     7.375                     20061101   SFR                                                 748.52                      121,674.66                     7.375    Investment             Purchase                                                   173,990.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXX                                                XX                       00000                        360                       123,900.00                     7.500                     20061101   PUD                                                 774.38                      123,900.00                     7.500    Owner Occupied         Purchase                                                   154,875.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       128,000.00                     6.875                     20061001   SFR                                                 733.33                      128,000.00                     6.875    Owner Occupied         CashOut Refi                                               160,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       130,400.00                     7.625                     20061101   SFR                                                 828.58                      130,400.00                     7.625    Owner Occupied         Purchase                                                   163,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       132,500.00                     7.000                     20061101   SFR                                                 772.92                      132,500.00                     7.000    Owner Occupied         CashOut Refi                                               283,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   FISA                                                                     24    H                                                                 FIXED
XXXXXXXX XXXXXXX                                        XX                       00000                        360                       134,000.00                     7.125                     20061001   SFR                                                 795.63                      134,000.00                     7.125    Owner Occupied         CashOut Refi                                               167,500.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                       134,091.00                     7.250                     20061001   PUD                                                 810.13                      134,091.00                     7.250    Owner Occupied         Purchase                                                   167,614.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX XXXXX                                           XX                       00000                        360                       135,920.00                     7.375                     20061101   3-FAMILY                                            835.34                      135,920.00                     7.375    Investment             Purchase                                                   180,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       136,000.00                     6.875                     20061101   PUD                                                 779.17                      136,000.00                     6.875    Owner Occupied         CashOut Refi                                               170,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXX                                              XX                       00000                        360                       136,000.00                     7.375                     20061101   SFR                                                 835.83                      136,000.00                     7.375    Owner Occupied         Purchase                                                   170,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       136,288.00                     7.500                     20061001   PUD                                                  851.8                      136,288.00                     7.500    Owner Occupied         Purchase                                                   170,360.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXX XXXXXX XXXX                                        XX                       00000                        360                       139,584.00                     7.250                     20061101   CONDO                                               843.32                      139,584.00                     7.250    Investment             Purchase                                                   174,480.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXX                                                  XX                       00000                        360                       140,000.00                     7.375                     20061001   SFR                                                 860.42                      140,000.00                     7.375    Owner Occupied         CashOut Refi                                               175,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       140,000.00                     7.875                     20061101   SFR                                                 918.75                      140,000.00                     7.875    Owner Occupied         CashOut Refi                                               177,215.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                        0000                        360                       141,500.00                     7.000                     20061101   CONDO                                               825.42                      141,230.73                     7.000    Owner Occupied         Purchase                                                   148,947.00                           358      20061201                      0.250                         0.030              5.360               1.36    PMI - LENDER PAID                                      35   Full                                                                                                                                             FIXED
XXXX XXXXX                                              XX                       00000                        360                       148,000.00                     8.125                     20061101   SFR                                               1,002.08                      148,000.00                     8.125    Investment             Rate Refi                                                  185,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   24    H                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        360                       150,256.00                     7.250                     20061001   PUD                                                  907.8                      150,256.00                     7.250    2nd Home               Purchase                                                   188,100.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXX XXX                                               XX                       00000                        360                       152,000.00                     7.250                     20061101   SFR                                                 918.33                      152,000.00                     7.250    Owner Occupied         Purchase                                                   193,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
XXXXXXX                                                 XX                        0000                        360                       152,000.00                     7.750                     20061101   SFR                                                 981.67                      151,681.67                     7.750    Investment             Purchase                                                   200,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       152,250.00                     7.250                     20061101   CONDO                                               919.84                      152,250.00                     7.250    Investment             Purchase                                                   217,500.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXX                                               XX                       00000                        360                       153,232.00                     7.250                     20061001   PUD                                                 925.78                      153,232.00                     7.250    Owner Occupied         Purchase                                                   191,540.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       155,920.00                     6.875                     20061101   SFR                                                 893.29                      155,881.00                     6.875    Owner Occupied         Purchase                                                   194,900.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXXX                                            XX                       00000                        360                       157,520.00                     7.500                     20061001   PUD                                                  984.5                      157,520.00                     7.500    2nd Home               Purchase                                                   196,900.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXXX XXXX XXXX                                          XX                       00000                        360                       159,120.00                     6.750                     20061101   SFR                                                 895.05                      159,120.00                     6.750    Owner Occupied         Purchase                                                   198,900.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXX                                              XX                       00000                        360                       159,300.00                     7.250                     20061101   PUD                                                 962.44                      159,300.00                     7.250    Investment             Purchase                                                   199,125.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXX XXX                                                XX                       00000                        360                       160,800.00                     7.875                     20061101   SFR                                               1,055.25                      160,762.90                     7.875    Investment             CashOut Refi                                               201,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXX XXXX                                              XX                       00000                        360                       161,250.00                     7.875                     20061001   CONDO                                             1,058.20                      161,250.00                     7.875    Investment             CashOut Refi                                               215,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXXX XXXXX                                        XX                       00000                        360                       161,500.00                     8.375                     20061101   CONDO                                             1,127.14                      161,500.00                     8.375    Owner Occupied         Rate Refi                                                  170,000.00                           358      20061201                      0.250                         0.030              5.995                2.1    PMI - LENDER PAID                                      30   SISA                                                                     24    H                                                                 FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       168,000.00                     7.250                     20061001   SFR                                               1,015.00                      168,000.00                     7.250    Investment             CashOut Refi                                               210,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                     60    H                                                                 FIXED
XXXXXXXXX XXXXX                                         XX                       00000                        360                       168,000.00                     8.375                     20061101   SFR                                               1,172.50                      168,000.00                     8.375    Owner Occupied         Purchase                                                   210,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       169,000.00                     8.000                     20061101   SFR                                               1,126.67                      169,000.00                     8.000    Investment             Purchase                                                   227,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXX                                                XX                       00000                        360                       171,200.00                     7.125                     20061101   PUD                                               1,016.50                      171,200.00                     7.125    Owner Occupied         CashOut Refi                                               225,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
X XXXXXXXXXX                                            XX                       00000                        360                       172,500.00                     6.750                     20061101   SFR                                                 970.31                      172,500.00                     6.750    Owner Occupied         CashOut Refi                                               230,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       172,980.00                     6.875                     20061101   PUD                                                 991.03                      172,980.00                     6.875    Owner Occupied         Purchase                                                   216,225.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                       173,100.00                     6.500                     20061101   CONDO                                               937.63                      173,100.00                     6.500    Owner Occupied         Purchase                                                   216,375.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
XXX XXXXX                                               XX                       00000                        360                       176,000.00                     7.750                     20061001   SFR                                               1,136.67                      176,000.00                     7.750    2nd Home               Purchase                                                   220,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       176,000.00                     7.125                     20061101   SFR                                               1,045.00                      175,876.00                     7.125    Owner Occupied         Purchase                                                   228,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                       182,300.00                     6.750                     20061101   SFR                                               1,025.44                      182,300.00                     6.750    Owner Occupied         Purchase                                                   227,900.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   60    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       183,200.00                     7.375                     20061101   PUD                                               1,125.92                      183,071.95                     7.375    Owner Occupied         Purchase                                                   240,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXX                                                  XX                       00000                        360                       184,000.00                     7.000                     20061101   2-FAMILY                                          1,073.33                      183,434.22                     7.000    Investment             Rate Refi                                                  230,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXX                                                  XX                       00000                        360                       185,600.00                     7.000                     20061001   PUD                                               1,082.67                      185,600.00                     7.000    Owner Occupied         Purchase                                                   232,000.00                           357      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
XXXX XXXXX                                              XX                       00000                        360                       187,500.00                     7.625                     20061101   CONDO                                             1,191.41                      187,500.00                     7.625    Investment             Purchase                                                   255,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       190,000.00                     6.750                     20061101   SFR                                               1,068.75                      190,000.00                     6.750    Owner Occupied         CashOut Refi                                               330,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXXX                                               XX                       00000                        360                       190,400.00                     7.500                     20061101   SFR                                               1,190.00                      190,400.00                     7.500    Owner Occupied         CashOut Refi                                               238,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       192,000.00                     8.250                     20061101   SFR                                               1,320.00                      192,000.00                     8.250    Investment             Purchase                                                   244,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       192,500.00                     6.500                     20061101   PUD                                               1,042.71                      192,288.79                     6.500    Owner Occupied         Purchase                                                   277,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                       195,200.00                     6.875                     20061101   PUD                                               1,118.33                      195,200.00                     6.875    Owner Occupied         Purchase                                                   244,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXX                                                 XX                        0000                        360                       197,000.00                     6.625                     20061001   SFR                                               1,087.60                      197,000.00                     6.625    Owner Occupied         CashOut Refi                                               322,000.00                           357      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                     36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       199,920.00                     7.375                     20061001   SFR                                               1,228.68                      199,660.33                     7.375    Owner Occupied         Purchase                                                   249,900.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXX                                              XX                       00000                        360                       200,000.00                     7.625                     20061001   PUD                                               1,270.83                      200,000.00                     7.625    Owner Occupied         CashOut Refi                                               250,000.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXX XXXX XXXXX                                        XX                       00000                        360                       200,000.00                     7.875                     20061101   CONDO                                             1,312.50                      200,000.00                     7.875    Investment             CashOut Refi                                               250,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXX                                                 XX                       00000                        360                       200,000.00                     8.125                     20061001   SFR                                               1,354.17                      200,000.00                     8.125    Owner Occupied         CashOut Refi                                               250,000.00                           357      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       204,000.00                     6.875                     20061101   SFR                                               1,168.75                      203,768.75                     6.875    Owner Occupied         Rate Refi                                                  255,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       204,000.00                     7.250                     20061101   CONDO                                             1,232.50                      204,000.00                     7.250    Owner Occupied         Purchase                                                   275,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXX XXXX                                               XX                        0000                        360                       204,500.00                     6.875                     20061101   SFR                                               1,171.61                      204,500.00                     6.875    Owner Occupied         Rate Refi                                                  215,263.00                           358      20061201                      0.250                         0.030              5.715               0.88    PMI - LENDER PAID                                      30   FISA                                                                                                                                             FIXED
XXXX                                                    XX                       00000                        360                       205,600.00                     7.125                     20061101   PUD                                               1,220.75                      205,600.00                     7.125    Owner Occupied         Purchase                                                   268,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXX                                                   XX                       00000                        360                       205,600.00                     7.250                     20061101   PUD                                               1,242.17                      205,600.00                     7.250    Owner Occupied         Purchase                                                   262,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXXX                                                  XX                       00000                        360                       207,200.00                     7.500                     20061101   SFR                                               1,295.00                      207,200.00                     7.500    Owner Occupied         Purchase                                                   259,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXXXXX                                          XX                       00000                        360                       212,000.00                     7.125                     20061101   SFR                                               1,258.75                      211,638.75                     7.125    Investment             Purchase                                                   265,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
XXXX XXXX XXXXX                                         XX                       00000                        360                       212,000.00                     7.250                     20061101   SFR                                               1,280.83                      212,000.00                     7.250    Investment             Purchase                                                   275,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
XXXXX XXX XXXXX                                         XX                       00000                        360                       212,000.00                     6.750                     20061101   SFR                                               1,192.50                      212,000.00                     6.750    Owner Occupied         Purchase                                                   265,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  60    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       212,000.00                     7.375                     20061001   4-FAMILY                                          1,302.92                      212,000.00                     7.375    Investment             Purchase                                                   265,000.00                           357      20070101                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       216,000.00                     7.375                     20061101   SFR                                               1,327.50                      215,719.78                     7.375    Owner Occupied         CashOut Refi                                               270,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
XXXX                                                    XX                       00000                        360                       216,000.00                     7.875                     20061001   SFR                                               1,417.50                      216,000.00                     7.875    Owner Occupied         Purchase                                                   275,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       220,000.00                     7.500                     20061101   SFR                                               1,375.00                      219,661.88                     7.500    Owner Occupied         Purchase                                                   275,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       220,000.00                     6.875                     20061101   SFR                                               1,260.42                      220,000.00                     6.875    Owner Occupied         Rate Refi                                                  278,481.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     36    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       220,000.00                     7.125                     20061001   SFR                                               1,306.25                      219,469.07                     7.125    Owner Occupied         Purchase                                                   277,000.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXX                                                  XX                       00000                        360                       222,000.00                     7.375                     20061001   SFR                                               1,364.38                      222,000.00                     7.375    Owner Occupied         CashOut Refi                                               340,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXX                                               XX                       00000                        360                       222,400.00                     7.625                     20061101   SFR                                               1,413.17                      222,400.00                     7.625    Owner Occupied         CashOut Refi                                               278,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                  60    H                                                                 FIXED
XXXX                                                    XX                       00000                        360                       225,000.00                     8.000                     20061001   PUD                                               1,500.00                      225,000.00                     8.000    Investment             Purchase                                                   300,000.00                           357      20061201                      0.250                         0.030              7.720                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       228,000.00                     7.750                     20061101   PUD                                               1,472.50                      228,000.00                     7.750    Owner Occupied         CashOut Refi                                               285,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Full                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       228,200.00                     7.125                     20061101   SFR                                               1,354.94                      224,942.10                     7.125    Owner Occupied         CashOut Refi                                               326,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                  60    H                                                                 FIXED
XXXXXXX XXXXX                                           XX                       00000                        360                       228,800.00                     6.875                     20061001   PUD                                               1,310.83                      228,800.00                     6.875    Owner Occupied         Rate Refi                                                  286,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                     36    H                                                                 FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                       229,500.00                     7.750                     20060801   SFR                                               1,482.19                      229,500.00                     7.750    Owner Occupied         CashOut Refi                                               255,000.00                           355      20061201                      0.250                         0.030              6.030               1.44    PMI - LENDER PAID                                      25   Express Verified Assets                                                  60    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       230,850.00                     7.625                     20061101   SFR                                               1,466.86                      230,849.90                     7.625    Owner Occupied         Purchase                                                   243,000.00                           358      20061201                      0.250                         0.030              6.615               0.73    PMI - LENDER PAID                                      30   Express No Doc                                                                                                                                   FIXED
XXXXX                                                   XX                       00000                        360                       231,200.00                     7.000                     20061101   SFR                                               1,348.67                      231,200.00                     7.000    Owner Occupied         Purchase                                                   289,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXXXXX                                          XX                       00000                        360                       232,000.00                     6.875                     20061101   PUD                                               1,329.17                      232,000.00                     6.875    Owner Occupied         Purchase                                                   290,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXX XXXXX                                               XX                       00000                        360                       232,000.00                     7.625                     20061101   PUD                                               1,474.17                      232,000.00                     7.625    Investment             Rate Refi                                                  290,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       232,000.00                     7.250                     20061101   CONDO                                             1,401.67                      232,000.00                     7.250    Owner Occupied         Rate Refi                                                  290,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       234,400.00                     7.625                     20061101   PUD                                               1,489.42                      234,400.00                     7.625    Owner Occupied         Purchase                                                   293,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                           36    H                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        360                       235,200.00                     7.750                     20061001   SFR                                               1,519.00                      235,200.00                     7.750    Investment             Purchase                                                   294,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       237,200.00                     7.250                     20061101   SFR                                               1,433.08                      237,200.00                     7.250    Owner Occupied         Purchase                                                   296,500.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       238,000.00                     7.500                     20061101   SFR                                               1,487.50                      238,000.00                     7.500    Owner Occupied         Purchase                                                   297,500.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXXX                                              XX                       00000                        360                       240,000.00                     7.125                     20061001   SFR                                               1,425.00                      239,831.26                     7.125    Owner Occupied         CashOut Refi                                               311,688.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXXX                                              XX                       00000                        360                       240,000.00                     6.625                     20061101   SFR                                               1,325.00                      240,000.00                     6.625    Owner Occupied         CashOut Refi                                               300,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       243,000.00                     7.500                     20061101   CONDO                                             1,518.75                      243,000.00                     7.500    Owner Occupied         Purchase                                                   270,000.00                           358      20061201                      0.250                         0.030              6.450               0.77    PMI - LENDER PAID                                      25   Express No Doc                                                                                                                                   FIXED
XXXXXXXXXX                                              XX                       00000                        360                       244,000.00                     7.375                     20061101   SFR                                               1,499.58                      243,655.92                     7.375    Owner Occupied         CashOut Refi                                               305,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                       247,900.00                     7.125                     20061001   SFR                                               1,471.91                      247,899.40                     7.125    Owner Occupied         Purchase                                                   309,875.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXXX                                            XX                       00000                        360                       248,000.00                     7.000                     20061001   SFR                                               1,446.67                      248,000.00                     7.000    Owner Occupied         Purchase                                                   315,000.00                           357      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       248,000.00                     7.000                     20061001   CONDO                                             1,446.67                      248,000.00                     7.000    Owner Occupied         Purchase                                                   310,000.00                           357      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       249,600.00                     7.250                     20061101   2-FAMILY                                          1,508.00                      249,600.00                     7.250    Owner Occupied         Purchase                                                   312,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       250,000.00                     6.750                     20061101   SFR                                               1,406.25                      250,000.00                     6.750    Owner Occupied         Purchase                                                   542,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXX                                               XX                       00000                        360                       255,550.00                     7.625                     20061101   SFR                                               1,623.81                      255,400.54                     7.625    Owner Occupied         Purchase                                                   269,000.00                           358      20061201                      0.250                         0.030              6.585               0.76    PMI - LENDER PAID                                      30   Express No Doc                                                           36    H                                                                 FIXED
XXX XXXXXXXXXX                                          XX                       00000                        360                       258,000.00                     6.875                     20061001   SFR                                               1,478.13                      258,000.00                     6.875    Owner Occupied         Purchase                                                   322,500.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXX XXXXXX                                            XX                       00000                        360                       258,400.00                     7.250                     20061001   SFR                                               1,561.17                      258,400.00                     7.250    Owner Occupied         Purchase                                                   323,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       259,000.00                     7.500                     20061001   SFR                                               1,618.75                      259,000.00                     7.500    Owner Occupied         Rate Refi                                                  602,326.00                           357      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXX                                                XX                        0000                        360                       260,000.00                     8.625                     20061101   SFR                                               1,868.75                      259,650.69                     8.625    Owner Occupied         Rate Refi                                                  325,000.00                           358      20061201                      0.250                         0.030              8.345                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       260,000.00                     6.875                     20061001   SFR                                               1,489.58                      260,000.00                     6.875    Owner Occupied         Purchase                                                   327,500.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXX                                              XX                       00000                        360                       262,400.00                     7.500                     20061101   PUD                                               1,640.00                      262,400.00                     7.500    Owner Occupied         Purchase                                                   328,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       264,000.00                     6.875                     20061101   CONDO                                             1,512.50                      264,000.00                     6.875    Owner Occupied         Purchase                                                   330,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXX                                                XX                       00000                        360                       267,300.00                     8.125                     20061101   CONDO                                             1,809.84                      267,299.15                     8.125    Owner Occupied         Purchase                                                   297,000.00                           358      20061201                      0.250                         0.030              6.605               1.24    PMI - LENDER PAID                                      25   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       267,500.00                     7.250                     20061001   PUD                                               1,616.15                      247,500.00                     7.250    Owner Occupied         CashOut Refi                                               725,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXX XXXX                                           XX                       00000                        360                       268,000.00                     8.250                     20061101   SFR                                               1,842.50                      267,997.50                     8.250    Owner Occupied         Purchase                                                   340,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXX XXXXXXXX                                          XX                       00000                        360                       272,800.00                     6.875                     20061101   PUD                                               1,562.92                      272,800.00                     6.875    Owner Occupied         CashOut Refi                                               342,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       280,000.00                     6.750                     20061101   PUD                                               1,575.00                      280,000.00                     6.750    Owner Occupied         CashOut Refi                                               350,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXX XXXXXXX                                            XX                       00000                        360                       280,000.00                     6.625                     20061101   SFR                                               1,545.83                      280,000.00                     6.625    Owner Occupied         Rate Refi                                                  350,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
XXXX XXXXX                                              XX                       00000                        360                       280,000.00                     6.875                     20061101   SFR                                               1,604.17                      278,817.19                     6.875    Owner Occupied         CashOut Refi                                               518,519.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       284,000.00                     7.000                     20061101   SFR                                               1,656.67                      284,000.00                     7.000    Owner Occupied         Purchase                                                   355,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       287,200.00                     7.250                     20061101   SFR                                               1,735.17                      287,200.00                     7.250    Owner Occupied         CashOut Refi                                               359,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       300,000.00                     7.375                     20061101   PUD                                               1,843.75                      300,000.00                     7.375    Investment             Rate Refi                                                  375,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       301,700.00                     7.625                     20061001   PUD                                               1,917.05                      301,700.00                     7.625    Owner Occupied         CashOut Refi                                               431,000.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXXXX                                              XX                       00000                        360                       305,000.00                     7.000                     20061101   PUD                                               1,779.17                      305,000.00                     7.000    Owner Occupied         CashOut Refi                                               389,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       305,600.00                     7.875                     20061001   SFR                                               2,005.50                      305,600.00                     7.875    Investment             Purchase                                                   382,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                           36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       312,000.00                     7.125                     20061001   SFR                                               1,852.50                      312,000.00                     7.125    Owner Occupied         Purchase                                                   390,000.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
XXX XXXX                                                XX                       00000                        360                       313,000.00                     7.375                     20061101   SFR                                               1,923.65                      313,000.00                     7.375    Owner Occupied         Rate Refi                                                  638,776.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
METHUEN                                                 MA                        1844                        360                       316,000.00                     7.750                     20061101   2-FAMILY                                          2,040.83                      316,000.00                     7.750    Owner Occupied         Rate Refi                                                  395,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
XXXXX XXXXX                                             XX                       00000                        360                       320,000.00                     6.875                     20061101   CONDO                                             1,833.33                      320,000.00                     6.875    Owner Occupied         CashOut Refi                                               605,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       322,000.00                     6.875                     20061101   SFR                                               1,844.79                      322,000.00                     6.875    Owner Occupied         CashOut Refi                                               402,500.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       325,000.00                     7.500                     20061101   SFR                                               2,031.25                      325,000.00                     7.500    Owner Occupied         Purchase                                                   525,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                        0000                        360                       325,000.00                     6.625                     20061001   3-FAMILY                                          1,794.27                      323,209.00                     6.625    Investment             CashOut Refi                                               637,255.00                           357      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                                                                                                   FIXED
XXXX                                                    XX                       00000                        360                       327,200.00                     8.125                     20061101   SFR                                               2,215.42                      327,200.00                     8.125    Investment             Purchase                                                   409,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
XXXXX XXXXXX                                            XX                       00000                        360                       328,000.00                     7.875                     20061101   PUD                                               2,152.50                      328,000.00                     7.875    Owner Occupied         Purchase                                                   411,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXX XXXXXX                                             XX                       00000                        360                       330,000.00                     6.500                     20061101   SFR                                               1,787.50                      329,540.74                     6.500    Owner Occupied         CashOut Refi                                               520,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   60    H                                                                 FIXED
XXXXXXXXXX XXXX                                         XX                       00000                        360                       332,000.00                     7.875                     20061001   PUD                                               2,178.75                      332,000.00                     7.875    Owner Occupied         Purchase                                                   510,769.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXX                                                XX                        0000                        360                       335,000.00                     7.625                     20061101   SFR                                               2,128.65                      334,285.46                     7.625    Owner Occupied         Purchase                                                   380,682.00                           358      20070101                      0.250                         0.030              6.155               1.19    PMI - LENDER PAID                                      25   Express Verified Assets                                                                                                                          FIXED
XXXXXX                                                  XX                       00000                        360                       336,000.00                     7.000                     20061101   2-FAMILY                                          1,960.00                      336,000.00                     7.000    Owner Occupied         Purchase                                                   420,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   60    H                                                                 FIXED
XXXX XXXXX                                              XX                       00000                        360                       338,140.00                     7.250                     20061101   PUD                                               2,042.93                      338,140.00                     7.250    Owner Occupied         Purchase                                                   422,675.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXX                                                XX                       00000                        360                       345,900.00                     6.750                     20061101   PUD                                               1,945.69                      345,900.00                     6.750    Owner Occupied         Purchase                                                   465,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       348,500.00                     6.750                     20061001   PUD                                               1,960.31                      348,499.94                     6.750    Owner Occupied         CashOut Refi                                               410,000.00                           357      20061201                      0.250                         0.030              5.930               0.54    PMI - LENDER PAID                                      22   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       350,000.00                     6.875                     20061001   SFR                                               2,005.21                      349,379.06                     6.875    Owner Occupied         CashOut Refi                                               500,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                        0000                        360                       352,000.00                     8.125                     20061101   2-FAMILY                                          2,383.33                      352,000.00                     8.125    Investment             CashOut Refi                                               440,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXX                                                  XX                       00000                        360                       352,000.00                     6.500                     20061101   SFR                                               1,906.67                      352,000.00                     6.500    Owner Occupied         CashOut Refi                                               498,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXX                                             XX                       00000                        360                       359,200.00                     8.125                     20061001   SFR                                               2,432.08                      359,200.00                     8.125    Owner Occupied         Purchase                                                   449,000.00                           357      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
XXXXX XXXX XXXXX                                        XX                       00000                        360                       359,200.00                     7.875                     20061101   PUD                                               2,357.25                      359,200.00                     7.875    Investment             CashOut Refi                                               449,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       360,000.00                     6.875                     20061101   SFR                                               2,062.50                      359,562.50                     6.875    Owner Occupied         CashOut Refi                                               450,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       360,080.00                     7.875                     20061101   SFR                                               2,363.03                      360,080.00                     7.875    Investment             Purchase                                                   450,100.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXX                                                   XX                       00000                        360                       372,000.00                     6.875                     20061101   SFR                                               2,131.25                      372,000.00                     6.875    Owner Occupied         Purchase                                                   465,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       376,000.00                     7.875                     20061001   SFR                                               2,467.50                      376,000.00                     7.875    Owner Occupied         CashOut Refi                                               470,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXXXXX                                          XX                       00000                        360                       380,000.00                     6.875                     20061101   PUD                                               2,177.08                      379,527.81                     6.875    Owner Occupied         Rate Refi                                                  475,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     60    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       388,000.00                     7.375                     20061001   PUD                                               2,384.58                      387,997.95                     7.375    Owner Occupied         Purchase                                                   485,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       388,000.00                     7.375                     20061101   SFR                                               2,384.58                      388,000.00                     7.375    Owner Occupied         CashOut Refi                                               485,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXX                                                   XX                       00000                        360                       394,552.00                     7.375                     20061001   PUD                                               2,424.85                      394,552.00                     7.375    Investment             Purchase                                                   493,190.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                        0000                        360                       395,000.00                     7.250                     20061101   SFR                                               2,386.46                      394,999.52                     7.250    Owner Occupied         CashOut Refi                                               438,889.00                           358      20061201                      0.250                         0.030              6.030               0.94    PMI - LENDER PAID                                      25   Express Verified Assets                                                                                                                          FIXED
XXXXXX                                                  XX                       00000                        360                       400,000.00                     7.125                     20061101   PUD                                               2,375.00                      400,000.00                     7.125    Owner Occupied         CashOut Refi                                               506,329.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXXXXX                                          XX                       00000                        360                       400,000.00                     6.750                     20061001   SFR                                               2,250.00                      399,998.80                     6.750    Owner Occupied         Rate Refi                                                  500,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       404,000.00                     6.875                     20061101   SFR                                               2,314.58                      404,000.00                     6.875    Owner Occupied         Rate Refi                                                  505,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       404,000.00                     7.375                     20061001   SFR                                               2,482.92                      404,000.00                     7.375    Owner Occupied         CashOut Refi                                               505,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXX                                                  XX                       00000                        360                       410,400.00                     6.625                     20061101   PUD                                               2,265.75                      410,400.00                     6.625    Owner Occupied         Purchase                                                   586,286.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                           36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       412,000.00                     7.625                     20061001   SFR                                               2,617.92                      411,999.92                     7.625    Owner Occupied         Purchase                                                   528,000.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXX                                                 XX                        0000                        360                       414,000.00                     7.500                     20061101   SFR                                               2,587.50                      414,000.00                     7.500    Owner Occupied         Purchase                                                   460,000.00                           358      20061201                      0.250                         0.030              5.860               1.36    PMI - LENDER PAID                                      25   Express Verified Assets                                                                                                                          FIXED
XXXXXX                                                  XX                       00000                        360                       416,000.00                     7.000                     20061101   PUD                                               2,426.67                      415,426.67                     7.000    Owner Occupied         Rate Refi                                                  520,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
XXXXX XXXX                                              XX                       00000                        360                       416,000.00                     7.250                     20061101   PUD                                               2,513.33                      416,000.00                     7.250    Owner Occupied         CashOut Refi                                               520,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       417,000.00                     7.250                     20061001   SFR                                               2,519.38                      417,000.00                     7.250    Owner Occupied         Purchase                                                   613,235.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       417,000.00                     7.375                     20061101   SFR                                               2,562.81                      417,000.00                     7.375    Owner Occupied         CashOut Refi                                               556,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       417,000.00                     8.125                     20061101   SFR                                               2,823.44                      417,000.00                     8.125    Investment             Purchase                                                   548,684.00                           358      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       417,000.00                     8.125                     20061101   PUD                                               2,823.44                      417,000.00                     8.125    Owner Occupied         Purchase                                                   563,514.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       417,000.00                     8.375                     20061101   3-FAMILY                                          2,910.31                      417,000.00                     8.375    Owner Occupied         Purchase                                                   534,615.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                       417,000.00                     7.500                     20061101   SFR                                               2,606.25                      417,000.00                     7.500    Owner Occupied         CashOut Refi                                               521,250.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXX XXXXX                                               XX                       00000                        360                       438,000.00                     7.125                     20061101   SFR                                               2,950.89                      437,297.40                     7.125    Owner Occupied         CashOut Refi                                               655,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       476,000.00                     8.125                     20061101   SFR                                               3,534.29                      475,375.15                     8.125    Owner Occupied         CashOut Refi                                               595,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXX                                                 XX                       00000                        360                       502,400.00                     6.750                     20061001   SFR                                               3,258.56                      501,095.01                     6.750    Owner Occupied         Purchase                                                   650,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXX XXXXX                                              XX                       00000                        360                       990,800.00                     8.375                     20061101   SFR                                               7,530.80                      984,432.48                     8.375    2nd Home               Purchase                                                 1,238,500.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       424,746.00                     7.375                     20061101   SFR                                               2,610.42                      424,020.26                     7.375    Owner Occupied         CashOut Refi                                               530,933.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                       428,000.00                     7.750                     20061101   PUD                                               2,764.17                      428,000.00                     7.750    Owner Occupied         CashOut Refi                                               535,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXX                                                 XX                       00000                        360                       449,750.00                     7.500                     20061001   PUD                                               2,810.94                      449,750.00                     7.500    Owner Occupied         CashOut Refi                                               576,603.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       460,480.00                     7.750                     20061101   PUD                                               2,973.93                      460,480.00                     7.750    Owner Occupied         CashOut Refi                                               575,500.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
XXX XXXXXXX                                             XX                       00000                        360                       472,000.00                     7.125                     20061101   SFR                                               2,802.50                      472,000.00                     7.125    Owner Occupied         Purchase                                                   590,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       473,600.00                     7.250                     20061001   SFR                                               2,861.33                      473,600.00                     7.250    Owner Occupied         Rate Refi                                                  592,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       476,000.00                     8.000                     20061101   CONDO                                             3,173.33                      476,000.00                     8.000    Investment             Purchase                                                   596,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       480,000.00                     6.875                     20061101   PUD                                               2,750.00                      479,489.68                     6.875    Owner Occupied         CashOut Refi                                               600,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   60    H                                                                 FIXED
XXXXXXX                                                 XX                        0000                        360                       496,000.00                     7.250                     20061101   SFR                                               2,996.67                      495,696.67                     7.250    Owner Occupied         CashOut Refi                                               620,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       504,000.00                     7.750                     20061101   SFR                                               3,255.00                      504,000.00                     7.750    Investment             Purchase                                                   720,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXX                                                 XX                       00000                        360                       520,000.00                     7.000                     20061001   PUD                                               3,033.33                      520,000.00                     7.000    Owner Occupied         CashOut Refi                                               650,000.00                           357      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXX XXXXXXXXXX                                         XX                       00000                        360                       524,250.00                     7.750                     20061101   SFR                                               3,385.78                      524,250.00                     7.750    Owner Occupied         Purchase                                                   725,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
VC XXXXXXXXX                                            XX                       00000                        360                       536,000.00                     7.375                     20061101   PUD                                               3,294.17                      536,000.00                     7.375    Owner Occupied         CashOut Refi                                               670,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                       650,000.00                     7.625                     20061101   PUD                                               4,130.21                      650,000.00                     7.625    Owner Occupied         Purchase                                                   840,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX                                               XX                       00000                        360                       732,000.00                     7.375                     20061101   SFR                                               4,498.75                      732,000.00                     7.375    Owner Occupied         Purchase                                                   975,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXX                                             XX                        0000                        360                       762,000.00                     7.625                     20061101   SFR                                               4,841.88                      762,000.00                     7.625    Owner Occupied         CashOut Refi                                             1,016,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
XXXXX XXXXXX                                            XX                       00000                        360                       915,500.00                     8.125                     20061101   SFR                                               6,198.70                      915,500.00                     8.125    Investment             CashOut Refi                                             1,450,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
XXXXX XXXX                                              XX                       00000                        360                       945,000.00                     7.750                     20061101   PUD                                               6,103.13                      945,000.00                     7.750    Owner Occupied         CashOut Refi                                             1,260,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
XXXX XXXXX                                              XX                       00000                        360                       995,800.00                     7.875                     20061101   SFR                                               6,534.94                      995,800.00                     7.875    Owner Occupied         Purchase                                                 1,550,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                     1,000,000.00                     8.125                     20061101   PUD                                               6,770.83                    1,000,000.00                     8.125    Owner Occupied         Purchase                                                 1,298,701.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXX                                             XX                       00000                        360                     1,000,000.00                     7.500                     20061101   SFR                                               6,250.00                    1,000,000.00                     7.500    Owner Occupied         CashOut Refi                                             3,565,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
XXXXX XXXX                                              XX                       00000                        360                     1,000,000.00                     8.750                     20061101   PUD                                               7,291.67                    1,000,000.00                     8.750    Investment             CashOut Refi                                             1,298,701.00                           358      20061201                      0.250                         0.030              8.470                                                                                   Stated                                                                                                                                           FIXED
XX XXXXXX XXXX                                          XX                       00000                        360                       304,000.00                     7.500                     20061201   SFR                                               1,900.00                      304,000.00                     7.500    Investment             Purchase                                                   400,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXX                                                   XX                       00000                        360                       140,000.00                     7.750                     20061201   SFR                                                 904.17                      140,000.00                     7.750    Owner Occupied         CashOut Refi                                               200,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Xxxxxx                                                                   00    X                                                            0    XXXXX                             0
XXXXXX XXXXX                                            XX                       00000                        360                       581,000.00                     7.375                     20061201   HI-RISE                                           3,570.73                      581,000.00                     7.375    2nd Home               Rate Refi                                                  775,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       300,000.00                     6.750                     20061201   SFR                                               1,687.50                      300,000.00                     6.750    Owner Occupied         CashOut Refi                                               750,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                                                                                              3    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       300,000.00                     7.500                     20061101   SFR                                               2,097.64                      299,553.33                     7.500    Owner Occupied         Purchase                                                   399,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   24    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       290,000.00                     6.750                     20061201   SFR                                               1,880.93                      289,750.32                     6.750    Owner Occupied         CashOut Refi                                               420,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        360                       300,000.00                     6.750                     20061201   SFR                                               1,687.50                      300,000.00                     6.750    Owner Occupied         CashOut Refi                                               480,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       421,000.00                     6.625                     20061201   SFR                                               2,695.71                      420,628.56                     6.625    Owner Occupied         CashOut Refi                                               550,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Express Verified Assets                                                  00    X                                                            0    XXXXX                             0
XXXXXX XXXXX                                            XX                       00000                        360                       205,550.00                     6.750                     20061201   SFR                                               1,156.22                      205,550.00                     6.750    Investment             Purchase                                                   276,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       360,000.00                     7.750                     20061201   SFR                                               2,325.00                      360,000.00                     7.750    Owner Occupied         CashOut Refi                                               450,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Express Non-Verified Assets                                              00    X                                                            0    XXXXX                             0
XXXXXXX                                                 XX                        0000                        360                       196,000.00                     7.750                     20061201   CONDO                                             1,265.83                      195,997.25                     7.750    Owner Occupied         Purchase                                                   285,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   6.75    LIBOR                             6
XXXXX XXXXX                                             XX                       00000                        360                       506,250.00                     6.875                     20061201   D-PUDS                                            2,900.39                      506,250.00                     6.875    Owner Occupied         CashOut Refi                                               675,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXX                                                    XX                       00000                        180                        59,500.00                    12.800                     20061201   SFR                                                  648.9                       59,485.77                    12.800    Owner Occupied         Purchase                                                   595,000.00                           179      20061201                      0.500                         0.030             12.270                                                                                   Stated                                                                   12    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        360                       386,500.00                     5.250                     20061201   SFR                                               1,690.94                      386,500.00                     5.250    Owner Occupied         CashOut Refi                                               540,000.00                           359      20061201                      0.375                         0.030              4.845                                                                                   Full                                                                                                                                      2.5    LIBOR                             6
XXX XXXXX                                               XX                       00000                        360                       356,000.00                     7.625                     20070101   SFR                                               2,262.08                      356,000.00                     7.625    Investment             Purchase                                                   455,000.00                           360      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   12    H                                                            0    XXXXX                             0
XXX XXXXX                                               XX                       00000                        360                       238,500.00                     7.875                     20061101   D-PUDS                                            1,635.99                      238,357.87                     7.875    Investment             CashOut Refi                                               318,000.00                           358      20061201                      0.375                         0.030              7.470                                                                                   Express Non-Verified Assets                                              36    H                                                          3.5    LIBOR                             6
XX XXXXXX                                               XX                       00000                        360                       425,600.00                     7.375                     20061201   D-PUDS                                            2,615.67                      425,600.00                     7.375    Investment             CashOut Refi                                               608,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   SISA                                                                                                                                        0    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       105,560.00                     7.000                     20061201   SFR                                                 615.77                      105,560.00                     7.000    Investment             Purchase                                                   160,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       372,000.00                     6.625                     20061201   SFR                                               2,053.75                      372,000.00                     6.625    Owner Occupied         CashOut Refi                                               465,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXX                                                 XX                       00000                        180                        84,000.00                    11.000                     20061201   SFR                                                 799.95                       83,970.05                    11.000    Owner Occupied         Purchase                                                   430,000.00                           179      20061201                      0.500                         0.030             10.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXXXXXXX                                                XX                       00000                        360                       727,500.00                     7.625                     20061201   SFR                                               4,622.66                      727,500.00                     7.625    Owner Occupied         CashOut Refi                                               970,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Full                                                                     00    X                                                            0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        360                       260,000.00                     6.500                     20061201   SFR                                               1,408.33                      260,000.00                     6.500    Owner Occupied         CashOut Refi                                               325,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       215,000.00                     6.500                     20061201   SFR                                               1,164.58                      215,000.00                     6.500    Owner Occupied         CashOut Refi                                               375,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express Non-Verified Assets                                              00    X                                                            0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       564,000.00                     9.000                     20061201   3-FAMILY                                          4,230.00                      564,000.00                     9.000    Owner Occupied         Purchase                                                   705,000.00                           359      20061201                      0.375                         0.030              8.595                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXX XXXXXX                                             XX                       00000                        180                        38,625.00                    14.125                     20061201   CONDO                                               461.49                       38,618.16                    14.125    2nd Home               Purchase                                                   174,000.00                           179      20061201                      0.500                         0.030             13.595                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXXXX                                                 XX                       00000                        360                       150,000.00                     7.625                     20061201   CONDO                                               953.13                      150,000.00                     7.625    Investment             CashOut Refi                                               200,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XX XXXXXXXXX                                            XX                       00000                        360                       715,000.00                     6.500                     20061201   SFR                                               3,872.92                      715,000.00                     6.500    Owner Occupied         CashOut Refi                                             1,100,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express Non-Verified Assets                                              36    H                                                            3    LIBOR                             6
XXXXXXX XXXXXXX                                         XX                       00000                        360                        93,015.00                    13.375                     20061101   SFR                                               1,056.26                       92,975.71                    13.375    Owner Occupied         Purchase                                                   621,000.00                           358      20061201                      0.500                         0.030             12.845                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXXX                                                 XX                       00000                        360                       542,000.00                     5.500                     20061201   SFR                                               2,484.17                      542,000.00                     5.500    Owner Occupied         Rate Refi                                                1,300,000.00                           359      20061201                      0.375                         0.030              5.095                                                                                   Full                                                                     00    X                                                            0    XXXXX                             0
XXXXX                                                   XX                       00000                        360                       156,000.00                     7.450                     20061201   SFR                                               1,085.44                      155,883.06                     7.450    Owner Occupied         CashOut Refi                                               297,000.00                           359      20061201                      0.250                         0.030              7.170                                                                                   FISA                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       147,000.00                     8.375                     20061201   CONDO                                             1,025.94                      147,000.00                     8.375    2nd Home               Purchase                                                   210,000.00                           359      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXX XXXXX                                             XX                       00000                        360                       495,000.00                     6.250                     20061201   D-PUDS                                            2,578.13                      495,000.00                     6.250    Owner Occupied         Purchase                                                   680,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                     00    X                                                            0    XXXXX                             0
XXXXXX                                                  XX                       00000                        360                        77,000.00                     7.500                     20061116   SFR                                                  538.4                       76,942.85                     7.500    Investment             Purchase                                                   110,000.00                           359      20061116                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        360                       391,400.00                     6.750                     20061201   CONDO                                             2,201.63                      391,400.00                     6.750    Investment             Purchase                                                   550,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express Non-Verified Assets                                                                                                                 0    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       340,000.00                     6.625                     20061201   SFR                                               1,877.08                      340,000.00                     6.625    Owner Occupied         CashOut Refi                                               635,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                     36    H                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        360                        82,000.00                     6.125                     20061201   D-PUDS                                              418.54                       82,000.00                     6.125    Owner Occupied         Purchase                                                   274,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Express No Doc                                                                                                                              3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       431,000.00                     6.375                     20061101   SFR                                               2,688.88                      430,199.50                     6.375    Owner Occupied         CashOut Refi                                               575,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       473,000.00                     6.500                     20061101   SFR                                               2,989.69                      472,142.48                     6.500    Owner Occupied         CashOut Refi                                               610,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       485,000.00                     6.625                     20061101   SFR                                               3,105.51                      484,141.83                     6.625    Owner Occupied         Rate Refi                                                  700,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       540,000.00                     6.125                     20061101   SFR                                               3,281.10                      538,947.62                     6.125    Owner Occupied         CashOut Refi                                               760,000.00                           358      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                   36    S                                                                 FIXED
XXXXXXX XXXXX                                           XX                       00000                        360                       622,500.00                     6.250                     20061101   SFR                                               3,832.84                      621,247.90                     6.250    Owner Occupied         CashOut Refi                                             1,310,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
XXX XXXX                                                XX                       00000                        360                       685,000.00                     6.375                     20061101   SFR                                               4,273.51                      683,721.24                     6.375    Owner Occupied         CashOut Refi                                               900,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       449,250.00                     6.500                     20061101   SFR                                               2,433.44                      449,183.44                     6.500    Owner Occupied         CashOut Refi                                               590,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       541,000.00                     6.250                     20061101   SFR                                               2,817.71                      540,000.00                     6.250    Owner Occupied         Purchase                                                   755,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
TOWN XX XXXXXXXXX                                       XX                       00000                        360                       660,000.00                     6.125                     20061101   SFR                                               3,368.75                      660,000.00                     6.125    Owner Occupied         CashOut Refi                                             1,084,066.00                           358      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                                                                                           FIXED
XXXX XXXXX                                              XX                       00000                        180                        50,000.00                    11.875                     20061101   SFR                                                  509.5                       49,970.44                    11.875    Owner Occupied         CashOut Refi                                               500,000.00                           178      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
XXXXX                                                   XX                       00000                        360                       105,000.00                     7.750                     20061201   2-FAMILY                                            678.13                      105,000.00                     7.750    Investment             Purchase                                                   150,600.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   12    H                                                            0    XXXXX                             0
XXXXXX XXXXXXXXX                                        XX                       00000                        360                       513,400.00                     6.500                     20061201   SFR                                               3,245.04                      512,935.88                     6.500    Owner Occupied         CashOut Refi                                               940,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       484,000.00                     6.625                     20061201   SFR                                               2,672.08                      484,000.00                     6.625    Owner Occupied         CashOut Refi                                               605,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXX                                                 XX                  00000-0000                        360                       560,000.00                     7.375                     20061201   4-FAMILY                                          3,441.67                      560,000.00                     7.375    Investment             Rate Refi                                                  867,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Express Non-Verified Assets                                                                                                                 0    XXXXX                             0
XXXXX XXXX                                              XX                       00000                        360                       532,000.00                     7.000                     20061201   SFR                                               3,539.41                      531,563.92                     7.000    Investment             CashOut Refi                                               760,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                  00    X                                                            0    XXXXX                             0
XXX XXXXX                                               XX                       00000                        360                       292,000.00                     7.125                     20061201   SFR                                               1,733.75                      292,000.00                     7.125    Owner Occupied         Purchase                                                   390,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXX XXXX                                             XX                       00000                        360                       317,520.00                     8.375                     20061201   D-PUDS                                            2,413.39                      317,322.64                     8.375    Owner Occupied         Purchase                                                   405,000.00                           359      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                   36    H                                                        7.375    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       447,200.00                     6.875                     20061201   SFR                                               2,562.08                      447,200.00                     6.875    Owner Occupied         Purchase                                                   560,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   60    12H/48S                                                      3    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       384,000.00                     6.000                     20061201   SFR                                               1,920.00                      384,000.00                     6.000    Owner Occupied         CashOut Refi                                               480,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   SISA                                                                     36    H                                                            3    LIBOR                             6
XXXX XXXXX                                              XX                       00000                        360                       328,000.00                     6.875                     20061201   SFR                                               2,008.58                      327,870.59                     6.875    Owner Occupied         Purchase                                                   417,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       235,000.00                     5.500                     20061201   SFR                                               1,334.30                      234,742.78                     5.500    Owner Occupied         CashOut Refi                                               475,000.00                           359      20061201                      0.375                         0.030              5.095                                                                                   Full                                                                     24    H                                                            3    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        360                       468,000.00                     7.250                     20061201   D-PUDS                                            2,827.50                      468,000.00                     7.250    Owner Occupied         Purchase                                                   595,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXX XXXXX                                               XX                       00000                        360                       633,750.00                     6.375                     20061201   SFR                                               3,366.80                      633,750.00                     6.375    Owner Occupied         CashOut Refi                                               845,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     36    S                                                                 FIXED
XXX XXXXX                                               XX                       00000                        360                       103,000.00                     7.435                     20061201   SFR                                                 638.17                      103,000.00                     7.435    Owner Occupied         CashOut Refi                                               230,500.00                           359      20061201                      0.250                         0.030              7.155                                                                                   FISA                                                                     36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       550,000.00                     6.375                     20061101   SFR                                               2,921.88                      550,000.00                     6.375    Owner Occupied         CashOut Refi                                             1,700,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       430,000.00                     6.375                     20061101   SFR                                               2,682.64                      429,201.36                     6.375    Owner Occupied         CashOut Refi                                               665,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
XXXXX XXXX                                              XX                       00000                        360                       725,000.00                     6.625                     20061101   SFR                                               4,002.60                      725,000.00                     6.625    Owner Occupied         Rate Refi                                                1,148,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
XXX XXXXX                                               XX                       00000                        360                       642,750.00                     6.500                     20061101   SFR                                               4,062.62                      641,584.74                     6.500    Owner Occupied         Purchase                                                   832,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       249,000.00                     6.375                     20061101   SFR                                               1,553.44                      248,537.52                     6.375    Owner Occupied         CashOut Refi                                               810,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       444,000.00                     6.500                     20061101   PUD                                               2,405.00                      444,000.00                     6.500    Owner Occupied         Purchase                                                   555,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       440,000.00                     6.500                     20061101   SFR                                               2,383.33                      440,000.00                     6.500    Owner Occupied         CashOut Refi                                               700,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXX XXXX                                             XX                       00000                        360                       736,000.00                     6.500                     20061101   SFR                                               3,986.67                      736,000.00                     6.500    Owner Occupied         Purchase                                                   920,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       525,000.00                     6.375                     20061101   PUD                                               2,789.06                      525,000.00                     6.375    Owner Occupied         Purchase                                                 1,650,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                                                                                             FIXED
XXX XXXXXX                                              XX                       00000                        360                       800,000.00                     6.500                     20061101   SFR                                               5,056.54                      798,549.67                     6.500    Owner Occupied         Rate Refi                                                1,100,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XXXXX                                                   XX                       00000                        360                       620,000.00                     6.375                     20061101   SFR                                               3,867.99                      618,848.47                     6.375    Owner Occupied         Purchase                                                   775,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       189,600.00                     6.500                     20061101   SFR                                               1,027.00                      189,600.00                     6.500    Owner Occupied         Purchase                                                   245,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XX XXXXXXX                                              XX                       00000                        360                       527,000.00                     6.625                     20061101   SFR                                               2,909.48                      527,000.00                     6.625    Owner Occupied         Purchase                                                   720,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       624,700.00                     6.250                     20061101   SFR                                               3,846.39                      623,511.43                     6.250    Owner Occupied         Purchase                                                   828,500.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
XXXX XXXXXX                                             XX                       00000                        360                       518,000.00                     6.500                     20061101   SFR                                               2,805.83                      516,860.91                     6.500    Owner Occupied         Rate Refi                                                  904,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XXXXX XXXX                                              XX                       00000                        360                       800,000.00                     6.500                     20061101   SFR                                               5,056.54                      798,549.67                     6.500    Owner Occupied         Purchase                                                 1,065,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       480,000.00                     6.500                     20061101   SFR                                               2,600.00                      480,000.00                     6.500    Owner Occupied         Purchase                                                   600,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       100,000.00                     6.500                     20061101   SFR                                                 632.07                       99,818.71                     6.500    Owner Occupied         Rate Refi                                                  375,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       448,000.00                     6.375                     20061101   PUD                                               2,380.00                      448,000.00                     6.375    Owner Occupied         CashOut Refi                                               575,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                                                                                             FIXED
XXX XXXXXXXXX                                           XX                       00000                        360                       636,000.00                     6.250                     20061101   SFR                                               3,915.96                      634,705.90                     6.250    Owner Occupied         Rate Refi                                                  795,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       530,000.00                     6.500                     20061101   SFR                                               2,870.83                      530,000.00                     6.500    Owner Occupied         Purchase                                                   875,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       463,400.00                     7.150                     20061201   D-PUDS                                            2,761.09                      463,400.00                     7.150    Investment             CashOut Refi                                               662,000.00                           359      20061201                      0.375                         0.030              6.745                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       256,000.00                     6.875                     20061101   SFR                                               1,466.67                      256,000.00                     6.875    Investment             Purchase                                                   320,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                     12    H                                                         3.25    LIBOR                             6
XXXXXXXXXXX                                             XX                       00000                        360                       255,000.00                     6.990                     20061201   D-PUDS                                            1,485.38                      255,000.00                     6.990    Owner Occupied         CashOut Refi                                               300,000.00                           359      20061201                      0.375                         0.030              5.945               0.64    PMI - LENDER PAID                                      22   Full                                                                     36    H                                                        3.625    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       409,865.00                     6.125                     20061201   2-FAMILY                                          2,290.95                      409,666.07                     6.125    Owner Occupied         CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXX                                                   XX                       00000                        360                       162,500.00                     7.000                     20061201   SFR                                                 947.92                      162,500.00                     7.000    Investment             CashOut Refi                                               250,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXX XXXX                                                XX                       00000                        360                       566,250.00                     7.990                     20061201   SFR                                               3,770.28                      566,250.00                     7.990    Owner Occupied         CashOut Refi                                               755,000.00                           359      20061201                      0.375                         0.030              7.585                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        360                       985,000.00                     5.500                     20070101   SFR                                               4,514.58                      985,000.00                     5.500    Owner Occupied         Rate Refi                                                1,619,000.00                           360      20061201                      0.375                         0.030              5.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        180                        55,500.00                    12.875                     20061101   HI-RISE                                             608.52                       55,473.76                    12.875    Owner Occupied         Rate Refi                                                  555,000.00                           178      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                   36    H                                                            0    FIXED
XXX XXXXXXX                                             XX                       00000                        180                       139,000.00                     6.625                     20061201   SFR                                               1,220.41                      138,546.99                     6.625    Owner Occupied         CashOut Refi                                               510,000.00                           179      20061201                      0.250                         0.030              6.345                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
XXXX XXXXX                                              XX                       00000                        360                       256,000.00                     6.500                     20061201   SFR                                               1,386.67                      256,000.00                     6.500    Investment             Rate Refi                                                  410,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       190,000.00                     8.825                     20061201   SFR                                               1,504.92                      189,892.37                     8.825    Owner Occupied         Purchase                                                   238,000.00                           359      20061201                      0.375                         0.030              8.420                                                                                   Stated                                                                   24    H                                                         2.75    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       519,500.00                     7.500                     20070101   SFR                                               3,246.88                      519,500.00                     7.500    Owner Occupied         CashOut Refi                                               810,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                            3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       192,500.00                     6.875                     20061201   D-PUDS                                            1,102.86                      192,500.00                     6.875    Investment             Purchase                                                   276,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXXXXX                                             XX                       00000                        360                       410,000.00                     6.375                     20061201   SFR                                               2,178.13                      410,000.00                     6.375    Owner Occupied         CashOut Refi                                               618,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   24    H                                                                 FIXED
XXXX XXXXXXXXXX                                         XX                       00000                        360                       140,000.00                     7.750                     20070101   CONDO                                               904.17                      140,000.00                     7.750    Owner Occupied         Purchase                                                   175,000.00                           360      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       565,000.00                     6.750                     20061201   D-PUDS                                            3,664.58                      564,513.55                     6.750    Investment             CashOut Refi                                             1,200,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       255,500.00                     6.250                     20061201   SFR                                               1,330.73                      255,500.00                     6.250    Owner Occupied         Purchase                                                   380,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   12    X                                                            0    XXXXX                             0
XXXX                                                    XX                       00000                        360                       236,000.00                     7.750                     20070101   SFR                                               1,524.17                      236,000.00                     7.750    Owner Occupied         Purchase                                                   295,000.00                           360      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXX                                                  XX                       00000                        360                       217,000.00                     5.625                     20061201   D-PUDS                                            1,017.19                      217,000.00                     5.625    2nd Home               Purchase                                                   315,000.00                           359      20061201                      0.375                         0.030              5.220                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXXXX                                              XX                       00000                        360                       100,000.00                     7.800                     20061201   SFR                                                    650                      100,000.00                     7.800    Owner Occupied         CashOut Refi                                               248,000.00                           359      20061201                      0.250                         0.030              7.520                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
XXXXX XXX                                               XX                       00000                        360                       496,000.00                     5.875                     20061201   SFR                                               2,428.33                      496,000.00                     5.875    Owner Occupied         Purchase                                                   625,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        360                       464,400.00                     5.500                     20061201   SFR                                               2,128.50                      464,400.00                     5.500    Owner Occupied         Purchase                                                   635,000.00                           359      20061201                      0.375                         0.030              5.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        180                       116,100.00                    12.500                     20061201   SFR                                               1,209.38                      116,100.00                    12.500    Owner Occupied         Purchase                                                   635,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
XXXXXX                                                  XX                       00000                        360                       300,000.00                     7.750                     20061201   SFR                                               1,937.50                      300,000.00                     7.750    Owner Occupied         Purchase                                                   400,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       226,500.00                     6.750                     20061201   SFR                                               1,274.06                      226,500.00                     6.750    Investment             CashOut Refi                                               302,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
XXXXX                                                   XX                       00000                        360                       206,250.00                     7.750                     20061201   CONDO                                             1,332.03                      206,250.00                     7.750    Investment             Purchase                                                   275,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXX XXX                                               XX                       00000                        360                       147,000.00                     6.750                     20061201   SFR                                                 826.88                      147,000.00                     6.750    Investment             Purchase                                                   230,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            0    XXXXX                             0
XXXXX XXXXXX                                            XX                       00000                        360                       236,500.00                     7.150                     20061201   SFR                                               1,409.15                      236,500.00                     7.150    Owner Occupied         CashOut Refi                                               440,000.00                           359      20061201                      0.250                         0.030              6.870                                                                                   FISA                                                                     36    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       133,600.00                     7.250                     20061201   SFR                                                 807.17                      133,597.17                     7.250    Owner Occupied         Purchase                                                   172,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       292,000.00                     6.875                     20061201   SFR                                               1,918.23                      291,754.69                     6.875    Investment             CashOut Refi                                               450,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                     12    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       120,000.00                     7.375                     20061201   SFR                                                 828.82                      119,908.68                     7.375    Owner Occupied         CashOut Refi                                               192,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXXXXX XXXX                                           XX                       00000                        360                       360,000.00                     6.500                     20061201   SFR                                               1,950.00                      360,000.00                     6.500    Owner Occupied         CashOut Refi                                               450,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   60    H                                                                 FIXED
XXXXXXX                                                 XX                  00000-0000                        360                       171,900.00                     7.000                     20061201   SFR                                               1,002.75                      171,900.00                     7.000    Owner Occupied         Purchase                                                   225,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       210,000.00                     8.000                     20061201   SFR                                               1,400.00                      210,000.00                     8.000    Owner Occupied         CashOut Refi                                               300,000.00                           359      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXX                                                   XX                       00000                        360                       333,750.00                     8.250                     20061201   SFR                                               2,294.53                      333,750.00                     8.250    Owner Occupied         CashOut Refi                                               445,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   24    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       351,920.00                     9.125                     20061201   SFR                                               2,676.06                      351,920.00                     9.125    Owner Occupied         Purchase                                                   440,000.00                           359      20061201                      0.375                         0.030              8.720                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXXX XXXXX                                           XX                       00000                        360                       342,000.00                     6.875                     20061101   SFR                                               1,959.38                      342,000.00                     6.875    Investment             Rate Refi                                                  460,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        360                       220,000.00                     8.375                     20061101   CONDO                                             1,535.42                      220,000.00                     8.375    Owner Occupied         Purchase                                                   275,000.00                           358      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       193,600.00                     7.250                     20061101   SFR                                               1,320.69                      193,297.03                     7.250    Owner Occupied         Purchase                                                   242,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                  2.75    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       335,400.00                     6.500                     20061101   CONDO                                             1,963.62                      335,105.46                     6.500    Owner Occupied         CashOut Refi                                               430,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     36    H                                                         2.75    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       196,232.00                     6.375                     20061101   CONDO                                             1,042.48                      196,232.00                     6.375    Owner Occupied         Purchase                                                   247,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                     36    H                                                         2.75    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       111,920.00                     6.875                     20061101   CONDO                                               641.21                      111,920.00                     6.875    Owner Occupied         Purchase                                                   141,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
XXXX                                                    XX                       00000                        360                       228,500.00                     6.375                     20061201   SFR                                               1,213.91                      228,500.00                     6.375    Investment             Rate Refi                                                  650,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       294,000.00                     6.750                     20061001   HI-RISE                                           1,653.75                      294,000.00                     6.750    Investment             Purchase                                                   475,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXX                                                   XX                       00000                        360                       248,000.00                     6.500                     20061101   CONDO                                             1,343.33                      248,000.00                     6.500    Investment             Purchase                                                   312,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                                                                                     2.25    LIBOR                            00
XXXXXXXXX XXXXXX                                        XX                        0000                        360                       238,400.00                     6.250                     20061101   CONDO                                             1,241.67                      238,400.00                     6.250    Owner Occupied         Purchase                                                   300,000.00                           358      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXX XXXX                                                XX                       00000                        360                       880,000.00                     6.375                     20061101   SFR                                               4,675.00                      880,000.00                     6.375    Owner Occupied         Purchase                                                 1,100,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            00
XXXXXX                                                  XX                       00000                        360                       321,500.00                     6.500                     20061101   SFR                                               1,741.46                      321,500.00                     6.500    Owner Occupied         Rate Refi                                                  525,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                             0
XXXX XXXXXX                                             XX                        0000                        360                       360,000.00                     7.250                     20061101   SFR                                               2,175.00                      360,000.00                     7.250    Owner Occupied         CashOut Refi                                               450,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             0
XXXX XXXXXXXXXX                                         XX                       00000                        360                       308,000.00                     6.875                     20061201   SFR                                               2,023.34                      307,741.24                     6.875    Owner Occupied         CashOut Refi                                               385,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
XXXXXX XXXX                                             XX                       00000                        360                       244,000.00                     7.250                     20061101   SFR                                               1,474.17                      244,000.00                     7.250    Owner Occupied         Purchase                                                   305,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       480,000.00                     6.875                     20061101   SFR                                               2,750.00                      480,000.00                     6.875    Owner Occupied         Purchase                                                   610,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       425,000.00                     6.750                     20061101   SFR                                               2,390.63                      425,000.00                     6.750    Investment             CashOut Refi                                               670,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                  2.75    LIBOR                             0
XXX XXXXXXX                                             XX                        0000                        360                       351,200.00                     7.125                     20061101   SFR                                               2,366.10                      350,636.63                     7.125    Investment             Purchase                                                   439,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
XXXXXXX                                                 XX                       00000                        360                       499,344.00                     7.375                     20061101   SFR                                               3,068.89                      499,344.00                     7.375    Owner Occupied         Purchase                                                   625,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                      5    LIBOR                             6
XXX XXXX                                                XX                       00000                        360                       385,000.00                     6.250                     20061101   SFR                                               2,005.21                      385,000.00                     6.250    Owner Occupied         Rate Refi                                                  550,000.00                           358      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
XXXXXXXXXX                                              XX                        0000                        360                       268,000.00                     7.250                     20061101   SFR                                               1,619.17                      268,000.00                     7.250    Owner Occupied         Purchase                                                   335,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                  2.75    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       637,000.00                     6.500                     20061101   SFR                                               3,450.42                      637,000.00                     6.500    Owner Occupied         Purchase                                                   980,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
XXX XXXX                                                XX                       00000                        360                       465,300.00                     6.750                     20061101   SFR                                               2,617.31                      465,300.00                     6.750    Owner Occupied         Purchase                                                   732,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                                                                                           2.75    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        360                       283,500.00                     7.250                     20061101   SFR                                               1,712.81                      283,500.00                     7.250    Owner Occupied         CashOut Refi                                               378,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Alternative                                                              12    H                                                                 FIXED
XXXXXXXX XXXXXX                                         XX                       00000                        360                       350,000.00                     7.250                     20061101   SFR                                               2,387.62                      349,452.27                     7.250    Investment             Purchase                                                   515,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXX XXXXX                                              XX                       00000                        360                       206,250.00                     7.250                     20061101   SFR                                               1,406.99                      205,927.23                     7.250    Owner Occupied         CashOut Refi                                               279,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       352,000.00                     7.250                     20061101   SFR                                               2,126.67                      352,000.00                     7.250    Owner Occupied         CashOut Refi                                               440,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXX XXXXXXX                                            XX                       00000                        360                       362,400.00                     7.250                     20061101   SFR                                               2,189.50                      362,400.00                     7.250    Owner Occupied         Purchase                                                   455,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       900,000.00                     7.250                     20061101   SFR                                               6,139.59                      898,591.58                     7.250    Owner Occupied         CashOut Refi                                             1,500,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXX                                                 XX                        0000                        360                       148,000.00                     7.125                     20061101   PUD                                                  997.1                      147,762.60                     7.125    Owner Occupied         CashOut Refi                                               185,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                     12    H                                                                 FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                       210,000.00                     7.250                     20061101   SFR                                               1,432.57                      209,671.37                     7.250    Owner Occupied         CashOut Refi                                               750,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXX XXXXXXX                                         XX                       00000                        360                       600,000.00                     8.250                     20061101   2-FAMILY                                          4,507.60                      599,232.17                     8.250    Investment             CashOut Refi                                               860,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXX XXXXXXX                                         XX                       00000                        360                       645,000.00                     7.500                     20061101   SFR                                               4,031.25                      645,000.00                     7.500    Owner Occupied         CashOut Refi                                               860,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                     12    H                                                                 FIXED
XXXXX                                                   XX                       00000                        360                       335,000.00                     6.875                     20061101   CONDO                                             1,919.27                      335,000.00                     6.875    Investment             CashOut Refi                                               587,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                       525,000.00                     6.875                     20061101   SFR                                               3,007.81                      525,000.00                     6.875    Owner Occupied         CashOut Refi                                               700,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       100,000.00                     6.875                     20061101   SFR                                                 656.93                       99,831.50                     6.875    Owner Occupied         CashOut Refi                                               270,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       219,000.00                     7.125                     20061101   CONDO                                             1,300.31                      219,000.00                     7.125    Investment             CashOut Refi                                               365,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       378,750.00                     7.250                     20061101   SFR                                               2,583.74                      378,157.30                     7.250    Owner Occupied         CashOut Refi                                               505,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXX XXXXXXXX                                            XX                       00000                        360                       450,000.00                     7.500                     20061101   SFR                                               2,812.50                      450,000.00                     7.500    Owner Occupied         Rate Refi                                                  600,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       513,000.00                     7.250                     20061101   CONDO                                             3,099.38                      513,000.00                     7.250    Owner Occupied         CashOut Refi                                               700,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        360                       325,000.00                     6.750                     20061101   SFR                                               2,107.94                      324,438.80                     6.750    Owner Occupied         CashOut Refi                                               860,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXXX                                                XX                        0000                        360                       645,000.00                     7.250                     20061101   SFR                                               4,400.04                      643,990.64                     7.250    Owner Occupied         CashOut Refi                                               860,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
XXXX XXXX                                               XX                       00000                        360                        63,000.00                     7.875                     20061101   PUD                                                 456.79                       62,913.01                     7.875    Owner Occupied         CashOut Refi                                               214,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXX XXXXXX                                           XX                       00000                        180                       150,000.00                     6.375                     20061101   SFR                                               1,296.38                      148,998.33                     6.375    Owner Occupied         CashOut Refi                                               335,000.00                           178      20061201                      0.250                         0.030              6.095                                                                                   Alternative                                                              12    H                                                                 FIXED
XXXXX XXXXX                                             XX                       00000                        360                       650,000.00                     7.000                     20061101   SFR                                               3,791.67                      650,000.00                     7.000    Owner Occupied         Rate Refi                                                  875,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                    2.5    LIBOR                             6
XXXXXXXXXXXX                                            XX                       00000                        360                       118,400.00                     9.725                     20061201   SFR                                                 959.53                      118,400.00                     9.725    Investment             Purchase                                                   148,000.00                           359      20061201                      0.375                         0.030              9.320                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                             6
XXXXXXX XXXXX                                           XX                       00000                        360                       720,000.00                     6.999                     20061101   SFR                                               4,199.40                      720,000.00                     6.999    Investment             Rate Refi                                                  960,000.00                           358      20061201                      0.375                         0.030              6.594                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
XXXXXXXXX XXXX                                          XX                       00000                        360                       280,000.00                     6.125                     20061101   SFR                                               1,429.17                      280,000.00                     6.125    Owner Occupied         Rate Refi                                                  350,000.00                           358      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XX XXXX                                                 XX                       00000                        360                       452,000.00                     6.500                     20061101   SFR                                               2,448.33                      452,000.00                     6.500    Owner Occupied         Rate Refi                                                  565,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   24    H                                                         2.75    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       559,200.00                     5.875                     20061201   SFR                                               2,737.75                      559,200.00                     5.875    Owner Occupied         Purchase                                                   699,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXX XXXXXXXXX                                         XX                       00000                        360                       348,000.00                     6.875                     20061101   SFR                                               2,286.11                      347,413.61                     6.875    Owner Occupied         Rate Refi                                                  440,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXX XXX                                            XX                        0000                        360                       300,000.00                     7.000                     20061101   SFR                                               1,995.91                      299,506.75                     7.000    Owner Occupied         CashOut Refi                                               440,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    H                                                                 FIXED
RARITAN                                                 NJ                        8869                        360                       275,000.00                     6.625                     20061201   SFR                                               1,760.86                      274,757.37                     6.625    Owner Occupied         Purchase                                                   505,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                                                                                             FIXED
XXXX XXXXX XXXXXXXX                                     XX                        0000                        360                       980,000.00                     7.125                     20061101   SFR                                               6,602.44                      978,427.97                     7.125    2nd Home               CashOut Refi                                             1,400,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXX                                               XX                        0000                        360                       435,000.00                     6.875                     20061101   SFR                                               2,857.64                      434,123.31                     6.875    Owner Occupied         CashOut Refi                                               670,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXX                                                   XX                       00000                        360                       312,000.00                     6.250                     20061201   SFR                                               1,921.04                      311,703.96                     6.250    Owner Occupied         Purchase                                                   390,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   24    H                                                                 FIXED
XXXXXXXX XXXXXXXX                                       XX                        0000                        180                       398,000.00                     6.750                     20061101   SFR                                               3,521.94                      395,426.40                     6.750    Owner Occupied         Rate Refi                                                  820,000.00                           178      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXX XXXXXX                                           XX                       00000                        180                       176,000.00                     6.500                     20061101   SFR                                               1,533.15                      174,837.22                     6.500    Owner Occupied         CashOut Refi                                               360,000.00                           178      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    H                                                                 FIXED
XX XXXXX                                                XX                       00000                        360                       525,000.00                     6.125                     20061101   SFR                                               3,189.96                      523,976.85                     6.125    Owner Occupied         CashOut Refi                                               800,000.00                           358      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXX X'XXXXX                                           XX                       00000                        360                       183,000.00                     6.250                     20061101   SFR                                               1,126.76                      182,476.38                     6.250    Owner Occupied         CashOut Refi                                               270,000.00                           358      20070101                      0.250                         0.030              5.970                                                                                   SISA                                                                     36    H                                                                 FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                       380,000.00                     6.500                     20061101   SFR                                               2,058.33                      380,000.00                     6.500    Owner Occupied         CashOut Refi                                               475,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    H                                                                 FIXED
XXX XXXXX                                               XX                       00000                        360                       121,000.00                     6.375                     20061101   SFR                                                 754.88                      120,775.27                     6.375    Investment             Rate Refi                                                  520,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   12    H                                                                 FIXED
XXX XXXXX                                               XX                       00000                        360                       611,000.00                     6.500                     20061101   CONDO                                             3,309.58                      601,309.58                     6.500    Investment             Rate Refi                                                1,050,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       406,900.00                     6.000                     20061101   SFR                                               2,439.57                      406,087.83                     6.000    Owner Occupied         CashOut Refi                                               911,500.00                           358      20061201                      0.250                         0.030              5.720                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       440,000.00                     6.625                     20061101   SFR                                               2,817.37                      439,221.45                     6.625    Owner Occupied         CashOut Refi                                               550,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXX                                              XX                       00000                        360                       311,500.00                     6.625                     20061101   SFR                                               1,719.74                      311,500.00                     6.625    2nd Home               CashOut Refi                                               445,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXX                                                    XX                       00000                        360                       305,000.00                     6.375                     20061101   SFR                                               1,902.80                      304,232.46                     6.375    Owner Occupied         CashOut Refi                                               480,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   SISA                                                                     36    H                                                                 FIXED
XXX XXXXX                                               XX                       00000                        360                       260,000.00                     6.375                     20061101   SFR                                               1,381.25                      260,000.00                     6.375    Owner Occupied         CashOut Refi                                               510,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       171,200.00                     6.125                     20061101   SFR                                               1,040.23                      170,866.35                     6.125    Owner Occupied         Rate Refi                                                  214,000.00                           358      20061201                      0.250                         0.030              5.845                                                                                   Full                                                                     36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       581,000.00                     6.500                     20061101   SFR                                               3,147.08                      580,000.00                     6.500    Owner Occupied         CashOut Refi                                               890,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXX XXXXXX                                             XX                  00000-0000                        360                       126,750.00                     7.875                     20061201   SFR                                                  831.8                      126,750.00                     7.875    Owner Occupied         CashOut Refi                                               169,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       220,000.00                     8.500                     20061201   SFR                                               1,691.61                      219,866.72                     8.500    Investment             CashOut Refi                                               275,000.00                           359      20061201                      0.250                         0.030              8.220                                                                                   Express Verified Assets                                                  24    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       487,500.00                     6.250                     20061201   SFR                                               2,539.06                      487,500.00                     6.250    Owner Occupied         Purchase                                                   750,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXX XXXXXX                                             XX                       00000                        360                       470,400.00                     6.000                     20061201   SFR                                               2,352.00                      470,400.00                     6.000    Owner Occupied         Purchase                                                   590,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXX                                                  XX                       00000                        360                       320,000.00                     6.375                     20061201   SFR                                               1,700.00                      320,000.00                     6.375    Owner Occupied         CashOut Refi                                               535,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                        0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        360                       130,000.00                     7.150                     20061201   D-PUDS                                              774.58                      130,000.00                     7.150    Owner Occupied         CashOut Refi                                               325,000.00                           359      20061201                      0.250                         0.030              6.870                                                                                   FISA                                                                     36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       232,000.00                     6.125                     20061201   SFR                                               1,184.17                      232,000.00                     6.125    Owner Occupied         CashOut Refi                                               410,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   SISA                                                                     36    H                                                            3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                        76,500.00                     9.750                     20061201   SFR                                                 621.56                       76,500.00                     9.750    Investment             Purchase                                                    88,000.00                           359      20061201                      0.375                         0.030              8.725               0.62    PMI - LENDER PAID                                      25   SISA                                                                     24    H                                                        3.625    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       414,418.00                     6.875                     20061201   D-PUDS                                            2,374.27                      414,418.00                     6.875    2nd Home               Purchase                                                   436,500.00                           359      20061201                      0.375                         0.030              6.470                       RADIAN - BORROWER PAID                                 30   Stated                                                                   12    H                                                            3    LIBOR                             6
XXX XXXXX                                               XX                       00000                        360                       411,450.00                     6.500                     20061201   2-FAMILY                                          2,228.69                      411,450.00                     6.500    Investment             CashOut Refi                                               633,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express Non-Verified Assets                                              00    X                                                            0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       440,000.00                     7.125                     20061201   SFR                                               2,964.36                      439,648.14                     7.125    Owner Occupied         CashOut Refi                                               550,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
XXX XXXXX                                               XX                       00000                        360                       213,000.00                     7.750                     20061201   SFR                                               1,375.63                      213,000.00                     7.750    Owner Occupied         CashOut Refi                                               325,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
XXXX XXXXXX                                             XX                       00000                        360                       420,000.00                     6.375                     20061201   SFR                                               2,620.25                      419,611.00                     6.375    Owner Occupied         CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
XXXXXX XXXXXX                                           XX                  00000-0000                        360                       261,550.00                     6.875                     20061201   SFR                                               1,498.46                      261,550.00                     6.875    Owner Occupied         Purchase                                                   366,900.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    X                                                            0    XXXXX                             0
XXXX XXXXXX                                             XX                       00000                        360                       267,700.00                     6.875                     20061201   CONDO                                             1,758.60                      267,475.10                     6.875    2nd Home               Purchase                                                   475,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   SISA                                                                                                                                        3    LIBOR                             6
XXXXXXX XXXX                                            XX                       00000                        360                       368,000.00                     6.625                     20061201   SFR                                               2,031.67                      368,000.00                     6.625    Owner Occupied         Purchase                                                   463,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       324,000.00                     6.750                     20061201   4-FAMILY                                          1,822.50                      324,000.00                     6.750    Investment             CashOut Refi                                               650,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXX                                                  XX                       00000                        360                       318,750.00                     7.750                     20061201   SFR                                               2,058.59                      318,750.00                     7.750    Owner Occupied         CashOut Refi                                               425,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   12    H                                                          2.5    LIBOR                             6
XXXXXX XXXX                                             XX                       00000                        360                       158,000.00                     6.750                     20061201   SFR                                               1,024.78                      157,763.97                     6.750    Owner Occupied         CashOut Refi                                               205,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                           60    H                                                                 FIXED
XXX XXXXXXX                                             XX                       00000                        360                       272,000.00                     6.500                     20061201   SFR                                               1,473.33                      272,000.00                     6.500    Owner Occupied         Purchase                                                   364,500.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       335,200.00                     6.500                     20061201   SFR                                               1,815.67                      335,200.00                     6.500    Owner Occupied         Purchase                                                   445,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXX XXXX                                                XX                       00000                        360                       500,000.00                     6.250                     20061201   SFR                                               2,604.17                      500,000.00                     6.250    Owner Occupied         CashOut Refi                                               685,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                     00    X                                                            0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        360                       547,500.00                     7.125                     20070101   SFR                                               3,250.78                      547,500.00                     7.125    Investment             CashOut Refi                                               730,000.00                           360      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       209,200.00                     6.500                     20061201   2-FAMILY                                          1,133.17                      209,200.00                     6.500    Investment             Purchase                                                   280,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       281,250.00                     6.375                     20061201   SFR                                               1,494.14                      281,250.00                     6.375    Owner Occupied         Rate Refi                                                  375,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     36    S                                                                 FIXED
XXXXXXXX XXXXX                                          XX                       00000                        360                       157,500.00                     7.600                     20061201   PUD                                               1,112.07                      157,385.43                     7.600    Owner Occupied         CashOut Refi                                               235,000.00                           359      20061201                      0.250                         0.030              7.320                                                                                   FISA                                                                     36    H                                                                 FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       172,000.00                     7.250                     20061201   SFR                                               1,039.17                      171,960.00                     7.250    Owner Occupied         Purchase                                                   220,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   24    H                                                         6.25    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       148,000.00                     7.700                     20061201   D-PUDS                                            1,055.18                      147,894.49                     7.700    Owner Occupied         CashOut Refi                                               231,000.00                           359      20061201                      0.250                         0.030              7.420                                                                                   Express No Doc                                                           36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        360                       581,000.00                     7.875                     20061201   4-FAMILY                                          3,812.81                      581,000.00                     7.875    Owner Occupied         Purchase                                                   835,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXX XXXX                                               XX                       00000                        360                       125,000.00                     7.000                     20061201   D-PUDS                                              831.63                      124,897.54                     7.000    Owner Occupied         CashOut Refi                                               355,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                     36    H                                                                 FIXED
XXXXXXXXXXXXXX                                          XX                       00000                        360                       236,000.00                     8.375                     20061001   D-PUDS                                            1,793.77                      235,556.86                     8.375    Investment             Purchase                                                   305,000.00                           357      20061201                      0.250                         0.030              8.095                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                     1,500,000.00                     7.000                     20061001   SFR                                               9,979.54                    1,496,289.82                     7.000    Owner Occupied         CashOut Refi                                             4,660,000.00                           357      20061201                      0.250                         0.030              6.720                                                                                   Express Non-Verified Assets                                              24    6H/18S                                                            FIXED
XXXXX XXXXX                                             XX                       00000                        360                       280,000.00                     7.625                     20061001   D-PUDS                                            1,779.17                      280,000.00                     7.625    Investment             Purchase                                                   413,000.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXX                                                  XX                       00000                        360                       391,756.00                     8.250                     20061001   SFR                                               2,943.13                      391,001.42                     8.250    Owner Occupied         Purchase                                                   491,000.00                           357      20061201                      0.250                         0.030              7.970                                                                                   Full                                                                     12    6H/6S                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       248,000.00                     8.500                     20061001   4-FAMILY                                          1,906.91                      247,546.07                     8.500    Investment             Purchase                                                   326,000.00                           357      20061201                      0.250                         0.030              8.220                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
XXXXXXXX                                                XX                       00000                        360                        35,600.00                     8.000                     20061001   SFR                                                 261.22                       35,527.85                     8.000    Investment             CashOut Refi                                                44,500.00                           357      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                        57,600.00                     8.000                     20061001   SFR                                                 422.65                       57,483.27                     8.000    Investment             CashOut Refi                                                72,000.00                           357      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
XXXX X XXXXX                                            XX                       00000                        360                       105,500.00                     9.125                     20061001   CONDO                                               858.39                      105,330.28                     9.125    2nd Home               Purchase                                                   132,000.00                           357      20061201                      0.250                         0.030              8.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       116,580.00                     7.375                     20061001   SFR                                                 716.48                      116,580.00                     7.375    Investment             Purchase                                                   146,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                        92,000.00                     9.000                     20061001   2-FAMILY                                            740.25                       91,848.11                     9.000    Investment             Purchase                                                   115,000.00                           357      20061201                      0.250                         0.030              8.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                        92,000.00                     9.000                     20061001   2-FAMILY                                            740.26                       91,848.10                     9.000    Investment             Purchase                                                   115,000.00                           357      20061201                      0.250                         0.030              8.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                        92,000.00                     9.000                     20061001   2-FAMILY                                            740.26                       91,848.10                     9.000    Investment             Purchase                                                   115,000.00                           357      20061201                      0.250                         0.030              8.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       178,000.00                     7.875                     20061001   SFR                                               1,168.13                      178,000.00                     7.875    Owner Occupied         Purchase                                                   224,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    6H/30S                                                            FIXED
XXXXX                                                   XX                       00000                        360                       312,000.00                     7.750                     20061001   2-FAMILY                                          2,235.21                      311,335.10                     7.750    Owner Occupied         Purchase                                                   390,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   36    6H/30S                                                            FIXED
XXXXX XXXXX                                             XX                       00000                        360                       217,750.00                     7.500                     20061001   SFR                                               1,522.54                      217,262.16                     7.500    2nd Home               Purchase                                                   335,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Express Non-Verified Assets                                              24    6H/18S                                                            FIXED
XXXXXX XXXX                                             XX                       00000                        360                       980,000.00                     6.625                     20061101   D-PUDS                                            5,410.42                      980,000.00                     6.625    Owner Occupied         Purchase                                                 1,400,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                            6    H                                                                 FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       201,500.00                     6.990                     20061101   3-FAMILY                                          1,339.23                      201,168.05                     6.990    Investment             CashOut Refi                                               310,000.00                           358      20061201                      0.250                         0.030              6.710                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
XXXXXXXX                                                XX                       00000                        360                       172,800.00                     7.250                     20061101   SFR                                               1,105.35                      172,676.96                     7.250    Owner Occupied         CashOut Refi                                               216,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                      6    H                                                                 FIXED
XXXXX XXXXX                                             XX                       00000                        360                        61,600.00                     8.250                     20060801   SFR                                                  423.5                       61,600.00                     8.250    Investment             Rate Refi                                                   77,000.00                           355      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXX XXXXX                                             XX                       00000                        360                        63,750.00                     7.875                     20060801   SFR                                                 438.28                       63,750.00                     7.875    Investment             CashOut Refi                                                85,000.00                           355      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                        86,240.00                     7.375                     20060801   SFR                                                 595.64                       85,907.83                     7.375    Owner Occupied         Purchase                                                   115,000.00                           355      20061201                      0.250                         0.030              7.095                                                                                   Express Non-Verified Assets                                              24    6H/18S                                                            FIXED
XXXXXXXXXX                                              XX                       00000                        360                       648,000.00                     6.750                     20060801   SFR                                               4,202.92                      645,178.84                     6.750    Owner Occupied         Purchase                                                   720,000.00                           355      20061201                      0.250                         0.030              6.470                       PMI                                                    25   Full                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       173,000.00                     7.000                     20060901   SFR                                               1,150.98                      172,427.80                     7.000    Owner Occupied         Rate Refi                                                  437,000.00                           356      20061201                      0.250                         0.030              6.720                                                                                   Express Non-Verified Assets                                              24    S                                                                 FIXED
XXXXXXXX XXXXX                                          XX                       00000                        360                        80,000.00                     7.250                     20060801   SFR                                                 545.74                       79,684.18                     7.250    Investment             CashOut Refi                                               140,000.00                           355      20061201                      0.250                         0.030              6.970                                                                                   Express Non-Verified Assets                                              36    6H/30S                                                            FIXED
XXXX                                                    XX                       00000                        360                        66,800.00                     7.750                     20060901   SFR                                                 478.57                       66,609.59                     7.750    Owner Occupied         CashOut Refi                                                83,500.00                           356      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  36    6H/30S                                                            FIXED
XXXXXXXX                                                XX                       00000                        180                        50,000.00                     7.125                     20060901   D-PUDS                                              452.92                       49,370.25                     7.125    Owner Occupied         CashOut Refi                                               555,000.00                           176      20061201                      0.250                         0.030              6.845                                                                                   Express Non-Verified Assets                                              36    6H/30S                                                            FIXED
XXX XXXXXXX                                             XX                       00000                        360                       158,156.00                     8.875                     20060901   D-PUDS                                            1,258.37                      157,797.38                     8.875    Investment             Purchase                                                   167,000.00                           356      20061201                      0.250                         0.030              8.595                       PMI                                                    30   Express Verified Assets                                                  36    6H/30S                                                            FIXED
XXXXXX                                                  XX                       00000                        360                        61,200.00                     8.500                     20060901   SFR                                                 470.58                       61,050.10                     8.500    Investment             Rate Refi                                                   68,000.00                           356      20061201                      0.250                         0.030              8.220                       PMI                                                    25   Stated                                                                   12    6H/6S                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       110,600.00                     8.500                     20060901   SFR                                                 850.42                      110,329.12                     8.500    Owner Occupied         Purchase                                                   160,000.00                           356      20061201                      0.250                         0.030              8.220                                                                                   Express No Doc                                                            6    H                                                                 FIXED
XXXX XXXXXXXXXX                                         XX                       00000                        360                       257,600.00                     7.500                     20060901   2-FAMILY                                          1,801.18                      256,828.08                     7.500    Investment             Purchase                                                   322,000.00                           356      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        180                       214,500.00                     7.125                     20060901   HI-RISE                                           1,943.01                      211,798.39                     7.125    Owner Occupied         CashOut Refi                                               330,000.00                           176      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXXXXXX                                               XX                       00000                        360                       125,600.00                     7.125                     20060901   SFR                                                  846.2                      125,194.63                     7.125    2nd Home               Purchase                                                   165,500.00                           356      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    6H/30S                                                            FIXED
XXXXXXX                                                 XX                       00000                        360                       245,000.00                     8.125                     20060901   SFR                                               1,819.12                      244,352.40                     8.125    Investment             Purchase                                                   415,000.00                           356      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       177,075.00                     7.125                     20061001   SFR                                               1,051.38                      177,075.00                     7.125    Investment             Rate Refi                                                  225,000.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       187,500.00                     7.125                     20061001   SFR                                               1,113.28                      187,500.00                     7.125    Investment             Rate Refi                                                  245,002.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                        87,500.00                     7.625                     20060901   SFR                                                 619.32                       87,244.25                     7.625    Owner Occupied         Rate Refi                                                  146,000.00                           356      20061201                      0.250                         0.030              7.345                                                                                   Express Non-Verified Assets                                              36    6H/30S                                                            FIXED
XXXXXX                                                  XX                       00000                        360                       236,800.00                     8.250                     20060901   SFR                                               1,779.00                      236,189.74                     8.250    Investment             Purchase                                                   299,000.00                           356      20061201                      0.250                         0.030              7.970                                                                                   SISA                                                                                                                                             FIXED
XXXXX                                                   XX                       00000                        360                       147,200.00                     8.250                     20060901   HI-RISE                                           1,012.00                      147,200.00                     8.250    2nd Home               Purchase                                                   184,000.00                           356      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   36    6H/30S                                                            FIXED
XXXXX                                                   XX                       00000                        360                       169,400.00                     8.250                     20061001   SFR                                               1,164.63                      169,400.00                     8.250    Owner Occupied         Purchase                                                   290,000.00                           357      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                    6    H                                                                 FIXED
XXXXXX                                                  XX                       00000                        360                       413,000.00                     7.250                     20061001   SFR                                               2,495.21                      412,933.97                     7.250    Investment             CashOut Refi                                               590,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  24    6H/18S                                                            FIXED
SUN XXXXXX XXXX                                         XX                       00000                        360                       275,000.00                     7.000                     20060901   4-FAMILY                                          1,829.58                      274,090.43                     7.000    Owner Occupied         CashOut Refi                                               815,000.00                           356      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
XXXXXXXX XXXX                                           XX                       00000                        360                        81,600.00                     8.000                     20060901   SFR                                                 598.75                       81,378.81                     8.000    Investment             Purchase                                                   102,000.00                           356      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       298,900.00                     7.500                     20060901   D-PUDS                                            1,868.12                      298,900.00                     7.500    Owner Occupied         Purchase                                                   479,000.00                           356      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                           12    6H/6S                                                             FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                        97,500.00                     8.500                     20060901   2-FAMILY                                            749.69                       97,261.23                     8.500    Investment             CashOut Refi                                               151,000.00                           356      20061201                      0.250                         0.030              8.220                                                                                   SISA                                                                                                                                             FIXED
XXXXXXX                                                 XX                       00000                        360                       154,400.00                     7.500                     20061001   SFR                                               1,079.59                      154,054.07                     7.500    Owner Occupied         CashOut Refi                                               193,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
XXXXXXXX                                                XX                       00000                        360                       288,000.00                     8.500                     20061001   SFR                                               2,040.00                      288,000.00                     8.500    Owner Occupied         CashOut Refi                                               360,000.00                           357      20061201                      0.250                         0.030              8.220                                                                                   Stated                                                                                                                                           FIXED
XXXX                                                    XX                       00000                        360                       149,500.00                     6.750                     20061001   D-PUDS                                              969.65                      149,111.69                     6.750    Investment             CashOut Refi                                               230,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
XXXXXXXX                                                XX                       00000                        360                        79,150.00                     8.000                     20061001   2-FAMILY                                            580.77                       78,989.63                     8.000    Investment             Rate Refi                                                   90,000.00                           357      20061201                      0.250                         0.030              7.720                       MGIC                                                   25   Full                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       172,800.00                     7.250                     20061001   SFR                                               1,178.80                      172,393.16                     7.250    Owner Occupied         CashOut Refi                                               217,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                     36    6H/30S                                                            FIXED
XXXXXXXX                                                XX                       00000                        360                       105,600.00                     7.875                     20061001   SFR                                                 765.67                      105,380.55                     7.875    Owner Occupied         Purchase                                                   132,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXX                                                 XX                       00000                        360                       176,000.00                     8.250                     20061001   SFR                                               1,322.23                      175,660.99                     8.250    Investment             Purchase                                                   220,000.00                           357      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                       388,000.00                     7.500                     20061001   SFR                                               2,712.95                      387,130.74                     7.500    Owner Occupied         Purchase                                                   485,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
XXXXXXXX                                                XX                       00000                        360                       612,000.00                     7.375                     20061001   SFR                                               3,970.97                      611,366.96                     7.375    Owner Occupied         CashOut Refi                                               765,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
XXXXXX-XXXX                                             XX                       00000                        360                        75,300.00                     6.875                     20061101   CONDO                                               494.67                       75,173.11                     6.875    Owner Occupied         CashOut Refi                                               449,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
XXXXXXXX                                                XX                       00000                        360                       568,550.00                     6.500                     20061101   D-PUDS                                            3,593.62                      567,519.27                     6.500    Owner Occupied         Purchase                                                   730,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       336,000.00                     7.500                     20061101   PUD                                               2,100.00                      336,000.00                     7.500    Owner Occupied         Purchase                                                   420,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                  24    6H/18S                                                            FIXED
XXXXXXXX                                                XX                       00000                        360                     1,000,000.00                     7.375                     20061101   HI-RISE                                           6,906.75                      998,473.49                     7.375    Owner Occupied         CashOut Refi                                             1,700,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
XXXXXXX                                                 XX                       00000                        360                       484,250.00                     6.875                     20061101   SFR                                               3,181.18                      483,434.01                     6.875    Owner Occupied         Purchase                                                   745,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Non-Verified Assets                                              24    6H/18S                                                            FIXED
XXXXXXX                                                 XX                       00000                        360                       485,000.00                     6.750                     20061101   SFR                                               3,145.70                      484,162.51                     6.750    Owner Occupied         CashOut Refi                                               950,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Non-Verified Assets                                              24    6H/18S                                                            FIXED
XXX XXXXX                                               XX                       00000                        360                       168,350.00                     8.500                     20061101   CONDO                                             1,294.47                      168,145.30                     8.500    Owner Occupied         Purchase                                                   295,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
XXXXXXXXXX                                              XX                       00000                        360                       130,000.00                     6.990                     20061101   SFR                                                 864.02                      129,785.84                     6.990    Investment             CashOut Refi                                               200,000.00                           358      20061201                      0.250                         0.030              6.710                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
XXX XXXXXXX                                             XX                       00000                        360                       310,000.00                     6.875                     20061101   SFR                                               1,776.04                      310,000.00                     6.875    Owner Occupied         CashOut Refi                                               520,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
XXXX XXXXXX                                             XX                       00000                        360                       427,500.00                     6.625                     20061101   SFR                                               2,360.16                      427,500.00                     6.625    Owner Occupied         CashOut Refi                                               570,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       146,000.00                     6.625                     20061101   SFR                                                 934.85                      145,741.67                     6.625    Owner Occupied         CashOut Refi                                               230,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
XXXXX XXXXXX                                            XX                       00000                        360                       255,000.00                     6.625                     20061101   D-PUDS                                            1,632.79                      254,548.80                     6.625    Owner Occupied         Purchase                                                   339,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXXX                                              XX                       00000                        360                       206,000.00                     6.750                     20061101   SFR                                               1,336.11                      205,644.28                     6.750    Investment             CashOut Refi                                               317,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
XXXXX XXXX                                              XX                       00000                        360                       227,000.00                     6.500                     20061101   SFR                                               1,434.79                      226,588.47                     6.500    Owner Occupied         CashOut Refi                                               485,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   SISA                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       280,000.00                     6.375                     20061101   SFR                                               1,746.84                      279,479.94                     6.375    Owner Occupied         CashOut Refi                                               380,022.00                           358      20061201                      0.250                         0.030              6.095                                                                                   SISA                                                                                                                                             FIXED
XXXXXXX XXXXX                                           XX                       00000                        360                       550,000.00                     6.875                     20061101   2-FAMILY                                          3,151.04                      550,000.00                     6.875    Investment             CashOut Refi                                             1,522,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
XXX XXXXXXX                                             XX                       00000                        360                       315,600.00                     6.875                     20061101   SFR                                               2,073.27                      315,068.20                     6.875    Owner Occupied         CashOut Refi                                               526,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                            6    H                                                                 FIXED
XXXXXX XXXXXX                                           XX                       00000                        360                       407,200.00                     7.125                     20061101   D-PUDS                                            2,743.38                      406,546.81                     7.125    Owner Occupied         Purchase                                                   509,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXXX                                              XX                       00000                        360                       254,000.00                     6.375                     20061001   SFR                                               1,349.38                      254,000.00                     6.375    Owner Occupied         Rate Refi                                                  380,000.00                           357      20061201                      0.250                         0.030              6.095                                                                                   SISA                                                                                                                                             FIXED
XXXXXXX XXXX                                            XX                       00000                        360                       254,650.00                     7.500                     20061001   SFR                                               1,591.56                      254,650.00                     7.500    Owner Occupied         Rate Refi                                                  375,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
XXX XXXXXXX                                             XX                       00000                        360                       175,000.00                     6.990                     20061101   4-FAMILY                                          1,163.10                      174,711.72                     6.990    Investment             CashOut Refi                                               690,000.00                           358      20061201                      0.250                         0.030              6.710                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
XXXXX                                                   XX                       00000                        360                       660,000.00                     6.250                     20061101   SFR                                               4,063.73                      658,744.28                     6.250    Owner Occupied         CashOut Refi                                               826,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
XXXXXXX XXXXX                                           XX                       00000                        360                       400,000.00                     6.990                     20061101   SFR                                               2,658.52                      399,338.05                     6.990    Owner Occupied         CashOut Refi                                               850,000.00                           358      20061201                      0.250                         0.030              6.710                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
XXXXXXXX                                                XX                       00000                        360                       379,200.00                     6.750                     20061101   SFR                                               2,133.00                      379,200.00                     6.750    Investment             Purchase                                                   485,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       228,000.00                     6.875                     20061101   SFR                                               1,306.25                      228,000.00                     6.875    Owner Occupied         CashOut Refi                                               285,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
XXXXXX                                                  XX                       00000                        360                       201,000.00                     6.750                     20061101   SFR                                               1,303.68                      200,652.92                     6.750    Owner Occupied         CashOut Refi                                               400,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                        97,500.00                     7.250                     20061101   2-FAMILY                                            665.12                       97,347.42                     7.250    Investment             CashOut Refi                                               150,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
XXXXXXX                                                 XX                       00000                        360                       215,200.00                     8.250                     20061101   3-FAMILY                                          1,616.73                      214,924.60                     8.250    Investment             Purchase                                                   269,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
XXXXXXX                                                 XX                       00000                        360                       214,400.00                     8.500                     20061101   SFR                                               1,648.55                      214,139.32                     8.500    Owner Occupied         Purchase                                                   268,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       131,600.00                     7.500                     20061101   SFR                                                 920.17                      131,404.05                     7.500    Owner Occupied         Purchase                                                   171,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                            6    H                                                                 FIXED
XXXXX                                                   XX                       00000                        360                       300,000.00                     6.625                     20061101   4-FAMILY                                          1,920.93                      299,469.18                     6.625    Owner Occupied         CashOut Refi                                               510,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
XXXXX XXXXXXXXXX                                        XX                       00000                        360                       175,000.00                     6.500                     20061101   SFR                                               1,106.12                      174,682.74                     6.500    Owner Occupied         CashOut Refi                                               345,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       163,200.00                     6.375                     20061101   D-PUDS                                            1,018.16                      162,896.88                     6.375    Owner Occupied         Rate Refi                                                  285,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXX                                                   XX                       00000                        360                       280,000.00                     7.250                     20061101   D-PUDS                                            1,910.09                      279,561.84                     7.250    Investment             CashOut Refi                                               350,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
XXXXX                                                   XX                       00000                        360                       130,000.00                     6.875                     20061101   SFR                                                 744.79                      130,000.00                     6.875    Investment             CashOut Refi                                               210,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Non-Verified Assets                                                                                                                      FIXED
XXX XXXXXXXX                                            XX                       00000                        360                       300,000.00                     6.500                     20061201   SFR                                               1,625.00                      300,000.00                     6.500    Owner Occupied         CashOut Refi                                               527,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    X                                                            0    XXXXX                             0
XXXXXX                                                  XX                        0000                        360                       179,200.00                     8.125                     20061101   SFR                                               1,330.55                      178,964.76                     8.125    Owner Occupied         Purchase                                                   226,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                        62,856.00                     9.250                     20061101   SFR                                                  517.1                       62,789.69                     9.250    Investment             CashOut Refi                                                98,000.00                           358      20061201                      0.250                         0.030              8.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXX XXXX                                          XX                       00000                        180                       380,000.00                     8.000                     20061101   SFR                                               2,533.33                      379,993.33                     8.000    Owner Occupied         Purchase                                                   475,000.00                           178      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                   36    H                                                                 FIXED
XXX XXXXXXX                                             XX                       00000                        360                        60,000.00                     9.625                     20061101   SFR                                                 509.99                       59,942.28                     9.625    Investment             Purchase                                                    75,000.00                           358      20061201                      0.250                         0.030              9.345                                                                                   Stated                                                                   36    S                                                                 FIXED
XXX XXXXX                                               XX                       00000                        360                        65,880.00                     8.375                     20061101   PUD                                                 500.74                       65,797.82                     8.375    Owner Occupied         CashOut Refi                                               244,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XX XXXXX                                                XX                       00000                        360                       370,000.00                     7.625                     20060901   SFR                                               2,351.04                      370,000.00                     7.625    Owner Occupied         CashOut Refi                                               539,000.00                           356      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                     36    H                                                                 FIXED
XXXXXXX XXXX                                            XX                       00000                        360                       196,000.00                     7.750                     20061101   CONDO                                             1,404.17                      195,722.44                     7.750    2nd Home               Purchase                                                   245,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   36    H                                                                 FIXED
(XXXXXXXX XXXX XXXX) XXX XXXXX                          XX                       00000                        180                       488,000.00                     8.250                     20060801   SFR                                               3,355.00                      488,000.00                     8.250    Owner Occupied         CashOut Refi                                               610,000.00                           175      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXX XXXXXX                                            XX                       00000                        360                       192,000.00                     8.000                     20061101   SFR                                               1,280.00                      192,000.00                     8.000    Owner Occupied         Purchase                                                   246,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       171,000.00                     7.750                     20061101   SFR                                               1,225.06                      170,757.84                     7.750    Investment             Purchase                                                   285,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                       119,200.00                     9.000                     20061101   CONDO                                                  894                      119,200.00                     9.000    Investment             Purchase                                                   163,000.00                           358      20061201                      0.250                         0.030              8.720                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXX                                                   XX                       00000                        360                       135,920.00                     8.250                     20061101   CONDO                                               934.45                      135,920.00                     8.250    Owner Occupied         Purchase                                                   171,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXX                                                  XX                       00000                        360                       188,000.00                     8.500                     20061101   PUD                                               1,331.67                      188,000.00                     8.500    Investment             CashOut Refi                                               235,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Stated                                                                   36    S                                                                 FIXED
XXX XXXXX                                               XX                       00000                        360                       223,000.00                     6.625                     20061101   SFR                                               1,427.89                      222,605.43                     6.625    Investment             CashOut Refi                                               550,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXXXXXXXXXX                                             XX                       00000                        360                       291,182.00                     7.990                     20061101   SFR                                               1,938.79                      291,182.00                     7.990    Owner Occupied         Purchase                                                   445,000.00                           358      20061201                      0.250                         0.030              7.170               0.54    PMI - LENDER PAID                                      22   Stated                                                                                                                                           FIXED
XXXXX XXX XXXXX                                         XX                       00000                        360                       328,000.00                     7.875                     20061101   PUD                                               2,152.50                      328,000.00                     7.875    Owner Occupied         Purchase                                                   506,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        180                       472,000.00                     8.625                     20061101   CONDO                                             3,392.50                      472,000.00                     8.625    Owner Occupied         CashOut Refi                                               590,000.00                           178      20061201                      0.250                         0.030              8.345                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXX                                                  XX                       00000                        180                       112,800.00                     7.625                     20061101   PUD                                                 716.75                      112,800.00                     7.625    Investment             Purchase                                                   141,000.00                           178      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        180                       295,200.00                     6.990                     20061101   SFR                                               1,719.54                      295,200.00                     6.990    Owner Occupied         Purchase                                                   380,000.00                           178      20061201                      0.250                         0.030              6.710                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        180                       524,000.00                     8.125                     20061101   SFR                                               3,547.92                      524,000.00                     8.125    Owner Occupied         CashOut Refi                                               682,000.00                           178      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   12    H                                                                 FIXED
XX XXXXXX                                               XX                       00000                        180                       380,800.00                     5.750                     20061101   SFR                                               1,824.67                      380,800.00                     5.750    Owner Occupied         CashOut Refi                                               476,000.00                           178      20061201                      0.250                         0.030              5.470                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXXXX                                             XX                       00000                        180                       140,000.00                     6.625                     20061101   SFR                                                 772.92                      140,000.00                     6.625    Owner Occupied         CashOut Refi                                               175,000.00                           178      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                     36    H                                                                 FIXED
XXX XXXXXXXXXX                                          XX                       00000                        180                       272,000.00                     7.500                     20061101   SFR                                               1,700.00                      272,000.00                     7.500    Owner Occupied         Purchase                                                   370,000.00                           178      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
XXX XXXXXXX                                             XX                       00000                        180                       304,000.00                     6.250                     20061101   SFR                                               1,583.33                      304,000.00                     6.250    Owner Occupied         Purchase                                                   380,000.00                           178      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        180                       316,000.00                     7.500                     20061101   SFR                                               1,975.00                      316,000.00                     7.500    Owner Occupied         Purchase                                                   400,000.00                           178      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        180                       488,000.00                     7.500                     20061101   PUD                                               3,050.00                      488,000.00                     7.500    Owner Occupied         Purchase                                                   610,000.00                           178      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        180                       352,000.00                     7.625                     20061101   PUD                                               2,236.67                      352,000.00                     7.625    Owner Occupied         Purchase                                                   440,000.00                           178      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   36    H                                                                 FIXED
XXX XXXXXXX                                             XX                       00000                        180                       308,000.00                     6.875                     20061101   SFR                                               1,764.58                      308,000.00                     6.875    Owner Occupied         Purchase                                                   385,000.00                           178      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        180                       422,400.00                     7.875                     20061101   SFR                                               2,772.00                      422,400.00                     7.875    Owner Occupied         Purchase                                                   528,000.00                           178      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        180                       244,000.00                     7.500                     20061101   SFR                                               1,525.00                      244,000.00                     7.500    Owner Occupied         CashOut Refi                                               305,000.00                           178      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   12    H                                                                 FIXED
XXX XXXXXXX                                             XX                       00000                        180                       392,000.00                     7.625                     20061101   SFR                                               2,490.83                      392,000.00                     7.625    Owner Occupied         Purchase                                                   490,000.00                           178      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
XXX XXXXXXX                                             XX                       00000                        360                       315,000.00                     6.625                     20061201   SFR                                               2,016.98                      314,722.08                     6.625    Owner Occupied         CashOut Refi                                               535,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                     24    H                                                                 FIXED
XXXXXXXX XXXXXXX                                        XX                       00000                        360                       380,000.00                     6.125                     20061201   SFR                                               1,939.58                      380,000.00                     6.125    Owner Occupied         CashOut Refi                                               475,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                        5.125    LIBOR                             6
XXXX XXXXX                                              XX                       00000                        360                       139,500.00                     7.500                     20061101   SFR                                                  975.4                      139,292.31                     7.500    Investment             Purchase                                                   186,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   24    H                                                                 FIXED
AREA XX XXXXXX                                          XX                       00000                        360                       444,000.00                     7.250                     20061201   SFR                                               2,682.50                      444,000.00                     7.250    Owner Occupied         Purchase                                                   576,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXX XXXXX                                           XX                       00000                        360                       552,900.00                     7.000                     20070101   HI-RISE                                           3,225.25                      552,900.00                     7.000    Investment             Purchase                                                 1,150,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   SISA                                                                     00    X                                                            0    XXXXX                             0
XXX XXXXXXX                                             XX                       00000                        360                       324,800.00                     6.750                     20061201   SFR                                               1,827.00                      324,800.00                     6.750    Owner Occupied         Purchase                                                   406,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXX XXXXX                                               XX                       00000                        360                       336,000.00                     8.250                     20061201   SFR                                               2,310.00                      336,000.00                     8.250    Investment             CashOut Refi                                               420,000.00                           359      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       430,500.00                     6.500                     20061201   SFR                                               2,331.88                      430,500.00                     6.500    Investment             Purchase                                                   630,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXX                                                  XX                       00000                        360                       343,200.00                     7.750                     20061201   SFR                                               2,216.50                      343,200.00                     7.750    Owner Occupied         Purchase                                                   429,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       480,000.00                     7.000                     20061201   SFR                                               2,800.00                      480,000.00                     7.000    Owner Occupied         CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       411,000.00                     6.000                     20061201   2-FAMILY                                          2,055.00                      411,000.00                     6.000    Owner Occupied         CashOut Refi                                               660,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        360                       126,000.00                     7.500                     20061201   TOWNHOUSE                                            787.5                      126,000.00                     7.500    Investment             Purchase                                                   206,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Full                                                                                                                                        0    XXXXX                             0
XXXXXXXXXXXX                                            XX                       00000                        360                       252,000.00                     6.375                     20061201   PUD                                               1,338.75                      252,000.00                     6.375    Investment             Purchase                                                   360,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXX XXXX                                                XX                       00000                        360                       554,000.00                     5.875                     20060101   SFR                                               2,712.29                      554,000.00                     5.875    Owner Occupied         Rate Refi                                                  821,000.00                           348      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                      2.5    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       106,400.00                     7.125                     20061201   CONDO                                               716.84                      106,314.91                     7.125    Investment             CashOut Refi                                               152,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       256,000.00                     6.000                     20070101   D-PUDS                                            1,534.85                      255,745.15                     6.000    Owner Occupied         CashOut Refi                                               320,000.00                           360      20070101                      0.250                         0.030              5.720                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX XXX                                             XX                       00000                        360                       659,500.00                     5.875                     20070101   SFR                                               3,901.19                      659,500.00                     5.875    Owner Occupied         Rate Refi                                                  900,000.00                           360      20061201                      0.250                         0.030              5.595                                                                                   Full                                                                     36    H                                                                 FIXED
XXXXXXXXX                                               XX                       00000                        180                     1,625,000.00                     6.250                     20070101   D-PUDS                                           13,933.12                    1,625,000.00                     6.250    Owner Occupied         CashOut Refi                                             2,500,000.00                           180      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXX XXXXX XXXXXXX                                      XX                       00000                        360                     1,365,000.00                     7.625                     20061101   PUD                                               8,673.44                    1,365,000.00                     7.625    Investment             CashOut Refi                                             1,950,000.00                           358      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXXX XXXXXXX                                            XX                       00000                        360                       460,000.00                     6.875                     20061201   SFR                                               2,635.42                      460,000.00                     6.875    Owner Occupied         CashOut Refi                                               575,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXXX XXXXX                                              XX                       00000                        360                       168,000.00                     6.875                     20061201   CONDO                                                962.5                      168,000.00                     6.875    Owner Occupied         CashOut Refi                                               215,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       440,250.00                     6.375                     20061201   SFR                                               2,338.83                      440,250.00                     6.375    Owner Occupied         Purchase                                                   600,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                        0    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       437,250.00                     7.875                     20061201   3-FAMILY                                          2,869.45                      437,250.00                     7.875    Owner Occupied         Purchase                                                   585,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXX                                                  XX                       00000                        360                       264,000.00                     8.000                     20061201   3-FAMILY                                          1,937.14                      263,822.86                     8.000    Owner Occupied         Purchase                                                   350,000.00                           359      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                                                                                   4.25    LIBOR                             0
XXXX XXXXX XXXXX                                        XX                       00000                        360                       172,000.00                     7.500                     20061101   SFR                                               1,839.19                      172,000.00                     7.500    Owner Occupied         Purchase                                                   227,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   00    X                                                          0.0    XXXXX                             0
XXX XXXXXX XXXX                                         XX                       00000                        360                       275,000.00                     6.875                     20061201   SFR                                               1,575.52                      275,000.00                     6.875    Owner Occupied         CashOut Refi                                               500,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXXXXXX                                              XX                       00000                        360                       444,000.00                     6.375                     20061201   SFR                                               2,769.98                      443,588.77                     6.375    Owner Occupied         CashOut Refi                                               705,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                                                                                             FIXED
XXXXXXXX                                                XX                       00000                        360                       172,000.00                     7.000                     20061101   PUD                                               1,144.32                      171,717.20                     7.000    Owner Occupied         Purchase                                                   222,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXX XXX                                                XX                       00000                        360                       179,920.00                     7.875                     20061101   SFR                                               1,304.54                      179,605.89                     7.875    Owner Occupied         Purchase                                                   235,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       246,850.00                     6.750                     20061101   PUD                                               1,601.06                      246,423.75                     6.750    Owner Occupied         Purchase                                                   318,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       172,643.00                     6.500                     20061101   PUD                                               1,091.22                      172,330.01                     6.500    2nd Home               Purchase                                                   236,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    H                                                                 FIXED
XXX XXXXXX                                              XX                       00000                        360                       166,400.00                     7.500                     20061101   PUD                                               1,163.49                      166,152.25                     7.500    Owner Occupied         Purchase                                                   208,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       140,000.00                     7.000                     20061101   PUD                                                 931.42                      139,769.83                     7.000    Owner Occupied         Purchase                                                   176,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXX                                                    XX                       00000                        360                       160,000.00                     7.250                     20061101   PUD                                               1,091.48                      159,749.62                     7.250    Owner Occupied         Purchase                                                   207,500.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXX                                                   XX                       00000                        360                       420,000.00                     7.125                     20061201   2-FAMILY                                          2,829.62                      419,664.13                     7.125    Owner Occupied         Purchase                                                   550,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Xxxxxxx Xx Xxx                                                                                                                                   XXXXX
XXXXX XXX XXXXX                                         XX                       00000                        360                       120,000.00                     6.625                     20061201   PUD                                                 768.37                      119,894.13                     6.625    Investment             CashOut Refi                                               299,500.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       116,000.00                     7.625                     20061201   PUD                                                 821.04                      115,907.08                     7.625    Owner Occupied         Purchase                                                   151,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXX                                                    XX                       00000                        360                       435,000.00                     6.875                     20061201   SFR                                               2,857.64                      434,634.55                     6.875    Owner Occupied         Rate Refi                                                  600,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXX                                                XX                       00000                        360                       530,000.00                     6.875                     20061201   PUD                                               3,481.72                      529,554.74                     6.875    Owner Occupied         Purchase                                                   663,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXXX                                                 XX                       00000                        360                       123,200.00                     7.250                     20061201   SFR                                                 840.44                      123,103.89                     7.250    Owner Occupied         CashOut Refi                                               154,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXXXXXXXXX                                           XX                       00000                        360                       159,900.00                     7.750                     20061201   SFR                                               1,145.54                      159,581.73                     7.750    Investment             Purchase                                                   205,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   12    H                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       466,400.00                     5.875                     20061201   D-PUDS                                            2,283.42                      466,400.00                     5.875    Owner Occupied         Purchase                                                   720,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                        0    XXXXX                             0
XXX XXXXX                                               XX                       00000                        360                       338,000.00                     6.375                     20061201   SFR                                               2,108.68                      337,686.95                     6.375    Owner Occupied         Rate Refi                                                  520,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXX XXXXXX                                             XX                       00000                        360                       508,400.00                     6.375                     20061201   HI-RISE                                           2,700.88                      508,400.00                     6.375    2nd Home               Purchase                                                   680,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXX XXXXXXX                                             XX                       00000                        360                       290,000.00                     6.750                     20061201   SFR                                               1,631.25                      290,000.00                     6.750    Owner Occupied         CashOut Refi                                               437,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXX XXXXX                                            XX                       00000                        360                       182,000.00                     6.500                     20061201   CONDO                                               985.83                      182,000.00                     6.500    2nd Home               Purchase                                                   260,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                        3    LIBOR                             0
X.X (XXXXX XXXXXXXXX XXXX)                              XX                       00000                        360                       373,500.00                     6.750                     20061201   SFR                                               2,422.51                      373,178.43                     6.750    Owner Occupied         CashOut Refi                                               586,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express Non-Verified Assets                                                                                                                      FIXED
XXX XXXXX                                               XX                       00000                        360                       169,400.00                     7.000                     20061201   SFR                                                 988.17                      169,400.00                     7.000    Owner Occupied         CashOut Refi                                               242,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Xxxxxx                                                                   00    X                                                            0    XXXXX                             0
XXXXX                                                   XX                       00000                        360                       225,000.00                     6.750                     20061201   SFR                                               1,265.63                      225,000.00                     6.750    Investment             CashOut Refi                                               325,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   SISA                                                                     12    H                                                            0    XXXXX                             0
XXX XXXXXXXXXX                                          XX                       00000                        360                       224,700.00                     7.500                     20061201   SFR                                               1,404.37                      224,700.00                     7.500    Owner Occupied         CashOut Refi                                               321,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXXXXXXXX                                               XX                       00000                        360                       196,000.00                     7.250                     20061201   CONDO                                             1,337.07                      195,847.10                     7.250    Investment             Rate Refi                                                  245,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       320,000.00                     8.375                     20061201   SFR                                               2,233.33                      320,000.00                     8.375    Investment             Purchase                                                   400,000.00                           359      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       603,750.00                     7.375                     20061201   SFR                                               4,169.95                      603,290.60                     7.375    Owner Occupied         CashOut Refi                                               805,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   36    H                                                                 FIXED
XXX XXXXXXX                                             XX                       00000                        360                       605,000.00                     7.000                     20061201   SFR                                               3,529.17                      605,000.00                     7.000    Owner Occupied         CashOut Refi                                               865,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   SISA                                                                                                                                        0    XXXXX                             0
XXXXX                                                   XX                       00000                        360                       490,000.00                     8.375                     20061201   SFR                                               3,724.35                      489,695.44                     8.375    Owner Occupied         CashOut Refi                                               755,000.00                           359      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXX XXXXX                                               XX                       00000                        360                       417,750.00                     6.125                     20061201   SFR                                               2,132.27                      417,750.00                     6.125    Owner Occupied         Purchase                                                   560,000.00                           359      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                   36    H                                                                 FIXED
XXXXXX                                                  XX                       00000                        360                       181,200.00                     6.625                     20061201   D-PUDS                                            1,000.38                      181,200.00                     6.625    Owner Occupied         Purchase                                                   232,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                      3    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       238,125.00                     6.875                     20061201   SFR                                               1,364.26                      238,125.00                     6.875    Investment             Purchase                                                   353,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   00    X                                                            0    XXXXX                             0
XXX XXXX  XXXX                                          XX                       00000                        360                       450,000.00                     6.000                     20061201   SFR                                               2,697.98                      449,552.02                     6.000    Owner Occupied         Rate Refi                                                  660,000.00                           359      20061201                      0.250                         0.030              5.720                                                                                   SISA                                                                                                                                             FIXED
XXXXXXXXX                                               XX                       00000                        360                       490,000.00                     5.750                     20061201   SFR                                               2,347.92                      490,000.00                     5.750    Owner Occupied         CashOut Refi                                               700,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                   36    H                                                            0    XXXXX                             0
XXXX XXXXXX XXXX                                        XX                       00000                        360                       572,000.00                     8.625                     20061201   2-FAMILY                                          4,448.96                      571,606.35                     8.625    Investment             CashOut Refi                                               715,000.00                           359      20061201                      0.250                         0.030              8.345                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXX                                                 XX                        0000                        360                        84,000.00                     8.625                     20061101   TOWNHOUSE                                           653.34                       83,500.41                     8.625    Investment             CashOut Refi                                               105,000.00                           358      20061201                      0.250                         0.030              8.345                                                                                   Express No Doc                                                                                                                                   FIXED
XXXXX                                                   XX                       00000                        360                        88,800.00                     7.875                     20061101   HI-RISE                                             643.86                       88,677.38                     7.875    Owner Occupied         Purchase                                                   111,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
XXXXXX                                                  XX                       00000                        360                       680,000.00                     8.750                     20061201   2-FAMILY                                          4,958.33                      680,000.00                     8.750    Owner Occupied         CashOut Refi                                               850,000.00                           359      20061201                      0.250                         0.030              8.470                                                                                   SISA                                                                                                                                             FIXED
XXXXX XXXXX XXXX                                        XX                       00000                        360                       513,750.00                     6.875                     20061201   2-FAMILY                                          3,374.97                      513,318.39                     6.875    Owner Occupied         CashOut Refi                                               685,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                        55,000.00                     8.250                     20061101   SFR                                                  413.2                       54,894.53                     8.250    Investment             CashOut Refi                                                74,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXX XXXX                                            XX                       00000                        360                       165,000.00                     7.250                     20061201   SFR                                               1,125.59                      164,871.29                     7.250    Owner Occupied         CashOut Refi                                               535,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
XXXXXXXXXXXX                                            XX                       00000                        360                        60,000.00                     8.250                     20061201   SFR                                                 450.76                       59,961.74                     8.250    Investment             CashOut Refi                                                75,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   36    S                                                                 FIXED
XXXXXXXX                                                XX                       00000                        360                       279,000.00                     7.875                     20061201   SFR                                               2,022.94                      278,808.00                     7.875    Owner Occupied         Purchase                                                   320,000.00                           359      20061201                      0.250                         0.030              7.595                       RMIC                                                   25   Express No Doc                                                                                                                                   FIXED
XXX XXXXXXX                                             XX                       00000                        360                       110,200.00                     7.875                     20061201   SFR                                                 723.19                      110,200.00                     7.875    2nd Home               Purchase                                                   116,000.00                           359      20061201                      0.250                         0.030              7.595                       RMIC                                                   30   Stated                                                                                                                                           FIXED
XXXXXXXXXX                                              XX                       00000                        360                       113,850.00                     7.375                     20061101   CONDO                                               786.33                      113,676.21                     7.375    2nd Home               Purchase                                                   126,500.00                           358      20061201                      0.250                         0.030              7.095                       RMIC                                                   25   Stated                                                                                                                                           FIXED
XXXXXXX                                                 XX                       00000                        360                       380,000.00                     5.990                     20061101   SFR                                               1,896.83                      380,000.00                     5.990    Owner Occupied         CashOut Refi                                               475,000.00                           358      20061201                      0.375                         0.030              5.585                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXX                                                   XX                       00000                        360                        51,750.00                     9.625                     20061101   SFR                                                 415.08                       51,750.00                     9.625    Investment             Rate Refi                                                   71,000.00                           358      20061201                      0.375                         0.030              9.220                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXXX XXXX                                               XX                       00000                        360                       600,000.00                     9.000                     20061101   SFR                                               6,570.81                      600,000.00                     9.000    Investment             CashOut Refi                                               750,000.00                           358      20061201                      0.375                         0.030              8.595                                                                                   Express Verified Assets                                                  12    H                                                         2.75    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       447,200.00                     7.750                     20061101   SFR                                               2,888.17                      447,200.00                     7.750    Owner Occupied         Purchase                                                   565,000.00                           358      20061201                      0.375                         0.030              7.345                                                                                   Express Verified Assets                                                  12    H                                                         2.75    LIBOR                             6
XXXXX XXXXX                                             XX                       00000                        360                       312,000.00                     6.875                     20061101   SFR                                               1,787.50                      312,000.00                     6.875    Owner Occupied         CashOut Refi                                               390,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       272,000.00                     8.250                     20061101   CONDO                                             1,870.00                      272,000.00                     8.250    Owner Occupied         CashOut Refi                                               340,000.00                           358      20061201                      0.375                         0.030              7.845                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
XXX XXXXX                                               XX                       00000                        360                       384,000.00                     5.990                     20061101   SFR                                               1,916.80                      384,000.00                     5.990    Owner Occupied         Rate Refi                                                  480,000.00                           358      20061201                      0.375                         0.030              5.585                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXXX XXXXX                                           XX                       00000                        360                       188,000.00                     7.750                     20061101   SFR                                               1,214.17                      188,000.00                     7.750    Investment             Purchase                                                   270,000.00                           358      20061201                      0.375                         0.030              7.345                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       360,000.00                     5.875                     20061101   SFR                                               1,762.50                      360,000.00                     5.875    Owner Occupied         CashOut Refi                                               450,000.00                           358      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXX XXXXXX                                            XX                       00000                        360                       348,000.00                     7.125                     20061101   3-FAMILY                                          2,066.25                      348,000.00                     7.125    Owner Occupied         Purchase                                                   435,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXXXX XXXX                                           XX                       00000                        360                       345,600.00                     5.875                     20061101   PUD                                               1,692.00                      345,600.00                     5.875    Owner Occupied         CashOut Refi                                               432,000.00                           358      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                     36    X                                                         0.00    XXXXX                             0
(XXXXXXXX XXXX)                                         XX                       00000                        360                       368,000.00                     7.375                     20061101   SFR                                               2,261.67                      368,000.00                     7.375    Owner Occupied         Purchase                                                   470,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXXXXXXX                                             XX                       00000                        360                       298,022.00                     6.875                     20061101   SFR                                               1,707.42                      298,022.00                     6.875    Owner Occupied         Purchase                                                   373,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       185,600.00                     6.875                     20061101   PUD                                               1,063.33                      185,600.00                     6.875    Owner Occupied         Purchase                                                   239,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       105,520.00                     7.750                     20061201   CONDO                                             1,189.10                      105,445.53                     7.750    2nd Home               Purchase                                                   132,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                        78,800.00                     7.250                     20061101   PUD                                                 476.08                       78,736.95                     7.250    Investment             Rate Refi                                                   99,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XX XXXXXX                                               XX                       00000                        360                       496,000.00                     7.375                     20061101   SFR                                               3,048.33                      496,000.00                     7.375    Owner Occupied         CashOut Refi                                               620,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       241,500.00                     6.875                     20061101   SFR                                               1,383.59                      241,500.00                     6.875    Owner Occupied         CashOut Refi                                               317,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                           36    S                                                         2.75    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       332,000.00                     6.750                     20061101   SFR                                               1,867.50                      332,000.00                     6.750    Owner Occupied         Purchase                                                   420,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       287,000.00                     6.990                     20061101   SFR                                               1,671.78                      287,000.00                     6.990    Owner Occupied         CashOut Refi                                               435,000.00                           358      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXX XXXXX                                            XX                       00000                        360                       462,150.00                     7.500                     20061101   SFR                                               2,888.44                      462,150.00                     7.500    Owner Occupied         CashOut Refi                                               585,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             0
XXX XXXXXXX (XXXXX XXXXXXXXX X                          XX                       00000                        360                       356,400.00                     5.625                     20061101   SFR                                               1,670.63                      356,400.00                     5.625    Owner Occupied         CashOut Refi                                               540,000.00                           358      20061201                      0.375                         0.030              5.220                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       381,500.00                     7.375                     20061101   SFR                                               2,344.64                      381,500.00                     7.375    Investment             CashOut Refi                                               560,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                           36    H                                                         2.75    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                        81,000.00                     6.875                     20061101   PUD                                                 532.11                       80,863.51                     6.875    Investment             Rate Refi                                                  112,300.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXXXXXXX                                                XX                       00000                        360                       121,600.00                     7.875                     20061201   SFR                                                 881.68                      121,516.32                     7.875    Investment             CashOut Refi                                               152,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
XXX XXXXX                                               XX                       00000                        360                       266,250.00                     6.375                     20061101   SFR                                               1,414.45                      266,250.00                     6.375    Owner Occupied         Rate Refi                                                  355,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXX XXXXXXX                                            XX                       00000                        360                       335,000.00                     6.625                     20061101   2-FAMILY                                          2,145.04                      334,389.99                     6.625    Owner Occupied         CashOut Refi                                               670,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXXXX XXXXX                                          XX                       00000                        360                       150,000.00                     7.750                     20061101   SFR                                                 968.75                      150,000.00                     7.750    Owner Occupied         CashOut Refi                                               290,000.00                           358      20061201                      0.375                         0.030              7.345                                                                                   Express No Doc                                                           36    H                                                         2.75    LIBOR                             6
XXXX XXXXXX                                             XX                       00000                        360                       320,000.00                     6.250                     20061101   SFR                                               1,666.67                      320,000.00                     6.250    Owner Occupied         CashOut Refi                                               440,000.00                           358      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXX XXXXX                                              XX                       00000                        360                       252,800.00                     8.125                     20061101   SFR                                               1,711.67                      252,800.00                     8.125    Investment             CashOut Refi                                               316,000.00                           358      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXX XXXXXXX                                             XX                       00000                        360                        86,400.00                     6.750                     20061101   SFR                                                 560.39                       86,250.80                     6.750    Investment             Rate Refi                                                  134,700.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXXXXXXXXXX                                             XX                       00000                        360                       116,000.00                     7.000                     20061101   PUD                                                 676.67                      116,000.00                     7.000    2nd Home               Purchase                                                   145,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       274,400.00                     8.500                     20061101   SFR                                               2,109.90                      274,066.36                     8.500    Owner Occupied         Purchase                                                   343,000.00                           358      20061201                      0.375                         0.030              8.095                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXXX XXXXXX                                             XX                       00000                        360                       339,200.00                     7.500                     20061101   SFR                                               2,120.00                      339,200.00                     7.500    Investment             Purchase                                                   430,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       732,000.00                     7.875                     20061101   3-FAMILY                                          4,803.75                      732,000.00                     7.875    Owner Occupied         Purchase                                                   925,000.00                           358      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       400,000.00                     7.375                     20061101   PUD                                               2,458.33                      400,000.00                     7.375    Owner Occupied         Purchase                                                   500,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       768,000.00                     7.750                     20061201   PUD                                               4,960.00                      768,000.00                     7.750    Owner Occupied         CashOut Refi                                               960,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.75    LIBOR                             0
XXXXXXXX XXXX                                           XX                       00000                        360                       840,000.00                     7.875                     20061101   PUD                                               6,090.58                      838,840.04                     7.875    Owner Occupied         Purchase                                                 1,050,000.00                           358      20061201                      0.375                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                  2.75    LIBOR                             6
XXXXXXXXXX                                              XX                       00000                        360                       420,000.00                     7.125                     20061201   SFR                                               2,493.75                      420,000.00                     7.125    Owner Occupied         Purchase                                                   525,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
XXXXXX XXXXX                                            XX                       00000                        360                       348,800.00                     7.125                     20061101   CONDO                                             2,071.00                      348,800.00                     7.125    Owner Occupied         CashOut Refi                                               436,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   00    X                                                         0.00    XXXXX                             0
XXXXXX XXXXXX                                           XX                       00000                        360                       288,000.00                     6.625                     20061101   SFR                                               1,590.00                      288,000.00                     6.625    Owner Occupied         CashOut Refi                                               360,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXX XXXXXXXXX                                        XX                       00000                        360                       455,200.00                     7.375                     20061101   SFR                                               2,797.58                      455,200.00                     7.375    Owner Occupied         Purchase                                                   570,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                  2.75    LIBOR                             6
XXX XXXXX                                               XX                       00000                        360                       452,000.00                     7.500                     20061101   SFR                                               2,825.00                      452,000.00                     7.500    Owner Occupied         Purchase                                                   590,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       384,000.00                     7.250                     20061101   SFR                                               2,320.00                      384,000.00                     7.250    Owner Occupied         CashOut Refi                                               480,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       422,000.00                     6.990                     20061101   CONDO                                             2,458.15                      422,000.00                     6.990    Owner Occupied         Purchase                                                   529,000.00                           358      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       237,500.00                     6.625                     20061101   SFR                                               1,311.20                      237,500.00                     6.625    Owner Occupied         CashOut Refi                                               330,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   SISA                                                                     36    H                                                         2.75    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                        79,000.00                     7.250                     20061101   PUD                                                 477.29                       78,939.82                     7.250    Investment             Rate Refi                                                  101,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       412,000.00                     8.000                     20061101   2-FAMILY                                          2,746.67                      412,000.00                     8.000    Owner Occupied         Purchase                                                   515,000.00                           358      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                                                                                   2.75    LIBOR                             0
XXXXX XXXX                                              XX                       00000                        360                       395,000.00                     6.750                     20061101   SFR                                               2,221.88                      395,000.00                     6.750    Owner Occupied         CashOut Refi                                               510,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXXXX                                                XX                       00000                        360                       239,200.00                     7.500                     20061201   PUD                                               2,387.83                      239,200.00                     7.500    Owner Occupied         Purchase                                                   300,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       348,000.00                     6.875                     20061101   SFR                                               1,993.75                      348,000.00                     6.875    Owner Occupied         Purchase                                                   440,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       380,000.00                     6.625                     20061201   SFR                                               2,097.92                      380,000.00                     6.625    Owner Occupied         Purchase                                                   475,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXXXXX XXXX                                             XX                       00000                        360                       384,000.00                     6.375                     20061101   SFR                                               2,040.00                      384,000.00                     6.375    Owner Occupied         CashOut Refi                                               480,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Express Verified Assets                                                  00    X                                                            0    XXXXX                             0
XXXXX                                                   XX                       00000                        360                       504,000.00                     6.990                     20061101   SFR                                               2,935.80                      504,000.00                     6.990    Owner Occupied         Purchase                                                   640,000.00                           358      20061201                      0.375                         0.030              6.585                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
CHICOPEE                                                MA                        1020                        360                       163,200.00                     7.875                     20061201   2-FAMILY                                          1,183.31                      163,087.69                     7.875    Owner Occupied         Purchase                                                   206,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       540,000.00                     6.125                     20061201   SFR                                               3,281.10                      540,000.00                     6.125    Owner Occupied         CashOut Refi                                               675,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
XXXXXXX                                                 XX                       00000                        360                       184,000.00                     7.750                     20061101   PUD                                               1,188.33                      184,000.00                     7.750    Owner Occupied         Purchase                                                   234,000.00                           358      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
XXX XXXXXXX                                             XX                       00000                        360                       309,600.00                     6.375                     20061101   SFR                                               1,644.75                      309,600.00                     6.375    Owner Occupied         Purchase                                                   387,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
XXXXXXXXXXXXXX                                          XX                       00000                        360                       146,400.00                     7.500                     20061201   PUD                                                    915                      146,400.00                     7.500    Investment             CashOut Refi                                               183,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
XXXXXX                                                  XX                       00000                        360                       176,250.00                     6.250                     20061101   SFR                                                 917.97                      176,250.00                     6.250    Owner Occupied         CashOut Refi                                               235,000.00                           358      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
XXXXXXXXXXXXXX                                          XX                       00000                        360                       144,000.00                     7.500                     20061201   PUD                                                    900                      144,000.00                     7.500    Investment             CashOut Refi                                               180,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
XXX XXXXX                                               XX                       00000                        360                       570,000.00                     6.500                     20061101   D-PUDS                                            3,087.50                      570,000.00                     6.500    Owner Occupied         Rate Refi                                                  771,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                      0    XXXXX                             0
XXXXXXX                                                 XX                       00000                        360                       168,000.00                     7.000                     20061101   SFR                                                    980                      168,000.00                     7.000    Owner Occupied         Purchase                                                   210,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
XXXXXXXXX                                               XX                       00000                        360                       228,000.00                     6.625                     20061101   SFR                                               1,258.75                      228,000.00                     6.625    Owner Occupied         Purchase                                                   288,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   60    H                                                            3    LIBOR

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IMPAC SECURED ASSETS CORP., Depositor, IMPAC FUNDING CORPORATION Master Servicer, and DEUTSCHE BANK NATIONAL TRUST COMPANY Trustee POOLING AND SERVICING AGREEMENT Dated as of December 1, 2006 Mortgage Pass-Through Certificates Series 2006-5

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