+++ (Dollars in millions)

part 1 of 2

Government Sponsored ENTERPRISES

1 Federal National Mortgage Association, Washington

2 Federal Home Loan Mortgage Corp., McLean, Va.

Securities firms

1 Morgan Stanley Dean Witter, New York

2 Lehman Brothers Holdings, New York

3 Bear Stearns & Co., New York

4 Merrill Lynch & Co., New York

5 Paine Webber Inc., New York

6 Donaldson, Lufkin & Jenrette, New York

NR Goldman Sachs & Co., New York*

General Finance companies

1 General Electric Capital Mortgage, Cherry Hill, NJ

2 General Motors Acceptance Corp. Mortgage, Horsham, Pa.

3 Associates First Financial, Dallas

4 Household International, Chicago

5 Countrywide Credit Industries, Calabassas, Calif.

6 American Express Co., New York

7 Conti Mortgage, New York

8 First Plus, Dallas, Tex.

9 CIT Group, New York

10 Fund America, Hanover, NH

11 Imperial Credit Industries, Los Angeles

12 Cendant Inc., Parsippany, NJ

Insurance companies (Whole loans only)

1 TIAA/CREF, New York (Pension fund manager)

2 Prudential Insurance Co. of America, Newark, NJ

3 Metropolitan Life Insurance Co., New York

4 Cigna Inc., Philadelphia

5 American General Corp., Houston

6 Principal Financial Group, Des Moines, Iowa

7 American International Group, Inc., New York

8 John Hancock Inc., Boston

9 Travelers Group Inc., New York

10 New York Life Insurance Co., New York

11 TransAmerica Financial, San Francisco

12 Nationwide Financial Services, Columbus, Ohio

13 Conseco Inc., Carmel, Ind.

14 Equitable Companies, New York

15 Hartford Financial Services Inc.

16 SunAmerica Inc., Los Angeles

17 Aetna Inc., Hartford

18 Allstate Corp., Northland, Ill.

Real Estate Investment Trusts

1 Capstead Mortgage Corp., Dallas, Tex.

2 IndyMac Mortgage Holdings, Pasadena, Calif.

3 Dynex Capital Inc., Glen Allen, Tex.

4 Thornburg Mortgage Assets, Santa Fe, NM

5 Redwood Trust Inc., Mill Valley, Calif.

Credit Unions

1 State Employees Credit Union, Raleigh, NC

2 Western Corporate Federal Credit Union, San Dimas, Calif.

3 Navy Federal Credit Union, Merrifield, Va.

4 U.S. Central Federal Credit Union, Overland Park, Kan.

part 2 of 2

9/30/98 9/30/97

Government Sponsored ENTERPRISES

1 Federal National Mortgag$444,731.00$370,109.00

2 Federal Home Loan Mortga247,472.00 173,541.00

$692,203.00$543,650.00

Securities firms

1 Morgan Stanley Dean Witt$20,636.00 $22,900.00

2 Lehman Brothers Holdings 20,244.00 11,455.00

3 Bear Stearns & Co., New 17,962.20 3,773.50

4 Merrill Lynch & Co., New 17,690.00 11,622.00

5 Paine Webber Inc., New Y 10,257.10 N/A

6 Donaldson, Lufkin & Jenr 8,133.60 5,328.70

NR Goldman Sachs & Co., New N/A N/A

$94,922.90 $55,079.20

General Finance companies

1 General Electric Capital$45,601.80 N/A

2 General Motors Acceptanc 28,000.00 23,000.00

3 Associates First Financi 23,148.50 25,135.00

4 Household International, 18,167.70 14,464.60

5 Countrywide Credit Indus 5,503.40 4,493.40

6 American Express Co., Ne 3,845.00 3,831.00

7 Conti Mortgage, New York 3,320.30 1,412.60

8 First Plus, Dallas, Tex. 2,493.00 1,663.10

9 CIT Group, New York 2,123.70 1,740.00

10 Fund America, Hanover, N 1,494.70 687.6

11 Imperial Credit Industri 1,451.10 1,454.70

12 Cendant Inc., Parsippany 1,327.80 1,232.90

$136,477.10$79,114.90

Insurance companies (Whole loans only)

1 TIAA/CREF, New York (Pe$18,692.40 $18,303.20

2 Prudential Insurance Co 16,511.40 16,260.20

3 Metropolitan Life Insur 16,237.20 18,171.10

4 Cigna Inc., Philadelphi 16,103.00 18,065.00

5 American General Corp., 14,061.00 12,546.00

6 Principal Financial Gro 11,428.70 11,599.00

7 American International 8,550.70 7,919.80

8 John Hancock Inc., Bost 7,958.80 8,229.60

9 Travelers Group Inc., N 7,637.30 8,006.50

10 New York Life Insurance 7,365.70 7,088.00

11 TransAmerica Financial, 6,345.50 5,499.70

12 Nationwide Financial Se 5,167.00 5,328.20

13 Conseco Inc., Carmel, I 5,105.20 1,513.60

14 Equitable Companies, Ne 4,602.20 5,041.50

15 Hartford Financial Serv 3,745.00 3,750.00

16 SunAmerica Inc., Los An 3,555.90 3,139.30

17 Aetna Inc., Hartford 3,197.20 3,974.90

18 Allstate Corp., Northla 3,182.00 3,038.00

$159,446.10$157,473.60

Real Estate Investment Trusts

1 Capstead Mortgage Corp.,$8,816.20 $10,698.30

2 IndyMac Mortgage Holding 6,180.60 4,553.90

3 Dynex Capital Inc., Glen 5,381.70 4,847.90

4 Thornburg Mortgage Asset 4,852.80 4,463.00

5 Redwood Trust Inc., Mill 3,740.60 3,437.90

Credit Unions

1 State Employees Credit U$3,078.00 $2,792.40

2 Western Corporate Federa 2,972.60 N/A

3 Navy Federal Credit Unio 2,404.80 2,314.70

4 U.S. Central Federal Cre 2,080.00 N/A ===

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