UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                              Washington D. C. 20549

                                     Form 8-K

                Current Report Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934




         Date of Report (Date of earliest event reported):  June 15, 2001


                         SOUNDVIEW HOME EQUITY LOAN TRUST
             Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust
              (Exact name of registrant as specified in its charter)

New York (governing law of           333-84929-07
Pooling and Servicing Agreement)     (Commission
(State or other                      File Number)       52-2316396
jurisdiction                                            52-2316397
of Incorporation)                                       52-2316398
                                                        IRS EIN



       c/o Wells Fargo Bank Minnesota, N.A.
       11000 Broken Land Parkway
       Columbia, MD                                        21044
       (Address of principal executive offices)            (Zip Code)

       Registrant's telephone number, including area code:  (410) 884-2000


       Former name or former address, if changed since last report)



ITEM 5.  Other Events

 On June 15, 2001 a distribution was made to holders of SOUNDVIEW HOME EQUITY
 LOAN TRUST, Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust.


ITEM 7.  Financial Statements and Exhibits

      (c)  Exhibits furnished in accordance with Item 601(a) of
Regulation S-K


           Exhibit Number                        Description

           EX-99.1                               Monthly report distributed to
                                                 holders of Home Equity Loan
                                                 Asset-Backed Certs., Series
                                                 2001-1 Trust, relating to the
                                                 June 15, 2001 distribution.



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                         SOUNDVIEW HOME EQUITY LOAN TRUST
             Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust

             By:    Wells Fargo Bank Minnesota, N.A. as Trustee
             By:    /s/   Sherri Sharps, Vice President
             By:    Sherri Sharps, Vice President
             Date:  6/18/01
                                 INDEX TO EXHIBITS


Exhibit Number            Description

EX-99.1                   Monthly report distributed to holders of Home Equity
                          Loan Asset-Backed Certs., Series 2001-1 Trust,
                          relating to the June 15, 2001 distribution.





                   EX-99.1



Soundview
Mortgage Pass-Through Certificates



Record Date:            5/31/01
Distribution Date:      6/15/01


SDV  Series: 2001-1

Contact: Customer Service - CTSLink
         Wells Fargo Bank Minnesota, N.A.
         Securities Administration Services
         7485 New Horizon Way
         Frederick, MD 21703
         Telephone: (301) 815-6600
         Fax:       (301) 815-6660









                                             Certificateholder Distribution Summary

                         Certificate      Certificate         Beginning
                            Class         Pass-Through      Certificate        Interest       Principal
Class           CUSIP    Description             Rate           Balance    Distribution    Distribution

                                                                      
     A         83611PAJ0         SEN          6.26500%     91,195,772.84      476,117.93    1,092,180.36
     IO        83611PAK7         SEN          7.00000%              0.00      250,446.43            0.00
    M_1        83611PAL5         MEZ          7.10000%      6,335,000.00       37,482.08            0.00
    M_2        83611PAM3         MEZ          7.10000%      4,223,000.00       24,986.08            0.00
     B         83611PAN1         JUN          7.10000%      2,903,000.00       17,176.08            0.00
    BIO        SDV011BIO         JUN          0.00000%            528.25            0.00            0.00
    R_1        SDV0101R1         SEN          0.00000%              0.00            0.00            0.00
    R_2        SDV0101R2         SEN          0.00000%              0.00            0.00            0.00
    R_3        SDV0101R3         SEN          0.00000%              0.00            0.00            0.00
     P         SDV01001P         JUN          0.00000%            100.00       14,502.68            0.00
Totals                                                    104,657,401.09      820,711.28    1,092,180.36




                                       Certificateholder Distribution Summary (continued)

                           Current                 Ending                                         Cumulative
                          Realized            Certificate                    Total                  Realized
Class                         Loss                Balance             Distribution                    Losses

                                                                        
A                              0.00          90,103,592.48             1,568,298.29                      0.00
IO                             0.00                   0.00               250,446.43                      0.00
M_1                            0.00           6,335,000.00                37,482.08                      0.00
M_2                            0.00           4,223,000.00                24,986.08                      0.00
B                              0.00           2,903,000.00                17,176.08                      0.00
BIO                            0.00                 528.25                     0.00                      0.00
R_1                            0.00                   0.00                     0.00                      0.00
R_2                            0.00                   0.00                     0.00                      0.00
R_3                            0.00                   0.00                     0.00                      0.00
P                              0.00                 100.00                14,502.68                      0.00
Totals                         0.00         103,565,220.73             1,912,891.64                      0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.




</FN>




                                                Principal Distribution Statement

                         Original          Beginning          Scheduled     Unscheduled
                             Face        Certificate          Principal       Principal                       Realized
Class                      Amount            Balance       Distribution    Distribution      Accretion        Loss (1)

                                                                                      
A                    92,125,000.00      91,195,772.84               0.00    1,092,180.36           0.00            0.00
IO                            0.00               0.00               0.00            0.00           0.00            0.00
M_1                   6,335,000.00       6,335,000.00               0.00            0.00           0.00            0.00
M_2                   4,223,000.00       4,223,000.00               0.00            0.00           0.00            0.00
B                     2,903,000.00       2,903,000.00               0.00            0.00           0.00            0.00
BIO                         528.25             528.25               0.00            0.00           0.00            0.00
R_1                           0.00               0.00               0.00            0.00           0.00            0.00
R_2                           0.00               0.00               0.00            0.00           0.00            0.00
R_3                           0.00               0.00               0.00            0.00           0.00            0.00
P                           100.00             100.00               0.00            0.00           0.00            0.00
Totals              105,586,628.25     104,657,401.09               0.00    1,092,180.36           0.00            0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
    Please Refer to the Prospectus Supplement for a Full Description.

</FN>

 
 

                                           Principal Distribution Statement (continued)

                                     Total                Ending               Ending             Total
                                 Principal           Certificate          Certificate         Principal
 Class                           Reduction               Balance           Percentage      Distribution

                                                                          
 A                             1,092,180.36         90,103,592.48           0.97805799      1,092,180.36
 IO                                    0.00                  0.00           0.00000000              0.00
 M_1                                   0.00          6,335,000.00           1.00000000              0.00
 M_2                                   0.00          4,223,000.00           1.00000000              0.00
 B                                     0.00          2,903,000.00           1.00000000              0.00
 BIO                                   0.00                528.25           1.00000000              0.00
 R_1                                   0.00                  0.00           0.00000000              0.00
 R_2                                   0.00                  0.00           0.00000000              0.00
 R_3                                   0.00                  0.00           0.00000000              0.00
 P                                     0.00                100.00           1.00000000              0.00
 Totals                        1,092,180.36        103,565,220.73           0.98085546      1,092,180.36

 



                                              Principal Distribution Factors Statement

                           Original           Beginning          Scheduled         Unscheduled
                               Face         Certificate          Principal           Principal
Class (2)                    Amount             Balance       Distribution        Distribution         Accretion

                                                                                
A                      92,125,000.00        989.91340939         0.00000000         11.85541775        0.00000000
IO                              0.00          0.00000000         0.00000000          0.00000000        0.00000000
M_1                     6,335,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
M_2                     4,223,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
B                       2,903,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
BIO                           528.25       1000.00000000         0.00000000          0.00000000        0.00000000
R_1                             0.00          0.00000000         0.00000000          0.00000000        0.00000000
R_2                             0.00          0.00000000         0.00000000          0.00000000        0.00000000
R_3                             0.00          0.00000000         0.00000000          0.00000000        0.00000000
P                             100.00       1000.00000000         0.00000000          0.00000000        0.00000000
<FN>
(2) All Classes are per $1,000 denomination.
</FN>







                                      Principal Distribution Factors Statement (continued)

                                                Total                 Ending               Ending              Total
                         Realized           Principal            Certificate          Certificate          Principal
Class                    Loss (3)           Reduction                Balance           Percentage       Distribution

                                                                                   
A                       0.00000000         11.85541775            978.05799164          0.97805799        11.85541775
IO                      0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
M_1                     0.00000000          0.00000000          1,000.00000000          1.00000000         0.00000000
M_2                     0.00000000          0.00000000          1,000.00000000          1.00000000         0.00000000
B                       0.00000000          0.00000000          1,000.00000000          1.00000000         0.00000000
BIO                     0.00000000          0.00000000          1,000.00000000          1.00000000         0.00000000
R_1                     0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
R_2                     0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
R_3                     0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
P                       0.00000000          0.00000000          1,000.00000000          1.00000000         0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
    Unless Otherwise Disclosed.
    Please Refer to the Prospectus Supplement for a Full Description.
</FN>









                                                 Interest Distribution Statement

                                                          Beginning                        Payment of
                      Original          Current        Certificate/            Current         Unpaid          Current
                          Face      Certificate            Notional            Accrued       Interest         Interest
Class                   Amount             Rate             Balance           Interest      Shortfall        Shortfall

                                                                                     
A                  92,125,000.00        6.26500%      91,195,772.84          476,117.93           0.00             0.00
IO                          0.00        7.00000%      42,933,673.00          250,446.43           0.00             0.00
M_1                 6,335,000.00        7.10000%       6,335,000.00           37,482.08           0.00             0.00
M_2                 4,223,000.00        7.10000%       4,223,000.00           24,986.08           0.00             0.00
B                   2,903,000.00        7.10000%       2,903,000.00           17,176.08           0.00             0.00
BIO                       528.25        0.00000%             528.25                0.00           0.00             0.00
R_1                         0.00        0.00000%               0.00                0.00           0.00             0.00
R_2                         0.00        0.00000%               0.00                0.00           0.00             0.00
R_3                         0.00        0.00000%               0.00                0.00           0.00             0.00
P                         100.00        0.00000%               0.00                0.00           0.00             0.00
Totals            105,586,628.25                                             806,208.60           0.00             0.00

 
 

                                            Interest Distribution Statement (continued)

                                                                                      Remaining               Ending
                      Non-Supported                                    Total             Unpaid         Certificate/
                           Interest             Realized            Interest           Interest             Notional
  Class                   Shortfall           Losses (4)        Distribution          Shortfall              Balance


                                                                                  
 A                              0.00                0.00           476,117.93                0.00      90,103,592.48
 IO                             0.00                0.00           250,446.43                0.00      42,933,673.00
 M_1                            0.00                0.00            37,482.08                0.00       6,335,000.00
 M_2                            0.00                0.00            24,986.08                0.00       4,223,000.00
 B                              0.00                0.00            17,176.08                0.00       2,903,000.00
 BIO                            0.00                0.00                 0.00                0.00             528.25
 R_1                            0.00                0.00                 0.00                0.00               0.00
 R_2                            0.00                0.00                 0.00                0.00               0.00
 R_3                            0.00                0.00                 0.00                0.00               0.00
 P                              0.00                0.00            14,502.68                0.00               0.00
 Totals                         0.00                0.00           820,711.28                0.00
 <FN>
 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
     Please Refer to the Prospectus Supplement for a Full Description.

 </FN>
 



                                            Interest Distribution Factors Statement

                                                            Beginning                               Payment of
                        Original            Current         Certificate/         Current            Unpaid           Current
                        Face                Certificate     Notional             Accrued            Interest         Interest
Class (5)               Amount              Rate            Balance              Interest           Shortfall        Shortfall


                                                                                         
A                    92,125,000.00        6.26500%         989.91340939        5.16817292        0.00000000        0.00000000
IO                            0.00        7.00000%        1000.00000000        5.83333343        0.00000000        0.00000000
M_1                   6,335,000.00        7.10000%        1000.00000000        5.91666614        0.00000000        0.00000000
M_2                   4,223,000.00        7.10000%        1000.00000000        5.91666588        0.00000000        0.00000000
B                     2,903,000.00        7.10000%        1000.00000000        5.91666552        0.00000000        0.00000000
BIO                         528.25        0.00000%        1000.00000000        0.00000000        0.00000000        0.00000000
R_1                           0.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000
R_2                           0.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000
R_3                           0.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000
P                           100.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000
<FN>
(5) All Classes are per $1,000 denomination.

</FN>




                                       Interest Distribution Factors Statement (continued)

                                                                                Remaining               Ending
                   Non-Supported                                 Total             Unpaid         Certificate/
                        Interest          Realized            Interest           Interest             Notional
Class                  Shortfall        Losses (6)        Distribution          Shortfall              Balance


                                                                           
A                     0.00000000        0.00000000         5.16817292          0.00000000          978.05799164
IO                    0.00000000        0.00000000         5.83333343          0.00000000         1000.00000000
M_1                   0.00000000        0.00000000         5.91666614          0.00000000         1000.00000000
M_2                   0.00000000        0.00000000         5.91666588          0.00000000         1000.00000000
B                     0.00000000        0.00000000         5.91666552          0.00000000         1000.00000000
BIO                   0.00000000        0.00000000         0.00000000          0.00000000         1000.00000000
R_1                   0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
R_2                   0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
R_3                   0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
P                     0.00000000        0.00000000    145026.80000000          0.00000000            0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
    Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>








                                             Certificateholder Component Statement
                      Component        Beginning             Ending        Beginning             Ending           Ending
                   Pass-Through         Notional           Notional        Component          Component        Component
Class                      Rate          Balance            Balance          Balance            Balance       Percentage

                                                                                      
      FSA               0.09000%             0.00               0.00             0.00               0.00      0.00000000%



                                             CERTIFICATEHOLDER ACCOUNT STATEMENT
                                                      CERTIFICATE ACCOUNT

                                                                                   
Beginning Balance                                                                                        0.00
Deposits
    Payments of Interest and Principal                                                           1,656,960.79
    Liquidations, Insurance Proceeds, Reserve Funds                                                      0.00
    Proceeds from Repurchased Loans                                                                      0.00
    Other Amounts (Servicer Advances)                                                              309,925.48
    Realized Losses                                                                                      0.00
Total Deposits                                                                                   1,966,886.27

Withdrawals
    Reimbursement for Servicer Advances                                                                  0.00
    Payment of Service Fee                                                                          53,994.63
    Payment of Interest and Principal                                                            1,912,891.64
Total Withdrawals (Pool Distribution Amount)                                                     1,966,886.27

Ending Balance                                                                                           0.00






                                            PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
                                                                                   
Total Prepayment/Curtailment Interest Shortfall                                                          0.00
Servicing Fee Support                                                                                    0.00
Non-Supported Prepayment/Curtailment Interest Shortfall                                                  0.00






                                                         SERVICING FEES

                                                                                   
Gross Servicing Fee                                                                                 43,661.92
Trustee Fee- Wells Fargo Bank                                                                        2,619.93
FSA - Policy # 51074-N                                                                               6,839.68
Master Serv Fee                                                                                        873.10
Supported Prepayment/Curtailment Interest Shortfall                                                      0.00
Net Servicing Fee                                                                                   53,994.63






                                                         OTHER ACCOUNTS

                                                Beginning           Current           Current           Ending
Account Type                                      Balance       Withdrawals          Deposits          Balance

                                                                                  
Reserve Fund                                      5,000.00              0.00              0.00         5,000.00
Financial Guaranty                                    0.00              0.00              0.00             0.00



                                                      LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
                                                                        DELINQUENCY STATUS

         DELINQUENT             BANKRUPTCY             FORECLOSURE            REO                    Total

                                                                                        

          No of Loans           No of Loans            No of Loans            No of Loans            No of Loans
          Principal Balance     Principal Balance      Principal Balance      Principal Balance      Principal Balance
0-29 Days                       0                      0                      0                      0
                                0.00                   0.00                   0.00                   0.00

30 Days   69                    0                      0                      0                      69
          4,059,080.57          0.00                   0.00                   0.00                   4,059,080.57

60 Days   39                    0                      0                      0                      39
          2,426,703.31          0.00                   0.00                   0.00                   2,426,703.31

90 Days   11                    0                      0                      0                      11
          730,956.63            0.00                   0.00                   0.00                   730,956.63

120 Days  0                     0                      0                      0                      0
          0.00                  0.00                   0.00                   0.00                   0.00

150 Days  0                     0                      0                      0                      0
          0.00                  0.00                   0.00                   0.00                   0.00

180+ Days 0                     0                      0                      0                      0
          0.00                  0.00                   0.00                   0.00                   0.00

Totals    119                   0                      0                      0                      119
          7,216,740.51          0.00                   0.00                   0.00                   7,216,740.51


          No of Loans           No of Loans            No of Loans            No of Loans            No of Loans
          Principal Balance     Principal Balance      Principal Balance      Principal Balance      Principal Balance
0-29 Days                       0.000000%              0.000000%              0.000000%              0.000000%
                                0.000000%              0.000000%              0.000000%              0.000000%

30 Days   4.815073%             0.000000%              0.000000%              0.000000%              4.815073%
          3.908123%             0.000000%              0.000000%              0.000000%              3.908123%

60 Days   2.721563%             0.000000%              0.000000%              0.000000%              2.721563%
          2.336454%             0.000000%              0.000000%              0.000000%              2.336454%

90 Days   0.767620%             0.000000%              0.000000%              0.000000%              0.767620%
          0.703772%             0.000000%              0.000000%              0.000000%              0.703772%

120 Days  0.000000%             0.000000%              0.000000%              0.000000%              0.000000%
          0.000000%             0.000000%              0.000000%              0.000000%              0.000000%

150 Days  0.000000%             0.000000%              0.000000%              0.000000%              0.000000%
          0.000000%             0.000000%              0.000000%              0.000000%              0.000000%

180+ Days 0.000000%             0.000000%              0.000000%              0.000000%              0.000000%
          0.000000%             0.000000%              0.000000%              0.000000%              0.000000%

Totals    8.304257%             0.000000%              0.000000%              0.000000%              8.304257%
          6.948350%             0.000000%              0.000000%              0.000000%              6.948350%


 
                                             Delinquency Status By Groups
 
                        DELINQUENT          BANKRUPTCY           FORECLOSURE         REO                  Total
                                                                                           
 1                      No of Loans         No of Loans          No of Loans         No of Loans          No of Loans
                        Principal Balance   Principal Balance    Principal Balance   Principal Balance    Principal Balance

 0-29 Days                                  0                    0                   0                    0
                                            0.00                 0.00                0.00                 0.00

 30 Days                40                  0                    0                   0                    40
                        2,045,253.95        0.00                 0.00                0.00                 2,045,253.95

 60 Days                22                  0                    0                   0                    22
                        1,393,251.45        0.00                 0.00                0.00                 1,393,251.45

 90 Days                5                   0                    0                   0                    5
                        351,044.32          0.00                 0.00                0.00                 351,044.32

 120 Days               0                   0                    0                   0                    0
                        0.00                0.00                 0.00                0.00                 0.00

 150 Days               0                   0                    0                   0                    0
                        0.00                0.00                 0.00                0.00                 0.00

 180 Days               0                   0                    0                   0                    0
                        0.00                0.00                 0.00                0.00                 0.00

 Totals                 67                  0                    0                   0                    67
                        3,789,549.72        0.00                 0.00                0.00                 3,789,549.72



 0-29 Days                                  0.000000%            0.000000%           0.000000%            0.000000%
                                            0.000000%            0.000000%           0.000000%            0.000000%

 30 Days                3.988036%           0.000000%            0.000000%           0.000000%            3.988036%
                        2.933166%           0.000000%            0.000000%           0.000000%            2.933166%

 60 Days                2.193420%           0.000000%            0.000000%           0.000000%            2.193420%
                        1.998108%           0.000000%            0.000000%           0.000000%            1.998108%

 90 Days                0.498504%           0.000000%            0.000000%           0.000000%            0.498504%
                        0.503444%           0.000000%            0.000000%           0.000000%            0.503444%

 120 Days               0.000000%           0.000000%            0.000000%           0.000000%            0.000000%
                        0.000000%           0.000000%            0.000000%           0.000000%            0.000000%

 150 Days               0.000000%           0.000000%            0.000000%           0.000000%            0.000000%
                        0.000000%           0.000000%            0.000000%           0.000000%            0.000000%

 180 Days               0.000000%           0.000000%            0.000000%           0.000000%            0.000000%
                        0.000000%           0.000000%            0.000000%           0.000000%            0.000000%

 Totals                 6.679960%           0.000000%            0.000000%           0.000000%            6.679960%
                        5.434718%           0.000000%            0.000000%           0.000000%            5.434718%



                        DELINQUENT          BANKRUPTCY           FORECLOSURE         REO                  Total
                                                                                           
 2                      No of Loans         No of Loans          No of Loans         No of Loans          No of Loans
                        Principal Balance   Principal Balance    Principal Balance   Principal Balance    Principal Balance

 0-29 Days                                  0                    0                   0                    0
                                            0.00                 0.00                0.00                 0.00

 30 Days                29                  0                    0                   0                    29
                        2,013,826.62        0.00                 0.00                0.00                 2,013,826.62

 60 Days                17                  0                    0                   0                    17
                        1,033,451.86        0.00                 0.00                0.00                 1,033,451.86

 90 Days                6                   0                    0                   0                    6
                        379,912.31          0.00                 0.00                0.00                 379,912.31

 120 Days               0                   0                    0                   0                    0
                        0.00                0.00                 0.00                0.00                 0.00

 150 Days               0                   0                    0                   0                    0
                        0.00                0.00                 0.00                0.00                 0.00

 180 Days               0                   0                    0                   0                    0
                        0.00                0.00                 0.00                0.00                 0.00

 Totals                 52                  0                    0                   0                    52
                        3,427,190.79        0.00                 0.00                0.00                 3,427,190.79



 0-29 Days                                  0.000000%            0.000000%           0.000000%            0.000000%
                                            0.000000%            0.000000%           0.000000%            0.000000%

 30 Days                6.744186%           0.000000%            0.000000%           0.000000%            6.744186%
                        5.899748%           0.000000%            0.000000%           0.000000%            5.899748%

 60 Days                3.953488%           0.000000%            0.000000%           0.000000%            3.953488%
                        3.027622%           0.000000%            0.000000%           0.000000%            3.027622%

 90 Days                1.395349%           0.000000%            0.000000%           0.000000%            1.395349%
                        1.112999%           0.000000%            0.000000%           0.000000%            1.112999%

 120 Days               0.000000%           0.000000%            0.000000%           0.000000%            0.000000%
                        0.000000%           0.000000%            0.000000%           0.000000%            0.000000%

 150 Days               0.000000%           0.000000%            0.000000%           0.000000%            0.000000%
                        0.000000%           0.000000%            0.000000%           0.000000%            0.000000%

 180 Days               0.000000%           0.000000%            0.000000%           0.000000%            0.000000%
                        0.000000%           0.000000%            0.000000%           0.000000%            0.000000%

 Totals                 12.093023%          0.000000%            0.000000%           0.000000%            12.093023%
                        10.040368%          0.000000%            0.000000%           0.000000%            10.040368%

<FN>

 (7) The 120 day category for delinquent, bankruptcy, foreclosure, and REO contains
 loans that are 120 days or more delinquent.
</FN>
 



                                                       OTHER INFORMATION

                                                                             
Current Period Realized Loss - Includes Interest Shortfall                                           0.00
Cumulative Realized Losses - Includes Interest Shortfall                                             0.00
Current Period Class A Insufficient Funds                                                            0.00
Principal Balance of Contaminated Properties                                                         0.00
Periodic Advance                                                                               309,925.48







 
 
                               COLLATERAL STATEMENT
                                                                        
 Collateral Description                                         Mixed Fixed & Arm

 Weighted Average Gross Coupon                                         11.450458%
 Weighted Average Net Coupon                                           10.940460%
 Weighted Average Pass-Through Rate                                    10.910457%
 Weighted Average Maturity(Stepdown Calculation )                             358
 Beginning Scheduled Collateral Loan Count                                  1,448

 Number Of Loans Paid In Full                                                  15
 Ending Scheduled Collateral Loan Count                                     1,433
 Beginning Scheduled Collateral Balance                            104,788,815.85
 Ending Scheduled Collateral Balance                               103,836,332.22
 Ending Actual Collateral Balance at 31-May-2001                   103,862,654.20
 Monthly P &I Constant                                               1,105,712.02
 Ending Scheduled Balance for Premium Loans                        103,836,332.22

 Required Overcollateralization Amount                                       0.00
 Overcollateralized Increase Amount                                    139,696.73
 Overcollateralized reduction Amount                                         0.00
 Specified O/C Amount                                                2,322,892.00
 Overcollateralized Amount                                             271,111.48
 Overcollateralized Deficiency Amount                                2,191,477.25
 Base Overcollateralized Amount                                              0.00
 Extra principal distribution Amount                                         0.00
 Excess Cash Amount                                                    139,696.73
 
 
 
                                                    
 Cumulative Loss Event Occurred                                            NO
 Delinquency Event Occurred                                                NO
 Curtailments                                                       $5,496.85
 


                                  Group Level Collateral Statement
                                              
Group                                                  1                    2                 Total
Collateral Description                   Fixed 15/30 & A      Fixed 15/30 & A       Mixed Fixed & A
Weighted Average Coupon Rate                   11.704010            11.467475             11.450458
Weighted Average Net Rate                      11.154011            10.917475             10.940460
Weighted Average Maturity                              0                    0                   358
Beginning Loan Count                               1,014                  434                 1,448
Loans Paid In Full                                    11                    4                    15
Ending Loan Count                                  1,003                  430                 1,433
Beginning Scheduled Balance                70,467,115.80        34,321,700.05        104,788,815.85
Ending scheduled Balance                   69,708,082.89        34,128,249.33        103,836,332.22
Record Date                                   05/31/2001           05/31/2001            05/31/2001
Principal And Interest Constant               765,036.41           340,675.61          1,105,712.02
Scheduled Principal                            77,746.55            12,689.57             90,436.12
Unscheduled Principal                         681,286.36           180,761.15            862,047.51
Scheduled Interest                            687,289.86           327,986.04          1,015,275.90
Servicing Fees                                 29,948.52            14,586.71             44,535.23
Master Servicing Fees                               0.00                 0.00                  0.00
Trustee Fee                                     1,761.67               858.06              2,619.73
FRY Amount                                          0.00                 0.00                  0.00
Special Hazard Fee                                  0.00                 0.00                  0.00
Other Fee                                           0.00                 0.00                  0.00
Pool Insurance Fee                                  0.00                 0.00                  0.00
Spread Fee 1                                        0.00                 0.00                  0.00
Spread Fee 2                                        0.00                 0.00                  0.00
Spread Fee 3                                        0.00                 0.00                  0.00
Net Interest                                  654,992.46           312,255.24            967,247.70
Realized Loss Amount                                0.00                 0.00                  0.00
Cumulative Realized Loss                            0.00                 0.00                  0.00
Percentage of Cumulative Losses                     0.00                 0.00                  0.00