EXHIBIT 99.1
PriceWaterhouseCoopers
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PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York NY 10036
Telephone (646) 471 4000
Facsimile (813) 286 6000
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders
of Equity One, Inc.
We have examined management's assertion about Equity One, Inc. and its
subsidiaries' (the "Company") compliance with the minimum servicing standards
identified in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended
November 30, 2002 included in the accompanying management assertion (see Exhibit
I). Management is responsible for the Company's compliance with those minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion about the Company's compliance based on our examination.
Our examination was made in accordance with attestation standards established by
the American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Company's compliance
with the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the minimum servicing
standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended November
30, 2002 is fairly stated, in all material respects.
/s/ PricewaterhouseCoopers LLP
January 31, 2003
Exhibit I
EQUITY ONE
A Popular, Inc. Company
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301 Lippincott Drive Telephone (856) 396-3684
Marlton, NJ 08053 Fax (856) 396-2713
January 31, 2003
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, NY 10036
Ladies and Gentlemen:
In connection with your examination of our assertion that Equity One, Inc. and
its subsidiaries (the "Company") complied with the minimum servicing standards
in the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers ("USAP") as of and for the year ended November 30,
2002, we recognize that obtaining representations from us concerning the
information contained in this letter is a significant procedure in enabling you
to express an opinion on management's assertion about compliance with the
minimum servicing standards. Accordingly, we make the following representations,
which are true to the best of our knowledge and belief in all material respects.
1. The Company is responsible for complying with the minimum servicing
standards in the USAP.
2. The Company is responsible for establishing and maintaining an effective
internal control structure over compliance with the minimum servicing
standards.
3. The Company has performed an evaluation of the Company's compliance with
the minimum servicing standards.
4. As of and for the year ended November 30, 2002, the Company has complied
with the minimum servicing standards in all material respects except as
indicated in Management's Assertion.
5. The Company has disclosed to you all known instances of noncompliance with
the minimum servicing standards.
6. The Company has made available to you all documentation related to
compliance with the minimum servicing standards.
7. The Company has disclosed any communications from regulatory agencies,
internal auditors, and other practitioners concerning possible
noncompliance with the minimum servicing standards, including
communications received between November 30, 2002 and January 31, 2003.
EQUITY ONE
A Popular, Inc. Company
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8. The Company has disclosed to you any known noncompliance occurring
subsequent to November 30, 2002.
/s/ James H. Jenkins 2-27-03
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James H. Jenkins, Senior Vice President, Date
Chief Financial Officer
/s/ John Martella 2-27-03
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John Martella, Executive Vice President Date
Loan Servicing