Standard BPO, Drive-By v2260 Nw 27th Street, Paris, TX 75460

Please Note: This report was completed with the following assumptions: Market Approach: Distressed Price, Marketing Time: Abbreviated.Important additional information relating to this report, including use and restrictions, is contained in an attached addendum which is an integralpart of this report.

Address 260 Nw 27th Street, Paris, TX 75460Borrower Name N/A Inspection Date 10/12/2011 Order ID 1169136 Property ID 7076867Loan Number 20111011_2 Delivery Date 10/13/2011 APN unknown

Tracking IDs

Order Tracking ID 20111011_Rush_BPOsTracking ID 2 --

Tracking ID 1 20111011_Rush_BPOsTracking ID 3 --

I. General ConditionsProperty Type SFR Occupancy VacantSecure? Yes (Locked)Property Condition PoorEstimated Exterior Repair Cost $1,000 HOA No

Condition CommentsExterior is vinyl siding, showing its age with cracks andholes. The roof sags and part of the roof in the back is fallingin. The skirting around the front of the house needs repair.Looking through the windows, it appears that large parts ofthe ceiling have fallen in. Lot is an odd shape. It is a normalrectangular lot with another small section added on at thestreet. The house sits across both sections, but the propertyline in the back runs into the middle of the house. The calledout lot size on the tax roles and the fence lines that Iobserved don't seem to match. The houses on either side ofthe subject are run down. The one to the South isovergrown. The tax roles do not have a year built for thesubject. I'm estimating it to be 1930 based on the style andneighborhood.

II. Subject Sales & Listing HistoryCurrent Listing Status Not Currently Listed Date Listed Date Sold List Price Sale Price Notes10/18/2010 01/21/2011 $9,900 $1 MLS -- 08/29/2011 -- -- Tax info -- 10/05/2010 -- -- Tax info

III. Neighborhood & Market DataLocation Type UrbanLocal Economy SlowSales Prices in thisNeighborhood

Low: $12,000High: $109,000

Market for this type of property Remained Stable for thepast 6 months.

Normal Marketing Days <180

Neighborhood CommentsThe neighborhood is all older small frame homes, some rundown, many are nicely maintained. The house on the cornerof 27th and Bonham St. is burned out. The house across thestreet is FSBO, about 600 sq ft for $25K.

IV. Current Listings Subject Listing 1 Listing 2 * Listing 3

Street Address 260 Nw 27th Street 2340 W. Austin 1060 Sw 19th 1414 E. PolkCity, State Paris, TX Paris, TX Paris, TX Paris, TXZip Code 75460 75460 75460 75460Datasource MLS MLS MLS MLSMiles to Subj. -- 0.37 ¹ 0.91 ¹ 2.66 ¹ List Price $ -- $26,900 $29,900 $52,000DOM · Cumulative DOM -- 51 · 52 111 · 112 26 · 27Original List Price $ $28,999 $29,900 $52,000 Age (# of years) 81 36 81 11Condition Poor Average Average GoodSales Type -- REO Fair Market Value REO Style/Design 1 Story Ranch 1 Story Ranch 1 Story Ranch 1 Story Ranch# Units 1 1 1 1Living Sq. Feet 1,282 1,000 1,140 1,413 Bdrm · Bths · ½ Bths 9 · 3 · 2 2 · 1 3 · 2 4 · 2Total Room # 9 8 8 9Garage (Style/Stalls) Carport 1 Car Carport 1 Car Carport 1 Car NoneBasement (Yes/No) No No No NoBasement (% Fin) 0% 0% 0% 0%Basement Sq. Ft. Pool/Spa -- -- -- --Lot Size .0740 acres .240 acres .270 acres .250 acresOther Storage shed -- Storage, cvrd patio --

Listing Comments Why the comparable listing is superior or inferior to the subject.Listing 1 Had to expand the search criteria to 6 months back to get enough suitable comps. Inferior. Only 2/1, smaller home on

larger lot. Listing 2 Superior: Best listing for the subject Similar size B/B carport config. Larger lot by 3X better condition. Listing 3 Far superior. Much newer, modern home. Brick, 4 BR, 3x lot size.

* Listing 2 is the most comparable listing to the subject.¹ Comp's "Miles to Subject" was calculated by the system.² Comp's "Miles to Subject" provided by Broker. ³ Subject $/ft based upon as-is sale price.

V. Recent Sales Subject Sold 1 * Sold 2 Sold 3

Street Address 260 Nw 27th Street 1330 Farifax 558 E. Neagle 1741 GrahamCity, State Paris, TX Paris, TX Paris, TX Paris, TXZip Code 75460 75460 75460 75460Datasource MLS MLS MLS MLSMiles to Subj. -- 2.58 ¹ 2.34 ¹ 0.66 ¹ List Price $ -- $14,900 $17,037 $24,900Sale Price $ -- $14,000 $17,037 $24,125Type of Financing -- Cash Conventional CashDate of Sale -- 7/12/2011 7/1/2011 7/22/2011DOM · Cumulative DOM -- 30 · 49 117 · 163 78 · 87Original List Price $ $14,900 $22,000 $29,900 Age (# of years) 81 36 36 76Condition Poor Fair Average AverageSales Type -- REO REO REO Style/Design 1 Story Ranch 1 Story Ranch 1 Story Ranch 1 Story Ranch# Units 1 1 1 1Living Sq. Feet 1,282 1,211 1,319 1,429 Bdrm · Bths · ½ Bths 9 · 3 · 2 4 · 1 3 · 1 3 · 1 · 1Total Room # 9 8 7 8Garage (Style/Stalls) Carport 1 Car None None NoneBasement (Yes/No) No No No NoBasement (% Fin) 0% 0% 0% 0%Basement Sq. Ft. Pool/Spa -- -- -- --Lot Size .0740 acres .260 acres .260 acres .330 acresOther Storage shed Storage, cvrd patio -- Storage shedAdjustment -- +$0 -$2,000 -$4,000Adjusted Value -- $14,000 $15,037 $20,125

Reasons for Adjustments Why the comparable sale is superior or inferior to the subject.Sold 1 Best overall match to the subject. Similar size, more BR, 1 less bath, no carport, larger lot by 3x. Similar style,

construction.Sold 2 New home, better condition. Brick w/ larger lot, more sq ft.Sold 3 Superior: Better condition, larger home, larger lot, similar construction, age, appeal.

* Sold 1 is the most comparable sale to the subject.¹ Comp's "Miles to Subject" was calculated by the system.² Comp's "Miles to Subject" provided by Broker. ³ Subject $/ft based upon as-is sale price.

VI. Marketing Strategy As Is Price Repaired Price

Suggested List Price $17,000 $33,000Sales Price $14,000 $29,00030 Day Price $14,000 --Comments Regarding Pricing StrategyPriced in line with the lower end of the adjusted solds based on condition, neighborhood.

VII. Clear Capital Quality Assurance Comments Addendum As Is Price Repaired Price

Reviewer's Price Opinion $14,000 $29,000Reviewer's Notes The subject is in overall poor condition with repairs needed. The roof is sagging and some of

the sheet rock is missing from the ceiling. This could indicate additional water damage exists.Based on the available comps, the price conclusion appears supported.

VIII. Property Images

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Side

Subject 260 Nw 27th Street View Other

Comment "Neighbor"

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Damage

Subject 260 Nw 27th Street View Interior

Comment "Damaged ceiling"

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Street

Comment "Facing view"

Subject 260 Nw 27th Street View Street

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Street

Subject 260 Nw 27th Street View Other

Comment "Neighborhood"

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Other

Comment "Neighbor"

Subject 260 Nw 27th Street View Front

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Other

Comment "Shed"

Subject 260 Nw 27th Street View Front

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Damage

Subject 260 Nw 27th Street View Other

Comment "Property line to back of house"

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Back

Subject 260 Nw 27th Street View Damage

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Back

Subject 260 Nw 27th Street View Damage

Comment "Ceiling damage"

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Damage

Comment "Phone cable to house is hanging low."

Subject 260 Nw 27th Street View Address Verification

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Side

Subject 260 Nw 27th Street View Damage

Comment "Sagging roof"

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Street

Subject 260 Nw 27th Street View Street

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Other

Comment "Neighborhood"

Subject 260 Nw 27th Street View Other

Comment "Facing view"

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Subject 260 Nw 27th Street View Front

Sold Comp 1 1330 Farifax View Front

VIII. Property Images (continued)

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Sold Comp 2 558 E. Neagle View Front

Sold Comp 3 1741 Graham View Front

ClearMaps Addendum

Address 260 Nw 27th Street, Paris, TX 75460Loan Number 20111011_2 Suggested List $17,000 Suggested Repaired $33,000 Sale $14,000

Comparable Address Miles to Subject Mapping Accuracy

Subject 260 27th St Nw, Paris, TX -- Parcel Match Listing 1 2340 W. Austin, Paris, TX 0.37 Miles ¹ Parcel Match Listing 2 1060 Sw 19th, Paris, TX 0.91 Miles ¹ Parcel Match Listing 3 1414 E. Polk, Paris, TX 2.66 Miles ¹ Parcel Match Sold 1 1330 Farifax, Paris, TX 2.58 Miles ¹ Parcel Match Sold 2 558 E. Neagle, Paris, TX 2.34 Miles ¹ Parcel Match Sold 3 1741 Graham, Paris, TX 0.66 Miles ¹ Parcel Match

¹ The Comparable "Distance from Subject" value has been calculated by the Clear Capital system.² The Comparable "Distance from Subject" value has been provided by the broker.

Addendum: Report Purpose

Market Approach and Market TimeThe Market Approach of this report as established by the customer is: Distressed Price. (See definition below.)

The Marketing Time as specified by the customer is Abbreviated. (See definition below.)

Definitions:Fair Market Price A price at which the property would sell between a willing buyer and a willing seller neither being

compelled by undue pressure and both having reasonable knowledge of relevant facts. Distressed Price A price at which the property would sell between a willing buyer and a seller acting under duress. Marketing Time The amount of time the property is exposed to a pool of prospective buyers before going into contract.

The customer either specifies the number of days, requests a marketing time that is typical to thesubject's market area and/or requests an abbreviated marketing time.

Typical for Local Market The estimated time required to adequately expose the subject property to the market resulting in acontract of sale.

Report InstructionsThis section shows the instructions that were approved by the customer and provided to the broker prior to completing thereport.

Purpose: Distressed PriceThe purpose of this report is to determine a price at which our mutual customer can sell this distressed property as an REO,within an abbreviated marketing time. Please recognize that real dollars are at stake. If priced too high to sell within anabbreviated marketing time, the customer will incur additional holding costs; and if priced too low, it will perpetuate further loss.

Comparable Requirements:1. Please use REO comps that are considered comparable in condition, recent, and are from the same neighborhood, block orsubdivision whenever possible.2. Please try to use comps that have an abbreviated time on the market. If this is not possible please comment in the form andplease make appropriate adjustments for exposure time to show what price your comparables would sell for in an abbreviatedmarketing time.3. Please use comps that have closed in the past 3 months to show the current market conditions or comment in the report ifthis is not possible. In rapidly changing markets, active listing comps should be given equal or greater weight than sold comps inyour analysis. Please make market condition adjustments to the sold comps as necessary.

Standard Instructions:1. Please do not accept if you or your office has completed a report on this property in the last month, are currently listing thisproperty, or have any vested interest in the subject property.2. Please use the subject characteristics provided in the report Grid (if we preloaded them) to evaluate the property. Thisinformation is from a full interior appraisal and is assumed to be most accurate. If your inspection reveals obvious inaccuracies,please explain in the narrative of the report.3. Please do not approach the occupants or owners. Thanks!

1. One current, original photo of the front of the subject2. One address verification photo3. One street scene photo looking down the street4. Labeled MLS sold comp photos required; please comment if no MLS.

Broker Information

Disclaimer

This document is not an appraisal as defined by USPAP (Uniform Standards of Professional Appraisal Practice). It is not to beconstrued as an appraisal and may not be used as such for any purpose. Unless otherwise specifically agreed to in writing:This document is provided solely for the use of the Clear Capital account holder, is not intended as any guarantee of value and/orcondition of the subject property and should not be relied on as such. In the event that this document is found to be defective,incorrect, negligently prepared or unfit for its authorized use, Clear Capital's sole liability shall be to promptly refund the total feeexpended by the account holder for this report or to replace it at no charge to the account holder, but in no event shall Clear Capitalbe responsible to the account holder for any indirect or consequential damages whatsoever. This warranty is in lieu of all otherwarranties, express or implied, except where otherwise required by law. The account holder shall notify Clear Capital within thirty (30)days of this report's delivery to the account holder if it believes that this document is defective, incorrect, negligently prepared orunfit for its authorized use. Under no circumstances may Clear Capital forms or their contents be published, copied, replicated, ormimicked.

Broker Name Michael Michaud Company/Brokerage M. G. Michaud & AssociatesLicense No 0304050