_________________________________________________________________
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) December 11, 1996
FINANCIAL ASSET SECURITIES CORP., (as depositor under the Pooling
and Servicing Agreement, dated as of November 1, 1996, which forms
Mego Mortgage Home Loan Trust 1996-3, which will issue the Loan
Asset-Backed Certificates, Series 1996-3).
FINANCIAL ASSET SECURITIES CORP.
_______________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 33-99018 06-1442101
______________________________ _______________ ______________________
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
_____________________________ _________
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (203) 625-2700
_____ ________
_________________________________________________________________
Page 1 of
Item 5. Other Events.
____ ____________
Filing of Derived Materials.*
___________________________
Pursuant to Rule 424(b) under the Securities Act of 1933, concurrently
with, or subsequent to, the filing of this Current Report on Form 8-K ("the
Form 8-K"), Financial Asset Securities Corp. (the "Company") is filing a
prospectus and prospectus supplement with the Securities and Exchange
Commission in relation to its Home Loan Asset-Backed Certificates, Series
1996-3.
In connection with the offering of the Loan Asset-Backed Certificates,
Series 1996-3, Greenwich Capital Markets, Inc. as underwriter of the
Certificates (the "Underwriter"), has prepared certain materials (the
"Derived Materials") for distribution to its potential investors. Although
the Registrant provided the Underwriter with certain information regarding
the characteristics of the Loans in the related portfolio, it did not
participate in the preparation of the Derived Materials.
For purposes of this Form 8-K, Derived Materials shall mean computer
generated tables and/or charts displaying, with respect to the Certificates,
any of the following: yield; average life, duration; expected maturity;
interest rate sensitivity; loss sensitivity; cash flow characteristics;
background information regarding the Loans; the proposed structure; decrement
tables; or similar information (tabular or otherwise) of a statistical,
mathematical, tabular or computational nature, as well as certain matters
relating to the collateral for such transaction. The Derived Materials are
attached hereto as Exhibit 2.
____________________
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated December 11, 1996, and the
Prospectus Supplement dated December 11, 1996, of Financial Asset Securities
Corp., relating to its Mego Mortgage Home Loan Trust 1996-3, Home Loan Asset-
Backed Certificates, Series 1996-3.
2
Incorporation of Certain Documents by Reference
_______________________________________________
Pursuant to Rule 411 of Regulation C under the Securities Act of 1933
and in reliance on MBIA Insurance Corporation, SEC No-Action Letter
(September 6, 1996), the Company will incorporate by reference the financial
statement of MBIA Insurance Corporation ("MBIA") into the Company's
registration statement (File No. 333-3391). The financial statements will be
referred to in the prospectus supplement relating to the Company's Home Loan
Asset-Backed Certificates, Series 1996-3. In connection with the
incorporation of such documents by reference, the Company is hereby filing
the consent of Coopers & Lybrand L.L.P. ("Coopers & Lybrand") to the use of
their name in such prospectus supplement. The consent of Coopers & Lybrand
is attached hereto as Exhibit 1.
3
Item 7. Financial Statements, Pro Forma Financial
____ _________________________________________
Information and Exhibits.
________________________
(a) Not applicable.
(b) Not applicable.
(c) Exhibit:
23. The Consent of Coopers & Lybrand.
99.1. The Derived Materials.
4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Kari Skilbred
___________________________
Kari Skilbred
Dated: December 13, 1996
4
Exhibit Index
_____________
Exhibit Page
_______ ____
1. The Consent of Coopers & Lybrand 6
2. The Derived Materials 7
5
EXHIBIT 1: CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus Supplement, of
our report dated January 22, 1996, on our audits of the consolidated
financial statements of MBIA Insurance Corporation and Subsidiaries as of
December 31, 1995 and 1994 and for the three years ended December 31, 1995.
We also consent to the reference to our firm under the caption "Experts".
\s\ Coopers & Lybrand L.L.P.
___ ________________________
Coopers & Lybrand L.L.P.
December 9, 1996
New York, New York
EXHIBIT 2: THE DERIVED MATERIALS
7
This Preliminary Term Sheet is provided for information purposes only, and
does not constitute an offer to sell, nor a solicitation of an offer to
buy, the referenced securities. It does not purport to be all-inclusive or
to contain all of the information that a prospective investor may require
to make a full analysis of the transaction. All amounts are approximate
and subject to change. The information contained herein supersedes
information contained in any prior information term sheet for this
transaction. In addition, the information contained herein may be
superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in
the Prospectus and Prospectus Supplement for this transaction. An offering
may be made only through the delivery of the Prospectus and Prospectus
Supplement through Greenwich Capital Markets, Inc., Underwriter.
DATE PREPARED: 12/11/96 REVISED
GREENWICH CAPITAL MARKETS, INC.
Preliminary Term Sheet
$66,721,383 +/- 5 % (approx.)
Fixed Rate
Mego Mortgage Home Loan Trust 1996-3
Home Loan Asset-Backed Certificates, Series 1996-3
Financial Asset Securities Corp., Depositor
<TABLE>
<CAPTION>
WAL WAL
(yrs)* (yrs)* Window Price Asset
Class Amount to Call to Mat. to Call* Talk Benchmark Rating Type Group
- ----- ------ ------- ------- -------- ---- --------- ------ ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
IA-1 $19,630,000 1.50 1.50 1 - 40 + 56 area 6 1/4% 06/98 AAA/Aaa Remic Group I
IA-2 10,790,000 5.00 5.00 41 - 85 + 70 area 5 YR AAA/Aaa Remic Group I
IA-3 9,101,458 9.65 10.54 86 - 132 + 90 area 10 YR AAA/Aaa Remic Group I
IIA 27,199,925 4.54 4.88 1 - 132 + 85 area 6 5/8% 06/01 AAA/Aaa Grantor Trust Group II
</TABLE>
Underwriter: Greenwich Capital Markets, Inc. (Sole Manager).
Seller, Servicer and
Claims Administrator: Mego Mortgage Corporation ("Mego").
Master Servicer: Norwest Bank Minnesota, N.A.
Certificate Insurer: MBIA Insurance Corporation.
Depositor: Financial Asset Securities Corp.
Trustee: First Trust of New York, National Association.
Federal Tax Status: Classes IA-1, IA-2 and IA-3: These Classes, the
"Group IA Certificates," are backed by the Group I
Loans. An election will be made to treat the
Group I Loans as a REMIC for federal income tax
purposes. Classes IA-1, IA-2 and IA-3 will be
designated as "regular interests" in the REMIC.
Class IIA: The Class IIA Certificates are backed by
the Group II Loans. The Group II Loans will be
classified as a grantor trust for federal income tax
purposes.
Registration: The Certificates will be available in book-entry
form through DTC.
Pricing Date: Wednesday, December 11, 1996.
Settlement Date: Tuesday, December 17, 1996.
Accrued Interest: Accrued Interest to be paid by an Investor will accrue
from December 1, 1996 up to, but not including, the
Settlement Date. The first Distribution Date on which
an Investor will receive a remittance will be January
27, 1996. The Interest Accrual Period will be based
on a 360-day year consisting of twelve 30-day months.
Distribution Dates: 25th day of each month (or the next succeeding
business day).
Credit Enhancement: Classes IA-1, IA-2 and IA-3: (i) FHA Title I
Insurance (subject to standard limitations of
availability) on the Title I portion of the Group I
Loans (approx. 84%), (ii) overcollateralization, and
(iii) an MBIA Insurance Policy.
Class IIA: (i) FHA Title I Insurance (subject to
standard limitations of availability) on the Title I
portion of the Group II Loans (approx. 11%), and (ii)
an MBIA Insurance Policy.
* Based on the November 1 balances rolled one month at 15% cpr.
Expected Ratings: AAA/Aaa, S&P / Moody's - based on the MBIA Insurance
Policies.
ERISA Eligibility: Classes IA-1, IA-2 and IA-3: The Underwriter
believes that the Underwriter's Prohibited Transaction
Exemption, the "Exemption," will apply to the
acquisition and holding of the Group IA Certificates
by Plans and that all conditions of the Exemption
other than those within the control of investors
will be met. Investors should consult with their own
counsel regarding the potential applicability of ERISA
and the United States Internal Revenue Code of 1986,
the "Code," to any proposed investment in the Group IA
Certificates.
Class IIA: The Underwriter believes that the Class
IIA Certificates do not meet the requirements of the
Exemption or any other exemption issued under ERISA.
Therefor, the purchase and holding of the Class IIA
Certificates by a Plan or by individual retirement
accounts or other plans subject to Section 4975 of the
Code may result in prohibited transactions or the
imposition of excise taxes or civil penalties.
Investors should consult with their own counsel.
SMMEA Treatment: The Certificates will not constitute "mortgage related
securities" for purposes of SMMEA.
Optional Termination: There is an optional clean-up call when both of the
following conditions are met: (a) the aggregate
current principal balance of the Group I Loans is less
than or equal to 10% of the aggregate original
principal balance of the Group I Loans and (b) the
aggregate current principal balance of the Group II
Loans is less than or equal to 10% of the aggregate
original principal balance of the Group II Loans.
Pricing Speed: 15% CPR.
Loans: Group I Loans - REMIC: $ 40,062,299 +/- 5% (approx.)
as of the Cut-Off Date. Group II Loans - Grantor
Trust: $ 27,199,925 +/- 5% (approx.) as of the
Cut-Off Date. The Cut-Off Date is November 1,
1996 or, for loans with an origination date after
November 1, 1996, the date of such Loan's origination.
Collateral Description: Please see attached.
The Seller, Servicer and Claims Administrator
Mego Mortgage Corporation ("Mego"), a Delaware corporation, commenced
operations in March 1994. Mego is a publicly traded company listed on the
NASDAQ National Markets. Mego is an approved Title I lender that is
engaged in the business of originating, purchasing, selling and servicing
loans for (i) property improvements that qualify under the provisions of
Title I of the National Housing Act of 1934, as amended, (ii) non-FHA
insured property improvements secured by a lien on the property, and (iii)
home equity loans secured by a lien on the property.
Underwriting - Conventional Loan Programs
The non-FHA insured, or "Conventional Loans," included in the Trust were
substantially originated pursuant to three main underwriting guideline
programs. These three programs are (i) the "Express 35 Program," (ii) the
"Swift 60 Program," and (iii) the "Debt Consolidation 125 Program." The
general parameters of these three programs are shown on the following page.
The two primary determinants of a Conventional Loan not being Title I
eligible are (i) the debt consolidation portion and (ii) the home
improvements are not Title I eligible. (Title I home improvements can only
be to improve the basic livability of a dwelling and cannot be for luxury
items such as swimming pools, decks, etc.). Mego will not originate
Conventional Loans with relation to properties that are condominiums,
mobile homes or manufactured homes.
Mego Mortgage Greenwich Capital Markets, Inc.
Conventional and FHA Title I Loan
Asset-Backed Securities
All-in Cost Analysis
($68 Million Public Offering)
Mego Mortgage Home Loan Trust 1996-3
Pricing Speed: 15% CPR
Call: 10%
<TABLE>
<CAPTION>
Class IA-1 Class IA-2 Class IA-3 Class IIA
---------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
Type Remic Remic Remic GT
Rating AAA AAA AAA AAA
Percent of Pool 49.00% 26.93% 22.72% 100.00%
Size $19,630,000 $10,790,000 $9,101,458 $27,199,925
Price 99-31+ 99-31+ 99-30 99-31
Certificate Coupon 6.50% 6.84% 7.23% 6.98%
Average Life 1.50 5.00 9.65 4.54
Duration 1.37 4.09 6.71 3.51
Principal Begins 1 41 86 1
Expected Final 40 85 132 132
Benchmark 6 1/4% 06/98 5 YR 10 YR6 5/8% 06/01
Pricing Benchmark 5.720% 6.130% 6.378% 6.110%
Spread to Benchmark 0.560% 0.700% 0.900% 0.850%
------ ------ ------ ------
Required Yield 6.280% 6.830% 7.278% 6.960%
</TABLE>
Computational Material should be accompanied by a disclaimer which must be
read in its entirety by the addressee.
Mego Mortgage Greenwich Capital Markets, Inc.
Conventional and FHA Title I Loan
Asset-Backed Securities
All-in Cost Analysis
($68 Million Public Offering)
Mego Mortgage Home Loan Trust 1996-3
Pricing Speed: 15% CPR
Call: 0%
<TABLE>
<CAPTION>
Class IA-1 Class IA-2 Class IA-3 Class IIA
---------- ---------- ---------- ---------
<S> <C> <C> <C>
Type Remic Remic Remic GT
Rating AAA AAA AAA AAA
Percent of Pool 49.00% 26.93% 22.72% 100.00%
Size $19,630,000 $10,790,000 $9,101,458 $27,199,925
Price 99-31+ 99-31+ 99-30+ 99-31+
Certificate Coupon 6.50% 6.84% 7.23% 6.98%
Average Life 1.50 5.00 10.54 4.88
Duration 1.37 4.09 7.06 3.64
Principal Begins 1 41 86 1
Expected Final 40 85 210 299
Benchmark 6 1/4% 06/98 5 YR 10 YR6 5/8% 06/01
Pricing Benchmark 5.720% 6.130% 6.378% 6.110%
Spread to Benchmark 0.560% 0.700% 0.900% 0.850%
------ ------ ------ ------
Required Yield 6.280% 6.830% 7.278% 6.960%
</TABLE>
Computational Material should be accompanied by a disclaimer which must be
read in its entirety by the addressee.
Mego Mortgage Home Loan Trust 1996-3 CLASS IA-1
Price-Yield Sensitivity Report
Settlement 12/17/96
Class Balance $19,630,000
Cut-off Date 12/01/96
Bond Coupon 6.50%
Next Payment Date 01/25/97
Call Yes
Accrued Interest Days 16
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Flat Price 0% CPR 10% CPR 12% CPR 15% CPR 18% CPR 20% CPR
100-00 6.503 6.359 6.325 6.272 6.217 6.180
WAL (yr) 6.68 2.12 1.83 1.50 1.27 1.14
MAT (yr) 11.75 4.67 4.00 3.33 2.75 2.50
First Prin Pay 01/25/97 01/25/97 01/25/97 01/25/97 01/25/97 01/25/97
Last Prin Pay 09/25/2008 08/25/2001 12/25/2000 04/25/2000 09/25/99 06/25/99
MDUR (yr) 5.04 1.88 1.64 1.37 1.17 1.06
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest
Duration and related sensitivities are calculated at midpoint price/yield.
Maturity and Last Principal Pay Dates may be distorted by the use of
collateral pool WAMs.
Mego Mortgage Home Loan Trust 1996-3 CLASS IA-2
Price-Yield Sensitivity Report
Settlement 12/17/96
Class Balance $10,790,000
Cut-off Date 12/01/96
Bond Coupon 6.84%
Next Payment Date 01/25/97
Call Yes
Accrued Interest Days 16
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Flat Price 0% CPR 10% CPR 12% CPR 15% CPR 18% CPR 20% CPR
100-00 6.886 6.852 6.842 6.827 6.810 6.799
WAL (yr) 13.76 6.81 5.98 5.00 4.25 3.84
MAT (yr) 16.00 9.33 8.33 7.08 6.08 5.50
First Prin Pay 09/25/2008 08/25/2001 12/25/2000 04/25/2000 09/25/99 06/25/99
Last Prin Pay 12/25/2012 04/25/2006 04/25/2005 01/25/2004 01/25/2003 06/25/2002
MDUR (yr) 8.66 5.26 4.74 4.09 3.56 3.27
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest
Duration and related sensitivities are calculated at midpoint price/yield.
Maturity and Last Principal Pay Dates may be distorted by the use of
collateral pool WAMs.
Computational Material should be accompanied by a disclaimer which must be
read in its entirety by the addressee.
Mego Mortgage Home Loan Trust 1996-3 CLASS IA-3
Price-Yield Sensitivity Report
Settlement 12/17/96
Class Balance $9,101,458
Cut-off Date 12/01/96
Bond Coupon 7.23%
Next Payment Date 01/25/97
Call Yes
Accrued Interest Days 16
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Flat Price 0% CPR 10% CPR 12% CPR 15% CPR 18% CPR 20% CPR
100-00 7.291 7.279 7.275 7.268 7.260 7.255
WAL (yr) 18.16 12.39 11.22 9.65 8.34 7.62
MAT (yr) 19.50 14.00 12.75 11.00 9.50 8.67
First Prin Pay 12/25/2012 04/25/2006 04/25/2005 01/25/2004 01/25/2003 06/25/2002
Last Prin Pay 06/25/2016 12/25/2010 09/25/2009 12/25/2007 06/25/2006 08/25/2005
MDUR (yr) 9.82 7.92 7.43 6.71 6.06 5.66
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest
Duration and related sensitivities are calculated at midpoint price/yield.
Maturity and Last Principal Pay Dates may be distorted by the use of
collateral pool WAMs.
Mego Mortgage Home Loan Trust 1996-3 CLASS IA-3
Price-Yield Sensitivity Report
Settlement 12/17/96
Class Balance $9,101,458
Cut-off Date 12/01/96
Bond Coupon 7.23%
Next Payment Date 01/25/97
Call No
Accrued Interest Days 16
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Flat Price 0% CPR 10% CPR 12% CPR 15% CPR 18% CPR 20% CPR
100-00 7.291 7.281 7.277 7.272 7.265 7.261
WAL (yr) 18.18 13.07 12.00 10.54 9.28 8.54
MAT (yr) 20.58 19.00 18.50 17.50 16.08 15.00
First Prin Pay 12/25/2012 04/25/2006 04/252005 01/25/2004 01/25/2003 06/25/2002
Last Prin Pay 07/25/2017 12/25/2015 06/25/2015 06/25/2014 01/25/2013 12/25/2011
MDUR (yr) 9.83 8.13 7.70 7.06 6.46 6.09
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest
Duration and related sensitivities are calculated at midpoint price/yield.
Maturity and Last Principal Pay Dates may be distorted by the use of
collateral pool WAMs.
Computational Material should be accompanied by a disclaimer which must be
read in its entirety by the addressee.
Mego Mortgage Home Loan Trust 1996-3 CLASS IIA
Price-Yield Sensitivity Report
Settlement 12/17/96
Class Balance $27,199,925
Cut-off Date 12/01/96
Bond Coupon 6.98%
Next Payment Date 01/25/97
Call Yes
Accrued Interest Days 16
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Flat Price 0% CPR 10% CPR 12% CPR 15% CPR 18% CPR 20% CPR
100-00 7.020 6.977 6.966 6.950 6.932 6.920
WAL (yr) 12.16 6.07 5.38 4.54 3.90 3.55
MAT (yr) 19.50 14.00 12.75 11.00 9.50 8.67
First Prin Pay 01/25/97 01/25/97 01/25/97 01/25/97 01/25/97 01/25/97
Last Prin Pay 06/25/2016 12/25/2010 09/25/2009 12/25/2007 06/25/2006 08/25/2005
MDUR (yr) 7.47 4.40 4.01 3.51 3.10 2.87
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest
Duration and related sensitivities are calculated at midpoint price/yield.
Maturity and Last Principal Pay Dates may be distorted by the use of
collateral pool WAMs.
Mego Mortgage Home Loan Trust 1996-3 CLASS IIA
Price-Yield Sensitivity Report
Settlement 12/17/96
Class Balance $27,199,925
Cut-off Date 12/01/96
Bond Coupon 6.98%
Next Payment Date 01/25/97
Call No
Accrued Interest Days 16
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Flat Price 0% CPR 10% CPR 12% CPR 15% CPR 18% CPR 20% CPR
100-00 7.020 6.979 6.969 6.954 6.939 6.928
WAL (yr) 12.42 6.38 5.70 4.88 4.23 3.87
MAT (yr) 24.92 24.92 24.92 24.92 24.92 24.92
First Prin Pay 01/25/97 01/25/97 01/25/97 01/25/97 01/25/97 01/25/97
Last Prin Pay 11/25/2021 11/25/2021 11/25/2021 11/25/2021 11/25/2021 11/25/2021
MDUR (yr) 7.52 4.50 4.12 3.64 3.24 3.02
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest
Duration and related sensitivities are calculated at midpoint price/yield.
Maturity and Last Principal Pay Dates may be distorted by the use of
collateral pool WAMs.
Computational Material should be accompanied by a disclaimer which must be
read in its entirety by the addressee.
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/11/96
1996-3 REMIC
as of 11/1/96
NUMBER OF LOANS: 2,207
TOTAL CURRENT BALANCE: $ 40,062,299.05
AVERAGE CURRENT BALANCE: $ 18,152.38 RANGE: $1,264.53 - $60,000.00
AVERAGE ORIGINAL LOAN AMOUNT: $ 18,245.09 RANGE: $1,950.00 - $60,000.00
WEIGHTED AVERAGE GROSS RATE: 13.9853% RANGE: 11.2500 - 17.9900%
WEIGHTED AVERAGE SERVICE FEE: 1.0000% RANGE: 1.0000 - 1.0000%
WEIGHTED AVERAGE NET RATE: 12.9853% RANGE: 10.2500 - 16.9900%
WEIGHTED AVERAGE ORIGINAL TERM: 205.64 months RANGE: 36.00 - 300.00 months
WEIGHTED AVERAGE REMAINING TERM: 204.58 months RANGE: 34.00 - 300.00 months
WEIGHTED AVERAGE SEASONING: 0.95 months RANGE: 0.00 - 16.00 months
WEIGHTED AVERAGE FICO SCORE: 666 RANGE: 0 - 775
<TABLE>
<CAPTION>
<S> <C>
TOP STATE CONCENTRATIONS ($): 28.86% California, 20.86% Florida, 7.19% Pennsylvania
</TABLE>
CONTRACT DATE: May 05, 1995 - Nov 14, 1996
FIRST PAY DATE: Jul 08, 1995 - Dec 14, 1996
NEXT DUE DATE: Oct 19, 1996 - Feb 19, 1997
PAID TO DATE: Sep 19, 1996 - Jan 19, 1997
MATURE DATE: Aug 21, 1999 - Nov 13, 2021
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C> <C>
CONVENTIONAL: CONVENTIONAL 6,303,009.72 15.73 227 10.29
TITLE I 33,759,289.33 84.27 1,980 89.71
CURRENT BALANCE: 1,264.53 - 10,000.00 3,488,081.25 8.71 464 21.02
10,000.01 - 20,000.00 12,220,674.15 30.50 799 36.20
20,000.01 - 30,000.00 21,869,848.10 54.59 885 40.10
30,000.01 - 40,000.00 1,275,334.49 3.18 36 1.63
40,000.01 - 50,000.00 557,706.19 1.39 12 0.54
50,000.01 - 60,000.00 650,654.87 1.62 11 0.50
ORIGINAL LOAN AMT: 1,950.00 - 10,000.00 3,443,708.63 8.60 455 20.62
10,000.01 - 20,000.00 12,232,996.28 30.53 804 36.43
20,000.01 - 30,000.00 21,901,898.59 54.67 889 40.28
30,000.01 - 40,000.00 1,275,334.49 3.18 36 1.63
40,000.01 - 50,000.00 557,706.19 1.39 12 0.54
50,000.01 - 60,000.00 650,654.87 1.62 11 0.50
GROSS RATE: 11.250 - 12.000 4,398,179.57 10.98 273 12.37
12.001 - 13.000 6,499,455.67 16.22 365 16.54
13.001 - 14.000 14,691,015.79 36.67 771 34.93
14.001 - 15.000 10,040,589.76 25.06 549 24.88
15.001 - 16.000 3,757,374.63 9.38 213 9.65
16.001 - 17.000 616,067.14 1.54 33 1.50
17.001 - 17.990 59,616.49 0.15 3 0.14
ORIGINAL TERM: 36 27,368.86 0.07 7 0.32
48 68,776.96 0.17 14 0.63
60 561,315.67 1.40 75 3.40
72 93,825.45 0.23 13 0.59
84 427,201.46 1.07 55 2.49
96 111,967.35 0.28 15 0.68
108 5,081.80 0.01 1 0.05
120 2,761,848.40 6.89 262 11.87
144 368,002.77 0.92 30 1.36
180 14,007,853.36 34.97 797 36.11
216 9,943.00 0.02 1 0.05
240 20,789,840.31 51.89 909 41.19
300 829,273.66 2.07 28 1.27
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy
of any material contained herein.
(Wed Dec 11 16:46:57 EST 1996) [shu] Page 1/2
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/11/96
1996-3 REMIC
as of 11/1/96
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
REMAINING TERM: 34 - 36 27,368.86 0.07 7 0.32
37 - 48 68,776.96 0.17 14 0.63
49 - 60 561,315.67 1.40 75 3.40
61 - 72 95,089.98 0.24 14 0.63
73 - 84 425,936.93 1.06 54 2.45
85 - 96 111,967.35 0.28 15 0.68
97 - 108 13,140.40 0.03 2 0.09
109 - 120 2,777,764.80 6.93 262 11.87
133 - 144 368,002.77 0.92 30 1.36
157 - 168 14,015.64 0.03 4 0.18
169 - 180 14,018,812.41 34.99 794 35.98
205 - 216 9,943.00 0.02 1 0.05
217 - 228 12,774.41 0.03 3 0.14
229 - 240 20,728,116.21 51.74 904 40.96
289 - 300 829,273.66 2.07 28 1.27
STATE: Arizona 803,916.80 2.01 43 1.95
Arkansas 348,535.76 0.87 31 1.40
California 11,561,958.01 28.86 499 22.61
Colorado 783,141.25 1.95 42 1.90
Connecticut 67,271.69 0.17 3 0.14
Delaware 95,594.29 0.24 8 0.36
District of Columbia 207,411.80 0.52 10 0.45
Florida 8,355,891.48 20.86 418 18.94
Georgia 1,502,594.90 3.75 91 4.12
Idaho 24,979.41 0.06 1 0.05
Illinois 691,220.73 1.73 36 1.63
Indiana 18,745.72 0.05 2 0.09
Iowa 6,176.77 0.02 1 0.05
Kansas 287,199.77 0.72 21 0.95
Kentucky 8,405.31 0.02 2 0.09
Louisiana 276,421.09 0.69 20 0.91
Maryland 769,646.85 1.92 39 1.77
Michigan 113,324.00 0.28 7 0.32
Minnesota 296,070.45 0.74 16 0.72
Missouri 712,467.46 1.78 55 2.49
Nevada 1,049,925.38 2.62 47 2.13
New Jersey 1,246,642.18 3.11 89 4.03
New York 2,371,078.74 5.92 136 6.16
North Carolina 480,832.22 1.20 44 1.99
Ohio 982,958.40 2.45 64 2.90
Oklahoma 428,231.36 1.07 47 2.13
Oregon 495,970.73 1.24 23 1.04
Pennsylvania 2,881,598.31 7.19 205 9.29
South Carolina 163,111.62 0.41 13 0.59
Tennessee 92,944.48 0.23 8 0.36
Texas 1,451,693.49 3.62 103 4.67
Utah 150,432.29 0.38 7 0.32
Virginia 423,138.99 1.06 31 1.40
Washington 786,530.23 1.96 37 1.68
West Virginia 76,256.33 0.19 6 0.27
Wisconsin 49,980.76 0.12 2 0.09
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy
of any material contained herein.
(Wed Dec 11 16:43:50 EST 1996) [shu] Page 2/2
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/11/96
1996-3 GRANTOR TRUST
as of 11/1/96
NUMBER OF LOANS: 1,462
TOTAL CURRENT BALANCE: $ 27,199,925.48
AVERAGE CURRENT BALANCE: $ 18,604.60 RANGE: $1,104.66 - $60,000.00
AVERAGE ORIGINAL LOAN AMOUNT: $ 18,750.03 RANGE: $1,500.00 - $60,000.00
WEIGHTED AVERAGE GROSS RATE: 14.2902% RANGE: 11.7500 - 18.2500%
WEIGHTED AVERAGE SERVICE FEE: 1.0000% RANGE: 1.0000 - 1.0000%
WEIGHTED AVERAGE NET RATE: 13.2904% RANGE: 10.7500 - 17.2500%
WEIGHTED AVERAGE ORIGINAL TERM: 214.16 months RANGE: 24.00 - 300.00 months
WEIGHTED AVERAGE REMAINING TERM: 212.42 months RANGE: 14.00 - 300.00 months
WEIGHTED AVERAGE SEASONING: 1.71 months RANGE: 0.00 - 16.00 months
WEIGHTED AVERAGE FICO SCORE: 666 RANGE: 0 - 787
TOP STATE CONCENTRATIONS ($): 28.53% California, 21.45% Florida, 11.91% Nevada
CONTRACT DATE: Jun 20, 1995 - Nov 14, 1996
FIRST PAY DATE: Jul 20, 1995 - Dec 14, 1996
NEXT DUE DATE: Oct 19, 1996 - Mar 01, 1997
PAID TO DATE: Sep 19, 1996 - Feb 01, 1997
MATURE DATE: Dec 07, 1997 - Nov 14, 2021
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C> <C>
CONVENTIONAL: CONVENTIONAL 24,216,117.31 89.03 840 57.46
TITLE I 2,983,808.17 10.97 622 42.54
CURRENT BALANCE: 1,104.66 - 10,000.00 3,034,206.67 11.16 628 42.95
10,000.01 - 20,000.00 2,220,054.17 8.16 130 8.89
20,000.01 - 30,000.00 10,884,639.73 40.02 428 29.27
30,000.01 - 40,000.00 6,496,379.28 23.88 184 12.59
40,000.01 - 50,000.00 3,167,760.18 11.65 68 4.65
50,000.01 - 60,000.00 1,396,885.45 5.14 24 1.64
ORIGINAL LOAN AMT: 1,500.00 - 10,000.00 3,034,206.67 11.16 628 42.95
10,000.01 - 20,000.00 2,200,121.84 8.09 129 8.82
20,000.01 - 30,000.00 10,874,612.04 39.98 428 29.27
30,000.01 - 40,000.00 6,526,339.30 23.99 185 12.65
40,000.01 - 50,000.00 3,167,760.18 11.65 68 4.65
50,000.01 - 60,000.00 1,396,885.45 5.14 24 1.64
GROSS RATE: 11.750 - 12.000 245,455.07 0.90 10 0.68
12.001 - 13.000 3,364,085.30 12.37 126 8.62
13.001 - 14.000 11,844,992.65 43.55 743 50.82
14.001 - 15.000 8,105,761.04 29.80 380 25.99
15.001 - 16.000 3,162,737.25 11.63 183 12.52
16.001 - 17.000 377,009.15 1.39 16 1.09
17.001 - 18.000 49,944.31 0.18 2 0.14
18.001 - 18.250 49,940.71 0.18 2 0.14
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy
of any material contained herein.
(Wed Dec 11 16:46:57 EST 1996) [shu] Page 1/2
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/11/96
1996-3 GRANTOR TRUST
as of 11/1/96
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C> <C>
ORIGINAL TERM: 24 14,201.04 0.05 6 0.41
36 180,701.48 0.66 69 4.72
42 2,710.00 0.01 1 0.07
48 206,710.97 0.76 61 4.17
60 829,494.73 3.05 174 11.90
72 143,757.82 0.53 29 1.98
84 399,416.07 1.47 66 4.51
96 180,979.92 0.67 30 2.05
108 17,922.38 0.07 3 0.21
120 1,994,325.24 7.33 221 15.12
144 10,887.42 0.04 1 0.07
180 5,913,707.75 21.74 227 15.53
239 69,622.82 0.26 2 0.14
240 13,287,401.74 48.85 446 30.51
300 3,948,086.10 14.52 126 8.62
REMAINING TERM: 14 - 24 14,201.04 0.05 6 0.41
25 - 36 180,701.48 0.66 69 4.72
37 - 48 217,141.97 0.80 64 4.38
49 - 60 821,773.73 3.02 172 11.76
61 - 72 143,757.82 0.53 29 1.98
73 - 84 399,416.07 1.47 66 4.51
85 - 96 180,979.92 0.67 30 2.05
97 - 108 24,360.94 0.09 4 0.27
109 - 120 1,987,886.68 7.31 220 15.05
133 - 144 10,887.42 0.04 1 0.07
169 - 180 5,953,562.39 21.89 228 15.60
229 - 240 13,292,203.59 48.87 446 30.51
289 - 300 3,973,052.43 14.61 127 8.69
STATE: Arizona 973,131.16 3.58 31 2.12
Arkansas 191,219.38 0.70 38 2.60
California 7,760,663.21 28.53 248 16.96
Colorado 635,567.26 2.34 24 1.64
Connecticut 28,833.81 0.11 2 0.14
Delaware 17,777.99 0.07 3 0.21
Florida 5,834,168.99 21.45 277 18.95
Georgia 1,987,891.99 7.31 95 6.50
Idaho 64,955.27 0.24 2 0.14
Illinois 407,172.27 1.50 21 1.44
Indiana 23,993.26 0.09 1 0.07
Iowa 20,879.06 0.08 5 0.34
Kansas 42,180.18 0.16 10 0.68
Kentucky 34,319.47 0.13 4 0.27
Louisiana 110,089.25 0.40 11 0.75
Maryland 42,025.60 0.15 5 0.34
Massachusetts 74,396.59 0.27 2 0.14
Michigan 31,199.86 0.11 5 0.34
Minnesota 985,197.58 3.62 37 2.53
Missouri 81,396.06 0.30 18 1.23
Nevada 3,240,653.01 11.91 111 7.59
New Jersey 362,784.81 1.33 48 3.28
New York 274,639.14 1.01 42 2.87
North Carolina 213,877.51 0.79 43 2.94
North Dakota 6,799.09 0.02 1 0.07
Ohio 106,440.14 0.39 23 1.57
Oklahoma 274,918.81 1.01 61 4.17
Pennsylvania 504,362.75 1.85 106 7.25
South Carolina 66,040.27 0.24 13 0.89
Tennessee 278,949.97 1.03 22 1.50
Texas 314,399.70 1.16 63 4.31
Utah 149,772.95 0.55 4 0.27
Virginia 477,167.59 1.75 30 2.05
Washington 1,546,716.92 5.69 49 3.35
West Virginia 35,344.58 0.13 7 0.48
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy
of any material contained herein.
(Wed Dec 11 16:46:57 EST 1996) [shu] Page 2/2
<TABLE>
CONVENTIONAL LOAN PROGRAMS
<CAPTION>
Loan Prgm Loan Max Property Lien Max Use of Loan Credit Credit Types of Home
Amount Term Type Post'n CLTV Proceeds Grade/ Grade/Debt Improvements, (Debt
FICO to GIR Consolidation for DC 125)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Express 35 $5,000 - 240 1-4 SF, 1st or 125% Home A+/720+ A+/50% Awnings, Basement
$35,000 Owner 2nd Improvement A/680-719 A/50% remodeling, Bath
Occupied 40%; B+/640/679 B+/45% remodeling, Garages, In-
Debt B/620-639 B/40% ground pools, landscaping,
Consolidation: patios/decks, room
60% additions, saunas, siding,
etc.
Swift 60 $35,000 - 240 1-4 SF, 1st or 125% Home A+/720 + A+/50% Awnings, Basement
$60,000 Owner 2nd Improvement A/680-719 A/50% remodeling, Bath
Occupied 40%; B+/640-679 B+/45% remodeling, Garages, In-
Debt B/620-639 B/40% ground pools, landscaping,
Consolidation: patios/decks, room
60% additions, saunas, siding,
etc.
Debt $5,000 - 300 1-4 SF, 1st or 125% 100% for debt A+/720+ A+/50% Used for debt
Consolida- $75,000 Owner 2nd consolidation A/680-719 A/50% consolidation. (Up to 10%
tion 125 Occupied (up to 10% can B+/640-679 B+/45% can be cash-out). Debt
be cash-out). B/620-639 B/40% consolidation portion (90-
Disbursements 100%) is issued directly in
are drafted creditor's name.
straight to
creditors.
</TABLE>
NOTE: Exceptions to the guidelines are permitted in the instances where
there are compensating factors.
LOAN DISTRIBUTION WITHIN LOAN GROUPS (approx.)
Group I - REMIC Group II - Grantor Trust
--------------- ------------------------
Title I 84.04% Title I 10.97%
Express 35 7.16% Express 35 39.29%
Swift 60 2.43% Swift 60 14.12%
DC 125 6.17% DC 125 35.52%
----- ------
99.80% 99.90%
The attached tables (the "Computational Materials") are privileged and
confidential and intended for use by the addressee only. These
Computational Materials are furnished to you solely by Greenwich Capital
Markets, Inc. And not by the issuer of the securities. They may not be
provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating said
material.
Numerous assumptions were used in preparing the Computational Materials
which may or may not be reflected therein. As such, no assurance can be
given as to either the Computational Material's accuracy, appropriateness
or completeness in any particular context; nor as to whether the
Computational Materials and/or the assumptions upon which they are based
reflect present market conditions or future market performance. These
Computational Materials should not be construed as either projections or
predictions or as legal, tax, financial or accounting advice.
Any weighted average lives and principal payment periods shown in the
Computational Materials are passed on prepayment assumptions, and changes
in such prepayment assumptions may dramatically affect such weighted
average lives or principal payment periods. In addition, it is possible
that prepayments on the underlying assets will occur at rates slower or
faster than the rates shown in the attached Computational Materials.
Furthermore, unless otherwise provided, the Computational Materials assume
no losses on the underlying assets and no interest shortfall. The specific
characteristics of the securities may differ from those shown in the
Computational Materials due to differences between the actual underlying
assets and the hypothetical underlying assets and the hypothetical
underlying assets used in preparing the Computational Materials. The
principal amount and designation of any security described in the
Computational Materials are subject to change prior to issuance.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filled with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has
not been filed with the Securities and Exchange Commission. This
communication shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities discussed in
this communication in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state. Prospective purchasers are referred to
the final prospectus supplement relating to the securities discussed in
this communication for definitive Computational Materials and any matters
discussed in this communication. A Final prospectus and prospectus
supplement may be obtained by contacting GCM's Trading Desk at (203) 625-
6160.
Please be advised that asset-backed securities may not be appropriate for
all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayments, yield curve and interest rate
risks. Investors should make every effort to consider the risks of these
securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by
mail.
