<PAGE>
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 report): August 4, 1997
BANK OF AMERICA, FSB
- -------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER
United States
- -------------------------------------------------------------------------------
(STATE OF OTHER JURISDICTION OF INCORPORATION)
333-3200-01
--------
(COMMISSION FILE NUMBER)
91-0221850
- -------------------------------------------------------------------------------
(I.R.S. EMPLOYER IDENTIFICATION NUMBER)
555 California Street
San Francisco, CA 94104
(415) 622-2220
- -------------------------------------------------------------------------------
(ADDRESS AND TELEPHONE NUMBER OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
<PAGE>
Item 1. CHANGES IN CONTROL OF REGISTRANT.
Not applicable.
Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not applicable.
Item 3. BANKRUPTCY OR RECEIVERSHIP.
Not applicable.
Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not applicable.
Item 5. OTHER EVENTS
FILING OF EXTERNAL COMPUTATIONAL MATERIALS.*
In connection with the offering of BankAmerica Manufactured Housing
Contract Trust II Senior/Subordinate Pass-Through Certificates, Series 1997-1
(the "Publicly Offered Certificates"), Morgan Stanley & Co. Incorporated, as one
of the underwriters of the Publicly Offered Certificates, has prepared certain
materials (the "External Computational Materials") for distribution to potential
investors in the offering.
For purposes of this Form 8-K, External Computational Materials shall
mean computer generated materials or charts displaying, with respect to the
Publicly Offered 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. Certain of the
External Computational Materials prepared by Morgan Stanley & Co. Incorporated
are attached hereto as Exhibit 99.
- ----------------
* Capitalized terms used herein without definition shall have the meanings
assigned to them in the Preliminary Prospectus Supplement, dated July 29, 1997,
and related Prospectus, dated June 4, 1996, of the Registrant relating to the
Publicly Offered Certificates.
2
<PAGE>
Item 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not applicable.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) Exhibit Number:
The following is filed herewith. The exhibit number corresponds with
Item 601(b) of Regulation S-K.
99 External Computational Materials prepared by Morgan Stanley & Co.
Incorporated.
3
<PAGE>
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.
BANK OF AMERICA, FSB
By: /s/ John W. Wheeler
--------------------------------------------
John W. Wheeler*
Dated: August 4, 1997.
San Diego, California
* Mr. Wheeler is President and Division Chief Executive Officer of Bank of
America, FSB.
4
<PAGE>
EXHIBIT INDEX
Exhibit Number Page
- -------------- ----
99 External Computational Materials prepared by Morgan Stanley
& Co. Incorporated.
(a) Morgan Stanley & Co. Incorporated Cover Page
(b) Transaction Highlights
(c) BankAmerica Manufactured Housing Contract Trust II 1997-1
Collateral Description
(d) Geographic Distribution of Manufactured Homes
as of Origination
(e) Distribution of Original Principal Balances of Contracts table
(f) Distribution of Original Loan-to-Value Ratios and
Distribution of Contract Rates tables
(g) Remaining Months to Maturity table
(h) Average Life Sensitivity Tables, Priced to 10% Termination Auction,
for Class A-1, A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-9, M and B-1
Certificates
(i) Average Life Sensitivity Tables, Priced to Maturity, for Class A-1, A-
2, A-3, A-4, A-5, A-6, A-7, A-8, A-9, M and B-1 Certificates
(j) Decrement Tables for Class A-1, A-2, A-3,
A-4, A-5, A-6, A-7, A-8, A-9, M and B-1 Certificates
(k) Computational Materials Defined Terms
(l) Pre-Marketing Structure for Class A-3,
and A-4 Certificates
5
<PAGE>
$254,135,000 (APPROXIMATE)
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 1997-1
BANKAMERICA HOUSING SERVICES, AN UNINCORPORATED DIVISION OF BANK OF AMERICA, FSB
SELLER
BANKAMERICA HOUSING SERVICES, AN UNINCORPORATED DIVISION OF BANK OF AMERICA, FSB
SERVICER
$25,500,000 (Approximate) [ ]% A-1
$18,000,000 (Approximate) [ ]% A-2
$20,500,000 (Approximate) [ ]% A-3
$29,500,000 (Approximate) [ ]% A-4
$14,300,000 (Approximate) [ ]% A-5
$15,500,000 (Approximate) [ ]% A-6
$39,300,000 (Approximate) [ ]% A-7
$26,000,000 (Approximate) [ ]% A-8
$27,545,000 (Approximate) [ ]% A-9
$22,270,000 (Approximate) [ ]% M
$15,720,000 (Approximate) [ ]% B-1
INVESTORS MUST READ THIS PAGE BEFORE PROCEEDING TO THE TEXT. This information
has been prepared in connection with the issuance of securities representing
interests in the above trust, and is based in part on information provided by
BankAmerica Housing Services, an unincorporated division of Bank of America,
FSB, with respect to the expected characteristics of the pool of manufactured
housing contracts in which these securities will represent undivided beneficial
interests. THE ACTUAL CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED
HOUSING CONTRACTS WILL DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE
MATERIALS, WHICH ARE HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY
HAVE A MATERIAL IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that manufactured housing contracts
will prepay at a constant rate or follow a predictable pattern. This
information may not be used or otherwise disseminated in connection with the
offer or sale of these or any other securities, except in connection with the
initial offer or sale of these securities to you to the extent set forth below.
NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading strategy.
ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A
DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS
SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN
CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any
such offering, these materials, including any description of the manufactured
housing contracts contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement. To
Our Readers Worldwide: In addition, please note that this information has been
provided by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley &
Co. International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
TRANSACTION HIGHLIGHTS
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE MODIFIED
TO DURATION TO PAYMENT
EXPECTED 10% AUCTION/ 10% AUCTION/ WINDOWS TO SCHEDULED
APPROXIMATE RATINGS MATURITY(1) MATURITY(1) 10% AUCTION (1) FINAL DAY
CLASS CLASS SIZE (MOODY'S/FITCH) (YEARS) (YEARS) (MONTHS) MATURITY COUNT
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $25,500,000 Aaa/AAA 0.50 / 0.50 0.48 / 0.48 8/97 - 8/98 -- 13 months 5/10/02 30/360
A-2 $18,000,000 Aaa/AAA 1.34 / 1.34 1.25 / 1.25 8/98 - 4/99 -- 9 months 9/10/04 30/360
A-3 $20,500,000 Aaa/AAA 2.05 / 2.05 1.86 / 1.86 4/99 - 1/00 -- 10 months 2/10/07 30/360
A-4 $29,500,000 Aaa/AAA 3.05 / 3.05 2.68 / 2.68 1/00 - 4/01 -- 16 months 6/10/10 30/360
A-5 $14,300,000 Aaa/AAA 4.05 / 4.05 3.45 / 3.45 4/01 - 2/02 -- 11 months 12/10/11 30/360
A-6 $15,500,000 Aaa/AAA 5.04 / 5.04 4.16 / 4.16 2/02 - 3/03 -- 14 months 4/10/14 30/360
A-7 $39,300,000 Aaa/AAA 7.33 / 7.33 5.60 / 5.60 3/03 - 12/06 -- 46 months 10/10/19 30/360
A-8 $26,000,000 Aaa/AAA 11.26 / 11.26 7.58 / 7.58 12/06 - 1/11 -- 50 months 6/10/23 30/360
A-9 $27,545,000 Aaa/AAA 15.44 / 17.47 9.02 / 9.55 1/11 - 7/13 -- 31 months 01/10/28 30/360
M $22,270,000 Aa3/AA- 9.62 / 10.10 6.50 / 6.63 8/01 - 7/13 -- 144 months 01/10/28 30/360
B-1 $15,720,000 Baa2/BBB 7.14 / 7.14 5.33 / 5.33 8/01 - 2/09 -- 91 months 6/10/21 30/360
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL$254,135,000 -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) See "Pricing Prepayment Speed" below.
SELLER AND SERVICER: BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB.
TRUSTEE: The First National Bank of Chicago.
EXPECTED PRICING DATE: July 30, 1997.
EXPECTED SETTLEMENT DATE: August 6, 1997, through DTC.
PRICING PREPAYMENT SPEED: 170% MHP (equates to 10.2% CPR after 24-month
ramp-up period).
PRICING: Priced to 10% Termination Auction date.
DISTRIBUTION DATES: The 10th of each month, beginning August 11, 1997.
TERMINATION AUCTION: Fourth Distribution Date after Distribution Date
when outstanding pool balance is less than 10% of
the original pool balance.
CREDIT ENHANCEMENT: Aaa/AAA Classes: Class
A-1/A-2/A-3/A-4/A-5/A-6/A-7/A-8/A-9: 17.5%
subordination
Aa3/AA- Class M-1: 9.0% subordination
Baa2/BBB Class B-1: 3.0% subordination
All classes will also have the benefit of excess
spread and a reserve account which is expected to
fund through excess spread to 0.50% of the
original pool balance approximately 10 years from
the closing date.
ERISA ELIGIBILITY: The AAA-rated certificates (Classes A-1 through
A-9) are ERISA eligible.
SMMEA ELIGIBILITY: The AAA-rated certificates (Classes A-1 through
A-9) and AA-rated certificate (Class M-1) are
SMMEA eligible.
TRUST TAX STATUS: REMIC Trust.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
BANKAMERICA 1997-1 COLLATERAL DESCRIPTION
The collateral pool will consist of conventional fixed rate manufactured housing
installment sales contracts and installment loan agreements secured by
manufactured homes (the "Contracts").
Aggregate Cut-off Date Pool Principal Balance: $261,995,275.30
Number of Contracts: 8,769
Cut-off Date: June 30, 1997
Average Outstanding Balance
(As of Cut-off Date): $29,877
Weighted Average LTV Ratio
(As of Cut-off Date): 89.57% (Range: 14% to 100%)
New/Used Breakdown
(As of Cut-off Date): 79%/21%
% Land-Home Contracts
(As of Cut-off Date): 7.32%
Weighted Average Coupon
(As of Cut-off Date): 10.72% (Range: 8.00% to
13.50%)
Weighted Average Original Maturity
(As of Cut-off Date): 280 months (Range: 22 months
to 362 months)
Weighted Average Remaining Maturity
(As of Cut-off Date): 277 months (Range: 15 months
to 360 months)
Weighted Average Seasoning
(As of Cut-off Date): 3 months
Geographic Distribution
(By outstanding principal
balance as of Cut- off Date): GA (9.41%), TX (9.23%), AL
(8.42%), NC (6.68%), FL
(6.05%) with each of the
remaining states under 5.0%
Origination Dates
(As of Cut-off Date): Each contract was originated
between January 1, 1997 and
May 30, 1997
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
COLLATERAL TABLES
<TABLE>
<CAPTION>
% BY
GEOGRAPHICAL NUMBER OF CURRENT CURRENT AVERAGE TOTAL WEIGHTED WEIGHTED WEIGHTED
DISTRIBUTION OF CONTRACTS PRINCIPAL PRINCIPAL CURRENT MONTHLY AVERAGE AVERAGE AVERAGE
MANUFACTURED BALANCE BALANCE BALANCE PAYMENT REM TERM ORIG TERM WAC LTV
HOMES
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Alabama 682 22,073,098.39 8.42 32,365.25 210,923.14 284.9 287.8 9.836 90.74
Arkansas 242 7,047,537.93 2.69 29,122.06 72,503.72 276.3 280.7 10.664 88.53
Arizona 318 11,359,719.23 4.34 35,722.39 111,612.19 305.1 308.5 10.632 88.36
California 95 3,367,209.78 1.29 35,444.31 35,085.75 267.3 271.0 10.909 85.86
Colorado 152 4,436,130.07 1.69 29,185.07 48,052.84 275.1 279.4 11.481 89.67
Delaware 42 1,089,661.21 0.42 25,944.31 12,060.54 252.0 254.2 11.499 88.30
Florida 462 15,863,500.40 6.05 34,336.58 151,893.89 303.3 307.2 10.132 90.24
Georgia 723 24,661,407.65 9.41 34,109.83 235,483.42 298.4 301.4 10.155 90.10
Iowa 56 1,521,641.76 0.58 27,172.17 16,446.67 277.7 280.9 11.387 89.20
Idaho 47 1,441,224.52 0.55 30,664.35 14,656.01 290.8 295.5 10.777 89.23
Illinois 95 2,551,144.07 0.97 26,854.15 27,587.93 252.8 255.6 11.075 88.73
Indiana 162 3,837,995.44 1.46 23,691.33 43,261.87 255.4 258.2 11.692 90.18
Kansas 77 2,209,625.01 0.84 28,696.43 22,939.95 287.1 289.7 11.245 90.46
Kentucky 441 11,656,487.74 4.45 26,431.94 121,310.02 257.3 261.3 10.570 89.58
Louisiana 277 8,480,275.58 3.24 30,614.71 87,472.27 262.2 266.0 10.770 89.83
Maryland 39 1,137,791.52 0.43 29,174.14 12,906.20 252.9 256.3 11.652 89.47
Maine 22 732,723.59 0.28 33,305.62 7,185.30 323.7 326.3 11.025 90.56
Michigan 164 4,542,183.65 1.73 27,696.24 48,609.46 272.8 278.1 11.470 89.13
Minnesota 69 1,537,987.26 0.59 22,289.67 18,443.40 237.2 239.5 11.887 88.35
Missouri 218 5,911,656.53 2.26 27,117.69 63,348.91 267.6 270.5 11.151 88.37
Mississippi 231 5,999,779.37 2.29 25,973.07 66,764.01 226.2 230.3 10.974 89.88
Montana 52 1,755,468.97 0.67 33,759.02 17,333.07 300.7 303.9 10.569 88.22
North Carolina 611 17,504,033.85 6.68 28,648.17 181,813.89 271.7 275.2 10.808 89.58
North Dakota 16 286,777.52 0.11 17,923.60 3,582.74 221.4 223.9 12.064 89.41
Nebraska 59 1,798,337.36 0.69 30,480.29 18,596.60 294.2 296.9 10.998 87.41
New Hampshire 8 244,496.15 0.09 30,562.02 2,565.74 299.0 301.7 11.331 89.88
New Jersey 10 243,756.64 0.09 24,375.66 3,228.00 183.1 185.8 12.601 79.93
New Mexico 214 6,341,870.09 2.42 29,634.91 66,870.33 273.7 276.9 10.720 89.25
Nevada 83 3,435,805.02 1.31 41,395.24 32,992.86 295.7 300.2 10.279 89.33
New York 141 3,696,508.49 1.41 26,216.37 40,441.19 253.3 256.0 11.276 86.34
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
<TABLE>
<CAPTION>
GEOGRAPHICAL NUMBER OF CURRENT CURRENT AVERAGE TOTAL WEIGHTED WEIGHTED WEIGHTED
DISTRIBUTION OF CONTRACTS PRINCIPAL PRINCIPAL CURRENT MONTHLY AVERAGE AVERAGE AVERAGE
MANUFACTURED BALANCE BALANCE BALANCE PAYMENT REM TERM ORIG TERM WAC LTV
HOMES
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Ohio 182 4,652,636.27 1.78 25,563.94 49,419.43 266.8 270.3 11.302 89.81
Oklahoma 253 7,781,448.03 2.97 30,756.71 77,315.89 289.5 293.7 10.332 90.20
Oregon 68 2,122,899.14 0.81 31,219.11 22,845.37 268.7 273.2 11.294 88.57
Pennsylvania 260 6,379,595.80 2.44 24,536.91 73,503.87 236.7 239.8 11.659 88.15
South Carolina 376 11,869,841.05 4.53 31,568.73 121,585.32 294.7 298.3 10.879 89.97
South Dakota 35 823,815.38 0.31 23,537.58 9,086.15 268.7 273.0 11.217 85.82
Tennessee 371 10,662,747.36 4.07 28,740.56 111,273.29 257.0 262.3 10.577 90.11
Texas 798 24,172,780.61 9.23 30,291.71 254,910.13 279.8 282.9 11.077 90.17
Utah 19 647,283.22 0.25 34,067.54 6,714.47 285.6 288.9 11.440 89.26
Vermont 7 193,530.00 0.07 27,647.14 1,962.30 290.4 292.6 11.092 92.00
Virginia 195 5,216,498.67 1.99 26,751.28 56,382.56 248.6 251.2 10.967 89.62
Washington 59 2,298,070.29 0.88 38,950.34 22,757.19 304.3 308.6 10.830 91.02
Wisconsin 60 1,406,795.92 0.54 23,446.60 15,886.43 266.1 271.2 11.808 88.05
West Virginia 240 6,000,549.93 2.29 25,002.29 63,696.21 254.4 257.0 10.803 88.91
Wyoming 38 1,000,948.84 0.38 26,340.76 10,769.30 269.9 273.5 11.118 88.77
**TOTAL** 8,769 261,995,275.30 100.00 29,877.44 2,694,079.82 276.9 280.4 10.724 89.57
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
<TABLE>
<CAPTION>
% BY
NUMBER OF CURRENT CURRENT AVERAGE TOTAL WEIGHTED WEIGHTED WEIGHTED
CONTRACTS PRINCIPAL PRINCIPAL CURRENT MONTHLY AVERAGE AVERAGE AVERAGE
ORIGINAL BALANCE BALANCE BALANCE BALANCE PAYMENT REM TERM ORIG TERM WAC LTV
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.01 - 5,000.99 7 29,972.00 0.01 4,281.71 1,027.00 40.1 42.4 12.068 71.80
5,001.00 - 7,500.99 72 466,445.51 0.18 6,478.41 11,463.35 55.9 58.6 12.324 76.68
7,501.00 - 10,000.99 288 2,483,964.01 0.95 8,624.88 46,564.96 84.1 87.2 12.478 82.57
10,001.00 - 12,500.99 359 4,016,338.96 1.53 11,187.57 61,788.04 116.5 119.5 12.389 85.81
12,501.00 - 15,000.99 500 6,818,348.63 2.60 13,636.70 94,569.16 143.9 147.2 12.249 86.32
15,001.00 - 17,500.99 527 8,498,617.01 3.24 16,126.41 109,897.11 160.1 163.2 11.996 87.59
17,501.00 - 20,000.99 528 9,829,242.29 3.75 18,615.99 122,474.64 166.9 169.9 11.786 88.10
20,001.00 - 22,500.99 609 12,876,891.87 4.91 21,144.32 147,800.05 205.0 208.3 11.497 88.61
22,501.00 - 25,000.99 705 16,640,893.23 6.35 23,604.10 184,677.36 216.7 219.9 11.262 88.62
25,001.00 - 27,500.99 737 19,256,075.10 7.35 26,127.65 205,527.43 255.1 258.7 11.266 90.31
27,501.00 - 30,000.99 695 19,902,984.95 7.60 28,637.39 205,799.00 274.7 278.3 11.029 89.55
30,001.00 - 32,500.99 627 19,488,777.41 7.44 31,082.58 197,953.89 285.9 289.4 10.929 89.49
32,501.00 - 35,000.99 490 16,439,386.10 6.27 33,549.77 162,804.93 297.3 300.9 10.766 90.15
35,001.00 - 40,000.99 803 29,987,416.40 11.45 37,344.23 291,475.45 307.1 310.7 10.631 90.13
40,001.00 - 45,000.99 561 23,745,873.97 9.06 42,327.76 221,277.47 316.6 320.0 10.260 89.62
45,001.00 - 50,000.99 406 19,160,820.33 7.31 47,194.14 174,934.69 326.2 329.7 10.026 89.88
50,001.00 - 55,000.99 319 16,641,359.72 6.35 52,167.27 148,176.27 336.0 340.1 9.912 90.66
55,001.00 - 60,000.99 184 10,510,159.53 4.01 57,120.43 93,122.95 334.1 337.7 9.837 90.69
60,001.00 - 65,000.99 125 7,775,752.32 2.97 62,206.02 67,680.95 341.9 345.2 9.736 91.37
65,001.00 - 70,000.99 77 5,170,708.45 1.97 67,152.06 43,873.40 345.7 349.0 9.408 90.99
70,001.00 - 75,000.99 41 2,948,051.29 1.13 71,903.69 25,274.20 338.6 342.4 9.517 91.43
75,001.00 - 80,000.99 38 2,928,717.12 1.12 77,071.50 24,515.87 346.4 350.6 9.318 91.76
80,001.00 - 85,000.99 28 2,303,851.05 0.88 82,280.39 18,922.11 345.7 351.7 9.054 91.43
85,001.00 - 90,000.99 15 1,309,639.18 0.50 87,309.28 10,462.04 355.8 360.0 8.886 90.55
90,001.00 - 95,000.99 12 1,108,917.49 0.42 92,409.79 8,796.96 345.3 350.1 8.723 93.98
95,001.00 - 100,000.99 5 482,104.78 0.18 96,420.96 3,977.91 356.5 360.0 9.244 90.05
100,001.00 >= 11 1,173,966.60 0.45 106,724.24 9,242.63 356.8 360.0 8.733 90.72
**TOTAL** 8,769 261,995,275.30 100.00 29,877.44 2,694,079.82 276.9 280.4 10.724 89.57
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
<TABLE>
<CAPTION>
% BY
NUMBER OF CURRENT CURRENT AVERAGE TOTAL WEIGHTED WEIGHTED WEIGHTED
LOAN-TO-VALUE CONTRACTS PRINCIPAL PRINCIPAL CURRENT MONTHLY AVERAGE AVERAGE AVERAGE
RATIO BALANCE BALANCE BALANCE PAYMENT REM TERM ORIG TERM WAC LTV
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.001 - 50.499 78 1,288,698.57 0.49 16,521.78 16,829.99 178.6 181.1 9.993 42.59
50.500 - 60.499 95 1,935,060.47 0.74 20,369.06 22,798.94 200.1 203.3 10.278 56.30
60.500 - 70.499 154 3,247,937.68 1.24 21,090.50 38,035.35 207.7 213.4 10.282 65.97
70.500 - 80.499 862 21,241,269.16 8.11 24,641.84 229,850.67 240.0 243.2 10.391 78.41
80.500 - 85.499 660 19,866,195.87 7.58 30,100.30 196,338.28 275.3 278.8 10.093 83.78
85.500 - 90.499 3,395 100,395,492.95 38.32 29,571.57 1,027,673.95 274.8 278.2 10.619 89.50
90.500 - 95.499 3,404 110,059,679.64 42.01 32,332.46 1,121,045.94 291.4 295.1 11.033 94.31
95.500 - 100.000 121 3,960,940.96 1.51 32,735.05 41,506.70 258.2 263.0 10.563 99.64
**TOTAL** 8,769 261,995,275.30 100.00 29,877.44 2,694,079.82 276.9 280.4 10.724 89.57
<CAPTION>
% BY
NUMBER OF CURRENT CURRENT AVERAGE TOTAL WEIGHTED WEIGHTED WEIGHTED
CONTRACTS PRINCIPAL PRINCIPAL CURRENT MONTHLY AVERAGE AVERAGE AVERAGE
CONTRACT RATE BALANCE BALANCE BALANCE PAYMENT REM TERM ORIG TERM WAC CURRENT
LTV
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
8.00 - 8.24 114 5,791,785.42 2.21 50,805.14 44,062.29 332.5 335.6 8.000 84.21
8.25 - 8.49 226 11,808,967.82 4.51 52,252.07 91,113.49 337.0 340.6 8.250 89.87
8.50 - 8.74 199 9,038,670.48 3.45 45,420.45 71,805.03 332.1 335.6 8.500 89.14
8.75 - 8.99 141 5,920,328.14 2.26 41,988.14 49,053.61 315.1 319.0 8.750 88.56
9.00 - 9.24 151 5,908,161.06 2.26 39,126.89 50,680.47 308.4 312.0 9.000 89.55
9.25 - 9.49 154 7,519,117.21 2.87 48,825.44 62,817.97 341.6 345.0 9.250 93.11
9.50 - 9.74 233 9,476,574.38 3.62 40,671.99 89,145.88 305.6 309.0 9.500 89.92
9.75 - 9.99 281 8,989,420.07 3.43 31,990.82 95,345.01 250.8 254.8 9.750 80.66
10.00 - 10.24 362 12,662,538.30 4.83 34,979.39 120,872.34 293.1 296.3 10.000 85.87
10.25 - 10.49 578 21,748,486.24 8.30 37,627.14 209,515.84 300.8 303.9 10.250 87.48
10.50 - 10.74 625 22,310,615.90 8.52 35,696.99 217,974.21 298.4 302.1 10.500 87.69
10.75 - 10.99 653 17,640,241.15 6.73 27,014.15 181,052.72 263.9 267.3 10.750 88.20
11.00 - 11.24 655 17,824,109.79 6.80 27,212.38 187,427.04 261.5 265.2 11.000 88.44
11.25 - 11.49 444 15,949,630.85 6.09 35,922.59 165,775.88 287.7 291.7 11.250 92.10
11.50 - 11.74 455 16,137,864.73 6.16 35,467.83 168,243.76 298.0 301.9 11.500 92.61
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
<TABLE>
<CAPTION>
% BY
NUMBER OF CURRENT CURRENT AVERAGE TOTAL WEIGHTED WEIGHTED WEIGHTED
CONTRACTS PRINCIPAL PRINCIPAL CURRENT MONTHLY AVERAGE AVERAGE AVERAGE
CONTRACT RATE BALANCE BALANCE BALANCE PAYMENT REM TERM ORIG TERM WAC LTV
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
11.75 - 11.99 633 16,439,677.93 6.27 25,971.06 181,378.84 264.5 268.2 11.750 92.46
12.00 - 12.24 950 22,602,202.58 8.63 23,791.79 258,219.83 253.4 256.7 12.000 92.41
12.25 - 12.49 512 9,393,821.96 3.59 18,347.31 118,369.20 199.3 202.6 12.250 89.96
12.50 - 12.74 481 9,173,545.40 3.50 19,071.82 116,552.44 197.1 200.5 12.500 91.45
12.75 - 12.99 83 1,610,852.45 0.61 19,407.86 21,157.65 221.6 225.6 12.750 89.03
13.00 - 13.24 105 1,942,687.32 0.74 18,501.78 25,805.15 207.8 210.4 13.000 88.03
13.25 - 13.49 288 4,563,316.43 1.74 15,844.85 63,527.95 166.6 170.2 13.250 93.20
13.50 - 13.74 446 7,542,659.69 2.88 16,911.79 104,183.22 176.3 179.6 13.500 93.83
**TOTAL** 8,769 261,995,275.30 100.00 29,877.44 2,694,079.82 276.9 280.4 10.724 89.57
% BY
NUMBER OF CURRENT CURRENT AVERAGE TOTAL WEIGHTED WEIGHTED WEIGHTED
CONTRACTS PRINCIPAL PRINCIPAL CURRENT MONTHLY AVERAGE AVERAGE AVERAGE
REMAINING MONTHS BALANCE BALANCE BALANCE PAYMENT REM TERM ORIG TERM WAC LTV
0.01 - 30.00 5 18,713.25 0.01 3,742.65 986.39 21.7 107.9 12.221 83.04
30.01 - 60.00 153 1,480,477.74 0.57 9,676.33 36,312.11 53.9 58.1 11.894 81.24
60.01 - 90.00 342 4,463,246.93 1.70 13,050.43 79,804.15 79.6 82.4 11.131 82.80
90.01 - 120.00 715 11,187,614.53 4.27 15,647.01 162,373.46 114.7 118.5 11.607 84.96
120.01 - 150.00 245 4,061,780.44 1.55 16,578.70 53,491.71 140.6 144.1 11.796 86.65
150.01 - 180.00 1,708 35,059,775.81 13.38 20,526.80 414,445.01 176.8 180.0 11.572 88.35
180.01 - 210.00 9 257,861.84 0.10 28,651.32 2,878.97 204.0 223.9 11.444 89.11
210.01 - 240.00 2,186 63,193,092.67 24.12 28,908.09 660,885.39 236.7 239.8 11.124 89.82
240.01 - 270.00 6 221,864.52 0.08 36,977.42 2,158.78 259.1 300.5 10.410 92.13
270.01 - 300.00 769 27,340,742.81 10.44 35,553.63 262,345.73 296.4 300.4 10.666 90.72
300.01 - 330.00 11 455,903.16 0.17 41,445.74 4,255.48 316.8 357.5 10.467 89.12
330.01 - 360.00 2,620 114,254,201.60 43.61 43,608.47 1,014,142.64 356.6 360.0 10.100 90.46
**TOTAL** 8,769 261,995,275.30 100.00 29,877.44 2,694,079.82 276.9 280.4 10.724 89.57
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
<TABLE>
<CAPTION>
AVERAGE LIFE SENSITIVITY TABLES
PRICED TO 10% TERMINATION AUCTION
PREPAY SPEED MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A1 @ PRICE 100/00
Average Life 2.59 0.76 0.56 0.50 0.44 0.36 0.3
First Prin 8/10/97 8/10/97 8/10/97 8/10/97 8/10/97 8/10/97 8/10/97
Last Prin 5/10/02 2/10/99 9/10/98 8/10/98 6/10/98 5/10/98 3/10/98
Payment Window 58 19 14 13 11 10 8
Mod Duration 2.29 0.71 0.53 0.48 0.42 0.34 0.29
CLASS A2 @ PRICE 100/00
Average Life 5.99 1.97 1.47 1.34 1.18 0.98 0.83
First Prin 5/10/02 2/10/99 9/10/98 8/10/98 6/10/98 5/10/98 3/10/98
Last Prin 9/10/04 1/10/00 6/10/99 4/10/99 2/10/99 11/10/98 8/10/98
Payment Window 29 12 10 9 9 7 6
Mod Duration 4.86 1.79 1.36 1.25 1.10 0.92 0.79
CLASS A3 @ PRICE 100/00
Average Life 8.25 3.03 2.26 2.05 1.80 1.51 1.3
First Prin 9/10/04 1/10/00 6/10/99 4/10/99 2/10/99 11/10/98 8/10/98
Last Prin 2/10/07 3/10/01 4/10/00 1/10/00 10/10/99 5/10/99 2/10/99
Payment Window 30 15 11 10 9 7 7
Mod Duration 6.25 2.68 2.04 1.86 1.65 1.39 1.21
CLASS A4 @ PRICE 100/00
Average Life 11.19 4.52 3.36 3.05 2.67 2.22 1.9
First Prin 2/10/07 3/10/01 4/10/00 1/10/00 10/10/99 5/10/99 2/10/99
Last Prin 6/10/10 2/10/03 9/10/01 4/10/01 11/10/00 4/10/00 11/10/99
Payment Window 41 24 18 16 14 12 10
Mod Duration 7.77 3.80 2.93 2.68 2.38 2.00 1.73
(1) Framed column notes pricing prepayment speed of BankAmerica Manufactured Housing Contract Trust II 1997-1.
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
<TABLE>
<CAPTION>
AVERAGE LIFE SENSITIVITY TABLES (CONT'D)
PRICED TO 10% TERMINATION AUCTION
PREPAY SPEED MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A5 @ PRICE 100/00
Average Life 13.62 6.18 4.59 4.05 3.51 2.91 2.48
First Prin 6/10/10 2/10/03 9/10/01 4/10/01 11/10/00 4/10/00 11/10/99
Last Prin 12/10/11 6/10/04 9/10/02 2/10/02 6/10/01 10/10/00 4/10/00
Payment Window 19 17 13 11 8 7 6
Mod Duration 8.79 4.93 3.84 3.45 3.04 2.56 2.22
CLASS A6 @ PRICE 100/00
Average Life 15.57 7.55 5.70 5.04 4.23 3.43 2.92
First Prin 12/10/11 6/10/04 9/10/02 2/10/02 6/10/01 10/10/00 4/10/00
Last Prin 4/10/14 11/10/05 12/10/03 3/10/03 5/10/02 4/10/01 10/10/00
Payment Window 29 18 16 14 12 7 7
Mod Duration 9.50 5.78 4.61 4.16 3.58 2.97 2.57
CLASS A7 @ PRICE 100/00
Average Life 19.15 10.66 8.17 7.33 6.28 4.91 3.96
First Prin 4/10/14 11/10/05 12/10/03 3/10/03 5/10/02 4/10/01 10/10/00
Last Prin 10/10/19 10/10/10 1/10/08 12/10/06 9/10/05 1/10/04 10/10/02
Payment Window 67 60 50 46 41 34 25
Mod Duration 10.5 7.37 6.08 5.60 4.95 4.04 3.36
CLASS A8 @ PRICE 100/00
Average Life 24.12 15.38 12.34 11.26 9.82 7.90 6.42
First Prin 10/10/19 10/10/10 1/10/08 12/10/06 9/10/05 1/10/04 10/10/02
Last Prin 6/10/23 8/10/15 3/10/12 1/10/11 7/10/09 5/10/07 7/10/05
Payment Window 45 59 51 50 47 41 34
Mod Duration 11.45 9.19 8.04 7.58 6.90 5.88 5.01
(1) Framed column notes pricing prepayment speed of BankAmerica Manufactured Housing Contract Trust II 1997-1.
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
<TABLE>
<CAPTION>
AVERAGE LIFE SENSITIVITY TABLES (CONT'D)
PRICED TO 10% TERMINATION AUCTION
PREPAY SPEED MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A9 @ PRICE 100/00
Average Life 26.83 19.84 16.64 15.44 13.85 11.69 9.92
First Prin 6/10/23 8/10/15 3/10/12 1/10/11 7/10/09 5/10/07 7/10/05
Last Prin 9/10/24 11/10/17 9/10/14 7/10/13 12/10/11 11/10/09 3/10/08
Payment Window 16 28 31 31 30 31 33
Mod Duration 11.53 10.24 9.39 9.02 8.48 7.64 6.84
CLASS M @ PRICE 100/00
Average Life 20.47 12.47 10.14 9.62 8.94 8.05 7.35
First Prin 10/10/09 9/10/02 8/10/01 8/10/01 8/10/01 8/10/01 8/10/01
Last Prin 9/10/24 11/10/17 9/10/14 7/10/13 12/10/11 11/10/09 3/10/08
Payment Window 180 183 158 144 125 100 80
Mod Duration 10.35 7.70 6.71 6.50 6.21 5.79 5.45
CLASS B1 @ PRICE 100/00
Average Life 17.64 9.40 7.45 7.14 6.76 6.28 5.93
First Prin 10/10/09 9/10/02 8/10/01 8/10/01 8/10/01 8/10/01 8/10/01
Last Prin 6/10/21 6/10/12 9/10/09 2/10/09 3/10/08 2/10/07 4/10/06
Payment Window 141 118 98 91 80 67 57
Mod Duration 9.68 6.51 5.50 5.33 5.12 4.85 4.64
(1) Framed column notes pricing prepayment speed of BankAmerica Manufactured Housing Contract Trust II 1997-1.
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
<TABLE>
<CAPTION>
AVERAGE LIFE SENSITIVITY TABLES (CONT'D)
PRICED TO MATURITY
PREPAY SPEED MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A1 @ PRICE 100/00
Average Life 2.59 0.76 0.56 0.50 0.44 0.36 0.3
First Prin 8/10/97 8/10/97 8/10/97 8/10/97 8/10/97 8/10/97 8/10/97
Last Prin 5/10/02 2/10/99 9/10/98 8/10/98 6/10/98 5/10/98 3/10/98
Payment Window 58 19 14 13 11 10 8
Mod Duration 2.29 0.71 0.53 0.48 0.42 0.34 0.29
CLASS A2 @ PRICE 100/00
Average Life 5.99 1.97 1.47 1.34 1.18 0.98 0.83
First Prin 5/10/02 2/10/99 9/10/98 8/10/98 6/10/98 5/10/98 3/10/98
Last Prin 9/10/04 1/10/00 6/10/99 4/10/99 2/10/99 11/10/98 8/10/98
Payment Window 29 12 10 9 9 7 6
Mod Duration 4.86 1.79 1.36 1.25 1.10 0.92 0.79
CLASS A3 @ PRICE 100/00
Average Life 8.25 3.03 2.26 2.05 1.8 1.51 1.3
First Prin 9/10/04 1/10/00 6/10/99 4/10/99 2/10/99 11/10/98 8/10/98
Last Prin 2/10/07 3/10/01 4/10/00 1/10/00 10/10/99 5/10/99 2/10/99
Payment Window 30 15 11 10 9 7 7
Mod Duration 6.25 2.68 2.04 1.86 1.65 1.39 1.21
CLASS A4 @ PRICE 100/00
Average Life 11.19 4.52 3.36 3.05 2.67 2.22 1.9
First Prin 2/10/07 3/10/01 4/10/00 1/10/00 10/10/99 5/10/99 2/10/99
Last Prin 6/10/10 2/10/03 9/10/01 4/10/01 11/10/00 4/10/00 11/10/99
Payment Window 41 24 18 16 14 12 10
Mod Duration 7.77 3.80 2.93 2.68 2.38 2.00 1.73
(1) Framed column notes pricing prepayment speed of BankAmerica Manufactured Housing Contract Trust II 1997-1.
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
<TABLE>
<CAPTION>
AVERAGE LIFE SENSITIVITY TABLES (CONT'D)
PRICED TO MATURITY
PREPAY SPEED MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A5 @ PRICE 100/00
Average Life 13.62 6.18 4.59 4.05 3.51 2.91 2.48
First Prin 6/10/10 2/10/03 9/10/01 4/10/01 11/10/00 4/10/00 11/10/99
Last Prin 12/10/11 6/10/04 9/10/02 2/10/02 6/10/01 10/10/00 4/10/00
Payment Window 19 17 13 11 8 7 6
Mod Duration 8.79 4.93 3.84 3.45 3.04 2.56 2.22
CLASS A6 @ PRICE 100/00
Average Life 15.57 7.55 5.7 5.04 4.23 3.43 2.92
First Prin 12/10/11 6/10/04 9/10/02 2/10/02 6/10/01 10/10/00 4/10/00
Last Prin 4/10/14 11/10/05 12/10/03 3/10/03 5/10/02 4/10/01 10/10/00
Payment Window 29 18 16 14 12 7 7
Mod Duration 9.50 5.78 4.61 4.16 3.58 2.97 2.57
CLASS A7 @ PRICE 100/00
Average Life 19.15 10.66 8.17 7.33 6.28 4.91 3.96
First Prin 4/10/14 11/10/05 12/10/03 3/10/03 5/10/02 4/10/01 10/10/00
Last Prin 10/10/19 10/10/10 1/10/08 12/10/06 9/10/05 1/10/04 10/10/02
Payment Window 67 60 50 46 41 34 25
Mod Duration 10.50 7.37 6.08 5.60 4.95 4.04 3.36
CLASS A8 @ PRICE 100/00
Average Life 24.12 15.38 12.34 11.26 9.82 7.90 6.42
First Prin 10/10/19 10/10/10 1/10/08 12/10/06 9/10/05 1/10/04 10/10/02
Last Prin 6/10/23 8/10/15 3/10/12 1/10/11 7/10/09 5/10/07 7/10/05
Payment Window 45 59 51 50 47 41 34
Mod Duration 11.45 9.19 8.04 7.58 6.90 5.88 5.01
(1) Framed column notes pricing prepayment speed of BankAmerica Manufactured Housing Contract Trust II 1997-1.
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
<TABLE>
<CAPTION>
AVERAGE LIFE SENSITIVITY TABLES (CONT'D)
PRICED TO MATURITY
PREPAY SPEED MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A9 @ PRICE 100/00
Average Life 27.20 22.02 18.73 17.47 15.75 13.33 11.31
First Prin 6/10/23 8/10/15 3/10/12 1/10/11 7/10/09 5/10/07 7/10/05
Last Prin 12/10/25 10/10/24 1/10/23 1/10/22 4/10/20 4/10/17 1/10/15
Payment Window 31 111 131 133 130 120 115
Mod Duration 11.58 10.66 9.90 9.55 9.04 8.21 7.39
CLASS M @ PRICE 100/00
Average Life 20.55 12.94 10.6 10.1 9.44 8.57 7.9
First Prin 10/10/09 9/10/02 8/10/01 8/10/01 8/10/01 8/10/01 8/10/01
Last Prin 12/10/25 10/10/24 1/10/23 1/10/22 4/10/20 4/10/17 1/10/15
Payment Window 195 266 258 246 225 189 162
Mod Duration 10.36 7.79 6.83 6.63 6.36 5.98 5.67
CLASS B1 @ PRICE 100/00
Average Life 17.64 9.4 7.45 7.14 6.76 6.28 5.93
First Prin 10/10/09 9/10/02 8/10/01 8/10/01 8/10/01 8/10/01 8/10/01
Last Prin 6/10/21 6/10/12 9/10/09 2/10/09 3/10/08 2/10/07 4/10/06
Payment Window 141 118 98 91 80 67 57
Mod Duration 9.68 6.51 5.50 5.33 5.12 4.85 4.64
(1) Framed column notes pricing prepayment speed of BankAmerica Manufactured Housing Contract Trust II 1997-1.
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
<TABLE>
<CAPTION>
DECREMENT TABLES (TO MATURITY)
- ------------------------------
TRANCHE A1
PREPAY MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
7/10/97 100 100 100 100 100 100 100
7/10/98 83 37 13 4 0 0 0
7/10/99 65 0 0 0 0 0 0
7/10/00 44 0 0 0 0 0 0
7/10/01 21 0 0 0 0 0 0
5/10/02 0 0 0 0 0 0 0
7/10/02 0 0 0 0 0 0 0
7/10/03 0 0 0 0 0 0 0
7/10/04 0 0 0 0 0 0 0
7/10/05 0 0 0 0 0 0 0
7/10/06 0 0 0 0 0 0 0
7/10/07 0 0 0 0 0 0 0
7/10/08 0 0 0 0 0 0 0
7/10/09 0 0 0 0 0 0 0
7/10/10 0 0 0 0 0 0 0
7/10/11 0 0 0 0 0 0 0
7/10/12 0 0 0 0 0 0 0
7/10/13 0 0 0 0 0 0 0
7/10/14 0 0 0 0 0 0 0
7/10/15 0 0 0 0 0 0 0
7/10/16 0 0 0 0 0 0 0
7/10/17 0 0 0 0 0 0 0
7/10/18 0 0 0 0 0 0 0
7/10/19 0 0 0 0 0 0 0
7/10/20 0 0 0 0 0 0 0
7/10/21 0 0 0 0 0 0 0
7/10/22 0 0 0 0 0 0 0
7/10/23 0 0 0 0 0 0 0
7/10/24 0 0 0 0 0 0 0
7/10/25 0 0 0 0 0 0 0
3/10/26 0 0 0 0 0 0 0
AVG LIFE (YRS.) 2.59 0 .76 0. 56 0.50 0.44 0.36 0.30
(1) Column is framed in original document.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
DECREMENT TABLES (TO MATURITY) CONT'D
- -------------------------------------
TRANCHE A2
PREPAY MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
7/10/97 100 100 100 100 100 100 100
7/10/98 100 100 100 100 86 52 19
7/10/99 100 50 0 0 0 0 0
7/10/00 100 0 0 0 0 0 0
7/10/01 100 0 0 0 0 0 0
7/10/02 93 0 0 0 0 0 0
7/10/03 52 0 0 0 0 0 0
7/10/04 6 0 0 0 0 0 0
9/10/04 0 0 0 0 0 0 0
7/10/05 0 0 0 0 0 0 0
7/10/06 0 0 0 0 0 0 0
7/10/07 0 0 0 0 0 0 0
7/10/08 0 0 0 0 0 0 0
7/10/09 0 0 0 0 0 0 0
7/10/10 0 0 0 0 0 0 0
7/10/11 0 0 0 0 0 0 0
7/10/12 0 0 0 0 0 0 0
7/10/13 0 0 0 0 0 0 0
7/10/14 0 0 0 0 0 0 0
7/10/15 0 0 0 0 0 0 0
7/10/16 0 0 0 0 0 0 0
7/10/17 0 0 0 0 0 0 0
7/10/18 0 0 0 0 0 0 0
7/10/19 0 0 0 0 0 0 0
7/10/20 0 0 0 0 0 0 0
7/10/21 0 0 0 0 0 0 0
7/10/22 0 0 0 0 0 0 0
7/10/23 0 0 0 0 0 0 0
7/10/24 0 0 0 0 0 0 0
7/10/25 0 0 0 0 0 0 0
3/10/26 0 0 0 0 0 0 0
AVG LIFE (YRS.) 5.99 1.97 1.47 1.34 1.18 0.98 0.83
(1) Column is framed in original document.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
DECREMENT TABLES (TO MATURITY) CONT'D
- -------------------------------------
TRANCHE A3
PREPAY MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
7/10/97 100 100 100 100 100 100 100
7/10/98 100 100 100 100 100 100 100
7/10/99 100 100 84 60 25 0 0
7/10/00 100 55 0 0 0 0 0
7/10/01 100 0 0 0 0 0 0
7/10/02 100 0 0 0 0 0 0
7/10/03 100 0 0 0 0 0 0
7/10/04 100 0 0 0 0 0 0
7/10/05 61 0 0 0 0 0 0
7/10/06 21 0 0 0 0 0 0
2/10/07 0 0 0 0 0 0 0
7/10/07 0 0 0 0 0 0 0
7/10/08 0 0 0 0 0 0 0
7/10/09 0 0 0 0 0 0 0
7/10/10 0 0 0 0 0 0 0
7/10/11 0 0 0 0 0 0 0
7/10/12 0 0 0 0 0 0 0
7/10/13 0 0 0 0 0 0 0
7/10/14 0 0 0 0 0 0 0
7/10/15 0 0 0 0 0 0 0
7/10/16 0 0 0 0 0 0 0
7/10/17 0 0 0 0 0 0 0
7/10/18 0 0 0 0 0 0 0
7/10/19 0 0 0 0 0 0 0
7/10/20 0 0 0 0 0 0 0
7/10/21 0 0 0 0 0 0 0
7/10/22 0 0 0 0 0 0 0
7/10/23 0 0 0 0 0 0 0
7/10/24 0 0 0 0 0 0 0
7/10/25 0 0 0 0 0 0 0
3/10/26 0 0 0 0 0 0 0
AVG LIFE (YRS.) 8.25 3.03 2.26 2.05 1.80 1.51 1.30
(1) Column is framed in original document.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
DECREMENT TABLES (TO MATURITY) CONT'D
- -------------------------------------
TRANCHE A4
PREPAY MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
7/10/97 100 100 100 100 100 100 100
7/10/98 100 100 100 100 100 100 100
7/10/99 100 100 100 100 100 78 40
7/10/00 100 100 79 56 22 0 0
7/10/01 100 80 6 0 0 0 0
7/10/02 100 24 0 0 0 0 0
7/10/03 100 0 0 0 0 0 0
7/10/04 100 0 0 0 0 0 0
7/10/05 100 0 0 0 0 0 0
7/10/06 100 0 0 0 0 0 0
7/10/07 88 0 0 0 0 0 0
7/10/08 58 0 0 0 0 0 0
7/10/09 25 0 0 0 0 0 0
6/10/10 0 0 0 0 0 0 0
7/10/10 0 0 0 0 0 0 0
7/10/11 0 0 0 0 0 0 0
7/10/12 0 0 0 0 0 0 0
7/10/13 0 0 0 0 0 0 0
7/10/14 0 0 0 0 0 0 0
7/10/15 0 0 0 0 0 0 0
7/10/16 0 0 0 0 0 0 0
7/10/17 0 0 0 0 0 0 0
7/10/18 0 0 0 0 0 0 0
7/10/19 0 0 0 0 0 0 0
7/10/20 0 0 0 0 0 0 0
7/10/21 0 0 0 0 0 0 0
7/10/22 0 0 0 0 0 0 0
7/10/23 0 0 0 0 0 0 0
7/10/24 0 0 0 0 0 0 0
7/10/25 0 0 0 0 0 0 0
3/10/26 0 0 0 0 0 0 0
AVG LIFE (YRS.) 11.19 4.52 3.36 3.05 2.67 2.22 1.90
(1) Column is framed in original document.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
DECREMENT TABLES (TO MATURITY) CONT'D
TRANCHE A5
PREPAY MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
7/10/97 100 100 100 100 100 100 100
7/10/98 100 100 100 100 100 100 100
7/10/99 100 100 100 100 100 100 100
7/10/00 100 100 100 100 100 37 0
7/10/01 100 100 100 55 0 0 0
7/10/02 100 100 12 0 0 0 0
7/10/03 100 66 0 0 0 0 0
7/10/04 100 0 0 0 0 0 0
7/10/05 100 0 0 0 0 0 0
7/10/06 100 0 0 0 0 0 0
7/10/07 100 0 0 0 0 0 0
7/10/08 100 0 0 0 0 0 0
7/10/09 100 0 0 0 0 0 0
7/10/10 91 0 0 0 0 0 0
7/10/11 28 0 0 0 0 0 0
12/10/11 0 0 0 0 0 0 0
7/10/12 0 0 0 0 0 0 0
7/10/13 0 0 0 0 0 0 0
7/10/14 0 0 0 0 0 0 0
7/10/15 0 0 0 0 0 0 0
7/10/16 0 0 0 0 0 0 0
7/10/17 0 0 0 0 0 0 0
7/10/18 0 0 0 0 0 0 0
7/10/19 0 0 0 0 0 0 0
7/10/20 0 0 0 0 0 0 0
7/10/21 0 0 0 0 0 0 0
7/10/22 0 0 0 0 0 0 0
7/10/23 0 0 0 0 0 0 0
7/10/24 0 0 0 0 0 0 0
7/10/25 0 0 0 0 0 0 0
3/10/26 0 0 0 0 0 0 0
AVG LIFE (YRS.) 13.62 6.18 4.59 4.05 3.51 2.91 2.48
(1) Column is framed in original document.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
DECREMENT TABLES (TO MATURITY) CONT'D
- -------------------------------------
TRANCHE A6
PREPAY MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
7/10/97 100 100 100 100 100 100 100
7/10/98 100 100 100 100 100 100 100
7/10/99 100 100 100 100 100 100 100
7/10/00 100 100 100 100 100 100 39
7/10/01 100 100 100 100 75 0 0
7/10/02 100 100 100 56 0 0 0
7/10/03 100 100 27 0 0 0 0
7/10/04 100 90 0 0 0 0 0
7/10/05 100 21 0 0 0 0 0
7/10/06 100 0 0 0 0 0 0
7/10/07 100 0 0 0 0 0 0
7/10/08 100 0 0 0 0 0 0
7/10/09 100 0 0 0 0 0 0
7/10/10 100 0 0 0 0 0 0
7/10/11 100 0 0 0 0 0 0
7/10/12 76 0 0 0 0 0 0
7/10/13 34 0 0 0 0 0 0
4/10/14 0 0 0 0 0 0 0
7/10/14 0 0 0 0 0 0 0
7/10/15 0 0 0 0 0 0 0
7/10/16 0 0 0 0 0 0 0
7/10/17 0 0 0 0 0 0 0
7/10/18 0 0 0 0 0 0 0
7/10/19 0 0 0 0 0 0 0
7/10/20 0 0 0 0 0 0 0
7/10/21 0 0 0 0 0 0 0
7/10/22 0 0 0 0 0 0 0
7/10/23 0 0 0 0 0 0 0
7/10/24 0 0 0 0 0 0 0
7/10/25 0 0 0 0 0 0 0
3/10/26 0 0 0 0 0 0 0
AVG LIFE (YRS.) 15.57 7.55 5.70 5.04 4.23 3.43 2.92
(1) Column is framed in original document.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
DECREMENT TABLES (TO MATURITY) CONT'D
- -------------------------------------
TRANCHE A7
PREPAY MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
7/10/97 100 100 100 100 100 100 100
7/10/98 100 100 100 100 100 100 100
7/10/99 100 100 100 100 100 100 100
7/10/00 100 100 100 100 100 100 100
7/10/01 100 100 100 100 100 84 42
7/10/02 100 100 100 100 91 46 6
7/10/03 100 100 100 88 58 13 0
7/10/04 100 100 80 58 28 0 0
7/10/05 100 100 53 31 2 0 0
7/10/06 100 85 29 8 0 0 0
7/10/07 100 63 8 0 0 0 0
7/10/08 100 43 0 0 0 0 0
7/10/09 100 23 0 0 0 0 0
7/10/10 100 4 0 0 0 0 0
7/10/11 100 0 0 0 0 0 0
7/10/12 100 0 0 0 0 0 0
7/10/13 100 0 0 0 0 0 0
7/10/14 94 0 0 0 0 0 0
7/10/15 74 0 0 0 0 0 0
7/10/16 50 0 0 0 0 0 0
7/10/17 30 0 0 0 0 0 0
7/10/18 17 0 0 0 0 0 0
7/10/19 3 0 0 0 0 0 0
10/10/19 0 0 0 0 0 0 0
7/10/20 0 0 0 0 0 0 0
7/10/21 0 0 0 0 0 0 0
7/10/22 0 0 0 0 0 0 0
7/10/23 0 0 0 0 0 0 0
7/10/24 0 0 0 0 0 0 0
7/10/25 0 0 0 0 0 0 0
3/10/26 0 0 0 0 0 0 0
AVG LIFE (YRS.) 19.15 10.66 8.17 7.33 6.28 4.91 3.96
(1) Column is framed in original document.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
DECREMENT TABLES (TO MATURITY) CONT'D
- -------------------------------------
TRANCHE A8
PREPAY MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
7/10/97 100 100 100 100 100 100 100
7/10/98 100 100 100 100 100 100 100
7/10/99 100 100 100 100 100 100 100
7/10/00 100 100 100 100 100 100 100
7/10/01 100 100 100 100 100 100 100
7/10/02 100 100 100 100 100 100 100
7/10/03 100 100 100 100 100 100 65
7/10/04 100 100 100 100 100 79 29
7/10/05 100 100 100 100 100 45 0
7/10/06 100 100 100 100 71 17 0
7/10/07 100 100 100 82 44 0 0
7/10/08 100 100 84 56 20 0 0
7/10/09 100 100 58 31 0 0 0
7/10/10 100 100 33 10 0 0 0
7/10/11 100 79 11 0 0 0 0
7/10/12 100 56 0 0 0 0 0
7/10/13 100 37 0 0 0 0 0
7/10/14 100 18 0 0 0 0 0
7/10/15 100 0 0 0 0 0 0
7/10/16 100 0 0 0 0 0 0
7/10/17 100 0 0 0 0 0 0
7/10/18 100 0 0 0 0 0 0
7/10/19 100 0 0 0 0 0 0
7/10/20 81 0 0 0 0 0 0
7/10/21 56 0 0 0 0 0 0
7/10/22 27 0 0 0 0 0 0
6/10/23 0 0 0 0 0 0 0
7/10/23 0 0 0 0 0 0 0
7/10/24 0 0 0 0 0 0 0
7/10/25 0 0 0 0 0 0 0
3/10/26 0 0 0 0 0 0 0
AVG LIFE (YRS.) 24.12 15.38 12.34 11.26 9.82 7.90 6.42
(1) Column is framed in original document.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
DECREMENT TABLES (TO MATURITY) CONT'D
- -------------------------------------
TRANCHE A9
PREPAY MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
7/10/97 100 100 100 100 100 100 100
7/10/98 100 100 100 100 100 100 100
7/10/99 100 100 100 100 100 100 100
7/10/00 100 100 100 100 100 100 100
7/10/01 100 100 100 100 100 100 100
7/10/02 100 100 100 100 100 100 100
7/10/03 100 100 100 100 100 100 100
7/10/04 100 100 100 100 100 100 100
7/10/05 100 100 100 100 100 100 100
7/10/06 100 100 100 100 100 100 79
7/10/07 100 100 100 100 100 95 62
7/10/08 100 100 100 100 100 77 49
7/10/09 100 100 100 100 99 62 37
7/10/10 100 100 100 100 82 49 26
7/10/11 100 100 100 91 67 36 17
7/10/12 100 100 94 76 53 26 10
7/10/13 100 100 80 63 42 19 5
7/10/14 100 100 66 50 32 12 2
7/10/15 100 100 53 39 23 7 0
7/10/16 100 84 40 29 15 3 0
7/10/17 100 69 30 20 10 0 0
7/10/18 100 58 24 15 6 0 0
7/10/19 100 48 17 10 2 0 0
7/10/20 100 38 12 6 0 0 0
7/10/21 100 29 7 2 0 0 0
7/10/22 100 19 2 0 0 0 0
7/10/23 96 11 0 0 0 0 0
7/10/24 61 2 0 0 0 0 0
7/10/25 19 0 0 0 0 0 0
12/10/25 0 0 0 0 0 0 0
3/10/26 0 0 0 0 0 0 0
AVG LIFE (YRS.) 27.20 22.02 18.73 17.47 15.75 13.33 11.31
(1) Column is framed in original document.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
DECREMENT TABLES (TO MATURITY) CONT'D
- -------------------------------------
TRANCHE M
PREPAY MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
7/10/97 100 100 100 100 100 100 100
7/10/98 100 100 100 100 100 100 100
7/10/99 100 100 100 100 100 100 100
7/10/00 100 100 100 100 100 100 100
7/10/01 100 100 100 100 100 100 100
7/10/02 100 100 89 87 86 83 80
7/10/03 100 92 78 76 73 68 63
7/10/04 100 83 68 66 62 56 50
7/10/05 100 75 60 57 52 45 39
7/10/06 100 68 52 49 44 37 31
7/10/07 100 61 46 42 37 30 24
7/10/08 100 55 40 36 31 25 19
7/10/09 100 49 34 31 26 20 14
7/10/10 95 43 29 26 22 16 10
7/10/11 88 37 25 21 18 12 7
7/10/12 82 33 21 18 14 8 4
7/10/13 77 29 18 15 11 6 2
7/10/14 71 25 15 12 8 4 1
7/10/15 64 21 12 9 6 2 0
7/10/16 57 18 9 7 4 1 0
7/10/17 51 15 7 5 3 0 0
7/10/18 47 12 5 4 1 0 0
7/10/19 43 10 4 2 1 0 0
7/10/20 38 8 3 1 0 0 0
7/10/21 33 6 1 0 0 0 0
7/10/22 27 4 0 0 0 0 0
7/10/23 21 2 0 0 0 0 0
7/10/24 13 0 0 0 0 0 0
7/10/25 4 0 0 0 0 0 0
12/10/25 0 0 0 0 0 0 0
3/10/26 0 0 0 0 0 0 0
AVG LIFE (YRS.) 20.55 12.94 10.60 10.10 9.44 8.57 7.90
(1) Column is framed in original document.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
DECREMENT TABLES (TO MATURITY) CONT'D
- -------------------------------------
TRANCHE B1
PREPAY MHP 0.00 MHP 100.00 MHP 150.00 MHP 170.00(1) MHP 200.00 MHP 250.00 MHP 300.00
<S> <C> <C> <C> <C> <C> <C> <C>
7/10/97 100 100 100 100 100 100 100
7/10/98 100 100 100 100 100 100 100
7/10/99 100 100 100 100 100 100 100
7/10/00 100 100 100 100 100 100 100
7/10/01 100 100 100 100 100 100 100
7/10/02 100 100 83 81 78 74 70
7/10/03 100 88 67 64 59 52 45
7/10/04 100 75 53 49 43 34 25
7/10/05 100 62 39 35 28 18 9
7/10/06 100 51 28 23 16 6 0
7/10/07 100 42 18 13 6 0 0
7/10/08 100 32 9 4 0 0 0
7/10/09 100 23 1 0 0 0 0
7/10/10 92 15 0 0 0 0 0
7/10/11 81 6 0 0 0 0 0
7/10/12 73 0 0 0 0 0 0
7/10/13 65 0 0 0 0 0 0
7/10/14 56 0 0 0 0 0 0
7/10/15 47 0 0 0 0 0 0
7/10/16 36 0 0 0 0 0 0
7/10/17 26 0 0 0 0 0 0
7/10/18 21 0 0 0 0 0 0
7/10/19 14 0 0 0 0 0 0
7/10/20 7 0 0 0 0 0 0
6/10/21 0 0 0 0 0 0 0
7/10/21 0 0 0 0 0 0 0
7/10/22 0 0 0 0 0 0 0
7/10/23 0 0 0 0 0 0 0
7/10/24 0 0 0 0 0 0 0
7/10/25 0 0 0 0 0 0 0
3/10/26 0 0 0 0 0 0 0
AVG LIFE (YRS.) 17.64 9.40 7.45 7.14 6.76 6.28 5.93
</TABLE>
(1) Column is framed in original document.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
The defined terms used and not otherwise defined in the attached BankAmerica
Manufactured Housing Contract Trust II, Series 1997-1 Computational Materials
for Classes A-1, A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-9, M, B-1, and B-2
Certificates of such Series 1997-1, shall have the meanings ascribed to them, as
follows:
"CPR" a constant prepayment rate, is utilized to project prepayments, and is the
rate at which, on an annual basis, the outstanding principal balance of
contracts declines due to liquidations, unscheduled principal payments and
repurchases.
"MHP" is known as the Manufactured Housing Prepayment curve and is the
prepayment pricing convention for manufactured housing contracts. The basic
curve is 100% MHP and equates to a ramped CPR which starts at 3.7% CPR in the
first month after origination and rises 0.1% CPR monthly to 6.0% CPR in month
24, and remains at 6.0% CPR beyond month 24. 170% MHP represents the factor by
which each monthly CPR is multiplied in order to arrive at the monthly CPR speed
for a given pool. For example, the CPR rate in month 1 assuming 170% MHP is
3.7%*170%=6.29% CPR, increasing by 0.17% CPR each month until the 24th month
when it reaches 10.2% CPR. The CPR rate in month 1 assuming 200% MHP is
3.7%*200%=7.40% CPR, increasing by 0.20% CPR each month until the 24th month
when it reaches 12.0% CPR.
"PRICE" are "flat prices" and are quoted as a percentage of par, with fractions
expressed in 32nds.
"AVG LIFE" (Weighted Average Life) refers to the average amount of time from the
date of issuance of a security until each dollar of principal of such security
is expected to be repaid to the investor. The weighted average life of a
Certificate is determined by (i) multiplying the amount of each cash
distribution in reduction of the principal balance of such Certificate by the
number of years from the date of issuance of such Certificate to the stated
Distribution Date, (ii) adding the results, and (iii) dividing the sum by the
sum of the principal cash flow (which equals the initial principal balance in a
scenario in the absence of losses) of such certificate.
"FIRST RPIN" is the first distribution date on which an investor is expected to
receive the initial distribution of principal.
"LAST RPIN" is the maturity date on which an investor is expected to receive the
final distribution of principal.
"MOD DURATION" (Modified Duration), is computed by calculating Macaulay Duration
and dividing the result by (1+ one half the yield to maturity). Modified
Duration can be used to approximate the price volatility of a bond. For example,
for a 100-basis point change in yield, a certificate with a Modified Duration of
6 would theoretically have its price change by approximately 6%. Macaulay
Duration is a measure of the weighted average term-to-maturity of a bond's cash
flows. The weights in this weighted average are the present value of each cash
flow as a percent of all the bond's cash flows. The weights in this weighted
average are the percent of all the bond's cash flows (i.e., the weights are the
present value of each cash flow as a percent of the bond's price).
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior/Subordinate Pass-Through Certificates, Series 1997-1
Computational Materials
(continued)
"WAM" (Weighted Average Maturity) is calculated as a weighted average of the
remaining term to maturity of a pool's underlying manufactured home contracts,
using the balance of each manufactured home contract as the weighting factor.
"PAYMENT WINDOW" is the range, in months, during which the security is expected
to receive principal distributions.
"EXCESS INTEREST" is the amount of interest collected on nondefaulted contracts
during a collection period which exceeds the interest distribution due to the
holders of the Certificates and the Monthly Servicing Fee for the related
distribution date.
"FACTOR" is the fraction of principal outstanding as of the closing date.
"SCHEDULED FINAL MATURITY" is the final scheduled distribution date for
certificateholders. The final scheduled distribution dates for the Class A-9,
M, and B-2 were determined by adding six months to the latest possible maturing
contract. The final scheduled distribution dates for Class A-1 through A-8, and
Class B-1 were determined based on the assumption that there are no prepayments,
the Servicer does not exercise its optional termination right and the Contracts
are not sold in an auction sale.
"LAND-HOME CONTRACT OR LAND-IN-LIEU CONTRACT" is a contract secured by either
first mortgages or deeds of trust, depending upon the prevailing practice in the
state in which the underlying property is located.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated
division of Bank of America, FSB, with respect to the expected
characteristics of the pool of manufactured housing contracts in which these
securities will represent undivided beneficial interests. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE MANUFACTURED HOUSING CONTRACTS WILL
DIFFER FROM THE ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE
HYPOTHETICAL IN NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL
IMPACT ON THE INFORMATION SET FORTH IN THESE MATERIALS. No representation is
made that any performance or return indicated herein will be achieved. For
example, it is very unlikely that manufactured housing contracts will prepay
at a constant rate or follow a predictable pattern. This information may not
be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or
sell any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT
TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER
WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS.
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION
TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT
DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the manufactured housing contracts contained
herein, shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided
by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO
PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
[LETTERHEAD]
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES SERIES 1997-1 (PRE-MARKETING)
CLASS A3
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A3 Dated Date 07/10/1997 Original Balance $20,500,000.00 Lead Manager Morgan Stanley
Delay O First Payment Date 08/10/1997 Factor 1.00000000 Orig Deal Size $261,995,275.30
Payment Freq Monthly Next Payment Date 08/10/1997 Current Balance $20,500,000.00 Num of Tranches 18
YIELD TABLE DATE 07/29/1997 Settlement Date 08/06/1997 Coupon 6.1400 Deal Age 0
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
TRIGGER _optionalCall YES
PREPAY MHP 125.50
INDEX 1 MONTH LIBOR 5.62500
- -------------------------------------------
PRICE/YIELD 99/26 6.2998
99/26+ 6.2930
99/27 6.2863
99/27+ 6.2796
99/28 6.2728
99/28+ 6.2661
99/29 6.2594
99/29+ 6.2526
99/30 6.2459
99/30+ 6.2392
99/31 6.2325
99/31+ 6.2257
100/00 6.2190
100/00+ 6.2123
100/01 6.2056
100/01+ 6.1989
100/02 6.1921
100/02+ 6.1854
100/03 6.1787
100/03+ 6.1720
100/04 6.1653
100/04+ 6.1586
100/05 6.1519
100/05+ 6.1451
100/06 6.1384
- ------------------------------------------
AVERAGE LIFE 2.5870
FIRST PRIN 09/10/1999
LAST PRIN 09/10/2000
PAYMENT WINDOW 13
ACCRUAL FACTOR 0.4434
MOD DURATION @ 100/00 2.3139
- ------------------------------------------------------------------------------
The information herein has been provided solely by Morgan Stanley & Co.
Incorporated. Based on information with respect to the mortgage loans
provided by the sponsor. Neither the sponsor nor any of its affiliates makes
any representations as to the accuracy or completeness of the information
herein. The information herein is preliminary and will be superseded by the
Prospectus Supplement and by any other information subsequently filed with
the Securities and Exchange Commission (SEC). All assumptions and information
in this report reflect Morgan Stanley & Co. Incorporated's judgement as of
this date and are subject to change. All analyses are based on certain
assumptions noted herein and different assumptions could yield substantially
different results. You are cautioned that there is no universally accepted
method for analyzing financial instruments. You should review the
assumptions: there may be differences between these assumptions and your
actual business practices. Further, Morgan Stanley & Co. Incorporated does
not guarantee any results and there is no guarantee as to the liquidity of
the instruments involved in this analysis. The decision to adopt any strategy
remains your responsibility. Morgan Stanley & Co. Incorporated or any of its
affiliates or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments therein
referred to here, and may, as principal or agent, buy or sell such
securities, commodities or derivative instruments. In addition, Morgan
Stanley & Co. Incorporated may make a market in the securities referred to
herein. Neither the information nor the assumptions reflected herein shall be
construed to be, or constitute, an offer to sell or buy or a solicitation of
an offer to sell or buy any securities, commodities or derivative instruments
mentioned herein. No sale of any securities, commodities or derivative
instruments should be consummated without the purchaser first having received
a Prospectus and, if required, prospectus Supplement. Finally, Morgan Stanley
& Co. Incorporated has not addressed the legal, accounting, and tax
implications of the analysis with respect to you, Morgan Stanley & Co.
Incorporated strongly urges you to seek advice from your counsel, accountant
and tax advisor. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
[LETTERHEAD]
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES SERIES 1997-1 (PRE-MARKETING) CLASS A4
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A4 Dated Date 07/10/1997 Original Balance $29,500,000.00 Lead Manager Morgan Stanley
Delay O First Payment Date 08/10/1997 Factor 1.00000000 Orig Deal Size $261,995,275.30
Payment Freq Monthly Next Payment Date 08/10/1997 Current Balance $29,500,000.00 Num of Tranches 18
YIELD TABLE DATE 07/29/1997 Settlement Date 08/06/1997 Coupon 6.2300 Deal Age 0
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
TRIGGER _optionalCall YES
PREPAY MHP 125.00
INDEX 1 MONTH LIBOR 5.62500
- -----------------------------------------
PRICE/YIELD 99/26 6.3677
99/26+ 6.3630
99/27 6.3583
99/27+ 6.3536
99/28 6.3489
99/28+ 6.3442
99/29 6.3395
99/29+ 6.3348
99/30 6.3301
99/30+ 6.3255
99/31 6.3208
99/31+ 6.3161
100/00 6.3114
100/00+ 6.3067
100/01 6.3020
100/01+ 6.2973
100/02 6.2926
100/02+ 6.2879
100/03 6.2832
100/03+ 6.2786
100/04 6.2739
100/04+ 6.2692
100/05 6.2645
100/05+ 6.2598
100/06 6.2552
- -----------------------------------------
AVERAGE LIFE 3.8610
FIRST PRIN 09/10/2000
LAST PRIN 09/10/2002
PAYMENT WINDOW 21
ACCRUAL FACTOR 0.4499
MOD DURATION @ 100/00 3.3164
- --------------------------------------------------------------------------------
The information herein has been provided solely by Morgan Stanley & Co.
Incorporated. Based on information with respect to the mortgage loans
provided by the sponsor. Neither the sponsor nor any of its affiliates makes
any representations as to the accuracy or completeness of the information
herein. The information herein is preliminary and will be superseded by the
Prospectus Supplement and by any other information subsequently filed with
the Securities and Exchange Commission (SEC). All assumptions and information
in this report reflect Morgan Stanley & Co. Incorporated's judgement as of
this date and are subject to change. All analyses are based on certain
assumptions noted herein and different assumptions could yield substantially
different results. You are cautioned that there is no universally accepted
method for analyzing financial instruments. You should review the
assumptions: there may be differences between these assumptions and your
actual business practices. Further, Morgan Stanley & Co. Incorporated does
not guarantee any results and there is no guarantee as to the liquidity of
the instruments involved in this analysis. The decision to adopt any strategy
remains your responsibility. Morgan Stanley & Co. Incorporated or any of its
affiliates or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments therein
referred to here, and may, as principal or agent, buy or sell such
securities, commodities or derivative instruments. In addition, Morgan
Stanley & Co. Incorporated may make a market in the securities referred to
herein. Neither the information nor the assumptions reflected herein shall be
construed to be, or constitute, an offer to sell or buy or a solicitation of
an offer to sell or buy any securities, commodities or derivative instruments
mentioned herein. No sale of any securities, commodities or derivative
instruments should be consummated without the purchaser first having received
a Prospectus and, if required, prospectus Supplement. Finally, Morgan Stanley
& Co. Incorporated has not addressed the legal, accounting, and tax
implications of the analysis with respect to you, Morgan Stanley & Co.
Incorporated strongly urges you to seek advice from your counsel, accountant
and tax advisor. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
[LETTERHEAD]
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES SERIES 1997 - 1 (PRE-MARKETING) CLASS A3
- --------------------------------------------------------------------------------
Current Balance $20,500,000.00 Original Balance $20,500,000.00
Factor 1.00000000 Delay 0
Payment Frequency Monthly Coupon 6.1400
NAME TRIGGER PREPAY INDEX
- --------------------------------------------------------------------
125 _optionalCall YES MHP 125.00 1 MONTH LIBOR 5.62500
- --------------------------------------------------------------------------------
PER DATE BALANCE PRINCIPAL INTEREST COUPON
0 07/10/1997 20,500,000.00 0.00 0.00 6.14000
1 08/10/1997 20,500,000.00 0.00 104,891.67 6.14000
2 09/10/1997 20,500,000.00 0.00 104,891.67 6.14000
3 10/10/1997 20,500,000.00 0.00 104,891.67 6.14000
4 11/10/1997 20,500,000.00 0.00 104,891.67 6.14000
5 12/10/1997 20,500,000.00 0.00 104,891.67 6.14000
6 01/10/1998 20,500,000.00 0.00 104,891.67 6.14000
7 02/10/1998 20,500,000.00 0.00 104,891.67 6.14000
8 03/10/1998 20,500,000.00 0.00 104,891.67 6.14000
9 04/10/1998 20,500,000.00 0.00 104,891.67 6.14000
10 05/10/1998 20,500,000.00 0.00 104,891.67 6.14000
11 06/10/1998 20,500,000.00 0.00 104,891.67 6.14000
12 07/10/1998 20,500,000.00 0.00 104,891.67 6.14000
13 08/10/1998 20,500,000.00 0.00 104,891.67 6.14000
14 09/10/1998 20,500,000.00 0.00 104,891.67 6.14000
15 10/10/1998 20,500,000.00 0.00 104,891.67 6.14000
16 11/10/1998 20,500,000.00 0.00 104,891.67 6.14000
17 12/10/1998 20,500,000.00 0.00 104,891.67 6.14000
18 01/10/1999 20,500,000.00 0.00 104,891.67 6.14000
19 02/10/1999 20,500,000.00 0.00 104,891.67 6.14000
PER DATE BALANCE PRINCIPAL INTEREST COUPON
20 03/10/1999 20,500,000.00 0.00 104,891.67 6.14000
21 04/10/1999 20,500,000.00 0.00 104,891.67 6.14000
22 05/10/1999 20,500,000.00 0.00 104,891.67 6.14000
23 06/10/1999 20,500,000.00 0.00 104,891.67 6.14000
24 07/10/1999 20,500,000.00 0.00 104,891.67 6.14000
25 08/10/1999 20,500,000.00 0.00 104,891.67 6.14000
26 09/10/1999 19,670,696.18 829,303.82 104,891.67 6.14000
27 10/10/1999 17,895,595.31 1,775,100.87 100,648.40 6.14000
28 11/10/1999 16,130,972.18 1,764,623.12 91,565.80 6.14000
29 12/10/1999 14,376,756.06 1,754,216.12 82,536.81 6.14000
30 01/10/2000 12,632,876.63 1,743,879.42 73,361.07 6.14000
31 02/10/2000 10,899,264.06 1,733,612.58 64,638.22 6.14000
32 03/10/2000 9,175,848.92 1,723,415.14 55,767.90 6.14000
33 04/10/2000 7,462,562.25 1,713,286.67 46,949.76 6.14000
34 05/10/2000 5,759,335.52 1,703,226.73 38,183.44 6.14000
35 06/10/2000 4,066,100.63 1,693,234.89 29,468.60 6.14000
36 07/10/2000 2,382,789.92 1,683,310.71 20,804.88 6.14000
37 08/10/2000 709,336.17 1,673,453.76 12,191.94 6.14000
38 09/10/2000 0.00 709,336.17 3,629.44 6.14000
- --------------------------------------------------------------------------
TOTAL 20,500,000.00 3,347,129.58
- --------------------------------------------------------------------------------
The information herein has been provided solely by Morgan Stanley & Co.
Incorporated. Based on information with respect to the mortgage loans
provided by the sponsor. Neither the sponsor nor any of its affiliates makes
any representations as to the accuracy or completeness of the information
herein. The information herein is preliminary and will be superseded by the
Prospectus Supplement and by any other information subsequently filed with
the Securities and Exchange Commission (SEC). All assumptions and information
in this report reflect Morgan Stanley & Co. Incorporated's judgement as of
this date and are subject to change. All analyses are based on certain
assumptions noted herein and different assumptions could yield substantially
different results. You are cautioned that there is no universally accepted
method for analyzing financial instruments. You should review the
assumptions: there may be differences between these assumptions and your
actual business practices. Further, Morgan Stanley & Co. Incorporated does
not guarantee any results and there is no guarantee as to the liquidity of
the instruments involved in this analysis. The decision to adopt any strategy
remains your responsibility. Morgan Stanley & Co. Incorporated or any of its
affiliates or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments therein
referred to here, and may, as principal or agent, buy or sell such
securities, commodities or derivative instruments. In addition, Morgan
Stanley & Co. Incorporated may make a market in the securities referred to
herein. Neither the information nor the assumptions reflected herein shall be
construed to be, or constitute, an offer to sell or buy or a solicitation of
an offer to sell or buy any securities, commodities or derivative instruments
mentioned herein. No sale of any securities, commodities or derivative
instruments should be consummated without the purchaser first having received a
Prospectus and, if required, prospectus Supplement. Finally, Morgan Stanley &
Co. Incorporated has not addressed the legal, accounting, and tax
implications of the analysis with respect to you, Morgan Stanley & Co.
Incorporated strongly urges you to seek advice from your counsel, accountant
and tax advisor. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
[LETTERHEAD]
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST II SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES SERIES 1997-1 (PRE-MARKETING) CLASS A4
CURRENT BALANCE $29,500,000.00 ORIGINAL BALANCE $29,500,000.00
FACTOR 1.00000000 DELAY 0
PAYMENT FREQUENCY Monthly COUPON 6.2300
NAME TRIGGER PREPAY INDEX
- -------------------------------------------------------------------------------
125 _optionalCall YES MHP 125.00 1 Month Libor 5.62500
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PER DATE BALANCE PRINCIPAL INTEREST COUPON
- --------------------------------------------------------------------------------
0 07/10/1997 29,500,000.00 0.00 0.00 6.23000
1 08/10/1997 29,500,000.00 0.00 153,154.17 6.23000
2 09/10/1997 29,500,000.00 0.00 153,154.17 6.23000
3 10/10/1997 29,500,000.00 0.00 153,154.17 6.23000
4 11/10/1997 29,500,000.00 0.00 153,154.17 6.23000
5 12/10/1997 29,500,000.00 0.00 153,154.17 6.23000
6 01/10/1998 29,500,000.00 0.00 153,154.17 6.23000
7 02/10/1998 29,500,000.00 0.00 153,154.17 6.23000
8 03/10/1998 29,500,000.00 0.00 153,154.17 6.23000
9 04/10/1998 29,500,000.00 0.00 153,154.17 6.23000
10 05/10/1998 29,500,000.00 0.00 153,154.17 6.23000
11 06/10/1998 29,500,000.00 0.00 153,154.17 6.23000
12 07/10/1998 29,500,000.00 0.00 153,154.17 6.23000
13 08/10/1998 29,500,000.00 0.00 153,154.17 6.23000
14 09/10/1998 29,500,000.00 0.00 153,154.17 6.23000
15 10/10/1998 29,500,000.00 0.00 153,154.17 6.23000
16 11/10/1998 29,500,000.00 0.00 153,154.17 6.23000
17 12/10/1998 29,500,000.00 0.00 153,154.17 6.23000
18 01/10/1999 29,500,000.00 0.00 153,154.17 6.23000
19 02/10/1999 29,500,000.00 0.00 153,154.17 6.23000
20 03/10/1999 29,500,000.00 0.00 153,154.17 6.23000
21 04/10/1999 29,500,000.00 0.00 153,154.17 6.23000
22 05/10/1999 29,500,000.00 0.00 153,154.17 6.23000
23 06/10/1999 29,500,000.00 0.00 153,154.17 6.23000
24 07/10/1999 29,500,000.00 0.00 153,154.17 6.23000
25 08/10/1999 29,500,000.00 0.00 153,154.17 6.23000
26 09/10/1999 29,500,000.00 0.00 153,154.17 6.23000
27 10/10/1999 29,500,000.00 0.00 153,154.17 6.23000
28 11/10/1999 29,500,000.00 0.00 153,154.17 6.23000
29 12/10/1999 29,500,000.00 0.00 153,154.17 6.23000
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PER DATE BALANCE PRINCIPAL INTEREST COUPON
- --------------------------------------------------------------------------------
30 01/10/2000 29,500,000.00 0.00 153,154.17 6.23000
31 02/10/2000 29,500,000.00 0.00 153,154.17 6.23000
32 03/10/2000 29,500,000.00 0.00 153,154.17 6.23000
33 04/10/2000 29,500,000.00 0.00 153,154.17 6.23000
34 05/10/2000 29,500,000.00 0.00 153,154.17 6.23000
35 06/10/2000 29,500,000.00 0.00 153,154.17 6.23000
36 07/10/2000 29,500,000.00 0.00 153,154.17 6.23000
37 08/10/2000 29,500,000.00 0.00 153,154.17 6.23000
38 09/10/2000 28,545,672.55 954,327.45 153,154.17 6.23000
39 10/10/2000 26,891,732.69 1,653,939.86 148,199.62 6.23000
40 11/10/2000 25,247,450.63 1,644,282.06 139,612.91 6.23000
41 12/10/2000 23,612,760.82 1,634,689.81 131,076.35 6.23000
42 01/10/2001 21,987,598.15 1,625,162.68 122,589.58 6.23000
43 02/10/2001 20,371,897.89 1,615,700.26 114,152.28 6.23000
44 03/10/2001 18,765,595.73 1,606,302.15 105,764.10 6.23000
45 04/10/2001 17,168,627.80 1,596,967.94 97,424.72 6.23000
46 05/10/2001 15,580,930.58 1,587,697.21 89,133.79 6.23000
47 06/10/2001 14,002,441.01 1,578,489.58 80,891.00 6.23000
48 07/10/2001 12,433,096.37 1,569,344.63 72,696.01 6.23000
49 08/10/2001 10,872,834.39 1,560,261.98 64,548.49 6.23000
50 09/10/2001 9,321,593.17 1,551,241.22 56,448.13 6.23000
51 10/10/2001 7,779,311.20 1,542,281.97 48,394.60 6.23000
52 11/10/2001 6,245,927.36 1,533,383.84 40,387.59 6.23000
53 12/10/2001 4,721,380.93 1,524,546.43 32,426.77 6.23000
54 01/10/2002 3,606,834.19 1,114,546.74 24,511.84 6.23000
55 02/10/2002 2,498,697.14 1,108,137.05 18,725.48 6.23000
56 03/10/2002 1,396,925.97 1,101,771.17 12,972.40 6.23000
57 04/10/2002 301,477.14 1,095,448.83 7,252.37 6.23000
58 05/10/2002 0.00 301,477.14 1,565.17 6.23000
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TOTAL 29,500,000.00 7,228,631.55
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