SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 Date of Report
(Date of earliest event reported) February 18, 1999
Saxon Asset Securities Company
(Exact name of registrant as specified in charter)
Virginia 34-0-20552 52-1785164
- ---------------------------- ------------------------ ------------------------
(State or other (Commission File Number (IRS Employer
jurisdiction Identification No.) Identification No.)
of incorporation)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (804) 967-7400
---------------------------------------------------
(Former name or former address, if changed since last report.)
<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.
On February 18, 1999, the Registrant entered into an underwriting
agreement with Prudential Securities Incorporated, Merrill Lynch, Pierce, Fenner
& Smith Incorporated, NationsBanc Montgomery Securities LLC, First Chicago
Capital Markets, Inc. and Chase Securities Inc. (the "Underwriters"), pursuant
to which the Underwriters agreed to purchase and offer for sale to the public,
the Registrant's Mortgage Loan Asset Backed Certificates, Series 1999-1, Class
AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5, Class AF-6, Class MF-1,
Class MF-2, Class BF-1, Class AV-1, Class MV-1, Class MV-2 and certain of the
Class BV-1 Certificates (collectively, the "Underwritten Certificates"). The
Registrant retained certain of the Class BV-1 Certificates which it may offer to
the public, from time to time, in negotiated transactions or otherwise, at
prices to be determined at the time of sale. The Underwritten Certificates and
the retained Class BV-1 Certificates are registered for sale under the
Registrant's effective shelf Registration Statement on Form S-3 (333-59479), and
are offered pursuant to a Prospectus dated September 21, 1998, and a Prospectus
Supplement dated February 18, 1999, to be filed with the Securities and Exchange
Commission pursuant to Registration No. 333-59479.
In connection with the offering of the Underwritten Certificates, the
Underwriters have prepared and disseminated to potential purchasers certain
"Computational Materials," as such term is defined in the No-Action response
letter to Kidder, Peabody and Co. Incorporated and certain affiliates thereof
(publicly available, May 20, 1994). The Computational Materials furnished to
certain prospective investors by the lead Underwriter, Prudential Securities
Incorporated, are filed herewith as Exhibit 99.1. In addition, Merrill Lynch,
Pierce, Fenner & Smith Incorporated, NationsBanc Montgomery Securities LLC,
First Chicago Capital Markets, Inc. and Chase Securities Inc., as
co-underwriters, have furnished Computational Materials to certain prospective
investors, which are substantially identical to the Computational Materials
furnished by Prudential Securities Incorporated, other than the disclosure in
each related co-underwriter's legend. Therefore, only each co-underwriter's
legend has been filed herewith.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Not Applicable.
Item 8. Change in Fiscal Year.
Not Applicable.
Exhibits
99.1 Copy of "Computational Materials" as provided by Prudential
Securities Incorporated.
99.2 Copy of Legend to "Computational Materials" as provided by Merrill
Lynch, Pierce, Fenner & Smith Incorporated.
99.3 Copy of Legend to "Computational Materials" as provided by
NationsBanc Montgomery Securities LLC.
99.4 Copy of Legend to "Computational Materials" as provided by First
Chicago Capital Markets, Inc.
99.5 Copy of Legend to "Computational Materials" as provided by Chase
Securities Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized. February 18, 1999
SAXON ASSET SECURITIES COMPANY
By: /s/ Bradley D. Adams
------------------------------------------
Bradley D. Adams, Vice President
<PAGE>
INDEX TO EXHIBITS
Page
99.1 Copy of Computational Materials as provided by Prudential Securities
Incorporated.............................................................
99.2 Copy of Legend to Computational Materials as provided by Merrill Lynch,
Pierce, Fenner & Smith Incorporated......................................
99.3 Copy of Legend to Computational Materials as provided by NationsBanc
Montgomery Securities LLC................................................
99.4 Copy of Legend to Computational Materials as provided by First Chicago
Capital Markets, Inc.....................................................
99.5 Copy of Legend to Computational Materials as provided by Chase
Securities Inc...........................................................
EXHIBIT 99.1
PRELIMINARY
BACKGROUND INFORMATION
SAXON ASSET SECURITIES TRUST 1999-1
Mortgage Loan Asset-Backed Certificates, Series 1999-1
$ [497,616,000]
---------------------------------------------------
$ [ 80,000,000] Class AF-1 CERTIFICATES 1M LIBOR + [TBD]%
(non-SMMEA-eligible)
$ [ 38,000,000] Class AF-2 CERTIFICATES [TBD]%
(non-SMMEA-eligible)
$ [ 35,000,000] Class AF-3 CERTIFICATES [TBD]%
(non-SMMEA-eligible)
$ [ 28,000,000] Class AF-4 CERTIFICATES [TBD]%
(non-SMMEA-eligible)
$ [ 17,389,000] Class AF-5 CERTIFICATES [TBD]%
(non-SMMEA-eligible)
$ [ 22,043,000] Class AF-6 CERTIFICATES (NAS) [TBD]%
(non-SMMEA-eligible)
$ [ 14,825,000] Class MF-1 CERTIFICATES [TBD]%
(non-SMMEA-eligible)
$ [ 10,958,000] Class MF-2 CERTIFICATES [TBD]%
(non-SMMEA-eligible)
$ [ 6,446,000] Class BF-1 CERTIFICATES [TBD]%
(non-SMMEA-eligible)
$ [ 2,579,000] Class BF-2 CERTIFICATES ***PRIVATELY PLACED***
$ [ 2,579,000] Class BF-3 CERTIFICATES ***PRIVATELY PLACED***
$ [200,358,000] Class AV-1 CERTIFICATES 1M LIBOR + [TBD] bps
(SMMEA-eligible)
$ [ 20,728,000] Class MV-1 CERTIFICATES 1M LIBOR + [TBD] bps
(SMMEA-eligible)
$ [ 16,331,000] Class MV-2 CERTIFICATES 1M LIBOR + [TBD] bps
(non-SMMEA-eligible) [TBD] bps
(non-SMMEA-eligible)
$ [ 7,538,000] Class BV-1 CERTIFICATES 1M LIBOR + [TBD] bps
(non-SMMEA-eligible)
$ [ 2,513,000] Class BV-2 CERTIFICATES ***PRIVATELY PLACED***
$ [ 3,769,000] Class BV-3 CERTIFICATES ***PRIVATELY PLACED***
The information included herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Saxon Asset Securities Trust 1999-1
transaction, and not by or as agent for Saxon Mortgage, Inc. or any of its
affiliates (collectively, the "Sponsor"). The analysis in this report is
accurate to the best of PSI's knowledge and is based on information provided by
the Sponsor. PSI makes no representations as to the accuracy of such information
provided by the Sponsor. All opinions and conclusions in this report reflect
PSI's judgment 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, PSI 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. PSI (or any of its
affiliates) or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments thereon referred
to herein, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in the
securities referred to herein. Neither the information nor the opinions
expressed 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. Finally, PSI has not addressed the
legal, accounting and tax implications of the analysis with respect to you and
PSI strongly urges you to seek advice from your counsel, accountant and tax
advisor.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
SAXON ASSET SECURITIES TRUST 1999-1
Mortgage Loan Asset-Backed Certificates, Series 1999-1
ALL CERTIFICATES
----------------
Title of Securities: Saxon Asset Securities Trust 1999-1
Group I Certificates: Class AF-1 through Class AF-6 (the
"Group I Senior Certificates"); Class MF-1, MF-2, BF-1,
BF-2 and BF-3 (the "Group I Subordinate Certificates")
(the Group I Senior Certificates and the Group I
Subordinate Certificates being collectively referred to
hereinafter as the "Group I Certificates"). The Group I
Certificates will be backed primarily by the Group I
Loans
**The Class BF-2 and Class BF-3 Certificates are NOT
being offered hereby.
Group II
Certificates: Class AV-1 (the "Group II Senior Certificates")
Class MV-1, MV-2, BV-1, BV-2 and BV-3 (the "Group II
Subordinate Certificates") (the Group II Senior
Certificates and the Group II Subordinate Certificates
being collectively referred to hereinafter as the
"Group II Certificates"). The Group II Certificates
will backed primarily by the Group II Loans.
**The Class BV-2 and Class BV-3 Certificates are NOT
being offered hereby.
The Group II Certificates and Group I Certificates
being collectively referred to as the "Certificates".
The Certificates, with the exception of the Class BF-2,
Class BF-3, Class BV-2 and Class BV-3 Certificates will
be referred to hereinafter as the "Offered
Certificates".
Lead Manager: Prudential Securities Incorporated
Co-Managers: Merrill Lynch & Co., NationsBanc Montgomery Securities
LLC, Chase Securities, Inc. and First Chicago Capital
Markets, Inc.
Group I Loans: Fixed-Rate conventional home equity mortgage loans
secured by first and second lien mortgages.
Group II Loans: Adjustable-Rate conventional home equity mortgage loans
secured by first lien mortgages.
Depositor: Saxon Asset Securities Company
Seller and
Master Servicer: Saxon Mortgage, Inc.
Servicer: Meritech Mortgage Services, Inc.
Servicing Fee: approximately [55] bps
Trustee: Chase Bank of Texas, National Association
Pricing Date: [February 19, 1999]
Settlement Date: [February 25, 1999]
<TABLE>
<CAPTION>
Certificate Ratings: Group I Certificates Group II Certificates
---------------------------------------- -------------------------------------------
Moody's Fitch Moody's Fitch
------ ----- ------- -----
<S> <C> <C> <C> <C> <C> <C>
Class AF-1 through AF-6 Aaa AAA Class AV-1 Aaa AAA
Class MF-1 Aa2 AA Class MV-1 Aa2 AA
Class MF-2 A2 A Class MV-2 A2 A
Class BF-1 Baa2 BBB Class BV-1 Baa2 BBB
</TABLE>
Optional Termination
Date: The Master Servicer has the right to purchase all the
Mortgage Loans on any Distribution Date when the
aggregate outstanding principal balances of the
Mortgage Loans equals 10% or less of the original
balance of the Mortgage Loans and thereby retire all
outstanding Certificates. The first date on which this
occurs will be referred to as the Optional Termination
Date.
ERISA Consideration: The Group I Senior Certificates and the
Group II Senior Certificates will be ERISA eligible.
However, investors should consult with their counsel
with respect to the consequences under ERISA and the
Internal Revenue Code of the Plan's acquisition and
ownership of such Certificates.
SMMEA Considerations: Only the Class AV-1 and Class MV-1 Certificates will be
SMMEA eligible. The remaining offered Certificates will
NOT be SMMEA eligible.
Taxation: REMIC elections.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
SAXON ASSET SECURITIES TRUST 1999-1
Mortgage Loan Asset-Backed Certificates, Series 1999-1
ALL CERTIFICATES (Cont.)
-----------------------
<TABLE>
<CAPTION>
Initial Class Sizes: Group I Certificates Group II Certificates
------------------------------------------- ----------------------------
<S> <C> <C> <C> <C>
Class AF-1 through Class AF-6 [85.50%] Class AV-1 [79.75%]
Class MF-1 [5.75%] Class MV-1 [8.25%]
Class MF-2 [4.25%] Class MV-2 [6.50%]
Class BF-1 [2.50%] Class BV-1 [3.00%]
Class BF-2 [1.00%] Class BV-2 [1.00%]
Class BF-3 [1.00%] Class BV-3 [1.00%]
</TABLE>
Credit Enhancement: A combination of:
- Excess monthly cash flow
- Cross-collateralization
- Bond subordination
Distributions
of Interest: Interest collections (net of servicing, master
servicing and trustee fees) will be allocated
in the following priority:
With respect to a group:
1) Current interest and any interest carry forward
amount (plus interest on this amount) to the
class A certificates;
2) Current interest to the class M-1 certificates;
3) Current interest to the class M-2 certificates;
4) Current interest to the class B-1 certificates;
5) Current interest to the class B-2 certificates;
6) Current interest to the class B-3 certificates;
7) Extra principal distributions (see below);
8) Excess applied to any interest carry forward on
subordinate classes;
9) Excess made available to the other collaubordinate
classes;
9) Excess made available to the other collateral group
(i.e. crosscollateralization - repeat steps #1
through #8 above)
10) In the case of Group II, to the Group II
certificates (in the order described above) for
interest shortfall carryover;
11) Excess to the residual holder;
Extra Principal
Distribution Amount: With respect to any Distribution Dates, the excess of
all realized losses for a group over all extra
principal distributed for such group with respect
to prior distribution dates.
If on any Distribution Date, after giving effect to any
Extra Principal Distribution Amount, the
aggregate principal balance of the certificates with
respect to a group exceed the aggregate principal
balance of the mortgages in such group, the principal
balance of the subordinate certificates (not the Class A
Certificates) of such group will be reduced by an amount
equal to such excess (an applied realized loss amount),
in inverse order of seniority, until each class has been
reduced to zero.
The extra principal is made available at the top of the
principal distribution waterfall as a additional
principal distribution amount. Simultaneously, the
certificate balance of any subordinate class previously
reduced by an applied realized loss amount will then be
increased, in direct order of seniority, by the lesser
of (i) such Extra Principal Distribution Amount,
and (ii) the unpaid realized loss amount applicable to
such class. After any such increase, such class will
thereafter by entitled to distributions of principal and
interest with respect to the certificate balance as so
increased.
This mechanism has the effect of rebuilding credit
enhancement by effectively paying excess interest as
principal to build overcollateralization and then
re-establishing the principal balance of previously
written-down subordinate certificates
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
SAXON ASSET SECURITIES TRUST 1999-1
Mortgage Loan Asset-Backed Certificates, Series 1999-1
ALL CERTIFICATES (Cont.)
-----------------------
Principal Cashflow
Priority: Collections of Principal BEFORE the Stepdown Date, or if
a Trigger Event exists, will be allocated in the
following priority:
Group I Cashflows
1. Pay AF-6 according to the following Lockout
Percentage:
Distribution Date:
Mar. 1999 - Feb. 2002 [0%]
Mar. 2002 - Feb. 2004 [45%]
Mar. 2004 - Feb. 2005 [80%]
Mar. 2005 - Feb. 2006 [100%]
Mar. 2006 and thereafter [300%]
2. Pay Classes AF-1 through AF-6 sequentially
until each is reduced to zero.
3. Pay Classes MF-1, MF-2, BF-1, BF-2 and BF-3
sequentially until each is reduced to zero.
Group II Cashflows
1. To the Class AV-1 Certificates until the
Class AV-1 Certificate balance is reduced
to zero.
2. Pay Classes MV-1, MV-2, BV-1, BV-2 and BV-3
sequentially until each is reduced to zero.
Collections of Principal ON and AFTER the Stepdown date,
(assuming no Trigger Event is in effect) will be
allocated in the following priority:
Group I Cashflows
Pay the Class AF-1 through Class AF-6
(according to priority), Class MF-1, Class MF-2
and Class BF-1, Class BF-2 and BF-3
concurrently in accordance with enhancement
targets, equal to 2.0 times the initial
enhancement for each class:
<TABLE>
<CAPTION>
Approximate Approximate
Targeted % of Pool Targeted Credit Enhancement
(Bond Subordination)
<S> <C> <C> <C>
Class AF-1 through AF-6 [71.0%] [29.0%]
Class MF-1 [11.5%] [17.5%]
Class MF-2 [8.5%] [9.0%]
Class BF-1 [5.0%] [4.0%]
Class BF-2 [2.0%] [2.0%]
Class BF-3 [2.0%]
</TABLE>
Group II Cashflows
Pay Class AV-1, MV-1, MV-2, BV-1, BV-2 and BV-3
concurrently in accordance with enhancement
targets equal to 2.0 times the initial
enhancement for each class:
<TABLE>
<CAPTION>
Approximate Approximate
Targeted % of Pool Targeted Credit Enhancement
(Bond Subordination)
<S> <C> <C> <C>
Class AV-1 [59.5%] [40.5%]
Class MV-1 [16.5%] [24.0%]
Class MV-2 [13.0%] [11.0%]
Class BV-1 [6.0%] [5.0%]
Class BV-2 [2.0%] [3.0%]
Class BV-3 [3.0%]
</TABLE>
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
SAXON ASSET SECURITIES TRUST 1999-1
Mortgage Loan Asset-Backed Certificates, Series 1999-1
ALL CERTIFICATES (Cont.)
-----------------------
Stepdown Date: With respect to a group the earlier of (1) the date on
which the pricipal balance of class A certificate is
reduced to $0 and (2) the later of: (x) the 37th
Distribution Date and (y) the first Distribution Date
on which (i) with respect to Group I, the principal
balance of the Group I Senior Certificates is less than
or equal to [71.00%] of the principal balance of the
Group I Loans or (ii) with respect to Group II, the
principal balance of the Group I Senior Certificates is
less than or equal to [59.50%] of the principal balance
of the Group II Loans.
Trigger Event: Occurs with respect to a loan group when 60+ day
delinquency percentage is greater than (x) [50%]
of the senior enhancement percentage for the Group I
Certificates or (y) [40%] of the senior enhancement
percentage for the Group II Certificates.
Prospectus: The Offered Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with
respect to the Offered Certificates and the Collateral
is contained in the Prospectus. The foregoing is
qualified in its entirety by the information appearing
in the Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Offered
Certificates may not be consummated unless the purchaser
has received the Prospectus.
Further Information: Call the desk at (212)778-2741, Vito Lodato at
(212)778-1506, YQ Zhang at (212)778-1196, Brendan
Keane at (212)778-4231, Mike Mattera at (212)778-4459,
Naveen Bhalla (212)778-7448 with any questions.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
SAXON ASSET SECURITIES TRUST 1999-1
Mortgage Loan Asset-Backed Certificates, Series 1999-1
GROUP I CERTIFICATES
-----------------------------------
<TABLE>
<S> <C> <C> <C> <C>
Collateral: Fixed-Rate, First and Second Lien Mortgage Loans
Approximate Group Size: $[257,819,978]
Class*: AF-1** AF-2 AF-3 AF-4
Approximate
Face Amount: $[80,000,000] $[38,000,000] $[35,000,000] $[28,000,000]
Coupon: [ TBD ] [ TBD] [ TBD ] [ TBD ]
Price: [ TBD ] [ TBD] [ TBD ] [ TBD ]
Yield: [ TBD ] [ TBD] [ TBD ] [ TBD ]
Spread:
Exp Avg Life
to Maturity (yrs): [ 0.906 ] [ 2.030 ] [ 3.060 ] [ 5.081 ]
Exp Avg Life
to 10% Call (yrs): [ 0.906 ] [ 2.030 ] [ 3.060 ] [ 5.081 ]
Exp 1st Prin Pmt: [03/25/99] [09/25/00] [08/25/01] [01/25/03]
Exp Maturity: [ 09/25/00] [ 08/25/01] [01/25/03] [12/25/05]
Exp Maturity to 10% Call: [ 09/25/00] [ 08/25/01] [01/25/03] [12/25/05]
Stated Maturity: [ 01/25/14] [01/25/14] [08/25/21] [07/25/26]
Expected
Rating: (Moody's/Fitch) [Aaa/AAA] [Aaa/AAA] [Aaa/AAA] [Aaa/AAA]
Pricing Speed: [24]% HEP [24]% HEP [24]% HEP [24]% HEP
Pricing Date: [ ] [ ] [ ] [ ]
Investor
Settle Date: [02/25/99] [02/25/99] [02/25/99] [02/25/99]
Pmt Delay: [0] days [24] days [24] days [24] days
Cut-off Date: [02/01/99] [02/01/99] [02/01/99] [02/01/99]
Dated Date: [ 02/25/99] [02/01/99] [02/01/99] [02/01/99]
Int Pmt: [Actual/360] [30/360] [30/360] [30/360]
Pmt Terms: [Monthly] [Monthly] [Monthly] [Monthly]
1st Int. Pmt Date: [03/25/99] [03/25/99] [03/25/99] [03/25/99]
SMMEA
Eligibility: [non-SMMEA] [non-SMMEA] [non-SMMEA] [non-SMMEA]
</TABLE>
- --------------------------------------------------------------------------------
`
* Some classes may be subject to the Group I Available Funds Cap.
** Variable rate based on 1M LIBOR
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
SAXON ASSET SECURITIES TRUST 1999-1
Mortgage Loan Asset-Backed Certificates, Series 1999-1
GROUP I CERTIFICATES
-----------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C>
Class*: AF-5 AF-6(NAS) MF-1 MF-2 BF-1
Approximate
Face Amount: $[17,389,000] $[22,043,000] $[14,825,000] $[10,958,000] $[6,446,000]
Coupon: [ TBD ] [ TBD] [ TBD ] [ TBD ] [ TBD ]
Price: [ TBD ] [ TBD] [ TBD ] [ TBD ] [ TBD ]
Yield: [ TBD ] [ TBD] [ TBD ] [ TBD ] [ TBD ]
Spread: [ TBD ] [ TBD] [ TBD ] [ TBD ] [ TBD ]
Exp Avg Life
to Maturity (yrs): [11.239 ] [6.604 ] [6.167] [6.161 ] [ 6.161 ]
Exp Avg Life
to 10% Call (yrs): [ 7.386 ] [6.229 ] [5.344] [5.339 ] [ 5.339 ]
Exp 1st Prin Pmt: [12/25/05] [04/25/02] [03/25/02 ] [ 03/25/02 ] [ 03/25/02 ]
Exp Maturity: [08/25/28] [01/25/14] [08/25/28] [08/25/28 ] [ 08/25/28]
Exp Maturity to 10% Call: [07/25/06] [07/25/06] [07/25/06] [07/25/06] [ 07/25/06]
Stated Maturity: [03/25/30] [03/25/30] [03/25/30] [03/25/30] [03/25/30]
Expected
Rating: (Moody's/Fitch) [Aaa/AAA] [Aaa/AAA] [Aa2/AA] [A2/A] [Baa2/BBB]
Pricing Speed: [24]% HEP [24]% HEP [24]% HEP [24]% HEP [24]% HEP
Pricing Date: [ ] [ ] [ ] [ ] [ ]
Investor
Settle Date: [02/25/99] [02/25/99] [02/25/99] [02/25/99] [02/25/99]
Pmt Delay: [24] days [24] days [24] days [24] days [24] days
Cut-off Date: [02/01/99] [02/01/99] [02/01/99] [02/01/99] [02/01/99]
Dated Date: [02/01/99] [02/01/99] [02/01/99] [ 02/01/99 ] [02/01/99]
Int Pmt: [30/360] [30/360] [30/360] [30/360] [30/360]
Pmt Terms: [Monthly] [Monthly] [Monthly] [Monthly] [Monthly]
1st Int. Pmt Date [03/25/99] [03/25/99] [03/25/99] [03/25/99] [03/25/99]
SMMEA
Eligibility: [non-SMMEA] [non-SMMEA] [non-SMMEA] [non-SMMEA] [non-SMMEA]
</TABLE>
- --------------------------------------------------------------------------------
`
* Some classes may be subject to the Group I Available Funds Cap.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
SAXON ASSET SECURITIES TRUST 1999-1
Mortgage Loan Asset-Backed Certificates, Series 1999-1
GROUP I CERTIFICATES (Cont.)
--------------------------------
Group I
Available Funds Cap: A rate equal to the weighted average net coupon
rate (i.e., the weighted average coupon rate
less approximately [0.55%]) for the Group I Loans
for such Distribution Date.
Distribution Date: The 25th day of each month or, if such day is not a
business day, the next succeeding
business day, beginning on [March 25, 1999].
Payment Delay: [24] days for the Group I Certificates (except for
the Class AF-1 Certificates). 0 days
delay for the Class AF-1 Certificates.
Coupon Step-Up at 10%
Optional Termination Date: If the Mortgage Loans are not purchased on the
Optional Termination Date the coupon on the Class
AF-5 will increase by [50] basis points.
Interest Accrual
Period: For the Group I Certificates (except for the Class
AF-1 Certificates), interest will accrue from the
first day of the preceding month until the last day
of the preceding month (assuming a year with twelve
30 day months - 30/360). The Class AF-1
Certificates will accrue from the preceding
Distribution Date (or, with respect to the first
accrual period, the Closing Date) to, but not
including, the related Distribution Date.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
SAXON ASSET SECURITIES TRUST 1999-1
Mortgage Loan Asset-Backed Certificates, Series 1999-1
GROUP II CERTIFICATES
------------------------------------
Collateral: Adjustable-Rate First Lien Mortgage Loans
Size: $[251,237,431]
<TABLE>
<CAPTION>
Class*: AV-1 MV-1 MV-2 BV-1
----- ----- ------ ------
<S> <C> <C> <C> <C>
Approximate
Face Amount: $[200,358,000] $[20,728,000] $[16,331,000] $[7,538,000]
Price: [100-0] [100-0 ] [ 100-0 ] [ 100-0 ]
Yield: [Variable] [Variable] [Variable] [Variable]
Spread: [TBD ] bps [ TBD ] bps [TBD ] bps [TBD ] bps
Index: [1 M LIBOR] [1 M LIBOR] [1 M LIBOR] [1 M LIBOR]
Avg. Life to Call: [ 2.081] [ 4.823 ] [ 4.629 ] [ 4.557 ]
Avg. Life to Maturity: [ 2.218] [ 5.191] [ 4.997 ] [ 4.925 ]
Exp. 1st Prin Payment: [03/25/99] [08/25/02] [ 05/25/02 ] [ 03/25/02 ]
Exp. Mat to Call: [07/25/06] [07/25/06 ] [07/25/06] [07/25/06 ]
Exp. Mat: [02/25/29] [02/25/29] [02/25/29] [02/25/29]
Expected Rating:(Moody's/Fitch) [Aaa/AAA] [Aa2/AA] [A2/A] [Baa2/BBB]
Pricing Speed: [30]% CPR [30]% CPR [30]% CPR [30]% CPR
Pricing Date: [ ] [ ] [ ] [ ]
Investor Settle Date: [02/25/99] [02/25/99] [02/25/99] [02/25/99]
Payment Delay: [0] days [0] days [0] days [0] days
Cut-off Date: [02/01/99] [02/01/99] [02/01/99] [02/01/99]
Stated Maturity [03/25/30] [03/25/30] [03/25/30] [03/25/30]
Dated Date: [02/25/99] [02/25/99] [02/25/99] [02/25/99]
Interest Payment [Actual/360] [Actual/360] [Actual/360] [Actual/360]
Payment Terms: [Monthly] [Monthly] [Monthly] [Monthly]
1st Interest Payment Date: [03/25/99] [03/25/99] [03/25/99] [03/25/99]
Collateral Type: [Adjustable-Rate] [Adjustable-Rate] [Adjustable-Rate] [Adjustable-Rate]
SMMEA
Eligibility: [SMMEA-Eligible] [SMMEA-Eligible] [non-SMMEA] [non-SSMEA]
</TABLE>
- --------------------------------------------------------------------------------
* All Classes will be subject to the Group II Available Funds Cap.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
SAXON ASSET SECURITIES TRUST 1999-1
Mortgage Loan Asset-Backed Certificates, Series 1999-1
GROUP II CERTIFICATES (Cont.)
-----------------------------------
Collateral: Adjustable-Rate, First Lien Mortgage Loans
Approximate Group Size: $ [251,237,431]
Group II
Available Funds Cap: A rate equal to the weighted average net coupon
rate (i.e., the weighted average coupon rate
less approximately [0.55%]) for the Group II Loans
for such Distribution Date.
Coupon Step-Up at 10%
Optional Termination Date: If the Mortgage Loans are not purchased on the
Optional Termination Date the coupon on the
Class AV-1 Certificates shall be raised to LIBOR +
[2x] Spread; and the Class MV-1, MV-2
and BV-1 Certificate shall be raised to LIBOR +
[1.5] Spread, subject to the Group II Available
Funds Cap.
Distribution Date: The 25th day of each month or, if such day is not
a business day, the next succeeding
business day, beginning on [March 25, 1999].
Interest Accrual Period: Interest will accrue from the preceding
Distribution Date (or, with respect to the first
accrual period, the Closing Date) to, but not
including, the related Distribution Date.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $80,000,000.00 DATED DATE: 02/25/99
CURRENT COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $80,000,000.00 BOND AF-1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 02/25/99
ASSUMED CONSTANT LIBOR-1M 4.9360
*** TO CALL ***
</TABLE>
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 53.183 47.750 51.072 53.183 58.085 62.599 66.746
99-24+ 51.419 46.326 49.440 51.419 56.014 60.245 64.133
99-25 49.655 44.902 47.809 49.655 53.943 57.892 61.520
99-25+ 47.892 43.479 46.177 47.892 51.873 55.540 58.908
99-26 46.129 42.056 44.546 46.129 49.803 53.188 56.297
99-26+ 44.366 40.633 42.916 44.366 47.734 50.836 53.686
99-27 42.603 39.210 41.285 42.603 45.665 48.485 51.075
99-27+ 40.842 37.788 39.655 40.842 43.597 46.134 48.465
99-28 39.080 36.366 38.025 39.080 41.529 43.784 45.856
99-28+ 37.319 34.944 36.396 37.319 39.461 41.434 43.247
99-29 35.558 33.523 34.767 35.558 37.394 39.085 40.639
99-29+ 33.797 32.101 33.138 33.797 35.327 36.736 38.031
99-30 32.037 30.681 31.510 32.037 33.261 34.388 35.424
99-30+ 30.277 29.260 29.882 30.277 31.195 32.040 32.817
99-31 28.518 27.840 28.254 28.518 29.130 29.693 30.211
99-31+ 26.759 26.420 26.627 26.759 27.065 27.346 27.605
100-00 25.000 25.000 25.000 25.000 25.000 25.000 25.000
100-00+ 23.242 23.581 23.373 23.242 22.936 22.654 22.395
100-01 21.484 22.162 21.747 21.484 20.872 20.309 19.791
100-01+ 19.726 20.743 20.121 19.726 18.809 17.964 17.188
100-02 17.969 19.324 18.495 17.969 16.746 15.620 14.585
100-02+ 16.212 17.906 16.870 16.212 14.683 13.276 11.983
100-03 14.455 16.488 15.245 14.455 12.621 10.932 9.381
100-03+ 12.699 15.070 13.620 12.699 10.560 8.589 6.779
100-04 10.943 13.653 11.996 10.943 8.498 6.247 4.179
100-04+ 9.188 12.236 10.372 9.188 6.438 3.905 1.578
100-05 7.433 10.819 8.748 7.433 4.377 1.563 -1.021
100-05+ 5.678 9.403 7.125 5.678 2.317 -0.778 -3.621
100-06 3.924 7.987 5.502 3.924 0.258 -3.118 -6.219
100-06+ 2.170 6.571 3.879 2.170 -1.801 -5.458 -8.817
100-07 0.416 5.155 2.257 0.416 -3.860 -7.798 -11.415
100-07+ -1.337 3.740 0.635 -1.337 -5.918 -10.137 -14.012
First Payment 0.083 0.083 0.083 0.083 0.083 0.083 0.083
Average Life 0.906 1.130 0.982 0.906 0.769 0.675 0.607
Last Payment 1.583 2.083 1.750 1.583 1.333 1.167 1.000
Mod.Dur. @ 100-00 0.860 1.065 0.930 0.860 0.734 0.646 0.582
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $38,000,000.00 DATED DATE: 02/01/99
COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $38,000,000.00 BOND AF-2 BE-YIELD TABLE YIELD TABLE DATE: 02/25/99
</TABLE>
PREPAYMENT SPEED
*** TO CALL ***
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 5.931 5.948 5.937 5.931 5.914 5.897 5.881
99-24+ 5.922 5.941 5.930 5.922 5.904 5.885 5.867
99-25 5.914 5.935 5.922 5.914 5.893 5.873 5.854
99-25+ 5.905 5.928 5.914 5.905 5.883 5.861 5.840
99-26 5.897 5.922 5.907 5.897 5.873 5.849 5.826
99-26+ 5.889 5.915 5.899 5.889 5.863 5.838 5.813
99-27 5.880 5.909 5.892 5.880 5.853 5.826 5.799
99-27+ 5.872 5.902 5.884 5.872 5.842 5.814 5.785
99-28 5.864 5.895 5.876 5.864 5.832 5.802 5.772
99-28+ 5.855 5.889 5.869 5.855 5.822 5.790 5.758
99-29 5.847 5.882 5.861 5.847 5.812 5.778 5.744
99-29+ 5.839 5.876 5.853 5.839 5.802 5.766 5.731
99-30 5.830 5.869 5.846 5.830 5.792 5.754 5.717
99-30+ 5.822 5.863 5.838 5.822 5.781 5.742 5.703
99-31 5.813 5.856 5.830 5.813 5.771 5.730 5.690
99-31+ 5.805 5.850 5.823 5.805 5.761 5.718 5.676
100-00 5.797 5.843 5.815 5.797 5.751 5.706 5.662
100-00+ 5.788 5.837 5.808 5.788 5.741 5.694 5.649
100-01 5.780 5.830 5.800 5.780 5.731 5.682 5.635
100-01+ 5.772 5.824 5.792 5.772 5.720 5.671 5.621
100-02 5.763 5.817 5.785 5.763 5.710 5.659 5.608
100-02+ 5.755 5.811 5.777 5.755 5.700 5.647 5.594
100-03 5.747 5.804 5.769 5.747 5.690 5.635 5.580
100-03+ 5.738 5.798 5.762 5.738 5.680 5.623 5.567
100-04 5.730 5.791 5.754 5.730 5.670 5.611 5.553
100-04+ 5.722 5.785 5.747 5.722 5.660 5.599 5.539
100-05 5.713 5.778 5.739 5.713 5.649 5.587 5.526
100-05+ 5.705 5.772 5.731 5.705 5.639 5.575 5.512
100-06 5.697 5.765 5.724 5.697 5.629 5.563 5.499
100-06+ 5.688 5.759 5.716 5.688 5.619 5.552 5.485
100-07 5.680 5.752 5.709 5.680 5.609 5.540 5.471
100-07+ 5.672 5.745 5.701 5.672 5.599 5.528 5.458
First Payment 1.583 2.083 1.750 1.583 1.333 1.167 1.000
Average Life 2.030 2.648 2.238 2.030 1.651 1.397 1.212
Last Payment 2.500 3.250 2.750 2.500 2.000 1.667 1.417
Mod.Dur. @ 100-00 1.862 2.385 2.040 1.862 1.532 1.306 1.140
Accrued Interest 0.396 0.396 0.396 0.396 0.396 0.396 0.396
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $35,000,000.00 DATED DATE: 02/01/99
COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $35,000,000.00 BOND AF-3 BE-YIELD TABLE YIELD TABLE DATE: 02/25/99
</TABLE>
PREPAYMENT SPEED
*** TO CALL ***
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.150 6.165 6.156 6.150 6.135 6.121 6.107
99-24+ 6.145 6.160 6.151 6.145 6.127 6.112 6.097
99-25 6.139 6.156 6.146 6.139 6.120 6.104 6.087
99-25+ 6.133 6.152 6.141 6.133 6.113 6.095 6.077
99-26 6.127 6.147 6.136 6.127 6.106 6.086 6.067
99-26+ 6.122 6.143 6.130 6.122 6.098 6.078 6.057
99-27 6.116 6.139 6.125 6.116 6.091 6.069 6.047
99-27+ 6.110 6.134 6.120 6.110 6.084 6.061 6.037
99-28 6.104 6.130 6.115 6.104 6.077 6.052 6.027
99-28+ 6.099 6.126 6.110 6.099 6.069 6.043 6.017
99-29 6.093 6.121 6.105 6.093 6.062 6.035 6.007
99-29+ 6.087 6.117 6.099 6.087 6.055 6.026 5.997
99-30 6.081 6.113 6.094 6.081 6.047 6.017 5.987
99-30+ 6.076 6.108 6.089 6.076 6.040 6.009 5.977
99-31 6.070 6.104 6.084 6.070 6.033 6.000 5.967
99-31+ 6.064 6.100 6.079 6.064 6.026 5.992 5.957
100-00 6.058 6.095 6.074 6.058 6.018 5.983 5.947
100-00+ 6.053 6.091 6.069 6.053 6.011 5.974 5.937
100-01 6.047 6.087 6.063 6.047 6.004 5.966 5.927
100-01+ 6.041 6.082 6.058 6.041 5.997 5.957 5.917
100-02 6.035 6.078 6.053 6.035 5.989 5.948 5.907
100-02+ 6.030 6.074 6.048 6.030 5.982 5.940 5.897
100-03 6.024 6.069 6.043 6.024 5.975 5.931 5.887
100-03+ 6.018 6.065 6.038 6.018 5.968 5.923 5.877
100-04 6.012 6.061 6.032 6.012 5.960 5.914 5.867
100-04+ 6.007 6.056 6.027 6.007 5.953 5.905 5.857
100-05 6.001 6.052 6.022 6.001 5.946 5.897 5.847
100-05+ 5.995 6.048 6.017 5.995 5.939 5.888 5.837
100-06 5.990 6.043 6.012 5.990 5.931 5.880 5.827
100-06+ 5.984 6.039 6.007 5.984 5.924 5.871 5.817
100-07 5.978 6.035 6.002 5.978 5.917 5.862 5.807
100-07+ 5.972 6.031 5.997 5.972 5.910 5.854 5.797
First Payment 2.500 3.250 2.750 2.500 2.000 1.667 1.417
Average Life 3.060 4.199 3.448 3.060 2.366 1.970 1.685
Last Payment 3.917 5.500 4.417 3.917 2.750 2.333 2.000
Mod.Dur. @ 100-00 2.712 3.595 3.020 2.712 2.143 1.806 1.559
Accrued Interest 0.409 0.409 0.409 0.409 0.409 0.409 0.409
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $28,000,000.00 DATED DATE: 02/01/99
COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $28,000,000.00 BOND AF-4 BE-YIELD TABLE YIELD TABLE DATE: 02/25/99
</TABLE>
PREPAYMENT SPEED
*** TO CALL ***
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.367 6.379 6.372 6.367 6.354 6.335 6.323
99-24+ 6.363 6.376 6.369 6.363 6.349 6.328 6.315
99-25 6.360 6.373 6.365 6.360 6.344 6.322 6.307
99-25+ 6.356 6.371 6.362 6.356 6.339 6.315 6.300
99-26 6.352 6.368 6.359 6.352 6.334 6.308 6.292
99-26+ 6.349 6.365 6.356 6.349 6.329 6.302 6.284
99-27 6.345 6.363 6.352 6.345 6.324 6.295 6.277
99-27+ 6.341 6.360 6.349 6.341 6.320 6.289 6.269
99-28 6.338 6.357 6.346 6.338 6.315 6.282 6.261
99-28+ 6.334 6.355 6.343 6.334 6.310 6.275 6.253
99-29 6.330 6.352 6.339 6.330 6.305 6.269 6.246
99-29+ 6.326 6.350 6.336 6.326 6.300 6.262 6.238
99-30 6.323 6.347 6.333 6.323 6.295 6.255 6.230
99-30+ 6.319 6.344 6.330 6.319 6.290 6.249 6.223
99-31 6.315 6.342 6.326 6.315 6.285 6.242 6.215
99-31+ 6.312 6.339 6.323 6.312 6.280 6.236 6.207
100-00 6.308 6.336 6.320 6.308 6.276 6.229 6.199
100-00+ 6.304 6.334 6.317 6.304 6.271 6.222 6.192
100-01 6.301 6.331 6.313 6.301 6.266 6.216 6.184
100-01+ 6.297 6.328 6.310 6.297 6.261 6.209 6.176
100-02 6.293 6.326 6.307 6.293 6.256 6.202 6.169
100-02+ 6.290 6.323 6.304 6.290 6.251 6.196 6.161
100-03 6.286 6.320 6.300 6.286 6.246 6.189 6.153
100-03+ 6.282 6.318 6.297 6.282 6.241 6.183 6.145
100-04 6.278 6.315 6.294 6.278 6.236 6.176 6.138
100-04+ 6.275 6.313 6.291 6.275 6.231 6.169 6.130
100-05 6.271 6.310 6.287 6.271 6.227 6.163 6.122
100-05+ 6.267 6.307 6.284 6.267 6.222 6.156 6.115
100-06 6.264 6.305 6.281 6.264 6.217 6.150 6.107
100-06+ 6.260 6.302 6.278 6.260 6.212 6.143 6.099
100-07 6.256 6.299 6.274 6.256 6.207 6.136 6.092
100-07+ 6.253 6.297 6.271 6.253 6.202 6.130 6.084
First Payment 3.917 5.500 4.417 3.917 2.750 2.333 2.000
Average Life 5.081 7.691 5.922 5.081 3.674 2.625 2.225
Last Payment 6.833 10.000 8.250 6.833 4.833 3.000 2.500
Mod.Dur. @ 100-00 4.213 5.879 4.779 4.213 3.179 2.352 2.019
Accrued Interest 0.422 0.422 0.422 0.422 0.422 0.422 0.422
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $17,389,000.00 DATED DATE: 02/01/99
COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $17,389,000.00 BOND AF-5 BE-YIELD TABLE YIELD TABLE DATE: 02/25/99
</TABLE>
PREPAYMENT SPEED
*** TO CALL ***
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.810 6.817 6.813 6.810 6.801 6.790 6.763
99-24+ 6.807 6.815 6.811 6.807 6.798 6.785 6.757
99-25 6.805 6.813 6.808 6.805 6.794 6.781 6.750
99-25+ 6.802 6.811 6.805 6.802 6.791 6.777 6.744
99-26 6.799 6.809 6.803 6.799 6.787 6.772 6.738
99-26+ 6.796 6.806 6.800 6.796 6.784 6.768 6.731
99-27 6.794 6.804 6.798 6.794 6.780 6.763 6.725
99-27+ 6.791 6.802 6.795 6.791 6.777 6.759 6.718
99-28 6.788 6.800 6.793 6.788 6.773 6.755 6.712
99-28+ 6.785 6.797 6.790 6.785 6.770 6.750 6.705
99-29 6.783 6.795 6.788 6.783 6.767 6.746 6.699
99-29+ 6.780 6.793 6.785 6.780 6.763 6.742 6.693
99-30 6.777 6.791 6.783 6.777 6.760 6.737 6.686
99-30+ 6.774 6.789 6.780 6.774 6.756 6.733 6.680
99-31 6.772 6.786 6.778 6.772 6.753 6.729 6.673
99-31+ 6.769 6.784 6.775 6.769 6.749 6.724 6.667
100-00 6.766 6.782 6.773 6.766 6.746 6.720 6.661
100-00+ 6.763 6.780 6.770 6.763 6.742 6.716 6.654
100-01 6.761 6.778 6.767 6.761 6.739 6.711 6.648
100-01+ 6.758 6.775 6.765 6.758 6.735 6.707 6.641
100-02 6.755 6.773 6.762 6.755 6.732 6.702 6.635
100-02+ 6.752 6.771 6.760 6.752 6.729 6.698 6.629
100-03 6.750 6.769 6.757 6.750 6.725 6.694 6.622
100-03+ 6.747 6.767 6.755 6.747 6.722 6.689 6.616
100-04 6.744 6.764 6.752 6.744 6.718 6.685 6.609
100-04+ 6.741 6.762 6.750 6.741 6.715 6.681 6.603
100-05 6.739 6.760 6.747 6.739 6.711 6.676 6.597
100-05+ 6.736 6.758 6.745 6.736 6.708 6.672 6.590
100-06 6.733 6.756 6.742 6.733 6.704 6.668 6.584
100-06+ 6.730 6.753 6.740 6.730 6.701 6.663 6.577
100-07 6.728 6.751 6.737 6.728 6.697 6.659 6.571
100-07+ 6.725 6.749 6.735 6.725 6.694 6.655 6.565
First Payment 6.833 10.000 8.250 6.833 4.833 3.000 2.500
Average Life 7.386 10.000 8.250 7.386 5.559 4.239 2.740
Last Payment 7.417 10.000 8.250 7.417 5.750 4.667 3.000
Mod.Dur. @ 100-00 5.649 7.066 6.145 5.649 4.499 3.573 2.428
Accrued Interest 0.450 0.450 0.450 0.450 0.450 0.450 0.450
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $22,043,000.00 DATED DATE: 02/01/99
COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $22,043,000.00 BOND AF-6 BE-YIELD TABLE YIELD TABLE DATE: 02/25/99
</TABLE>
PREPAYMENT SPEED
*** TO CALL ***
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C>
99-24 6.398 6.400 6.399 6.398 6.393 6.388 6.379
99-24+ 6.395 6.397 6.396 6.395 6.390 6.384 6.374
99-25 6.391 6.394 6.393 6.391 6.386 6.380 6.370
99-25+ 6.388 6.392 6.390 6.388 6.383 6.376 6.365
99-26 6.385 6.389 6.387 6.385 6.379 6.372 6.360
99-26+ 6.382 6.386 6.384 6.382 6.375 6.368 6.355
99-27 6.379 6.383 6.381 6.379 6.372 6.364 6.350
99-27+ 6.376 6.380 6.378 6.376 6.368 6.360 6.346
99-28 6.373 6.377 6.375 6.373 6.365 6.356 6.341
99-28+ 6.369 6.374 6.371 6.369 6.361 6.352 6.336
99-29 6.366 6.371 6.368 6.366 6.358 6.348 6.331
99-29+ 6.363 6.368 6.365 6.363 6.354 6.344 6.327
99-30 6.360 6.365 6.362 6.360 6.351 6.340 6.322
99-30+ 6.357 6.363 6.359 6.357 6.347 6.336 6.317
99-31 6.354 6.360 6.356 6.354 6.344 6.332 6.312
99-31+ 6.351 6.357 6.353 6.351 6.340 6.328 6.307
100-00 6.347 6.354 6.350 6.347 6.337 6.324 6.303
100-00+ 6.344 6.351 6.347 6.344 6.333 6.320 6.298
100-01 6.341 6.348 6.344 6.341 6.329 6.316 6.293
100-01+ 6.338 6.345 6.341 6.338 6.326 6.312 6.288
100-02 6.335 6.342 6.338 6.335 6.322 6.307 6.283
100-02+ 6.332 6.339 6.335 6.332 6.319 6.303 6.279
100-03 6.329 6.336 6.332 6.329 6.315 6.299 6.274
100-03+ 6.326 6.334 6.329 6.326 6.312 6.295 6.269
100-04 6.322 6.331 6.326 6.322 6.308 6.291 6.264
100-04+ 6.319 6.328 6.323 6.319 6.305 6.287 6.260
100-05 6.316 6.325 6.320 6.316 6.301 6.283 6.255
100-05+ 6.313 6.322 6.317 6.313 6.298 6.279 6.250
100-06 6.310 6.319 6.314 6.310 6.294 6.275 6.245
100-06+ 6.307 6.316 6.311 6.307 6.291 6.271 6.240
100-07 6.304 6.313 6.308 6.304 6.287 6.267 6.236
100-07+ 6.301 6.310 6.305 6.301 6.284 6.263 6.231
First Payment 3.167 3.083 3.083 3.167 3.500 3.833 3.000
Average Life 6.229 6.909 6.504 6.229 5.347 4.596 3.758
Last Payment 7.417 10.000 8.250 7.417 5.750 4.667 3.833
Mod.Dur. @ 100-00 4.968 5.369 5.134 4.968 4.401 3.876 3.251
Accrued Interest 0.423 0.423 0.423 0.423 0.423 0.423 0.423
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $14,825,000.00 DATED DATE: 02/01/99
COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $14,825,000.00 BOND MF-1 BE-YIELD TABLE YIELD TABLE DATE: 02/25/99
</TABLE>
PREPAYMENT SPEED
*** TO CALL ***
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.847 6.856 6.850 6.847 6.839 6.834 6.831
99-24+ 6.843 6.853 6.847 6.843 6.834 6.829 6.827
99-25 6.839 6.850 6.844 6.839 6.830 6.825 6.822
99-25+ 6.836 6.847 6.840 6.836 6.826 6.820 6.817
99-26 6.832 6.845 6.837 6.832 6.822 6.815 6.812
99-26+ 6.828 6.842 6.834 6.828 6.817 6.811 6.807
99-27 6.825 6.839 6.830 6.825 6.813 6.806 6.803
99-27+ 6.821 6.836 6.827 6.821 6.809 6.801 6.798
99-28 6.818 6.833 6.824 6.818 6.805 6.797 6.793
99-28+ 6.814 6.830 6.820 6.814 6.800 6.792 6.788
99-29 6.810 6.827 6.817 6.810 6.796 6.788 6.783
99-29+ 6.807 6.824 6.814 6.807 6.792 6.783 6.779
99-30 6.803 6.821 6.810 6.803 6.788 6.778 6.774
99-30+ 6.799 6.818 6.807 6.799 6.783 6.774 6.769
99-31 6.796 6.816 6.804 6.796 6.779 6.769 6.764
99-31+ 6.792 6.813 6.800 6.792 6.775 6.765 6.760
100-00 6.789 6.810 6.797 6.789 6.771 6.760 6.755
100-00+ 6.785 6.807 6.794 6.785 6.766 6.755 6.750
100-01 6.781 6.804 6.790 6.781 6.762 6.751 6.745
100-01+ 6.778 6.801 6.787 6.778 6.758 6.746 6.740
100-02 6.774 6.798 6.784 6.774 6.754 6.742 6.736
100-02+ 6.770 6.795 6.780 6.770 6.749 6.737 6.731
100-03 6.767 6.792 6.777 6.767 6.745 6.732 6.726
100-03+ 6.763 6.790 6.773 6.763 6.741 6.728 6.721
100-04 6.760 6.787 6.770 6.760 6.737 6.723 6.716
100-04+ 6.756 6.784 6.767 6.756 6.732 6.719 6.712
100-05 6.752 6.781 6.763 6.752 6.728 6.714 6.707
100-05+ 6.749 6.778 6.760 6.749 6.724 6.709 6.702
100-06 6.745 6.775 6.757 6.745 6.720 6.705 6.697
100-06+ 6.741 6.772 6.754 6.741 6.716 6.700 6.693
100-07 6.738 6.769 6.750 6.738 6.711 6.696 6.688
100-07+ 6.734 6.766 6.747 6.734 6.707 6.691 6.683
First Payment 3.083 3.667 3.083 3.083 3.250 3.417 3.583
Average Life 5.344 7.114 5.920 5.344 4.400 3.975 3.797
Last Payment 7.417 10.000 8.250 7.417 5.750 4.667 3.833
Mod.Dur. @ 100-00 4.291 5.376 4.658 4.291 3.667 3.376 3.249
Accrued Interest 0.453 0.453 0.453 0.453 0.453 0.453 0.453
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $10,958,000.00 DATED DATE: 02/01/99
COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $10,958,000.00 BOND MF-2 BE-YIELD TABLE YIELD TABLE DATE: 02/25/99
</TABLE>
PREPAYMENT SPEED
*** TO CALL ***
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.295 7.306 7.299 7.295 7.285 7.278 7.274
99-24+ 7.291 7.303 7.296 7.291 7.281 7.273 7.268
99-25 7.288 7.300 7.293 7.288 7.277 7.268 7.263
99-25+ 7.284 7.297 7.289 7.284 7.272 7.264 7.258
99-26 7.280 7.294 7.286 7.280 7.268 7.259 7.253
99-26+ 7.277 7.291 7.282 7.277 7.263 7.254 7.248
99-27 7.273 7.288 7.279 7.273 7.259 7.249 7.243
99-27+ 7.269 7.285 7.276 7.269 7.255 7.244 7.238
99-28 7.266 7.282 7.272 7.266 7.250 7.239 7.232
99-28+ 7.262 7.280 7.269 7.262 7.246 7.235 7.227
99-29 7.258 7.277 7.265 7.258 7.242 7.230 7.222
99-29+ 7.255 7.274 7.262 7.255 7.237 7.225 7.217
99-30 7.251 7.271 7.259 7.251 7.233 7.220 7.212
99-30+ 7.247 7.268 7.255 7.247 7.229 7.215 7.207
99-31 7.243 7.265 7.252 7.243 7.224 7.210 7.202
99-31+ 7.240 7.262 7.248 7.240 7.220 7.206 7.197
100-00 7.236 7.259 7.245 7.236 7.216 7.201 7.192
100-00+ 7.232 7.256 7.242 7.232 7.211 7.196 7.186
100-01 7.229 7.253 7.238 7.229 7.207 7.191 7.181
100-01+ 7.225 7.250 7.235 7.225 7.203 7.186 7.176
100-02 7.221 7.247 7.232 7.221 7.198 7.182 7.171
100-02+ 7.218 7.244 7.228 7.218 7.194 7.177 7.166
100-03 7.214 7.241 7.225 7.214 7.190 7.172 7.161
100-03+ 7.210 7.238 7.221 7.210 7.185 7.167 7.156
100-04 7.207 7.235 7.218 7.207 7.181 7.162 7.151
100-04+ 7.203 7.232 7.215 7.203 7.177 7.158 7.146
100-05 7.199 7.229 7.211 7.199 7.172 7.153 7.140
100-05+ 7.196 7.227 7.208 7.196 7.168 7.148 7.135
100-06 7.192 7.224 7.204 7.192 7.164 7.143 7.130
100-06+ 7.188 7.221 7.201 7.188 7.159 7.138 7.125
100-07 7.185 7.218 7.198 7.185 7.155 7.134 7.120
100-07+ 7.181 7.215 7.194 7.181 7.151 7.129 7.115
First Payment 3.083 3.667 3.083 3.083 3.167 3.167 3.250
Average Life 5.339 7.114 5.920 5.339 4.350 3.826 3.558
Last Payment 7.417 10.000 8.250 7.417 5.750 4.667 3.833
Mod.Dur. @ 100-00 4.229 5.284 4.590 4.229 3.587 3.228 3.039
Accrued Interest 0.483 0.483 0.483 0.483 0.483 0.483 0.483
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $6,446,000.00 DATED DATE: 02/01/99
COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $6,446,000.00 BOND BF-1 BE-YIELD TABLE YIELD TABLE DATE: 02/25/99
</TABLE>
PREPAYMENT SPEED
*** TO CALL ***
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 8.498 8.513 8.504 8.498 8.484 8.473 8.465
99-24+ 8.494 8.509 8.500 8.494 8.480 8.468 8.460
99-25 8.490 8.506 8.497 8.490 8.475 8.463 8.455
99-25+ 8.486 8.503 8.493 8.486 8.471 8.458 8.449
99-26 8.483 8.500 8.490 8.483 8.466 8.453 8.444
99-26+ 8.479 8.497 8.486 8.479 8.462 8.448 8.438
99-27 8.475 8.494 8.482 8.475 8.457 8.443 8.433
99-27+ 8.471 8.491 8.479 8.471 8.453 8.438 8.427
99-28 8.467 8.488 8.475 8.467 8.448 8.433 8.422
99-28+ 8.463 8.485 8.472 8.463 8.444 8.428 8.417
99-29 8.460 8.482 8.468 8.460 8.439 8.423 8.411
99-29+ 8.456 8.479 8.465 8.456 8.435 8.418 8.406
99-30 8.452 8.476 8.461 8.452 8.430 8.413 8.400
99-30+ 8.448 8.472 8.458 8.448 8.426 8.408 8.395
99-31 8.444 8.469 8.454 8.444 8.421 8.403 8.389
99-31+ 8.441 8.466 8.451 8.441 8.417 8.398 8.384
100-00 8.437 8.463 8.447 8.437 8.412 8.393 8.379
100-00+ 8.433 8.460 8.444 8.433 8.408 8.388 8.373
100-01 8.429 8.457 8.440 8.429 8.403 8.383 8.368
100-01+ 8.425 8.454 8.437 8.425 8.399 8.378 8.362
100-02 8.422 8.451 8.433 8.422 8.394 8.373 8.357
100-02+ 8.418 8.448 8.430 8.418 8.390 8.368 8.351
100-03 8.414 8.445 8.426 8.414 8.385 8.363 8.346
100-03+ 8.410 8.442 8.423 8.410 8.381 8.358 8.341
100-04 8.406 8.439 8.419 8.406 8.376 8.353 8.335
100-04+ 8.403 8.436 8.416 8.403 8.372 8.348 8.330
100-05 8.399 8.433 8.412 8.399 8.367 8.343 8.324
100-05+ 8.395 8.429 8.409 8.395 8.363 8.338 8.319
100-06 8.391 8.426 8.405 8.391 8.358 8.333 8.313
100-06+ 8.387 8.423 8.402 8.387 8.354 8.328 8.308
100-07 8.384 8.420 8.398 8.384 8.349 8.323 8.303
100-07+ 8.380 8.417 8.394 8.380 8.345 8.318 8.297
First Payment 3.083 3.667 3.083 3.083 3.083 3.083 3.167
Average Life 5.339 7.114 5.920 5.339 4.322 3.754 3.422
Last Payment 7.417 10.000 8.250 7.417 5.750 4.667 3.833
Mod.Dur. @ 100-00 4.079 5.050 4.413 4.079 3.460 3.090 2.864
Accrued Interest 0.562 0.562 0.562 0.562 0.562 0.562 0.562
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $200,358,000.00 DATED DATE: 02/25/99
CURRENT COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $200,358,000.00 BOND AV-1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 02/25/99
</TABLE>
ASSUMED CONSTANT LIBOR-1M 4.9360
*** TO CALL ***
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 55.227 51.611 53.649 55.227 60.810 67.201 72.795
99-24+ 54.398 51.009 52.920 54.398 59.632 65.623 70.867
99-25 53.570 50.407 52.190 53.570 58.454 64.045 68.939
99-25+ 52.742 49.805 51.461 52.742 57.277 62.468 67.012
99-26 51.914 49.204 50.732 51.914 56.100 60.891 65.085
99-26+ 51.086 48.603 50.003 51.086 54.923 59.315 63.159
99-27 50.259 48.001 49.274 50.259 53.746 57.739 61.233
99-27+ 49.432 47.400 48.546 49.432 52.570 56.163 59.307
99-28 48.605 46.800 47.817 48.605 51.394 54.588 57.382
99-28+ 47.778 46.199 47.089 47.778 50.219 53.013 55.458
99-29 46.952 45.599 46.362 46.952 49.044 51.439 53.534
99-29+ 46.126 44.998 45.634 46.126 47.869 49.864 51.610
99-30 45.300 44.398 44.907 45.300 46.694 48.291 49.687
99-30+ 44.475 43.798 44.180 44.475 45.520 46.717 47.765
99-31 43.650 43.199 43.453 43.650 44.347 45.145 45.843
99-31+ 42.825 42.599 42.726 42.825 43.173 43.572 43.921
100-00 42.000 42.000 42.000 42.000 42.000 42.000 42.000
100-00+ 41.176 41.401 41.274 41.176 40.827 40.428 40.079
100-01 40.351 40.802 40.548 40.351 39.655 38.857 38.159
100-01+ 39.527 40.203 39.822 39.527 38.483 37.286 36.240
100-02 38.704 39.605 39.097 38.704 37.311 35.715 34.320
100-02+ 37.880 39.006 38.371 37.880 36.140 34.145 32.402
100-03 37.057 38.408 37.646 37.057 34.969 32.576 30.484
100-03+ 36.234 37.810 36.922 36.234 33.798 31.006 28.566
100-04 35.412 37.212 36.197 35.412 32.628 29.437 26.649
100-04+ 34.589 36.614 35.473 34.589 31.458 27.869 24.732
100-05 33.767 36.017 34.748 33.767 30.288 26.301 22.816
100-05+ 32.945 35.420 34.025 32.945 29.119 24.733 20.900
100-06 32.123 34.823 33.301 32.123 27.949 23.165 18.984
100-06+ 31.302 34.226 32.577 31.302 26.781 21.598 17.070
100-07 30.481 33.629 31.854 30.481 25.612 20.032 15.155
100-07+ 29.660 33.032 31.131 29.660 24.445 18.465 13.241
First Payment 0.083 0.083 0.083 0.083 0.083 0.083 0.083
Average Life 2.081 2.977 2.395 2.081 1.410 1.027 0.834
Last Payment 7.417 10.000 8.250 7.417 5.750 2.667 2.167
Mod.Dur. @ 100-00 1.830 2.516 2.077 1.830 1.287 0.962 0.788
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $20,728,000.00 DATED DATE: 02/25/99
CURRENT COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $20,728,000.00 BOND MV-1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 02/25/99
</TABLE>
ASSUMED CONSTANT LIBOR-1M 4.9360
*** TO CALL ***
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 80.934 80.004 80.663 80.934 80.841 81.367 82.706
99-24+ 80.562 79.691 80.308 80.562 80.476 80.969 82.224
99-25 80.191 79.377 79.954 80.191 80.110 80.570 81.742
99-25+ 79.820 79.064 79.600 79.820 79.745 80.172 81.260
99-26 79.449 78.751 79.245 79.449 79.379 79.774 80.778
99-26+ 79.077 78.438 78.891 79.077 79.014 79.376 80.296
99-27 78.706 78.125 78.537 78.706 78.649 78.978 79.814
99-27+ 78.335 77.813 78.183 78.335 78.284 78.579 79.332
99-28 77.965 77.500 77.829 77.965 77.919 78.181 78.850
99-28+ 77.594 77.187 77.475 77.594 77.554 77.784 78.369
99-29 77.223 76.875 77.121 77.223 77.189 77.386 77.887
99-29+ 76.852 76.562 76.768 76.852 76.824 76.988 77.406
99-30 76.482 76.249 76.414 76.482 76.459 76.590 76.925
99-30+ 76.111 75.937 76.060 76.111 76.094 76.193 76.443
99-31 75.741 75.625 75.707 75.741 75.729 75.795 75.962
99-31+ 75.370 75.312 75.353 75.370 75.365 75.397 75.481
100-00 75.000 75.000 75.000 75.000 75.000 75.000 75.000
100-00+ 74.630 74.688 74.647 74.630 74.635 74.603 74.519
100-01 74.260 74.376 74.293 74.260 74.271 74.205 74.038
100-01+ 73.889 74.064 73.940 73.889 73.907 73.808 73.557
100-02 73.519 73.752 73.587 73.519 73.542 73.411 73.077
100-02+ 73.149 73.440 73.234 73.149 73.178 73.014 72.596
100-03 72.779 73.128 72.881 72.779 72.814 72.617 72.116
100-03+ 72.410 72.816 72.528 72.410 72.450 72.220 71.635
100-04 72.040 72.504 72.175 72.040 72.086 71.823 71.155
100-04+ 71.670 72.192 71.822 71.670 71.721 71.426 70.675
100-05 71.300 71.881 71.470 71.300 71.358 71.029 70.195
100-05+ 70.931 71.569 71.117 70.931 70.994 70.633 69.714
100-06 70.561 71.258 70.764 70.561 70.630 70.236 69.234
100-06+ 70.192 70.946 70.412 70.192 70.266 69.840 68.755
100-07 69.823 70.635 70.059 69.823 69.902 69.443 68.275
100-07+ 69.453 70.324 69.707 69.453 69.539 69.047 67.795
First Payment 3.500 3.167 3.333 3.500 3.917 2.667 2.167
Average Life 4.823 5.984 5.123 4.823 4.867 4.406 3.558
Last Payment 7.417 10.000 8.250 7.417 5.750 4.667 3.833
Mod.Dur. @ 100-00 4.064 4.819 4.259 4.064 4.127 3.787 3.130
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $16,331,000.00 DATED DATE: 02/25/99
CURRENT COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $16,331,000.00 BOND MV-2 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 02/25/99
</TABLE>
ASSUMED CONSTANT LIBOR-1M 4.9360
*** TO CALL ***
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 131.244 130.094 130.844 131.244 131.876 132.676 134.203
99-24+ 130.853 129.775 130.478 130.853 131.445 132.195 133.627
99-25 130.463 129.457 130.112 130.463 131.015 131.715 133.051
99-25+ 130.072 129.138 129.747 130.072 130.585 131.235 132.475
99-26 129.681 128.819 129.381 129.681 130.155 130.755 131.900
99-26+ 129.291 128.501 129.016 129.291 129.725 130.275 131.324
99-27 128.900 128.182 128.650 128.900 129.295 129.795 130.749
99-27+ 128.510 127.863 128.285 128.510 128.865 129.315 130.173
99-28 128.120 127.545 127.920 128.120 128.435 128.835 129.598
99-28+ 127.730 127.227 127.554 127.730 128.006 128.356 129.023
99-29 127.339 126.908 127.189 127.339 127.576 127.876 128.448
99-29+ 126.949 126.590 126.824 126.949 127.147 127.396 127.873
99-30 126.559 126.272 126.459 126.559 126.717 126.917 127.298
99-30+ 126.169 125.954 126.094 126.169 126.288 126.438 126.724
99-31 125.779 125.636 125.729 125.779 125.858 125.958 126.149
99-31+ 125.390 125.318 125.365 125.390 125.429 125.479 125.574
100-00 125.000 125.000 125.000 125.000 125.000 125.000 125.000
100-00+ 124.610 124.682 124.635 124.610 124.571 124.521 124.426
100-01 124.221 124.364 124.271 124.221 124.142 124.042 123.851
100-01+ 123.831 124.047 123.906 123.831 123.713 123.563 123.277
100-02 123.442 123.729 123.542 123.442 123.284 123.084 122.703
100-02+ 123.053 123.411 123.178 123.053 122.855 122.606 122.129
100-03 122.663 123.094 122.813 122.663 122.427 122.127 121.556
100-03+ 122.274 122.776 122.449 122.274 121.998 121.649 120.982
100-04 121.885 122.459 122.085 121.885 121.570 121.170 120.408
100-04+ 121.496 122.142 121.721 121.496 121.141 120.692 119.835
100-05 121.107 121.824 121.357 121.107 120.713 120.213 119.261
100-05+ 120.718 121.507 120.993 120.718 120.284 119.735 118.688
100-06 120.329 121.190 120.629 120.329 119.856 119.257 118.115
100-06+ 119.941 120.873 120.265 119.941 119.428 118.779 117.542
100-07 119.552 120.556 119.902 119.552 119.000 118.301 116.968
100-07+ 119.163 120.239 119.538 119.163 118.572 117.823 116.396
First Payment 3.250 3.083 3.167 3.250 3.333 3.083 2.500
Average Life 4.629 5.973 5.028 4.629 4.100 3.612 2.951
Last Payment 7.417 10.000 8.250 7.417 5.750 4.667 3.833
Mod.Dur. @ 100-00 3.855 4.724 4.118 3.855 3.500 3.136 2.615
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
<TABLE>
<S> <C> <C>
CURRENT BALANCE: $7,538,000.00 DATED DATE: 02/25/99
CURRENT COUPON: TBD SASTA991 FIRST PAYMENT: 03/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 17
ORIGINAL BALANCE: $7,538,000.00 BOND BV-1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 02/25/99
</TABLE>
ASSUMED CONSTANT LIBOR-1M 4.9360
*** TO CALL ***
<TABLE>
<CAPTION>
100REP/ 75REP/ 90REP/ 100REP/ 125REP/ 150REP/ 175REP/
PRICE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE REP_LINE
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 306.610 305.385 306.162 306.610 307.480 308.550 310.244
99-24+ 306.197 305.048 305.777 306.197 307.012 308.015 309.603
99-25 305.783 304.711 305.391 305.783 306.544 307.480 308.962
99-25+ 305.369 304.374 305.005 305.369 306.076 306.945 308.321
99-26 304.956 304.037 304.620 304.956 305.608 306.410 307.680
99-26+ 304.542 303.701 304.234 304.542 305.140 305.876 307.040
99-27 304.129 303.364 303.849 304.129 304.673 305.341 306.399
99-27+ 303.716 303.027 303.464 303.716 304.205 304.806 305.759
99-28 303.303 302.690 303.079 303.303 303.737 304.272 305.118
99-28+ 302.889 302.354 302.694 302.889 303.270 303.738 304.478
99-29 302.476 302.017 302.309 302.476 302.803 303.203 303.838
99-29+ 302.063 301.681 301.924 302.063 302.335 302.669 303.198
99-30 301.651 301.345 301.539 301.651 301.868 302.135 302.558
99-30+ 301.238 301.008 301.154 301.238 301.401 301.601 301.919
99-31 300.825 300.672 300.769 300.825 300.934 301.067 301.279
99-31+ 300.413 300.336 300.385 300.413 300.467 300.534 300.639
100-00 300.000 300.000 300.000 300.000 300.000 300.000 300.000
100-00+ 299.588 299.664 299.616 299.588 299.533 299.466 299.361
100-01 299.175 299.328 299.231 299.175 299.067 298.933 298.722
100-01+ 298.763 298.992 298.847 298.763 298.600 298.400 298.083
100-02 298.351 298.656 298.463 298.351 298.133 297.866 297.444
100-02+ 297.939 298.321 298.078 297.939 297.667 297.333 296.805
100-03 297.526 297.985 297.694 297.526 297.201 296.800 296.166
100-03+ 297.114 297.649 297.310 297.114 296.734 296.267 295.527
100-04 296.703 297.314 296.926 296.703 296.268 295.734 294.889
100-04+ 296.291 296.979 296.542 296.291 295.802 295.201 294.251
100-05 295.879 296.643 296.159 295.879 295.336 294.669 293.612
100-05+ 295.467 296.308 295.775 295.467 294.870 294.136 292.974
100-06 295.056 295.973 295.391 295.056 294.404 293.603 292.336
100-06+ 294.644 295.637 295.008 294.644 293.938 293.071 291.698
100-07 294.233 295.302 294.624 294.233 293.473 292.539 291.060
100-07+ 293.822 294.967 294.241 293.822 293.007 292.006 290.423
First Payment 3.083 3.083 3.083 3.083 3.167 2.833 2.333
Average Life 4.557 5.969 4.993 4.557 3.885 3.313 2.701
Last Payment 7.417 10.000 8.250 7.417 5.750 4.667 3.833
Mod.Dur. @ 100-00 3.615 4.436 3.878 3.615 3.194 2.793 2.333
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
<PAGE>
- --------------------------------------------------------------------------------
- SASTA 99-1
- Cut Off Date of Tape is 2/1/99 (Scheduled Balance Date)
- Fixed-rate
- $257,819,978.82
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 2,861
Lien Status: 1st and 2nd Lien Loans
Aggregate Unpaid Principal Balance: $257,819,978.82
Aggregate Original Principal Balance: $258,240,875.99
Weighted Average Gross Coupon: 9.819%
Gross Coupon Range: 6.875% - 15.750%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $90,115.34
Average Original Principal Balance: $90,262.45
Maximum Unpaid Principal Balance: $749,575.00
Minimum Unpaid Principal Balance: $9,970.26
Maximum Original Principal Balance: $750,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term: 338.600 (1)
Stated Rem Term Range: 58.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 1.773
Age Range: 0.000 - 17.000
Weighted Average Original Term: 340.373
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 75.534
Original LTV Range: 5.000% - 95.000%
Weighted Average Combined LTV: 77.212
Combined LTV Range: 11.320% - 100.000%
Weighted Average Debt to Income Ratio: 35.451 (2)
Debt to Income Ratio Range: 0.476% - 97.457%
Weighted Average Borrower FICO: 611.921 (3)
Borrower FICO Range: 432.000 - 809.000
- --------------------------------------------------------------------------------
(1) Scheduled balance date to maturity (balloons to fully amortizing maturity
date)
(2) Excludes 218 loans with missing DTI ratios
(3) Excludes 186 loans with missing FICO scores
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
6.50% < Gross Coupon <= 7.00% 0.10 203,565.16 0.08
7.00% < Gross Coupon <= 7.50% 0.84 2,931,217.37 1.14
7.50% < Gross Coupon <= 7.75% 0.94 3,791,472.19 1.47
7.75% < Gross Coupon <= 8.00% 3.08 10,353,084.61 4.02
8.00% < Gross Coupon <= 8.25% 3.60 11,097,474.01 4.30
8.25% < Gross Coupon <= 8.50% 7.13 22,571,786.86 8.75
8.50% < Gross Coupon <= 8.75% 6.99 23,686,437.95 9.19
8.75% < Gross Coupon <= 9.00% 7.76 25,063,870.49 9.72
9.00% < Gross Coupon <= 9.25% 4.61 14,392,646.61 5.58
9.25% < Gross Coupon <= 9.50% 5.56 15,604,726.60 6.05
9.50% < Gross Coupon <= 9.75% 4.72 10,870,409.98 4.22
9.75% < Gross Coupon <= 10.00% 6.64 16,289,004.95 6.32
10.00% < Gross Coupon <= 10.25% 3.64 8,385,849.24 3.25
10.25% < Gross Coupon <= 10.50% 5.24 13,514,321.83 5.24
10.50% < Gross Coupon <= 10.75% 5.42 12,330,282.69 4.78
10.75% < Gross Coupon <= 11.00% 7.31 16,999,505.36 6.59
11.00% < Gross Coupon <= 11.25% 3.67 8,626,679.11 3.35
11.25% < Gross Coupon <= 11.50% 4.65 9,353,393.09 3.63
11.50% < Gross Coupon <= 11.75% 4.23 9,641,562.12 3.74
11.75% < Gross Coupon <= 12.00% 3.81 7,237,659.94 2.81
12.00% < Gross Coupon <= 12.25% 1.75 2,835,056.95 1.10
12.25% < Gross Coupon <= 12.50% 2.13 3,079,276.31 1.19
12.50% < Gross Coupon <= 12.75% 1.36 2,312,293.28 0.90
12.75% < Gross Coupon <= 13.00% 1.89 2,807,281.81 1.09
13.00% < Gross Coupon <= 13.25% 0.77 1,448,895.22 0.56
13.25% < Gross Coupon <= 13.50% 0.66 1,018,624.03 0.40
13.50% < Gross Coupon <= 13.75% 0.52 545,486.55 0.21
13.75% < Gross Coupon <= 14.00% 0.31 307,403.38 0.12
14.00% < Gross Coupon <= 14.25% 0.31 309,687.10 0.12
14.25% < Gross Coupon <= 14.50% 0.03 22,090.22 0.01
14.50% < Gross Coupon <= 14.75% 0.07 61,059.93 0.02
14.75% < Gross Coupon <= 15.00% 0.17 98,259.95 0.04
15.00% < Gross Coupon <= 15.25% 0.03 9,970.26 0.00
15.50% < Gross Coupon <= 15.75% 0.03 19,643.67 0.01
- --------------------------------------------------------------------------------
Total.......... 100.00% $257,819,978.82 100.00%
================================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
48 < Rem Term <= 60 0.10 71,985.94 0.03%
72 < Rem Term <= 84 0.07 77,005.49 0.03%
108 < Rem Term <= 120 0.73 636,936.06 0.25%
132 < Rem Term <= 144 0.14 187,730.26 0.07%
156 < Rem Term <= 168 0.10 174,840.67 0.07%
168 < Rem Term <= 180 14.30 23,814,746.66 9.24%
216 < Rem Term <= 228 0.03 48,726.88 0.02%
228 < Rem Term <= 240 2.17 4,030,050.18 1.56%
276 < Rem Term <= 288 0.03 28,476.64 0.01%
288 < Rem Term <= 300 0.10 224,383.48 0.09%
336 < Rem Term <= 348 0.21 427,347.76 0.17%
348 < Rem Term <= 360 82.00 228,097,748.80 88.47%
- --------------------------------------------------------------------
Total............ 100.00% 257,819,978.82 100.00%
====================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
10.000 < CLTV <= 15.000 0.10 85,491.97 0.03
15.000 < CLTV <= 20.000 0.10 119,014.20 0.05
20.000 < CLTV <= 25.000 0.45 482,337.39 0.19
25.000 < CLTV <= 30.000 0.38 713,468.76 0.28
30.000 < CLTV <= 35.000 0.80 1,489,080.50 0.58
35.000 < CLTV <= 40.000 0.98 1,738,704.54 0.67
40.000 < CLTV <= 45.000 1.22 1,824,182.85 0.71
45.000 < CLTV <= 50.000 1.92 3,264,356.59 1.27
50.000 < CLTV <= 55.000 1.47 3,440,468.21 1.33
55.000 < CLTV <= 60.000 3.57 9,249,258.47 3.59
60.000 < CLTV <= 65.000 6.40 15,001,200.75 5.82
65.000 < CLTV <= 70.000 9.47 18,881,398.38 7.32
70.000 < CLTV <= 75.000 14.99 41,052,137.02 15.92
75.000 < CLTV <= 80.000 26.46 78,226,410.84 30.34
80.000 < CLTV <= 85.000 11.29 28,773,449.32 11.16
85.000 < CLTV <= 90.000 16.01 44,265,041.77 17.17
90.000 < CLTV <= 95.000 3.11 7,961,822.65 3.09
95.000 < CLTV <= 100.000 1.26 1,252,154.61 0.49
- ---------------------------------------------------------------------------
Total.................... 100.00% $ 257,819,978.82 100.00%
===========================================================================
CURRENT MORTGAGE LOAN AMOUNTS
(Scheduled Balances)
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
Balance <= 25,000 4.40 2,515,584.17 0.98
25,000 < Balance <= 50,000 23.63 25,913,330.87 10.05
50,000 < Balance <= 75,000 25.62 45,157,052.30 17.51
75,000 < Balance <= 100,000 16.46 41,094,765.96 15.94
100,000 < Balance <= 150,000 17.44 60,651,507.51 23.52
150,000 < Balance <= 175,000 3.81 17,663,246.37 6.85
175,000 < Balance <= 200,000 2.80 14,903,597.90 5.78
200,000 < Balance <= 250,000 2.34 14,960,436.52 5.80
250,000 < Balance <= 300,000 1.54 12,207,022.40 4.73
300,000 < Balance <= 350,000 0.73 6,903,238.08 2.68
350,000 < Balance <= 400,000 0.49 5,276,845.51 2.05
400,000 < Balance <= 450,000 0.24 2,957,454.88 1.15
450,000 < Balance <= 500,000 0.21 2,883,337.80 1.12
500,000 < Balance <= 600,000 0.21 3,333,734.21 1.29
600,000 < Balance <= 750,000 0.07 1,398,824.34 0.54
- --------------------------------------------------------------------------
Total.................... 100.00% $257,819,978.82 100.00%
==========================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
LOAN SUMMARY STRATIFIED BY
LOAN TYPE
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loan Type Loans Balance Balance
5 yr Fixed 0.10 71,985.94 0.03
7 yr Fixed 0.07 77,005.49 0.03
10 yr Fixed 0.73 636,936.06 0.25
12 yr Fixed 0.14 187,730.26 0.07
15 yr Fixed 14.40 23,989,587.33 9.30
20 yr Fixed 2.20 4,078,777.06 1.58
25 yr Fixed 0.14 252,860.12 0.10
30 yr Fixed 42.22 117,716,988.22 45.66
30/15 yr Bln 39.85 110,340,385.78 42.80
30/25 yr Bln 0.14 467,722.56 0.18
- --------------------------------------------------------------------------
Total.................. 100.00% $ 257,819,978.82 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Deminimus PUD 0.07 267,410.01 0.10
Low-Rise Condo 3.57 7,402,788.66 2.87
Manufactured Housing 4.12 7,222,905.86 2.80
PUD 2.97 11,566,157.90 4.49
Townhouses 1.08 1,890,970.35 0.73
2-4 Family 4.61 11,916,383.78 4.62
High-Rise Condo 0.70 2,631,786.48 1.02
Single Family Detached 80.29 209,910,752.49 81.42
Single Family Attached 2.59 5,010,823.29 1.94
- --------------------------------------------------------------------------
Total............... 100.00% $ 257,819,978.82 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 91.05 241,251,202.58 93.57
Investor 8.56 15,970,129.53 6.19
Second Home 0.38 598,646.71 0.23
- --------------------------------------------------------------------------
Total.................. 100.00% $257,819,978.82 100.00%
==========================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
LIEN SUMMARY
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1st lien 93.71 250,260,161.22 97.07
2d lien 6.29 7,559,817.60 2.93
- --------------------------------------------------------------------------
Total............... 100.00% $257,819,978.82 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of Percentage of
Aggregate Cut-Off Date
Number of Aggregate
Mortgage Principal
Loans Balance
Full Documentation 76.93 184,161,981.17 71.43
No Ratio 0.77 1,870,755.86 0.73
Stated Documentation 14.79 45,066,414.48 17.48
Limited Documentation 7.51 26,720,827.31 10.36
- --------------------------------------------------------------------------
Total.................. 100.00% $257,819,978.82 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of Percentage of
Aggregate Cut-Off Date
Number of Aggregate
Mortgage Principal
Loans Balance
Purchase 26.28 63,379,720.91 24.58
Refinance/ETO 60.40 151,314,558.08 58.69
Refinance 13.32 43,125,699.83 16.73
- --------------------------------------------------------------------------
Total.................. 100.00% $ 257,819,978.82 100.00%
==========================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Alabama 0.03 58,803.65 0.02
Alaska 0.14 323,332.70 0.13
Arizona 2.80 6,521,605.91 2.53
Arkansas 0.35 572,431.20 0.22
California 10.87 38,939,242.25 15.10
Colorado 2.69 7,302,003.85 2.83
Connecticut 1.12 2,982,233.65 1.16
Delaware 0.42 952,930.81 0.37
Dist of Col 0.07 108,487.96 0.04
Florida 8.77 20,789,430.04 8.06
Georgia 3.77 10,043,764.26 3.90
Hawaii 0.77 3,233,862.68 1.25
Idaho 0.49 1,072,097.73 0.42
Illinois 3.18 8,001,827.96 3.10
Indiana 2.27 4,403,603.31 1.71
Iowa 1.54 2,952,733.49 1.15
Kansas 0.56 1,360,428.00 0.53
Kentucky 0.70 2,154,459.44 0.84
Louisiana 2.38 4,390,555.16 1.70
Maine 0.07 43,981.06 0.02
Maryland 1.57 5,047,159.12 1.96
Massachusetts 1.26 3,685,552.22 1.43
Michigan 3.53 8,060,801.21 3.13
Minnesota 1.89 5,219,258.65 2.02
Mississippi 0.63 1,612,737.97 0.63
Missouri 2.97 6,202,420.89 2.41
Montana 0.07 117,775.84 0.05
Nebraska 0.77 1,289,695.45 0.50
Nevada 0.28 545,197.64 0.21
New Hampshire 0.14 121,094.49 0.05
New Jersey 2.24 7,896,439.44 3.06
New Mexico 1.71 4,134,951.17 1.60
New York 1.57 5,035,237.57 1.95
North Carolina 3.29 7,198,941.75 2.79
North Dakota 0.03 56,971.21 0.02
Ohio 5.38 11,404,115.60 4.42
Oklahoma 1.61 2,886,868.24 1.12
Oregon 3.18 9,402,193.52 3.65
Pennsylvania 5.03 12,136,588.40 4.71
Rhode Island 0.14 259,517.41 0.10
South Carolina 1.40 3,104,461.78 1.20
Tennessee 3.15 6,760,906.19 2.62
Texas 6.29 13,361,650.39 5.18
Utah 1.26 4,487,848.70 1.74
Virginia 3.04 9,600,140.33 3.72
Washington 2.76 8,247,804.68 3.20
West Virgina 0.59 1,176,120.12 0.46
Wisconsin 1.19 2,334,713.73 0.91
Wyoming 0.03 225,000.00 0.09
- --------------------------------------------------------------------------
Total............... 100.00% $257,819,978.82 100.00%
==========================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
CREDIT GRADE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Credit Mortgage Principal Principal
Grade Loans Balance Balance
A 30.09 89,761,510.69 34.82
A+ 6.26 16,855,620.27 6.54
A- 35.30 92,357,573.14 35.82
B 15.55 34,433,811.46 13.36
C 10.56 21,036,557.46 8.16
D 2.24 3,374,905.80 1.31
- -----------------------------------------------------------------
Total.......... 100.00% $ 257,819,978.82 100.00%
=================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of Percentage of
Aggregate Cut-Off Date
Number of Aggregate
Mortgage Principal
Amortization Loans Balance
Fully Amortizing 60.01 147,011,870.48 57.02
Partially Amortizing 39.99 110,808,108.34 42.98
- --------------------------------------------------------------------------
Total.................. 100.00% $ 257,819,978.82 100.00%
==========================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
- --------------------------------------------------------------------------------
- SASTA 99-1
- Cut Off Date of Tape is 02/01/99
- ARM
- $251,237,431.00
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 2,216
Lien Status: 1st Lien Loans
Index: 6 mo LIBOR & 1 yr CMT
Aggregate Unpaid Principal Balance: $251,237,431.00
Aggregate Original Principal Balance: $251,635,178.96
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 9.743%
Gross Coupon Range: 6.625% - 15.490%
Weighted Average Margin (Gross): 6.224%
Gross Margin Range: 3.000% - 10.675%
Weighted Average Life Cap (Gross): 16.244%
Gross Life Cap Range: 12.740% - 21.490%
Weighted Average Life Floor (Gross): 9.510%
Gross Life Floor Range: 3.990% - 15.490%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $113,374.29
Average Original Principal Balance: $113,553.78
Maximum Unpaid Principal Balance: $792,000.00
Minimum Unpaid Principal Balance: $16,083.47
Maximum Original Principal Balance: $792,000.00
Minimum Original Principal Balance: $16,100.00
Weighted Avg. Stated Rem. Term: 357.242 (1)
Stated Rem Term Range: 178.000 - 360.000
Weighted Average Age (First Pay thru Sch. Date): 2.585
Age Range: 0.000 - 20.000
Weighted Average Original Term: 359.828
Original Term Range: 180.000 - 360.000
Weighted Average Original LTV: 78.330
Original LTV Range: 17.170% - 95.000%
Weighted Average Combined LTV: 78.330
Combined LTV Range: 17.170% - 95.000%
Weighted Average Periodic Interest Cap: 1.179%
Periodic Interest Cap Range: 0.500% - 2.000%
Weighted Average Months to Interest Roll: 20.845
Months to Interest Roll Range: 1 - 59
Weighted Average Interest Roll Frequency: 6.304
Interest Frequency Range: 6 - 12
Weighted Average Debt to Income Ratio: 39.366 (2)
Debt to Income Ratio Range: 2.552% - 85.000%
Weighted Average Borrower FICO: 587.718 (3)
Borrower FICO Range: 305.000 - 804.000
- --------------------------------------------------------------------------------
(1) Scheduled balance date to maturity
(2) Excludes 15 loans with missing DTI ratios
(3) Excludes 198 loans with missing FICO scores
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
6.50% < Gross Coupon <= 7.00% 0.41 1,326,692.71 0.53
7.00% < Gross Coupon <= 7.50% 0.45 1,190,885.57 0.47
7.50% < Gross Coupon <= 7.75% 1.04 2,886,531.12 1.15
7.75% < Gross Coupon <= 8.00% 1.85 5,648,808.32 2.25
8.00% < Gross Coupon <= 8.25% 1.90 6,251,859.16 2.49
8.25% < Gross Coupon <= 8.50% 3.56 10,243,334.98 4.08
8.50% < Gross Coupon <= 8.75% 5.73 18,341,932.54 7.30
8.75% < Gross Coupon <= 9.00% 8.35 23,601,954.16 9.39
9.00% < Gross Coupon <= 9.25% 6.86 17,663,769.59 7.03
9.25% < Gross Coupon <= 9.50% 7.85 24,566,587.08 9.78
9.50% < Gross Coupon <= 9.75% 8.48 22,467,665.81 8.94
9.75% < Gross Coupon <= 10.00% 11.91 30,255,058.67 12.04
10.00% < Gross Coupon <= 10.25% 7.49 16,639,842.11 6.62
10.25% < Gross Coupon <= 10.50% 8.12 20,216,047.54 8.05
10.50% < Gross Coupon <= 10.75% 6.90 14,322,498.59 5.70
10.75% < Gross Coupon <= 11.00% 6.63 13,441,245.81 5.35
11.00% < Gross Coupon <= 11.25% 2.66 4,819,180.85 1.92
11.25% < Gross Coupon <= 11.50% 2.89 4,858,972.18 1.93
11.50% < Gross Coupon <= 11.75% 1.81 2,988,019.23 1.19
11.75% < Gross Coupon <= 12.00% 1.94 3,668,997.15 1.46
12.00% < Gross Coupon <= 12.25% 0.68 1,577,515.24 0.63
12.25% < Gross Coupon <= 12.50% 0.68 1,086,307.05 0.43
12.50% < Gross Coupon <= 12.75% 0.59 989,655.25 0.39
12.75% < Gross Coupon <= 13.00% 0.36 445,689.15 0.18
13.00% < Gross Coupon <= 13.25% 0.18 168,178.48 0.07
13.25% < Gross Coupon <= 13.50% 0.23 461,889.80 0.18
13.50% < Gross Coupon <= 13.75% 0.18 650,665.66 0.26
13.75% < Gross Coupon <= 14.00% 0.18 295,801.47 0.12
14.25% < Gross Coupon <= 14.50% 0.05 98,948.80 0.04
15.25% < Gross Coupon <= 15.50% 0.05 62,896.93 0.03
- --------------------------------------------------------------------------------
Total.......... 100.00% $ 251,237,431.00 100.00%
================================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
168 < Rem Term <= 180 0.14 117,403.95 0.05%
228 < Rem Term <= 240 0.05 126,316.52 0.05%
288 < Rem Term <= 300 0.05 116,066.29 0.05%
336 < Rem Term <= 348 0.50 852,308.34 0.34%
348 < Rem Term <= 360 99.28 250,025,335.90 99.52%
- --------------------------------------------------------------------
Total............ 100.00% 251,237,431.00 100.00%
====================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
15.000 < CLTV <= 20.000 0.05 28,797.20 0.01
20.000 < CLTV <= 25.000 0.14 116,928.94 0.05
25.000 < CLTV <= 30.000 0.18 244,947.15 0.10
30.000 < CLTV <= 35.000 0.45 621,503.41 0.25
35.000 < CLTV <= 40.000 0.36 738,117.15 0.29
40.000 < CLTV <= 45.000 0.81 1,337,015.21 0.53
45.000 < CLTV <= 50.000 1.31 2,455,338.51 0.98
50.000 < CLTV <= 55.000 1.17 2,564,280.29 1.02
55.000 < CLTV <= 60.000 2.44 4,914,837.96 1.96
60.000 < CLTV <= 65.000 5.78 13,406,478.22 5.34
65.000 < CLTV <= 70.000 10.69 23,579,905.24 9.39
70.000 < CLTV <= 75.000 13.99 36,462,358.45 14.51
75.000 < CLTV <= 80.000 29.15 76,077,891.92 30.28
80.000 < CLTV <= 85.000 15.34 38,578,579.63 15.36
85.000 < CLTV <= 90.000 17.78 48,743,667.58 19.40
90.000 < CLTV <= 95.000 0.36 1,366,784.14 0.54
- ---------------------------------------------------------------------------
Total.................... 100.00% $ 251,237,431.00 100.00%
===========================================================================
CURRENT MORTGAGE LOAN AMOUNTS
(Scheduled Balance)
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
Balance <= 25,000 1.08 531,048.57 0.21
25,000 < Balance <= 50,000 12.05 10,695,318.43 4.26
50,000 < Balance <= 75,000 21.07 29,237,425.63 11.64
75,000 < Balance <= 100,000 21.03 41,064,279.27 16.34
100,000 < Balance <= 150,000 24.86 67,561,089.06 26.89
150,000 < Balance <= 175,000 6.63 23,981,378.29 9.55
175,000 < Balance <= 200,000 3.93 16,229,920.63 6.46
200,000 < Balance <= 250,000 4.42 21,785,607.46 8.67
250,000 < Balance <= 300,000 1.58 9,620,115.15 3.83
300,000 < Balance <= 350,000 1.13 8,177,694.64 3.25
350,000 < Balance <= 400,000 0.77 6,466,129.38 2.57
400,000 < Balance <= 450,000 0.59 5,468,495.25 2.18
450,000 < Balance <= 500,000 0.41 4,327,068.58 1.72
500,000 < Balance <= 600,000 0.27 3,334,407.82 1.33
600,000 < Balance <= 750,000 0.14 1,965,452.84 0.78
750,000 < Balance <= 1,000,000 0.05 792,000.00 0.32
- --------------------------------------------------------------------------
Total.................... 100.00% $251,237,431.00 100.00%
==========================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
LOAN SUMMARY STRATIFIED BY
LOAN TYPE
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loan Type Loans Balance Balance
1 yr CMT 4.65 12,689,030.61 5.05
2/28 LIBOR ARM 78.75 194,600,174.51 77.46
3/27 1 YR CMT 0.05 31,149.74 0.01
3/27 LIBOR ARM 9.70 24,972,080.80 9.94
5/25 LIBOR ARM 0.36 589,307.40 0.23
6 mo LIBOR 6.50 18,355,687.94 7.31
- --------------------------------------------------------------------------
Total.................. 100.00% $251,237,431.00 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Deminimus PUD 0.14 292,686.03 0.12
Low-Rise Condo 3.07 7,087,643.94 2.82
Manufactured Housing 1.49 2,599,904.16 1.03
PUD 3.66 13,260,194.74 5.28
Townhouses 0.50 867,914.47 0.35
2-4 Family 5.64 13,803,270.70 5.49
High-Rise Condo 0.59 1,125,398.05 0.45
Single Family Detached 83.12 207,828,642.54 82.72
Single Family Attached 1.81 4,371,776.37 1.74
- --------------------------------------------------------------------------
Total............... 100.00% $251,237,431.00 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 92.37 238,308,948.74 94.85
Investor 6.99 11,530,651.04 4.59
Second Home 0.63 1,397,831.22 0.56
- --------------------------------------------------------------------------
Total.................. 100.00% $251,237,431.00 100.00%
==========================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of Percentage of
Aggregate Cut-Off Date
Number of Aggregate
Mortgage Principal
Loans Balance
Full Documentation 76.71 184,276,037.13 73.35
No Ratio 0.05 99,943.94 0.04
Stated Documentation 19.13 52,461,425.22 20.88
Limited Documentation 4.11 14,400,024.71 5.73
- --------------------------------------------------------------------------
Total.................. 100.00% $251,237,431.00 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of Percentage of
Aggregate Cut-Off Date
Number of Aggregate
Mortgage Principal
Loans Balance
Purchase 35.79 87,285,734.01 34.74
Refinance/ETO 52.89 135,842,326.43 54.07
Refinance 11.33 28,109,370.56 11.19
- --------------------------------------------------------------------------
Total.................. 100.00% $251,237,431.00 100.00%
==========================================================================
LIEN SUMMARY
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 100.00 251,237,431.00 100.00
- --------------------------------------------------------------------------
Total............... 100.00% $251,237,431.00 100.00%
==========================================================================
COLLATERAL CLASS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Borrower Mortgage Principal Principal
Quality Loans Balance Balance
A 4.92 13,499,139.41 5.37
A+ 0.41 1,253,458.28 0.50
A- 46.07 127,937,590.86 50.92
B 25.68 61,313,738.11 24.40
C 18.73 39,166,332.72 15.59
D 4.20 8,067,171.62 3.21
- -----------------------------------------------------------------
Total.......... 100.00% $251,237,431.00 100.00%
=================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
LOAN SUMMARY STRATIFIED BY
Gross Margin
Percentage of Percentage of
Aggregate Cut-Off Date
Number of Aggregate
Gross Mortgage Principal
Margin Loans Balance
2.000 < Gross Margin <= 3.00 0.05 69,762.56 0.03
3.000 < Gross Margin <= 4.00 0.45 1,623,691.24 0.65
4.000 < Gross Margin <= 5.00 4.51 15,269,434.09 6.08
5.000 < Gross Margin <= 6.00 38.85 101,302,912.41 40.32
6.000 < Gross Margin <= 7.00 40.34 100,528,064.02 40.01
7.000 < Gross Margin <= 8.00 13.31 27,785,029.33 11.06
8.000 < Gross Margin <= 9.00 2.03 3,768,309.79 1.50
9.000 < Gross Margin <= 10.00 0.32 595,419.12 0.24
10.000 < Gross Margin <= 11.00 0.14 294,808.44 0.12
- --------------------------------------------------------------------------
Total................. 100.00% $251,237,431.00 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
LIFE CAP
Percentage of Percentage of
Aggregate Cut-Off Date
Number of Aggregate
Gross Mortgage Principal
Life Cap Loans Balance
12.500 < LIFE CAP <= 13.000 0.27 962,674.73 0.38
13.000 < LIFE CAP <= 13.500 0.32 972,534.17 0.39
13.500 < LIFE CAP <= 14.000 1.90 5,284,146.49 2.10
14.000 < LIFE CAP <= 14.500 2.80 8,378,004.44 3.33
14.500 < LIFE CAP <= 15.000 9.12 26,169,441.04 10.42
15.000 < LIFE CAP <= 15.500 10.11 27,280,134.99 10.86
15.500 < LIFE CAP <= 16.000 16.34 43,430,476.06 17.29
16.000 < LIFE CAP <= 16.500 16.56 42,738,837.69 17.01
16.500 < LIFE CAP <= 17.000 18.23 44,255,164.97 17.61
17.000 < LIFE CAP <= 17.500 9.34 21,762,160.89 8.66
17.500 < LIFE CAP <= 18.000 7.04 14,739,166.33 5.87
18.000 < LIFE CAP <= 18.500 3.61 6,668,275.17 2.65
18.500 < LIFE CAP <= 19.000 2.62 4,978,602.05 1.98
19.000 < LIFE CAP <= 19.500 0.72 1,454,272.83 0.58
19.500 < LIFE CAP <= 20.000 0.59 1,034,943.13 0.41
20.000 < LIFE CAP <= 20.500 0.23 435,982.64 0.17
20.500 < LIFE CAP <= 21.000 0.14 530,767.65 0.21
21.000 < LIFE CAP <= 21.500 0.09 161,845.73 0.06
- --------------------------------------------------------------------------
Total................. 100.00% $251,237,431.00 100.00%
==========================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
LOAN SUMMARY STRATIFIED BY
LIFE FLOOR
Percentage of Percentage of
Aggregate Cut-Off Date
Number of Aggregate
Gross Mortgage Principal
Life Floor Loans Balance
3.500 < Life Floor <= 4.000 0.05 145,532.61 0.06
4.000 < Life Floor <= 4.500 0.05 89,182.50 0.04
4.500 < Life Floor <= 5.000 0.05 210,884.90 0.08
5.000 < Life Floor <= 5.500 1.17 2,990,726.04 1.19
5.500 < Life Floor <= 6.000 1.71 4,020,084.91 1.60
6.000 < Life Floor <= 6.500 1.35 2,892,346.91 1.15
6.500 < Life Floor <= 7.000 1.17 3,702,035.29 1.47
7.000 < Life Floor <= 7.500 1.08 2,944,557.11 1.17
7.500 < Life Floor <= 8.000 3.02 8,742,705.87 3.48
8.000 < Life Floor <= 8.500 5.28 15,851,723.48 6.31
8.500 < Life Floor <= 9.000 13.58 39,634,422.40 15.78
9.000 < Life Floor <= 9.500 14.08 40,432,191.57 16.09
9.500 < Life Floor <= 10.000 19.40 50,566,981.90 20.13
10.000 < Life Floor <= 10.500 14.62 34,443,012.37 13.71
10.500 < Life Floor <= 11.000 12.05 24,556,888.90 9.77
11.000 < Life Floor <= 11.500 4.87 8,224,666.46 3.27
11.500 < Life Floor <= 12.000 3.43 6,185,262.03 2.46
12.000 < Life Floor <= 12.500 1.35 2,663,822.29 1.06
12.500 < Life Floor <= 13.000 0.90 1,342,439.18 0.53
13.000 < Life Floor <= 13.500 0.41 630,068.28 0.25
13.500 < Life Floor <= 14.000 0.32 904,999.07 0.36
15.000 < Life Floor <= 15.500 0.05 62,896.93 0.03
- --------------------------------------------------------------------------
Total................. 100.00% $ 251,237,431.00 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
PERIODIC CAP
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
0.500 0.05 152,539.25 0.06
1.000 71.93 173,850,168.44 69.20
1.500 23.29 64,504,406.93 25.67
2.000 4.74 12,730,316.38 5.07
- --------------------------------------------------------------------------
Total................. 100.00% $251,237,431.00 100.00%
==========================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
NEXT INTEREST ROLLDATE
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
03/01/99 0.95 $2,822,516.71 01.12
04/01/99 1.08 $3,086,996.05 01.23
05/01/99 0.95 $2,725,570.13 01.08
06/01/99 1.49 $3,713,886.11 01.48
07/01/99 1.67 $4,461,725.83 01.78
08/01/99 0.45 $1,754,138.63 00.70
11/01/99 0.45 $1,003,789.89 00.40
12/01/99 1.31 $3,652,477.57 01.45
01/01/00 1.99 $5,721,071.86 02.28
02/01/00 1.22 $2,765,494.13 01.10
03/01/00 0.14 $319,557.28 00.13
04/01/00 0.23 $671,445.41 00.27
05/01/00 0.68 $1,661,361.56 00.66
06/01/00 1.22 $3,144,672.85 01.25
07/01/00 0.86 $2,447,933.97 00.97
08/01/00 1.31 $4,048,449.09 01.61
09/01/00 3.16 $8,361,208.07 03.33
10/01/00 11.69 $30,234,338.47 12.03
11/01/00 16.70 $41,082,841.83 16.35
12/01/00 17.24 $43,184,061.76 17.19
01/01/01 20.62 $46,885,911.86 18.66
02/01/01 4.51 $11,895,444.00 04.73
04/01/01 0.05 $100,417.32 00.04
05/01/01 0.05 $60,446.08 00.02
06/01/01 0.14 $222,657.49 00.09
07/01/01 0.05 $125,570.88 00.05
08/01/01 0.05 $92,747.46 00.04
09/01/01 0.23 $344,665.78 00.14
10/01/01 0.63 $1,661,628.72 00.66
11/01/01 1.22 $2,434,120.58 00.97
12/01/01 2.21 $6,524,837.54 02.60
01/01/02 4.78 $12,163,838.69 04.84
02/01/02 0.36 $1,272,300.00 00.51
06/01/03 0.14 $249,240.30 00.10
11/01/03 0.09 $222,513.84 00.09
01/01/04 0.14 $117,553.26 00.05
- --------------------------------------------------------------------------
Total........ 100.00% $251,237,431.00 100.00%
==========================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of Percentage of
Aggregate Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Alabama 0.05 65,884.86 0.03
Alaska 0.18 499,839.26 0.20
Arizona 3.11 6,773,579.17 2.70
Arkansas 0.41 530,259.94 0.21
California 16.16 63,670,222.60 25.34
Colorado 2.84 6,525,285.02 2.60
Connecticut 1.67 3,598,656.65 1.43
Delaware 0.14 322,592.69 0.13
Dist of Col 0.05 380,370.67 0.15
Florida 3.70 7,741,619.31 3.08
Georgia 1.58 3,989,489.32 1.59
Hawaii 0.09 958,001.21 0.38
Idaho 0.59 1,089,688.99 0.43
Illinois 8.44 20,541,411.50 8.18
Indiana 4.06 6,073,467.93 2.42
Iowa 0.36 671,813.71 0.27
Kansas 0.54 787,487.39 0.31
Kentucky 0.99 1,870,932.07 0.74
Louisiana 0.63 1,737,473.52 0.69
Maine 0.18 301,387.28 0.12
Maryland 0.72 2,212,537.64 0.88
Massachusetts 2.98 8,262,513.16 3.29
Michigan 3.52 7,475,480.81 2.98
Minnesota 1.31 2,459,249.43 0.98
Mississippi 0.14 136,531.06 0.05
Missouri 1.71 2,693,422.89 1.07
Montana 0.27 501,622.74 0.20
Nevada 1.40 4,086,868.79 1.63
New Hampshire 0.27 685,725.21 0.27
New Jersey 1.31 3,462,810.41 1.38
New Mexico 0.27 657,721.93 0.26
New York 0.95 3,564,581.34 1.42
North Carolina 3.61 6,497,862.73 2.59
Ohio 9.97 17,873,972.95 7.11
Oklahoma 0.63 529,204.33 0.21
Oregon 3.20 8,956,320.27 3.56
Pennsylvania 1.62 3,867,217.08 1.54
Rhode Island 0.41 752,941.23 0.30
South Carolina 0.54 1,315,032.24 0.52
Tennessee 0.54 1,050,348.05 0.42
Texas 3.66 7,900,624.73 3.14
Utah 3.47 8,644,007.74 3.44
Virginia 1.17 4,062,569.54 1.62
Washington 6.81 18,808,304.91 7.49
West Virgina 0.09 143,445.26 0.06
Wisconsin 3.47 6,273,622.98 2.50
Wyoming 0.18 233,428.46 0.09
- --------------------------------------------------------------------------
Total............... 100.00% $251,237,431.00 100.00%
==========================================================================
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY
Exhibit 99.2
MERRILL LYNCH & CO.LEGEND
ABS New Transaction
Computational Materials
$497,616,000(approx.)
Saxon Asset Securities Trust 1999-1
Mortgage Loan Asset-Backed Certificates, Series 1999-1
[SAXON LOGO]
Saxon Mortgage, Inc.
Seller/Master Servicer
Saxon Asset Securities Company
Depositor
February 16, 1999
<PAGE>
The attached tables and other statistical analyses (the "Computational
Material") are privileged and confidential and are intended for use by the
addressee only. These Computational Materials are furnished to you solely by
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and not by
the issuer of the securities or any of its affiliates. The issuer of these
securities has not prepared or taken part in the preparation of these materials.
Neither Merrill Lynch, the issuer of the securities nor any of its affiliates
makes any representation as to the accuracy or completeness of the information
herein. The information herein is preliminary, and will be superseded by the
applicable prospectus supplement and by any other information subsequently filed
with the Securities and Exchange Commission. They may not be provided to any
third party other than the addressee's legal, tax, financial and/or accounting
advisors for the purposes of evaluating said material.
Numerous assumptions were used in preparing the Computational Material which may
or may not be stated therein. As such, no assurance can be given as to the
accuracy, appropriateness or completeness of the Computational Materials in any
particular context; or as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any yields or weighted average lives shown in the Computational Materials are
based on prepayment assumptions and actual prepayment experience may
dramatically affect such yields or weighted average lives. In addition, it is
possible that prepayments on the underlying assets will occur at rates slower or
faster than the rates assumed in the attached Computational Materials.
Furthermore, unless otherwise provided, the Computational Materials assume no
losses on the underlying assets and no interest shortfall. The specific
characteristics of the securities may differ from those shown in the
Computational Materials due to differences between the actual underlying assets
and the hypothetical assets used in preparing the Computational Materials. The
principal amount and designation of any security described in the Computational
Materials are subject to change prior to issuance.
Although a registration statement (including the prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not been filed
with the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities discussed in this communication in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Computational Materials on any matter discussed in this
communication. A final prospectus and prospectus supplement may be obtained by
contacting the Merrill Lynch Trading Desk at (212) 449-3659.
Please be advised that mortgage-backed and/or asset-backed securities may not be
appropriate for all investors. Potential investors must be willing to assume,
among other things, market price volatility, prepayments, yield curve and
interest rate risks. Investors should fully consider the risk of an investment
in these securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
<PAGE>
- --------------------------------------------------------------------------------
[Merrill Lynch]
Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
EXHIBIT 99.3
NATIONSBANC MONTGOMERY SECURITIES LLC LEGEND
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction.
EXHIBIT 99.4
FIRST CHICAGO CAPITAL MARKETS, INC.LEGEND
The analysis above has been prepared solely for informational purposes and is
not 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.
First Chicago Capital Markets, Inc. a BANK ONE Company ("FCCM") and others
associated with it may have positions in, and may effect transactions in
securities and instruments of the issuer mentioned herein and may also perform
or seek to perform investment banking services for the issuer of such
securities and instruments. The information provided above is based on or
derived from information provided by the issuer. No representation is made that
it is accurate or complete. FCCM makes no representations that the above
referenced security will actually perform as described in any scenario
presented. This material supersedes any previously distributed material and
will be superseded by the information in the final prospectus supplement.
EXHIBIT 99.5
CHASE SECURITIES INC. LEGEND
REVISED
Saxon Asset Securities Trust
Mortgage Loan Asset-Backed Certificates, Series 1999-1
$497,616,000 (Approximate)
Subject to Revision
February 16, 1999 - Preliminary Marketing Materials
The information contained herein does not constitute either an offer to sell or
a solicitation of an offer to buy any of the securities referred to herein.
Information contained herein is confidential and provided for information only,
does not purport to be complete and should not be relied upon in connection
with any decision to purchase the securities. This information supersedes any
prior version hereof and will be deemed to be superseded by any subsequent
versions including, with respect to any description of the securities or the
underlying assets, the information contained in the final Prospectus and
accompanying Prospectus Supplement. Offers to sell and solicitations of offers
to buy the securities are made only by the final Prospectus Supplement and
the related Prospectus.
