<PAGE>
- ------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
June 10, 1996
First Alliance Mortgage Loan Trust 1996-2
-----------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
APPLICATION
California 33-99604 PENDING
------------------
<S> <C> <C>
(State or Other Jurisdiction of (Commission
of Incorporation) File Number) (I.R.S. Employer
Identification No.)
- ------------------------------- -------------
c/o Bankers Trust Company
of California, N.A. 92714
3 Park Plaza, 16th Floor ------------------
Irvine, California (Zip Code)
- -------------------------------
(Address of Principal
Executive Offices)
</TABLE>
Registrant's telephone number, including area code (714) 550-6800
---------------
No Change
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
------------------------------------------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1 Computational Materials provided by Prudential
Securities Incorporated in connection with sales
efforts related to the Registrant's securities.
99.2 Consent Letter of Independent Accountants provided by
Coopers & Lybrand L.L.P., dated June 12, 1996
concerning the inclusion of financial statement
audits in the Registrant's Prospectus Supplement to
its Prospectus dated June 10, 1996.
<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 hereunto duly authorized.
By: FIRST ALLIANCE MORTGAGE COMPANY, as
Company
By: /s/Brian Chisick
-----------------------------
Name: Brian Chisick
Title: President
Dated: June 14, 1996
<PAGE>
First Alliance Mortgage Loan Trust 1996-2
-----------------------------------------
[29,614,000] [7.225%] Class A-1 Fixed Rate Certificates
[10,000,000] [7.725%] Class A-2 Fixed Rate Certificates
[10,386,000] [8.225%] Class A-3 Fixed Rate Certificates
[25,000,000] [1M-LIBOR + 35bp] Class A-4 Floating Rate Certificates
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the First Alliance Mortgage Loan Trust
1995-2 transaction, and not by or as agent for First Alliance Mortgage Company
(the "Sponsor") or any of its affiliates. 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 to it by the Sponsor. All assumptions and information 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 assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. 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.
<PAGE>
<TABLE>
<CAPTION>
First Alliance Mortgage Loan Trust 1996-2
Title of Securities: First Alliance Mortgage Loan Trust 1996-2, Class A-1,
Class A-2, Class A-3 Fixed Rate Group Certificates and
Class A-4 Variable Rate Group Certificates (collectively,
the "Certificates").
Certificate
Description: Class A-1 Class A-2 Class A-3 Class A-4
--------- --------- --------- ---------
Collateral: Fixed Rate Home Equity Variable Rate Home Equity
Mortgage Loans Mortgate Loans
(Class A-1, A-2, & A-3) (Class A-4)
(Fixed Rate Group) (Variable Rate Group)
Prepayment
<S> <C> <C> <C> <C>
Assumption: [21% HEP] [21% HEP] [21% HEP] [23% HEP]
Approximate Size: [29,614,000] [10,000,000] [10,386,000] [25,000,000]
Average Life (in yrs): [1.87] [5.10] [10.17] [3.93]
Average Life to Call: [1.87] [5.10] [8.62] [3.69]
Coupon: 7.225 7.725 8.225 TBA
1) One Month LIBOR + [35]bps
2) The Available Funds Cap
[After the Clean-up Call (for floating rate group),
the least of:
1) One Month LIBOR + [TBA]bps
2) The Available Funds Cap]
Yield: 7.134 7.766 8.313 5.988
Life Rate Cap: N/A N/A N/A [TBD]
Collateral
Adjustment Frequency: N/A N/A N/A Every 6 months (Both Interest Rate & Payment)
Payment Delay: 19 19 19 NONE
Interest Payment Basis: 30/360 30/360 30/360 Actual/360
Expected Maturity
without Call: [05/20/00] [01/20/03] [11/20/16] [09/20/15]
Expected Maturity with
10% Call: [05/20/00] [01/20/03] [11/20/05] [11/20/05]
Stated Maturity: [12/20/19] [01/20/23] [9/20/27] [8/20/27]
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Pricing Date: [June 10, 1996]
Settlement Date: [June 14, 1996]
Payment Date: The 20th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on [July 22, 1996].
Interest Accrual
Period: The interest accrual period for the Class A-1, A-2, and
A-3 Certificates is the calendar month prior to the
month in which a distribution occurs. For the Class A-4
Certificates interest will accrue from Payment Date to
Payment Date. For the first payment date, interest will
accrue from the Closing Date to the first Payment Date
for the Class A-4 Certificates.
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance Mortgage Loan Trust 1996-2
Clean-up Call: The Servicer has the option to excercise a call when
the balance of the aggregate mortgage loan balance
equals 10% or less of the original aggregate collateral
balance and the original aggregate amount of the
prefunding accounts. The call will be excercised at par
[plus accrued interest].
Coupon Step-Up: [If the Servicer does not exercise its option to call
the Certificates at the Cleanup Call, the coupon on
the Class A-4 Certificates shall be raised to LIBOR +
[70] bps subject to the Monthly Available Funds Cap and
the Fixed Rate Cap.]
Available Funds Cap: [The Available Funds Cap is the weighted average of the
Mortgage Rates on the Mortgage Loans in the Variable
Rate Group, less the sum of (a) the Variable Rate
Group Servicing Fee (50 bps), (b) beginning on
the [fourth] Payment Date from the Closing Date, the
premiums due to the Certificate Insurer with respect to
the Certificate Insurance Policy relating to the
Class A-4 Certificates, (c) the fees due to the Trustee
relating to the Class A-4 Certificates, and (d)
beginning on the [seventh] Payment Date from the
Closing Date, [0.50%], expressed as a percentage of
the Mortgage loans in the Variable Rate Group,
calculated as of the first day of the related
Remittance Period.]
Interest Carry Forward: [The Class A-4 Certificates will have an interest carry
forward feature. The excess of the interest accrued on
the Class A-4 Certificates over the amount of interest
actually distributed will be paid on future Remittance
Dates to the extent of Class A-4 Available funds prior
to distributing any Excess Spread to the holder of the
Class R Certificate. The Interest Carryover Amount will
accrue interest at the Class A-4 Certificate Rate. No
interest Carryover will be paid once its principal
balance has been reduced to zero and the Interest
Carryover Amount is not guaranteed by MBIA.]
Servicer: First Alliance Mortgage Company, a California
corporation.
Servicing Fee: 50 basis points per annum for the fixed rate group, and
50 basis points per annum for the variable rate group.
Trustee: Bankers Trust Company, a New York Corporation.
Pre-Funding Account: On the closing date, approximately [$4 million] will
be deposited in a pre-funding account for the purchase
of additional floating-rate mortgage loans and [$11
million] will be deposited in a pre-funding account for
the purchase of additional fixed-rate mortgage loans.
From the closing date until [June 30,1996] the Trust
intends to purchase mortgage loans up to the entire
pre-funding amounts. The additional mortgage loans,
purchased with funds deposited in the prefunding
account, will be subject to certain individual and
aggregate group characteristics that will be more
fully described in the Prospectus Supplement.
Funds remaining in the fixed-rate pre-funding account
will be distributed pro-rata to the Class A-1, A-2, and
A-3 Certificateholders as prepayments on the [July
1996] distribution date.
Funds remaining in the floating-rate pre-funding
account will be distributed to the Class A-4
Certificateholders as a prepayment on the [July 1996]
distribution date.
Certificate Ratings: The Certificates will be rated AAA by Standard &
Poor's and Aaa by Moody's Investor Service.
Certificate Insurer: MBIA Insurance Corporation ("MBIA").
MBIA's claims-paying ability is rated AAA/Aaa by
Standard and Poor's and Moody's.
<PAGE>
Certificate Insurance: Timely payments of interest and the ultimate payment of
principal on the Certificates will be 100% guaranteed
by MBIA.
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Flow of Funds: CERTIFICATE CLASS A-1, A-2, and A-3
1) Servicing Fee;
2) MBIA fee;
3) [Trustee fee];
4) Accrued monthly interest to Classes A-1, A-2, and
A-3;
5) Monthly principal-sequentially to Class A-1, A-2,
and A-3;
6) Excess cashflow to cover shortfalls to floating rate
group;
7) Remaining excess cashflow to build
over-collateralization ("O/C"), for this collateral
group (by accelerating the Certificate Class
currently receiving principal);
8) Remaining excess cashflow to build O/C in the
Variable Rate Mortgage Group;
9) Repayment of any unreimbursed Servicer advances;
10) Any excess cashflow is released to the Residual-
holder.
CERTIFICATE CLASS A-4
1) Servicing Fee;
2) MBIA fee;
3) [Trustee fee];
4) Accrued monthly interest to Class A-4, subject to
the Available Funds Cap and Fixed Rate Cap;
5) Monthly principal to Class A-4;
6) Excess cashflow to cover shortfalls to fixed rate
group;
7) Remaining excess cashflow to build O/C for this
Class of Certificates;
8) Remaining excess cashflow to cover shortfalls or
build O/C in the Fixed Rate Mortgage Group;
9) Repayment of any unreimbursed Servicer advances;
10) Any excess cashflow is released to the
Residual-holder.
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance Mortgage Loan Trust 1996-2
Credit Enhancement: A combination of:
- Overcollateralization.
- Cross-collateralization of excess spread
- 100% wrap from MBIA guarantee of timely interest
and ultimate principal.
Loss Allocation: Losses are allocated as follows:
Class A1, A-2, and A-3
----------------------
1) Current monthly excess cashflow from the
fixed-rate group
2) Current monthly excess cashflow from the
floating-rate group
3) Overcollateralization (only for fixed-rate
group)
4) MBIA
5) Pro rata to the Class A-1, A-2, and A-3
Certificates
Class A-4
---------
1) Current monthly excess cashflow from the
floating-rate group
2) Current monthly excess cashflow from the
fixed-rate group
3) Overcollateralization (only for floating-rate
group)
4) MBIA
5) Class A-4 Certificates
Over-Collateralization: On each payment date, certain excess cash flows with
respect to each mortgage loan group will be applied as
an accelerated payment of principal on the related
Class A Certificates, to the limited extent outlined
below. This has the effect of accelerating the
amortization of the Class A Certificates relative to
the amortization of the loans in the related mortgage
loan group and results in the build up of
overcollateralization ("O/C").
Excess cashflow will be directed to build the O/C
amount until the pool reaches its required O/C target.
Upon this event the acceleration features will cease,
unless they are once again necessary to maintain the
required O/C level.
CERTIFICATE CLASS A-1, A-2, and A-3
Initial O/C: [0.30%] O/C Target: [2.75%]
CERTIFICATE CLASS A-4
Initial O/C: [0.00%] O/C Target: [2.25%]
Cross-Collateralization: Excess spread from each of the two collateral pools
will be available to credit enhance and accelerate the
Certificates supported by the other pool.
ERISA Considerations: [The Certificates will not be ERISA eligible during the
Prefunding Period.] At the end of the Prefunding
Period, the Certificates may be ERISA eligible.
Investors should consult with their counsel with
respect to the consequences under ERISA and the Code of
the Plan's acquisition and ownership of such
certificates.
SMMEA: The Certificates will not constitute "mortgage related
securities" for purposes of SMMEA.
Taxation: REMIC.
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance Mortgage Loan Trust 1996-2
Preliminary Pool Information:
(As of Cut-off Date) Fixed Rate 6M LIBOR
---------- --------
Loans 472 251
Balance 39,015,274.07 21,092,926.50
WAC(gross) 9.699 8.804
WAC(net) 9.199 8.304
WAM 336 345
CA Conc. 61.05 32.09
WA Orig. LTV 58.32 60.74
WA CLTV 58.75 60.74
% 1st Lien 98.48 100.00
% 2nd Lien 1.52 0.00
% 3rd Lien 0.00 0.00
Owner Occ. 96.69 97.84
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with
respect to the 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 Certificates may
not be consumated unless the purchaser has received the
Prospectus.
Further Information: For further information, call the desk at (212)
778-2741, Randy White at (212) 778-7461 or Lina Hsu at
(212) 778-1451.
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Financial Strategies 06/10/96 02:42:09 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Digest Information Incorporated
Deal ID/CUSIP FAMT62 Priced Deal Date 06/05/96
Series 1996-2 Delivery Date 06/14/96
Underwriter PSI Dated Date / /
Issuer FIRST ALLIANCE MORTGAGE LOAN TRUST Credit Support 100% MBIA
Collateral 100%WL (Real) Deal Type HEL
N/GWAC (Orig) / (8.901/9.401) Pricing Speed HEP 21/ 23
WAM (Orig) (28.241) Rating AAA/Aaa
Size 75,000,000 Coupon Range
Trustee Modeled Y
View Summary On Page 1 of 4
Class Coupon Mat Amt 000 AvLf Sprd Price Yield Description
- ------ ------- ----- ------- ---- ---- ------- ------- -------------------------
A1 7.225 N/A 29,614 1.9 75 99-30+ 7.134 SEQ HEP21
A2 7.725 N/A 10,000 5.1 100 99-30 7.762 SEQ HEP21
A3 8.225 N/A 10,386 10.2 135 99-29+ 8.308 SEQ HEP21
A4 * N/A 25,000 3.7 N/A 100-00 N/A FLT LIBOR-1M+35 HEP23
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Financial Strategies 06/11/96 10:44:29 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP FAMT62 Coupon 7.225
Class A1 SEQ HEP21 Accr 0.26090 1st Pmt 07/20/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (8.901/9.401) LIBOR-1M 5.48047
WAM (Orig) (28.241) Mat N/A Settle 06/14/96
CenterPrice 99-30+ Inc 4.0 Table Yield Roll@
******* TO MATURITY ********
FIXED HEP 21.00 HEP 15.00 HEP 17.00 HEP 19.00 HEP 20.00 HEP 25.00 HEP 30.00
ARM HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00
----- --------- --------- --------- --------- --------- --------- ---------
99-02+ 7.661 7.590 7.615 7.638 7.650 7.706 7.759
99-06+ 7.586 7.531 7.550 7.568 7.577 7.620 7.660
99-10+ 7.510 7.472 7.485 7.498 7.504 7.534 7.562
99-14+ 7.435 7.413 7.420 7.427 7.431 7.448 7.464
99-18+ 7.359 7.354 7.356 7.358 7.358 7.363 7.367
99-22+ 7.284 7.295 7.291 7.288 7.286 7.277 7.269
99-26+ 7.209 7.236 7.227 7.218 7.214 7.192 7.172
99-30+ 7.134 7.178 7.163 7.149 7.141 7.107 7.075
100-02+ 7.060 7.120 7.099 7.079 7.069 7.022 6.978
100-06+ 6.985 7.061 7.035 7.010 6.997 6.938 6.881
100-10+ 6.911 7.003 6.972 6.941 6.926 6.853 6.785
100-14+ 6.837 6.945 6.908 6.872 6.854 6.769 6.689
100-18+ 6.762 6.887 6.844 6.803 6.783 6.685 6.592
100-22+ 6.689 6.829 6.781 6.734 6.711 6.601 6.497
100-26+ 6.615 6.771 6.718 6.666 6.640 6.517 6.401
Avg. Life 1.871 2.463 2.222 2.029 1.946 1.627 1.409
Mod. Dur. 1.669 2.133 1.948 1.796 1.729 1.469 1.286
Mac. Dur. 1.728 2.210 2.018 1.860 1.791 1.521 1.332
1st Pmt. 0.100 0.100 0.100 0.100 0.100 0.100 0.100
Last Pmt. 3.933 5.350 4.767 4.267 4.100 3.267 2.767
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Financial Strategies 06/11/96 10:44:57 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP FAMT62 Coupon 7.725
Class A2 SEQ HEP21 Accr 0.27896 1st Pmt 07/20/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (8.901/9.401) LIBOR-1M 5.48047
WAM (Orig) (28.241) Mat N/A Settle 06/14/96
CenterPrice 99-30 Inc 4.0 Table Yield Roll@
******* TO MATURITY ********
FIXED HEP 21.00 HEP 15.00 HEP 17.00 HEP 19.00 HEP 20.00 HEP 25.00 HEP 30.00
ARM HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00
----- --------- --------- --------- --------- --------- --------- ---------
99-02 7.982 7.953 7.962 7.972 7.977 8.001 8.027
99-06 7.951 7.929 7.936 7.943 7.947 7.966 7.985
99-10 7.920 7.904 7.909 7.915 7.917 7.930 7.943
99-14 7.889 7.880 7.883 7.886 7.887 7.895 7.902
99-18 7.858 7.856 7.857 7.857 7.858 7.859 7.860
99-22 7.827 7.832 7.830 7.829 7.828 7.824 7.819
99-26 7.796 7.808 7.804 7.800 7.798 7.788 7.778
99-30 7.766 7.784 7.778 7.772 7.769 7.753 7.736
100-02 7.735 7.760 7.752 7.743 7.739 7.717 7.695
100-06 7.704 7.736 7.726 7.715 7.710 7.682 7.654
100-10 7.674 7.713 7.700 7.687 7.680 7.647 7.613
100-14 7.643 7.689 7.674 7.659 7.651 7.612 7.572
100-18 7.613 7.665 7.648 7.630 7.622 7.577 7.531
100-22 7.582 7.641 7.622 7.602 7.592 7.542 7.490
100-26 7.552 7.617 7.596 7.574 7.563 7.507 7.449
Avg. Life 5.096 6.995 6.230 5.609 5.341 4.300 3.588
Mod. Dur. 4.063 5.208 4.767 4.389 4.220 3.530 3.025
Mac. Dur. 4.221 5.410 4.952 4.559 4.384 3.667 3.142
1st Pmt. 3.933 5.350 4.767 4.267 4.100 3.267 2.767
Last Pmt. 6.600 9.100 8.100 7.267 6.933 5.517 4.600
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Financial Strategies 06/11/96 10:45:07 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP FAMT62 Coupon 8.225
Class A3 SEQ HEP21 Accr 0.29701 1st Pmt 07/20/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (8.901/9.401) LIBOR-1M 5.48047
WAM (Orig) (28.241) Mat N/A Settle 06/14/96
CenterPrice 99-29+ Inc 4.0 Table Yield Roll@
******* TO MATURITY ********
FIXED HEP 21.00 HEP 15.00 HEP 17.00 HEP 19.00 HEP 20.00 HEP 25.00 HEP 30.00
ARM HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00
----- --------- --------- --------- --------- --------- --------- ---------
99-01+ 8.448 8.434 8.439 8.443 8.445 8.457 8.470
99-05+ 8.428 8.418 8.421 8.425 8.426 8.435 8.445
99-09+ 8.409 8.402 8.404 8.406 8.408 8.414 8.420
99-13+ 8.390 8.386 8.387 8.388 8.389 8.392 8.396
99-17+ 8.370 8.370 8.370 8.370 8.370 8.371 8.371
99-21+ 8.351 8.354 8.353 8.352 8.351 8.349 8.347
99-25+ 8.332 8.338 8.336 8.334 8.333 8.328 8.322
99-29+ 8.313 8.322 8.319 8.316 8.314 8.306 8.297
100-01+ 8.294 8.306 8.302 8.298 8.296 8.285 8.273
100-05+ 8.274 8.290 8.285 8.280 8.277 8.263 8.249
100-09+ 8.255 8.274 8.268 8.262 8.259 8.242 8.224
100-13+ 8.236 8.258 8.251 8.244 8.240 8.221 8.200
100-17+ 8.217 8.242 8.234 8.226 8.222 8.199 8.176
100-21+ 8.198 8.226 8.217 8.208 8.203 8.178 8.151
100-25+ 8.179 8.210 8.200 8.190 8.185 8.157 8.127
Avg. Life 10.173 13.760 12.364 11.180 10.657 8.567 7.094
Mod. Dur. 6.515 7.791 7.334 6.908 6.707 5.819 5.096
Mac. Dur. 6.785 8.115 7.639 7.195 6.986 6.061 5.308
1st Pmt. 6.600 9.100 8.100 7.267 6.933 5.517 4.600
Last Pmt. 20.433 25.433 23.850 22.183 21.267 17.517 14.517
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Financial Strategies 06/11/96 10:52:12 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / DMrg Act/360 Incorporated
Deal ID/CUSIP FAMT62 Coupon + 35 Cap Flr 0.35
Class A4 FLT LIBOR-1M+35EP23 LIBOR-1> Accr 0.00000 1st Pmt 07/20/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (8.901/9.401) LIBOR-1M 5.48047
WAM (Orig) (28.241) Mat N/A Settle 06/14/96
CenterPrice 100-00 Inc 4.0 Table DMrg Act/360 Roll@
*********** TO 10% CLEANUP CALL ***********
FIXED HEP 21.00 HEP 21.00 HEP 21.00 HEP 21.00 HEP 21.00 HEP 21.00 HEP 21.00
ARM HEP 23.00 HEP 15.00 HEP 17.00 HEP 19.00 HEP 20.00 HEP 25.00 HEP 30.00
----- --------- --------- --------- --------- --------- --------- ---------
99-04 62.771 55.943 57.648 59.351 60.231 64.489 68.821
99-08 58.778 52.933 54.392 55.850 56.604 60.249 63.958
99-12 54.794 49.928 51.143 52.357 52.984 56.019 59.106
99-16 50.819 46.930 47.901 48.871 49.372 51.797 54.264
99-20 46.851 43.939 44.666 45.393 45.768 47.584 49.433
99-24 42.893 40.953 41.437 41.921 42.171 43.381 44.612
99-28 38.942 37.973 38.215 38.457 38.582 39.186 39.801
100-00 35.000 35.000 35.000 35.000 35.000 35.000 35.000
100-04 31.066 32.033 31.791 31.550 31.426 30.823 30.209
100-08 27.140 29.071 28.589 28.108 27.859 26.654 25.429
100-12 23.223 26.116 25.394 24.672 24.299 22.495 20.659
100-16 19.314 23.167 22.205 21.244 20.747 18.344 15.898
100-20 15.413 20.224 19.023 17.822 17.202 14.202 11.148
100-24 11.520 17.287 15.847 14.408 13.664 10.068 6.408
100-28 7.635 14.356 12.678 11.001 10.134 5.943 1.678
Avg. Life 3.689 5.147 4.687 4.301 4.124 3.442 2.943
Mod. Dur. 3.053 4.048 3.743 3.482 3.360 2.875 2.507
Mac. Dur. 3.145 4.169 3.855 3.586 3.461 2.961 2.582
1st Pmt. 0.100 0.100 0.100 0.100 0.100 0.100 0.100
Last Pmt. 11/20/05 06/20/07 12/20/06 07/20/06 04/20/06 08/20/05 03/20/05
On the Group II Collateral:
- --------------------------- x
1) For the first 3 months: Av Funds Cap = Gross coupon - 2.5 bps trustee fee
- 50 bps servicing
2) For months 4 - 6: Av Funds Cap = Gross coupon - 2.5 bps trustee fee
- 50 bps servicing
- 15 bps MBIA Fee
3) For months 7 and thereafter: Av Funds Cap = Gross coupon - 2.5 bp trustee
fee - 50 bps servicing
- 15 bps MBIA Fee
- 50 bps surety spread requirement
Monthly Available Funds Summary (1)
Original 01/97 07/97 01/98
Monthly Available Funds Cap: [8.28] [8.38] [9.38] [10.13]
Margin to Bond Coupon(2): [2.44] [2.55] [3.54] [4.29]
The Monthly Available Funds Life Cap consists of the following:
Weighted Average Life Cap: [15.80]
Less Servicing: [15.30]
Less Fees: [15.13]
Less Surety Spread Rqmt: [14.63]
(1) Note: This does not account for Carry over Interest Shortfall feature. (2)
Bond Coupon is assumed to be LIBOR-1M + [35]bp at ACT/360 day count. LIBOR-1M =
5.48047%.
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
- -------------------------------------------------------------------------------
- FAMT62
- Cut Off Date of Tape is 05/31/96
- $39,015,274.07
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 472
Aggregate Unpaid Principal Balance: $39,015,274.07
Aggregate Original Principal Balance: $39,041,638.00
Average Unpaid Principal Balance: $82,659.48
Average Original Principal Balance: $82,715.33
Maximum Unpaid Principal Balance: $250,585.00
Minimum Unpaid Principal Balance: $17,761.70
Maximum Original Principal Balance: $250,585.00
Minimum Original Principal Balance: $17,766.00
Weighted Average Gross Coupon: 9.699%
Gross Coupon Range: 7.950% - 15.450%
Weighted Average Net Coupon: 9.199% (50bps
Service fee)
Net Coupon Range: 7.450% - 14.950%
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 335.954
Stated Rem Term Range: 120.000 - 360.000
Weighted Avg. Amortized Rem. Term: 335.451
Amortized Rem Term Range: 92.288 - 360.072
Weighted Average Age (First Pay thru Last Pay): 0.239
Age Range: 0.000 - 11.000
Weighted Average Original Term: 336.194
Original Term Range: 120.000 - 360.000
Weighted Average Combined LTV: 58.753 * Given
Combined LTV Range: 12.760% - 80.000%
- --------------------------------------------------------------------------------
GROSS COUPON
- --------------------------------------------------------------------------------
Gross Current
Coupon # Loans % Pool WAM WALTV Balance
7.00% < Gross Coupon <= 8.00% 2 .37 275.90 53.44 $144,185
8.00% < Gross Coupon <= 9.00% 114 27.68 335.80 58.98 $10,797,728
9.00% < Gross Coupon <= 10.00% 238 53.62 337.08 60.95 $20,918,568
10.00% < Gross Coupon <= 11.00% 61 11.25 342.41 54.16 $4,390,696
11.00% < Gross Coupon <= 12.00% 27 4.03 331.16 47.28 $1,571,927
12.00% < Gross Coupon <= 13.00% 10 1.19 329.22 40.86 $462,798
13.00% < Gross Coupon <= 14.00% 16 1.46 304.69 34.73 $570,037
14.00% < Gross Coupon <= 15.00% 3 .30 279.70 35.55 $117,485
15.00% < Gross Coupon <= 16.00% 1 .11 179.00 14.45 $41,849
- --------------------------------------------------------------------------------
Total..... 472 100.00% $39,015,274
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GEOGRAPHIC DISTRIBUTION
-------------------------------------------------------------------------------
Current
State # Loans % Pool WAC WAM WACLTV Balance
Arizona 20 3.29 9.98 311.01 57.12 $1,283,515
California 254 61.05 9.67 336.74 58.43 $23,817,952
Colorado 15 2.58 9.74 346.99 59.17 $1,005,299
Florida 43 6.83 10.22 341.05 55.37 $2,664,105
Georgia 10 1.50 9.75 347.65 60.41 $583,432
Illinois 33 6.19 9.68 314.30 60.82 $2,415,429
Oregon 24 4.49 9.84 351.87 60.79 $1,751,832
Pennsylvania 4 .60 10.33 321.87 44.45 $234,705
Utah 12 2.51 9.21 276.12 65.91 $979,446
Washington 57 10.97 9.47 351.90 59.97 $4,279,561
- --------------------------------------------------------------------------------
Total..... 472 100.00% 9.70 335.95 58.75 $39,015,274
================================================================================
ORIGINAL BALANCE
- --------------------------------------------------------------------------------
Original
Balance # Loans % Pool WAC WAM WACLTV
Balance <= 25,000 18 .99 11.60 288.85 25.54
25,000 < Balance <= 50,000 82 8.07 10.47 298.10 38.17
50,000 < Balance <= 75,000 121 19.29 9.94 337.93 51.54
75,000 < Balance <= 100,000 129 28.77 9.60 343.95 62.36
100,000 < Balance <= 150,000 85 26.28 9.57 331.65 64.34
150,000 < Balance <= 200,000 33 14.32 9.31 345.91 64.74
200,000 < Balance <= 250,000 3 1.63 9.39 359.66 55.44
250,000 < Balance <= 300,000 1 .64 9.25 360.00 69.61
- --------------------------------------------------------------------------------
Total..... 472 100.00% 9.70 335.95 58.75
================================================================================
CURRENT BALANCES
- --------------------------------------------------------------------------------
Current
Balance # Loans % Pool WAC WAM WACLTV
Balance <= 25,000 21 1.17 11.42 289.48 26.57
25,000 < Balance <= 50,000 79 7.88 10.47 298.22 38.31
50,000 < Balance <= 75,000 121 19.29 9.94 337.93 51.54
75,000 < Balance <= 100,000 129 28.77 9.60 343.95 62.36
100,000 < Balance <= 150,000 85 26.28 9.57 331.65 64.34
150,000 < Balance <= 200,000 33 14.32 9.31 345.91 64.74
200,000 < Balance <= 250,000 3 1.63 9.39 359.66 55.44
250,000 < Balance <= 300,000 1 .64 9.25 360.00 69.61
- --------------------------------------------------------------------------------
Total..... 472 100.00% 9.70 335.95 58.75
================================================================================
ORIGINAL MATURITY
------------------------------------------------------------------------------
Original # of % of Current
Maturity Loans Pool WAC WAM WALTV Balance
108 < Orig Term <= 120 4 .43 9.80 120.00 39.73 $166,367
132 < Orig Term <= 144 1 .29 8.99 144.00 68.76 $113,450
168 < Orig Term <= 180 55 8.51 9.89 179.80 52.25 $3,319,665
228 < Orig Term <= 240 24 5.70 9.81 239.53 55.11 $2,223,623
348 < Orig Term <= 360 388 85.07 9.67 359.77 59.19 $33,192,169
- --------------------------------------------------------------------------------
Total... 472 100.00% $39,015,274
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
REMAINING TERM
- --------------------------------------------------------------------------------
# of % of Current
Remaining Term Loans Pool WAC WAM WALTV Balance
108 < Rem Term <= 120 4 .43 9.80 120.00 39.73 $166,367
132 < Rem Term <= 144 1 .29 8.99 144.00 68.76 $113,450
168 < Rem Term <= 180 55 8.51 9.89 179.80 52.25 $3,319,665
228 < Rem Term <= 240 24 5.70 9.81 239.53 55.11 $2,223,623
348 < Rem Term <= 360 388 85.07 9.67 359.77 59.19 $33,192,169
- --------------------------------------------------------------------------------
Total..... 472 100.00% $39,015,274
================================================================================
YEAR OF ORIGINATION
- --------------------------------------------------------------------------------
Year of # of % of Current
Origination Loans Pool WAC WAM WALTV Balance
1995 5 .76 11.01 352.31 52.53 $296,884
1996 467 99.24 9.69 335.83 58.36 $38,718,390
- --------------------------------------------------------------------------------
Total... 472 100.00% $39,015,274
================================================================================
LOAN AGE IN MONTHS (FIRST PAY THRU LAST PAY)
- --------------------------------------------------------------------------------
# of % of Current
Age of Loan Loans Pool WAC WAM WALTV Balance
0 < Age <= 3 468 99.45 9.69 335.87 58.34 $38,801,641
6 < Age <= 9 2 .32 11.32 351.00 51.99 $123,297
9 < Age <= 12 2 .23 12.48 349.77 57.23 $90,336
- --------------------------------------------------------------------------------
Total... 472 100.00% $39,015,274
================================================================================
</TABLE>
<TABLE>
<CAPTION>
LIEN STATUS
-------------------------------------------------------------------------------
% Current
Lien Status # Loans Pool WAC WAM WALTV WACLTV Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 459 98.48 9.66 337.29 58.76 58.76 $38,422,394
2 13 1.52 12.10 249.63 29.38 58.06 $592,880
- -------------------------------------------------------------------------------------------
Total..... 472 100.00% 9.70 335.95 58.32 58.75 $39,015,274
===========================================================================================
</TABLE>
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
COMBINED LTV RANGE
- -------------------------------------------------------------------------------------------
Combined LTV # of % of Current
Range Loans Pool WAC WAM WACLTV Balance
<S> <C> <C> <C> <C> <C> <C> <C>
10.0 < CLTV <= 15.0 4.00 0.24 10.84 360.00 13.95 94,325.00
15.0 < CLTV <= 20.0 13.00 0.87 10.39 294.38 17.36 339,238.43
20.0 < CLTV <= 25.0 14.00 1.74 9.88 279.37 22.77 680,200.51
25.0 < CLTV <= 30.0 16.00 1.61 10.11 324.95 28.50 627,105.12
30.0 < CLTV <= 35.0 27.00 4.08 9.45 324.35 32.74 1,591,351.08
35.0 < CLTV <= 40.0 31.00 4.44 10.06 334.43 37.61 1,732,536.76
40.0 < CLTV <= 45.0 38.00 6.18 10.31 334.21 42.83 2,412,955.80
45.0 < CLTV <= 50.0 39.00 8.50 9.83 351.61 47.95 3,315,164.80
50.0 < CLTV <= 55.0 32.00 6.16 9.63 332.64 52.91 2,401,735.51
55.0 < CLTV <= 60.0 43.00 9.81 9.63 324.50 57.78 3,827,349.86
60.0 < CLTV <= 65.0 57.00 12.44 9.82 342.58 62.21 4,853,757.32
65.0 < CLTV <= 70.0 64.00 17.94 9.54 336.77 67.92 6,999,444.01
70.0 < CLTV <= 75.0 69.00 19.65 9.54 348.45 72.44 7,664,623.74
75.0 < CLTV <= 80.0 25.00 6.34 9.43 315.27 77.26 2,475,486.13
- -------------------------------------------------------------------------------------------
Total..... 472 100.00% 9.70% 335.95 58.75% $39,015,274.07
===========================================================================================
</TABLE>
<TABLE>
<CAPTION>
APPRAISAL VALUE
- --------------------------------------------------------------------------------
Appraisal
Value # Loans % Pool WAC WAM WALTV
<S> <C> <C> <C> <C> <C> <C> <C>
50,000 <Balance<= 75,000 12 1.02 10.34 345.16 56.13
75,000 <Balance<= 100,000 43 5.40 9.97 324.72 58.37
100,000 <Balance<= 150,000 219 38.57 9.75 339.11 59.78
150,000 <Balance<= 200,000 107 24.46 9.76 327.04 58.73
200,000 <Balance<= 250,000 54 16.82 9.50 332.61 59.60
250,000 <Balance<= 300,000 21 7.33 9.76 354.60 57.11
300,000 <Balance<= 350,000 6 2.03 9.90 345.19 52.17
350,000 <Balance<= 400,000 6 2.35 9.07 359.88 46.91
400,000 <Balance<= 450,000 2 1.08 9.11 360.00 49.14
500,000 <Balance<= 600,000 1 .47 8.99 360.00 32.15
600,000 <Balance<= 750,000 1 .47 8.95 240.00 24.29
- --------------------------------------------------------------------------------
Total..... 472 100.00%
================================================================================
</TABLE>
<TABLE>
<CAPTION>
PROPERTY_TYPE
- --------------------------------------------------------------------------------
Current
# Loans % Pool WAC WAM WALTV Balance
<S> <C> <C> <C> <C> <C> <C>
Single-family 447 95.80 9.70 335.33 58.52 $37,377,924
PUD 4 .64 9.94 344.37 42.26 $249,206
Condominiums 8 .88 9.64 346.94 53.58 $341,489
2-4 Family 13 2.68 9.81 352.75 56.40 $1,046,654
- --------------------------------------------------------------------------------
Total..... 472 100.00% $39,015,274
================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OWNER OCCUPANCY
- --------------------------------------------------------------------------------
Current
# Loans % Pool WAC WAM WALTV Balance
<S> <C> <C> <C> <C> <C> <C>
Investor 17 3.31 10.13 341.30 53.04 $1,289,675
Owner Occ. 455 96.69 9.68 335.77 58.50 $37,725,599
- ------------------------------------------------------------------------------------
Total..... 472 100.00% $39,015,274
====================================================================================
</TABLE>
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
LOAN_PURPOSE
- --------------------------------------------------------------------------------
Current
# Loans % Pool WAC WAM WALTV Balance
Purchase 1 .14 12.99 360.00 45.63 $52,932
Refinance 398 90.09 9.64 337.00 59.77 $35,149,451
Busin. Investment 3 .70 9.55 359.17 55.28 $274,963
Line of Credit 45 6.22 10.08 326.08 45.23 $2,426,015
Home Improvement 25 2.85 10.57 317.48 42.38 $1,111,913
- --------------------------------------------------------------------------------
Total..... 472 100.00% $39,015,274
================================================================================
DOCUMENTATION TYPE
- --------------------------------------------------------------------------------
Current
Documentation Level # Loans % Pool WAC WAM WALTV Balance
ALTERNATIVE 472 100.00 9.70 335.95 58.32 $39,015,274
- --------------------------------------------------------------------------------
Total..... 472 100.00% $39,015,274
================================================================================
DEBT-TO-INCOME RATIO
- --------------------------------------------------------------------------------
DTI Avg. Curr Current
RANGE # Loans % Pool WAC WAM Balance Balance
5.000 < DTI <= 10.000 1 .08 8.49 360.00 $30,709 $30,709
10.000 < DTI <= 15.000 15 2.86 9.75 337.00 $74,313 $1,114,689
15.000 < DTI <= 20.000 40 6.54 9.65 312.08 $63,778 $2,551,104
20.000 < DTI <= 25.000 59 11.22 9.81 334.08 $74,227 $4,379,393
25.000 < DTI <= 30.000 75 15.68 9.54 332.40 $81,580 $6,118,518
30.000 < DTI <= 35.000 98 18.73 9.67 329.13 $74,567 $7,307,528
35.000 < DTI <= 40.000 69 16.07 9.61 342.88 $90,863 $6,269,530
40.000 < DTI <= 45.000 38 9.02 9.88 348.47 $92,602 $3,518,862
45.000 < DTI <= 50.000 41 11.11 9.85 351.84 $105,719 $4,334,461
50.000 < DTI <= 55.000 18 4.58 9.65 332.54 $99,184 $1,785,307
55.000 < DTI <= 60.000 10 2.14 9.60 329.29 $83,448 $834,475
60.000 < DTI <= 65.000 7 1.80 9.99 325.44 $100,540 $703,778
65.000 < DTI <= 70.000 1 .17 9.95 359.00 $66,920 $66,920
- --------------------------------------------------------------------------------
Total..... 472 100.00% $39,015,274
================================================================================
BORROWER QUALITY
-------------------------------------------------------------------------------
% Current
# Loans Pool WAC WAM WACLTV Balance
A 206 42.61 9.30 341.47 58.47 $16,623,025
A- 107 26.50 9.47 327.37 62.40 $10,338,973
B 35 7.03 10.02 313.18 59.01 $2,744,670
B- 53 11.10 10.24 341.58 55.31 $4,332,189
C 31 6.30 10.37 340.82 58.32 $2,457,810
C- 23 4.04 11.21 343.09 54.77 $1,576,445
D 17 2.41 11.58 348.65 46.54 $942,163
- --------------------------------------------------------------------------------
Total..... 472 100.00% 9.70 335.95 58.75 $39,015,274
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- FAMT62
- Cut Off Date of Tape is 05/31/96
- $21,092,926.50
- Adjustable Rate Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 251
Aggregate Unpaid Principal Balance: $21,092,926.50
Aggregate Original Principal Balance: $21,106,624.00
Average Unpaid Principal Balance: $84,035.56
Average Original Principal Balance: $84,090.14
Maximum Unpaid Principal Balance: $215,750.55
Minimum Unpaid Principal Balance: $17,837.02
Maximum Original Principal Balance: $216,000.00
Minimum Original Principal Balance: $17,845.00
Weighted Average Gross Coupon: 8.804%
Gross Coupon Range: 6.950% - 13.490%
Weighted Average Net Coupon: 8.304% (50 bps
service fee)
Net Coupon Range: 6.450% - 12.990%
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 344.892
Stated Rem Term Range: 120.000 - 360.000
Weighted Avg. Amortized Rem. Term: 344.433
Amortized Rem Term Range: 120.001 - 360.032
Weighted Average Age (First Pay thru Last Pay): 0.408
Age Range: 0.000 - 9.000
Weighted Average Original Term: 345.300
Original Term Range: 120.000 - 360.000
Weighted Average Combined LTV: 60.741 * Given
Combined LTV Range: 13.320% - 80.050%
- --------------------------------------------------------------------------------
Adjustable Rate Features
- --------------------------------------------------------------------------------
Index: 6 Mo. LIBOR
Weighted Average Months to Interest Roll: 5.345 * months to
roll from
6/1/96
Months to Interest Roll Range: 2 - 7
Weighted Average Months to Payment Roll: 5.345
Months to Payment Roll Range: 2 - 7
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
Weighted Average Gross Margin: 5.774%
Gross Margin Range: 3.950% - 7.990%
Weighted Average Net Margin: 5.274%
Net Margin Range: 3.450% - 7.490%
Weighted Average Periodic Interest Cap: 1.000%
Periodic Interest Cap Range: 1.000% - 1.000%
Weighted Average Life Cap (Gross): 15.800%
Gross Life Cap Range: 13.950% - 20.490%
Weighted Average Life Floor (Gross): 8.804%
Gross Life Floor Range: 6.950% - 13.490%
- --------------------------------------------------------------------------------
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GROSS COUPON
- --------------------------------------------------------------------------------
Gross Current
Coupon # Loans % Pool WAM WALTV Balance
6.00% < Gross Coupon <= 7.00% 1 .35 179.00 48.43 $74,836
7.00% < Gross Coupon <= 8.00% 99 41.30 336.70 63.19 $8,711,067
8.00% < Gross Coupon <= 9.00% 80 34.01 354.73 62.18 $7,173,640
9.00% < Gross Coupon <= 10.00% 31 11.66 354.95 58.87 $2,459,032
10.00% < Gross Coupon <= 11.00% 7 2.40 306.13 53.19 $507,157
11.00% < Gross Coupon <= 12.00% 29 9.18 347.68 50.46 $1,936,395
12.00% < Gross Coupon <= 13.00% 3 .88 355.88 50.86 $185,512
13.00% < Gross Coupon <= 14.00% 1 .21 360.00 48.18 $45,287
- --------------------------------------------------------------------------------
Total..... 251 100.00% $21,092,927
================================================================================
ORIGINAL MATURITY
------------------------------------------------------------------------------
Original # of % of Current
Maturity Loans Pool WAC WAM WALTV Balance
108 < Orig Term <= 120 1 .22 9.95 120.00 42.75 $47,450
168 < Orig Term <= 180 22 7.65 8.42 179.43 57.62 $1,614,235
228 < Orig Term <= 240 1 .32 10.75 240.00 62.15 $67,664
348 < Orig Term <= 360 227 91.80 8.83 359.60 61.04 $19,363,577
- --------------------------------------------------------------------------------
Total... 251 100.00% $21,092,927
================================================================================
REMAINING TERM
- --------------------------------------------------------------------------------
# of % of Current
Remaining Term Loans Pool WAC WAM WALTV Balance
108 < Rem Term <= 120 1 .22 9.95 120.00 42.75 $47,450
168 < Rem Term <= 180 22 7.65 8.42 179.43 57.62 $1,614,235
228 < Rem Term <= 240 1 .32 10.75 240.00 62.15 $67,664
348 < Rem Term <= 360 227 91.80 8.83 359.60 61.04 $19,363,577
- --------------------------------------------------------------------------------
Total..... 251 100.00% $21,092,927
================================================================================
LOAN AGE IN MONTHS (FIRST PAY THRU LAST PAY)
- --------------------------------------------------------------------------------
# of % of Current
Age of Loan Loans Pool WAC WAM WALTV Balance
0 < Age <= 3 250 99.60 8.79 344.87 60.76 $21,008,035
6 < Age <= 9 1 .40 12.63 351.00 56.58 $84,892
- --------------------------------------------------------------------------------
Total... 251 100.00% $21,092,927
================================================================================
YEAR OF ORIGINATION
- --------------------------------------------------------------------------------
Year of # of % of Current
Origination Loans Pool WAC WAM WALTV Balance
1995 1 .40 12.63 351.00 56.58 $84,892
1996 250 99.60 8.79 344.87 60.76 $21,008,035
- --------------------------------------------------------------------------------
Total... 251 100.00% $21,092,927
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
LAST PAYMENT DATE
- --------------------------------------------------------------------------------
Last
Pay Max. Loan
Date # Loans % Pool WAC WAM WALTV Amount
05/01/96 90 38.21 8.80 344.15 61.66 $216,000
06/01/96 129 50.71 8.72 345.30 61.21 $180,917
07/01/96 32 11.08 9.17 345.57 55.45 $171,787
- --------------------------------------------------------------------------------
Total..... 251 100.00%
================================================================================
<TABLE>
<CAPTION>
COMBINED LTV RANGE
- --------------------------------------------------------------------------------------------
Combined LTV # of % of Current
Range Loans Pool WAC WAM WACLTV Balance
<S> <C> <C> <C> <C> <C> <C> <C>
10.0 < CLTV <= 15.0 1.00 0.08 9.95 359.00 13.32 17,837.02
15.0 < CLTV <= 20.0 1.00 0.15 11.49 180.00 19.57 31,710.00
20.0 < CLTV <= 25.0 8.00 1.63 8.22 318.20 22.39 344,841.24
25.0 < CLTV <= 30.0 8.00 1.79 9.84 360.00 26.46 377,077.36
30.0 < CLTV <= 35.0 5.00 1.20 9.87 359.65 32.70 252,342.60
35.0 < CLTV <= 40.0 18.00 5.99 9.37 337.63 38.32 1,262,931.24
40.0 < CLTV <= 45.0 12.00 4.17 9.00 346.92 43.11 879,451.46
45.0 < CLTV <= 50.0 14.00 4.28 9.52 333.36 48.49 902,653.38
50.0 < CLTV <= 55.0 36.00 13.67 8.92 347.86 52.92 2,882,940.20
55.0 < CLTV <= 60.0 35.00 13.37 9.12 329.05 57.87 2,819,833.08
60.0 < CLTV <= 65.0 21.00 9.11 8.80 340.37 62.62 1,921,956.54
65.0 < CLTV <= 70.0 36.00 17.45 8.62 359.66 68.39 3,681,754.45
70.0 < CLTV <= 75.0 28.00 13.51 8.50 349.66 73.63 2,849,929.09
75.0 < CLTV <= 80.0 27.00 12.99 8.20 352.42 78.97 2,740,327.89
80.0 < CLTV <= 85.0 1.00 0.60 7.95 178.00 80.05 127,340.95
- --------------------------------------------------------------------------------------------
Total..... 251 100.00% 8.80% 344.89 60.74% $21,092,926.50
============================================================================================
</TABLE>
LIFETIME CAP
- --------------------------------------------------------------------------------
Life # of % of Current
Cap Loans Pool WAC WAM WALTV Balance
13.00 <= Cap < 14.00 1 .35 6.95 179.00 48.43 74,836
14.00 <= Cap < 15.00 99 41.30 7.85 336.70 63.19 8,711,067
15.00 <= Cap < 16.00 80 34.01 8.66 354.73 62.18 7,173,640
16.00 <= Cap < 17.00 31 11.66 9.76 354.95 58.87 2,459,032
17.00 <= Cap < 18.00 7 2.40 10.58 306.13 53.19 507,157
18.00 <= Cap < 19.00 30 9.58 11.62 347.82 50.71 2,021,287
19.00 <= Cap < 20.00 2 .48 12.34 360.00 46.04 100,620
*Cap >= 20.00 1 .21 13.49 360.00 48.18 45,287
- --------------------------------------------------------------------------------
Total..... 251 100.00% 8.80 344.89 60.74 $21,092,927
================================================================================
* Max Life cap = 20.49
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
LIFETIME FLOOR
- --------------------------------------------------------------------------------
Life # of % of Current
Floor Loans Pool WAC WAM WALTV Balance
6.00 <= Floor < 7.00 1 .35 6.95 179.00 48.43 74,836
7.00 <= Floor < 8.00 99 41.30 7.85 336.70 63.19 8,711,067
8.00 <= Floor < 9.00 80 34.01 8.66 354.73 62.18 7,173,640
9.00 <= Floor < 10.00 31 11.66 9.76 354.95 58.87 2,459,032
10.00 <= Floor < 11.00 7 2.40 10.58 306.13 53.19 507,157
11.00 <= Floor < 12.00 29 9.18 11.57 347.68 50.46 1,936,395
12.00 <= Floor < 13.00 3 .88 12.47 355.88 50.86 185,512
13.00 <= Floor < 14.00 1 .21 13.49 360.00 48.18 45,287
- --------------------------------------------------------------------------------
Total..... 251100.00% 8.80 344.89 60.74 $21,092,927
================================================================================
NEXT INTEREST ADJUSTMENT DATE
- --------------------------------------------------------------------------------
Next
Interest
Adjustment # % Current
Date Loans Pool WAC WAM WALTV Balance
08/01/96 1 .40 12.63 351.00 56.58 $84,892
09/01/96 4 1.49 8.27 298.44 77.27 $313,386
10/01/96 48 20.86 8.64 347.06 68.44 $4,399,075
11/01/96 71 28.50 8.87 337.82 57.68 $6,010,511
12/01/96 96 37.98 8.71 350.66 59.82 $8,010,664
01/01/97 31 10.78 9.22 345.26 55.05 $2,274,399
- --------------------------------------------------------------------------------
Total..... 251 100.00% $21,092,927
================================================================================
NEXT PAYMENT ADJUSTMENT DATE
- --------------------------------------------------------------------------------
Next
Payment
Adjustment # % Current
Date Loans Pool WAC WAM WALTV Balance
08/01/96 1 .40 12.63 351.00 56.58 $84,892
09/01/96 4 1.49 8.27 298.44 77.27 $313,386
10/01/96 48 20.86 8.64 347.06 68.44 $4,399,075
11/01/96 71 28.50 8.87 337.82 57.68 $6,010,511
12/01/96 96 37.98 8.71 350.66 59.82 $8,010,664
01/01/97 31 10.78 9.22 345.26 55.05 $2,274,399
- --------------------------------------------------------------------------------
Total..... 251 100.00% $21,092,927
================================================================================
APPRAISAL VALUE
- --------------------------------------------------------------------------------
Appraisal
Value # Loans % Pool WAC WAM WALTV
50,000 <Balance<= 75,000 4 .85 8.61 358.25 69.65
75,000 <Balance<= 100,000 29 8.10 8.67 359.36 67.59
100,000 <Balance<= 150,000 128 44.77 8.97 338.75 61.63
150,000 <Balance<= 200,000 54 23.87 8.80 341.73 60.60
200,000 <Balance<= 250,000 19 11.00 8.43 349.55 59.17
250,000 <Balance<= 300,000 12 8.27 8.60 359.80 58.53
300,000 <Balance<= 350,000 4 2.33 8.55 360.00 39.13
350,000 <Balance<= 400,000 1 .82 8.95 360.00 44.13
- --------------------------------------------------------------------------------
Total..... 251 100.00%
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
LIEN STATUS
------------------------------------------------------------------------------------------
% Current
Lien Status # Loans Pool WAC WAM WALTV WACLTV Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 251 100.00 8.80 344.89 60.74 60.74 $21,092,927
- -------------------------------------------------------------------------------------------
Total..... 251 100.00% 8.80 344.89 60.74 60.74 $21,092,927
===========================================================================================
</TABLE>
ORIGINAL BALANCE
- --------------------------------------------------------------------------------
Original
Balance # Loans % Pool WAC WAM WACLTV
Balance <= 25,000 2 .19 9.95 359.55 20.82
25,000 < Balance <= 50,000 28 5.54 9.48 340.57 36.78
50,000 < Balance <= 75,000 79 23.42 9.02 340.37 54.34
75,000 < Balance <= 100,000 85 34.62 8.93 338.80 63.71
100,000 < Balance <= 150,000 44 25.38 8.46 351.93 65.62
150,000 < Balance <= 200,000 11 8.83 8.27 359.63 65.37
200,000 < Balance <= 250,000 2 2.01 8.85 359.49 72.20
- --------------------------------------------------------------------------------
Total..... 251 100.00% 8.80 344.89 60.74
================================================================================
CURRENT BALANCES
- --------------------------------------------------------------------------------
Current
Balance # Loans % Pool WAC WAM WACLTV
Balance <= 25,000 2 .19 9.95 359.55 20.82
25,000 < Balance <= 50,000 28 5.54 9.48 340.57 36.78
50,000 < Balance <= 75,000 80 23.78 8.98 337.96 54.26
75,000 < Balance <= 100,000 84 34.27 8.95 340.45 63.86
100,000 < Balance <= 150,000 44 25.38 8.46 351.93 65.62
150,000 < Balance <= 200,000 11 8.83 8.27 359.63 65.37
200,000 < Balance <= 250,000 2 2.01 8.85 359.49 72.20
- --------------------------------------------------------------------------------
Total..... 251 100.00% 8.80 344.89 60.74
================================================================================
GEOGRAPHIC DISTRIBUTION
------------------------------------------------------------------------------
Current
State # Loans % Pool WAC WAM WACLTV Balance
Arizona 7 2.37 8.92 332.69 49.56 $500,096
California 72 32.09 8.99 354.83 57.52 $6,768,019
Colorado 15 5.78 8.55 341.35 70.24 $1,219,822
Florida 15 5.49 8.71 331.05 58.57 $1,157,265
Georgia 2 .63 9.80 358.70 59.92 $132,241
Idaho 4 1.13 8.32 358.44 77.23 $238,089
Illinois 52 20.39 9.12 342.33 60.84 $4,299,812
Ohio 5 1.58 8.17 359.32 70.14 $333,560
Oregon 20 7.27 8.20 339.43 62.24 $1,533,318
Pennsylvania 5 2.07 8.75 360.00 51.17 $436,260
Utah 14 5.51 8.74 317.57 64.73 $1,163,232
Washington 40 15.70 8.49 343.05 63.21 $3,311,214
- --------------------------------------------------------------------------------
Total..... 251 100.00% 8.80 344.89 60.74 $21,092,927
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
INTEREST ROLL FREQUENCY
- --------------------------------------------------------------------------------
Interest
Roll Current
Frequency # Loans % Pool WAM WALTV Balance
6 251 100.00 344.89 60.74 $21,092,927
- --------------------------------------------------------------------------------
Total..... 251 100.00% $21,092,927
================================================================================
<TABLE>
<CAPTION>
OWNER OCCUPANCY
- --------------------------------------------------------------------------------------
Current
# Loans % Pool WAC WAM WALTV Balance
<S> <C> <C> <C> <C> <C> <C>
Investor 6 2.16 9.25 359.56 53.57 $454,641
Owner Occ. 245 97.84 8.79 344.57 60.90 $20,638,286
- ---------------------------------------------------------------------------------------
Total..... 251 100.00% $21,092,927
=======================================================================================
</TABLE>
LOAN_PURPOSE
- --------------------------------------------------------------------------------
Current
# Loans % Pool WAC WAM WALTV Balance
Purchase 1 .13 11.75 360.00 26.63 $27,966
Refinance 217 89.71 8.77 346.33 62.30 $18,922,771
Busin. Investment 1 .69 8.95 360.00 61.34 $145,376
Line of Credit 17 5.57 9.00 337.94 52.11 $1,174,514
Home Improvement 15 3.90 9.10 318.65 38.26 $822,300
- --------------------------------------------------------------------------------
Total..... 251 100.00% $21,092,927
================================================================================
APPRAISAL VALUE
- --------------------------------------------------------------------------------
Appraisal
Value # Loans % Pool WAC WAM WALTV
50,000 <Balance<= 75,000 4 .85 8.61 358.25 69.65
75,000 <Balance<= 100,000 29 8.10 8.67 359.36 67.59
100,000 <Balance<= 150,000 128 44.77 8.97 338.75 61.63
150,000 <Balance<= 200,000 54 23.87 8.80 341.73 60.60
200,000 <Balance<= 250,000 19 11.00 8.43 349.55 59.17
250,000 <Balance<= 300,000 12 8.27 8.60 359.80 58.53
300,000 <Balance<= 350,000 4 2.33 8.55 360.00 39.13
350,000 <Balance<= 400,000 1 .82 8.95 360.00 44.13
- --------------------------------------------------------------------------------
Total..... 251 100.00%
===============================================================================
LOAN AGE IN MONTHS (FIRST PAY THRU LAST PAY)
- --------------------------------------------------------------------------------
# of % of Current
Age of Loan Loans Pool WAC WAM WALTV Balance
0 < Age <= 3 250 99.60 8.79 344.87 60.76 $21,008,035
6 < Age <= 9 1 .40 12.63 351.00 56.58 $84,892
- --------------------------------------------------------------------------------
Total... 251 100.00% $21,092,927
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
DOCUMENTATION LEVEL
- -------------------------------------------------------------------------------------------------------------
WA WA Max. Orig Total
Rem WA Orig Loan Current
# Loans % Pool WAC Term Age LTV Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Alternate Documentation 251 100.00 8.804 344.89 .41 60.74 $216,000 $21,092,926.50
- --------------------------------------------------------------------------------------------------------------
Total..... 251 100.00% 8.804 344.89 .41 60.74 $216,000 $21,092,926.50
==============================================================================================================
</TABLE>
DEBT-TO-INCOME RATIO
- --------------------------------------------------------------------------------
DTI Avg. Curr Current
RANGE # Loans % Pool WAC WAM Balance Balance
5.000 < DTI <= 10.000 1 .35 6.95 179.00 $74,836 $74,836
10.000 < DTI <= 15.000 1 .24 7.45 180.00 $50,005 $50,005
15.000 < DTI <= 20.000 13 4.56 8.91 315.08 $74,046 $962,601
20.000 < DTI <= 25.000 29 9.40 8.96 354.08 $68,354 $1,982,253
25.000 < DTI <= 30.000 37 13.66 8.71 340.65 $77,860 $2,880,813
30.000 < DTI <= 35.000 42 16.99 8.76 347.19 $85,338 $3,584,203
35.000 < DTI <= 40.000 47 18.94 8.67 342.20 $85,019 $3,995,904
40.000 < DTI <= 45.000 38 15.73 8.66 345.55 $87,339 $3,318,876
45.000 < DTI <= 50.000 23 11.23 8.71 353.78 $103,015 $2,369,338
50.000 < DTI <= 55.000 12 5.74 9.48 355.45 $100,845 $1,210,141
55.000 < DTI <= 60.000 6 2.12 10.33 360.00 $74,469 $446,812
60.000 < DTI <= 65.000 2 1.03 8.54 359.19 $108,572 $217,145
- --------------------------------------------------------------------------------
Total..... 251 100.00% $21,092,927
================================================================================
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.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the inclusion in the Prospectus Supplement dated June 10, 1996
to the Prospectus dated June 10, 1996 to Registration Statement No. 33-99604 of
our report dated January 22, 1996 on our audits of the consolidated financial
statements of MBIA Insurance Corporation and Subsidiaries. We also consent to
the reference to our firm under the caption "Experts."
/s/Coopers & Lybrand L.L.P.
----------------------------------
Coopers & Lybrand L.L.P.
June 12, 1996
New York, New York
