<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
June 26, 1996
Farmer Mac Mortgage Securities Corporation
------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-6325 52-1779791
- ---------------------------- --------------- -------------
State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
919 18th Street, N.W.
Washington, D.C. 20006
---------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (202) 872-7700
No Change
-----------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
---------------------------------------------------------------
<PAGE>
Item 5. Other Events
------------
Attached as Exhibit 99.1 to this Current Report are certain materials
(the "Computational Materials") furnished to the Registrant by Bear, Stearns &
Co. Inc. (the "Underwriter") in respect of Guaranteed Agricultural
Mortgage-Backed Securities Series 6/27/96 (the "Certificates"). The Certificates
are being offered pursuant to a Prospectus Supplement, dated June 26, 1996, and
a Prospectus, dated June 26, 1996, which are being filed with the Commission
pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the
"Act"). The Certificates have been registered pursuant to the Act under a
Registration Statement on Form S-3 (No. 333-6325) (the "Registration
Statement"). The Computational Materials are incorporated by reference in the
Registration Statement.
The Computational Materials were prepared solely by the Underwriter,
and the Registrant did not prepare or participate (other than providing the
background information concerning the underlying pool of assets upon which the
Computational Materials are based to the Underwriter) in the preparation of the
Computational Materials.
Any statements or information contained in the Computational Materials
shall be deemed to be modified or superseded for purposes of the Prospectus and
the Registration Statement by statements or information contained in the
Prospectus.
2
<PAGE>
Item 7. Financial Statements; Pro Forma Financial Information and
--------------------------------------------------------------
Exhibits
- --------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials
3
<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.
FARMER MAC MORTGAGE SECURITIES
CORPORATION
By:/s/ Christopher Dunn
---------------------------
Name: Christopher Dunn
Title: Vice President
Dated: July 2, 1996
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Computational Materials
<PAGE>
Farmer Mac Offerings
$120,711,946 (approximatley)
Farmer Mac Guaranteed aaagricultural MBS ("AMBS")
6/27/96
Farmer Mac is a Government Sponsored Enterprise (GSE) established in 1988 to
assist Agricultural Real Estate Lenders by channelling capital to farmers and
thus lowering borrowing costs.
Farmer Mac guarantees payment on the securities backed by mortgages on farm
properties. Over the past six years, Farmer Mac has guaranteed approximately
$800 MM in securities .
Collateral: 265 Fixed Rate/Balloon agricultural real estate
farm mortgages. The collateral is divided into ten
groups based on payment frequency
Servicer: AgFunding (a division of Western Farm Credit Bank)
Master Servicer: Farmer Mac
Trustee: First Trust
Legal: Grantor Trust
Call Provision: 1% optional cleanup call on entire pool
Distribution Date: Annual, Semi-Annual or Quarterly on the 25th, or
the next business day, beginning July 25th.
(Depending on class, See enclosed table)
Cut-off Date: June 1st, 1996
Closing Date: June 27th, 1996
Full Yield Maintenance
(To Maturity): 96.4%
Partial Yield Maintenance: 3.6%
Guarantee: Timely payment of P&I guaranteed by Farmer Mac.
However, Farmer Mac does not guarantee the
certificate holders the payment of yield
maintenance charges
SMMEA: No
ERISA: Yes
Pricing Speed: 0% CPR
<TABLE>
<CAPTION>
Summary of Pass-Thru Classes
- ---------------------------------------------------------------------------------------------------------------------
Pass AMBS Par WAC Pmt Approx. Price Average
Thru Pool# Value CPN Frequency Dollar Talk Life
Price
---- ----- -------- ---- --------- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C>
1 AQ1001 $18,215,126 7.326% Q 98:7+ +68 10.95
2 AS1001 $16,065,060 7.237% S 97:5 +65 11.78
3 AS2001 $ 8,672,900 6.962% S 95:14+ +65 10.43
4 AA1001 $32,540,074 7.067% A 94:29 +65 11.69
5 AA2001 $14,943,800 6.969% A 94:10 +65 11.16
6 AA3001 $ 4,455,052 7.476% A 98:4 +70 11.66
7 AA4001 $12,971,603 7.023% A 94:29 +65 11.40
8 BA1001 $ 4,782,450 6.921% A 97:18 +55 5.59
9 BQ1001 $ 3,061,881 6.418% Q 96:6 +55 5.47
10 BS1001 $ 5,004,000 6.989% S 98:11 +55 5.77
- ---------------------------------------- ------------------------------------------------ ---------------------------
</TABLE>
The information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Detail Summary of Pass-Thru Classes
o All 265 mortgages have full/partial prepayment penalty/yield maintenance
(96.4% full, 3.6% partial)
o Full yield maintenance runs to each loan's maturity.
o Partial yield maintenance runs between 4 and 5 years.
o FarmerMac does not guarantee to the certificate holders the payment of
the yield maintenance charge but shall pass through to the certificate
holders yield maintenance to the extent it is actually received by
FarmerMac.
<TABLE>
<CAPTION>
Pass AMBS Par WAC Pmt Pmt Tot # of 15yrBalloon 7yr Balloon
Thru Pool# Value CPN Freq Months loans (#/%) (#/%)
---- ----- ----- --- ---- ------ ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 AQ1001 $18,215,126 7.326% Q J,A,J,O 24 13 / 57.0% -
2 AS1001 $16,065,060 7.237% S J,J 39 28 / 82.3% -
3 AS2001 $8,672,900 6.962% S A,O 13 8 / 61.6% 2 / 13.8%
4 AA1001 $32,540,074 7.067% A Jan 85 59 / 77.9% -
5 AA2001 $14,943,800 6.969% A Apr 36 18 / 70.4% 5 / 7.4%
6 AA3001 $4,455,052 7.476% A Jul 11 6 / 62.4% 1 / 4.3%
7 AA4001 $12,971,603 7.023% A Oct 26 19 / 63.2% 1 / 3.1%
8 BA1001 $4,782,450 6.921% A Jan 13 - 12 / 99.7%
9 BQ1001 $3,061,881 6.418% Q J,A,J,O 6 - 5 / 93.5%
10 BS1001 $5,004,000 6.989% S J,J 12 - 12 / 100.0%
- ---------- --------- ----------------------------------------------------------------------------------------------
Full Yield Approx.
Pass Maintenance Dollar Price Average Exp.
Thru (#/%) Price Talk Life Duration Final Mat
---- ----- ----- ---- ---- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
1 21 / 85.8% 98:7+ +68 10.95 7.00 7/2011
2 38 / 98.1% 97:5 +65 11.78 7.47 7/2011
3 13 / 100.0% 95:14+ +65 10.43 6.82 10/2011
4 81 / 97.9% 94:29 +65 11.69 7.57 1/2012
5 35 / 98.8% 94:10 +65 11.16 7.31 4/2011
6 9 / 87.6% 98:4 +70 11.66 7.54 7/2011
7 26 / 100.0% 94:29 +65 11.40 7.43 10/2011
8 13 / 100.0% 97:18 +55 5.59 4.54 1/2003
9 6 / 100.0% 96:6 +55 5.47 4.38 4/2003
10 12 / 100.0% 98:11 +55 5.77 4.59 7/2003
- ---------- ----------- ----------------------------------------------------------------------------------------------------------
</TABLE>
The information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Summary of Pass-Thru Classes By Commodity Type
o In most cases a mortgage property may be used to produce multiple
commodities.
<TABLE>
<CAPTION>
Pass AMBS Cattle Cotton/ Permanent
Thru Pool# and Calves Tobacco Dairy Food grains Hogs Oilseeds Plantings
---- ----- ---------- -------- ------ ----------- ------ -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 AQ1001 2.64% 0.00% 47.26% 1.29% 2.24% .23% 32.14%
2 AS1001 4.08% 0.00% 4.52% 5.03% 1.61% 16.13% 40.50%
3 AS2001 3.43% 0.00% 6.77% .88% 3.31% 5.36% 55.45%
4 AA1001 5.88% .79% 2.09% 15.93% 1.81% 7.48% 49.34%
5 AA2001 6.31% 3.74% 2.90% 21.70% .78% 12.54% 7.11%
6 AA3001 31.81% 0.00% 10.10% 11.90% 0.00% 13.31% 3.93%
7 AA4001 .70% 0.00% .94% 14.61% 0.00% .93% 61.08%
8 BA1001 .55% 44.12% 0.00% 4.39% .31% 7.42% 31.19%
9 BQ1001 0.00% 10.68% 37.45% 1.96% 0.00% 1.96% 45.34%
10 BS1001 12.73% 2.00% 0.00% .26% 9.99% 8.25% 37.97%
- ---------- --------- ----------- --------------------------------------------------------------------
Pass Other Live Other
Thru Feed Crops stock Crops Vegetable Total
---- ---------- ---------- ----- --------- -------
<S> <C> <C> <C> <C> <C>
1 3.10% 6.60% 1.77% 2.74% 100.00%
2 18.52% 0.00% 6.43% 3.18% 100.00%
3 9.25% 0.00% 7.94% 7.61% 100.00%
4 9.89% 3.66% 1.29% 1.85% 100.00%
5 8.85% 5.52% 8.51% 22.03% 100.00%
6 19.75% 0.00% 3.59% 5.61% 100.00%
7 4.02% 0.00% 12.91% 4.81% 100.00%
8 6.57% 5.45% 0.00% 0.00% 100.00%
9 2.61% 0.00% 0.00% 0.00% 100.00%
10 1.49% 0.00% 24.49% 2.83% 100.00%
- ------------------------------------------------------------------
</TABLE>
The information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates, and other
Information ("the Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed the Statement. You may
obtain a copy of the Statement from you sales representative. The information
contained herein will be superseded by the description of the mortgage loans
Farmer Mac Offerings contained in the Prospectus Supplement.
<PAGE>
Yield Maintenance Charges
All 265 mortgages have either full or partial yield maintenance charges.
The vast majority of the mortgages (96.4%) have the full yield maintenance
charges.
1. Full Yield Maintenance Charge - The borrower pays yield maintenance if he
prepays his mortgage at any time during the term of the mortgage.
2. Partial Yield Maintenance Charge - The borrower pays yield maintenance if he
prepays his mortgage during the first 4 or 5 years of its term. Thereafter,
the borrower is free to prepay with no penalty.
The yield maintenance formula is generally the same whether the mortgage has
full or partial yield maintenance.
3. Full Yield Maintenance - At the designated time of prepayment the present
value of the future scheduled payments to maturity is calculated. The future
scheduled payments are discounted on each period at a rate equivalent to the
interpolated yield of the CMT having a term to maturity which is the same as
the term to such scheduled payment date from the prepayment date.
4. Partial Yield Maintenance - The calculation is the same as full yield
maintenance except that the future scheduled payments are discounted from the
date at which the mortgage becomes an "open prepay" mortgage rather than
maturity.
The calculated PV less the outstanding mortgage balance is the yield maintenance
charge.
In addition, if a borrower chooses to prepay between scheduled payment dates he
is obligated to pay the full period's interest accrual.
Farmer Mac does not guarantee to the certificate holders the payment of the
yield maintenance charge and shall pass through to the certificate holders yield
maintenance to the extent it is actually received by Farmer Mac.
The following example illustrates the yield maintenance charge using a
$2,000,000 annual pay loan with a 15-year term and a 25-year amortization term
which prepays immediately.
Assumptions
- -----------
Loan Balance $2,000,000
Gross Rate 8.320%
Field Servicing 0.370%
Guarantee Fees,
Master Servicing, Trustee 0.950%
Net Rate 7.000%
Prepay Calc Rate 7.250%
Balloon 15
Amort Term 25
Yield Curve:
1 Year 5.83
2 Year 6.29
3 Year 6.49
5 Year 6.72
10 Year 6.94
30 Year 7.09
The information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Yield Maintenance Charge
Dollar Amount $38,904
Percentage 1.945%
The Prepayment Calculation Rate, defined as the Mortgage Rate minus Field
Servicing Rate minus .70%, is 7.25%. Therefore, the yield maintenance
calculation uses a rate higher than the certificate coupon to determine the
yield maintenance charge. Furthermore, using the Treasury Yield corresponding to
the maturity of the loan to discount mortgage cash flows is the standard yield
maintenance methodology; the methodology for the offered certificates is to use
the interpolated Treasury Curve yield for each cash flow distribution. Farmer
Mac shall pass through to the certificate holders yield maintenance to the
extent it is actually received by Farmer Mac.
The information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AQ1001-POOL1 Class A ( )
Orig Bal 18,215,126 Fac 1.00000 Coup 7.326 Mat/ / Wac-0.000(0.000) WAM-/(-22758)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date: 08-Jul-1996 Curve Date: 01-Jul-1996 Tranche: A( )
- --------------------------------------------------------------------------------
0% CPP prepay
10.95 Avg. Life
10/96 1st Prin
Price 07/11 Last Prin
- ------ ------ ---------
97:31+ 7.628 Yield
6.99 Duration
98:3+ 7.610 Yield
6.99 Duration
98:7+ 7.591 Yield
7.00 Duration
98:11+ 7.573 Yield
7.00 Duration
98:15+ 7.555 Yield
7.01 Duration
s1 Scenario
A/B Prepay:
0.000 Index:
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales represenative.
<PAGE>
AS1001-POOL2 Class A ( )
Orig Bal 16,065,060 Fac 1.00000 Coup 7.237 Mat/ / Wac-0.000(0.000) WAM-/(-22758)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date: 08-Jul-1996 Curve Date: 01-Jul-1996 Tranche: A ( )
- --------------------------------------------------------------------------------
0% CPP prepay
11.78 Avg. Life
01/97 1st Prin
Price 07/11 Last Prin
- ----- ------ ---------
96:29 7.600 Yield
7.47 Duration
97:1 7.582 Yield
7.47 Duration
97:5 7.565 Yield
7.47 Duration
97:9 7.548 Yield
7.48 Duration
97:13 7.531 Yield
7.48 Duration
Scenario s1
Prepay: A/B
Index: 0.000
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AS2001-POOL3 Class A ( )
Orig Bal 8,672,900 Fac 1.00000 Coup 6.963 Mat / /Wac-0.000(0.000) WAM-/ (-22758)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date : 08-Jul-1996 Curve Date: 01-Jul-1996 Tranche: A( )
- --------------------------------------------------------------------------------
0% CPP prepay
10.43 Avg. Life
10/96 1st Prin
Price 10/11 Last Prin
- ----- ----- ---------
95:6+ 7.595 Yield
6.81 Duration
95:10+ 7.576 Yield
6.82 Duration
95:14+ 7.557 Yield
6.82 Duration
95:18+ 7.538 Yield
6.83 Duration
95:22+ 7.519 Yield
6.83 Duration
Scenario s1
Prepay: A/B
Index: 0.000
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AA1001-POOL4 A ( )
Orig Bal 32,540,074 Fac 1.00000 Coup 7.067 Mat/ / Wac-0.000(0.000) WAM-/(-22758)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date: 08-Jul-1996 Curve Date: 01-Jul-1996 Tranche: A( )
- --------------------------------------------------------------------------------
0% CPP prepay
11.69 Avg. Life
01/97 1st Prin
Price 01/12 Last Prin
- ----- ----- ---------
94:21 7.603 Yield
7.56 Duration
94:25 7.586 Yield
7.56 Duration
94:29 7.569 Yield
7.57 Duration
95:1 7.551 Yield
7.57 Duration
95:5 7.534 Yield
7.58 Duration
Scenario s1
Prepay: A/B
Index: 0.000
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AA2001-POOL5 Class A ( )
Orig Bal 14,943,800 Fac 1.00000 Coup 6.969 Mat/ / Wac-0.000(0.000) WAM-/(-22758)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date: 08-Jul-1996 Curve Date: 01-Jul-1996 Tranche: A ( )
- --------------------------------------------------------------------------------
0% CPP prepay
11.16 Avg. Life
04/97 1st Prin
4/11 Last Prin
----- ---------
94:2 7.611 Yield
7.31 Duration
94:6 7.593 Yield
7.31 Duration
94:10 7.575 Yield
7.31 Duration
94:14 7.557 Yield
7.32 Duration
94:18 7.539 Yield
7.32 Duration
Scenario s1
Prepay: A/B
Index: 0.000
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AA3001-POOL6 Class A ( )
Orig Bal 4,455,052 Fac 1.00000 Coup 7.476 Mat/ / Wac-0.000(0.000) WAM-/(-22758)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date: 08-Jul-1996 Curve Date: 01-Jul-1996 Tranche: A ( )
0% CPP prepay
11.66 Avg. Life
07/97 1st Prin
Price 07/11 Last Prin
- ----- ------ ---------
98:22+ 7.461 Yield
7.56 Duration
98:26+ 7.445 Yield
7.57 Duration
98:30+ 7.428 Yield
7.57 Duration
99:2+ 7.411 Yield
7.58 Duration
99:6+ 7.395 Yield
7.58 Duration
Scenario s1
Prepay: A/B
Index: 0.000
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AA4001-POOL7 Class A ( )
Orig Bal 12,971,603 Fac 1.00000 Coup 7.023 Mat/ / Wac-0.000(0.000) WAM-/(-22758)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date: 08-Jul-1996 Curve Date: 01-Jul-1996 Tranche: A ( )
- --------------------------------------------------------------------------------
0% CPP prepay
11.40 Avg. Life
10/96 1st Prin
Price 10/11 Last Prin
- ------ ------ ---------
94:17+ 7.600 Yield
7.42 Duration
94:21+ 7.583 Yield
7.42 Duration
94:25+ 7.565 Yield
7.43 Duration
94:29+ 7.547 Yield
7.43 Duration
95:1+ 7.530 Yield
7.44 Duration
Scenario s1
Prepay: A/B
Index: 0.000
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
BA1001-POOL8 Class A ( )
Orig Bal 4,782,450 Fac 1.00000 Coup 6.921 Mat / / Wac-0.000(0.000) WAM-/(-22758)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date: 08-Jul-1996 Curve Date: 01-Jul-1996 Tranche: A ( )
- --------------------------------------------------------------------------------
0% CPP prepay
5.59 Avg. Life
01/97 1st Prin
Price 01/03 Last Prin
- ----- ------ ---------
97:10 7.310 Yield
4.54 Duration
97:14 7.282 Yield
4.54 Duration
97:18 7.254 Yield
4.54 Duration
97:22 7.226 Yield
4.54 Duration
97:26 7.198 Yield
4.54 Duration
Scenario s1
Prepay: A/B
Index: 0.000
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
BQ1001-POOL9 Class A ( )
Orig Bal 3,061,881 Fac 1.00000 Coup 6.418 Mat / / Wac-0.000(0.000) WAM-/(-22758)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date: 08-Jul-1996 Curve Date: 01-Jul-1996 Tranche: A ( )
- --------------------------------------------------------------------------------
0% CPP prepay
5.47 Avg. Life
10/96 1st Prin
Price 04/03 Last Prin
- ----- ------ ---------
95:30 7.303 Yield
4.37 Duration
96:2 7.273 Yield
4.38 Duration
96:6 7.243 Yield
4.38 Duration
96:10 7.214 Yield
4.38 Duration
96:14 7.184 Yield
4.38 Duration
Scenario s1
Prepay: A/B
Index: 0.000
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
BS1001-POOL10 Class A ( )
Orig Bal 5,004,000 Fac 1.00000 Coup 6.989 Mat / / Wac-0.000(0.000) WAM-/(-22759)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settle Date: 08-Jul-1996 Curve Date: 01-Jul-1996 Tranche: A ( )
0% CPP prepay
5.77 Avg. Life
01/97 1st Prin
Price 07/03 Last Prin
- ----- ------ ---------
98:3 7.317 Yield
4.59 Duration
98:7 7.289 Yield
4.59 Duration
98:11 7.262 Yield
4.59 Duration
98:15 7.234 Yield
4.59 Duration
98:19 7.206 Yield
4.59 Duration
Scenario s1
Prepay: A/B
Index: 0.000
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AQ1001-POOL1
Collateral Detail
Deal AQ1001-POOL1 Group All
Amort Type
- -------------------------
Loans Current Percent
- ----- ---------------
FIXED 24 100.00%
Geographic Distribution
- ------------------------------------
State Loans Current Percent
- ----- ----- ---------------
CA 9 41.15%
WA 3 22.65%
SD 4 12.88%
MI 1 8.99%
KY 3 6.60%
ID 2 5.66%
Other 2 2.06%
Property Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 24 100.00%
Origination Year
- ------------------------------------
Loans Current Percent
----- ---------------
1995 8 28.64%
1996 16 71.36%
Maturity Year
- ------------------------------------
Loans Current Percent
----- ---------------
2010 3 9.92%
2011 8 33.10%
2015 4 17.19%
2016 1 1.32%
2020 2 7.01%
2021 6 31.47%
Loan Purpose
- ------------------------------------
Loans Current Percent
----- ---------------
** 24 100.00%
Occupancy Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 24 100.00%
Documentation Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 24 100.00%
Mortgage Insurance
- ------------------------------------
Loans Current Percent
----- ---------------
Insured 24 100.00%
<PAGE>
Balance Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
0.00 100,000.00 1 0.33%
100,000.00 200,000.00 4 2.77%
200,000.00 300,000.00 5 6.94%
300,000.00 400,000.00 1 1.78%
400,000.00 500,000.00 2 4.88%
500,000.00 600,000.00 1 2.74%
600,000.00 700,000.00 1 3.29%
700,000.00 800,000.00 2 8.22%
800,000.00 900,000.00 1 4.90%
900,000.00 1,000,000.00 1 5.47%
1,400,000.00 1,500,000.00 1 8.10%
1,500,000.00 1,600,000.00 1 8.62%
1,600,000.00 1,700,000.00 1 8.99%
2,500,000.00 2,600,000.00 1 13.72%
3,500,000.00 3,600,000.00 1 19.21%
Gross Coupon Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
8.00 8.12 2 4.53%
8.12 8.25 3 4.28%
8.25 8.38 5 27.69%
8.50 8.62 2 2.93%
8.62 8.75 4 9.40%
8.75 8.88 4 28.37%
9.00 9.12 2 13.57%
9.12 9.25 1 0.60%
9.25 9.38 1 8.62%
LTV Distribution
- -------------------------------------------------
Loans Current Percent
----- ---------------
0.01 60.00 16 68.84%
60.01 70.00 8 31.16%
** Documentaion not available
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AS1001-POOL2
Collateral Detail
Deal AS1001-POOL2 Group All
Amort Type
- -------------------------
Loans Current Percent
- ----- ---------------
FIXED 39 100.00%
Geographic Distribution
- ------------------------------------
State Loans Current Percent
- ----- ----- ---------------
CA 12 32.83%
WA 5 19.45%
IN 1 14.01%
MN 6 9.85%
SD 6 7.32%
MI 1 5.91%
Other 8 10.63%
Property Type
-----------------------------------
Loans Current Percent
----- ---------------
** 39 100.00%
Origination Year
- ------------------------------------
Loans Current Percent
----- ---------------
1995 5 10.15%
1996 34 89.85%
Maturity Year
- ------------------------------------
Loans Current Percent
----- ---------------
2011 11 17.67%
2016 12 38.16%
2021 16 44.18%
Loan Purpose
- ------------------------------------
Loans Current Percent
----- ---------------
** 39 100.00%
Occupancy Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 39 100.00%
Documentation Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 39 100.00%
Mortgage Insurance
- ------------------------------------
Loans Current Percent
----- ---------------
Insured 39 100.00%
<PAGE>
Balance Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
0.00 100,000.00 2 0.93%
100,000.00 200,000.00 11 9.85%
200,000.00 300,000.00 9 12.75%
300,000.00 400,000.00 4 7.72%
400,000.00 500,000.00 2 5.38%
500,000.00 600,000.00 3 9.77%
600,000.00 700,000.00 3 11.89%
800,000.00 900,000.00 1 5.29%
900,000.00 1,000,000.00 1 5.91%
1,000,000.00 1,100,000.00 1 6.54%
1,600,000.00 1,700,000.00 1 9.96%
2,200,000.00 2,300,000.00 1 14.01%
Gross Coupon Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
7.75 7.88 3 5.37%
8.00 8.12 3 9.96%
8.25 8.38 4 7.56%
8.38 8.50 3 5.91%
8.50 8.62 10 29.74%
8.62 8.75 3 4.79%
8.75 8.88 4 16.46%
8.88 9.00 3 5.44%
9.00 9.12 4 10.18%
9.12 9.25 1 3.11%
9.25 9.38 1 1.46%
LTV Distribution
- -------------------------------------------------
Loans Current Percent
----- ---------------
0.01 60.00 25 50.87%
60.01 70.00 14 49.13%
** Documentaion not available
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AS2001-POOL3
Collateral Detail
Deal AS2001-POOL3 Group All
Amort Type
- -------------------------
Loans Current Percent
- ----- ---------------
FIXED 13 100.00%
Geographic Distribution
- ------------------------------------
State Loans Current Percent
- ----- ----- ---------------
WA 5 38.05%
CA 3 35.34%
IL 1 10.43%
ID 1 8.68%
SD 2 5.77%
KS 1 1.73%
Other 0 0.00%
Property Type
-----------------------------------
Loans Current Percent
----- ---------------
** 13 100.00%
Origination Year
- ------------------------------------
Loans Current Percent
----- ---------------
1995 4 25.80%
1996 9 74.20%
Maturity Year
- ------------------------------------
Loans Current Percent
----- ---------------
2011 5 38.40%
2016 4 41.74%
2021 4 19.86%
Loan Purpose
- ------------------------------------
Loans Current Percent
----- ---------------
** 13 100.00%
Occupancy Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 13 100.00%
Documentation Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 13 100.00%
Mortgage Insurance
- ------------------------------------
Loans Current Percent
----- ---------------
Insured 13 100.00%
<PAGE>
Balance Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
150,000.00 160,000.00 1 1.73%
200,000.00 210,000.00 1 2.31%
250,000.00 260,000.00 2 5.77%
320,000.00 330,000.00 1 3.75%
380,000.00 390,000.00 1 4.39%
570,000.00 580,000.00 1 6.57%
600,000.00 610,000.00 1 6.92%
750,000.00 760,000.00 1 8.68%
900,000.00 910,000.00 1 10.43%
950,000.00 960,000.00 1 10.95%
1,550,000.00 1,560,000.00 1 17.87%
1,790,000.00 1,800,000.00 1 20.64%
Gross Coupon Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
7.88 8.00 1 6.57%
8.00 8.12 2 10.67%
8.12 8.25 1 4.39%
8.25 8.38 2 10.41%
8.38 8.50 3 39.26%
8.50 8.62 3 25.83%
8.75 8.88 1 2.88%
LTV Distribution
- -------------------------------------------------
Loans Current Percent
----- ---------------
0.01 60.00 6 49.53%
60.01 70.00 6 48.17%
70.01 80.00 1 2.31%
** Documentaion not available
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AA1001-POOL4
Collateral Detail
Deal AA1001-POOL4 Group All
Amort Type
- -------------------------
Loans Current Percent
- ----- ---------------
FIXED 85 100.00%
Geographic Distribution
- ------------------------------------
State Loans Current Percent
- ----- ----- ---------------
WA 20 36.57%
CA 19 23.25%
MN 10 11.27%
SD 13 8.06%
KY 3 4.47%
DE 1 3.07%
Other 19 13.30%
Property Type
-----------------------------------
Loans Current Percent
----- ---------------
** 85 100.00%
Origination Year
- ------------------------------------
Loans Current Percent
----- ---------------
1995 8 10.32%
1996 77 89.68%
Maturity Year
- ------------------------------------
Loans Current Percent
----- ---------------
2011 26 22.08%
2014 1 0.30%
2016 7 5.88%
2017 2 3.79%
2021 47 66.64%
2022 2 1.32%
Loan Purpose
- ------------------------------------
Loans Current Percent
----- ---------------
** 85 100.00%
Occupancy Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 85 100.00%
Documentation Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 85 100.00%
Mortgage Insurance
- ------------------------------------
Loans Current Percent
----- ---------------
Insured 85 100.00%
<PAGE>
Balance Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
0.00 100,000.00 13 3.08%
100,000.00 200,000.00 24 10.89%
200,000.00 300,000.00 16 12.65%
300,000.00 400,000.00 10 10.11%
400,000.00 500,000.00 2 2.58%
500,000.00 600,000.00 6 9.65%
600,000.00 700,000.00 2 4.00%
700,000.00 800,000.00 2 4.55%
800,000.00 900,000.00 1 2.61%
900,000.00 1,000,000.00 2 5.78%
1,000,000.00 1,100,000.00 2 6.15%
1,100,000.00 1,200,000.00 1 3.50%
1,300,000.00 1,400,000.00 1 4.23%
1,500,000.00 1,600,000.00 1 4.76%
2,000,000.00 2,100,000.00 1 6.15%
3,000,000.00 3,100,000.00 1 9.31%
Gross Coupon Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
7.62 7.75 1 2.00%
7.75 7.88 1 1.02%
7.88 8.00 4 2.24%
8.00 8.12 19 23.25%
8.12 8.25 4 2.30%
8.25 8.38 15 20.18%
8.38 8.50 2 0.74%
8.50 8.62 14 26.83%
8.62 8.75 5 4.10%
8.75 8.88 13 11.53%
8.88 9.00 1 0.45%
9.00 9.12 3 3.48%
9.12 9.25 1 0.83%
9.25 9.38 1 0.06%
9.62 9.75 1 0.46%
LTV Distribution
- -------------------------------------------------
Loans Current Percent
----- ---------------
0.01 60.00 44 48.51%
60.01 70.00 40 50.74%
70.01 80.00 1 0.75%
** Documentaion not available
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AA2001-POOL5
Collateral Detail
Deal AA2001-POOL5 Group All
Amort Type
- -------------------------
Loans Current Percent
- ----- ---------------
FIXED 36 100.00%
Geographic Distribution
- ------------------------------------
State Loans Current Percent
- ----- ----- ---------------
MI 6 21.61%
MS 2 16.56%
OR 2 11.48%
OH 4 9.91%
KY 4 8.22%
ID 2 8.01%
WA 4 7.08%
Other 12 17.13%
Property Type
-----------------------------------
Loans Current Percent
----- ---------------
** 36 100.00%
Origination Year
- ------------------------------------
Loans Current Percent
----- ---------------
1995 2 11.48%
1996 34 88.52%
Maturity Year
- ------------------------------------
Loans Current Percent
----- ---------------
2011 18 29.63%
2016 8 26.60%
2021 10 43.76%
Loan Purpose
- ------------------------------------
Loans Current Percent
----- ---------------
** 36 100.00%
Occupancy Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 36 100.00%
Documentation Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 36 100.00%
Mortgage Insurance
- ------------------------------------
Loans Current Percent
----- ---------------
Insured 36 100.00%
<PAGE>
Balance Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
0.00 100,000.00 2 0.69%
100,000.00 200,000.00 12 12.07%
200,000.00 300,000.00 6 8.99%
300,000.00 400,000.00 2 4.62%
400,000.00 500,000.00 4 11.84%
500,000.00 600,000.00 2 6.73%
600,000.00 700,000.00 1 4.60%
700,000.00 800,000.00 2 9.47%
800,000.00 900,000.00 1 5.52%
1,000,000.00 1,100,000.00 3 20.08%
2,300,000.00 2,400,000.00 1 15.39%
Gross Coupon Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
7.50 7.62 1 3.08%
7.62 7.75 4 14.54%
7.75 7.88 1 1.61%
7.88 8.00 3 7.26%
8.12 8.25 2 7.15%
8.25 8.38 3 17.44%
8.38 8.50 2 7.78%
8.50 8.62 7 14.52%
8.62 8.75 3 5.78%
8.75 8.88 9 18.60%
9.12 9.25 1 2.24%
LTV Distribution
- -------------------------------------------------
Loans Current Percent
----- ---------------
0.01 60.00 13 33.87%
60.01 70.00 21 60.20%
70.01 80.00 2 5.92%
** Documentaion not available
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AA3001-POOL6
Collateral Detail
Deal AA3001-POOL6 Group All
Amort Type
- -------------------------
Loans Current Percent
- ----- ---------------
FIXED 11 100.00%
Geographic Distribution
- ------------------------------------
State Loans Current Percent
- ----- ----- ---------------
WA 2 28.56%
ID 4 28.50%
MD 1 24.69%
MT 1 6.28%
IN 1 4.26%
MI 1 4.11%
Other 1 3.59%
Property Type
-----------------------------------
Loans Current Percent
----- ---------------
** 11 100.00%
Origination Year
- ------------------------------------
Loans Current Percent
----- ---------------
1996 11 100.00%
Maturity Year
- ------------------------------------
Loans Current Percent
----- ---------------
2011 5 37.61%
2021 6 62.39%
Loan Purpose
- ------------------------------------
Loans Current Percent
----- ---------------
** 11 100.00%
Occupancy Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 11 100.00%
Documentation Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 11 100.00%
Mortgage Insurance
- ------------------------------------
Loans Current Percent
----- ---------------
Insured 11 100.00%
<PAGE>
Balance Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
50,000.00 60,000.00 1 1.19%
160,000.00 170,000.00 1 3.59%
170,000.00 180,000.00 1 3.93%
180,000.00 190,000.00 1 4.11%
190,000.00 200,000.00 1 4.26%
260,000.00 270,000.00 1 5.99%
280,000.00 290,000.00 1 6.28%
450,000.00 460,000.00 1 10.10%
500,000.00 510,000.00 1 11.22%
1,090,000.00 1,100,000.00 1 24.63%
1,100,000.00 2,110,000.00 1 24.69%
Gross Coupon Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
8.25 8.38 2 8.04%
8.38 8.50 1 3.59%
8.50 8.62 2 30.92%
8.62 8.75 1 4.26%
8.75 8.88 2 30.68%
8.88 9.00 1 10.10%
9.88 10.00 1 11.22%
10.12 10.25 1 1.19%
LTV Distribution
- -------------------------------------------------
Loans Current Percent
----- ---------------
0.01 60.00 5 48.21%
60.01 70.00 4 40.49%
70.01 80.00 2 11.29%
** Documentaion not available
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
AA4001-POOL7
Collateral Detail
Deal AA4001-POOL7 Group All
Amort Type
- -------------------------
Loans Current Percent
- ----- ---------------
FIXED 26 100.00%
Geographic Distribution
- ------------------------------------
State Loans Current Percent
- ----- ----- ---------------
WA 23 95.14%
MI 1 3.08%
SD 2 1.77%
Property Type
-----------------------------------
Loans Current Percent
----- ---------------
** 26 100.00%
Origination Year
- ------------------------------------
Loans Current Percent
----- ---------------
1995 15 65.55%
1996 11 34.45%
Maturity Year
- ------------------------------------
Loans Current Percent
----- ---------------
2011 7 36.85%
2015 4 11.29%
2016 1 6.55%
2020 4 15.57%
2021 10 29.74%
Loan Purpose
- ------------------------------------
Loans Current Percent
----- ---------------
** 26 100.00%
Occupancy Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 26 100.00%
Documentation Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 26 100.00%
Mortgage Insurance
- ------------------------------------
Loans Current Percent
----- ---------------
Insured 26 100.00%
<PAGE>
Balance Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
100,000.00 110,000.00 1 0.77%
130,000.00 140,000.00 1 1.00%
220,000.00 230,000.00 2 3.50%
250,000.00 260,000.00 1 1.94%
280,000.00 290,000.00 1 2.19%
320,000.00 330,000.00 2 5.03%
350,000.00 360,000.00 2 5.43%
390,000.00 400,000.00 1 3.01%
400,000.00 410,000.00 4 12.33%
430,000.00 440,000.00 1 3.37%
480,000.00 490,000.00 1 3.73%
510,000.00 520,000.00 1 3.93%
580,000.00 590,000.00 1 4.47%
600,000.00 610,000.00 1 4.63%
650,000.00 660,000.00 1 5.01%
670,000.00 680,000.00 1 5.20%
850,000.00 860,000.00 1 6.55%
1,000,000.00 1,010,000.00 1 7.71%
1,600,000.00 1,070,000.00 1 8.23%
2,200,000.00 1,560,000.00 1 11.95%
Gross Coupon Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
7.88 8.00 5 29.29%
8.12 8.25 2 4.82%
8.25 8.38 8 31.10%
8.38 8.50 1 1.77%
8.50 8.62 4 16.34%
8.62 8.75 1 3.08%
8.75 8.88 2 9.64%
9.00 9.12 1 0.77%
9.12 9.25 1 1.00%
9.25 9.38 1 2.19%
LTV Distribution
- -------------------------------------------------
Loans Current Percent
----- ---------------
0.01 60.00 16 54.33%
60.01 70.00 9 42.93%
70.01 80.00 1 2.74%
** Documentaion not available
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
BA1001-POOL8
Collateral Detail
Deal BA1001-POOL8 Group All
Amort Type
- -------------------------
Loans Current Percent
- ----- ---------------
FIXED 13 100.00%
Geographic Distribution
- ------------------------------------
State Loans Current Percent
- ----- ----- ---------------
CA 6 75.10%
TN 1 10.45%
KY 2 8.70%
MN 2 3.03%
SD 1 2.40%
IN 1 0.31%
Other 0 0.00%
Property Type
-----------------------------------
Loans Current Percent
----- ---------------
** 13 100.00%
Origination Year
- ------------------------------------
Loans Current Percent
----- ---------------
1995 1 4.64%
1996 12 95.36%
Maturity Year
- ------------------------------------
Loans Current Percent
----- ---------------
2003 1 0.31%
2006 3 8.93%
2011 9 90.76%
Loan Purpose
- ------------------------------------
Loans Current Percent
----- ---------------
** 13 100.00%
Occupancy Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 13 100.00%
Documentation Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 13 100.00%
Mortgage Insurance
- ------------------------------------
Loans Current Percent
----- ---------------
Insured 13 100.00%
<PAGE>
Balance Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
10,000.00 20,000.00 1 0.31%
50,000.00 60,000.00 1 1.15%
80,000.00 90,000.00 1 1.88%
110,000.00 120,000.00 1 2.40%
130,000.00 140,000.00 1 2.82%
190,000.00 200,000.00 2 8.15%
220,000.00 230,000.00 1 4.64%
290,000.00 300,000.00 1 6.07%
420,000.00 430,000.00 1 8.78%
450,000.00 460,000.00 1 9.41%
500,000.00 510,000.00 1 10.45%
2,100,000.00 2,110,000.00 1 43.91%
Gross Coupon Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
7.50 7.62 3 18.95%
7.88 8.00 2 3.97%
8.00 8.12 2 48.55%
8.25 8.38 2 5.94%
8.50 8.62 3 22.27%
8.75 8.88 1 0.31%
LTV Distribution
- -------------------------------------------------
Loans Current Percent
----- ---------------
0.01 60.00 6 61.83%
60.01 70.00 7 38.17%
** Documentaion not available
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
BQ1001-POOL9
Collateral Detail
Deal BQ1001-POOL9 Group All
Amort Type
- -------------------------
Loans Current Percent
- ----- ---------------
FIXED 6 100.00%
Geographic Distribution
- ------------------------------------
State Loans Current Percent
- ----- ----- ---------------
WA 1 45.34%
CA 3 37.45%
KY 1 10.68%
IL 1 6.53%
Property Type
-----------------------------------
Loans Current Percent
----- ---------------
** 6 100.00%
Origination Year
- ------------------------------------
Loans Current Percent
----- ---------------
1996 6 100.00%
Maturity Year
- ------------------------------------
Loans Current Percent
----- ---------------
2003 1 6.53%
2006 2 28.13%
2010 1 9.32%
2011 2 56.02%
Loan Purpose
- ------------------------------------
Loans Current Percent
----- ---------------
** 6 100.00%
Occupancy Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 6 100.00%
Documentation Type
- ------------------------------------
Loans Current Percent
----- ---------------
** 6 100.00%
Mortgage Insurance
- ------------------------------------
Loans Current Percent
----- ---------------
Insured 6 100.00%
<PAGE>
Balance Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
160,000.00 170,000.00 1 5.27%
200,000.00 210,000.00 1 6.53%
280,000.00 290,000.00 1 9.32%
320,000.00 330,000.00 1 10.68%
700,000.00 710,000.00 1 22.86%
1,380,000.00 1,390,000.00 1 45.34%
Gross Coupon Distribution
- -----------------------------------------------------------------
Loans Current Percent
----- ---------------
7.25 7.38 2 28.13%
7.75 7.88 1 10.68%
8.50 8.62 1 45.34%
8.75 8.88 1 6.53%
8.88 9.00 1 9.32%
LTV Distribution
- -------------------------------------------------
Loans Current Percent
----- ---------------
0.01 60.00 2 20.00%
60.01 70.00 4 80.00%
** Documentaion not available
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
BS1001-POOL10
Collateral Detail
Deal BS1001-POO10 Group All
Amort Type
- ----------------------------------------
Loans Current Percent
----- ---------------
FIXED 12 100.00%
Geographic Distribution
- ----------------------------------------
State Loans Current Percent
- ----- ----- ---------------
CA 4 42.97%
UT 1 21.98%
KY 2 20.18%
SD 3 11.60%
IL 1 2.10%
IN 1 1.17%
Other 0 0.00%
Property Type
- -----------------------------------------
Loans Current Percent
----- ---------------
** 12 100.00%
Origination Year
- -----------------------------------------
Loans Current Percent
----- ---------------
1995 5 22.59%
1996 7 77.41%
Maturity Year
- ------------------------------------------
Loans Current Percent
----- ---------------
2006 2 28.15%
2011 10 71.85%
Loan Purpose
- ------------------------------------------
Loans Current Percent
----- ---------------
** 12 100.00%
Occupancy Type
- ------------------------------------------
Loans Current Percent
----- ---------------
** 12 100.00%
Documentation Type
- -------------------------------------------
Loans Current Percent
----- ---------------
** 12 100.00%
Mortgage Insurance
- -------------------------------------------
Loans Current Percent
----- ---------------
Insured 12 100.00%
<PAGE>
Balance Distribution
-------------------------------------------------------------
Loans Current Percent
----- ---------------
50,000.00 60,000.00 1 1.17%
80,000.00 90,000.00 1 1.61%
100,000.00 110,000.00 3 6.10%
250,000.00 260,000.00 3 14.99%
450,000.00 460,000.00 1 8.99%
910,000.00 920,000.00 1 18.19%
1,100,000.00 1,110,000.00 1 21.98%
1,350,000.00 1,360,000.00 1 26.98%
Gross Coupon Distribution
- ---------------------------------------------------------------
Loans Current Percent
----- ---------------
7.75 7.88 1 2.00%
7.88 8.00 1 26.98%
8.00 8.12 5 19.25%
8.38 8.50 2 19.79%
8.62 8.75 1 21.98%
8.88 9.00 2 9.99%
LTV Distribution
- ------------------------------------------------------
Loans Current Percent
----- ---------------
0.01 60.00 6 43.24%
60.01 70.00 6 56.76%
** Documentaion not available
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
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