<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): July 25, 1996
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated as
of July 1, 1996, providing for the issuance of the Vanderbilt
Mortgage and Finance, Inc., Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1996B).
CLAYTON HOMES, INC.
VANDERBILT MORTGAGE AND FINANCE, INC.
--------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee 33-88238 62-0997810
- ---------------------------- ------------ --------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
4726 Airport Highway
Louisville, Tennessee 37777
- ---------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (423) 970-7200
-----------------
- --------------------------------------------------------------------------
(Former Address:
- --------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
------------
Filing of Computational Materials.*
- ---------------------------------
Pursuant to Rule 424(b) under the Securities Act of 1933, concurrently
with, or subsequent to, the filing of this Current Report on Form 8-K (the
"Form 8-K), Vanderbilt Mortgage and Finance, Inc. and Clayton Homes, Inc.
(collectively, the "Company") are filing a prospectus and prospectus
supplement with the Securities and Exchange Commission relating to its
Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates,
Series 1996B.
In connection with the offering of the Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1996B, Prudential
Securities Incorporated, as one of the underwriters of the Certificates (the
"Underwriter"), has prepared certain materials (the "Computational
Materials") for distribution to its potential investors. Although the
Company provided the Underwriter with certain information regarding the
characteristics of the Contracts in the related portfolio, it did not
participate in the preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to any Class
or Classes of Certificates, any of the following: yield; average life;
duration; expected maturity; interest rate sensitivity; loss sensitivity;
cash flow characteristics; background information regarding the Contracts;
the proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature.
The Computational Materials are attached hereto as Exhibit 1.
In preparation of the Computational Materials, the assumptions set forth
in the Prospectus Supplement were used.
_________________
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated July 19, 1996, and
Prospectus Supplement dated July 19, 1996, of Vanderbilt Mortgage and
Finance, Inc. and Clayton Homes, Inc. relating to Vanderbilt Mortgage and
Finance, Inc. Manufactured Housing Contract Senior/Subordinate Pass-Through
Certificates, Series 1996B.
2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
-----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
1. Computational Materials.
3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.
By: /s/ David R. Jordan
----------------------
Name: David R. Jordan
Title: Vice President
CLAYTON HOMES, INC.
By: /s/ Joseph H. Stegmayer
------------------------------
Name: Joseph H. Stegmayer
Title: President
Dated: July 25, 1996
4
<PAGE>
Exhibit Index
-------------
Exhibit Page
- ------- ----
1. Computational Materials 6
5
Marketing Memorandum for
Vanderbilt Mortgage and Finance, Inc.,
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 1996B
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Vanderbilt Mortgage and Finance,
Series 1996B transaction, and not by or as agent for Vanderbilt Mortgage and
Finance, Inc. or any of its affiliates (the "Sponsor"). The Sponsor has not
prepared, reviewed or participated in the preparation hereof, is not
responsible for the accuracy hereof and has not authorized the disemination
hereof. 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 here, 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. The Certificates are being offered pursuant to a Prospectus which
includes a Prospectus Supplement (together, the "Prospectus"). The information
contained herein will be superseded by the final Prospectus.
<TABLE>
Vanderbilt Mortgage and Finance, Inc., Series 1996B
Title of Securities: Vanderbilt Mortgage and Finance, Inc., Manufactured
Housing Contract Senior/Subordinate Pass-Through
Certificates, Series 1996B.
<CAPTION>
Class Class Class Class Class Class Class Class
A1 A2 A3 A4 A5 A6 B1 B2
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Amount(000): 31,944 29,610 20,786 12,640 17,379 11,030 8,272 6,204
Coupon: 6.400 6.725 6.975 7.250 7.525 7.850 7.725 8.250
Approx. Price: 100-00 99-31+ 99-29+ 99-31+ 99-31+ 99-28+ 99-29+ 99-26+
Spread: 47 47 55 70 88 123 120 165
Avg Life: 1.050 3.050 5.050 7.050 9.750 13.663 6.866 13.802
1st Prin Pymt: 08/07/96 08/07/98 09/07/00 10/07/02 07/07/04 07/07/08 08/07/01 10/07/05
Exp Mat: 08/07/98 09/07/00 10/07/02 07/07/04 07/07/08 10/07/12 10/07/05 06/07/21
To 10% Call: 08/07/98 09/07/00 10/07/02 07/07/04 07/07/08 08/07/08 10/07/05 08/07/08
Stated Mat: 03/07/02 09/07/05 08/07/08 01/07/10 01/07/13 08/07/26 02/07/10 08/07/26
Expected
Settlement: (7/26/96) (7/26/96) (7/26/96) (7/26/96) (7/26/96) (7/26/96) (7/26/96) (7/26/96)
Pymt Delay: 6 Days 6 Days 6 Days 6 Days 6 Days 6 Days 6 Days 6 Days
Dated Date: 07/01/96 07/01/96 07/01/96 07/01/96 07/01/96 07/01/96 07/01/96 07/01/96
1st Pymt Date: (8/7/96) (8/7/96) (8/7/96) (8/7/96) (8/7/96) (8/7/96) (8/7/96) (8/7/96)
Rating: AAA AAA AAA AAA AAA Aa3 Baa2 Baa2
</TABLE>
Pricing Date: 07/19/96
Prepayment Speed: (175%) MHP
Credit Enhancement: Subordination: Expected subordination levels are as
follows: (subject to change)
<TABLE>
<S> <C> <C>
Class A1-A5: AAA (18.5%)
Class A6: Aa3 (10.5%)
Class B1: Baa2 (4.5%)
</TABLE>
Corporate Guarantee: The Class B-2 Certificateholders
will have the benefit of a limited guarantee of Clayton
Homes, Inc.("CHI") to protect against losses that would
otherwise be absorbed by the Class B-2
Certificateholders.
Servicing Fee and Excess Servicing:
The servicing fee and excess servicing of the
Contracts are subordinate to the Offered
Certificates on a monthly basis. Such rate is
calculated as follows:
Gross WAC - WA Bond Coupon
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.
Vanderbilt Mortgage and Finance, Inc., Series 1996B
Cashflow Priority: (PLEASE SEE PAGES ___ AND ___ IN RED)
PRICING
BASE CASE CLASS B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Classes A1-A5 Certificates;
2) Senior percentage of principal payments
sequentially to Classes A-1, A-2, A-3, A-4, and A-5
until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Clas A6 Certificates;
4) Class A-6 percentage of principal payments to
Class A-6 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class B1 Certificates;
6) Class B percentage of principal payments to
Class B1 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class B2 Certificates;
8) Class B percentage of principal payments to
Class B2 until such class is reduced to zero;
9) So long as Vanderbilt is the Servicer, any remainder
up to the amount equal to 1/12th of the product of
1.25% and the pool scheduled principal balance to
the Servicer;
10) Clayton Homes for any unreimbursed guaranteed
payments with respect to Class B2;
11) any remainder to the Class R Certificates.
__________________________________________________
| | | | | | |
| | | | A4 | A5 | A6 |
| A1 | A2 | A3 ____|________|_______|________|
| | | | B1 | B2 |
|_____|_____|______|_______________|_____________|
5 yrs
CLASS B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes A1-A5 Certificates;
2) 100% of principal payments sequentially to Classes
A-1, A-2, A-3, A-4, and A-5 until such class is
reduced to zero;
3) Current interest and any previously unreimbursed
interest to Clas A6 Certificates;
4) 100% of principal payments to Class A-6 until such
Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class B1 Certificates;
6) 100% of principal payments to Class B1 until such
Class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class B2 Certificates;
8) 100% of principal payments to Class B2 until such
Class is reduced to zero;
9) So long as Vanderbilt is the Servicer, any remainder
up to the amount equal to 1/12th of the product of
1.25% and the pool scheduled principal balance to the
Servicer;
10) Clayton Homes for any unreimbursed guaranteed
payments with respect to Class B2;
11) any remainder to the Class R Certificates.
_____________________________________________________
| | | | | | | | |
| | | | | | | | |
| A1 | A2 | A3 | A4 | A5 | A6 | B1 | B2 |
| | | | | | | | |
|_____|_____|______|______|______|______|______|______|
Class B
Distribution
Test: The Class B Distribution Test is met if
1) Remittance Date is on or after (Aug 2001)
2) Class B Percentage is at least (18.375%)
(which is (1.75) times the original Class B
Percentage)
3) Cumulative Realized Losses do not exceed (7%) for
year (2001), (8%) for year (2002), and (9%) for year
(2003) and beyond of the Original Principal Balance of
the Contracts
4) Current Realized Loss Ratio does not exceed (2.75%)
5) Average 60 Day Delinquency Ratio does not exceed (5%)
6) Average 30 Day Delinquency Ratio does not exceed (7%)
7) Class B-2 Principal Balance must not be less than
($2,758,000) (which represents approximately (2%) of
the Total Original Contract Pool Principal Balance).
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.
Vanderbilt Mortgage and Finance, Inc., Series 1996B
Cleanup Call: The Servicer may call the Certificates at par plus
accrued interest after the remaining pool balance of
the Certificates is less than 10% of its original
balance.
Payment Date: The 7th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning in August, 1996.
Interest Accrual: Interest will accrue from the 1st day of the preceding
month until the 30th day of the preceding month for
each of the Offered Certificates.
ERISA Considerations: The Class A1, A2, A3, A4, and A5 Certificates will
be ERISA eligible. The Class A6, B1 and B2 Certificates
are not ERISA eligible. However, 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 Considerations: The Class A1, A2, A3, A4, A5, and A6 Certificates
will constitute "mortgage related securities" under the
Secondary Mortgage Market Enhancement Act of 1984
"SMMEA". The Class B Certificates are not SMMEA
eligible.
Type of Collateral: (15-30 Year Fixed Rate Manufactured Housing
Contracts)
Number: 4,762
Amount: $137,865,912.02
Avg Unpaid Balance: $28,951.26
Max Orig Balance: $127,815.27
WAC: 10.978%
WAC Range: 7.750 - 18.000%
WAM: 183.840
WA Orig Term: 186.377
WALTV: 85.749%
New: 80.54%
Used: 19.46%
Park: 29.36%
Non-Park: 70.64%
Single Wide: 53.16%
Double Wide: 46.84%
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.
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.
Financial Strategies 07/19/96 12:29:29 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Digest Information Incorporated
Deal ID/CUSIP VMF6B Deal Date 07/17/96
Series 1996-B Delivery Date 07/26/96
Underwriter PSI Dated Date 07/01/96
Issuer VANDERBILT MORTGAGE AND FINANCE Credit Support SENIOR SUB
Collateral MANUFACTURED HOUSING (Real) Deal Type MH REMIC
N/GWAC (Orig) / (9.728/10.978) Pricing Speed MHP 175.00
WAM (Orig) (15.307) Rating Aaa/MOODY
Size 137,865,000 Coupon Range 8.711-11.001
Trustee Modeled Y
View Summary On Page 1 of 4
<TABLE>
<CAPTION>
Class Coupon Mat Amt 000 AvLf Sprd Price Yield Description
- ----- ------ --- ------- ---- ---- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1 6.400 3/02 31,944 1.0 47 100-00 6.376 AAA
A2 6.725 9/05 29,610 3.0 47 99-31+ 6.784 AAA
A3 6.975 8/08 20,786 5.0 55 99-29+ 7.068 AAA
A4 7.250 1/10 12,640 7.0 70 99-31+ 7.341 AAA
A5 7.525 1/13 17,379 9.8 88 99-31+ 7.627 AAA
A6 7.850 8/26 11,030 13.7 123 99-28+ 7.977 AA3
B1 7.725 2/10 8,272 6.9 120 99-29+ 7.840 BAA2
B2 8.250 8/26 6,204 13.8 165 99-26+ 8.397 CORP BAA2
</TABLE>
Financial Strategies 07/19/96 12:31:30 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP VMF6B Coupon 6.400
Class A1 AAA Accr 0.44444 1st Pmt 08/07/96
Collateral MANUFACTURED HOUSING (Real) Factor on / /
N/GWAC (Orig) / (9.728/10.978)
WAM (Orig) (15.307) Mat 03/07/02 Settle 07/26/96
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
<TABLE>
<CAPTION>
Price MHP 175 MHP 100 MHP 125 MHP 150 MHP 200 MHP 225 MHP 250
- ----- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
99-22+ 6.681 6.627 6.645 6.663 6.699 6.717 6.735
99-23 6.665 6.615 6.632 6.648 6.681 6.698 6.714
99-23+ 6.649 6.604 6.619 6.634 6.664 6.679 6.694
99-24 6.633 6.592 6.606 6.619 6.646 6.660 6.673
99-24+ 6.617 6.581 6.593 6.605 6.629 6.641 6.653
99-25 6.601 6.569 6.579 6.590 6.611 6.622 6.632
99-25+ 6.585 6.557 6.566 6.575 6.594 6.603 6.612
99-26 6.568 6.546 6.553 6.561 6.576 6.584 6.591
99-26+ 6.552 6.534 6.540 6.546 6.559 6.565 6.571
99-27 6.536 6.522 6.527 6.532 6.541 6.546 6.550
99-27+ 6.520 6.511 6.514 6.517 6.524 6.527 6.530
99-28 6.504 6.499 6.501 6.503 6.506 6.508 6.509
99-28+ 6.488 6.488 6.488 6.488 6.489 6.489 6.489
99-29 6.472 6.476 6.475 6.474 6.471 6.470 6.469
99-29+ 6.456 6.465 6.462 6.459 6.454 6.451 6.448
99-30 6.440 6.453 6.449 6.445 6.436 6.432 6.428
99-30+ 6.424 6.441 6.436 6.430 6.419 6.413 6.407
99-31 6.408 6.430 6.423 6.416 6.401 6.394 6.387
99-31+ 6.392 6.418 6.410 6.401 6.384 6.375 6.367
100-00 6.376 6.407 6.397 6.386 6.366 6.356 6.346
100-00+ 6.360 6.395 6.384 6.372 6.349 6.337 6.326
100-01 6.345 6.384 6.370 6.357 6.332 6.318 6.305
100-01+ 6.329 6.372 6.357 6.343 6.314 6.300 6.285
100-02 6.313 6.360 6.344 6.328 6.297 6.281 6.265
100-02+ 6.297 6.349 6.331 6.314 6.279 6.262 6.244
100-03 6.281 6.337 6.318 6.299 6.262 6.243 6.224
100-03+ 6.265 6.326 6.305 6.285 6.244 6.224 6.204
100-04 6.249 6.314 6.292 6.271 6.227 6.205 6.183
100-04+ 6.233 6.303 6.279 6.256 6.210 6.186 6.163
100-05 6.217 6.291 6.266 6.242 6.192 6.167 6.143
100-05+ 6.201 6.280 6.253 6.227 6.175 6.149 6.122
100-06 6.185 6.268 6.240 6.213 6.158 6.130 6.102
100-06+ 6.169 6.256 6.227 6.198 6.140 6.111 6.082
100-07 6.153 6.245 6.214 6.184 6.123 6.092 6.061
100-07+ 6.137 6.233 6.201 6.169 6.105 6.073 6.041
100-08 6.121 6.222 6.188 6.155 6.088 6.054 6.021
100-08+ 6.106 6.210 6.175 6.140 6.071 6.036 6.000
100-09 6.090 6.199 6.162 6.126 6.053 6.017 5.980
100-09+ 6.074 6.187 6.149 6.112 6.036 5.998 5.960
Avg. Life 1.050 1.475 1.299 1.161 0.958 0.881 0.815
1st Pmt. 0.031 0.031 0.031 0.031 0.031 0.031 0.031
Last Pmt. 2.031 2.864 2.531 2.281 1.864 1.697 1.614
</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.
Financial Strategies 07/19/96 12:32:11 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP VMF6B Coupon 6.725
Class A2 AAA Accr 0.46701 1st Pmt 08/07/96
Collateral MANUFACTURED HOUSING (Real) Factor on / /
N/GWAC (Orig) / (9.728/10.978)
WAM (Orig) (15.307) Mat 09/07/05 Settle 07/26/96
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
<TABLE>
<CAPTION>
Price MHP 175 MHP 100 MHP 125 MHP 150 MHP 200 MHP 225 MHP 250
- ----- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
99-22 6.895 6.876 6.883 6.889 6.901 6.908 6.914
99-22+ 6.889 6.872 6.878 6.883 6.895 6.901 6.907
99-23 6.883 6.868 6.873 6.878 6.889 6.894 6.900
99-23+ 6.877 6.863 6.868 6.873 6.882 6.887 6.892
99-24 6.872 6.859 6.863 6.867 6.876 6.880 6.885
99-24+ 6.866 6.854 6.858 6.862 6.870 6.874 6.877
99-25 6.860 6.850 6.853 6.856 6.863 6.867 6.870
99-25+ 6.854 6.846 6.848 6.851 6.857 6.860 6.863
99-26 6.848 6.841 6.843 6.846 6.851 6.853 6.855
99-26+ 6.842 6.837 6.839 6.840 6.844 6.846 6.848
99-27 6.836 6.832 6.834 6.835 6.838 6.839 6.841
99-27+ 6.831 6.828 6.829 6.830 6.831 6.832 6.833
99-28 6.825 6.823 6.824 6.824 6.825 6.825 6.826
99-28+ 6.819 6.819 6.819 6.819 6.819 6.819 6.818
99-29 6.813 6.815 6.814 6.814 6.812 6.812 6.811
99-29+ 6.807 6.810 6.809 6.808 6.806 6.805 6.804
99-30 6.801 6.806 6.804 6.803 6.800 6.798 6.796
99-30+ 6.795 6.801 6.799 6.797 6.793 6.791 6.789
99-31 6.789 6.797 6.795 6.792 6.787 6.784 6.782
99-31+ 6.784 6.793 6.790 6.787 6.781 6.777 6.774
100-00 6.778 6.788 6.785 6.781 6.774 6.771 6.767
100-00+ 6.772 6.784 6.780 6.776 6.768 6.764 6.760
100-01 6.766 6.779 6.775 6.771 6.761 6.757 6.752
100-01+ 6.760 6.775 6.770 6.765 6.755 6.750 6.745
100-02 6.754 6.771 6.765 6.760 6.749 6.743 6.738
100-02+ 6.749 6.766 6.760 6.755 6.742 6.736 6.730
100-03 6.743 6.762 6.756 6.749 6.736 6.729 6.723
100-03+ 6.737 6.757 6.751 6.744 6.730 6.723 6.715
100-04 6.731 6.753 6.746 6.738 6.723 6.716 6.708
100-04+ 6.725 6.749 6.741 6.733 6.717 6.709 6.701
100-05 6.719 6.744 6.736 6.728 6.711 6.702 6.693
100-05+ 6.713 6.740 6.731 6.722 6.704 6.695 6.686
100-06 6.708 6.735 6.726 6.717 6.698 6.688 6.679
100-06+ 6.702 6.731 6.722 6.712 6.692 6.682 6.671
100-07 6.696 6.727 6.717 6.706 6.685 6.675 6.664
100-07+ 6.690 6.722 6.712 6.701 6.679 6.668 6.657
100-08 6.684 6.718 6.707 6.696 6.673 6.661 6.649
100-08+ 6.678 6.714 6.702 6.690 6.666 6.654 6.642
100-09 6.673 6.709 6.697 6.685 6.660 6.647 6.635
Avg. Life 3.050 4.213 3.747 3.366 2.786 2.563 2.372
1st Pmt. 2.031 2.864 2.531 2.281 1.864 1.697 1.614
Last Pmt. 4.114 5.614 5.031 4.531 3.781 3.447 3.197
</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.
Financial Strategies 07/19/96 12:32:27 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP VMF6B Coupon 6.975
Class A3 AAA Accr 0.48438 1st Pmt 08/07/96
Collateral MANUFACTURED HOUSING (Real) Factor on / /
N/GWAC (Orig) / (9.728/10.978)
WAM (Orig) (15.307) Mat 08/07/08 Settle 07/26/96
CenterPrice 99-29+ Inc 0.5 Table Yield Roll@
<TABLE>
<CAPTION>
Price MHP 175 MHP 100 MHP 125 MHP 150 MHP 200 MHP 225 MHP 250
- ----- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
99-20 7.140 7.126 7.130 7.135 7.145 7.150 7.155
99-20+ 7.136 7.123 7.127 7.131 7.141 7.146 7.151
99-21 7.132 7.120 7.124 7.128 7.137 7.141 7.146
99-21+ 7.129 7.117 7.120 7.124 7.133 7.137 7.141
99-22 7.125 7.114 7.117 7.121 7.129 7.133 7.136
99-22+ 7.121 7.111 7.114 7.117 7.125 7.128 7.132
99-23 7.117 7.108 7.111 7.114 7.120 7.124 7.127
99-23+ 7.113 7.105 7.108 7.110 7.116 7.119 7.122
99-24 7.110 7.102 7.104 7.107 7.112 7.115 7.117
99-24+ 7.106 7.099 7.101 7.103 7.108 7.110 7.113
99-25 7.102 7.096 7.098 7.100 7.104 7.106 7.108
99-25+ 7.098 7.093 7.095 7.096 7.100 7.102 7.103
99-26 7.094 7.090 7.092 7.093 7.096 7.097 7.099
99-26+ 7.091 7.088 7.088 7.089 7.092 7.093 7.094
99-27 7.087 7.085 7.085 7.086 7.088 7.088 7.089
99-27+ 7.083 7.082 7.082 7.082 7.083 7.084 7.084
99-28 7.079 7.079 7.079 7.079 7.079 7.080 7.080
99-28+ 7.075 7.076 7.076 7.076 7.075 7.075 7.075
99-29 7.072 7.073 7.072 7.072 7.071 7.071 7.070
99-29+ 7.068 7.070 7.069 7.069 7.067 7.066 7.066
99-30 7.064 7.067 7.066 7.065 7.063 7.062 7.061
99-30+ 7.060 7.064 7.063 7.062 7.059 7.057 7.056
99-31 7.056 7.061 7.060 7.058 7.055 7.053 7.051
99-31+ 7.053 7.058 7.057 7.055 7.051 7.049 7.047
100-00 7.049 7.055 7.053 7.051 7.046 7.044 7.042
100-00+ 7.045 7.052 7.050 7.048 7.042 7.040 7.037
100-01 7.041 7.049 7.047 7.044 7.038 7.035 7.033
100-01+ 7.037 7.046 7.044 7.041 7.034 7.031 7.028
100-02 7.034 7.043 7.041 7.037 7.030 7.027 7.023
100-02+ 7.030 7.041 7.037 7.034 7.026 7.022 7.018
100-03 7.026 7.038 7.034 7.030 7.022 7.018 7.014
100-03+ 7.022 7.035 7.031 7.027 7.018 7.013 7.009
100-04 7.019 7.032 7.028 7.023 7.014 7.009 7.004
100-04+ 7.015 7.029 7.025 7.020 7.010 7.005 7.000
100-05 7.011 7.026 7.022 7.016 7.005 7.000 6.995
100-05+ 7.007 7.023 7.018 7.013 7.001 6.996 6.990
100-06 7.003 7.020 7.015 7.009 6.997 6.991 6.985
100-06+ 7.000 7.017 7.012 7.006 6.993 6.987 6.981
100-07 6.996 7.014 7.009 7.003 6.989 6.983 6.976
Avg. Life 5.050 6.928 6.260 5.603 4.592 4.219 3.909
1st Pmt. 4.114 5.614 5.031 4.531 3.781 3.447 3.197
Last Pmt. 6.197 8.281 7.531 6.864 5.614 5.031 4.697
</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.
Financial Strategies 07/19/96 12:32:41 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP VMF6B Coupon 7.250
Class A4 AAA Accr 0.50347 1st Pmt 08/07/96
Collateral MANUFACTURED HOUSING (Real) Factor on / /
N/GWAC (Orig) / (9.728/10.978)
WAM (Orig) (15.307) Mat 01/07/10 Settle 07/26/96
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
<TABLE>
<CAPTION>
Price MHP 175 MHP 100 MHP 125 MHP 150 MHP 200 MHP 225 MHP 250
- ----- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
99-22 7.396 7.390 7.392 7.394 7.399 7.402 7.405
99-22+ 7.393 7.387 7.389 7.391 7.396 7.399 7.402
99-23 7.390 7.385 7.387 7.388 7.393 7.395 7.398
99-23+ 7.387 7.382 7.384 7.386 7.389 7.392 7.394
99-24 7.385 7.380 7.381 7.383 7.386 7.388 7.391
99-24+ 7.382 7.378 7.379 7.380 7.383 7.385 7.387
99-25 7.379 7.375 7.376 7.377 7.380 7.382 7.383
99-25+ 7.376 7.373 7.374 7.375 7.377 7.378 7.380
99-26 7.373 7.371 7.371 7.372 7.374 7.375 7.376
99-26+ 7.370 7.368 7.369 7.369 7.371 7.371 7.372
99-27 7.367 7.366 7.366 7.367 7.367 7.368 7.369
99-27+ 7.364 7.363 7.364 7.364 7.364 7.365 7.365
99-28 7.361 7.361 7.361 7.361 7.361 7.361 7.361
99-28+ 7.358 7.359 7.358 7.358 7.358 7.358 7.358
99-29 7.355 7.356 7.356 7.356 7.355 7.354 7.354
99-29+ 7.352 7.354 7.353 7.353 7.352 7.351 7.350
99-30 7.349 7.351 7.351 7.350 7.349 7.348 7.347
99-30+ 7.346 7.349 7.348 7.347 7.345 7.344 7.343
99-31 7.344 7.347 7.346 7.345 7.342 7.341 7.339
99-31+ 7.341 7.344 7.343 7.342 7.339 7.337 7.336
100-00 7.338 7.342 7.341 7.339 7.336 7.334 7.332
100-00+ 7.335 7.339 7.338 7.336 7.333 7.331 7.328
100-01 7.332 7.337 7.336 7.334 7.330 7.327 7.325
100-01+ 7.329 7.335 7.333 7.331 7.327 7.324 7.321
100-02 7.326 7.332 7.330 7.328 7.323 7.321 7.317
100-02+ 7.323 7.330 7.328 7.326 7.320 7.317 7.314
100-03 7.320 7.328 7.325 7.323 7.317 7.314 7.310
100-03+ 7.317 7.325 7.323 7.320 7.314 7.310 7.306
100-04 7.314 7.323 7.320 7.317 7.311 7.307 7.303
100-04+ 7.311 7.320 7.318 7.315 7.308 7.304 7.299
100-05 7.308 7.318 7.315 7.312 7.305 7.300 7.295
100-05+ 7.306 7.316 7.313 7.309 7.301 7.297 7.292
100-06 7.303 7.313 7.310 7.307 7.298 7.293 7.288
100-06+ 7.300 7.311 7.308 7.304 7.295 7.290 7.285
100-07 7.297 7.309 7.305 7.301 7.292 7.287 7.281
100-07+ 7.294 7.306 7.303 7.298 7.289 7.283 7.277
100-08 7.291 7.304 7.300 7.296 7.286 7.280 7.274
100-08+ 7.288 7.301 7.297 7.293 7.283 7.277 7.270
100-09 7.285 7.299 7.295 7.290 7.280 7.273 7.266
Avg. Life 7.050 9.305 8.489 7.725 6.421 5.839 5.320
1st Pmt. 6.197 8.281 7.531 6.864 5.614 5.031 4.697
Last Pmt. 7.947 10.447 9.614 8.697 7.281 6.697 6.114
</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.
Financial Strategies 07/19/96 12:32:51 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP VMF6B Coupon 7.525
Class A5 AAA Accr 0.52257 1st Pmt 08/07/96
Collateral MANUFACTURED HOUSING (Real) Factor on / /
N/GWAC (Orig) / (9.728/10.978)
WAM (Orig) (15.307) Mat 01/07/13 Settle 07/26/96
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
<TABLE>
<CAPTION>
Price MHP 175 MHP 100 MHP 125 MHP 150 MHP 200 MHP 225 MHP 250
- ----- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
99-22 7.672 7.668 7.669 7.671 7.674 7.675 7.677
99-22+ 7.670 7.666 7.667 7.668 7.671 7.673 7.674
99-23 7.667 7.664 7.665 7.666 7.669 7.670 7.672
99-23+ 7.665 7.662 7.663 7.664 7.666 7.667 7.669
99-24 7.663 7.660 7.661 7.662 7.664 7.665 7.666
99-24+ 7.660 7.658 7.659 7.659 7.661 7.662 7.663
99-25 7.658 7.656 7.657 7.657 7.659 7.660 7.661
99-25+ 7.656 7.654 7.654 7.655 7.656 7.657 7.658
99-26 7.653 7.652 7.652 7.653 7.654 7.654 7.655
99-26+ 7.651 7.650 7.650 7.651 7.651 7.652 7.652
99-27 7.649 7.648 7.648 7.648 7.649 7.649 7.649
99-27+ 7.646 7.646 7.646 7.646 7.646 7.646 7.647
99-28 7.644 7.644 7.644 7.644 7.644 7.644 7.644
99-28+ 7.641 7.642 7.642 7.642 7.641 7.641 7.641
99-29 7.639 7.640 7.640 7.639 7.639 7.639 7.638
99-29+ 7.637 7.638 7.637 7.637 7.636 7.636 7.635
99-30 7.634 7.636 7.635 7.635 7.634 7.633 7.633
99-30+ 7.632 7.634 7.633 7.633 7.631 7.631 7.630
99-31 7.630 7.632 7.631 7.630 7.629 7.628 7.627
99-31+ 7.627 7.630 7.629 7.628 7.626 7.625 7.624
100-00 7.625 7.628 7.627 7.626 7.624 7.623 7.622
100-00+ 7.623 7.625 7.625 7.624 7.622 7.620 7.619
100-01 7.620 7.623 7.623 7.622 7.619 7.618 7.616
100-01+ 7.618 7.621 7.621 7.619 7.617 7.615 7.613
100-02 7.616 7.619 7.618 7.617 7.614 7.612 7.610
100-02+ 7.613 7.617 7.616 7.615 7.612 7.610 7.608
100-03 7.611 7.615 7.614 7.613 7.609 7.607 7.605
100-03+ 7.609 7.613 7.612 7.610 7.607 7.605 7.602
100-04 7.606 7.611 7.610 7.608 7.604 7.602 7.599
100-04+ 7.604 7.609 7.608 7.606 7.602 7.599 7.597
100-05 7.602 7.607 7.606 7.604 7.599 7.597 7.594
100-05+ 7.599 7.605 7.604 7.602 7.597 7.594 7.591
100-06 7.597 7.603 7.601 7.599 7.594 7.591 7.588
100-06+ 7.595 7.601 7.599 7.597 7.592 7.589 7.586
100-07 7.592 7.599 7.597 7.595 7.589 7.586 7.583
100-07+ 7.590 7.597 7.595 7.593 7.587 7.584 7.580
100-08 7.588 7.595 7.593 7.591 7.584 7.581 7.577
100-08+ 7.585 7.593 7.591 7.588 7.582 7.578 7.574
100-09 7.583 7.591 7.589 7.586 7.580 7.576 7.572
Avg. Life 9.750 12.063 11.338 10.541 9.008 8.317 7.675
1st Pmt. 7.947 10.447 9.614 8.697 7.281 6.697 6.114
Last Pmt. 11.947 13.781 13.197 12.614 11.197 10.447 9.697
</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.
Financial Strategies 07/19/96 12:33:02 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP VMF6B Coupon 7.850
Class A6 AA3 Accr 0.54514 1st Pmt 08/07/96
Collateral MANUFACTURED HOUSING (Real) Factor on / /
N/GWAC (Orig) / (9.728/10.978)
WAM (Orig) (15.307) Mat 08/07/26 Settle 07/26/96
CenterPrice 99-28+ Inc 0.5 Table Yield Roll@
<TABLE>
<CAPTION>
Price MHP 175 MHP 100 MHP 125 MHP 150 MHP 200 MHP 225 MHP 250
- ----- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
99-19 8.014 8.011 8.012 8.013 8.015 8.016 8.017
99-19+ 8.012 8.010 8.010 8.011 8.013 8.013 8.015
99-20 8.010 8.008 8.008 8.009 8.011 8.011 8.012
99-20+ 8.008 8.006 8.006 8.007 8.009 8.009 8.010
99-21 8.006 8.004 8.005 8.005 8.007 8.007 8.008
99-21+ 8.004 8.002 8.003 8.003 8.005 8.005 8.006
99-22 8.002 8.000 8.001 8.001 8.003 8.003 8.004
99-22+ 8.000 7.999 7.999 8.000 8.001 8.001 8.002
99-23 7.998 7.997 7.997 7.998 7.999 7.999 8.000
99-23+ 7.996 7.995 7.995 7.996 7.997 7.997 7.998
99-24 7.994 7.993 7.994 7.994 7.995 7.995 7.996
99-24+ 7.992 7.991 7.992 7.992 7.993 7.993 7.993
99-25 7.990 7.990 7.990 7.990 7.991 7.991 7.991
99-25+ 7.988 7.988 7.988 7.988 7.989 7.989 7.989
99-26 7.986 7.986 7.986 7.986 7.987 7.987 7.987
99-26+ 7.985 7.984 7.984 7.984 7.985 7.985 7.985
99-27 7.983 7.982 7.982 7.983 7.983 7.983 7.983
99-27+ 7.981 7.981 7.981 7.981 7.981 7.981 7.981
99-28 7.979 7.979 7.979 7.979 7.979 7.979 7.979
99-28+ 7.977 7.977 7.977 7.977 7.977 7.977 7.977
99-29 7.975 7.975 7.975 7.975 7.975 7.975 7.974
99-29+ 7.973 7.973 7.973 7.973 7.973 7.973 7.972
99-30 7.971 7.972 7.971 7.971 7.971 7.971 7.970
99-30+ 7.969 7.970 7.970 7.969 7.969 7.968 7.968
99-31 7.967 7.968 7.968 7.967 7.967 7.966 7.966
99-31+ 7.965 7.966 7.966 7.966 7.965 7.964 7.964
100-00 7.963 7.964 7.964 7.964 7.963 7.962 7.962
100-00+ 7.961 7.963 7.962 7.962 7.961 7.960 7.960
100-01 7.959 7.961 7.960 7.960 7.959 7.958 7.958
100-01+ 7.957 7.959 7.958 7.958 7.957 7.956 7.955
100-02 7.956 7.957 7.957 7.956 7.955 7.954 7.953
100-02+ 7.954 7.955 7.955 7.954 7.953 7.952 7.951
100-03 7.952 7.954 7.953 7.952 7.951 7.950 7.949
100-03+ 7.950 7.952 7.951 7.950 7.949 7.948 7.947
100-04 7.948 7.950 7.949 7.949 7.947 7.946 7.945
100-04+ 7.946 7.948 7.947 7.947 7.945 7.944 7.943
100-05 7.944 7.946 7.946 7.945 7.943 7.942 7.941
100-05+ 7.942 7.945 7.944 7.943 7.941 7.940 7.939
100-06 7.940 7.943 7.942 7.941 7.939 7.938 7.937
Avg. Life 13.663 15.497 14.876 14.270 13.050 12.432 11.814
1st Pmt. 11.947 13.781 13.197 12.614 11.197 10.447 9.697
Last Pmt. 16.197 17.364 16.947 16.614 15.697 15.114 14.531
</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.
Financial Strategies 07/19/96 12:33:13 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP VMF6B Coupon 7.725
Class B1 BAA2 Accr 0.53646 1st Pmt 08/07/96
Collateral MANUFACTURED HOUSING (Real) Factor on / /
N/GWAC (Orig) / (9.728/10.978)
WAM (Orig) (15.307) Mat 02/07/10 Settle 07/26/96
CenterPrice 99-29+ Inc 0.5 Table Yield Roll@
<TABLE>
<CAPTION>
Price MHP 175 MHP 100 MHP 125 MHP 150 MHP 200 MHP 225 MHP 250
- ----- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
99-20 7.898 7.894 7.897 7.898 7.899 7.900 7.901
99-20+ 7.895 7.892 7.894 7.895 7.896 7.897 7.897
99-21 7.892 7.889 7.891 7.892 7.893 7.894 7.894
99-21+ 7.889 7.886 7.888 7.889 7.890 7.890 7.891
99-22 7.886 7.883 7.885 7.886 7.887 7.887 7.888
99-22+ 7.883 7.880 7.882 7.883 7.884 7.884 7.885
99-23 7.880 7.878 7.879 7.880 7.881 7.881 7.881
99-23+ 7.877 7.875 7.876 7.877 7.877 7.878 7.878
99-24 7.874 7.872 7.873 7.874 7.874 7.875 7.875
99-24+ 7.871 7.869 7.870 7.871 7.871 7.872 7.872
99-25 7.868 7.866 7.867 7.868 7.868 7.868 7.869
99-25+ 7.865 7.864 7.864 7.865 7.865 7.865 7.865
99-26 7.862 7.861 7.861 7.862 7.862 7.862 7.862
99-26+ 7.859 7.858 7.858 7.859 7.859 7.859 7.859
99-27 7.856 7.855 7.855 7.856 7.856 7.856 7.856
99-27+ 7.853 7.852 7.853 7.853 7.853 7.853 7.853
99-28 7.850 7.850 7.850 7.850 7.850 7.850 7.850
99-28+ 7.847 7.847 7.847 7.847 7.846 7.846 7.846
99-29 7.843 7.844 7.844 7.844 7.843 7.843 7.843
99-29+ 7.840 7.841 7.841 7.841 7.840 7.840 7.840
99-30 7.837 7.838 7.838 7.838 7.837 7.837 7.837
99-30+ 7.834 7.836 7.835 7.835 7.834 7.834 7.834
99-31 7.831 7.833 7.832 7.832 7.831 7.831 7.830
99-31+ 7.828 7.830 7.829 7.829 7.828 7.828 7.827
100-00 7.825 7.827 7.826 7.826 7.825 7.824 7.824
100-00+ 7.822 7.825 7.823 7.823 7.822 7.821 7.821
100-01 7.819 7.822 7.820 7.820 7.819 7.818 7.818
100-01+ 7.816 7.819 7.817 7.817 7.816 7.815 7.815
100-02 7.813 7.816 7.814 7.814 7.812 7.812 7.811
100-02+ 7.810 7.813 7.811 7.811 7.809 7.809 7.808
100-03 7.807 7.811 7.808 7.808 7.806 7.806 7.805
100-03+ 7.804 7.808 7.805 7.805 7.803 7.802 7.802
100-04 7.801 7.805 7.803 7.802 7.800 7.799 7.799
100-04+ 7.798 7.802 7.800 7.799 7.797 7.796 7.796
100-05 7.795 7.800 7.797 7.796 7.794 7.793 7.792
100-05+ 7.792 7.797 7.794 7.793 7.791 7.790 7.789
100-06 7.789 7.794 7.791 7.790 7.788 7.787 7.786
100-06+ 7.786 7.791 7.788 7.787 7.785 7.784 7.783
100-07 7.783 7.788 7.785 7.784 7.782 7.781 7.780
Avg. Life 6.866 7.780 7.217 7.028 6.725 6.602 6.494
1st Pmt. 5.031 5.447 5.031 5.031 5.031 5.031 5.031
Last Pmt. 9.197 10.614 9.947 9.531 8.864 8.531 8.364
</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.
Financial Strategies 07/19/96 12:33:25 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP VMF6B Coupon 8.250
Class B2 CORP BAA2 Accr 0.57292 1st Pmt 08/07/96
Collateral MANUFACTURED HOUSING (Real) Factor on / /
N/GWAC (Orig) / (9.728/10.978)
WAM (Orig) (15.307) Mat 08/07/26 Settle 07/26/96
CenterPrice 99-26+ Inc 0.5 Table Yield Roll@
<TABLE>
<CAPTION>
Price MHP 175 MHP 100 MHP 125 MHP 150 MHP 200 MHP 225 MHP 250
- ----- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
99-17 8.436 8.433 8.434 8.435 8.436 8.437 8.438
99-17+ 8.434 8.432 8.432 8.433 8.434 8.435 8.436
99-18 8.432 8.430 8.430 8.431 8.432 8.433 8.434
99-18+ 8.430 8.428 8.429 8.429 8.430 8.431 8.432
99-19 8.428 8.426 8.427 8.427 8.428 8.429 8.429
99-19+ 8.426 8.424 8.425 8.425 8.426 8.427 8.427
99-20 8.424 8.422 8.423 8.423 8.424 8.425 8.425
99-20+ 8.422 8.420 8.421 8.421 8.422 8.423 8.423
99-21 8.420 8.418 8.419 8.419 8.420 8.421 8.421
99-21+ 8.418 8.416 8.417 8.417 8.418 8.418 8.419
99-22 8.416 8.414 8.415 8.415 8.416 8.416 8.417
99-22+ 8.414 8.412 8.413 8.413 8.414 8.414 8.415
99-23 8.412 8.411 8.411 8.411 8.412 8.412 8.413
99-23+ 8.410 8.409 8.409 8.409 8.410 8.410 8.410
99-24 8.408 8.407 8.407 8.407 8.408 8.408 8.408
99-24+ 8.406 8.405 8.405 8.405 8.406 8.406 8.406
99-25 8.403 8.403 8.403 8.403 8.404 8.404 8.404
99-25+ 8.401 8.401 8.401 8.401 8.402 8.402 8.402
99-26 8.399 8.399 8.399 8.399 8.400 8.400 8.400
99-26+ 8.397 8.397 8.397 8.397 8.398 8.398 8.398
99-27 8.395 8.395 8.395 8.395 8.395 8.396 8.396
99-27+ 8.393 8.393 8.393 8.393 8.393 8.393 8.393
99-28 8.391 8.392 8.391 8.391 8.391 8.391 8.391
99-28+ 8.389 8.390 8.390 8.389 8.389 8.389 8.389
99-29 8.387 8.388 8.388 8.387 8.387 8.387 8.387
99-29+ 8.385 8.386 8.386 8.386 8.385 8.385 8.385
99-30 8.383 8.384 8.384 8.384 8.383 8.383 8.383
99-30+ 8.381 8.382 8.382 8.382 8.381 8.381 8.381
99-31 8.379 8.380 8.380 8.380 8.379 8.379 8.379
99-31+ 8.377 8.378 8.378 8.378 8.377 8.377 8.377
100-00 8.375 8.376 8.376 8.376 8.375 8.375 8.374
100-00+ 8.373 8.374 8.374 8.374 8.373 8.373 8.372
100-01 8.371 8.373 8.372 8.372 8.371 8.371 8.370
100-01+ 8.369 8.371 8.370 8.370 8.369 8.369 8.368
100-02 8.367 8.369 8.368 8.368 8.367 8.366 8.366
100-02+ 8.365 8.367 8.366 8.366 8.365 8.364 8.364
100-03 8.363 8.365 8.364 8.364 8.363 8.362 8.362
100-03+ 8.361 8.363 8.362 8.362 8.361 8.360 8.360
100-04 8.359 8.361 8.360 8.360 8.359 8.358 8.358
Avg. Life 13.802 15.267 14.673 14.223 13.397 13.002 12.610
1st Pmt. 9.197 10.614 9.947 9.531 8.864 8.531 8.364
Last Pmt. 24.864 24.864 24.864 24.864 24.864 24.864 24.864
</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.
_______________________________________________________________________________
- VMF6B
- $137,865,912.02
- Asset Backed Collateral
_______________________________________________________________________________
Number of Mortgage Loans: 4,762
Aggregate Unpaid Principal Balance: $137,865,912.02
Aggregate Original Principal Balance: $139,073,948.36
Weighted Average Gross Coupon: 10.978%
Gross Coupon Range: 7.750% - 18.000%
_______________________________________________________________________________
Average Unpaid Principal Balance: $28,951.26
Average Original Principal Balance: $29,204.95
Maximum Unpaid Principal Balance: $126,934.32
Minimum Unpaid Principal Balance: $4,758.40
Maximum Original Principal Balance: $127,815.27
Minimum Original Principal Balance: $4,758.40
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 183.840
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 2.537
Age Range: 0.000 - 188.000
Weighted Average Original Term: 186.377
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 85.749
Original LTV Range: 20.096% - 100.000%
_______________________________________________________________________________
<TABLE>
GEOGRAPHIC DISTRIBUTION
_______________________________________________________________________________
<CAPTION>
Current
State # Loans Balance % Pool
<S> <C> <C> <C>
Alaska 1 $17,040 .01
Alabama 33 $827,540 .60
Arkansas 17 $490,577 .36
Arizona 53 $2,194,727 1.59
California 4 $144,372 .10
Colorado 57 $1,786,894 1.30
Connecticut 3 $86,033 .06
Dist of Col 1 $9,973 .01
Delaware 18 $585,658 .42
Florida 225 $6,422,275 4.66
Georgia 89 $2,044,133 1.48
Hawaii 1 $9,196 .01
Iowa 9 $230,450 .17
Illinois 6 $192,948 .14
Indiana 31 $750,895 .54
Kansas 4 $79,288 .06
Kentucky 256 $7,063,079 5.12
Louisiana 79 $2,283,810 1.66
Maryland 12 $325,704 .24
Michigan 5 $91,998 .07
Missouri 30 $954,770 .69
Mississippi 65 $1,749,673 1.27
North Carolina 890 $25,597,048 18.57
New Jersey 7 $201,053 .15
New Mexico 47 $1,545,465 1.12
Nevada 5 $136,357 .10
New York 15 $297,661 .22
Ohio 43 $1,194,649 .87
Oklahoma 65 $2,228,812 1.62
Pennsylvania 10 $195,057 .14
Rhode Island 1 $64,181 .05
South Carolina 440 $13,004,807 9.43
Tennessee 819 $22,875,605 16.59
Texas 1,087 $31,669,335 22.97
Virginia 321 $10,173,970 7.38
Vermont 1 $42,621 .03
Wisconsin 2 $36,140 .03
West Virgina 9 $245,337 .18
Wyoming 1 $16,778 .01
_______________________________________________________________________________
Total..... 4,762 $137,865,912 100.00%
_______________________________________________________________________________
_______________________________________________________________________________
</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.
<TABLE>
YEAR OF ORIGINATION
_______________________________________________________________________________
<CAPTION>
Year of # of Current % of
Origination Loans Balance Pool
<S> <C> <C> <C>
1980 1 $12,673 .01
1985 9 $105,549 .08
1986 4 $41,950 .03
1987 1 $19,769 .01
1988 13 $159,357 .12
1989 18 $318,322 .23
1990 13 $141,621 .10
1991 23 $396,926 .29
1992 22 $451,309 .33
1993 18 $522,024 .38
1994 10 $265,557 .19
1995 233 $7,408,988 5.37
1996 4,397 $128,021,867 92.86
_______________________________________________________________________________
Total... 4,762 $137,865,912 100.00%
_______________________________________________________________________________
_______________________________________________________________________________
</TABLE>
<TABLE>
ORIGINAL CONTRACT BALANCES
_______________________________________________________________________________
<CAPTION>
Total
# of Current
Original Loan Amount Contracts Balance % Pool
<S> <C> <C> <C>
Balance <= 5,000 1 4,758 0.00
5,000 < Balance <= 10,000 161 1,321,653 0.96
10,000 < Balance <= 15,000 392 4,779,421 3.47
15,000 < Balance <= 20,000 625 10,740,592 7.79
20,000 < Balance <= 25,000 821 18,400,219 13.35
25,000 < Balance <= 30,000 864 23,439,331 17.00
30,000 < Balance <= 35,000 623 19,933,250 14.46
35,000 < Balance <= 40,000 374 13,888,278 10.07
40,000 < Balance <= 45,000 289 12,147,359 8.81
45,000 < Balance <= 50,000 255 12,037,239 8.73
50,000 < Balance <= 55,000 138 7,189,461 5.21
55,000 < Balance <= 60,000 82 4,684,176 3.40
60,000 < Balance <= 65,000 73 4,567,685 3.31
65,000 < Balance <= 70,000 30 2,011,553 1.46
70,000 < Balance <= 75,000 13 935,333 0.68
75,000 < Balance <= 80,000 8 613,549 0.45
80,000 < Balance <= 85,000 6 494,077 0.36
85,000 < Balance <= 90,000 3 264,054 0.19
90,000 < Balance <= 95,000 1 90,609 0.07
95,000 < Balance <= 100,000 1 94,702 0.07
100,000 < Balance <= 105,000 1 101,677 0.07
125,000 < Balance <= 130,000 1 126,934 0.09
_______________________________________________________________________________
Total... 4,762 $137,865,912 100.00%
_______________________________________________________________________________
_______________________________________________________________________________
</TABLE>
<TABLE>
CURRENT CONTRACT BALANCES
_______________________________________________________________________________
<CAPTION>
Total
# of Current
Current Loan Amount Contract Balance % Pool
<S> <C> <C> <C>
Balance <= 5,000 2 9,719 0.01
5,000 < Balance <= 10,000 196 1,625,088 1.18
10,000 < Balance <= 15,000 402 5,043,396 3.66
15,000 < Balance <= 20,000 622 10,936,497 7.93
20,000 < Balance <= 25,000 821 18,620,011 13.51
25,000 < Balance <= 30,000 852 23,324,507 16.92
30,000 < Balance <= 35,000 607 19,549,823 14.18
35,000 < Balance <= 40,000 378 14,139,045 10.26
40,000 < Balance <= 45,000 279 11,802,389 8.56
45,000 < Balance <= 50,000 249 11,787,660 8.55
50,000 < Balance <= 55,000 136 7,098,322 5.15
55,000 < Balance <= 60,000 81 4,629,279 3.36
60,000 < Balance <= 65,000 74 4,632,621 3.36
65,000 < Balance <= 70,000 29 1,946,617 1.41
70,000 < Balance <= 75,000 13 935,333 0.68
75,000 < Balance <= 80,000 8 613,549 0.45
80,000 < Balance <= 85,000 6 494,077 0.36
85,000 < Balance <= 90,000 3 264,054 0.19
90,000 < Balance <= 95,000 2 185,311 0.13
100,000 < Balance <= 105,000 1 101,677 0.07
125,000 < Balance <= 130,000 1 126,934 0.09
_______________________________________________________________________________
Total... 4,762 $137,865,912 100.00%
_______________________________________________________________________________
_______________________________________________________________________________
</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.
<TABLE>
GROSS COUPON
_______________________________________________________________________________
<CAPTION>
Gross Current
Coupon # Loans Balance % Pool
<S> <C> <C> <C>
7.00% < Gross Coupon <= 8.00% 12 $635,521 .46
8.00% < Gross Coupon <= 9.00% 117 $4,367,274 3.17
9.00% < Gross Coupon <= 10.00% 745 $25,975,033 18.84
10.00% < Gross Coupon <= 11.00% 1,445 $47,176,588 34.22
11.00% < Gross Coupon <= 12.00% 1,431 $40,056,121 29.05
12.00% < Gross Coupon <= 13.00% 731 $15,430,296 11.19
13.00% < Gross Coupon <= 14.00% 197 $3,135,533 2.27
14.00% < Gross Coupon <= 15.00% 51 $724,622 .53
15.00% < Gross Coupon <= 16.00% 9 $103,177 .07
16.00% < Gross Coupon <= 17.00% 4 $42,322 .03
17.00% < Gross Coupon <= 18.00% 20 $219,426 .16
_______________________________________________________________________________
Total..... 4,762 $137,865,912 100.00%
_______________________________________________________________________________
_______________________________________________________________________________
</TABLE>
<TABLE>
LTV RANGE
_______________________________________________________________________________
<CAPTION>
LTV Current %
RANGE # Loans Balance Pool
<S> <C> <C> <C>
0.000 < LTV <= 60.000 190 $4,033,746 2.93
60.000 < LTV <= 65.000 118 $3,308,251 2.40
65.000 < LTV <= 70.000 171 $4,850,989 3.52
70.000 < LTV <= 75.000 262 $8,513,265 6.18
75.000 < LTV <= 80.000 350 $10,743,085 7.79
80.000 < LTV <= 85.000 594 $16,209,784 11.76
85.000 < LTV <= 90.000 703 $21,272,025 15.43
90.000 < LTV <= 91.000 833 $24,770,367 17.97
91.000 < LTV <= 94.000 371 $9,333,017 6.77
94.000 < LTV <= 96.000 1,061 $32,553,277 23.61
96.000 < LTV <= 100.000 109 $2,278,106 1.65
_______________________________________________________________________________
Total..... 4,762 $137,865,912 100.00%
_______________________________________________________________________________
_______________________________________________________________________________
</TABLE>
<TABLE>
REMAINING TERM
_______________________________________________________________________________
<CAPTION>
# of Current % of
Remaining Term Loans Balance Pool
<S> <C> <C> <C>
36 < Rem Term <= 48 20 $169,879 .12
48 < Rem Term <= 60 157 $1,571,117 1.14
60 < Rem Term <= 72 33 $370,608 .27
72 < Rem Term <= 84 387 $6,273,305 4.55
84 < Rem Term <= 96 40 $616,777 .45
96 < Rem Term <= 108 271 $5,875,023 4.26
108 < Rem Term <= 120 371 $7,161,031 5.19
120 < Rem Term <= 132 79 $1,974,097 1.43
132 < Rem Term <= 144 362 $8,516,221 6.18
144 < Rem Term <= 156 181 $5,457,168 3.96
156 < Rem Term <= 168 63 $1,547,273 1.12
168 < Rem Term <= 180 940 $26,398,124 19.15
180 < Rem Term <= 192 389 $14,058,342 10.20
192 < Rem Term <= 204 531 $19,820,837 14.38
204 < Rem Term <= 216 58 $2,298,818 1.67
216 < Rem Term <= 228 124 $4,950,805 3.59
228 < Rem Term <= 240 635 $24,169,473 17.53
240 < Rem Term <= 252 4 $248,255 .18
252 < Rem Term <= 264 6 $356,721 .26
264 < Rem Term <= 276 3 $129,230 .09
276 < Rem Term <= 288 4 $200,159 .15
288 < Rem Term <= 300 92 $4,997,937 3.63
348 < Rem Term <= 360 12 $704,714 .51
_______________________________________________________________________________
Total..... 4,762 $137,865,912 100.00%
_______________________________________________________________________________
_______________________________________________________________________________
</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.
