_________________________________________________________________
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): November 21, 1996
CWABS, INC., (as depositor under the Pooling and
Servicing Agreement, dated as of November 1, 1996,
providing for the issuance of the CWABS, INC.,
Asset-Backed Certificates, Series 1996-1).
CWABS, INC.
______________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 333-11095 95-4596514
____________________________ ____________ _________________
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
155 North Lake Avenue
Pasadena, California 91101
________________________ __________
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 584-2212
_____ ________
_________________________________________________________________
Item 5. Other Events.
____ ____________
Filing of Certain Materials
___________________________
Pursuant to Rule 424(b)(5) 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"), CWABS, Inc. (the "Company") is filing a prospectus
and prospectus supplement with the Securities and Exchange Commission (the
"Commission") relating to its Asset-Backed Certificates, Series 1996-1.
In connection with the offering of the Asset-Backed
Certificates, Series 1996-1, Prudential Securities Incorporated and Countrywide
Securities Corporation ("the Underwriters"), as the underwriters of the
Certificates, have each prepared certain materials for distribution to its
respective potential investors, which materials consist of one or more of the
following: "Computational Materials", "Collateral term sheets" and "Structural
term sheets" (in each case as defined below and, collectively, the "Filed
Materials"). Although the Company provided the Underwriters with certain
information regarding the characteristics of the Mortgage Loans in the related
portfolio, it did not participate in the preparation of the Filed Materials.
For purposes of this Form 8-K, (i) "Computational Materials"
shall mean computer generated tables and/or charts displaying, with respect
to the Certificates, any of the following: yield; average life; duration;
expected maturity; interest rate sensitivity; loss sensitivity; cash flow
characteristics; background information regarding the Mortgage Loans; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature,
(ii) "Collateral term sheets" shall have the meaning ascribed thereto in the
letter dated February 13, 1995 filed on behalf of the Public Securities
Association (the "No-Action Letter", which No-Action Letter, and the
Commission's response thereto, were publically available on February 17, 1995)
and (iii) "Structural term sheets" shall have the meaning ascribed thereto in
the No-Action Letter. The Filed Materials of the Underwriters are filed as
Exhibit 99.1.
___________________
* Capitalized terms used and not otherwise defined herein shall
have the meanings assigned to them in the prospectus dated November 13, 1996
and prospectus supplement dated November 21, 1996, of CWABS, Inc., relating
to its Asset-Backed Certificates, Series 1996-1.
Incorporation of Certain Documents by Reference
_______________________________________________
Pursuant to Rule 411 of Regulation C under the Securities Act
of 1933 and in reliance on Financial Security Assurance Inc., SEC No-Action
Letter (July 16, 1993), the Company will incorporate by reference the
financial statements of MBIA Insurance Corporation, into the Company's
registration statement (File No. 333-11095). The financial statements will
be referred to in the prospectus supplement relating to the Company's
Asset-Backed Certificates, Series 1996-1. In connection with the incorporation
of such documents by reference, the Company is hereby filing the consent of
Coopers & Lybrand L.L.P. ("Coopers & Lybrand") to the use of their name in such
prospectus supplement. The consent of Coopers & Lybrand is attached hereto as
Exhibit 99.2.
Item 7. Financial Statements, Pro Forma Financial
____ _________________________________________
Information and Exhibits.
________________________
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Filed Materials.
99.2 Consent of Coopers & Lybrand.
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.
CWABS, INC.
By: /s/ David Walker
_________________________________
David Walker
Vice President
Dated: November 20, 1996
Exhibit Index
_____________
Exhibit Page
_______ ____
99.1 Filed Materials X
99.2 Consent of Coopers & Lybrand X
Exhibit 99.1
------------
Preliminary Information for CWABS Series 1996-1
- Countrywide Home Loans, Inc.
Seller and Master Servicer
- CWABS Series 1996-1
$ 204,424,000 Class A-1 Certificates 1M LIBOR + %
$ 72,500,000 Class A-2 Certificates %
$ 22,911,000 Class A-3 Certificates %
The analysis in this report is accurate to the best of PSI's knowledge and is
based on information provided by the Seller. PSI makes no representations as
to the accuracy of such information provided to it by the Seller. 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.
CWABS Series 1996-1
Title of Securities: Asset-Backed Certificates, Series 1996-1, Classes A-1
through A-3 (collectively, the "Certificates").
Description of
Transaction: This approximately [$299,835,000] MBIA-wrapped
transaction is supported by two collateral pools.
Class A-1 are floating-rate certificates backed by
adjustable-rate home equity mortgage loans ("Loan Group
1"). The Class A-1 Certificates are subject to an
available funds cap and feature an interest shortfall
reimbursement, in which any interest shortfall due to
movements in one-month LIBOR will be carried forward,
with accrued interest at the coupon rate, and paid from
excess cash flow in a later period. The Class A-1
Certificates are also subject to a hard cap of [14%].
Class A-2 and A-3 are fixed-rate certificates backed by
fixed-rate home equity mortgage loans ("Loan Group 2").
- -------------------------------------------------------------------------------
CERTIFICATE CLASS A-1 (SUPPORTED BY ADJUSTABLE-RATE HOME EQUITY MORTGAGE
LOANS -- Loan Group 1)
- -------------------------------------------------------------------------------
Class A-1
---------
Approximate Size: [$ 204,424,000]
Prepayment Assumption: [25 HEP]
**Actual prepayments may vary**
Avg. Life to Maturity (app.) [3.60 years]
Avg. Life to Call (app.) [3.35 years]
Coupon: 1M LIBOR + [ %]*
*(Class A-1 Certificates are subject to an
available funds cap, and subject to a
hard cap of [14%]. Also, if the Master
Servicer does not exercise its option to
call at the 10% Cleanup Call, then the
coupon on the Class A-1 Certificates will
be increased to 1M LIBOR + 2*[ %]. Class
A-1 Certificates are entitled to interest
shortfall reimbursement.)
Coupon Day Count: Actual/360
Life Cap:
Expected Maturity (to maturity): [10/25/14]
Expected Maturity (to call): [03/25/05]
Stated Maturity: [12/1/26]
Dated Date: [November , 1996]
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CERTIFICATE CLASSES A-2 AND A-3 (SUPPORTED BY FIXED-RATE HOME EQUITY
MORTGAGE LOANS) -- Loan Group 2
- -------------------------------------------------------------------------------
Class A-2 Class A-3
--------- ---------
<S> <C> <C>
Approximate Size [$72,500,000] [$22,911,000]
Prepayment Assumption: [23 HEP] [23 HEP]
**Actual prepayments may vary**
Avg. Life to Maturity: (app.) [2.00 years] [8.40 years]
Avg. Life to Call: (app.) [2.00 years] [7.24 years]
Coupon [ %] [ %]*
*(if the Master Servicer does not exercise its option to call
at the 10% Cleanup Call, then the coupon on the Class A-3
Certificates will be raised by [50]bps)
Coupon Day Count 30/360 30/360
Expected Maturity (to maturity) [12/25/01] [04/25/12]
Expected Maturity (to call) [12/25/01] [03/25/05]
Stated Maturity [02/25/14] [11/1/26]
Dated Date: [November 1, 1996] [November 1, 1996]
</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.
CWABS 1996-1
Pricing Date: [November , 1996]
Settlement Date: [November 26, 1996]
Cleanup Call: The Master Servicer may repurchase the collateral and,
(All Certificate as a result, cause the Certificates to be called at
Classes) par plus accrued interest after the remaining balances
of the loans are less than 10% of Cutoff Date Pool
Principal Balance (which includes both Loan Group 1
and Loan Group 2).
Form of Certificates: Book entry form, same day funds (through DTC, CEDEL
or Euroclear).
Master Servicer: Countrywide Home Loans, Inc.
Servicing Fee: 50 basis points per annum.
Trustee: The Bank of New York.
Payment Date: The 25th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on December 26, 1996.
Payment Delay: 24 days for Certificate Classes A-2 and A-3. There
will be no delay for Certificate Class A-1.
Interest Accrual
Period: For Certificate Class A-1, interest will accrue from
the 25th date of the preceeding month until the 24th
day of the current month based on an actual/360 day
count. The Class A-1 Certificates will accrue interest
from the settlement date [November , 1996]. Interest
will accrue from the 1st day of the preceeding month
until the 30th day of the preceeding month for
Certificate Classes A-2 and A-3.
Certificate Ratings: The Certificates will be rated AAA/Aaa by Standard &
Poor's and Moody's, respectively. These ratings will
not address the interest shortfall reimbursement.
Certificate Insurer: Municipal Bond Investors Assurance Corporation
("MBIA"). MBIA's claims-paying ability is rated
AAA/Aaa by Standard and Poor's and Moody's.
Certificate Insurance: Timely interest and eventual principal payments on the
Certificates will be 100% guaranteed by MBIA. The
insurance policy does not include the interest
shortfall reimbursement for the Class A-1
Certificates.
ERISA
Considerations: All of the Certificates will be ERISA eligible.
However, investors should consult with their counsel
with respect to the consequences under ERISA and the
Internal Revenue Code of the Plan's acquisition
and ownership of such Certificates.
Taxation: REMIC.
Legal Investment: The Certificates will not be SMMEA eligible.
Credit Enhancement: 1) 100% wrap from MBIA guarantees timely payment of
interest and eventual principal (excluding interest
shortfall reimbursement).
2) Overcollateralization.
3) Cross-Collateralization.
4) Ongoing spread.
Overcollateralization: The subordination provisions of the Trust are intended
to provide for limited acceleration of the
Certificates relative to the amortization of the
related collateral, generally in the early months of
the transaction. The accelerated amortization is
achieved by applying certain excess interest collected
on the collateral to the payment of principal on the
Certificates. This acceleration feature is intended
to create, with respect to each Collateral Pool, an
amount ("Overcollateralization") resulting from, and
equal to, the excess of the aggregate principal
balances of the Collateral Pool over the principal
balance of the related Certificates. Once the
required Overcollateralization level is reached, the
acceleration feature will cease, unless necessary to
maintain the required level of Overcollateralization.
CERTIFICATE CLASS A-1 (supported by adjustable-rate
home equity mortgage loans): Excess spread will be
used to build the Spread Amount to an initial target
of [TBD]% of the original principal balance. After
30 months, the Spread Amount requirement will be
changed to the lesser of [TBD]% of original principal
balance or [TBD]% of current principal balance,
subject to a floor of [TBD]% of original principal
balance.
CERTIFICATE CLASSES A-2 AND A-3 (supported by fixed-
rate home equity mortgage loans): Excess spread will
be used to build the Spread Amount to an initial
target of [TBD]% of the original principal balance.
After 30 months, the Spread Amount requirement will be
changed to the lesser of [TBD]% of original principal
balance or [TBD]% of current principal balance,
subject to a floor of [TBD]% of original principal
balance.
Cross-
Collateralization: Excess spread from each of the two collateral pools
will be available to credit-enhance all Certificates
supported by the other pool, pro rata, based on their
needs.
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.
CWABS Series 1996-1
Cashflow Structure: A. Interest Payments are applied as follows:
CERTIFICATE CLASS A-1 (supported by adjustable-rate
home equity mortgage loans)
1) Repayment of any unreimbursed Servicer advances
with respect to defaulted loans;
2) Ongoing Trust Fees;
3) Accrued monthly interest, subject to the
available funds cap and a [14%] hard cap;
4) Paydown of Certificates to the required level of
Overcollateralization;
5) Payment requirement from another cross-
collateralized pool (if any);
6) Interest Carryover (if any);
7) Any excess cash flow reverts to the Seller.
CERTIFICATE CLASSES A-2 AND A-3 (supported by
fixed-rate home equity mortgage loans)
1) Repayment of any unreimbursed Servicer advances
with respect to defaulted loans;
2) Ongoing Trust Fees;
3) Accrued monthly interest;
4) Paydown of Certificates to the required level of
Overcollateralization;
5) Payment requirement from another cross-
collateralized pool (if any);
6) Any excess cash flow reverts to the Seller.
B. Principal payments are applied as follows:
CERTIFICATE CLASS A-1 (supported by adjustable-rate
home equity mortgage loans)
1) 100% to Class A-1 until Class A-1 is retired.
CERTIFICATE CLASSES A-2 AND A-3 (supported by fixed-
rate home equity mortgage loans)
1) 100% to Class A-2 until Class A-2 is retired;
2) 100% to Class A-3 until Class A-3 is retired.
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.
<TABLE>
CURRENT BALANCE: $204,424,000.00 DATED DATE: 11/26/96
CURRENT COUPON: 5.635% FIRST PAYMENT: 12/25/96
FACTOR: 1.0000000000 TOTAL CLASSES: 3
ORIGINAL BALANCE: $204,424,000.00 BOND A1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/26/96
************ TO CALL ****************
ASSUMED CONSTANT LIBOR-1M 5.3750
<CAPTION>
PRICING SPEED
25 GP I
23 GP II
15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 34.528 31.714 32.557 33.121 35.145 36.033
99-24+ 33.994 31.356 32.147 32.675 34.572 35.405
99-25 33.460 30.998 31.736 32.229 33.999 34.777
99-25+ 32.927 30.641 31.326 31.783 33.427 34.149
99-26 32.393 30.283 30.915 31.338 32.855 33.521
99-26+ 31.859 29.926 30.505 30.892 32.283 32.894
99-27 31.326 29.568 30.095 30.447 31.711 32.266
99-27+ 30.793 29.211 29.685 30.002 31.139 31.639
99-28 30.260 28.854 29.275 29.557 30.568 31.012
99-28+ 29.727 28.497 28.865 29.112 29.996 30.385
99-29 29.194 28.140 28.456 28.667 29.425 29.758
99-29+ 28.661 27.783 28.046 28.222 28.854 29.131
99-30 28.129 27.426 27.637 27.777 28.283 28.505
99-30+ 27.596 27.069 27.227 27.333 27.712 27.878
99-31 27.064 26.713 26.818 26.888 27.141 27.252
99-31+ 26.532 26.356 26.409 26.444 26.570 26.626
100-00 26.000 26.000 26.000 26.000 26.000 26.000
100-00+ 25.468 25.644 25.591 25.556 25.430 25.374
100-01 24.936 25.287 25.182 25.112 24.860 24.749
100-01+ 24.405 24.931 24.774 24.668 24.290 24.123
100-02 23.873 24.575 24.365 24.225 23.720 23.498
100-02+ 23.342 24.219 23.957 23.781 23.150 22.873
100-03 22.811 23.864 23.548 23.337 22.580 22.248
100-03+ 22.280 23.508 23.140 22.894 22.011 21.623
100-04 21.749 23.152 22.732 22.451 21.442 20.998
100-04+ 21.218 22.797 22.324 22.008 20.873 20.374
100-05 20.688 22.441 21.916 21.565 20.304 19.750
100-05+ 20.157 22.086 21.508 21.122 19.735 19.125
100-06 19.627 21.731 21.100 20.679 19.166 18.501
100-06+ 19.097 21.376 20.693 20.237 18.598 17.878
100-07 18.567 21.020 20.285 19.794 18.029 17.254
100-07+ 18.037 20.666 19.878 19.352 17.461 16.630
First Payment 0.081 0.081 0.081 0.081 0.081 0.081
Average Life 3.349 5.452 4.586 4.147 3.085 2.773
Last Payment 8.331 13.497 11.331 10.247 7.497 6.664
</TABLE>
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal offer
or solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<TABLE>
CURRENT BALANCE: $72,500,000.00 DATED DATE: 11/01/96
COUPON: 6.515% FIRST PAYMENT: 12/25/96
FACTOR: 1.0000000000 TOTAL CLASSES: 3
ORIGINAL BALANCE: $72,500,000.00 BOND A2 PRICE-YIELD TABLE YIELD TABLE DATE: 11/26/96
PREPAYMENT SPEED
<CAPTION>
PRICING SPEED
25 GP I
23 GP II
15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 6.500 6.531 6.519 6.512 6.485 6.473
99-24+ 6.491 6.525 6.512 6.504 6.475 6.462
99-25 6.483 6.519 6.505 6.496 6.464 6.451
99-25+ 6.474 6.512 6.498 6.488 6.454 6.440
99-26 6.465 6.506 6.491 6.480 6.444 6.429
99-26+ 6.456 6.500 6.484 6.473 6.434 6.418
99-27 6.447 6.494 6.476 6.465 6.424 6.406
99-27+ 6.439 6.488 6.469 6.457 6.414 6.395
99-28 6.430 6.481 6.462 6.449 6.404 6.384
99-28+ 6.421 6.475 6.455 6.441 6.394 6.373
99-29 6.412 6.469 6.448 6.434 6.384 6.362
99-29+ 6.404 6.463 6.441 6.426 6.374 6.351
99-30 6.395 6.457 6.434 6.418 6.364 6.340
99-30+ 6.386 6.451 6.426 6.410 6.354 6.329
99-31 6.377 6.444 6.419 6.402 6.343 6.318
99-31+ 6.368 6.438 6.412 6.395 6.333 6.307
100-00 6.360 6.432 6.405 6.387 6.323 6.296
100-00+ 6.351 6.426 6.398 6.379 6.313 6.285
100-01 6.342 6.420 6.391 6.371 6.303 6.274
100-01+ 6.333 6.414 6.384 6.364 6.293 6.263
100-02 6.325 6.407 6.376 6.356 6.283 6.252
100-02+ 6.316 6.401 6.369 6.348 6.273 6.241
100-03 6.307 6.395 6.362 6.340 6.263 6.230
100-03+ 6.298 6.389 6.355 6.332 6.253 6.219
100-04 6.290 6.383 6.348 6.325 6.243 6.208
100-04+ 6.281 6.377 6.341 6.317 6.233 6.197
100-05 6.272 6.371 6.334 6.309 6.223 6.186
100-05+ 6.264 6.364 6.327 6.301 6.213 6.175
100-06 6.255 6.358 6.320 6.294 6.203 6.164
100-06+ 6.246 6.352 6.312 6.286 6.193 6.152
100-07 6.237 6.346 6.305 6.278 6.183 6.141
100-07+ 6.229 6.340 6.298 6.270 6.173 6.130
First Payment 0.081 0.081 0.081 0.081 0.081 0.081
Average Life 1.999 2.978 2.517 2.281 1.717 1.550
Last Payment 5.081 7.747 6.497 5.914 4.331 3.831
</TABLE>
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal offer
or solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<TABLE>
CURRENT BALANCE: $22,911,000.00 DATED DATE: 11/01/96
COUPON: 7.125% FIRST PAYMENT: 12/25/96
FACTOR: 1.0000000000 TOTAL CLASSES: 3
ORIGINAL BALANCE: $22,911,000.00 BOND A3 PRICE-YIELD TABLE YIELD TABLE DATE: 11/26/96
******** TO CALL ********
PREPAYMENT SPEED
<CAPTION>
PRICING SPEED
25 GP I
23 GP II
15.00% 18.00% 20.00% 27.00% 30.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 7.190 7.201 7.198 7.195 7.186 7.181
99-24+ 7.188 7.199 7.195 7.193 7.182 7.178
99-25 7.185 7.197 7.193 7.190 7.179 7.174
99-25+ 7.182 7.195 7.191 7.188 7.176 7.171
99-26 7.179 7.193 7.188 7.185 7.173 7.167
99-26+ 7.176 7.191 7.186 7.183 7.170 7.164
99-27 7.173 7.189 7.184 7.180 7.166 7.160
99-27+ 7.170 7.187 7.181 7.178 7.163 7.157
99-28 7.168 7.185 7.179 7.175 7.160 7.153
99-28+ 7.165 7.183 7.177 7.173 7.157 7.150
99-29 7.162 7.181 7.174 7.170 7.154 7.146
99-29+ 7.159 7.179 7.172 7.167 7.150 7.143
99-30 7.156 7.176 7.170 7.165 7.147 7.139
99-30+ 7.153 7.174 7.167 7.162 7.144 7.136
99-31 7.150 7.172 7.165 7.160 7.141 7.132
99-31+ 7.148 7.170 7.163 7.157 7.138 7.129
100-00 7.145 7.168 7.160 7.155 7.135 7.125
100-00+ 7.142 7.166 7.158 7.152 7.131 7.122
100-01 7.139 7.164 7.156 7.150 7.128 7.118
100-01+ 7.136 7.162 7.153 7.147 7.125 7.115
100-02 7.133 7.160 7.151 7.145 7.122 7.111
100-02+ 7.130 7.158 7.149 7.142 7.119 7.108
100-03 7.128 7.156 7.146 7.140 7.115 7.104
100-03+ 7.125 7.154 7.144 7.137 7.112 7.101
100-04 7.122 7.151 7.142 7.135 7.109 7.097
100-04+ 7.119 7.149 7.139 7.132 7.106 7.094
100-05 7.116 7.147 7.137 7.130 7.103 7.090
100-05+ 7.113 7.145 7.135 7.127 7.100 7.087
100-06 7.111 7.143 7.132 7.125 7.096 7.083
100-06+ 7.108 7.141 7.130 7.122 7.093 7.080
100-07 7.105 7.139 7.128 7.120 7.090 7.076
100-07+ 7.102 7.137 7.125 7.117 7.087 7.073
First Payment 5.081 7.747 6.497 5.914 4.331 3.831
Average Life 7.237 11.300 9.507 8.583 6.289 5.603
Last Payment 8.331 13.497 11.331 10.247 7.497 6.664
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
CWABS Series 1996-1
(I) Available Funds information on Certificate A-1 Floating Rate Tranche:
The Class A-1 Certificates are subject to an available funds cap:
Available Funds on A-1 = (Group 1 Collateral Interest - Servicing Fee -
Ongoing Trust Fees - MBIA cushion)/(Bond Balance
of Classes A-1)
Servicing Fee is 50 bps
Ongoing Trust Fees are 16 bps
MBIA Cushion is 0 for months 0-12; 50bps thereafter
A-1 Available
Date Funds Cap
- ------------------------
12/25/9 8.99%
1/25/97 9.01%
2/25/97 9.03%
3/25/97 9.09%
4/25/97 9.31%
5/25/97 9.58%
6/25/97 9.84%
7/25/97 9.88%
8/25/97 9.89%
9/25/97 9.91%
10/25/9 10.04%
11/25/9 10.21%
12/25/9 9.86% ==> Cushion Starts
1/25/98 9.87%
2/25/98 9.88%
3/25/98 9.88%
4/25/98 9.89%
5/25/98 9.91%
6/25/98 9.92%
7/25/98 9.93%
8/25/98 9.94%
9/25/98 10.02%
10/25/9 10.24%
11/25/9 10.54%
12/25/9 10.82%
1/25/99 10.83%
2/25/99 10.84%
3/25/99 10.85%
4/25/99 10.90%
5/25/99 10.99%
6/25/99 11.07%
7/25/99 11.08%
8/25/99 11.10%
9/25/99 11.10%
10/25/9 11.10% AND THEREAFTER
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.
________________________________________________________________________________
- COUNTRY WIDE 1996-1
- Cut Off Date of Tape is 11/196
- ARM COLLATERAL (GROUP I)
- $204,424,646.51
________________________________________________________________________________
Number of Mortgage Loans: 2,105
Index: 6M LIBOR AND 1 YR CMT
Aggregate Unpaid Principal Balance: $204,424,646.51
Aggregate Original Principal Balance: $204,530,062.00
Weighted Average Coupon (Gross): 9.641%
Gross Coupon Range: 5.750% - 14.375%
Weighted Average Margin (Gross): 6.227%
Gross Margin Range: 3.000% - 9.750%
Weighted Average Life Cap (Gross): 16.636%
Gross Life Cap Range: 12.750% - 21.375%
Weighted Average Life Floor (Gross): 9.639%
Gross Life Floor Range: 5.750% - 14.375%
________________________________________________________________________________
Average Unpaid Principal Balance: $97,113.85
Average Original Principal Balance: $97,163.92
Maximum Unpaid Principal Balance: $580,000.00
Minimum Unpaid Principal Balance: $6,970.93
Maximum Original Principal Balance: $580,000.00
Minimum Original Principal Balance: $7,350.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 357.311
Stated Rem Term Range: 177.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 0.669
Age Range: 0.000 - 48.000
Weighted Average Original Term: 357.980
Original Term Range: 180.000 - 360.000
Weighted Average Original LTV: 72.697
Original LTV Range: 15.000% - 90.000%
Weighted Average Periodic Interest Cap: 1.500%
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 14.776
Months to Interest Roll Range: 1 - 25
Weighted Average Interest Roll Frequency: 6.007
Interest Frequency Range: 6 - 12
________________________________________________________________________________
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.
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
5.50% < Gross Coupon <= 6.00% 1 224,000.00 0.11
6.00% < Gross Coupon <= 6.50% 6 1,004,987.55 0.49
6.50% < Gross Coupon <= 7.00% 18 2,459,026.41 1.20
7.00% < Gross Coupon <= 7.50% 46 5,476,243.63 2.68
7.50% < Gross Coupon <= 8.00% 88 10,991,234.52 5.38
8.00% < Gross Coupon <= 8.50% 167 18,851,713.43 9.22
8.50% < Gross Coupon <= 9.00% 287 32,936,415.10 16.11
9.00% < Gross Coupon <= 9.50% 261 27,162,886.66 13.29
9.50% < Gross Coupon <= 10.00% 336 32,519,733.99 15.91
10.00% < Gross Coupon <= 10.50% 292 25,430,922.29 12.44
10.50% < Gross Coupon <= 11.00% 258 20,234,813.44 9.90
11.00% < Gross Coupon <= 11.50% 176 13,850,467.86 6.78
11.50% < Gross Coupon <= 12.00% 104 8,370,894.92 4.09
12.00% < Gross Coupon <= 12.50% 38 2,245,486.93 1.10
12.50% < Gross Coupon <= 13.00% 14 1,648,993.35 0.81
13.00% < Gross Coupon <= 13.50% 5 297,792.44 0.15
13.50% < Gross Coupon <= 14.00% 6 538,431.70 0.26
14.00% < Gross Coupon <= 14.50% 2 180,602.29 0.09
____________________________________________________________________________
Total.......... 2105 $204,424,646.51 100.00%
============================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
168 < Rem Term <= 180 38 2,294,394.14 1.12%
300 < Rem Term <= 312 1 247,279.26 0.12%
336 < Rem Term <= 348 1 212,006.39 0.10%
348 < Rem Term <= 360 2,065 201,670,966.72 98.65%
___________________________________________________________________
Total............ 2,105 204,424,646.51 100.00%
===================================================================
ORIGINAL LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
10.000 < LTV <= 15.000 1 26,987.41 0.01
15.000 < LTV <= 20.000 5 115,670.93 0.06
20.000 < LTV <= 25.000 3 128,489.84 0.06
25.000 < LTV <= 30.000 10 583,651.93 0.29
30.000 < LTV <= 35.000 13 574,533.76 0.28
35.000 < LTV <= 40.000 28 1,526,634.57 0.75
40.000 < LTV <= 45.000 22 1,324,693.73 0.65
45.000 < LTV <= 50.000 52 3,890,687.18 1.90
50.000 < LTV <= 55.000 76 5,991,746.07 2.93
55.000 < LTV <= 60.000 124 9,265,682.60 4.53
60.000 < LTV <= 65.000 208 17,127,606.18 8.38
65.000 < LTV <= 70.000 394 36,261,838.43 17.74
70.000 < LTV <= 75.000 534 54,658,882.74 26.74
75.000 < LTV <= 80.000 371 41,822,418.99 20.46
80.000 < LTV <= 85.000 233 26,314,681.91 12.87
85.000 < LTV <= 90.000 31 4,810,440.24 2.35
__________________________________________________________________________
Total.................... 2105 $204,424,646.51 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
DISTRIBUTION OF
MARGINS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
2.5 < Margin <= 3.0 2 459,285.65 0.22
4.0 < Margin <= 4.5 12 1,266,466.18 0.62
4.5 < Margin <= 5.0 97 10,155,899.98 4.97
5.0 < Margin <= 5.5 318 34,852,779.87 17.05
5.5 < Margin <= 6.0 466 54,275,856.58 26.55
6.0 < Margin <= 6.5 462 42,498,771.29 20.79
6.5 < Margin <= 7.0 356 30,931,218.80 15.13
7.0 < Margin <= 7.5 219 16,187,336.67 7.92
7.5 < Margin <= 8.0 130 10,943,984.16 5.35
8.0 < Margin <= 8.5 30 2,258,697.55 1.10
8.5 < Margin <= 9.0 11 481,319.85 0.24
9.0 < Margin <= 9.5 1 40,779.93 0.02
9.5 < Margin <= 10.0 1 72,250.00 0.04
__________________________________________________________________________
Total................. 2,105 $204,424,646.51 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
LIFE CAP
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
12.500 < LIFE CAP <= 13.000 2 471,279.26 0.23
13.000 < LIFE CAP <= 13.500 7 1,216,993.94 0.60
13.500 < LIFE CAP <= 14.000 17 2,211,747.15 1.08
14.000 < LIFE CAP <= 14.500 46 5,476,243.63 2.68
14.500 < LIFE CAP <= 15.000 88 10,991,234.52 5.38
15.000 < LIFE CAP <= 15.500 167 18,851,713.43 9.22
15.500 < LIFE CAP <= 16.000 287 32,935,341.34 16.11
16.000 < LIFE CAP <= 16.500 261 27,162,886.66 13.29
16.500 < LIFE CAP <= 17.000 336 32,519,733.99 15.91
17.000 < LIFE CAP <= 17.500 291 25,219,989.66 12.34
17.500 < LIFE CAP <= 18.000 258 20,234,813.44 9.90
18.000 < LIFE CAP <= 18.500 176 13,850,467.86 6.78
18.500 < LIFE CAP <= 19.000 104 8,370,894.92 4.09
19.000 < LIFE CAP <= 19.500 38 2,245,486.93 1.10
19.500 < LIFE CAP <= 20.000 14 1,648,993.35 0.81
20.000 < LIFE CAP <= 20.500 5 297,792.44 0.15
20.500 < LIFE CAP <= 21.000 6 538,431.70 0.26
21.000 < LIFE CAP <= 21.500 2 180,602.29 0.09
__________________________________________________________________________
Total................. 2105 $204,424,646.51 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
LOAN SUMMARY STRATIFIED BY
LIFE FLOOR
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
5.500 < Life Floor <= 6.000 1 224,000.00 0.11
6.000 < Life Floor <= 6.500 6 1,004,987.55 0.49
6.500 < Life Floor <= 7.000 18 2,459,026.41 1.20
7.000 < Life Floor <= 7.500 46 5,476,243.63 2.68
7.500 < Life Floor <= 8.000 88 10,991,234.52 5.38
8.000 < Life Floor <= 8.500 168 19,063,719.82 9.33
8.500 < Life Floor <= 9.000 287 32,935,341.34 16.11
9.000 < Life Floor <= 9.500 261 27,162,886.66 13.29
9.500 < Life Floor <= 10.000 336 32,519,733.99 15.91
10.000 < Life Floor <= 10.500 291 25,219,989.66 12.34
10.500 < Life Floor <= 11.000 258 20,234,813.44 9.90
11.000 < Life Floor <= 11.500 176 13,850,467.86 6.78
11.500 < Life Floor <= 12.000 104 8,370,894.92 4.09
12.000 < Life Floor <= 12.500 38 2,245,486.93 1.10
12.500 < Life Floor <= 13.000 14 1,648,993.35 0.81
13.000 < Life Floor <= 13.500 5 297,792.44 0.15
13.500 < Life Floor <= 14.000 6 538,431.70 0.26
14.000 < Life Floor <= 14.500 2 180,602.29 0.09
__________________________________________________________________________
Total................. 2105 $204,424,646.51 100.00%
==========================================================================
2/28 6 MONTH LIBOR
NEXT INTEREST ROLLDATE DATE
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
03/01/98 1 $181,341.39 00.16
04/01/98 2 $74,874.80 00.07
06/01/98 2 $146,931.83 00.13
07/01/98 18 $1,584,409.09 01.41
08/01/98 98 $10,077,761.90 08.97
09/01/98 333 $28,207,323.03 25.10
10/01/98 445 $37,154,435.75 33.06
11/01/98 417 $34,805,680.00 30.97
12/01/98 2 $159,000.00 00.14
__________________________________________________________________________
Total........ 1318 $112,391,757.79 100.00%
==========================================================================
6 MONTH LIBOR/ 1 YR CMT
NEXT INTEREST ROLLDATE DATE
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
12/01/96 1 $210,932.63 00.23
01/01/97 1 $230,556.58 00.25
02/01/97 33 $4,633,029.72 05.03
03/01/97 212 $25,243,625.19 27.43
04/01/97 277 $31,430,210.93 34.15
05/01/97 260 $29,857,254.41 32.44
06/01/97 2 $180,000.00 00.20
10/01/97 1 $247,279.26 00.27
__________________________________________________________________________
Total........ 787 $92,032,888.72 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
LOAN SUMMARY STRATIFIED BY
PERIODIC CAP
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
1.000 1 212,006.39 0.10
1.500 2103 203,965,360.86 99.78
2.000 1 247,279.26 0.12
__________________________________________________________________________
Total................. 2105 $204,424,646.51 100.00%
==========================================================================
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 < Balance <= 10,000 2 16,957.77 0.01
10,000 < Balance <= 15,000 7 95,643.06 0.05
15,000 < Balance <= 20,000 24 426,413.93 0.21
20,000 < Balance <= 25,000 63 1,446,542.95 0.71
25,000 < Balance <= 30,000 57 1,614,177.38 0.79
30,000 < Balance <= 35,000 58 1,901,793.93 0.93
35,000 < Balance <= 40,000 74 2,796,954.95 1.37
40,000 < Balance <= 45,000 100 4,290,219.36 2.10
45,000 < Balance <= 50,000 98 4,673,332.41 2.29
50,000 < Balance <= 55,000 100 5,299,685.57 2.59
55,000 < Balance <= 60,000 119 6,889,454.77 3.37
60,000 < Balance <= 65,000 110 6,946,612.17 3.40
65,000 < Balance <= 70,000 117 7,908,827.61 3.87
70,000 < Balance <= 75,000 88 6,414,555.51 3.14
75,000 < Balance <= 80,000 96 7,466,444.63 3.65
80,000 < Balance <= 85,000 70 5,808,664.16 2.84
85,000 < Balance <= 90,000 63 5,542,287.45 2.71
90,000 < Balance <= 95,000 64 5,944,099.85 2.91
95,000 < Balance <= 100,000 87 8,528,147.52 4.17
100,000 < Balance <= 105,000 47 4,831,689.79 2.36
105,000 < Balance <= 110,000 59 6,362,216.93 3.11
110,000 < Balance <= 115,000 52 5,858,680.03 2.87
115,000 < Balance <= 120,000 50 5,883,783.40 2.88
120,000 < Balance <= 125,000 40 4,938,540.05 2.42
125,000 < Balance <= 130,000 35 4,463,296.46 2.18
130,000 < Balance <= 135,000 23 3,055,632.46 1.49
135,000 < Balance <= 140,000 32 4,421,197.27 2.16
140,000 < Balance <= 145,000 22 3,141,294.03 1.54
145,000 < Balance <= 150,000 32 4,752,658.81 2.32
150,000 < Balance <= 200,000 154 26,499,844.34 12.96
200,000 < Balance <= 250,000 80 17,925,871.13 8.77
250,000 < Balance <= 300,000 32 8,811,559.76 4.31
300,000 < Balance <= 350,000 23 7,575,690.76 3.71
350,000 < Balance <= 400,000 10 3,817,118.94 1.87
400,000 < Balance <= 450,000 4 1,721,587.77 0.84
450,000 < Balance <= 500,000 10 4,733,665.11 2.32
500,000 < Balance <= 550,000 2 1,039,504.49 0.51
550,000 < Balance <= 600,000 1 580,000.00 0.28
__________________________________________________________________________
Total.................... 2105 $204,424,646.51 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 70 5,961,671.61 2.92
CA 248 40,014,451.57 19.57
CO 129 13,892,108.58 6.80
FL 124 11,429,952.28 5.59
HI 30 5,605,259.07 2.74
ID 146 11,591,791.83 5.67
IL 71 6,640,045.96 3.25
LA 71 5,256,484.50 2.57
MI 115 9,367,935.74 4.58
NM 49 5,273,966.60 2.58
OH 108 7,233,620.93 3.54
PA 98 7,270,110.10 3.56
TN 58 4,548,247.11 2.22
TX 78 6,988,338.64 3.42
UT 88 10,038,802.22 4.91
WA 65 6,445,825.55 3.15
WI 71 5,479,110.44 2.68
Other 486 41,386,923.78 20.25
__________________________________________________________________________
Total............... 2105 $204,424,646.51 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 1781 168,339,322.40 82.35
Low-Rise Condo 76 6,991,380.06 3.42
PUD 139 19,263,917.51 9.42
High-Rise Condo 14 1,314,727.37 0.64
2-4 Family 95 8,515,299.17 4.17
__________________________________________________________________________
Total............... 2105 $204,424,646.51 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 1839 184,256,350.40 90.13
Non Owner Occ. 233 15,676,286.33 7.67
Vacation/Second Home 33 4,492,009.78 2.20
__________________________________________________________________________
Total.................. 2105 $204,424,646.51 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Purchase 658 64,924,724.74 31.76
Refinance/No ETO 415 48,741,485.05 23.84
Refinance/ETO 1032 90,758,436.72 44.40
__________________________________________________________________________
Total.................. 2105 $204,424,646.51 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
MTG. TYPE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Mtg. Type Loans Balance Balance
2/28 6M 1318 112,391,757.79 54.98
5/25 1 CMT 1 247,279.26 0.12
6 MONTH 786 91,785,609.46 44.90
__________________________________________________________________________
Total.................. 2105 $204,424,646.51 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 2105 204,424,646.51 100.00
__________________________________________________________________________
Total............... 2105 $204,424,646.51 100.00%
==========================================================================
PREPAYMENT PENALTY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
NO 1050 107,790,164.50 52.73
YES 1055 96,634,482.01 47.27
__________________________________________________________________________
Total............... 2105 $204,424,646.51 100.00%
==========================================================================
ORIGINATION PROGRAM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Conforming 2 459,285.65 0.22
B&C Program 2103 203,965,360.86 99.78
__________________________________________________________________________
Total............... 2105 $204,424,646.51 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
________________________________________________________________________________
- Country Wide 1996-1
- Cut Off Date of Tape is 11/1/96
- FIXED RATE COLLATERAL (GROUP II)
- $95,411,499.86
________________________________________________________________________________
Number of Mortgage Loans: 2,275
Aggregate Unpaid Principal Balance: $95,411,499.86
Aggregate Original Principal Balance: $95,894,914.38
Weighted Average Gross Coupon: 10.770%
Gross Coupon Range: 6.375% - 15.875%
________________________________________________________________________________
Average Unpaid Principal Balance: $41,939.12
Average Original Principal Balance: $42,151.61
Maximum Unpaid Principal Balance: $408,000.00
Minimum Unpaid Principal Balance: $8,301.34
Maximum Original Principal Balance: $408,000.00
Minimum Original Principal Balance: $8,550.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 232.319
Stated Rem Term Range: 54.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 2.591
Age Range: 0.000 - 35.000
Weighted Average Original Term: 234.911
Original Term Range: 60.000 - 360.000
Weighted Average Combined LTV: 79.747
Combined LTV Range: 7.179% - 100.674%
________________________________________________________________________________
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
6.00% < Gross Coupon <= 6.50% 1 246,106.18 0.26
6.50% < Gross Coupon <= 7.00% 2 473,267.50 0.50
7.00% < Gross Coupon <= 7.50% 3 512,647.35 0.54
7.50% < Gross Coupon <= 8.00% 8 575,167.94 0.60
8.00% < Gross Coupon <= 8.50% 14 1,020,606.51 1.07
8.50% < Gross Coupon <= 9.00% 60 3,256,544.22 3.41
9.00% < Gross Coupon <= 9.50% 226 10,089,544.81 10.57
9.50% < Gross Coupon <= 10.00% 289 13,330,644.77 13.97
10.00% < Gross Coupon <= 10.50% 162 7,464,580.03 7.82
10.50% < Gross Coupon <= 11.00% 412 16,861,071.79 17.67
11.00% < Gross Coupon <= 11.50% 496 18,908,700.17 19.82
11.50% < Gross Coupon <= 12.00% 307 11,933,499.39 12.51
12.00% < Gross Coupon <= 12.50% 175 5,830,253.01 6.11
12.50% < Gross Coupon <= 13.00% 81 3,030,780.24 3.18
13.00% < Gross Coupon <= 13.50% 16 931,461.20 0.98
13.50% < Gross Coupon <= 14.00% 15 693,691.42 0.73
14.00% < Gross Coupon <= 14.50% 4 112,969.75 0.12
14.50% < Gross Coupon <= 15.00% 3 122,640.61 0.13
15.50% < Gross Coupon <= 16.00% 1 17,322.97 0.02
____________________________________________________________________________
Total.......... 2275 $ 95,411,499.86 100.00%
============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
48 < Rem Term <= 60 4 826,042.85 0.87%
108 < Rem Term <= 120 3 51,722.22 0.05%
156 < Rem Term <= 168 27 922,923.67 0.97%
168 < Rem Term <= 180 1,835 64,044,091.87 67.12%
324 < Rem Term <= 336 1 258,399.14 0.27%
336 < Rem Term <= 348 1 65,052.24 0.07%
348 < Rem Term <= 360 404 29,243,267.87 30.65%
___________________________________________________________________
Total............ 2,275 95,411,499.86 100.00%
===================================================================
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
5.000 < CLTV <= 10.000 2 53,985.29 0.06
10.000 < CLTV <= 15.000 2 55,096.10 0.06
15.000 < CLTV <= 20.000 2 54,897.38 0.06
20.000 < CLTV <= 25.000 6 167,583.12 0.18
25.000 < CLTV <= 30.000 7 143,867.17 0.15
30.000 < CLTV <= 35.000 8 331,918.95 0.35
35.000 < CLTV <= 40.000 11 386,129.96 0.40
40.000 < CLTV <= 45.000 16 841,402.48 0.88
45.000 < CLTV <= 50.000 28 1,348,812.14 1.41
50.000 < CLTV <= 55.000 40 1,988,494.37 2.08
55.000 < CLTV <= 60.000 44 2,242,392.08 2.35
60.000 < CLTV <= 65.000 92 4,780,613.58 5.01
65.000 < CLTV <= 70.000 151 7,642,008.92 8.01
70.000 < CLTV <= 75.000 192 10,925,379.89 11.45
75.000 < CLTV <= 80.000 322 14,979,975.03 15.70
80.000 < CLTV <= 85.000 176 8,184,731.13 8.58
85.000 < CLTV <= 90.000 951 34,485,694.08 36.14
90.000 < CLTV <= 95.000 62 1,991,553.13 2.09
95.000 < CLTV <= 100.000 160 4,710,761.01 4.94
CLTV > 100.000 3 96,204.05 0.10
__________________________________________________________________________
Total.................... 2,275 $95,411,499.86 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 < Balance <= 10,000 9 87,427.05 0.09
10,000 < Balance <= 15,000 103 1,487,046.50 1.56
15,000 < Balance <= 20,000 285 5,322,671.77 5.58
20,000 < Balance <= 25,000 317 7,318,789.18 7.67
25,000 < Balance <= 30,000 307 8,624,103.23 9.04
30,000 < Balance <= 35,000 254 8,335,859.93 8.74
35,000 < Balance <= 40,000 262 9,895,324.91 10.37
40,000 < Balance <= 45,000 164 7,000,785.28 7.34
45,000 < Balance <= 50,000 110 5,358,858.70 5.62
50,000 < Balance <= 55,000 66 3,483,246.62 3.65
55,000 < Balance <= 60,000 62 3,577,642.47 3.75
60,000 < Balance <= 65,000 45 2,826,549.37 2.96
65,000 < Balance <= 70,000 39 2,637,740.76 2.76
70,000 < Balance <= 75,000 30 2,181,468.48 2.29
75,000 < Balance <= 80,000 32 2,487,701.81 2.61
80,000 < Balance <= 85,000 24 1,995,645.56 2.09
85,000 < Balance <= 90,000 21 1,856,703.66 1.95
90,000 < Balance <= 95,000 20 1,848,254.55 1.94
95,000 < Balance <= 100,000 28 2,766,189.87 2.90
100,000 < Balance <= 105,000 8 820,919.98 0.86
105,000 < Balance <= 110,000 8 873,558.29 0.92
110,000 < Balance <= 115,000 4 446,049.77 0.47
115,000 < Balance <= 120,000 7 827,866.91 0.87
120,000 < Balance <= 125,000 7 859,829.96 0.90
125,000 < Balance <= 130,000 4 509,497.95 0.53
130,000 < Balance <= 135,000 6 796,885.79 0.84
135,000 < Balance <= 140,000 4 553,650.00 0.58
140,000 < Balance <= 145,000 3 430,293.85 0.45
145,000 < Balance <= 150,000 4 596,180.02 0.62
150,000 < Balance <= 200,000 18 3,129,169.89 3.28
200,000 < Balance <= 250,000 11 2,457,363.69 2.58
250,000 < Balance <= 300,000 6 1,600,298.11 1.68
300,000 < Balance <= 350,000 4 1,266,425.95 1.33
350,000 < Balance <= 400,000 2 743,500.00 0.78
400,000 < Balance <= 450,000 1 408,000.00 0.43
__________________________________________________________________________
Total.................... 2275 $ 95,411,499.86 100.00%
==========================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 46 2,053,225.38 2.15
CA 1181 50,091,087.96 52.50
FL 85 4,071,776.81 4.27
HI 14 2,293,326.40 2.40
LA 38 1,988,989.15 2.08
MI 53 2,045,056.81 2.14
OR 56 2,748,114.81 2.88
UT 75 2,483,718.04 2.60
WA 101 4,078,186.26 4.27
Other 626 23,558,018.24 24.71
__________________________________________________________________________
Total............... 2275 $ 95,411,499.86 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 1969 80,610,944.76 84.49
Low-Rise Condo 52 2,279,200.78 2.39
PUD 216 10,013,266.87 10.49
High-Rise Condo 2 55,466.68 0.06
2-4 Family 36 2,452,620.77 2.57
__________________________________________________________________________
Total............... 2275 $ 95,411,499.86 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 2190 91,404,095.00 95.80
Non Owner Occ. 80 3,736,433.78 3.92
Vacation/Second Home 5 270,971.08 0.28
__________________________________________________________________________
Total.................. 2275 $ 95,411,499.86 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Purchase 75 6,314,891.16 6.62
Refinance/No ETO 77 6,988,319.73 7.32
Refinance/ETO 257 17,069,072.55 17.89
2nd or > Mtg. 1866 65,039,216.42 68.17
__________________________________________________________________________
Total.................. 2275 $ 95,411,499.86 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
MTG. TYPE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Mtg. Type Loans Balance Balance
10 YR. 3 51,722.22 0.05
15 YR. 402 11,615,729.95 12.17
30 YR. 406 29,566,719.25 30.99
30/15 BALLOON 1460 53,351,285.59 55.92
30/5 BALLOON 1 20,478.66 0.02
30/7 BALLOON 3 805,564.19 0.84
__________________________________________________________________________
Total.................. 2275 $ 95,411,499.86 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 409 30,372,283.44 31.83
2 1866 65,039,216.42 68.17
__________________________________________________________________________
Total............... 2275 $ 95,411,499.86 100.00%
==========================================================================
PREPAYMENT PENALTY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
NO 1977 73,350,934.38 76.88
YES 298 22,060,565.48 23.12
__________________________________________________________________________
Total............... 2275 $ 95,411,499.86 100.00%
==========================================================================
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Conforming 45 2,954,942.96 3.10
B&C Program 401 28,637,949.17 30.02
2nd lien Program 1829 63,818,607.73 66.89
__________________________________________________________________________
Total............... 2275 $ 95,411,499.86 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
Exhibit 99.2
____________
[COOPERS & LYBRAND LETTERHEAD]
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus
Supplement of our report dated January 22, 1996 on our audits
of the consolidated financial statements of MBIA Insurance
Corporation and Subsidiaries as of December 31, 1995 and 1994,
and for each of the three years in the period ended
December 31, 1995. We also consent to the reference to our Firm
under the caption "Experts".
/s/ Coopers & Lybrand
COOPERS & LYBRAND L.L.P.
New York, New York
November 20, 1996
