<PAGE>
<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): February 21, 1997
CWABS, INC., (as depositor under the Pooling and
Servicing Agreement, to be dated as of February
25, 1997, providing for the issuance of the CWABS,
Inc., Countrywide Home Equity Loan Trust 1997-A
Revolving Home Equity Loan Asset Backed
Certificates, Series 1997-A).
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
- --------------------------------------------------------------------------------
<PAGE>
<PAGE>
Item 5. Other Events.
Filing of Certain Materials
Pursuant to Rule 424(b)(2) 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 Revolving Home Equity Loan Asset Backed
Certificates, Series 1997-A.
In connection with the offering of the Revolving Home Equity Loan Asset
Backed Certificates, Series 1997-A, Prudential Securities Incorporated
("Prudential") and Countrywide Securities Corporation ("Countrywide Securities"
and together with Prudential, the "Underwriters"), as underwriters of the
Certificates, have prepared certain materials (the "Computational Materials")
for distribution to its potential investors. Although the Company provided the
Underwriters with certain information regarding the characteristics of the
Mortgage Loans in the related portfolio, the Company 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 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. The
Computational 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 February 21, 1997 and the
prospectus supplement dated February 21, 1997, of CWABS, Inc., relating to its
Revolving Home Equity Loan Asset Backed Certificates, Series 1997-A.
2
<PAGE>
<PAGE>
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
Financial Security Assurance, Inc., 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 Revolving Home Equity Loan Asset
Backed Certificates, Series 1997-A. 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 23.
3
<PAGE>
<PAGE>
Item 7. Financial Statements. Pro Forma Financial Information and
Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23. Consent of Coopers & Lybrand L.L.P.
99.1 Computational Materials.
4
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CWMBS, INC.
By: /s/ David Walker
-------------------------------
David Walker
Vice President
Dated: February 21, 1997
<PAGE>
<PAGE>
Exhibit Index
Exhibit Page
- ------- ----
23. Consent of Coopers & Lybrand L.L.P.
99.1 Computational Materials.
6
<PAGE>
<PAGE>
EXHIBIT 23: CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus Supplement dated
February 21, 1997 (to Prospectus dated February 21, 1997) of CWABS, Inc.
relating to Revolving Home Equity Loan Asset Backed Certificates, Series 1997-A
of Countrywide Home Equity Loan Trust 1997-A of our report dated January 17,
1996 on our audits of the consolidated financial statements of Financial
Security Assurance Inc. 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 L.L.P.
----------------------------------------
COOPERS & LYBRAND L.L.P.
New York, New York
February 21, 1997
7
<PAGE>
<PAGE>
Exhibit 99.1
Computational Materials
8
<PAGE>
<PAGE>
- Countrywide Home Loans, Inc.
Seller and Master Servicer
- Countrywide Home Equity Loan Trust 1997-A
[$117,600,000] Certificates 1M LIBOR + [ BP]
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.
<PAGE>
<PAGE>
Countrywide Home Equity Loan Trust 1997-A
Title of Securities: Revolving Home Equity Loan Asset Backed
Certificates, Series 1997-A (collectively, the
"Certificates").
Description of
Transaction: This FSA-wrapped transaction is supported by a pool of
adjustable rate, first and second lien Home Equity Lines
of Credit ("HELOCs"). The aggregate Cut-off Date principal
balance of the HELOCs is expected to be approximately
[$120,000,000]. The aggregate undivided interest in the
the Trust Fund represented by the Certificates is expected
to equal approximately [$117,600,000]. The original
Transferor Interest, which is not offered herein, is
expected to equal approximately [$2,400,000].
In general, the HELOCs may be drawn upon for a period (the
"Draw Period") of either 5 years (which may be extendible
for an additional 5 years, upon Countrywide's approval) or
3 years. HELOCs with an initial Draw Period of 5 years are
subject to a 15 year repayment period following the end of
the Draw Period on a 15 year fully amortizing basis.
HELOCs with a Draw Period of 3 years are subject to a 10
year repayment period following the Draw Period on a 10
year fully amortizing basis.
- --------------------------------------------------------------------------------
Certificates
------------
Approximate Size: [$117,600,000]
Prepayment Assumption: [30% CPR]
**Actual prepayments may vary**
Draw Rate Assumption: [18% CPR]
**Actual draw rates may vary**
Avg. Life to Call (app.) [ 4.370 years]
Avg. Life to Maturity (app.) [ 4.596 years]
Coupon: 1M LIBOR + [ BP]*
Coupon Day Count: Actual/360
Expected Maturity (to call): [ 3/15/06 ]
Expected Maturity (to maturity): [ 12/15/21 ]
Stated Maturity: [2/15/27]
Dated Date: [02/28/97]
* Subject to: The lesser of:
1) 1M LIBOR + [ BP]; and
2) Available Funds Cap (calculated using the
weighted average of the loan rates net of servicing
fees and other ongoing fees of the trust, including
a 50 bp FSA cushion beginning in month 7 and
thereafter).
- --------------------------------------------------------------------------------
Pricing Date: [February 20, 1997]
Settlement Date: [February 28, 1997]
Cleanup Call: The Master Servicer may repurchase the collateral and, as
a result, cause the Certificates to be called at par plus
accrued interest after the remaining balances of the
Certificates are less than 10% of Original Certificate
Principal Balance.
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 First National Bank of Chicago.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
<PAGE>
Countrywide Home Equity Loan Trust 1997-A
Payment Date: The 15th day of each month or, if such day is not a
business day, the next succeeding business day, beginning
on April 15, 1997.
Payment Delay: No payment delay.
Interest Accrual
Period: Interest will accrue from the 15th day of the preceeding
month until the 14th day of the current month based on an
actual/360 day count. For the first payment date, April
15, 1997, the Certificates will accrue interest from the
settlement date [February 28, 1997] to April 14, 1997
(long first accrual period).
Certificate Ratings: The Certificates will be rated AAA/Aaa by Standard &
Poor's and Moody's, respectively.
Certificate Insurer: Financial Security Assurance, Inc. ("FSA"). FSA's
claims-paying ability is rated AAA/Aaa by Standard
and Poor's and Moody's.
Certificate Insurance: Timely interest and ultimate principal payments on the
Certificates will be 100% guaranteed by FSA.
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: Debt instrument for federal income tax purposes.
Legal Investment: The Certificates will not be SMMEA eligible.
Credit Enhancement: 1) 100% wrap from FSA guarantees timely payment of
interest and ultimate payment of principal.
2) Limited subordination of Transferor Interest and
over-collateralization (if any), as required
by FSA.
3) Ongoing spread.
Cashflow Structure: A. Investor Interest Collections are applied in the
following order of priority:
1) Trustee fees;
2) Surety fees;
3) Accrued monthly interest, subject to the Available
Funds Cap;
4) Investor Loss Amount for such Distribution Date and
previous Distribution Dates;
5) Reimbursement to FSA for prior draws on its insurance
policy;
6) Paydown of Certificates to the required level of
overcollateralization (if any);
7) Payment to Master Servicer required amounts;
8) Any excess cash flow reverts to Transferor.
B. Principal payments are applied as follows:
1) From [February 28, 1997] until the Distribution Date
in March 2002, (the "Managed Amortization Period" or
"5 Year MAP"), the amount of principal payable to
Certificateholders for each Distribution Date equals
the lesser of (a) the Maximum Principal Payment (i.e.,
[98%] of the principal collections for such
Distribution Date), and (b) the principal collections
for such Distribution Date less the sum of additional
balances created from new draws on the HELOCs during
the related collection period (but not less than
zero).
If a Rapid Amortization Event occurs during the 5 Year
MAP, principal payments shall equal the Maximum
Principal Payment. Rapid Amortization Events are
described in the prospectus supplement.
2) Beginning after the 5 Year MAP, the amount of
principal payable to the Certificateholders is equal
to the Maximum Principal Payment.
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.
<PAGE>
<PAGE>
Countrywide Home Equity Loan Trust 1997-A
CURRENT BALANCE: $117,600,000.00 DATED DATE: 02/28/97
CURRENT COUPON: TBD FIRST PAYMENT: 04/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $117,600,000.00 YIELD TABLE DATE: 02/28/97
BOND A1 DISCOUNT MARGIN ACT/360 TABLE
********* TO CLEAN UP CALL *********
********* ASSUMED 18 % CONSTANT DRAW RATE *******
ASSUMED CONSTANT LIBOR-1M 5.4219
<TABLE>
<CAPTION>
PRICING SPEED
30.0% 22.00% 25.00% 28.00% 33.00% 36.00% 40.00%
PRICE CPR CPR CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 21.678 19.543 20.283 21.090 22.624 23.625 25.091
99-24+ 21.260 19.259 19.953 20.709 22.146 23.085 24.459
99-25 20.842 18.975 19.622 20.328 21.669 22.545 23.827
99-25+ 20.424 18.690 19.291 19.946 21.192 22.005 23.196
99-26 20.006 18.406 18.961 19.565 20.715 21.465 22.564
99-26+ 19.588 18.122 18.630 19.184 20.238 20.926 21.933
99-27 19.171 17.838 18.300 18.804 19.761 20.387 21.302
99-27+ 18.753 17.554 17.970 18.423 19.285 19.847 20.671
99-28 18.336 17.270 17.639 18.042 18.808 19.308 20.040
99-28+ 17.919 16.986 17.309 17.662 18.332 18.769 19.410
99-29 17.501 16.702 16.979 17.281 17.855 18.230 18.779
99-29+ 17.084 16.418 16.649 16.901 17.379 17.692 18.149
99-30 16.667 16.134 16.319 16.520 16.903 17.153 17.519
99-30+ 16.250 15.851 15.989 16.140 16.427 16.615 16.889
99-31 15.833 15.567 15.659 15.760 15.951 16.076 16.259
99-31+ 15.417 15.284 15.330 15.380 15.476 15.538 15.629
100-00 15.000 15.000 15.000 15.000 15.000 15.000 15.000
100-00+ 14.583 14.717 14.670 14.620 14.525 14.462 14.371
100-01 14.167 14.433 14.341 14.240 14.049 13.924 13.742
100-01+ 13.751 14.150 14.011 13.861 13.574 13.387 13.113
100-02 13.334 13.867 13.682 13.481 13.099 12.849 12.484
100-02+ 12.918 13.583 13.353 13.102 12.624 12.312 11.855
100-03 12.502 13.300 13.024 12.722 12.149 11.775 11.227
100-03+ 12.086 13.017 12.695 12.343 11.674 11.237 10.598
100-04 11.671 12.734 12.365 11.964 11.199 10.700 9.970
100-04+ 11.255 12.451 12.036 11.584 10.725 10.164 9.342
100-05 10.839 12.168 11.708 11.205 10.250 9.627 8.714
100-05+ 10.424 11.886 11.379 10.826 9.776 9.090 8.086
100-06 10.008 11.603 11.050 10.447 9.302 8.554 7.459
100-06+ 9.593 11.320 10.721 10.069 8.828 8.018 6.831
100-07 9.178 11.037 10.393 9.690 8.354 7.481 6.204
100-07+ 8.762 10.755 10.064 9.311 7.880 6.945 5.577
First Payment 0.125 0.125 0.125 0.125 0.125 0.125 0.125
Average Life 4.370 6.807 5.714 4.855 3.761 3.275 2.751
Last Payment 9.042 12.208 10.875 9.792 8.042 7.292 6.375
Mod.Dur. @ 100-00 3.610 5.305 4.562 3.958 3.162 2.795 2.389
</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.
<PAGE>
<PAGE>
- --------------------------------------------------------------------------------
- COUNTRYWIDE 1997-A
- Cut Off Date of Tape is 1/31/97
- ARM HELOC COLLATERAL
- $100,008,294.22
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 4,402
Index: Prime Rate
Aggregate Unpaid Drawn Balance: $100,008,294.22
Aggregate Credit Line Balance: $150,702,868.32
Weighted Average Coupon (Gross): 6.698%
Gross Coupon Range: 5.990% - 14.125%
Weighted Average Margin (Gross): 2.278%
Gross Margin Range: 0.125% - 5.875%
Weighted Average Life Cap (Gross): 17.796%
Gross Life Cap Range: 12.250% - 18.000%
Weighted Average Life Floor (Gross): 2.278%
Gross Life Floor Range: 0.125% - 5.875%
Average (Simple) Utilization Rate: 66.361%(1)
Utilization Rate Range: 0.000% - 100.000%
- --------------------------------------------------------------------------------
Average Unpaid Drawn Balance: $22,718.83
Average Credit Line Balance: $34,235.09
Maximum Unpaid Drawn Balance: $500,000.00
Minimum Unpaid Drawn Balance: $0.00
Maximum Credit Line Balance: $500,000.00
Minimum Credit Line Balance: $8,500.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 284.598
Stated Rem Term Range: 153.000 - 302.000
Weighted Average Age (First Pay thru Paid Thru Date): 0.950
Age Range: 0.000 - 4.000
Weighted Average Original Term: 285.548
Original Term Range: 156.000 - 302.000
Weighted Average Combined LTV: 80.947(2)
Combined LTV Range: 3.797% - 100.000%
Weighted Average Months to Interest Roll: 1.953(3)
Months to Interest Roll Range: 1 - 4
Weighted Average Interest Roll Frequency: 1.000
Interest Frequency Range: 1 - 1
Earliest Origination Date of a Loan: 10/31/96
(1) Average utilization rate computed by: [drawn amount/line amount]
(2) Combined LTV computed by: [(line amt. + 1st mtg. balance)/lesser of
appraisal or sales price]
(3) Months to roll computed from 2/1/97 thru next int. roll date
520 loans currently do not have an outstanding amount, these loans are not
included in the weighted average calculations.
- --------------------------------------------------------------------------------
WEIGHTED AVERAGE CALCULATIONS ARE WEIGHTED BY THE UNPAID DRAWN AMOUNT
THROUGHOUT THE STRATIFICATIONS.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Drawn Drawn
Range Loans Balance Balance
<S> <C> <C> <C>
5.50% < Gross Coupon <= 6.00% 3688 81,032,028.01 81.03
6.00% < Gross Coupon <= 6.50% 28 452,296.58 0.45
6.50% < Gross Coupon <= 7.00% 244 5,999,494.89 6.00
8.75% < Gross Coupon <= 9.00% 1 37,646.26 0.04
9.00% < Gross Coupon <= 9.25% 19 699,237.59 0.70
9.25% < Gross Coupon <= 9.50% 2 51,735.87 0.05
9.50% < Gross Coupon <= 9.75% 15 493,104.84 0.49
9.75% < Gross Coupon <= 10.00% 6 145,999.99 0.15
10.00% < Gross Coupon <= 10.25% 22 708,099.60 0.71
10.25% < Gross Coupon <= 10.50% 15 662,295.17 0.66
10.50% < Gross Coupon <= 10.75% 71 2,094,728.46 2.09
10.75% < Gross Coupon <= 11.00% 17 583,131.87 0.58
11.00% < Gross Coupon <= 11.25% 106 2,615,454.16 2.62
11.25% < Gross Coupon <= 11.50% 18 432,930.86 0.43
11.50% < Gross Coupon <= 11.75% 17 548,509.15 0.55
11.75% < Gross Coupon <= 12.00% 56 1,771,683.62 1.77
12.00% < Gross Coupon <= 12.25% 3 45,919.46 0.05
12.25% < Gross Coupon <= 12.50% 16 344,421.87 0.34
12.50% < Gross Coupon <= 12.75% 3 80,192.05 0.08
12.75% < Gross Coupon <= 13.00% 16 498,931.71 0.50
13.00% < Gross Coupon <= 13.25% 32 585,402.21 0.59
13.50% < Gross Coupon <= 13.75% 4 85,000.00 0.08
13.75% < Gross Coupon <= 14.00% 2 28,750.00 0.03
14.00% < Gross Coupon <= 14.25% 1 11,300.00 0.01
- ----------------------------------------------------------------------------
Total.......... 4402 $100,008,294.22 100.00%
============================================================================
</TABLE>
REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Drawn Drawn
Remaining Term Loans Balance Balance
<S> <C> <C> <C>
144 < Rem Term <= 156 465 9,766,370.28 9.77%
156 < Rem Term <= 168 15 322,086.99 0.32%
288 < Rem Term <= 300 3,820 87,526,931.75 87.52%
300 < Rem Term <= 302 102 2,392,905.20 2.39%
- -------------------------------------------------------------------
Total............ 4,402 100,008,294.22 100.00%
===================================================================
</TABLE>
LOAN SUMMARY STRATIFIED BY
PAID THRU DATE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Drawn Drawn
Loans Balance Balance
<S> <C> <C> <C>
12/15/96 129 3,287,675.82 3.29
01/15/97 3743 95,967,705.16 95.96
02/15/97 530 752,913.24 0.75
- --------------------------------------------------------------------------
Total.................. 4402 $100,008,294.22 100.00%
==========================================================================
</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.
<PAGE>
<PAGE>
YEARS OF ORIGINATION
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Drawn Drawn
Origination Loans Balance Balance
<S> <C> <C> <C>
1996 2824 64,639,144.07 64.63
1997 1578 35,369,150.15 35.37
- --------------------------------------------------------------------------
Total................. 4402 $100,008,294.22 100.00%
==========================================================================
</TABLE>
COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Combined Number of Unpaid Aggregate
Loan-To-Value Mortgage Drawn Drawn
Ratio Loans Balance Balance
<S> <C> <C> <C>
0.000 <Comb LTV<= 5.000 2 19,500.00 0.02
5.000 <Comb LTV<= 10.000 10 183,261.78 0.18
10.000 <Comb LTV<= 15.000 14 317,096.76 0.32
15.000 <Comb LTV<= 20.000 5 131,590.91 0.13
20.000 <Comb LTV<= 25.000 17 370,999.59 0.37
25.000 <Comb LTV<= 30.000 14 411,633.25 0.41
30.000 <Comb LTV<= 35.000 20 526,889.98 0.53
35.000 <Comb LTV<= 40.000 33 687,445.94 0.69
40.000 <Comb LTV<= 45.000 30 633,942.73 0.63
45.000 <Comb LTV<= 50.000 49 1,362,416.39 1.36
50.000 <Comb LTV<= 55.000 67 1,860,403.53 1.86
55.000 <Comb LTV<= 60.000 94 2,017,593.04 2.02
60.000 <Comb LTV<= 65.000 109 2,216,029.59 2.22
65.000 <Comb LTV<= 70.000 461 9,611,894.82 9.61
70.000 <Comb LTV<= 75.000 189 4,181,557.11 4.18
75.000 <Comb LTV<= 80.000 876 19,829,375.42 19.83
80.000 <Comb LTV<= 85.000 170 3,614,900.08 3.61
85.000 <Comb LTV<= 90.000 1759 41,826,705.07 41.82
90.000 <Comb LTV<= 95.000 73 1,539,162.34 1.54
95.000 <Comb LTV<= 100.000 410 8,665,895.89 8.67
- --------------------------------------------------------------------------
Total.................... 4402 $100,008,294.22 100.00%
==========================================================================
</TABLE>
DISTRIBUTION OF
MARGINS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Drawn Drawn
Margin Loans Balance Balance
<S> <C> <C> <C>
0.0 < Margin <= 0.5 746 14,560,745.35 14.56
0.5 < Margin <= 1.0 190 5,968,386.51 5.97
1.0 < Margin <= 1.5 532 11,318,155.13 11.32
1.5 < Margin <= 2.0 255 5,533,337.26 5.53
2.0 < Margin <= 2.5 795 18,464,565.07 18.46
2.5 < Margin <= 3.0 884 21,722,131.91 21.72
3.0 < Margin <= 3.5 305 7,422,801.97 7.42
3.5 < Margin <= 4.0 329 7,333,566.86 7.33
4.0 < Margin <= 4.5 269 5,813,890.75 5.81
4.5 < Margin <= 5.0 78 1,605,140.51 1.61
5.0 < Margin <= 5.5 15 215,654.28 0.22
5.5 < Margin <= 6.0 4 49,918.62 0.05
- --------------------------------------------------------------------------
Total................. 4,402 $100,008,294.22 100.00%
==========================================================================
</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.
<PAGE>
<PAGE>
LOAN SUMMARY STRATIFIED BY
LIFE CAP
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Drawn Drawn
Life Cap Loans Balance Balance
<S> <C> <C> <C>
12.000 < LIFE CAP <= 12.50 58 960,700.57 0.96
14.500 < LIFE CAP <= 15.00 23 480,235.25 0.48
15.500 < LIFE CAP <= 16.00 78 1,335,051.39 1.33
16.500 < LIFE CAP <= 17.00 533 10,748,766.57 10.75
17.500 < LIFE CAP <= 18.00 3710 86,483,540.44 86.48
- --------------------------------------------------------------------------
Total................. 4402 $100,008,294.22 100.00%
==========================================================================
</TABLE>
ORIGINAL LINE OF CREDIT AMOUNTS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Line of Credit Mortgage Drawn Drawn
Balance Loans Balance Balance
<S> <C> <C> <C>
5,000 < Balance <= 10,000 60 350,445.62 0.35
10,000 < Balance <= 15,000 678 6,754,299.25 6.75
15,000 < Balance <= 20,000 793 10,559,630.08 10.56
20,000 < Balance <= 25,000 696 11,171,937.90 11.17
25,000 < Balance <= 30,000 515 10,066,047.75 10.07
30,000 < Balance <= 35,000 328 7,594,168.99 7.59
35,000 < Balance <= 40,000 299 7,776,376.27 7.78
40,000 < Balance <= 45,000 182 5,612,440.54 5.61
45,000 < Balance <= 50,000 252 7,145,936.70 7.15
50,000 < Balance <= 55,000 62 2,047,892.49 2.05
55,000 < Balance <= 60,000 73 2,880,776.67 2.88
60,000 < Balance <= 65,000 55 2,042,119.63 2.04
65,000 < Balance <= 70,000 61 2,693,760.88 2.69
70,000 < Balance <= 75,000 48 1,803,433.10 1.80
75,000 < Balance <= 80,000 29 1,830,123.75 1.83
80,000 < Balance <= 85,000 21 1,139,878.98 1.14
85,000 < Balance <= 90,000 26 1,157,238.14 1.16
90,000 < Balance <= 95,000 21 1,260,398.91 1.26
95,000 < Balance <= 100,000 102 4,928,494.21 4.93
100,000 < Balance <= 105,000 6 370,089.77 0.37
105,000 < Balance <= 110,000 10 1,043,173.87 1.04
110,000 < Balance <= 115,000 4 368,695.34 0.37
115,000 < Balance <= 120,000 7 641,588.63 0.64
120,000 < Balance <= 125,000 7 722,411.53 0.72
125,000 < Balance <= 130,000 4 283,106.50 0.28
130,000 < Balance <= 135,000 3 276,500.00 0.28
135,000 < Balance <= 140,000 4 455,674.01 0.46
140,000 < Balance <= 145,000 6 352,194.20 0.35
145,000 < Balance <= 150,000 19 2,027,628.35 2.03
150,000 < Balance <= 200,000 19 1,817,984.25 1.82
200,000 < Balance <= 250,000 4 673,350.00 0.67
250,000 < Balance <= 300,000 2 298,080.00 0.30
300,000 < Balance <= 350,000 4 912,417.91 0.91
400,000 < Balance <= 450,000 1 450,000.00 0.45
450,000 < Balance <= 500,000 1 500,000.00 0.50
- --------------------------------------------------------------------------
Total.................... 4402 $100,008,294.22 100.00%
==========================================================================
</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.
<PAGE>
<PAGE>
UNPAID DRAWN LOAN AMOUNTS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Drawn Loan Mortgage Drawn Drawn
Balance Loans Balance Balance
<S> <C> <C> <C>
Balance = 0 520 000.00 0.00
0 < Balance <= 5,000 176 495,693.87 0.50
5,000 < Balance <= 10,000 531 4,925,874.55 4.93
10,000 < Balance <= 15,000 717 9,619,619.74 9.62
15,000 < Balance <= 20,000 690 12,372,089.93 12.37
20,000 < Balance <= 25,000 480 11,014,366.80 11.01
25,000 < Balance <= 30,000 336 9,392,206.75 9.39
30,000 < Balance <= 35,000 231 7,569,970.02 7.57
35,000 < Balance <= 40,000 188 7,151,281.92 7.15
40,000 < Balance <= 45,000 108 4,609,674.45 4.61
45,000 < Balance <= 50,000 108 5,233,303.85 5.23
50,000 < Balance <= 55,000 37 1,942,439.08 1.94
55,000 < Balance <= 60,000 51 2,956,045.28 2.96
60,000 < Balance <= 65,000 23 1,446,137.53 1.45
65,000 < Balance <= 70,000 33 2,250,519.78 2.25
70,000 < Balance <= 75,000 21 1,541,278.60 1.54
75,000 < Balance <= 80,000 26 2,030,611.42 2.03
80,000 < Balance <= 85,000 10 829,382.86 0.83
85,000 < Balance <= 90,000 12 1,056,789.86 1.06
90,000 < Balance <= 95,000 14 1,307,041.04 1.31
95,000 < Balance <= 100,000 27 2,678,996.36 2.68
100,000 < Balance <= 105,000 4 413,600.00 0.41
105,000 < Balance <= 110,000 11 1,192,436.69 1.19
110,000 < Balance <= 115,000 2 221,396.40 0.22
115,000 < Balance <= 120,000 8 952,154.23 0.95
120,000 < Balance <= 125,000 5 615,312.00 0.62
125,000 < Balance <= 130,000 2 253,891.24 0.25
130,000 < Balance <= 135,000 2 269,000.00 0.27
135,000 < Balance <= 140,000 2 275,050.00 0.28
140,000 < Balance <= 145,000 3 430,734.01 0.43
145,000 < Balance <= 150,000 11 1,640,848.05 1.64
150,000 < Balance <= 200,000 6 1,003,676.07 1.00
200,000 < Balance <= 250,000 2 464,350.00 0.46
250,000 < Balance <= 300,000 1 283,080.00 0.28
300,000 < Balance <= 350,000 2 619,441.84 0.62
400,000 < Balance <= 450,000 1 450,000.00 0.45
450,000 < Balance <= 500,000 1 500,000.00 0.50
- --------------------------------------------------------------------------
Total.................... 4402 $100,008,294.22 100.00%
==========================================================================
</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.
<PAGE>
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Drawn Drawn
State Loans Balance Balance
<S> <C> <C> <C>
AL 81 1,586,900.40 1.59
AZ 139 3,632,771.45 3.63
CA 951 27,313,699.34 27.31
CO 227 5,459,746.40 5.46
CT 45 1,195,931.56 1.20
DC 6 150,497.93 0.15
DE 3 62,494.69 0.06
FL 302 5,237,182.27 5.24
GA 87 1,905,727.66 1.91
IA 17 292,390.18 0.29
ID 84 2,127,251.30 2.13
IL 198 3,702,326.52 3.70
IN 64 1,143,884.64 1.14
KS 30 634,935.11 0.63
KY 32 651,031.37 0.65
LA 78 1,528,850.36 1.53
MA 114 2,860,172.06 2.86
MD 71 1,505,254.33 1.51
ME 10 221,252.19 0.22
MI 204 3,935,158.24 3.93
MO 94 1,375,008.91 1.37
MS 10 228,243.34 0.23
MT 23 480,235.25 0.48
NC 77 1,315,051.39 1.31
ND 1 11,503.59 0.01
NE 24 211,067.79 0.21
NH 6 89,389.50 0.09
NJ 146 2,904,548.68 2.90
NM 36 716,041.31 0.72
NV 75 1,492,691.98 1.49
NY 75 1,761,703.05 1.76
OH 161 2,488,605.67 2.49
OK 20 379,740.29 0.38
OR 143 3,712,583.60 3.71
PA 140 2,618,118.88 2.62
RI 13 183,632.71 0.18
SC 12 197,159.23 0.20
TN 58 960,700.57 0.96
TX 4 51,837.90 0.05
UT 178 5,789,327.55 5.79
VA 64 1,397,805.83 1.40
VT 6 77,963.11 0.08
WA 206 4,908,958.49 4.91
WI 65 1,052,500.59 1.05
WY 22 456,417.01 0.46
- --------------------------------------------------------------------------
Total............... 4402 $100,008,294.22 100.00%
==========================================================================
</TABLE>
MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Drawn Drawn
Loans Balance Balance
<S> <C> <C> <C>
Single-family 3891 88,540,513.31 88.53
Low-Rise Condo 124 2,181,069.39 2.18
PUD 354 8,700,668.85 8.70
2-4 Family 33 586,042.67 0.59
- --------------------------------------------------------------------------
Total............... 4402 $100,008,294.22 100.00%
==========================================================================
</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.
<PAGE>
<PAGE>
LIEN SUMMARY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Drawn Drawn
Loans Balance Balance
<S> <C> <C> <C>
1 123 5,439,125.66 5.44
2 4279 94,569,168.56 94.56
- --------------------------------------------------------------------------
Total............... 4402 $100,008,294.22 100.00%
==========================================================================
</TABLE>
UTILIZATION RATE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Util. Rate Mortgage Drawn Drawn
Range Loan Balance Balance
<S> <C> <C> <C>
Util. Rate = 0.000 520 $.00 .00
0.000 < Util. Rate <= 5.000 43 $55,946.75 .06
5.000 < Util. Rate <= 10.000 36 $132,895.86 .13
10.000 < Util. Rate <= 15.000 64 $390,618.67 .39
15.000 < Util. Rate <= 20.000 58 $480,743.13 .48
20.000 < Util. Rate <= 25.000 60 $663,207.04 .66
25.000 < Util. Rate <= 30.000 69 $908,382.54 .91
30.000 < Util. Rate <= 35.000 98 $1,285,486.77 1.29
35.000 < Util. Rate <= 40.000 109 $1,687,862.13 1.69
40.000 < Util. Rate <= 45.000 80 $1,274,954.31 1.27
45.000 < Util. Rate <= 50.000 148 $2,505,347.78 2.51
50.000 < Util. Rate <= 55.000 102 $1,764,043.81 1.76
55.000 < Util. Rate <= 60.000 119 $2,471,495.12 2.47
60.000 < Util. Rate <= 65.000 97 $1,884,615.96 1.88
65.000 < Util. Rate <= 70.000 220 $4,039,025.85 4.04
70.000 < Util. Rate <= 75.000 138 $2,948,510.28 2.95
75.000 < Util. Rate <= 80.000 149 $3,680,310.02 3.68
80.000 < Util. Rate <= 85.000 111 $3,103,881.38 3.10
85.000 < Util. Rate <= 90.000 136 $4,003,536.52 4.00
90.000 < Util. Rate <= 95.000 130 $3,924,122.70 3.92
95.000 < Util. Rate <= 100.000 1,915 $62,803,307.60 62.80
- -------------------------------------------------------------------------------
Total..... 4,402 $100,008,294.22 100.00%
===============================================================================
</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.
<PAGE>
