____________________________________________________________________________
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): August 21, 1997
CWABS, INC., (as depositor under the Pooling and Servicing
Agreement, to be dated as of August 21, 1997, providing for
the issuance of the CWABS, INC., Asset-Backed Certificates,
Series 1997-3).
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.)
4500 Park Granada
Calabasas, California 91302
-------------------- --------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 225-3240
---- --------
____________________________________________________________________________
Item 5. Other Events.
- ---- -----------
Filing of Certain 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"), 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 1997-3.
In connection with the offering of the Asset-Backed Certificates, Series
1997-3, 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 their respective 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 August 21, 1997, of CWABS, Inc., relating to its
Asset-Backed Certificates, Series 1997-3.
Item 7. Financial Statements, Pro Forma Financial
- ---- -----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials.
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: August 21, 1997
Exhibit Index
-------------
Exhibit Page
- ------- ----
99.1 Computational Materials.
EXHIBIT 99.1: COMPUTATIONAL MATERIALS
Marketing Memorandum for
CWABS, Inc. Asset-Backed Certificates, Series 1997-3
<TABLE>
<CAPTION>
CWABS 1997-3
<C> <S> <S>
$ ( 30,520,000 ) Class AF-1 Fixed Rate Certificates - ( %)
$ ( 26,540,000 ) Class AF-2 Fixed Rate Certificates - ( %)
$ ( 12,110,000 ) Class AF-3 Fixed Rate Certificates - ( %)
$ ( 10,000,000 ) Class AF-4 Fixed Rate Certificates - ( %)
$ ( 3,480,000 ) Class MF-1 Fixed Rate Certificates - ( %)
$ ( 2,610,000 ) Class MF-2 Fixed Rate Certificates - ( %)
$ ( 1,740,000 ) Class BF Fixed Rate Certificates - ( %)
$ (161,595,000 ) Class AV-1 AdjustableRate Certificates- (1MLIBOR +__ bps)
$ ( 11,340,000 ) Class MV-1 AdjustableRate Certificates- (1MLIBOR +__ bps)
$ ( 10,395,000 ) Class MV-2 AdjustableRate Certificates- (1MLIBOR +__ bps)
$ ( 5,670,000 ) Class BV AdjustableRate Certificates- (1MLIBOR +__ bps)
</TABLE>
(Prudential Securities Incorporated Legend)
THE ANALYSIS IN THIS REPORT IS ACCURATE TO THE BEST OF PSI'S KNOWLEDGE AND IS
BASED ON INFORMATION PROVIDED BY THE COUNTRYWIDE HOME LOANS, INC.
("COUNTRYWIDE"). PSI MAKES NO REPRESENTATIONS AS TO THE ACCURACY OF SUCH
INFORMATION PROVIDED TO IT BY COUNTRYWIDE. 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, 1DIRECTORS, 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
CONSUMMATED 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.
(Countrywide Securities Corporation Legend)
(THIS INFORMATION HAS BEEN PREPARED IN CONNECTION WITH THE ISSUANCE OF
SECURITIES REPRESENTING INTEREST IN THE ABOVE TRUST, AND IS BASED IN PART ON
INFORMATION PROVIDED BY COUNTRYWIDE HOME LOANS, INC. WITH RESPECT TO THE
EXPECTED CHARACTERISTICS OF THE POOL OF HOME EQUITY LOANS IN WHICH THESE
SECURITIES WILL REPRESENT UNDIVIDED BENEFICIAL INTERESTS. THE ACTUAL
CHARACTERISTICS AND PERFORMANCE OF THE HOME EQUITY LOANS WILL DIFFER FROM THE
ASSUMPTIONS USED IN PREPARING THESE MATERIALS, WHICH ARE HYPOTHETICAL IN
NATURE. CHANGES IN THE ASSUMPTIONS MAY HAVE A MATERIAL IMPACT ON THE
INFORMATION SET FORTH IN THESE MATERIALS. NO REPRESENTATION IS MADE THAT ANY
PERFORMANCE OR RETURN INDICATED HEREIN WILL BE ACHIEVED. FOR EXAMPLE, IT IS
VERY UNLIKELY THAT LOANS WILL PREPAY AT A CONSTANT RATE OR FOLLOW A
PREDICTABLE PATTERN. THIS INFORMATION MAY NOT BE USED OR OTHERWISE
DISSEMINATED IN CONNECTION WITH THE OFFER OR SALE OF THESE OR ANY OTHER
SECURITIES, EXCEPT IN CONNECTION WITH HE INITIAL OFFER OR SALE OF THESE
SECURITIES TO YOU TO THE EXTENT SET FORTH BELOW. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. ADDITIONAL INFORMATION
IS AVAILABLE UPON REQUEST. THESE MATERIALS DO NOT CONSTITUTE AN OFFER TO BUY
OR SELL OR A SOLICITATION OF AN OFFER TO BUY OR SELL ANY SECURITY OR
INSTRUMENT OR TO PARTICIPATE IN ANY PARTICULAR TRADING STRATEGY. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN
SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. IN
THE EVENT OF ANY SUCH OFFERING, THESE MATERIALS, INCLUDING ANY DESCRIPTION OF
THE HOME EQUITY LOANS CONTAINED HEREIN, SHALL BE DEEMED SUPERSEDED, AMENDED
AND SUPPLEMENTED IN THEIR ENTIRETY BY SUCH PROSPECTUS AND PROSPECTUS
SUPPLEMENT. COUNTRYWISE SECURITIES CORPORATION IS ACTING AS AN UNDERWRITER OF
SUCH SECURITIES. COUNTRYWIDE SECURITIES CORPORATION IS AN AFFILIATE OF CWABS,
INC., AND COUNTRYWIDE HOME LOANS, INC.)
Title of Securities: Asset-Backed Certificates, Series 1997-3, Class
AF-1, Class AF-2, Class AF-3, Class AF-4, Class
MF-1, Class MF-2 and Class BF Fixed Rate Group
Certificates and Class AV-1, Class MV-1, Class MV-
2 and Class BV Adjustable Rate Group Certificates
Seller: Countrywide Home Loans, Inc.
Master Servicer: Countrywide Home Loans, Inc.
Trustee: The Bank of New York
CREDIT ENHANCEMENT
------------------
1) Excess Interest
2) Over-Collateralization
3) Cross-Collateralization
4) Subordination
Excess Interest: Excess interest cashflows from each group will be
available as credit enhancement for the related
group.
Overcollateralization: The credit enhancement provisions of the Trust are
intended to provide for the limited acceleration
of the Senior Certificates relative to the
amortization of the related collateral, generally
in the early months of the transaction.
Accelerated amortization is achieved by applying
certain excess interest collected on the
collateral to the payment of principal on the
Senior Certificates, resulting in the build up of
overcollateralization ("O/C"). By paying down the
principal balance of the certificates faster than
the principal amortization of the respective
collateral pool, an overcollateralization amount
equal to the excess of the aggregate principal
balance of the Collateral Pool over the principal
balance of the related Certificates is created.
Excess cashflow will be directed to build the O/C
amount until the pool reaches its required O/C
target. Upon this event the acceleration feature
will cease, unless it is once again necessary to
maintain the required O/C level.
FIXED RATE CERTIFICATES
Initial: (0.00%) Target: (1.00%)
ADJUSTABLE RATE CERTIFICATES
Initial: (0.00%) Target: (1.00%)
These O/C percentages are subject to step-downs
beginning in month 37 if the Subordinate Class
Principal distribution tests are met.
Cross-Collateralization: Excess spread from each of the two collateral
groups, if not needed to credit enhance its own
group will be available to credit enhance the
other group.
Subordination:
<TABLE>
<CAPTION>
GROUP I (Fixed) GROUP II (Adjustable)
<C> <S> <S> <S>
(Moody's/Fitch)
Class A (Aaa/AAA) ( 9.00)% (14.50)%
Class M-1 (Aa2/AA) ( 5.00)% ( 8.50)%
Class M-2 (A2/A) ( 2.00)% ( 3.00)%
Class B (Baa2/BBB) --- ---
</TABLE>
Class Sizes:
<TABLE>
<CAPTION>
GROUP I GROUP II
<C> <S> <S> <S>
(Moody's/Fitch)
Class A (Aaa/AAA) (91.00)% (85.50)%
Class M-1 (Aa2/AA) ( 4.00)% ( 6.00)%
Class M-2 (A2/A) ( 3.00)% ( 5.50)%
Class B (Baa2/BBB) ( 2.00)% ( 3.00)%
O/C (0 to 1.00)% (0 to 1.00)%
</TABLE>
<TABLE>
<CAPTION>
Fixed Rate Certificates
Class Class Class Class Class Class Class
AF-1 AF-2 AF-3 AF-4 MF-1 MF-2 BF1
<C> <S> <S> <S> <S> <S> <S> <S>
Moody's Ratings: Aaa Aaa Aaa Aaa Aa2 A2 Baa2
Fitch Ratings: AAA AAA AAA AAA AA A BBB
Approximate Size ($MM): 30.52 26.54 12.11 10.00 3.48 2.61 1.74
Coupon: (TBD TBD TBD TBD TBD TBD TBD)
Benchmark: (TBD TBD TBD TBD TBD TBD TBD)
Spread: (TBD TBD TBD TBD TBD TBD TBD)
Yield(%): (TBD TBD TBD TBD TBD TBD TBD)
Price (Approx): (TBD TBD TBD TBD TBD TBD TBD)
Avg Life (Mat): 1.00 3.00 8.73 6.62 6.17 6.00 5.45
Avg Life (Call): 1.00 3.00 7.16 6.48 5.72 5.72 5.44
1st Prin Pymt: (9/97) (6/99) (6/02) (9/00) (9/00) (9/00) (9/00)
Exp Mat: (6/99) (6/02) (12/15) (10/15) (10/10 (2/09) (10/06)
To 10% Call: (6/99) (6/02) (3/06) (3/06) (3/06) (3/06) (3/06)
Stated Mat: (10/15) (3/25) (8/27) (8/27) (8/27) (8/27) (8/27)
</TABLE>
Collateral: Fixed-Rate, First Lien Mortgage Loans
Total Group Size: ($87,000,000)
Prepayment Assumption: (23% HEP (2.3% - 23% CPR Ramp over 10 months))
Fixed Rate Available
Funds Cap: All Fixed Rate coupons are subject to the Fixed
Rate Available Funds Cap. The Fixed Rate
Available Funds Cap is a rate equal to the
weighted average gross coupon rate less (i)
servicing fees (50 bps) and (ii) trustee fee.
Payment Date: The 25th day of each month or, if such day is not
a business day, the next succeeding business day,
beginning on September 25, 1997.
Interest Accrual: Interest will accrue from the 1st day of the
preceeding month until the 30th day of the
preceeding month for the Fixed-Rate Certificates.
Payment Delay: 24 days
Int. Pmt. Basis: 30/360
<TABLE>
<CAPTION>
Adjustable-Rate Certificates
Class Class Class Class
AV-1 MV-1 MV-2 BV
<C> <S> <S> <S> <S>
Moody's Ratings: Aaa Aa2 A2 Baa2
Fitch Ratings: AAA AA A BBB
Approximate Size ($MM): 161.595 11.34 10.395 5.670
Coupon: (TBD TBD TBD TBD)
Benchmark: 1M LIBOR 1M LIBOR 1M LIBOR 1M LIBOR
Spread: (TBD TBD TBD TBD)
Yield(%): (TBD TBD TBD TBD)
Price (Approx): (TBD TBD TBD TBD)
Avg Life (Call): 2.34 4.75 4.68 4.48
Avg Life (Mat): 2.55 5.22 5.04 4.55
1st Prin Pymt: (9/97) (12/00) (10/00) (9/00)
Mat to 10% Call: (7/04) (7/04) (7/04) (7/04)
Maturity: (4/13) (11/09) (6/08) (12/05)
Stated Mat: (8/27) (8/27) (8/27) (8/27)
</TABLE>
Collateral: Adjustable-Rate, First Lien Mortgage Loans
Total Group Size: ($189,000,000)
Prepayment Assumption: (28% CPR)
Adjustable Rate
Available Funds Cap: All Adjustable Rate coupons are subject to the
Adjustable Rate Available Funds Cap. The
Adjustable Rate Available Funds Cap is a rate
equal to the weighted average gross coupon less
(i) servicing fees (50 bps) and (ii) trustee fee.
Payment Date: The 25th day of each month or, if such day is not
a business day, the next succeeding business day,
beginning on September 25, 1997.
Interest Accrual: For the Adjustable Rate Certificates, interest
will accrue for the first accrual period from
settlement, and thereafter, from the 25th day of
the preceeding month, until the 24th day of the
current month (from Payment Date to Payment Date).
Payment Delay: 0 Days
Int. Pmt. Basis: Actual/360
Shortfall Reimbursement: If on any Payment Date the Adjustable-Rate
Certificate interest distribution amount divided
by the outstanding principal balance of the
Adjustable-Rate Loans is less than the Pass-
Through Rate (which is subject to a maximum equal
to the Weighted Average Life Cap of the
collateral), the amount of such shortfall and the
aggregate of such shortfalls from previous payment
dates together with accrued interest at the Pass-
Through Rate will be carried forward to the next
Payment Date until paid. No interest carryforward
will be paid once the Group II Certificate
principal balance has been reduced to zero.
Coupon Step-Up: If the 10% Clean-Up Call is not exercised, the
coupon on the Class AV-1 Certificates shall
increase by (2x) the AV-1 margin. The coupon on
the remaining Adjustable-Rate Certificates shall
increase by 1.5x the related margins.
Cashflow Priority: FIXED RATE CERTIFICATES
1) Repayment of any unrecoverable,
unreimbursed Servicer advances;
2) Servicing Fees and Master Servicing Fee;
3) Accrued monthly interest to the Fixed Rate
Senior Certificates, including any interest
carryforward, on a pro-rata basis.
4) Monthly principal sequentially to the Fixed
Rate Senior Certificates as described under
"PRINCIPAL PAYDOWN"
5) Accrued monthly interest to class MF-1
including any interest carryforward.
6) Monthly principal to class MF-1 as
described under "PRINCIPAL PAYDOWN"
7) Accrued monthly interest to class MF-2
including any interest carryforward.
8) Monthly principal to class MF-2 as
described under "PRINCIPAL PAYDOWN"
9) Accrued monthly interest to class BF
including any interest carryforward.
10) Monthly principal to class BF as described
under "PRINCIPAL PAYDOWN".
11) Excess cashflow to Fixed Rate Senior
Certificates sequentially to build over-
collateralization ("O/C").
12) Excess cashflow to repay subordinate
principal shortfalls.
13) Excess cashflow to build O/C and repay
shortfalls for the Adjustable Rate
Certificates;
14) Any excess cashflow reverts to Countrywide.
ADJUSTABLE-RATE CERTIFICATES
1) Repayment of any unrecoverable,
unreimbursed Servicer advances;
2) Servicing Fees and Master Servicing Fee;
3) Accrued monthly interest to Class AV-1
including any interest carryforward.
4) Monthly principal sequentially to Class AV-
1 as described under "PRINCIPAL PAYDOWN".
5) Accrued monthly interest to class MV-1
including any interest carryforward.
6) Monthly principal to class MV-1 as
described under "PRINCIPAL PAYDOWN".
7) Accrued monthly interest to class MV-2
including any interest carryforward.
8) Monthly principal to class MV-2 as
described under "PRINCIPAL PAYDOWN".
9) Accrued monthly interest to class BV
including any interest carryforward.
10) Monthly principal to class BV as described
under "PRINCIPAL PAYDOWN".
11) Excess cashflow to Class AV-1 to build
over-collateralization ("O/C")
12) Excess cashflow to repay subordinate
principal shortfalls.
13) Excess cashflow to build O/C and repay
shortfalls for the Fixed-Rate Certificates;
14) Any excess cashflow reverts to Countrywide.
Clean-up Calls: The Master Servicer has the option to exercise a
call when the Pool Stated Principal Balance for
the related group is less than or equal to 10% of
the Cut-Off Date Pool Principal Balance of the
related group (i.e. separate calls for each
group). The call will be exercised at par plus
accrued interest.
Pricing Date: (August , 1997)
Settlement Date: (August 28, 1997)
ERISA Considerations: The Class A Certificates will be ERISA eligible as
of Closing. However, investors should consult with
their counsel with respect to the consequences
under ERISA and the Internal Revenue Code of an
ERISA Plan's acquisition and ownership of such
Certificates.
SMMEA: The Fixed-Rate Certificates will constitute
"mortgage-related securities" for the purposes of
SMMEA. The Adjustable-Rate Certificates will
constitute "mortgage related securities" for the
purposes of SMMEA.
Taxation: REMIC.
PRINCIPAL PAYDOWN
-----------------
CLASS AF-4 LOCKOUT DISTRIBUTION AMOUNT: The
applicable Class AF-4 Lockout Percentage multiplied
by the Class AF-4 pro-rata distribution amount.
<TABLE>
<CAPTION>
CLASS AF-4 LOCKOUT PERCENTAGE
<C> <S>
September 1997 -- August 2000: 0%
September 2000 -- August 2002: 45%
September 2002 -- August 2003: 80%
September 2003 -- August 2004: 100%
September 2004 and after: 300%
</TABLE>
IF THE SUBORDINATE CLASS PRINCIPAL DISTRIBUTION
TEST IS NOT MET:
Group I Certificates: 1) To the Class AF-4
Certificateholders --
the Class AF-4 Lockout
Distribution Amount
2) All scheduled and
unscheduled principal
will be paid
sequentially to the
Fixed Rate Senior
Certificates.
Group II Certificates: 1) All scheduled and
unscheduled principal
will be paid to the
Class AV-1.
IF THE SUBORDINATE CLASS PRINCIPAL DISTRIBUTION
TEST IS MET:
With respect to each Group, all Certificates will
be entitled to receive payments of principal, in
the following order of priority: first
sequentially to the Class A Certificates (in the
same order of priority as is the case prior to the
Test being met), second to the Class M-1
Certificates, third to the Class M-2 Certificates,
and fourth to the Class B Certificates.
THE SUBORDINATE CLASS PRINCIPAL DISTRIBUTION TEST
IS MET IF:
i) The Remittance Date is on or after the
September 2000 Remittance Date.
ii) Each group's Senior Enhancement Percentage
is greater than or equal to the related
group's Senior Specified Enhancement
Percentage.
iii) A Trigger Event has not occurred (The
current Senior Enhancement Percentage is
greater than or equal to a multiple of the
60+ Day delinquency percentage ((2x) for
the Fixed-Rate Group; (2.5x) for the
Adjustable-Rate Group)).
SUBORDINATE CLASS
PRINCIPAL DISTRIBUTION DATE: For each Group, the later of (i) the
September 2000 Payment Date and (ii) the
first Payment Date on which the Senior
Enhancement Percentage (i.e., the sum of
the Subordinate Certificates + the O/C
amount for a particular Mortgage Loan Group
divided by the aggregate Loan Balance of
the Mortgage Loans in such Mortgage Loan
Group) is greater than or equal to the
related Group's Senior Specified
Enhancement Percentage, which is equal to
two times the initial AAA subordination
(including O/C).
<TABLE>
<CAPTION>
Group I Senior Specified Group II Senior Specified
Enhancement Percentage: Enhancement Percentage:
<C> <S>
(20.00)% (31.00)%
or or
(9.00% + 1.00%)*2 (14.50% + 1.00%)*2
</TABLE>
TRIGGER EVENT: With respect to each Mortgage Loan Group, if the
percentage obtained by dividing (x) the principal
amount of 60+ Day Delinquent Loans (including
foreclosures and REOs) in such Mortgage Loan Group
by (y) the aggregate outstanding Loan Balance of
the Mortgage Loans in such Mortgage Loan Group as
of the last day of the immediately preceding
Remittance Period equals or exceeds (0.50) and
(0.40) multiplied by the Senior Enhancement
Percentage for the Fixed Rate Certificates and the
Adjustable Rate Certificates, respectively.
If the Subordinated Class Principal Distribution
Test is met, principal will be distributed in
amounts that will keep the subordination for each
class at its required level.
<TABLE>
<CAPTION>
REQUIRED SUBORDINATION LEVELS
Group I Group II
<C> <S> <S> <S> <S> <S>
Class A - (20.00)% Class A - (31.00)%
Class M-1 - (12.00)% Class M-1 - (19.00)%
Class M-2 - ( 6.00)% Class M-2 - ( 8.00)%
Class B - ( 2.00)% Class B - ( 2.00)%
</TABLE>
To keep the Required Subordination Levels
constant, If the Subordinated Class Principal
Distribution Test is met, principal will be
distributed according to the following formula:
THE EXCESS OF:
The sum of: i) the Principal Balance of the related
Certificate Class immediately prior to such
Payment Date;
plus
ii) the Principal Balance of all Certificate
Classes senior to said Class (after taking
into account the payment of the related
Class(es)' Principal Distribution Amount on
such Payment Date).
(i.e., for Class M-2, the Principal Balance
of the Class A Certificates after taking
into account the payment of the Class A
Principal Distribution Amount for the
current payment date + the Principal
Balance of the Class M-1 Certificates
immediately prior to the current payment
date)
Over:
The product of the related Class Percentage
and the outstanding Loan Balance of
Mortgage Loans in the related Mortgage Loan
Group as of the last day of the Remittance
Period.
<TABLE>
<CAPTION>
CLASS PERCENTAGE
Group I Group II
<C> <S> <S> <S> <S> <S>
Class A - (80.00)% Class A - (69.00)%
Class M-1 - (88.00)% Class M-1 - (81.00)%
Class M-2 - (94.00)% Class M-2 - (92.00)%
Class B - (98.00)% Class B - (98.00)%
</TABLE>
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
consummated unless the purchaser has received the
Prospectus.
Deal ID/CUSIP CWABS73F Coupon N/A
Class AF-1 AAA SEQ Accr 0.48788 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 17.00 HEP 19.00 HEP 21.00 HEP 25.00 HEP 27.00 HEP 29.00
ARMS CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28+ 6.248 6.315 6.292 6.270 6.227 6.207 6.187
99-29 6.231 6.302 6.277 6.254 6.210 6.188 6.168
99-29+ 6.215 6.288 6.263 6.239 6.192 6.170 6.148
99-30 6.198 6.275 6.249 6.223 6.175 6.151 6.129
99-30+ 6.182 6.262 6.234 6.207 6.157 6.133 6.109
99-31 6.165 6.248 6.220 6.192 6.139 6.114 6.090
99-31+ 6.149 6.235 6.205 6.176 6.122 6.096 6.071
100-00 6.132 6.222 6.191 6.161 6.104 6.077 6.051
100-00+ 6.115 6.208 6.176 6.145 6.087 6.058 6.032
100-01 6.099 6.195 6.162 6.130 6.069 6.040 6.012
100-01+ 6.082 6.182 6.147 6.114 6.052 6.021 5.993
100-02 6.066 6.168 6.133 6.099 6.034 6.003 5.973
100-02+ 6.049 6.155 6.118 6.083 6.016 5.984 5.954
100-03 6.033 6.142 6.104 6.068 5.999 5.966 5.934
100-03+ 6.016 6.128 6.089 6.052 5.981 5.947 5.915
Avg. Life 1.003 1.259 1.157 1.073 0.944 0.892 0.848
1st Pmt. 0.075 0.075 0.075 0.075 0.075 0.075 0.075
Last Pmt. 1.825 2.408 2.158 1.992 1.742 1.658 1.492
</TABLE>
Deal ID/CUSIP CWABS73F Coupon N/A
Class AF-2 AAA SEQ FIX Accr 0.49312 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 17.00 HEP 19.00 HEP 21.00 HEP 25.00 HEP 27.00 HEP 29.00
ARMS CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28+ 6.541 6.571 6.561 6.551 6.530 6.520 6.509
99-29 6.535 6.567 6.556 6.545 6.524 6.513 6.501
99-29+ 6.529 6.562 6.551 6.540 6.518 6.506 6.494
99-30 6.523 6.558 6.546 6.535 6.511 6.499 6.486
99-30+ 6.517 6.553 6.541 6.529 6.505 6.492 6.479
99-31 6.511 6.549 6.536 6.524 6.498 6.485 6.471
99-31+ 6.505 6.544 6.531 6.518 6.492 6.478 6.464
100-00 6.499 6.540 6.526 6.513 6.485 6.471 6.457
100-00+ 6.493 6.535 6.521 6.507 6.479 6.464 6.449
100-01 6.488 6.531 6.516 6.502 6.473 6.457 6.442
100-01+ 6.482 6.526 6.511 6.497 6.466 6.451 6.434
100-02 6.476 6.522 6.506 6.491 6.460 6.444 6.427
100-02+ 6.470 6.517 6.501 6.486 6.453 6.437 6.419
100-03 6.464 6.513 6.497 6.480 6.447 6.430 6.412
100-03+ 6.458 6.508 6.492 6.475 6.441 6.423 6.405
Avg. Life 3.003 4.125 3.668 3.302 2.747 2.526 2.332
1st Pmt. 1.825 2.408 2.158 1.992 1.742 1.658 1.492
Last Pmt. 4.825 7.242 6.158 5.408 4.408 3.992 3.658
</TABLE>
Deal ID/CUSIP CWABS73F Coupon N/A
Class AF-3 AAA SEQ FIX Accr 0.53587 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
****** TO MATURITY ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 17.00 HEP 19.00 HEP 21.00 HEP 25.00 HEP 27.00 HEP 29.00
ARMS CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28 7.195 7.208 7.204 7.199 7.189 7.183 7.176
99-28+ 7.192 7.206 7.202 7.197 7.186 7.180 7.173
99-29 7.189 7.204 7.199 7.195 7.183 7.177 7.169
99-29+ 7.187 7.202 7.197 7.192 7.181 7.174 7.166
99-30 7.184 7.200 7.195 7.190 7.178 7.171 7.163
99-30+ 7.182 7.198 7.193 7.188 7.175 7.168 7.159
99-31 7.179 7.196 7.191 7.185 7.172 7.165 7.156
99-31+ 7.177 7.194 7.189 7.183 7.169 7.161 7.152
100-00 7.174 7.192 7.187 7.181 7.167 7.158 7.149
100-00+ 7.172 7.190 7.184 7.178 7.164 7.155 7.146
100-01 7.169 7.188 7.182 7.176 7.161 7.152 7.142
100-01+ 7.166 7.186 7.180 7.174 7.158 7.149 7.139
100-02 7.164 7.184 7.178 7.171 7.156 7.146 7.136
100-02+ 7.161 7.182 7.176 7.169 7.153 7.143 7.132
100-03 7.159 7.180 7.174 7.167 7.150 7.140 7.129
Avg. Life 8.732 12.609 11.145 9.862 7.738 6.855 6.062
1st Pmt. 4.825 7.242 6.158 5.408 4.408 3.992 3.658
Last Pmt. 18.325 23.575 21.742 19.908 16.908 15.658 14.575
</TABLE>
Deal ID/CUSIP CWABS73F Coupon N/A
Class AF-3 AAA SEQ FIX Accr 0.53587 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
****** TO CALL ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 17.00 HEP 19.00 HEP 21.00 HEP 25.00 HEP 27.00 HEP 29.00
ARMS CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28 7.187 7.203 7.198 7.193 7.181 7.174 7.168
99-28+ 7.184 7.201 7.196 7.190 7.178 7.171 7.164
99-29 7.181 7.199 7.193 7.188 7.174 7.167 7.160
99-29+ 7.178 7.196 7.191 7.185 7.171 7.164 7.156
99-30 7.175 7.194 7.189 7.182 7.168 7.160 7.153
99-30+ 7.173 7.192 7.186 7.180 7.165 7.157 7.149
99-31 7.170 7.190 7.184 7.177 7.162 7.153 7.145
99-31+ 7.167 7.188 7.181 7.174 7.159 7.150 7.141
100-00 7.164 7.186 7.179 7.172 7.155 7.147 7.138
100-00+ 7.161 7.183 7.177 7.169 7.152 7.143 7.134
100-01 7.158 7.181 7.174 7.167 7.149 7.140 7.130
100-01+ 7.155 7.179 7.172 7.164 7.146 7.136 7.127
100-02 7.152 7.177 7.169 7.161 7.143 7.133 7.123
100-02+ 7.149 7.175 7.167 7.159 7.140 7.129 7.119
100-03 7.147 7.172 7.165 7.156 7.137 7.126 7.115
Avg. Life 7.156 10.477 9.197 8.091 6.361 5.689 5.159
1st Pmt. 4.825 7.242 6.158 5.408 4.408 3.992 3.658
Last Pmt. 03/25/06 12/25/08 11/25/07 12/25/06 07/25/05 11/25/04 05/25/04
</TABLE>
Deal ID/CUSIP CWABS73F Coupon N/A
Class AF-4 AAA NAS FIX Accr 0.51000 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
****** TO MATURITY ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 17.00 HEP 19.00 HEP 21.00 HEP 25.00 HEP 27.00 HEP 29.00
ARMS CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00
<C> <S> <S> <S> <S> <S>
99-28+ 6.830 6.833 6.832 6.831 6.829 6.828 6.828
99-29 6.827 6.830 6.829 6.828 6.826 6.825 6.825
99-29+ 6.824 6.827 6.826 6.825 6.823 6.822 6.822
99-30 6.821 6.824 6.823 6.822 6.820 6.819 6.818
99-30+ 6.818 6.821 6.820 6.819 6.817 6.816 6.815
99-31 6.814 6.818 6.817 6.816 6.814 6.813 6.812
99-31+ 6.811 6.816 6.814 6.813 6.810 6.810 6.809
100-00 6.808 6.813 6.811 6.810 6.807 6.807 6.806
100-00+ 6.805 6.810 6.808 6.807 6.804 6.803 6.803
100-01 6.802 6.807 6.805 6.804 6.801 6.800 6.800
100-01+ 6.799 6.804 6.802 6.801 6.798 6.797 6.797
100-02 6.796 6.801 6.799 6.798 6.795 6.794 6.793
100-02+ 6.793 6.798 6.796 6.795 6.792 6.791 6.790
100-03 6.790 6.795 6.793 6.792 6.789 6.788 6.787
100-03+ 6.787 6.792 6.790 6.789 6.786 6.785 6.784
Avg. Life 6.623 7.075 6.889 6.741 6.528 6.452 6.393
1st Pmt. 3.075 3.075 3.075 3.075 3.158 3.158 3.242
Last Pmt. 18.158 23.325 21.492 19.742 16.742 15.408 14.325
</TABLE>
Deal ID/CUSIP CWABS73F Coupon N/A
Class AF-4 AAA NAS FIX Accr 0.51000 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
****** TO CALL ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 17.00 HEP 19.00 HEP 21.00 HEP 25.00 HEP 27.00 HEP 29.00
ARMS CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28+ 6.829 6.833 6.831 6.830 6.827 6.825 6.823
99-29 6.826 6.830 6.828 6.827 6.824 6.822 6.819
99-29+ 6.823 6.827 6.825 6.824 6.821 6.819 6.816
99-30 6.819 6.824 6.822 6.821 6.818 6.815 6.813
99-30+ 6.816 6.821 6.819 6.818 6.815 6.812 6.809
99-31 6.813 6.818 6.816 6.815 6.812 6.809 6.806
99-31+ 6.810 6.815 6.813 6.812 6.808 6.806 6.803
100-00 6.807 6.812 6.810 6.809 6.805 6.802 6.799
100-00+ 6.804 6.809 6.808 6.806 6.802 6.799 6.796
100-01 6.801 6.807 6.805 6.803 6.799 6.796 6.793
100-01+ 6.798 6.804 6.802 6.800 6.796 6.793 6.789
100-02 6.795 6.801 6.799 6.797 6.793 6.789 6.786
100-02+ 6.792 6.798 6.796 6.794 6.789 6.786 6.782
100-03 6.789 6.795 6.793 6.791 6.786 6.783 6.779
100-03+ 6.785 6.792 6.790 6.788 6.783 6.780 6.776
Avg. Life 6.481 7.031 6.825 6.646 6.300 6.048 5.804
1st Pmt. 3.075 3.075 3.075 3.075 3.158 3.158 3.242
Last Pmt. 03/25/06 12/25/08 11/25/07 12/25/06 07/25/05 11/25/04 05/25/04
</TABLE>
Deal ID/CUSIP CWABS73F Coupon N/A
Class MF-1 AA2/AA FIX Accr 0.53100 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
****** TO MATURITY ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 17.00 HEP 19.00 HEP 21.00 HEP 25.00 HEP 27.00 HEP 29.00
ARMS CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28 7.111 7.125 7.121 7.116 7.107 7.102 7.099
99-28+ 7.108 7.123 7.118 7.113 7.103 7.099 7.095
99-29 7.105 7.120 7.115 7.110 7.100 7.095 7.091
99-29+ 7.101 7.117 7.112 7.107 7.096 7.091 7.087
99-30 7.098 7.114 7.109 7.104 7.093 7.088 7.083
99-30+ 7.095 7.112 7.106 7.100 7.089 7.084 7.079
99-31 7.091 7.109 7.103 7.097 7.086 7.080 7.075
99-31+ 7.088 7.106 7.100 7.094 7.082 7.077 7.071
100-00 7.085 7.104 7.097 7.091 7.079 7.073 7.067
100-00+ 7.081 7.101 7.095 7.088 7.075 7.069 7.064
100-01 7.078 7.098 7.092 7.085 7.072 7.065 7.060
100-01+ 7.075 7.096 7.089 7.082 7.068 7.062 7.056
100-02 7.071 7.093 7.086 7.079 7.065 7.058 7.052
100-02+ 7.068 7.090 7.083 7.076 7.061 7.054 7.048
100-03 7.065 7.088 7.080 7.073 7.057 7.051 7.044
Avg. Life 6.170 8.155 7.376 6.724 5.711 5.333 5.018
1st Pmt. 3.075 3.825 3.408 3.158 3.075 3.158 3.158
Last Pmt. 13.158 17.242 15.492 14.242 12.158 11.242 10.492
</TABLE>
Deal ID/CUSIP CWABS73F Coupon N/A
Class MF-1 AA2/AA FIX Accr 0.53100 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
****** TO CALL ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 17.00 HEP 19.00 HEP 21.00 HEP 25.00 HEP 27.00 HEP 29.00
ARMS CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28 7.108 7.123 7.118 7.113 7.103 7.098 7.094
99-28+ 7.104 7.120 7.115 7.110 7.099 7.094 7.090
99-29 7.101 7.117 7.112 7.106 7.095 7.090 7.086
99-29+ 7.097 7.114 7.109 7.103 7.092 7.086 7.082
99-30 7.094 7.112 7.106 7.100 7.088 7.082 7.077
99-30+ 7.090 7.109 7.103 7.097 7.084 7.078 7.073
99-31 7.087 7.106 7.100 7.093 7.081 7.075 7.069
99-31+ 7.083 7.103 7.097 7.090 7.077 7.071 7.065
100-00 7.080 7.100 7.094 7.087 7.073 7.067 7.061
100-00+ 7.076 7.098 7.091 7.084 7.070 7.063 7.057
100-01 7.073 7.095 7.088 7.080 7.066 7.059 7.053
100-01+ 7.069 7.092 7.085 7.077 7.062 7.055 7.049
100-02 7.066 7.089 7.082 7.074 7.058 7.051 7.045
100-02+ 7.063 7.087 7.079 7.071 7.055 7.047 7.041
100-03 7.059 7.084 7.076 7.067 7.051 7.043 7.036
Avg. Life 5.720 7.589 6.852 6.233 5.295 4.931 4.649
1st Pmt. 3.075 3.825 3.408 3.158 3.075 3.158 3.158
Last Pmt. 03/25/06 12/25/08 11/25/07 12/25/06 07/25/05 11/25/04 05/25/04
</TABLE>
Deal ID/CUSIP CWABS73F Coupon N/A
Class MF-2 A2/A FIX Accr 0.54600 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
****** TO MATURITY ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 17.00 HEP 19.00 HEP 21.00 HEP 25.00 HEP 27.00 HEP 29.00
ARMS CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28+ 7.309 7.325 7.320 7.315 7.304 7.299 7.295
99-29 7.306 7.322 7.317 7.311 7.301 7.295 7.291
99-29+ 7.303 7.319 7.314 7.308 7.297 7.292 7.287
99-30 7.299 7.317 7.311 7.305 7.293 7.288 7.283
99-30+ 7.296 7.314 7.308 7.302 7.290 7.284 7.279
99-31 7.292 7.311 7.305 7.299 7.286 7.280 7.275
99-31+ 7.289 7.308 7.302 7.295 7.283 7.276 7.271
100-00 7.286 7.306 7.299 7.292 7.279 7.273 7.267
100-00+ 7.282 7.303 7.296 7.289 7.275 7.269 7.263
100-01 7.279 7.300 7.293 7.286 7.272 7.265 7.259
100-01+ 7.275 7.297 7.290 7.283 7.268 7.261 7.255
100-02 7.272 7.295 7.287 7.280 7.264 7.257 7.251
100-02+ 7.269 7.292 7.284 7.276 7.261 7.254 7.247
100-03 7.265 7.289 7.281 7.273 7.257 7.250 7.243
100-03+ 7.262 7.286 7.278 7.270 7.254 7.246 7.239
Avg. Life 6.001 7.939 7.184 6.543 5.548 5.170 4.859
1st Pmt. 3.075 3.825 3.408 3.158 3.075 3.075 3.075
Last Pmt. 11.492 14.908 13.658 12.492 10.575 9.825 9.158
</TABLE>
Deal ID/CUSIP CWABS73F Coupon N/A
Class MF-2 A2/A FIX Accr 0.54600 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
****** TO CALL ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 17.00 HEP 19.00 HEP 21.00 HEP 25.00 HEP 27.00 HEP 29.00
ARMS CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28+ 7.307 7.323 7.318 7.312 7.301 7.296 7.291
99-29 7.303 7.320 7.315 7.309 7.298 7.292 7.287
99-29+ 7.300 7.318 7.312 7.306 7.294 7.288 7.283
99-30 7.296 7.315 7.309 7.302 7.290 7.284 7.279
99-30+ 7.293 7.312 7.306 7.299 7.287 7.280 7.275
99-31 7.289 7.309 7.303 7.296 7.283 7.276 7.271
99-31+ 7.286 7.306 7.300 7.293 7.279 7.272 7.266
100-00 7.282 7.303 7.296 7.289 7.275 7.268 7.262
100-00+ 7.279 7.301 7.293 7.286 7.272 7.264 7.258
100-01 7.275 7.298 7.290 7.283 7.268 7.261 7.254
100-01+ 7.272 7.295 7.287 7.280 7.264 7.257 7.250
100-02 7.268 7.292 7.284 7.276 7.260 7.253 7.246
100-02+ 7.265 7.289 7.281 7.273 7.257 7.249 7.242
100-03 7.261 7.287 7.278 7.270 7.253 7.245 7.237
100-03+ 7.258 7.284 7.275 7.266 7.249 7.241 7.233
Avg. Life 5.720 7.589 6.852 6.233 5.291 4.916 4.627
1st Pmt. 3.075 3.825 3.408 3.158 3.075 3.075 3.075
Last Pmt. 03/25/06 12/25/08 11/25/07 12/25/06 07/25/05 11/25/04 05/25/04
</TABLE>
Deal ID/CUSIP CWABS73F Coupon N/A
Class BF BAA2/BBB FIX Accr 0.56437 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
****** TO MATURITY ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 17.00 HEP 19.00 HEP 21.00 HEP 25.00 HEP 27.00 HEP 29.00
ARMS CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28+ 7.552 7.570 7.564 7.558 7.546 7.540 7.535
99-29 7.548 7.567 7.561 7.555 7.542 7.536 7.531
99-29+ 7.545 7.564 7.558 7.551 7.538 7.532 7.526
99-30 7.541 7.561 7.555 7.548 7.534 7.528 7.522
99-30+ 7.537 7.558 7.551 7.544 7.530 7.524 7.518
99-31 7.534 7.555 7.548 7.541 7.527 7.520 7.513
99-31+ 7.530 7.552 7.545 7.538 7.523 7.516 7.509
100-00 7.526 7.549 7.542 7.534 7.519 7.512 7.505
100-00+ 7.523 7.547 7.539 7.531 7.515 7.507 7.500
100-01 7.519 7.544 7.536 7.527 7.511 7.503 7.496
100-01+ 7.515 7.541 7.532 7.524 7.507 7.499 7.492
100-02 7.512 7.538 7.529 7.521 7.503 7.495 7.487
100-02+ 7.508 7.535 7.526 7.517 7.499 7.491 7.483
100-03 7.505 7.532 7.523 7.514 7.496 7.487 7.479
100-03+ 7.501 7.529 7.520 7.510 7.492 7.483 7.474
Avg. Life 5.455 7.249 6.544 5.952 5.043 4.701 4.414
1st Pmt. 3.075 3.825 3.408 3.158 3.075 3.075 3.075
Last Pmt. 9.158 12.075 10.992 9.992 8.408 7.825 7.242
</TABLE>
Deal ID/CUSIP CWABS73F Coupon N/A
Class BF BAA2/BBB FIX Accr 0.56437 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
****** TO CALL ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 17.00 HEP 19.00 HEP 21.00 HEP 25.00 HEP 27.00 HEP 29.00
ARMS CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00 CPR 28.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28+ 7.552 7.570 7.564 7.558 7.546 7.540 7.535
99-29 7.548 7.567 7.561 7.554 7.542 7.536 7.530
99-29+ 7.544 7.564 7.558 7.551 7.538 7.532 7.526
99-30 7.541 7.561 7.554 7.548 7.534 7.528 7.522
99-30+ 7.537 7.558 7.551 7.544 7.530 7.524 7.517
99-31 7.534 7.555 7.548 7.541 7.526 7.520 7.513
99-31+ 7.530 7.552 7.545 7.537 7.523 7.515 7.509
100-00 7.526 7.549 7.542 7.534 7.519 7.511 7.504
100-00+ 7.523 7.546 7.539 7.531 7.515 7.507 7.500
100-01 7.519 7.543 7.535 7.527 7.511 7.503 7.496
100-01+ 7.515 7.541 7.532 7.524 7.507 7.499 7.491
100-02 7.512 7.538 7.529 7.520 7.503 7.495 7.487
100-02+ 7.508 7.535 7.526 7.517 7.499 7.491 7.483
100-03 7.504 7.532 7.523 7.514 7.495 7.487 7.478
100-03+ 7.501 7.529 7.520 7.510 7.491 7.482 7.474
Avg. Life 5.441 7.231 6.526 5.935 5.031 4.686 4.401
1st Pmt. 3.075 3.825 3.408 3.158 3.075 3.075 3.075
Last Pmt. 03/25/06 12/25/08 11/25/07 12/25/06 07/25/05 11/25/04 05/25/04
</TABLE>
Deal ID/CUSIP CWABS73V Coupon N/A
Class AV-1 AAA/AAA FLT LIBOR-1M,Flr 0.> Accr 0.00000 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
****** TO CALL ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00
ARMS CPR 28.00 CPR 22.00 CPR 25.00 CPR 30.00 CPR 35.00 CPR 40.00 CPR 43.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28+ 25.217 24.071 24.624 25.642 26.872 28.433 29.471
99-29 24.471 23.489 23.962 24.835 25.889 27.227 28.117
99-29+ 23.725 22.907 23.302 24.029 24.907 26.022 26.763
99-30 22.980 22.325 22.641 23.222 23.925 24.817 25.410
99-30+ 22.234 21.744 21.980 22.416 22.943 23.612 24.057
99-31 21.489 21.162 21.320 21.611 21.962 22.408 22.704
99-31+ 20.745 20.581 20.660 20.805 20.981 21.204 21.352
100-00 20.000 20.000 20.000 20.000 20.000 20.000 20.000
100-00+ 19.256 19.419 19.340 19.195 19.019 18.797 18.648
100-01 18.511 18.838 18.681 18.390 18.039 17.594 17.297
100-01+ 17.768 18.258 18.021 17.586 17.059 16.391 15.946
100-02 17.024 17.677 17.362 16.781 16.080 15.189 14.596
100-02+ 16.280 17.097 16.703 15.977 15.100 13.987 13.246
100-03 15.537 16.517 16.045 15.174 14.121 12.785 11.896
100-03+ 14.794 15.937 15.386 14.370 13.142 11.584 10.547
Avg. Life 2.336 3.104 2.678 2.140 1.720 1.372 1.208
1st Pmt. 0.075 0.075 0.075 0.075 0.075 0.075 0.075
Last Pmt. 07/25/04 09/25/06 06/25/05 01/25/04 12/25/02 02/25/02 09/25/01
</TABLE>
Deal ID/CUSIP CWABS73V Coupon N/A
Class MV-1 AA2/AA FLT LIBOR-1M,Flr 0.3> Accr 0.00000 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
****** TO CALL ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00
ARMS CPR 28.00 CPR 22.00 CPR 25.00 CPR 30.00 CPR 35.00 CPR 40.00 CPR 43.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28+ 37.649 37.220 37.457 37.749 37.899 37.879 37.997
99-29 37.270 36.903 37.106 37.356 37.485 37.468 37.569
99-29+ 36.892 36.586 36.755 36.963 37.070 37.056 37.141
99-30 36.513 36.268 36.404 36.570 36.656 36.645 36.712
99-30+ 36.135 35.951 36.053 36.178 36.242 36.234 36.284
99-31 35.756 35.634 35.702 35.785 35.828 35.822 35.856
99-31+ 35.378 35.317 35.351 35.393 35.414 35.411 35.428
100-00 35.000 35.000 35.000 35.000 35.000 35.000 35.000
100-00+ 34.622 34.683 34.649 34.608 34.586 34.589 34.572
100-01 34.244 34.366 34.299 34.215 34.172 34.178 34.144
100-01+ 33.866 34.049 33.948 33.823 33.759 33.767 33.717
100-02 33.488 33.733 33.597 33.431 33.345 33.356 33.289
100-02+ 33.110 33.416 33.247 33.039 32.931 32.946 32.861
100-03 32.732 33.099 32.897 32.646 32.518 32.535 32.434
100-03+ 32.355 32.783 32.546 32.254 32.105 32.124 32.006
Avg. Life 4.750 5.915 5.214 4.535 4.242 4.262 4.070
1st Pmt. 3.325 3.075 3.242 3.325 3.575 3.742 3.992
Last Pmt. 07/25/04 09/25/06 06/25/05 01/25/04 12/25/02 02/25/02 09/25/01
</TABLE>
Deal ID/CUSIP CWABS73V Coupon * Cap 99.0 Flr 0.55
Class MV-2 A2/A FLT LIBOR-1M,Flr 0.55,> Accr 0.00000 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
****** TO CALL ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00
ARMS CPR 28.00 CPR 22.00 CPR 25.00 CPR 30.00 CPR 35.00 CPR 40.00 CPR 43.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28+ 57.701 57.236 57.484 57.828 58.082 58.229 58.260
99-29 57.315 56.917 57.129 57.424 57.641 57.767 57.794
99-29+ 56.929 56.597 56.774 57.020 57.201 57.306 57.328
99-30 56.543 56.277 56.419 56.616 56.761 56.844 56.863
99-30+ 56.157 55.958 56.064 56.212 56.320 56.383 56.397
99-31 55.771 55.639 55.709 55.808 55.880 55.922 55.931
99-31+ 55.386 55.319 55.355 55.404 55.440 55.461 55.466
100-00 55.000 55.000 55.000 55.000 55.000 55.000 55.000
100-00+ 54.614 54.681 54.645 54.596 54.560 54.539 54.535
100-01 54.229 54.362 54.291 54.193 54.120 54.078 54.069
100-01+ 53.844 54.043 53.936 53.789 53.680 53.617 53.604
100-02 53.458 53.724 53.582 53.386 53.241 53.157 53.139
100-02+ 53.073 53.405 53.227 52.982 52.801 52.696 52.674
100-03 52.688 53.086 52.873 52.579 52.361 52.236 52.208
100-03+ 52.303 52.767 52.519 52.176 51.922 51.775 51.744
Avg. Life 4.678 5.910 5.184 4.422 3.982 3.764 3.720
1st Pmt. 3.158 3.075 3.075 3.158 3.242 3.242 3.325
Last Pmt. 07/25/04 09/25/06 06/25/05 01/25/04 12/25/02 02/25/02 09/25/01
</TABLE>
Financial Strategies 08/18/97 02:09:52 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / DMrg Act/360 Incorporated
Deal ID/CUSIP CWABS73V Coupon N/A
Class BV BAA2/BBB FLT LIBOR-1M,Flr 0> Accr 0.00000 1st Pmt 09/25/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (8.912/9.412) LIBOR-1M 5.64453
WAM (Orig) (28.765) Mat N/A Settle 08/28/97
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
****** TO CALL ******
<TABLE>
<CAPTION>
FIXED HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00 HEP 23.00
ARMS CPR 28.00 CPR 22.00 CPR 25.00 CPR 30.00 CPR 35.00 CPR 40.00 CPR 43.00
<C> <S> <S> <S> <S> <S> <S> <S>
99-28+ 95.822 95.323 95.584 95.966 96.281 96.509 96.597
99-29 95.419 94.991 95.214 95.542 95.812 96.007 96.083
99-29+ 95.015 94.659 94.845 95.118 95.343 95.506 95.569
99-30 94.612 94.327 94.476 94.694 94.874 95.004 95.055
99-30+ 94.209 93.995 94.107 94.271 94.406 94.503 94.541
99-31 93.806 93.663 93.738 93.847 93.937 94.002 94.027
99-31+ 93.403 93.332 93.369 93.423 93.468 93.501 93.514
100-00 93.000 93.000 93.000 93.000 93.000 93.000 93.000
100-00+ 92.597 92.668 92.631 92.577 92.532 92.499 92.487
100-01 92.194 92.337 92.262 92.153 92.063 91.998 91.973
100-01+ 91.792 92.005 91.894 91.730 91.595 91.498 91.460
100-02 91.389 91.674 91.525 91.307 91.127 90.997 90.947
100-02+ 90.986 91.343 91.157 90.884 90.659 90.497 90.434
100-03 90.584 91.011 90.788 90.461 90.191 89.996 89.921
100-03+ 90.181 90.680 90.420 90.038 89.723 89.496 89.408
Avg. Life 4.485 5.702 4.997 4.222 3.741 3.456 3.357
Avg. Pmt. 3.075 3.075 3.075 3.075 3.075 3.075 3.075
Last Pmt. 07/25/04 09/25/06 06/25/05 01/25/04 12/25/02 02/25/02 09/25/01
</TABLE>
GROUP II AVAILABLE FUNDS CAP
The Adjustable Rate Certificates are subject to an available funds cap
= to the Group II New Pass-Thru Rate - Trustee Fee
<TABLE>
<CAPTION>
DATE COUPON
<C> <S>
09/97 8.585
10/97 8.585
11/97 8.585
12/97 8.585
01/98 8.649
02/98 8.843
03/98 9.025
04/98 9.025
05/98 9.025
06/98 9.025
07/98 9.090
08/98 9.283
09/98 9.466
10/98 9.466
11/98 9.466
12/98 9.466
01/99 9.472
02/99 9.535
03/99 9.607
04/99 9.607
05/99 9.607
06/99 9.607
07/99 9.697
08/99 10.198
09/99 10.666
10/99 10.666
11/99 10.666
12/99 10.666
01/00 10.743
02/00 11.084
03/00 11.398 and thereafter
</TABLE>
<TABLE>
<CAPTION>
- COUNTRYWIDE 1997-3
- Cut Off Date of Tape is 07/31/97
- Fixed Rate Loans
- $77,889,091.39
<C> <S>
Number of Mortgage Loans: 1,153
Lien Status: First Lien Loans
Aggregate Unpaid Principal Balance: $77,889,091.39
Aggregate Original Principal Balance: $77,987,188.00
Weighted Average Gross Coupon: 10.079%
Gross Coupon Range: 7.625% - 14.500%
Average Unpaid Principal Balance: $67,553.42
Average Original Principal Balance: $67,638.50
Maximum Unpaid Principal Balance: $489,739.24
Minimum Unpaid Principal Balance: $9,750.00
Maximum Original Principal Balance: $490,000.00
Minimum Original Principal Balance: $9,750.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 315.680
Stated Rem Term Range: 175.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru Date): 1.132
Age Range: 0.000 - 13.000
Weighted Average Original Term: 316.812
Original Term Range: 180.000 - 360.000
Weighted Average Original LTV: 68.348
Original LTV Range: 14.290% - 85.000%
ZIP Code Max Concentration per Zone: 1.09%
The Earliest First Payment Date: 06/01/96
The Latest Maturity Date: 08/01/27
</TABLE>
GROSS MORTGAGE INTEREST RATE RANGE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
<C> <S> <S> <S>
7.50% < Gross Coupon <= 7.75% 1 234,298.02 0.30
7.75% < Gross Coupon <= 8.00% 5 715,546.15 0.92
8.00% < Gross Coupon <= 8.25% 7 707,502.97 0.91
8.25% < Gross Coupon <= 8.50% 22 2,442,507.01 3.14
8.50% < Gross Coupon <= 8.75% 43 3,755,783.65 4.82
8.75% < Gross Coupon <= 9.00% 78 6,253,699.75 8.03
9.00% < Gross Coupon <= 9.25% 57 4,460,352.47 5.73
9.25% < Gross Coupon <= 9.50% 101 8,435,880.70 10.83
9.50% < Gross Coupon <= 9.75% 108 7,713,662.52 9.90
9.75% < Gross Coupon <= 10.00% 128 10,380,164.02 13.33
10.00% < Gross Coupon <= 10.25% 81 4,982,871.59 6.40
10.25% < Gross Coupon <= 10.50% 90 6,673,576.57 8.57
10.50% < Gross Coupon <= 10.75% 65 3,682,280.06 4.73
10.75% < Gross Coupon <= 11.00% 66 3,528,998.23 4.53
11.00% < Gross Coupon <= 11.25% 55 2,727,000.65 3.50
11.25% < Gross Coupon <= 11.50% 49 2,465,242.06 3.17
11.50% < Gross Coupon <= 11.75% 51 2,343,503.70 3.01
11.75% < Gross Coupon <= 12.00% 35 1,641,445.03 2.11
12.00% < Gross Coupon <= 12.25% 30 978,303.45 1.26
12.25% < Gross Coupon <= 12.50% 21 1,259,883.49 1.62
12.50% < Gross Coupon <= 12.75% 15 882,485.65 1.13
12.75% < Gross Coupon <= 13.00% 9 293,416.90 0.38
13.00% < Gross Coupon <= 13.25% 19 570,686.95 0.73
13.25% < Gross Coupon <= 13.50% 5 173,881.61 0.22
13.50% < Gross Coupon <= 13.75% 9 505,846.31 0.65
13.75% < Gross Coupon <= 14.00% 1 18,193.14 0.02
14.00% < Gross Coupon <= 14.25% 1 50,682.46 0.07
14.25% < Gross Coupon <= 14.50% 1 11,396.28 0.01
Total . . . . . . . . . . . . . . . . 1153 $ 77,889,091.39 100.00%
</TABLE>
REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
<C> <S> <S>
168 < Rem Term <= 180 367 18,688,151.26 23.99%
336 < Rem Term <= 348 1 172,363.42 0.22%
348 < Rem Term <= 360 785 59,028,576.71 75.79%
Total . . . . . . . . . . . . . . . . . . . . 1153 $ 77,889,091.39 100.00%
</TABLE>
LOAN SUMMARY STRATIFIED BY
LAST PAYMENT DATE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
<C> <S> <S> <S>
06/01/97 10 834,527.75 1.07
07/01/97 660 45,882,551.59 58.91
08/01/97 475 30,878,807.17 39.64
09/01/97 5 162,627.66 0.21
10/01/97 2 111,614.26 0.14
12/01/97 1 18,962.96 0.02
Total . . . . . . . . . . . . 1153 $ 77,889,091.39 100.00%
</TABLE>
ORIGINAL LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
<C> <S> <S> <S>
10.000 < LTV <= 15.000 1 15,000.00 0.02
15.000 < LTV <= 20.000 1 64,000.00 0.08
20.000 < LTV <= 25.000 9 217,650.41 0.28
25.000 < LTV <= 30.000 20 776,811.85 1.00
30.000 < LTV <= 35.000 16 746,145.32 0.96
35.000 < LTV <= 40.000 18 1,080,871.29 1.39
40.000 < LTV <= 45.000 38 1,785,312.35 2.29
45.000 < LTV <= 50.000 48 2,595,157.70 3.33
50.000 < LTV <= 55.000 62 3,271,648.68 4.20
55.000 < LTV <= 60.000 94 6,396,155.12 8.21
60.000 < LTV <= 65.000 125 7,483,333.05 9.61
65.000 < LTV <= 70.000 226 15,368,628.13 19.73
70.000 < LTV <= 75.000 271 19,826,277.28 25.45
75.000 < LTV <= 80.000 157 12,647,974.33 16.24
80.000 < LTV <= 85.000 67 5,614,125.88 7.21
Total . . . . . . . . . . . . . . . . . . 1153 $ 77,889,091.39 100.00%
</TABLE>
CURRENT MORTGAGE LOAN AMOUNTS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<C> <S> <S> <S> <S>
5,000 < Balance <= 10,000 2 19,729.01 0.03
10,000 < Balance <= 15,000 27 366,139.03 0.47
15,000 < Balance <= 20,000 47 854,258.22 1.10
20,000 < Balance <= 25,000 51 1,184,130.84 1.52
25,000 < Balance <= 30,000 76 2,125,536.26 2.73
30,000 < Balance <= 35,000 86 2,852,868.98 3.66
35,000 < Balance <= 40,000 77 2,918,857.15 3.75
40,000 < Balance <= 45,000 86 3,685,094.99 4.73
45,000 < Balance <= 50,000 89 4,273,343.76 5.49
50,000 < Balance <= 55,000 71 3,751,800.27 4.82
55,000 < Balance <= 60,000 85 4,934,915.86 6.34
60,000 < Balance <= 65,000 56 3,503,331.83 4.50
65,000 < Balance <= 70,000 55 3,725,482.77 4.78
70,000 < Balance <= 75,000 42 3,082,664.92 3.96
75,000 < Balance <= 80,000 24 1,864,904.90 2.39
80,000 < Balance <= 85,000 32 2,649,050.11 3.40
85,000 < Balance <= 90,000 37 3,246,673.21 4.17
90,000 < Balance <= 95,000 19 1,770,521.25 2.27
95,000 < Balance <= 100,000 18 1,768,478.30 2.27
100,000 < Balance <= 105,000 17 1,744,668.52 2.24
105,000 < Balance <= 110,000 9 969,764.33 1.25
110,000 < Balance <= 115,000 13 1,462,931.06 1.88
115,000 < Balance <= 120,000 14 1,636,029.77 2.10
120,000 < Balance <= 125,000 9 1,110,030.24 1.43
125,000 < Balance <= 130,000 7 895,864.75 1.15
130,000 < Balance <= 135,000 6 794,872.86 1.02
135,000 < Balance <= 140,000 7 965,259.43 1.24
140,000 < Balance <= 145,000 11 1,579,012.33 2.03
145,000 < Balance <= 150,000 8 1,190,640.40 1.53
150,000 < Balance <= 200,000 29 4,924,722.63 6.32
200,000 < Balance <= 250,000 16 3,582,305.04 4.60
250,000 < Balance <= 300,000 14 3,773,433.23 4.84
300,000 < Balance <= 350,000 9 2,930,108.80 3.76
350,000 < Balance <= 400,000 1 389,769.75 0.50
400,000 < Balance <= 450,000 1 415,000.00 0.53
450,000 < Balance <= 500,000 2 946,896.59 1.22
Total . . . . . . . . . . . . . . . . 1153 $ 77,889,091.39 100.00%
</TABLE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
<C> <S> <S> <S>
CA 121 11,927,509.49 15.31
FL 112 7,685,024.54 9.87
WA 47 4,643,601.22 5.96
OH 82 4,615,724.41 5.93
HI 24 4,256,036.08 5.46
LA 86 4,228,740.96 5.43
ID 55 3,613,342.46 4.64
MI 65 3,518,210.66 4.52
IN 64 3,181,149.68 4.08
AZ 38 2,651,003.14 3.40
UT 26 2,334,947.37 3.00
TN 43 2,430,992.49 3.12
TX 38 1,971,926.14 2.53
PA 47 1,937,145.34 2.49
CO 22 1,886,501.55 2.42
KY 39 1,831,978.85 2.35
MT 20 1,830,471.96 2.35
OR 17 1,416,842.14 1.82
MS 27 1,222,029.18 1.57
GA 19 1,187,419.03 1.52
Other* 161 9,518,494.70 12.22
Total 1,153 77,889,091.39 100.00%
</TABLE>
* OTHER INCLUDES 30 STATES WHICH HAVE A CONCENTRATION OF LESS THAN 2.%
MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
<C> <S> <S> <S>
Single-family 1004 65,741,346.32 84.40
Low-Rise Condo 33 2,181,360.46 2.80
PUD 44 5,366,728.76 6.89
High-Rise Condo 1 38,500.00 0.05
2-4 Family 70 4,421,270.65 5.68
Apartment 5+ Units 1 139,885.20 0.18
Total 1153 $ 77,889,091.39 100.00%
</TABLE>
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
<TABLE>
<CAPTION>
Percentage of
Number of Aggregate Cut-Off Date
Mortgage Unpaid Aggregate
Loans Principal Principal
Balance Balance
<C> <S> <S> <S>
Purchase 184 11,183,755.35 14.36
Refinance/No ETO 196 16,061,838.59 20.62
Refinance/ETO 773 50,643,497.45 65.02
Total . . . . . . . . . . . . . . . 1153 $ 77,889,091.39 100.00%
</TABLE>
DISTRIBUTION OF PREPAYMENT PENALTIES ON MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Prepay Mortgage Principal Principal
Penalty Loans Balance Balance
<C> <S> <S> <S>
N 268 15,038,757.77 19.31
Y 885 62,850,333.62 80.69
Total . . . . . . . . 1153 $ 77,889,091.39 100.00%
</TABLE>
<TABLE>
<CAPTION>
- COUNTRYWIDE
- Cut Off Date of Tape is 07/31/97
- ARM LOANS
- $147,696,605.73
<C> <S>
Number of Mortgage Loans: 1,441
Index: 6 Month LIBOR
Lien Status: First Lien Loans
Aggregate Unpaid Principal Balance: $147,696,605.73
Aggregate Original Principal Balance: $147,739,186.80
Weighted Average Coupon (Gross): 9.105%
Gross Coupon Range: 6.250% - 13.500%
Weighted Average Margin (Gross): 6.067%
Gross Margin Range: 4.500% - 8.875%
Weighted Average Life Cap (Gross): 16.105%
Gross Life Cap Range: 13.250% - 20.500%
Weighted Average Life Floor (Gross): 9.100%
Gross Life Floor Range: 5.750% - 13.500%
Average Unpaid Principal Balance: $102,495.91
Average Original Principal Balance: $102,525.46
Maximum Unpaid Principal Balance: $600,000.00
Minimum Unpaid Principal Balance: $6,500.00
Maximum Original Principal Balance: $600,000.00
Minimum Original Principal Balance: $6,500.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 358.625
Stated Rem Term Range: 179.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.245
Age Range: 0.000 - 3.000
Weighted Average Original Term: 358.870
Original Term Range: 180.000 - 360.000
Weighted Average Original LTV: 72.201
Original LTV Range: 19.440% - 90.000%
Weighted Average Periodic Interest Cap: 1.500%
Periodic Interest Cap Range: 1.500% - 1.500%
Weighted Average Months to Interest Roll: 18.041
Months to Interest Roll Range*: 4 - 25
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
ZIP Code Max Concentration per zone: 0.72%
Percent of loans rolling every 6 months: 29.40%
Percent of loans rolling 2/28: 70.60%
The Earliest First Payment Date: 07/01/97
The Latest Maturity Date: 09/01/27
* Months to roll calculated from 8/1/97 thru the next interest roll date.
</TABLE>
<TABLE>
<CAPTION>
INDEX TYPE
WA WA WA WA Total
# % Rem WA Life Life Months to WA Current
Index Type Loan Pool WAC Term Age Cap Floor INTROLL Margin Balance
<C> <S> <S> <S> <S> <S> <S> <S> <S> <S> <S>
2/28 1,093 70.60 9.470 359.78 .22 16.47 9.47 23.36 6.16 104,278,515.83
6 MOS 348 29.40 8.226 355.86 .30 15.23 8.22 5.27 5.85 43,418,089.90
Total . . . 1,441 100.00% 9.105 358.62 .25 16.10 9.10 18.04 6.07 $147,696,605.73
</TABLE>
<TABLE>
<CAPTION>
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
<C> <S> <S> <S>
13.000 < LIFE CAP <= 13.500 11 1,607,328.39 1.09
13.500 < LIFE CAP <= 14.000 26 2,977,509.56 2.02
14.000 < LIFE CAP <= 14.500 50 7,100,073.89 4.81
14.500 < LIFE CAP <= 15.000 109 15,275,107.70 10.34
15.000 < LIFE CAP <= 15.500 181 22,174,935,53 15.01
15.500 < LIFE CAP <= 16.000 218 22,347,565.83 15.13
16.000 < LIFE CAP <= 16.500 233 23,168,762,35 15.69
16.500 < LIFE CAP <= 17.000 270 25,441,954.13 17.23
17.000 < LIFE CAP <= 17.500 155 13,476,879.17 9.12
17.500 < LIFE CAP <= 18.000 105 8,432,314.69 5.71
18.000 < LIFE CAP <= 18.500 52 3,111,264.83 2.11
18.500 < LIFE CAP <= 19.000 24 2,039,900.75 1.38
19.000 < LIFE CAP <= 19.500 10 406,808.91 0.28
19.500 < LIFE CAP <= 20.000 1 62,400.00 0.04
20.000 < LIFE CAP <= 20.500 1 73,800.00 0.05
Total . . . . . . . . . . . . . . . . . 1441 $147,696,605.73 100.00%
</TABLE>
<TABLE>
<CAPTION>
LOAN SUMMARY STRATIFIED BY
LIFE FLOOR
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Grosss Mortgage Principal Principal
Life Cap Loans Balance Balance
<C> <S> <S> <S>
5.500 < Life Floor <= 6.000 2 145,000.00 0.10
6.000 < Life Floor <= 6.500 13 1,697,569.43 1.15
6.500 < Life Floor <= 7.000 26 2,977,509.56 2.02
7.000 < Life Floor <= 7.500 50 7,100,073.89 4.81
7.500 < Life Floor <= 8.000 109 15,275,107.70 10.34
8.000 < Life Floor <= 8.500 179 21,996.935.53 14.89
8.500 < Life Floor <= 9.000 213 22,347,565.83 15.13
9.000 < Life Floor <= 9.500 233 23,168,762.35 15.69
9.500 < Life Floor <= 10.000 268 25,384,713.09 17.19
10.000 < Life Floor <= 10.500 155 13,476,879.17 9.12
10.500 < Life Floor <= 11.000 105 8,432,312,69 5.71
11.000 < Life Floor <= 11.500 52 3,111,264.83 2.11
11.500 < Life Floor <= 12.000 24 2,039,900.75 1.38
12.000 < Life Floor <= 12.500 10 406,808.91 0.28
12.500 < Life Floor <= 13.000 1 62,400.00 0.04
13.000 < Life Floor <= 13.500 1 73,800.00 0.05
Total . . . . . . . . . . . . . . . . 1441 $147,696,605.73 100.00%
</TABLE>
<TABLE>
<CAPTION>
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
GROSS MORTGAGE INTEREST RATE RANGE Mortgage Principal Principal
Loans Balance Balance
<S> <C> <C>
6.00% < Gross Coupon <= 6.50% 11 1,607,328.39 1.09
6.50% < Gross Coupon <= 7.00% 26 2,977,509.56 2.02
7.00% < Gross Coupon <= 7.50% 50 7,100,073.89 4.81
7.50% < Gross Coupon <= 7.75% 49 6,5000,944.47 4.40
7.75% < Gross Coupon <= 8.00% 60 8,774,163.23 5.94
8.00% < Gross Coupon <= 8.25% 84 10,642.401. 7.21
99
8.25% < Gross Coupon <= 8.50% 97 11.532, 7.81
533.54
8.50% < Gross Coupon <= 8.75% 102 10,079.991. 6.82
45
8.75% < Gross Coupon <= 9.00% 11 12,267,574.38 8.31
9.00% < Gross Coupon <= 9.25% 122 11,784,779.28 7.98
9.25% < Gross Coupon <= 9.50% 111 11,383,983.07 7.71
9.50% < Gross Coupon <= 9.75% 158 15,611,277.53 10.57
9.75% < Gross Coupon <= 10.00% 112 9,830,676.60 6.66
10.00% < Gross Coupon <= 10.25% 78 6,895,598.14 4.67
10.25% < Gross Coupon <= 10.50% 77 6,581,281.03 4.46
10.50% < Gross Coupon <= 10.75% 53 5,005,927.07 3.39
10.75% < Gross Coupon <= 11.00% 52 3,426,387.62 2.32
11.00% < Gross Coupon <= 11.25% 29 1,753,277.86 1.19
11.25% < Gross Coupon <= 11.50% 23 1,358,036.97 0.92
11.50% < Gross Coupon <= 11.75% 11 1,014,266.44 0.69
11.75% < Gross Coupon <= 12.00% 13 1,025,634.31 0.69
12.00% < Gross Coupon <= 12.25% 4 175,782.67 0.12
12.25% < Gross Coupon <= 12.50% 6 231,026.24 0.16
12.50% < Gross Coupon <= 12.75% 1 62,400.00 0.04
13.25% < Gross Coupon <= 13.50% 1 73,800.00 0.05
1441 $147,696,605.73 100.00%
Total . . . . . . . . . . . . . . . . .
</TABLE>
<TABLE>
<CAPTION>
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
<C> <S> <S> <S>
168 < Rem Term <= 180 14 927,133.34 0.63%
348 < Rem Term <= 360 1,427 146,769,472.39 99.37%
Total . . . . . . . . . . . . . 1,441 147,696,605.73 100.00%
</TABLE>
<TABLE>
<CAPTION>
LOAN SUMMARY STRATIFIED BY
PAID THRU DATE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
<C> <S> <S> <S>
06/01/97 1 48,300.00 0.03
07/01/97 592 62,754,963.62 42.49
08/01/97 843 84,488,219.14 57.20
09/01/97 5 405,122.97 0.27
Total . . . . . . . . . . . . . 1,441 147,696,605.73 100.00%
</TABLE>
ORIGINAL LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-to-Value Mortgage Principal Principal
Ratio Loans Balance Balance
<C> <S> <S> <S>
15.000 < LTV <= 20.000 1 48,800.00 0.03
20.000 < LTV <= 25.000 2 51,365.14 0.03
25.000 < LTV <= 30.000 10 499,500.00 0.34
30.000 < LTV <= 35.000 10 602,051.87 0.41
35.000 < LTV <= 40.000 11 804,043.47 0.54
40.000 < LTV <= 45.000 17 1,578,202.06 1.07
45.000 < LTV <= 50.000 42 3,577,115.84 2.42
50.000 < LTV <= 55.000 45 4,861,645.30 3.29
55.000 < LTV <= 60.000 71 6,082,082.71 4.12
60.000 < LTV <= 65.000 120 11,566,800.52 7.83
65.000 < LTV <= 70.000 264 22,665,615.25 15.35
70.000 < LTV <= 75.000 385 42,379,781.20 28.69
75.000 < LTV <= 80.000 364 40,652,255.53 27.52
80.000 < LTV <= 85.000 75 8,805,010.80 5.96
85.000 < LTV <= 90.000 24 3,522,336.04 2.38
Total . . . . . . . . . . . . . . . 1441 $147,696,605.73 100.00%
</TABLE>
DISTRIBUTION OF
MARGINS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
<C> <S> <S> <S>
4.000 < Margin <= 4.500 1 32,150.00 0.02
4.500 < Margin <= 5.000 49 6,345,513.40 4.30
5.000 < Margin <= 5.500 271 29,303,734.45 19.84
5.500 < Margin <= 6.000 512 53,617,977.05 36.30
6.000 < Margin <= 6.500 310 31,873,899.75 21.58
6.500 < Margin <= 7.000 173 16,875,376.55 11.43
7.000 < Margin <= 7.500 86 6,894,825.70 4.67
7.500 < Margin <= 8.000 33 2,132,679.04 1.44
8.000 < Margin <= 8.500 5 558,049.79 0.38
8.500 < Margin <= 9.000 1 62,400.00 0.04
Total . . . . . . . . . . . . . . . 1,441 $147,696,605.73 100.00%
</TABLE>
6M LIBOR ADJUSTING 2/28
NEXT INTEREST ROLLDATE DATE
<TABLE>
<CAPTION> Percentage of
Aggregate Cut-Off Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
<C> <S> <S> <S>
06/01/99 97 $8,874,723.21 08.51
07/01/99 523 $49,329,646.02 47.31
08/01/99 471 $45,913,196.60 44.03
09/01/99 2 $160,950.00 00.15
Total . . . . . . . . . . . . . . . 1093 $104,278,515.83 100.00%
</TABLE>
6M LIBOR ADJUSTING 6 M
NEXT INTEREST ROLLDATE DATE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Next Number of Unpaid Aggregate
Roll Mortgage Principal Principal
Date Loans Balance Balance
<C> <S> <S> <S>
12/01/97 55 $6,336,523.52 14.59
01/01/98 158 $19,068,937.38 43.92
02/01/98 135 $18,012,629.00 41.49
Total . . . . . . . . . . . . . . . 348 $43,418,089.90 100.00%
</TABLE>
CURRENT MORTGAGE LOAN AMOUNTS
<TABLE>
<CAPTION>
Aggregate Percentage of
Current Number of Unpaid Cut-Off Date
Mortgage Loan Mortgage Principal Aggregate Principal
Principal Balance Loans Balance Balance
<C> <S> <S> <S> <S>
5,000 < Balance <= 10,000 1 6,500.00 0.00
10,000 < Balance <= 15,000 6 74,039.63 0.05
15,000 < Balance <= 20,000 16 293,156.24 0.20
20,000 < Balance <= 25,000 23 526,016.07 0.36
25,000 < Balance <= 30,000 40 1,133,495.16 0.77
30,000 < Balance <= 35,000 36 1,196,171.35 0.81
35,000 < Balance <= 40,000 53 2,029,392.54 1.37
40,000 < Balance <= 45,000 56 2,388,307.73 1.62
45,000 < Balance <= 50,000 67 3,196,310.69 2.16
50,000 < Balance <= 55,000 75 3,948,040.62 2.67
55,000 < Balance <= 60,000 76 4,399,342.44 2.98
60,000 < Balance <= 65,000 76 4,795,774.17 3.25
65,000 < Balance <= 70,000 79 5,348,285.96 3.62
70,000 < Balance <= 75,000 48 3,493,487.51 2.37
75,000 < Balance <= 80,000 52 4,027,780.69 2.73
80,000 < Balance <= 85,000 52 4,310,166.55 2.92
85,000 < Balance <= 90,000 47 4,119,939.45 2.79
90,000 < Balance <= 95,000 39 3,610,642.74 2.44
95,000 < Balance <= 100,000 66 6,470,660.07 4.38
100,000 < Balance <= 105,000 53 5,464,426.02 3.70
105,000 < Balance <= 110,000 38 4,088,647.60 2.77
110,000 < Balance <= 115,000 31 3,499,065.58 2.37
115,000 < Balance <= 120,000 38 4,475,294.57 3.03
120,000 < Balance <= 125,000 32 3,937,805.63 2.67
125,000 < Balance <= 130,000 15 1,912,438.21 1.29
130,000 < Balance <= 135,000 21 2,792,517.39 1.89
135,000 < Balance <= 140,000 24 3,317,240.52 2.25
140,000 < Balance <= 145,000 15 2,146,843.55 1.45
145,000 < Balance <= 150,000 27 3,997,669.93 2.71
150,000 < Balance <= 200,000 109 19,014,957.31 12.87
200,000 < Balance <= 250,000 55 12,391,478.22 8.39
250,000 < Balance <= 300,000 31 8,581,353.33 5.81
300,000 < Balance <= 350,000 29 9,447,784.03 6.40
350,000 < Balance <= 400,000 3 1,120,000.00 0.76
400,000 < Balance <= 450,000 2 843,750.00 0.57
450,000 < Balance <= 500,000 5 2,450,672.56 1.66
500,000 < Balance <= 550,000 1 518,500.00 0.35
550,000 < Balance <= 600,000 4 2,328,651.67 1.58
Total . . . . . . . . . 1441 $147,696,605.73 100.00%
</TABLE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percent of
Cut-Off Date Aggregate
Number of Aggregate Unpaid
Mortgage Percent of Pricipal Principal
State Loans Loan Count Balance Balance
<C> <S> <S> <S> <S>
CA 170 11.80 19.99 29,530,575.04
WI 117 8.12 6.46 9,542,822.27
FL 87 6.04 5.19 7,672,071.16
CO 57 3.96 4.80 7,092,930.71
ID 65 4.51 4.75 7,016,002.11
TX 80 5.55 4.65 6,868,456.47
OH 88 6.11 4.69 6,580,591.11
WA 55 3.82 4.46 5,362,571.45
PA 79 5.48 3.63 4,912,769.09
MI 56 3.89 3.33 4,912,769.09
UT 42 2.91 3.29 4,865,238.13
IL 47 3.26 3.09 4,570,479.52
MA 31 2.15 2.79 4,126,870.32
MO 61 4.23 2.41 3,552,337.83
NC 37 2.57 2.24 3,310,219.74
OR 29 2.01 2.24 3,311,000.69
NM 22 1.53 1.98 2,924,736.45
NJ 27 1.87 1.94 2,869,028.57
AZ 26 1.80 1.94 2,860,383.21
IN 38 2.64 1.84 2,721,262.24
Other* 237 15.75 14.27 21,067,320.13
Total . . . . . . . . . . . . . . 1,441 100.00 100.00 147,696,605.73
</TABLE>
*OTHER INCLUDES 30 STATES WHICH HAVE A CONCENTRATION OF LESS THAN 2.0%.
MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
<C> <S> <S> <S>
Single-Family 1222 122,526,165.02 82.96
Low-Rise Condo 63 5,848,642.98 3.96
PUD 84 13,562,849.97 9.18
High-Rise Condo 5 272,104.78 0.18
2-4 Family 67 5,486,842.98 3.71
Total . . . . . . . . . . . . . . . . 1441 $147,696,605.73 100.00%
</TABLE>
LOAN SUMMARY STRATIFIED BY LOAN PURPOSE
<TABLE>
<CAPTION>
Percent of Cut-Off Date
Number of Mortgage Aggregate Unpaid Aggregate Principal
Loans Principal Balance Balance
<C> <S> <S> <S>
Purchase 507 51,820,147.97 35.09
Refinance/No ETO 215 24,849,818.80 16.82
Refinance/ETO 719 71,026,638.96 48.09
Total . . . . . . . . . . . . . . . 1441 $147,696,605.73 100.00%
</TABLE>
DISTRIBUTION OF PREPAYMENT PENALTIES ON MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percent of Cut-Off Date
Number of Aggregate Unpaid Aggregate Principal
Prepay Penalty Mortgage Loans Principal Balance Balance
<C> <S> <S> <S>
N 720 75,568,944.03 51.16
Y 721 72,127,661.70 48.84
Total . . . . . . . . . . . . . . . . 1441 $147,696,605.73 100.00%
</TABLE>
