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Previous: PINNACLE BANCSHARES INC, DEF 14A, 1997-04-30 |
Next: CONSOLIDATED FREIGHTWAYS CORP, DEF 14A, 1997-04-30 |
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) April 15, 1997.
OMI Trust 1996-B
(Exact name of registrant as specified in charter)
Pennsylvania 33-99320 23-2855625
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o PNC Bank, National Association
Corporate Trust Department
Attention: Constantine Hromych
1700 Market Street
Philadelphia, Pennsylvania 19103
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 585-8738
-------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<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) April 15, 1997.
OMI Trust 1996-B
(Exact name of registrant as specified in charter)
Pennsylvania 33-99320 23-2855625
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o PNC Bank, National Association
Corporate Trust Department
Attention: Constantine Hromych
1700 Market Street
Philadelphia, Pennsylvania 19103
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 585-8738
-------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
OMI TRUST 1996-B
FORM 8-K
ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not Applicable.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not Applicable.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not Applicable.
ITEM 5. OTHER EVENTS.
OMI Trust 1996-B (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1996-B (the "Certificates"), makes monthly distributions
to holders of the Certificates. The latest distribution was made on April 15,
1997. Oakwood Acceptance Corporation, as Servicer for the Trust, has prepared a
monthly Remittance Report and delivered it to the Trustee.
Remittance Report. . . . . . . . . . . . .Exhibit 20.1
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not Applicable.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibits
20.1 Monthly Remittance Report relating to the Distribution
Date occurring on April 15, 1997.
ITEM 8. CHANGE IN FISCAL YEAR.
Not Applicable.
<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 thereunto duly authorized.
OMI TRUST 1996-B, Registrant
By: Oakwood Acceptance Corporation,
as servicer
April 25, 1997
Douglas R. Muir
Vice President
<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 thereunto duly authorized.
OMI TRUST 1996-B, Registrant
By: Oakwood Acceptance Corporation,
as servicer
April 25, 1997 /s/ DOUGLAS R. MUIR
-------------------
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
<S> <C> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on April 15, 1997............................................................. 5-10
</TABLE>
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
<S> <C> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on April 15, 1997.................................................................
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B REPORT DATE: APRIL 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #9
REMITTANCE REPORT
REPORTING MONTH: MARCH 31, 1997 Page 1 of 6
Scheduled Principal Balance of Contracts
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
203,392,542.63 (533,422.98) (466,956.88) (665,972.55) 0.00 201,726,190.22
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for
Interest Fee Interest Proceeds Fund Draw Distribution
- --------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C>
1,890,314.44 169,493.79 1,720,820.65 474,137.04 0.00 3,364,831.34
==========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Mezzanine Reserve Fund as of Cutoff Date
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Investment Balance Before Reserve Reserve
Balance Deposits Distrib. Interest Current Distribution Fund Draw Fund Deposit
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
432,884.12 0.00 -1,559.12 1,744.92 433,069.92 0.00 0.00
====================================================================================================================================
Reserve Fund Required Balance
--------------------------------------
Balance After Before Current After Current
Current Distribution Excess Distribution Distribution
- ---------------------------------------------- --------------------------------------
<C> <C> <C> <C>
433,069.92 1,744.92 431,325.00 431,325.00
============================================== ======================================
</TABLE>
<TABLE>
<CAPTION>
Class B-1 Reserve Fund as of Cutoff Date
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Investment Balance Before Reserve
Balance Deposits Distrib. Interest Current Distribution Fund Draw
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
324,663.34 0.00 -1,169.34 1,308.69 324,802.69 0.00
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Reserve Fund Required Balance
--------------------------------------
Reserve Balance After Before Current After Current
Fund Deposit Current Distribution Excess Distribution Distribution
- ------------------------------------------------------------------ --------------------------------------
<C> <C> <C> <C> <C>
0.00 324,802.69 1,308.69 323,494.00 323,494.00
================================================================== ======================================
</TABLE>
<TABLE>
<CAPTION>
Class B-2 Reserve Fund as of Cutoff Date
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Investment Balance Before Reserve
Balance Deposits Distrib. Interest Current Distribution Fund Draw
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
216,441.47 0.00 -779.47 872.46 216,534.46 0.00
================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Reserve Fund Required Balance
--------------------------------------
Reserve Balance After Before Current After Current
Fund Deposit Current Distribution Excess Distribution Distribution
- ------------------------------------------------------------------- --------------------------------------
<S> <C> <C> <C> <C>
0.00 216,534.46 872.46 215,662.00 215,662.00
=================================================================== ======================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
641,369.22 1,695,921.64 1,980,785.01 (3,441,787.35) 2,569.04 878,857.56
=================================================================================================================================
</TABLE>
P&I Advances at Distribution Date
- --------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------------
2,076,171.04 2,019,723.89 1,293,228.12 1,349,675.27
================================================================================
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: APRIL 6, 1997
REMITTANCE REPORT POOL REPORT #9
REPORTING MONTH: MARCH 31, 1997
Page 2 of 6
Class B Crossover Test Test Met?
- ----------------------------------------------------------------- ---------------
<S> <C>
(a) Remittance date on or after January 2001 N
(b) Average 60 day Delinquency rate less than or equal to 5% Y
(c) Average 30 day Delinquency rate less than or equal to 7% Y
(d) Cumulative losses do not exceed the following
percent of the initial principal balance of all Certificates
Average 30 day delinquency ratio:
Aug. 1996 -Aug. 1997 4% N
Jan 2001 -Aug. 2002 7% N
Aug. 2002 - Jan. 2003 8% N
Jan, 2003 - 9% N
(e) Current realized loss ratio less than or equal to 2.75% Y
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
(f) Are class B principal balances plus Accelerated
Principal Distributions greater than or equal to 22.750%
of stated scheduled pool balance
Beginning B-1 balance 16,983,002.06
Beginning B-2 balance 10,614,543.63
Beginning Accelerated Principal Distribution 438,749.31
--------------------
28,036,295.00
Divided by beginning pool
balance 203,392,542.63
--------------------
13.784% N
====================
</TABLE>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 5,968,141.52 201,726,190.22 2.96%
1st Preceding Mo 5,768,377.23 203,392,542.63 2.84%
2nd Preceding Mo 5,933,757.11 205,060,874.50 2.89%
Divided by 3
-------------
2.90%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 9,092,747.24 201,726,190.22 4.51%
1st Preceding Mo 8,748,189.69 203,392,542.63 4.30%
2nd Preceding Mo 9,062,821.51 205,060,874.50 4.42%
Divided by 3
-------------
4.41%
=============
Cumulative loss ratio:
Cumulative losses 680,168.90
------------------------
Divided by Initial Certificate Principal 215,662,295.00 0.315%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 191,835.51 203,392,542.63
1st Preceding Mo 146,464.19 205,060,874.50
2nd Preceding Mo 154,750.64 206,684,145.23
0.965%
=============
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: APRIL 6, 1997
REMITTANCE REPORT POOL REPORT #9
REPORTING MONTH: MARCH 31, 1997 Page 3 of 6
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over
No. of Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 7,408 198,906,456.35 115 3,030,697.97 42 1,193,672.16 62 2,078,950.74
Repos 90 2,819,733.87 4 93,907.75 13 319,481.66 72 2,376,036.96
--------------------------------------------------------------------------------------------------------------
Total 7,498 201,726,190.22 119 3,124,605.72 55 1,513,153.82 134 4,454,987.70
==============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 219 6,303,320.87 90 2,819,733.87 -1 (40,619.68) 26 715,402.40 198 5,249,217.80
Repos 89 2,789,426.37
---------------------------
Total 308 9,092,747.24
===========================
4.1% 4.51%
===============================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: APRIL 6, 1997
REMITTANCE REPORT POOL REPORT #9
REPORTING MONTH: MARCH 31, 1997
Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
001624-6 FLOWERS 11,191.92 1,500.00 0.00 12,691.92 0.00 12,691.92
086975-0 HENDLEY 23,906.85 21,900.00 2,458.80 24,358.80 1,957.00 22,401.80
088365-2 GOFF 25,857.39 28,700.00 0.00 28,700.00 1,048.94 27,651.06
088519-4 MILES 13,017.05 4,320.00 509.07 4,829.07 1,345.00 3,484.07
088580-6 RAMIREZ 28,880.21 28,900.00 180.22 29,080.22 1,784.70 27,295.52
088626-7 ROBERTSON 28,313.50 22,250.00 216.93 22,466.93 6,431.96 16,034.97
089629-0 BROOKS 10,603.77 1,000.00 650.73 1,650.73 0.00 1,650.73
089765-2 BRAGG 19,030.61 17,600.00 123.26 17,723.26 1,978.00 15,745.26
089839-5 GOODYEAR 11,216.81 3,000.00 59.93 3,059.93 0.00 3,059.93
090759-2 SEGURA 28,794.95 25,900.00 2,843.01 28,743.01 1,802.00 26,941.01
090821-0 SAVIC 19,838.41 19,500.00 1,825.18 21,325.18 4,743.46 16,581.72
090847-5 KEY 29,271.65 27,500.00 1,430.48 28,930.48 2,685.00 26,245.48
090862-4 JUSTICE 29,665.60 26,900.00 1,585.60 28,485.60 1,207.00 27,278.60
090876-4 LEONARD 15,280.77 5,050.00 47.78 5,097.78 100.00 4,997.78
090884-8 THOMAS 34,064.73 21,900.00 616.41 22,516.41 4,020.28 18,496.13
091004-2 WALDEN 30,428.99 32,500.00 149.24 32,649.24 3,415.00 29,234.24
092081-9 TAUTENHAHN 18,574.20 10,500.00 1,643.02 12,143.02 1,671.00 10,472.02
092973-7 SYLVAIN 25,069.73 22,950.00 1,775.31 24,725.31 4,808.58 19,916.73
093605-4 QUITADA 17,155.02 17,700.00 0.00 17,700.00 2,291.00 15,409.00
093765-6 MICHAEL 26,404.30 22,900.00 1,483.96 24,383.96 3,505.00 20,878.96
093867-0 BOUTWELL 33,759.21 28,500.00 2,541.15 31,041.15 3,680.00 27,361.15
093904-1 CARNEAL 30,321.69 26,500.00 1,885.93 28,385.93 1,495.00 26,890.93
093978-5 WIDNER 23,063.63 20,900.00 691.78 21,591.78 4,013.00 17,578.78
094021-3 DUERSON 15,901.55 10,088.68 196.91 10,285.59 3,064.66 7,220.93
094203-7 MCCARTY 32,473.28 29,700.00 1,050.03 30,750.03 1,090.00 29,660.03
094345-6 FLORES 30,061.52 29,500.00 184.89 29,684.89 2030.00 27,654.89
086533-7 RAMEY 25,533.71 22,250.00 2,194.21 24,444.21 3795.61 20,648.60
087946-0 PERRIGO 28,291.50 27,700.00 1,238.08 28,938.08 3873.81 25,064.27
=======================================================================================================
665,972.55 557,608.68 27,581.91 596,382.51 67,836.00 528,546.51
=======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Net Current
Account Customer Unrecov. Pass Thru Period Net Cumulative
Number Name Advances Proceeds Gain/(Loss) Gain/(Loss)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
001624-6 FLOWERS 1,485.90 11,206.02 14.10
086975-0 HENDLEY 1,830.84 20,570.96 (3,335.89)
088365-2 GOFF 1,267.90 26,383.16 525.77
088519-4 MILES 2,085.28 1,398.79 (11,618.26)
088580-6 RAMIREZ 2,416.96 24,878.56 (4,001.65)
088626-7 ROBERTSON 2,721.12 13,313.85 (14,999.65)
089629-0 BROOKS 1,385.55 265.18 (10,338.59)
089765-2 BRAGG 1,500.06 14,245.20 (4,785.41)
089839-5 GOODYEAR 1,522.14 1,537.79 (9,679.02)
090759-2 SEGURA 1,959.66 24,981.35 (3,813.60)
090821-0 SAVIC 2,100.32 14,481.40 (5,357.01)
090847-5 KEY 2,245.04 24,000.44 (5,271.21)
090862-4 JUSTICE 1,806.55 25,472.05 (4,193.55)
090876-4 LEONARD 1,203.15 3,794.63 (11,486.14)
090884-8 THOMAS 2,694.86 15,801.27 (18,263.46)
091004-2 WALDEN 2,417.95 26,816.29 (3,612.70)
092081-9 TAUTENHAHN 2,883.66 7,588.36 (10,985.84)
092973-7 SYLVAIN 1,811.05 18,105.68 (6,964.05)
093605-4 QUITADA 2,380.49 13,028.51 (4,126.51)
093765-6 MICHAEL 1,488.80 19,390.16 (7,014.14)
093867-0 BOUTWELL 2,583.35 24,777.80 (8,981.41)
093904-1 CARNEAL 2,057.58 24,833.35 (5,488.34)
093978-5 WIDNER 1,462.70 16,116.08 (6,947.55)
094021-3 DUERSON 1,509.36 5,711.57 (10,189.98)
094203-7 MCCARTY 1,693.10 27,966.93 (4,506.35)
094345-6 FLORES 1,827.30 25,827.59 (4,233.93)
086533-7 RAMEY 1,739.04 18,909.56 (6,624.15)
087946-0 PERRIGO 2,329.76 22,734.51 (5,556.99)
=================================================================
54,409.47 474,137.04 (191,835.51) (680,168.90)
=================================================================
0.00
================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: APRIL 6, 1997
REMITTANCE REPORT POOL REPORT #9
REPORTING MONTH: MARCH 31, 1997
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Current Accelerated
Cert. Certificate Certificate Principal Principal
Class Balances Balances Payable Distribution
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 45,290,000.00 33,020,247.61 (1,666,352.41) 0.00
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 35,585,000.00 35,585,000.00 0.00 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 32,350,000.00 32,350,000.00 0.00 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 22,642,000.00 22,642,000.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
A-5 32,350,000.00 32,350,000.00 0.00 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00
A-6 19,409,000.00 19,409,000.00 0.00 0.00
A-6 Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 17,253,000.00 16,983,002.06 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 10,783,295.00 10,614,543.63 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
Excess Asset Principal Balance 0.00 438,749.31 0.00 0.00
----------------------------------------------------------------------------------------------
215,662,295.00 203,392,542.61 (1,666,352.41) 0.00
==============================================================================================
</TABLE>
<TABLE>
<CAPTION>
Ending Principal Paid
Cert. Writedown Certificate Pool Per $1,000
Class Amounts Balances Factor Denomination
- ------------------------------------------------------------------------------
<S> <C> <C>
A-1 0.00 31,353,895.20 69.22918% 36.79
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 0.00 35,585,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 0.00 32,350,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 0.00 22,642,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
A-5 0.00 32,350,000.00 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00
A-6 0.00 19,409,000.00 100.00000% 0.00
A-6 Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 16,983,002.06 98.43507% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 10,614,543.63 98.43507% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
Excess Asset Principal Balance 0.00 438,749.31
-------------------------
0.00 201,726,190.20
=========================
</TABLE>
<PAGE>
<TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: APRIL 6,1997
REMITTANCE REPORT POOL REPORT #9
REPORTING MONTH: MARCH 31, 1997
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<CAPTION>
Certificate Remittance Beginning Current Total Interest Ending
Class Rate Balance Accrual Paid Shortfall Balance
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 5.54750% 0.00 157,738.18 157,738.18 0.00 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-2 6.80000% 0.00 201,648.33 201,648.33 0.00 0.00
A-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-3 7.10000% 0.00 191,404.17 191,404.17 0.00 0.00
A-3 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-4 7.35000% 0.00 138,682.25 138,682.25 0.00 0.00
A-4 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-5 7.65000% 0.00 206,231.25 206,231.25 0.00 0.00
A-5 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-5 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-6 8.00000% 0.00 129,393.33 129,393.33 0.00 0.00
A-6 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-6 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-1 8.39200% 0.00 118,767.79 118,767.79 0.00 0.00
B-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-2 9.64400% 0.00 85,305.55 85,305.55 0.00 0.00
B-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
X 316,772.97 406,902.91 299,814.29 107,088.62 423,861.59
Service Fee 169,493.79 169,493.79 0.00 0.00
-------------------------------------------------------------------------------------------
316,772.97 1,805,567.55 1,698,478.93 107,088.62 423,861.59
</TABLE>
<TABLE>
<CAPTION>
Interest Paid
Certificate Per $1,000 Cert. TOTAL
Class Denomination Class DISTRIBUTION
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A-1 4.78 A-1 1,824,090.59
A-1 Carryover Interest 0.00
A-1 Writedown Interest 0.00
A-2 5.67 A-2 201,648.33
A-2 Carryover Interest 0.00
A-2 Writedown Interest 0.00
A-3 5.92 A-3 191,404.17
A-3 Carryover Interest 0.00
A-3 Writedown Interest 0.00
A-4 6.13 A-4 138,682.25
A-4 Carryover Interest 0.00
A-4 Writedown Interest 0.00
A-5 6.38 A-5 206,231.25
A-5 Carryover Interest 0.00
A-5 Writedown Interest 0.00
A-6 6.67 A-6 129,393.33
A-6 Carryover Interest 0.00
A-6 Writedown Interest 0.00
B-1 6.99 B-1 118,767.79
B-1 Carryover Interest 0.00
B-1 Writedown Interest 0.00
B-2 8.04 B-2 85,305.55
B-2 Carryover Interest 0.00
B-2 Writedown Interest 0.00
X X 299,814.29
Service Fee 169,493.79
---------------------
3,364,831.34
</TABLE>
CUMULATIVE UNPAID "X" 423,861.59
CUMULATIVE UNPAID TURBO 256,307.31
---------------
CUMULATIVE TOTAL LOSSES 680,168.90
---------------
<PAGE>
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