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) October 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 October 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 October 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
October 23, 1997
/s/ DOUGLAS R. MUIR
-----------------------------
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
20.1 Monthly Remittance Report relating to Distribution
Date occurring on October 15, 1997......................... 5-10
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B REPORT DATE: OCTOBER 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 15
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross
Balance Principal Principal Principal Repurchased Balance Interest
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C>
192,002,135.00 (521,852.53) (1,372,726.69) (1,037,044.17) 0.00 189,070,511.61 1,799,038.35
=================================================================================================================================
<CAPTION>
Scheduled Amount
Servicing Pass Thru Liquidation Reserve Available for
Fee Interest Proceeds Fund Draw Distribution
- ---------------------------------------------------------------------------------------------------
<S> <C>
160,001.78 1,639,036.57 762,322.98 0.00 4,455,940.55
===================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Mezzanine Reserve Fund as of Cutoff Date
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Investment Balance Before Reserve Reserve Balance After
Balance Deposits Distrib. Interest Current Distribution Fund Draw Fund Deposit Current Distribution Excess
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
433,120.43 0.00 -1,795.43 1,730.67 433,055.67 0.00 0.00 433,055.67 1,730.67
===================================================================================================================================
</TABLE>
Reserve Fund Required Balance
- --------------------------------------
Before Current After Current
Distribution Distribution
- --------------------------------------
431,325.00 431,325.00
======================================
Class B-1 Reserve Fund as of Cutoff Date
<TABLE>
<CAPTION>
Beginning Investment Balance Before Reserve Reserve Balance After
Balance Deposits Distrib. Interest Current Distribution Fund Draw Fund Deposit Current Distribution Excess
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
324,840.57 0.00 -1,346.57 1,298.01 324,792.01 0.00 0.00 324,792.01 1,298.01
===================================================================================================================================
</TABLE>
Reserve Fund Required Balance
- --------------------------------------
Before Current After Current
Distribution Distribution
- --------------------------------------
323,494.00 323,494.00
======================================
Class B-2 Reserve Fund as of Cutoff Date
<TABLE>
<CAPTION>
Beginning Investment Balance Before Reserve Reserve Balance After
Balance Deposits Distrib. Interest Current Distribution Fund Draw Fund Deposit Current Distribution Excess
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
216,559.71 0.00 -897.71 865.33 216,527.33 0.00 0.00 216,527.33 865.33
===================================================================================================================================
</TABLE>
Reserve Fund Required Balance
- --------------------------------------
Before Current After Current
Distribution Distribution
- --------------------------------------
215,662.00 215,662.00
======================================
<TABLE>
<CAPTION>
Certificate Account
- ---------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------
<S> <C>
710,136.77 2,940,341.94 1,853,244.62 (3,733,588.84) 2,097.78 1,772,232.27
===================================================================================
</TABLE>
<TABLE>
<CAPTION>
P&I Advances at Distribution Date
- ----------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ----------------------------------------------------------------------------
<S> <C>
1,830,911.40 1,656,200.47 1,865,920.54 2,040,631.47
============================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B REPORT DATE: OCTOBER 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 15
REMITTANCE REPORT
REPORTING MONTH: SEPTEMBER 30, 1997 Page 2 of 6
<TABLE>
<CAPTION>
Class B Crossover Test Test Met?
- ----------------------------------------------------------------- ----------
<S> <C>
(a) Remittance date on or after January 2001 N
(b) Average 60 day Delinquency rate <= 5% Y
(c) Average 30 day Delinquency rate <= 7% Y
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
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 <= 2.75% Y
(f) Are class B principal balances plus Accelerated
Principal Distributions > = 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 192,002,135.00
--------------
14.602% N
==============
</TABLE>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
-----------------------------------------------
Current Mo 6,920,600.12 189,070,511.61 3.66%
1st Preceding Mo 6,809,849.22 192,002,135.00 3.55%
2nd Preceding Mo 7,296,129.14 193,915,703.54 3.76%
Divided by 3
-------
3.66%
=======
Average 30 day delinquency ratio:
Over 30s Pool Balance %
----------------------------------------------
Current Mo 10,903,617.45 189,070,511.61 5.77%
1st Preceding Mo 11,275,310.44 192,002,135.00 5.87%
2nd Preceding Mo 10,427,143.86 193,915,703.54 5.38%
Divided by 3
-------
5.67%
=======
Cumulative loss ratio:
Cumulative losses 1,898,904.53
-------------------
Divided by Initial Certificate Principal 215,662,295.00 0.880%
======
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 274,721.19 192,002,135.00
1st Preceding Mo 250,647.74 193,915,703.54
2nd Preceding Mo 160,300.92 195,905,885.32
1.422%
=======
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 7, 1997
REMITTANCE REPORT POOL REPORT # 15
REPORTING MONTH: SEPTEMBER 30, 1997 Page 3 of 6
<TABLE>
<CAPTION>
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over Total Delinq.
No. of Principal Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance # Balance
-----------------------------------------------------------------------------------------------------------------
<S> <C>
Excluding Repos 6,942 185,140,445.71 154 3,888,997.59 46 1,330,192.01 55 1,754,361.95 255 6,973,551.55
Repos 125 3,930,065.90 5 94,019.74 14 411,381.56 106 3,424,664.60 125 3,930,065.90
--------------------------------------------------------------------------------------------------------------
Total 7,067 189,070,511.61 159 3,983,017.33 60 1,741,573.57 161 5,179,026.55 380 10,903,617.45
==============================================================================================================
5.4% 5.77%
====================
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
--------------------------------------------------------------------------------------------
<S> <C>
Excluding Repos 125 3,930,065.90 -1 (34,925.83) 30 905,418.43 390 10,624,966.17
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 7, 1997
REMITTANCE REPORT POOL REPORT # 15
REPORTING MONTH: SEPTEMBER 30, 1997 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C>
088721-6 Rader, Michael 61,429.33 51,250.00 6,225.12 57,475.12 5,542.57 51,932.55
092073-6 Pena, Eli 31,731.71 26,000.00 1,860.80 27,860.80 6,315.65 21,545.15
094399-3 Stewart, Otha 26,025.97 24,500.00 171.31 24,671.31 735.00 23,936.31
090510-9 Carter, Leonard 29,662.02 30,400.00 0.00 30,400.00 2,222.00 28,178.00
018679-1 Farmer, James 11,321.28 11,000.00 0.00 11,000.00 638.96 10,361.04
090947-3 Wyne, Robert 21,932.46 21,400.00 743.94 22,143.94 1,942.00 20,201.94
090576-0 Strickland, Jimmy 23,734.58 24,000.00 938.65 24,938.65 1,305.88 23,632.77
093597-3 Ussery Jr, Charles 41,918.06 41,650.00 1,108.86 42,758.86 1,249.50 41,509.36
092892-9 Garner II, Robert 28,364.51 26,400.00 1,565.98 27,965.98 2,237.00 25,728.98
089894-0 Tanner Jr, Mickey 32,025.87 28,650.00 1,929.91 30,579.91 4,109.50 26,470.41
089866-8 Godfrey, Martina 30,909.64 28,400.00 1,516.77 29,916.77 1,847.00 28,069.77
088522-8 Jarjowsky, Kim 21,823.26 24,250.00 0.00 24,250.00 5,857.43 18,392.57
092391-2 Backman, Henry 30,492.08 26,700.00 1,931.71 28,631.71 5,061.24 23,570.47
078867-9 Hartley, Carl 29,308.07 25,900.00 838.08 26,738.08 7,495.03 19,243.05
086485-0 Wild, Yves 26,182.06 22,900.00 990.61 23,890.61 2,487.00 21,403.61
093393-7 Hearne, Barry 36,764.43 31,500.00 1,801.62 33,301.62 2,014.00 31,287.62
092823-4 Gonzalez, Jorge 32,302.98 30,400.00 1,857.56 32,257.56 4,689.54 27,568.02
089312-3 Flores, Erik 15,836.07 18,000.00 1,204.08 19,204.08 4,034.03 15,170.05
087433-9 Armstrong, Sheila 23,152.43 27,000.00 1,150.23 28,150.23 4,172.33 23,977.90
088346-2 Smith, Darrell 30,215.97 24,800.00 1,761.23 26,561.23 5,168.38 21,392.85
090237-9 Davis, David 32,476.42 30,400.00 2,074.21 32,474.21 4,197.82 28,276.39
089347-9 Joyce, Joshua 16,129.04 4,135.00 514.48 4,649.48 400.00 4,249.48
090414-4 Hurley, Donald 15,137.53 5,000.00 0.00 5,000.00 30.00 4,970.00
094725-9 Newsome, Lisa 4,769.84 1,000.00 647.00 1,647.00 0.00 1,647.00
002568-4 Zapien, Sergio 4,517.04 500.00 0.00 500.00 0.00 500.00
093207-9 Chapman, Annie 15,103.78 3,420.00 1,098.73 4,518.73 1332.36 3,186.37
092540-4 Ngan, Lane 28,606.25 29,400.00 2,006.52 31,406.52 2916.55 28,489.97
092260-9 Pittman, Vernon 41,532.74 38,650.00 3,372.19 42,022.19 6579.56 35,442.63
088461-9 Roberts, Greg 26,171.22 26,500.00 572.92 27,072.92 6641.58 20,431.34
090859-0 Johnson, Lisa 27,204.50 30,650.00 1,430.57 32,080.57 3649.49 28,431.08
090718-8 Valdez, Chris 26,859.63 25,900.00 775.68 26,675.68 3393.92 23,281.76
086255-7 Tabarez, Rosa 29,697.78 27,000.00 1,567.69 28,567.69 810.00 27,757.69
088548-3 Welch, James 31,049.28 28,400.00 1,564.01 29,964.01 3032.50 26,931.51
091978-7 Watson, Mary 31,231.72 29,400.00 1,058.00 30,458.00 882.00 29,576.00
093035-4 Deatherage, James 26,141.35 22,400.00 2,098.00 24,498.00 6416.09 18,081.91
092805-1 Klepper, Carl 18,645.74 20,200.00 100.02 20,300.02 6806.24 13,493.78
094554-3 Battles, Ricky 26,067.82 26,000.00 0.00 26,000.00 3256.25 22,743.75
088289-4 Jordan, Richard 22,493.49 23,400.00 0.00 23,400.00 2317.27 21,082.73
093080-0 Olandez, Juan 28,076.22 25,900.00 1,963.30 27,863.30 4120.00 23,743.30
0.00 0.00
0.00 0.00
==============================================================================================
39 1,037,044.17 943,355.00 48,439.78 991,794.78 125,905.67 865,889.11
==============================================================================================
<CAPTION>
Net Current
Account Customer Unrecov. Pass Thru Period Net Cumulative
Number Name Advances Proceeds Gain/(Loss) Gain/(Loss)
- ---------------------------------------------------------------------------------------------------------
<S> <C>
088721-6 Rader, Michael 8,925.84 43,006.71 (18,422.62)
092073-6 Pena, Eli 5,054.56 16,490.59 (15,241.12)
094399-3 Stewart, Otha 2,775.68 21,160.63 (4,865.34)
090510-9 Carter, Leonard 2,535.28 25,642.72 (4,019.30)
018679-1 Farmer, James 1,026.15 9,334.89 (1,986.39)
090947-3 Wyne, Robert 1,497.12 18,704.82 (3,227.64)
090576-0 Strickland, Jimmy 1,801.68 21,831.09 (1,903.49)
093597-3 Ussery Jr, Charles 2,190.15 39,319.21 (2,598.85)
092892-9 Garner II, Robert 1,263.35 24,465.63 (3,898.88)
089894-0 Tanner Jr, Mickey 2,542.44 23,927.97 (8,097.90)
089866-8 Godfrey, Martina 1,679.70 26,390.07 (4,519.57)
088522-8 Jarjowsky, Kim 1,355.40 17,037.17 (4,786.09)
092391-2 Backman, Henry 1,915.84 21,654.63 (8,837.45)
078867-9 Hartley, Carl 2,625.56 16,617.49 (12,690.58)
086485-0 Wild, Yves 1,803.52 19,600.09 (6,581.97)
093393-7 Hearne, Barry 3,698.00 27,589.62 (9,174.81)
092823-4 Gonzalez, Jorge 2,936.88 24,631.14 (7,671.84)
089312-3 Flores, Erik 1,680.36 13,489.69 (2,346.38)
087433-9 Armstrong, Sheila 3,438.68 20,539.22 (2,613.21)
088346-2 Smith, Darrell 3,766.01 17,626.84 (12,589.13)
090237-9 Davis, David 2,944.00 25,332.39 (7,144.03)
089347-9 Joyce, Joshua 2,783.64 1,465.84 (14,663.20)
090414-4 Hurley, Donald 1,680.72 3,289.28 (11,848.25)
094725-9 Newsome, Lisa 848.05 798.95 (3,970.89)
002568-4 Zapien, Sergio 952.75 (452.75) (4,969.79)
093207-9 Chapman, Annie 2,446.72 739.65 (14,364.13)
092540-4 Ngan, Lane 2,353.88 26,136.09 (2,470.16)
092260-9 Pittman, Vernon 4,057.92 31,384.71 (10,148.03)
088461-9 Roberts, Greg 2,799.84 17,631.50 (8,539.72)
090859-0 Johnson, Lisa 2,556.60 25,874.48 (1,330.02)
090718-8 Valdez, Chris 5,265.00 18,016.76 (8,842.87)
086255-7 Tabarez, Rosa 1,869.44 25,888.25 (3,809.53)
088548-3 Welch, James 4,053.72 22,877.79 (8,171.49)
091978-7 Watson, Mary 1,034.01 28,541.99 (2,689.73)
093035-4 Deatherage, James 4,620.24 13,461.67 (12,679.68)
092805-1 Klepper, Carl 2,023.60 11,470.18 (7,175.56)
094554-3 Battles, Ricky 3,254.90 19,488.85 (6,578.97)
088289-4 Jordan, Richard 1,651.60 19,431.13 (3,062.36)
093080-0 Olandez, Juan 1,857.30 21,886.00 (6,190.22)
0.00 0.00
0.00 0.00
====================================================================
39 103,566.13 762,322.98 (274,721.19) (1,898,904.53)
====================================================================
-0.01%
====================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 7, 1997
REMITTANCE REPORT POOL REPORT # 15
REPORTING MONTH: SEPTEMBER 30, 1997
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Original Beginning Current Accelerated
Cert. Certificate Certificate Principal Principal
Class Balances Balances Payable Distribution
- -----------------------------------------------------------------------------------------------
<S> <C>
A-1 45,290,000.00 21,629,840.00 (2,931,623.39) 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
-----------------------------------------------------------------
215,662,295.00 192,002,135.00 (2,931,623.39) 0.00
=================================================================
<CAPTION>
Ending Principal Paid
Cert. Writedown Certificate Pool Per $1,000
Class Amounts Balances Factor Denomination
- ------------------------------------------------------------------------------------------
<S> <C>
A-1 0.00 18,698,216.61 41.28553% 64.73
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
----------------------------
0.00 189,070,511.61
============================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 7, 1997
REMITTANCE REPORT POOL REPORT # 15
REPORTING MONTH: SEPTEMBER 30, 1997
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Certificate Remittance Beginning Current Total
Class Rate Balance Accrual Paid
-------------------------------------------------------
<S> <C>
A-1 5.76625% 0.00 103,935.89 103,935.89
A-1 Carryover Interest 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00
A-2 6.80000% 0.00 201,648.33 201,648.33
A-2 Carryover Interest 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00
A-3 7.10000% 0.00 191,404.17 191,404.17
A-3 Carryover Interest 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00
A-4 7.35000% 0.00 138,682.25 138,682.25
A-4 Carryover Interest 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00
A-5 7.65000% 0.00 206,231.25 206,231.25
A-5 Carryover Interest 0.00 0.00 0.00 0.00
A-5 Writedown Interest 0.00 0.00 0.00 0.00
A-6 8.00000% 0.00 129,393.33 129,393.33
A-6 Carryover Interest 0.00 0.00 0.00 0.00
A-6 Writedown Interest 0.00 0.00 0.00 0.00
B-1 8.39200% 0.00 118,767.79 118,767.79
B-1 Carryover Interest 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00
B-2 9.64400% 0.00 85,305.55 85,305.55
B-2 Carryover Interest 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00
X 955,634.97 383,667.12 188,946.82
Service Fee 160,001.78 160,001.78
-------------------------------------------------
955,634.97 1,719,037.46 1,524,317.16
CUMULATIVE UNPAID "X" 1,150,355.27
CUMULATIVE UNPAID TURBO 748,549.26
--------------------
CUMULATIVE TOTAL LOSSES 1,898,904.53
--------------------
<CAPTION>
Interest Paid
Certificate Interest Ending Per $1,000 Cert. TOTAL
Class Shortfall Balance Denomination Class DISTRIBUTION
---------------------------------------------------------------
<S> <C>
A-1 0.00 0.00 4.81 A-1 3,035,559.28
A-1 Carryover Interest 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00
A-2 0.00 0.00 5.67 A-2 201,648.33
A-2 Carryover Interest 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00
A-3 0.00 0.00 5.92 A-3 191,404.17
A-3 Carryover Interest 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00
A-4 0.00 0.00 6.13 A-4 138,682.25
A-4 Carryover Interest 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00
A-5 0.00 0.00 6.38 A-5 206,231.25
A-5 Carryover Interest 0.00 0.00 0.00
A-5 Writedown Interest 0.00 0.00 0.00
A-6 0.00 0.00 6.67 A-6 129,393.33
A-6 Carryover Interest 0.00 0.00 0.00
A-6 Writedown Interest 0.00 0.00 0.00
B-1 0.00 0.00 6.99 B-1 118,767.79
B-1 Carryover Interest 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00
B-2 0.00 0.00 8.04 B-2 85,305.55
B-2 Carryover Interest 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00
X 194,720.30 1,150,355.27 X 188,946.82
Service Fee 0.00 0.00 160,001.78
---------------------- ------------
194,720.30 1,150,355.27 4,455,940.55
</TABLE>
