<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) June 14, 2000
GREENPOINT MORTGAGE SECURITIES INC., (as sponsor under the Sale and
Servicing Agreement, dated as of June 1, 2000, providing for the
issuance of GreenPoint Home Equity Loan Trust 2000-1, Home Equity Loan
Asset-Backed Certificates).
GreenPoint Mortgage Securities Inc.
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(Exact name of registrant as specified in its charter)
Delaware 333-95349 68-0397342
---------------------------- ---------------- ----------------
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
700 Larkspur Landing Circle 94939
Suite 240 -------
Larkspur, California (Zip Code)
-----------------------------------
(Address of Principal Executive
Offices)
Registrant's telephone number, including area code (415) 925-5442
----------------
--------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events
In connection with the offering of the Home Equity Loan Asset-Backed
Certificates, Series 2000-1, Class A-1 and Class A-2 Certificates, of which
GreenPoint Home Equity Loan Trust 2000-1 is the issuer, as described in a
Prospectus Supplement dated as of June __, 2000 to the Prospectus dated as of
February 15, 2000, certain "Collateral Term Sheets" within the meanings of the
May 20, 1994 Kidder, Peabody No-Action Letter and the February 17, 1995 Public
Securities Association No-Action Letter were furnished to certain prospective
investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibit 99.1. Related Computational Materials (as defined in
Item 5 above).
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GREENPOINT MORTGAGE
SECURITIES INC.
By: /s/ Kristen Decker
-------------------
Name: Kristen Decker
Title: Vice President
Dated: June 16, 2000
3
<PAGE>
Exhibit Index
Exhibit
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99.1. Related Computational Materials (as defined in Item 5 above).
4
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
Preliminary Term Sheet Prepared: June 14, 2000
$240,730,000
(Approximate, Subject to +/- 10% Variance)
Freddie Mac Structured Pass-Through Certificates, Series T-026
[GRAPHIC OMITTED]
<TABLE>
<CAPTION>
============= ================ =============== ========================= ======================== ==================
<S> <C> <C> <C> <C> <C>
WAL Payment
(Yrs.) Window Legal Final
Class (1) Amount (2) Call/Mat (3) Call/Mat (mos) (3) Coupon (4) Maturity
A-1 $240,730,000 3.40/3.60 1 - 93 / 1 - 177 1M LIBOR + [ ]% 01/15/2027
============= ================ =============== ========================= ======================== ==================
</TABLE>
(1) The Class A-1 Certificates are backed by the cash flow from conforming
balance adjustable-rate home equity revolving credit line and fixed-rate
closed-end second lien home equity mortgage loans (the "Group I Mortgage
Loans").
(2) Subject to a plus or minus 10% variance.
(3) The Class A-1 Certificates are priced to call. The margin on the Class A-1
Certificates doubles after the first Distribution Date on which the Sponsor
could exercise its option to redeem the Class A-1 Certificates.
(4) Subject to the lesser of: 1) One Month LIBOR + [ ]% for the Class A-1
Certificates, 2) the Available Funds Cap (calculated using the weighted
average of the loan rates of the Group I Mortgage Loans (assuming each
HELOC is fully indexed) less (i) the servicing fee rate, (ii) trustee fee
rate, (iii) the monoline insurer premium fee, (iv) the Freddie Mac guaranty
fee and (v) a spread carveout of 50 bps commencing after the 12th
Distribution Date) and 3) a 15.50% cap.
<TABLE>
<CAPTION>
<S> <C>
Underwriter: Greenwich Capital Markets, Inc.
Seller & Servicer: GreenPoint Mortgage Funding, Inc. (the "Company").
Sponsor: GreenPoint Mortgage Securities, Inc. (a special purpose corporation and a
wholly-owned subsidiary of the Company).
Issuer and Guarantor: Federal Home Loan Mortgage Corporation ("Freddie Mac").
Monoline Insurer: Ambac Assurance Corporation ("Ambac").
Trustee: Bankers Trust Company.
Federal Tax Status: Prospective investors should consult their own tax advisors regarding the federal
income tax consequences of holding the Class A-1 Certificates.
</TABLE>
GREENWICH CAPITAL
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1
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
<TABLE>
<S> <C>
Registration: The Class A-1 Certificates will be available in book-entry form through DTC,
Clearstream, Luxembourg and the Euroclear System.
Expected Pricing Date: June 15, 2000.
Expected Closing Date: On or about June 29, 2000.
Expected Settlement Date: On or about June 29, 2000.
Cut-off Date: Close of business on May 31, 2000.
Distribution Dates: The 15th day of each month (or the next succeeding business day), beginning in
July 2000.
Interest Accrual Period: The interest accrual period with respect to the Class A-1 Certificates for a given
Distribution Date will be the period beginning with the previous Distribution Date
(or, in the case of the first Distribution Date, the Closing Date) and ending on
the day prior to such Distribution Date (on an Actual/360 basis).
Credit Enhancement: Excess Interest, Overcollateralization, limited Cross Collateralization, the
Reserve Fund, the Surety Policy provided by Ambac and a guaranty from Freddie Mac.
ERISA Eligibility: The Class A-1 Certificates are expected to be ERISA eligible. Prospective
investors must review the Prospectus and Prospectus Supplement and consult
with their professional advisors for a more detailed description of these matters
prior to investing in the Class A-1 Certificates.
SMMEA Treatment: The Class A-1 Certificates are expected to constitute "mortgage related
securities" for purposes of SMMEA.
Optional Redemption: On any Distribution Date after the Class A-1 Certificate Principal Balance declines
below 10% of the Class A-1 Certificate Principal Balance as of the Closing Date,
the Sponsor may elect to redeem the Class A-1 Certificates at par plus accrued interest.
Prepayment Assumption: 35% CPR, 20% Draw Rate on the HELOCs, 30% CPR on the Closed-End Seconds.
Group I Mortgage Loans: As of the Cut-off Date, the aggregate principal balance of the Group I Mortgage
Loans will be approximately $238,938,513, subject to a plus or minus 10% variance. The
Group I Mortgage Loans will consist of approximately $206,905,027 of adjustable-rate
home equity revolving credit line loans (the "Group I HELOCs") made under certain home
equity revolving credit line loan agreements and approximately $32,033,486 of fixed-rate
closed-end second lien home equity loans (the "Group I Closed-End Seconds"). The Group I
Mortgage Loans conform to certain loan origination standards with respect to loan
balances as of the date of origination set forth by Freddie Mac. These criteria have
been used solely in selecting the Group I Mortgage Loans. No representation and warranty
is made that each individual Group I Mortgage Loan would be eligible for purchase by
Freddie Mac.
HELOC Amortization: Approximately 73.67% of the Group I HELOCs have 5 year draw periods followed by a 10
year amortization period, while the remaining 26.33% have a 15 year draw period followed
</TABLE>
GREENWICH CAPITAL
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2
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
<TABLE>
<S> <C>
by a 10 year amortization period. Each outstanding Group I HELOC principal
balance is fixed at the end of the draw period, and then amortized over
the subsequent 10 year period.
Closed-end
Second Amortization: Fully amortizing and balloons.
HELOC Interest Rates: 100% of the Group I HELOCs are Prime-based and reset monthly. Substantially all
of the Group I HELOCs are teased for 3 months from origination and adjust thereafter.
The weighted average margin on the Group I HELOCs as of the Cut-off Date is
approximately 2.911%, with the margins ranging from 0.000% to 7.500%. Substantially all
of the Group I HELOCs have a maximum interest rate of 18% or higher, with no periodic
rate caps.
Closed-end
Second Interest Rates: 100% Fixed Rate.
The Trust
Freddie Mac Series T-026: The Freddie Mac Series T-026 (the "Trust") will issue the Class A-1
Certificates. The Class A-1 Certificates are supported by a security (the "Underlying
Security") to be issued by GreenPoint Home Equity Loan Trust 2000-1 (the "Underlying
Trust"). The Underlying Security will represent a 100% interest in the Group I Mortgage
Loans.
A separate Class of Certificates, the Class A-2 Certificates, will also be issued by the
Underlying Trust, but is not part of this Trust. The Underlying Trust consists primarily
of the Group I and Group II Mortgage Loans, the Ambac Surety Policy and the Reserve
Fund.
The Certificates
Class A-1 Certificates: The Class A-1 Certificates receive distributions of principal in the manner
described below. The Class A-1 Certificates will receive interest on each Distribution
Date based on a variable rate described more fully below.
Credit Enhancement
Credit Enhancement: The Class A-1 Certificateholders will have the benefit of the following credit
enhancement;
(a) Excess Interest Collections (described below);
(b) the Overcollateralization Amount (described below);
(c) limited Cross Collateralization (described below);
(d) the Ambac Surety Policy (described below);
(e) the Freddie Mac Guaranty
(f) the Reserve Fund (described below).
Excess
Interest Collections: For the Class A-1 Certificates, the related interest collections minus the sum of
(i) the
</TABLE>
GREENWICH CAPITAL
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3
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
<TABLE>
<S> <C>
Class A-1 Certificate interest paid; (ii) the related servicing fee paid; (iii)
the related premium paid to Ambac and any unreimbursed draws on the Ambac Surety Policy;
(iv) the related trustee fees paid and (v) the Freddie Mac guaranty fee paid and any
unreimbursed payments made by Freddie Mac.
</TABLE>
GREENWICH CAPITAL
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4
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
<TABLE>
<S> <C>
Class A-1
Overcollateralization
Amount: The Class A-1 Certificateholders will be entitled to receive distributions of
Excess Interest Collections as principal (the "Class A-1 Accelerated Principal Payment")
up to a certain percentage of the balance of the Group I Mortgage Loans (the "Class A-1
Required Overcollateralization Amount", as specified in the Pooling Agreement). This
distribution of interest as principal will have the effect of accelerating the Class A-1
Certificates relative to the underlying Group I Mortgage Loans. On any Distribution
Date, the Class A-1 Overcollateralization Amount will be the amount by which the Group I
Mortgage Loan Balance exceeds the Class A-1 Certificate Principal Balance. On any
Distribution Date on which the Group I Mortgage Loan Balance does not exceed the Class
A-1 Certificate Principal Balance by the Class A-1 Required Overcollateralization
Amount, Excess Interest Collections will be distributed as principal to the Class A-1
Certificates to increase the Class A-1 Overcollateralization Amount to the Class A-1
Required Overcollateralization Amount.
Initially, the Certificate Principal Balance of the Class A-1 Certificates will be
greater than the balance of the Group I Mortgage Loans by approximately 0.75%. This
difference represents the initial undercollateralization. Any Excess Interest
Collections not used to cover interest shortfalls or current period losses will be paid
as principal on the Class A-1 Certificates to reduce the initial undercollateralization
to zero, and then to build overcollateralization to the required amount.
Stepdown Date: On or after the Distribution Date occurring in July 2003, the required targets for
the Class A-1 Overcollateralization will be allowed to step down to a certain percentage
(specified in the Pooling Agreement) of the balance of the Group I Mortgage Loans as of
the end of the related Collection Period, subject to a floor of 0.50% of the balance of
the Group I Mortgage Loans as of the Cut-off Date.
Cross Collateralization: After paying (i) the "OC Deficit" (the amount by which the related Certificate Principal
Balance exceeds the balance of the related mortgage loan group, only after the related
undercollateralization has been reduced to zero) for the related Class of Certificates,
(ii) any unreimbursed draws on the Ambac Surety Policy or Freddie Mac Guaranty, as
applicable, with respect to the related Class of Certificates and (iii) the related
Accelerated Principal Payment, any remaining amounts will be used (i) to pay accrued and
unpaid interest to the other unrelated Class of Certificates; (ii) to pay the OC Deficit
on the unrelated Class of Certificates and (iii) to pay unreimbursed draws on the Ambac
Surety Policy or Freddie Mac Guaranty, as applicable, with respect to the unrelated
Class of Certificates.
The Ambac Surety Policy: Ambac will issue a single insurance policy with respect to the Underlying
Security and the Class A-2 Certificates which will guarantee timely interest and
ultimate repayment of principal to the Class A-1 and Class A-2 Certificateholders.
The Freddie Mac Guaranty: Freddie Mac will issue a single insurance policy with respect to the Class
A-1 Certificates. Freddie Mac will guarantee to pay on each Distribution Date amounts
required to be paid on such date with respect to the Class A-1 Certificates to the
extent not paid by Ambac.
</TABLE>
GREENWICH CAPITAL
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5
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
<TABLE>
<S> <C>
Reserve Fund: The Reserve Fund will initially be $0 on the Closing Date and then will be funded
on each Distribution Date up to the Reserve Fund Target Amount. The "Reserve Fund Target
Amount" will be equal to the sum of (i) the amount by which the Class A-1
Overcollateralization Amount is less than the Class A-1 Required Overcollateralization
Amount; and (ii) the amount by which the Class A-2 Overcollateralization Amount is less
than the Class A-2 Required Overcollateralization Amount. The Reserve Fund may be used
to fund interest shortfalls and OC Deficits and to pay any unreimbursed draws on the
Ambac Surety Policy or Freddie Mac Guaranty, as applicable, with respect to both Classes
of Certificates.
</TABLE>
Distributions on the Class A-1 Certificates
Priority of Distributions
Available Funds with respect to Class A-1 Certificates will be
distributed as follows:
<TABLE>
<S> <C>
(i) to the Trustee, the related trustee fee;
(ii) to Ambac, the related premium fee;
(iii) to Freddie Mac, the related guaranty fee;
(iv) to the Class A-1 Certificates, current and unpaid interest;
(v) to the Class A-1 Certificates, the related Principal Payment Amount;
(vi) to the Class A-1 Certificates, any related OC Deficit;
(vii) to Ambac or Freddie Mac, as applicable, the related reimbursement amount for any unreimbursed
payments made, with interest thereon;
(viii) to the Class A-1 Certificates, the Class A-1 Accelerated Principal Payment;
(ix) to fund any deficiencies related to the Class A-2 Certificates with respect to (iv), (vi) and
(vii) (the "Crossover Amount");
(x) to the Reserve Fund as specified herein;
(xi) to pay any unreimbursed amounts to the Servicer;
(xii) to the Class A-1 Certificates, Deferred Interest and interest thereon at the Class A-1
Certificate Rate;
(xiii) to pay a management fee pursuant to the Management Agreement;
(xiv) to the residual holders, any remaining amounts.
</TABLE>
GREENWICH CAPITAL
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<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
<TABLE>
<S> <C>
Principal Distributions
Managed Am. Period: The Managed Amortization Period will begin on the Closing Date and end on the
Distribution Date occurring in June 2005 or earlier upon the occurrence of a Rapid
Amortization Event. During the Managed Amortization Period, the Class A-1
Certificateholders will receive an amount (the "Principal Payment Amount") equal to (a)
the related Net Principal Collections (as defined herein) minus (b) the related
Overcollateralization Reduction Amount (as defined herein). The related
"Overcollateralization Reduction Amount" is the amount by which the related
Overcollateralization Amount exceeds the related Required Overcollateralization Amount.
The "Net Principal Collections" is equal to the amount (not less than zero) of the
related principal collections for such Distribution Date less the aggregate of related
additional draws on existing related HELOCs created during such Distribution Date.
Rapid Am. Period: Commencing no later than the Distribution Date occurring in July 2005 (or earlier,
upon the occurrence of a Rapid Amortization Event), the Class A-1 Certificateholders
will receive the Principal Payment Amount which is equal to (a) 100% of the related
principal collections for such Distribution Date minus (b) the related
Overcollateralization Reduction Amount.
The aggregate distributions of principal to the holders of the Class A-1 Certificates
shall not exceed the Certificate Principal Balance of the Class A-1 Certificates as of
the Closing Date.
Interest Distributions
Interest Distributions: Interest will be distributed on the Class A-1 Certificateholders at a rate equal
to the lesser of (a) One Month LIBOR plus a margin and (b) the related Maximum Rate. The
margin on the Class A-1 Certificates will double after the first Distribution Date on
which the Optional Redemption is not exercised.
The "Maximum Rate" is equal to the lesser of (x) the weighted average of the loan rates
of the Group I Mortgage Loans (assuming the Group I HELOCs are fully indexed) minus (i)
the servicing fee rate, (ii) the Ambac premium; (iii) the Freddie Mac guaranty fee; (iv)
a spread carveout of 0.50% per annum after the twelfth Distribution Date and (v) the
trustee fee rate and (y) 15.50%. Should the Class A-1 Certificateholders receive an
interest amount based on clause (x) above (creating a "Deferred Interest Amount"),
future remaining interest amounts to be distributed will first be allocated to
Certificateholders accrued interest due and any overdue accrued interest (with interest
thereon) and then Deferred Interest (with interest thereon). In no event are Deferred
Interest Amounts rated by any rating agencies or guaranteed under the Ambac Surety
Policy or the Freddie Mac Guaranty.
</TABLE>
GREENWICH CAPITAL
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<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
GREENWICH CAPITAL
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<PAGE>
COMPUTATIONAL MATERIALS DISCLAIMER
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and intended for use by the addressee only. These
Computational Materials have been prepared by Greenwich Capital Markets, Inc. in
reliance upon information furnished by the issuer of the securities and its
affiliates. These Computational Materials are furnished to you solely by
Greenwich Capital Markets, Inc. and not by the issuer of the securities. They
may not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating said
material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be reflected therein. As such, no assurance can be given as to
the Computational Materials' accuracy, appropriateness or completeness in any
particular context; nor as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any weighted average lives, yields and principal payment periods shown in the
Computational Materials are based on prepayments assumptions, and changes in
such prepayment assumptions may dramatically affect such weighted average lives,
yields and principal payment periods. In addition, it is possible that
prepayments on the underlying assets will occur at rates slower or faster than
the rates shown in the attached Computational Materials. Furthermore, unless
otherwise provided, the Computational Materials assume no losses on the
underlying assets and no interest shortfall. The specific characteristics of the
securities may differ from those shown in the Computational Materials due to
differences between the actual underlying assets and the hypothetical underlying
assets used in preparing the Computational Materials. The principal amount and
designation of any security described in the Computational Materials are subject
to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of
its affiliates makes any representation or warranty as to the actual rate or
timing of payments on any of the underlying assets or the payments or yield on
the securities.
Although a registration statement (including the Prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not been filed
with Securities and Exchange Commission. This communication shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities discussed in this communication in any state in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification of such securities under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus supplement relating
to the securities discussed in this communication for definitive Computational
Materials and any matter discussed in this communication. Once available, a
final prospectus and prospectus supplement may be obtained by contacting the
Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160.
Please be advised that the securities described herein may not be appropriate
for all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayment, yield curve and interest rate
risks. Investors should make every effort to consider the risks of these
securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
9
<PAGE>
Class A-1 Discount Margin Tables
<TABLE>
<CAPTION>
Class A-1 (to Call)
--------------------------------------------------------------------------------------------------------------------
HELOCs* 20% CPR 25% CPR 35% CPR 40% CPR 45% CPR
2nds 10% CPR 20% CPR 30% CPR 40% CPR 50% CPR
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DM@100% 0.130 0.130 0.130 0.130 0.130
WAL (yr) 8.31 5.83 3.40 2.67 2.14
MDUR (yr) 5.87 4.40 2.78 2.25 1.84
First Pay 07/15/00 07/15/00 07/15/00 07/15/00 07/15/00
Last Pay 06/15/15 12/15/11 03/15/08 01/15/07 01/15/06
--------------------------------------------------------------------------------------------------------------------
* A draw rate of 20% is assumed for the HELOCs.
<CAPTION>
Class A-1 (to Maturity)
--------------------------------------------------------------------------------------------------------------------
HELOCs* 20% CPR 25% CPR 35% CPR 40% CPR 45% CPR
2nds 10% CPR 20% CPR 30% CPR 40% CPR 50% CPR
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DM@100% 0.131 0.133 0.134 0.135 0.136
WAL (yr) 8.47 6.09 3.60 2.83 2.27
MDUR (yr) 5.93 4.50 2.88 2.33 1.92
First Pay 07/15/00 07/15/00 07/15/00 07/15/00 07/15/00
Last Pay 12/15/17 12/15/17 03/15/15 11/15/12 01/15/11
--------------------------------------------------------------------------------------------------------------------
</TABLE>
* A draw rate of 20% is assumed for the HELOCs.
"Full Price" = "Flat Price" + Accrued Interest.
Maturity and Last Principal Pay Dates may be distorted by the use of collateral
pool WAMs.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as underwriter and not as Agent for the issuer or its affiliates in
connection with the proposed transaction.
10
<PAGE>
GROUP I MORTGAGE LOANS
05/31/2000 BALANCES
POOL: Conforming Loans
LOAN TYPE: Closed-end Seconds & Helocs
TOTAL CURRENT 238,938,512.79
BALANCE:
NUMBER OF 5,906
LOANS:
<TABLE>
<CAPTION>
AVG/WAVG MIN MAX
<S> <C> <C> <C>
AVG CURRENT BALANCE: $41,068.84 $0.00 $240,318.14
WAVG GROSS COUPON: 8.741 % 5.875 18.000 %
WAVG MARGIN 2.911 % 0.000 7.500 %
(HELOC ONLY):
WAVG MAX INT RATE (HELOC 18.000 % 18.000 18.000 %
ONLY):
WAVG NEXT RESET 1 months 1 3 months
(HELOC ONLY):
WAVG COMBINED LTV: 83.29 % 8.11 100.00 %
WAVG FICO SCORE: 694 566 814
WAVG ORIGINAL TERM: 207 months 180 300 months
WAVG DRAW TERM 92 months 60 180 months
(HELOC ONLY):
WAVG REMAINING TERM: 205 months 138 300 months
WAVG SEASONING: 2 months 0 42 months
TOP STATE CONC ($): 70.96 % California, 3.96 % Washington, 3.39 % Colorado
FIRST PAY DATE: Jan 25, 1997 July 12, 2000
MATURE DATE: Nov 25, 2011 Dec 12, 2025
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
11
<PAGE>
<TABLE>
<CAPTION>
CURRENT
PRIN BAL ($) PCT($) # OF LOANS PCT(#)
LOAN TYPE:
<S> <C> <C> <C> <C>
Heloc 206,905,026.67 86.59 5,118 86.66
Closed-end Seconds 32,033,486.12 13.41 788 13.34
CURRENT BALANCE ($):
0.00 0.00 0.00 88 1.49
0.01 - 10,000.00 2,223,654.10 0.93 388 6.57
10,000.01 - 20,000.00 14,623,273.36 6.12 930 15.75
20,000.01 - 30,000.00 27,427,117.86 11.48 1,083 18.34
30,000.01 - 40,000.00 33,189,959.83 13.89 942 15.95
40,000.01 - 50,000.00 45,840,048.53 19.18 995 16.85
50,000.01 - 60,000.00 18,746,612.79 7.85 337 5.71
60,000.01 - 70,000.00 19,012,245.73 7.96 291 4.93
70,000.01 - 80,000.00 18,755,076.47 7.85 249 4.22
80,000.01 - 90,000.00 14,050,460.02 5.88 165 2.79
90,000.01 - 100,000.00 31,958,145.32 13.38 328 5.55
greater than 100,000.00 13,111,918.78 5.49 110 1.86
LOAN RATE (%):
5.88 - 6.00 121,473,086.07 50.84 2,990 50.63
6.01 - 6.50 51,942.70 0.02 1 0.02
7.51 - 8.00 55,509.22 0.02 2 0.03
8.01 - 8.50 386,660.24 0.16 9 0.15
8.51 - 9.00 11,439,399.52 4.79 308 5.22
9.01 - 9.50 5,943,124.44 2.49 152 2.57
9.51 - 10.00 10,058,714.90 4.21 250 4.23
10.01 - 10.50 5,891,483.37 2.47 155 2.62
10.51 - 11.00 5,516,608.82 2.31 149 2.52
11.01 - 11.50 8,866,903.58 3.71 192 3.25
11.51 - 12.00 12,958,232.61 5.42 321 5.44
12.01 - 12.50 12,678,566.93 5.31 332 5.62
12.51 - 13.00 14,683,743.89 6.15 371 6.28
13.01 - 13.50 15,499,494.93 6.49 364 6.16
13.51 - 14.00 10,861,251.89 4.55 260 4.40
14.01 - 14.50 2,361,146.91 0.99 46 0.78
14.51 - 15.00 100,767.50 0.04 2 0.03
greater than 15.01 111,875.27 0.05 2 0.03
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
12
<PAGE>
<TABLE>
<CAPTION>
CURRENT
PRIN BAL ($) PCT($) # OF LOANS PCT(#)
MARGIN (%) (HELOC ONLY):
<S> <C> <C> <C> <C>
less than or equal to 0.50 36,738,088.24 17.76 935 18.27
0.51 - 1.00 8,663,057.51 4.19 245 4.79
1.01 - 1.50 5,502,705.19 2.66 131 2.56
1.51 - 2.00 7,199,392.52 3.48 196 3.83
2.01 - 2.50 13,582,015.20 6.56 287 5.61
2.51 - 3.00 23,158,852.51 11.19 567 11.08
3.01 - 3.50 19,162,940.41 9.26 537 10.49
3.51 - 4.00 24,266,776.11 11.73 625 12.21
4.01 - 4.50 35,553,206.04 17.18 839 16.39
4.51 - 5.00 27,042,364.21 13.07 630 12.31
5.01 - 5.50 5,424,508.30 2.62 114 2.23
5.51 - 6.00 543,557.13 0.26 11 0.21
7.01 - 7.50 67,563.30 0.03 1 0.02
MAX INT RATE (%) (HELOC ONLY):
18.00 206,905,026.67 100.00 5,118 100.00
NEXT RESET (MTHS) (HELOC ONLY):
1 149,952,569.86 72.47 3,749 73.25
2 38,448,902.29 18.58 919 17.96
3 18,503,554.52 8.94 450 8.79
COMBINED LTV (%):
less than or equal to 10.00 77,492.92 0.03 2 0.03
10.01 - 20.00 485,249.56 0.20 19 0.32
20.01 - 30.00 1,319,385.18 0.55 32 0.54
30.01 - 40.00 1,874,356.31 0.78 45 0.76
40.01 - 50.00 3,205,133.38 1.34 72 1.22
50.01 - 60.00 7,385,162.32 3.09 176 2.98
60.01 - 70.00 17,082,402.48 7.15 388 6.57
70.01 - 80.00 61,218,294.76 25.62 1,394 23.60
80.01 - 90.00 77,994,117.42 32.64 2,051 34.73
90.01 - 100.00 68,296,918.46 28.58 1,727 29.24
FICO SCORE:
566 - 600 390,847.46 0.16 5 0.08
601 - 650 37,580,495.95 15.73 955 16.17
651 - 700 101,649,343.80 42.54 2,443 41.36
701 - 750 69,178,342.38 28.95 1,699 28.77
751 - 800 29,230,756.35 12.23 778 13.17
801 - 814 908,726.85 0.38 26 0.44
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
13
<PAGE>
<TABLE>
<CAPTION>
ORIGINAL TERM (MTHS):
<S> <C> <C> <C> <C>
180 184,527,791.61 77.23 4,464 75.58
300 54,410,721.18 22.77 1,442 24.42
CURRENT
PRIN BAL ($) PCT($) # OF LOANS PCT(#)
DRAW TERM (MTHS) (HELOC ONLY):
60 152,424,687.35 73.67 3,672 71.75
180 54,480,339.32 26.33 1,446 28.25
REMAINING TERM (MTHS):
138 - 140 0.00 0.00 1 0.02
165 - 170 31,378.51 0.01 2 0.03
171 - 176 49,178,932.67 20.58 1,162 19.67
177 - 182 135,317,480.43 56.63 3,299 55.86
291 - 296 19,001,595.67 7.95 507 8.58
297 - 300 35,409,125.51 14.82 935 15.83
SEASONING (MTHS):
<= 0 34,858,359.04 14.59 857 14.51
1 - 3 135,868,246.90 56.86 3,377 57.18
4 - 6 67,399,059.91 28.21 1,649 27.92
7 - 9 781,468.43 0.33 20 0.34
10 - 12 31,378.51 0.01 2 0.03
40 - 42 0.00 0.00 1 0.02
DELINQUENT:
Current 238,938,512.79 100.00 5,906 100.00
INDEX:
Prime Rate 206,905,026.67 86.59 5,118 86.66
Fixed Rate 32,033,486.12 13.41 788 13.34
AMORTIZATION:
Fully Amortizing 226,478,570.97 94.79 5,626 95.26
Balloon 12,459,941.82 5.21 280 4.74
PROPERTY TYPE:
Single Family 169,963,127.25 71.13 4,179 70.76
PUD 36,790,431.15 15.40 914 15.48
Condominium 17,917,011.88 7.50 534 9.04
2-4 Units 14,267,942.51 5.97 279 4.72
PURPOSE:
Cash Out Refinance 185,541,610.81 77.65 4,406 74.60
Purchase 49,092,149.38 20.55 1,357 22.98
Rate/Term Refinance 4,304,752.60 1.80 143 2.42
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
14
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
OCCUPANCY:
Primary 238,938,512.79 100.00 5,906 100.00
CURRENT
PRIN BAL ($) PCT($) # OF LOANS PCT(#)
DOCUMENTATION:
No Employment/Income 132,717,675.82 55.54 3,233 54.74
Full 96,512,827.42 40.39 2,442 41.35
No Ratio 9,708,009.55 4.06 231 3.91
STATE:
Arizona 4,781,125.33 2.00 142 2.40
Arkansas 27,500.00 0.01 1 0.02
California 169,545,258.36 70.96 3,851 65.20
Colorado 8,111,533.78 3.39 243 4.11
Connecticut 1,335,956.96 0.56 36 0.61
Delaware 147,391.99 0.06 6 0.10
District of Columbia 354,438.54 0.15 9 0.15
Florida 4,053,834.98 1.70 145 2.46
Georgia 2,321,204.77 0.97 64 1.08
Idaho 1,116,044.40 0.47 36 0.61
Illinois 3,281,747.59 1.37 118 2.00
Indiana 146,692.04 0.06 8 0.14
Iowa 28,000.00 0.01 1 0.02
Kansas 181,111.77 0.08 5 0.08
Maine 97,332.87 0.04 4 0.07
Maryland 2,896,727.51 1.21 76 1.29
Massachusetts 5,241,864.38 2.19 149 2.52
Michigan 848,616.61 0.36 21 0.36
Mississippi 10,000.00 0.00 1 0.02
Missouri 218,162.56 0.09 9 0.15
Montana 242,087.33 0.10 11 0.19
Nevada 2,133,564.82 0.89 65 1.10
New Hampshire 273,846.22 0.11 13 0.22
New Jersey 1,615,403.79 0.68 50 0.85
New Mexico 579,027.91 0.24 23 0.39
New York 4,185,968.77 1.75 94 1.59
North Carolina 1,118,820.82 0.47 37 0.63
Oklahoma 82,559.79 0.03 2 0.03
Oregon 5,819,940.09 2.44 170 2.88
Pennsylvania 1,053,117.92 0.44 35 0.59
Rhode Island 377,577.31 0.16 13 0.22
South Carolina 289,397.83 0.12 11 0.19
South Dakota 41,608.12 0.02 2 0.03
Utah 4,239,607.50 1.77 135 2.29
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
15
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Virginia 2,508,709.79 1.05 59 1.00
Washington 9,463,252.31 3.96 255 4.32
West Virginia 40,221.14 0.02 1 0.02
Wyoming 129,256.89 0.05 5 0.08
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
16
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
Preliminary Term Sheet Prepared: June 14, 2000
$112,040,000
(Approximate, Subject to +/- 10% Variance)
GREENPOINT HOME EQUITY LOAN TRUST 2000-1
Home Equity Loan Asset-Backed Certificates, Series 2000-1
Class A-2 Certificates
[GRAPHIC OMITTED]
(Certificate Insurer)
<TABLE>
<CAPTION>
=============== ================ =============== =================== ==================== ================= ==============
WAL Payment Rating Agencies
(Yrs.) Window S&P/Moody's Legal Final
Class (1) Amount (2) Call/Mat (3) Call/Mat (mos) (3) Coupon (4) sss Maturity
<S> <C> <C> <C> <C> <C> <C>
A-2 $112,040,000 2.78/2.94 1 - 80 / 1 - 153 1M LIBOR + [ ]% AAA/Aaa 06/15/2026
=============== ================ =============== =================== ==================== ================= ==============
</TABLE>
(1) The Class A-2 Certificates are backed by the cash flow from adjustable-rate
home equity revolving credit line and fixed-rate closed-end second lien
home equity mortgage loans (the "Group II Mortgage Loans").
(2) Subject to a plus or minus 10% variance.
(3) The Class A-2 Certificates are priced to call. The margin on the Class A-2
Certificates doubles after the first Distribution Date on which the Sponsor
could exercise its option to redeem the Class A-2 Certificates.
(4) Subject to the lesser of: 1) One Month LIBOR + [ ]% for the Class A-2
Certificates, 2) the Available Funds Cap (calculated using the weighted
average of the loan rates of the Group II Mortgage Loans (assuming each
HELOC is fully indexed) less (i) the servicing fee rate, (ii) trustee fee
rate, (iii) the certificate insurer premium fee, and (iv) a spread carveout
of 50 bps commencing after the 12th Distribution Date) and 3) a 15.50% cap.
<TABLE>
<S> <C>
Underwriter: Greenwich Capital Markets, Inc.
Seller & Servicer: GreenPoint Mortgage Funding, Inc. (the "Company").
Sponsor: GreenPoint Mortgage Securities, Inc. (a special purpose corporation and a wholly-owned
subsidiary of the Company).
Certificate Insurer: Ambac Assurance Corporation ("Ambac").
Trustee: Bankers Trust Company.
Federal Tax Status: It is anticipated that the Class A-2 Certificates will be treated as debt instruments for
federal income tax purposes.
Registration: The Class A-2 Certificates will be available in book-entry form through DTC, Clearstream,
Luxembourg and the Euroclear System.
Expected Pricing Date: June 15, 2000.
Expected Closing Date: On or about June 29, 2000.
</TABLE>
Greenwich Capital
=========-----------------------------------------------------------------------
1
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
<TABLE>
<S> <C>
Expected Settlement Date: On or about June 29, 2000.
Cut-off Date: Close of business on May 31, 2000.
Distribution Dates: The 15th day of each month (or the next succeeding business day), beginning in July 2000.
Interest Accrual Period: The interest accrual period with respect to the Class A-2 Certificates for a given
Distribution Date will be the period beginning with the previous Distribution Date (or,
in the case of the first Distribution Date, the Closing Date) and ending on the day
prior to such Distribution Date (on an Actual/360 basis).
Credit Enhancement: Excess Interest, Overcollateralization, limited Cross Collateralization, the Reserve Fund,
and the Surety Policy provided by Ambac.
ERISA Eligibility: The Class A-2 Certificates are expected to be ERISA eligible. Prospective investors must
review the Prospectus and Prospectus Supplement and consult with their professional
advisors for a more detailed description of these matters prior to investing in the
Class A-2 Certificates.
SMMEA Treatment: The Class A-2 Certificates are not expected to constitute "mortgage related
securities" for purposes of SMMEA.
Optional Redemption: On any Distribution Date after the Class A-2 Certificate Principal Balance declines
below 10% of the Class A-2 Certificate Principal Balance as of the Closing Date, the
Sponsor may elect to redeem the Class A-2 Certificates at par plus accrued interest.
Prepayment Assumption: 40% CPR, 20% Draw Rate on the HELOCs, 30% CPR on the Closed-End Seconds.
Group II Mortgage Loans: As of the Cut-off Date, the aggregate principal balance of the Group II
Mortgage Loans will be approximately $111,206,341, subject to a plus or minus 10%
variance. The Group II Mortgage Loans will consist of approximately $99,382,638 of
adjustable-rate home equity revolving credit line loans (the "Group II HELOCs") made
under certain home equity revolving credit line loan agreements and approximately
$11,823,703 of fixed-rate closed-end second lien home equity loans (the "Group II
Closed-End Seconds").
HELOC Amortization: Approximately 75.80% of the Group II HELOCs have 5 year draw periods followed by a
10 year amortization period, while the remaining 24.20% have a 15 year draw period
followed by a 10 year amortization period. Each outstanding Group II HELOC principal
balance is fixed at the end of the draw period, and then amortized over the subsequent
10 year period.
Closed-end
Second Amortization: Fully amortizing and balloons.
HELOC Interest Rates: 100% of the Group II HELOCs are Prime-based and reset monthly. Substantially all
of the Group II HELOCs are teased for 3 months from origination and adjust thereafter.
The weighted average margin on the Group II HELOCs as of the Cut-off Date is
approximately 2.692%, with the margins ranging from 0.000% to 6.500%. Substantially all
of the Group II HELOCs have a maximum interest rate of 18% or higher, with no periodic
rate caps.
Closed-end
</TABLE>
Greenwich Capital
=========-----------------------------------------------------------------------
2
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
<TABLE>
<S> <C>
Second Interest Rates: 100% Fixed Rate.
The Trust
GreenPoint Home Equity
Loan Trust 2000-1: GreenPoint Home Equity Loan Trust 2000-1 (the "Trust") will issue the Class A-2
Certificates. The Class A-2 Certificates will represent a 100% interest in the Group II
Mortgage Loans.
A separate Class of Certificates, the Class A-1 Certificates, will also be issued by the
Trust. The Trust consists primarily of the Group I and Group II Mortgage Loans, the
Ambac Surety Policy and the Reserve Fund.
The Certificates
Class A-2 Certificates: The Class A-2 Certificates receive distributions of principal in the manner
described below. The Class A-2 Certificates will receive interest on each Distribution
Date based on a variable rate described more fully below.
Credit Enhancement
Credit Enhancement: The Class A-2 Certificateholders will have the benefit of the following credit enhancement;
(a) Excess Interest Collections (described below);
(b) the Overcollateralization Amount (described below);
(c) limited Cross Collateralization (described below);
(d) the Ambac Surety Policy (described below);
(e) the Reserve Fund (described below).
Excess
Interest Collections: For the Class A-2 Certificates, the related interest collections minus the sum of (i)
the Class A-2 Certificate interest paid; (ii) the related servicing fee paid; (iii) the
related premium paid to Ambac and any unreimbursed draws on the Ambac Surety Policy; and
(iv) the related trustee fee paid.
</TABLE>
Greenwich Capital
=========-----------------------------------------------------------------------
3
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
<TABLE>
<S> <C>
Class A-2
Overcollateralization
Amount: The Class A-2 Certificateholders will be entitled to receive distributions of Excess
Interest Collections as principal (the "Class A-2 Accelerated Principal Payment") up to
a certain percentage of the balance of the Group II Mortgage Loans (the "Class A-2
Required Overcollateralization Amount," as specified in the Pooling Agreement). This
distribution of interest as principal will have the effect of accelerating the Class A-2
Certificates relative to the underlying Group II Mortgage Loans. On any Distribution
Date, the Class A-2 Overcollateralization Amount will be the amount by which the Group
II Mortgage Loan Balance exceeds the Class A-2 Certificate Principal Balance. On any
Distribution Date on which the Group II Mortgage Loan Balance does not exceed the Class
A-2 Certificate Principal Balance by the Class A-2 Required Overcollateralization
Amount, Excess Interest Collections will be distributed as principal to the Class A-2
Certificates to increase the Class A-1 Overcollateralization Amount to the Class A-2
Required Overcollateralization Amount.
Initially, the Certificate Principal Balance of the Class A-2 Certificates will be
greater than the balance of the Group II Mortgage Loans by approximately 0.75%. This
difference represents the initial undercollateralization. Any Excess Interest
Collections not used to cover interest shortfalls or current period losses will be paid
as principal on the Class A-2 Certificates to reduce the initial undercollateralization
to zero, and then to build overcollateralization to the required amount.
Stepdown Date: On or after the Distribution Date occurring in July 2003, the required targets for the Class
A-2 Overcollateralization will be allowed to step down to a certain percentage
(specified in the Pooling Agreement) of the balance of the Group II Mortgage Loans as of
the end of the related Collection Period, subject to a floor of 0.50% of the balance of
the Group II Mortgage Loans as of the Cut-off Date.
Cross Collateralization: After paying (i) the "OC Deficit" (the amount by which the related Certificate Principal
Balance exceeds the balance of the related mortgage loan group, only after the related
undercollateralization has been reduced to zero) for the related Class of Certificates,
(ii) any unreimbursed draws on the Ambac Surety Policy, with respect to the related
Class of Certificates and (iii) the related Accelerated Principal Payment, any remaining
amounts will be used (i) to pay accrued and unpaid interest to the other unrelated Class
of Certificates; (ii) to pay the OC Deficit on the unrelated Class of Certificates and
(iii) to pay unreimbursed draws on the Ambac Surety Policy, with respect to the
unrelated Class of Certificates.
The Ambac Surety Policy: Ambac will issue a single insurance policy with respect to the Class A-1
and the Class A-2 Certificates which will guarantee timely interest and ultimate
repayment of principal to the Class A-1 and Class A-2 Certificateholders.
</TABLE>
Greenwich Capital
=========-----------------------------------------------------------------------
4
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
<TABLE>
<S> <C>
Reserve Fund: The Reserve Fund will initially be $0 on the Closing Date and then will be funded on each
Distribution Date up to the Reserve Fund Target Amount. The "Reserve Fund Target Amount"
will be equal to the sum of (i) the amount by which the Class A-1 Overcollateralization
Amount is less than the Class A-1 Required Overcollateralization Amount; and (ii) the
amount by which the Class A-2 Overcollateralization Amount is less than the Class A-2
Required Overcollateralization Amount. The Reserve Fund may be used to fund interest
shortfalls and OC Deficits and to pay any unreimbursed draws on the Ambac Surety Policy,
with respect to both classes of Certificates.
</TABLE>
Distributions on the Class A-2 Certificates
Priority of Distributions
Available Funds with respect to Class A-2 Certificates will be
distributed as follows:
<TABLE>
<S> <C>
(i) to the Trustee, the related trustee fee;
(ii) to Ambac, the related premium fee;
(iii) to the Class A-2 Certificates, current and unpaid interest;
(iv) to the Class A-2 Certificates, the related Principal Payment Amount;
(v) to the Class A-2 Certificates, any related OC Deficit;
(vi) to Ambac, the related reimbursement amount for any unreimbursed payments made, with interest
thereon;
(vii) to the Class A-2 Certificates, the Class A-2 Accelerated Principal Payment;
(viii) to fund any deficiencies related to the Class A-1 Certificates with respect to (iii), (v), and
(vi) (the "Crossover Amount");
(ix) to the Reserve Fund as specified herein;
(x) to pay any unreimbursed amounts to the Servicer;
(xi) to the Class A-2 Certificates, Deferred Interest and interest thereon at the Class A-2
Certificate Rate;
(xii) to pay a management fee pursuant to the Management Agreement;
(xiii) to the residual holders, any remaining amounts.
</TABLE>
Greenwich Capital
=========-----------------------------------------------------------------------
5
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
<TABLE>
Principal Distributions
<S> <C>
Managed Am. Period: The Managed Amortization Period will begin on the Closing Date and end on the Distribution
Date occurring in June 2005 or earlier upon the occurrence of a Rapid Amortization
Event. During the Managed Amortization Period, the Class A-2 Certificateholders will
receive an amount (the "Principal Payment Amount") equal to (a) the related Net
Principal Collections (as defined herein) minus (b) the related Overcollateralization
Reduction Amount (as defined herein). The related "Overcollateralization Reduction
Amount" is the amount by which the related Overcollateralization Amount exceeds the
related Required Overcollateralization Amount. The "Net Principal Collections" is equal
to the amount (not less than zero) of the related principal collections for such
Distribution Date less the aggregate of related additional draws on existing related
HELOCs created during such Distribution Date.
Rapid Am. Period: Commencing no later than the Distribution Date occurring in July 2005 (or earlier, upon
the occurrence of a Rapid Amortization Event), the Class A-2 Certificateholders will
receive the Principal Payment Amount which is equal to (a) 100% of the related principal
collections for such Distribution Date minus (b) the related Overcollateralization
Reduction Amount.
The aggregate distributions of principal to the holders of the Class A-2 Certificates
shall not exceed the Certificate Principal Balance of the Class A-2 Certificates as of
the Closing Date.
Interest Distributions
Interest Distributions: Interest will be distributed on the Class A-2 Certificateholders at a rate equal
to the lesser of (a) One Month LIBOR plus a margin and (b) the related Maximum Rate. The
margin on the Class A-2 Certificates will double after the first Distribution Date on
which the Optional Redemption is not exercised.
The "Maximum Rate" is equal to the lesser of (x) the weighted average of the loan rates
of the Group II Mortgage Loans (assuming the Group II HELOCs are fully indexed) minus
(i) the servicing fee rate, (ii) the Ambac premium; (iii) a spread carveout of 0.50% per
annum after the twelfth Distribution Date and (iv) the trustee fee rate and (y) 15.50%.
Should the Class A-2 Certificateholders receive an interest amount based on clause (x)
above (creating a "Deferred Interest Amount"), future remaining interest amounts to be
distributed will first be allocated to Certificateholders accrued interest due and any
overdue accrued interest (with interest thereon) and then Deferred Interest (with
interest thereon). In no event are Deferred Interest Amounts rated by any rating
agencies or guaranteed under the Ambac Surety Policy.
</TABLE>
Greenwich Capital
=========-----------------------------------------------------------------------
6
<PAGE>
COMPUTATIONAL MATERIALS DISCLAIMER
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and intended for use by the addressee only. These
Computational Materials have been prepared by Greenwich Capital Markets, Inc. in
reliance upon information furnished by the issuer of the securities and its
affiliates. These Computational Materials are furnished to you solely by
Greenwich Capital Markets, Inc. and not by the issuer of the securities. They
may not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating said
material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be reflected therein. As such, no assurance can be given as to
the Computational Materials' accuracy, appropriateness or completeness in any
particular context; nor as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any weighted average lives, yields and principal payment periods shown in the
Computational Materials are based on prepayments assumptions, and changes in
such prepayment assumptions may dramatically affect such weighted average lives,
yields and principal payment periods. In addition, it is possible that
prepayments on the underlying assets will occur at rates slower or faster than
the rates shown in the attached Computational Materials. Furthermore, unless
otherwise provided, the Computational Materials assume no losses on the
underlying assets and no interest shortfall. The specific characteristics of the
securities may differ from those shown in the Computational Materials due to
differences between the actual underlying assets and the hypothetical underlying
assets used in preparing the Computational Materials. The principal amount and
designation of any security described in the Computational Materials are subject
to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of
its affiliates makes any representation or warranty as to the actual rate or
timing of payments on any of the underlying assets or the payments or yield on
the securities.
Although a registration statement (including the Prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not been filed
with Securities and Exchange Commission. This communication shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities discussed in this communication in any state in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification of such securities under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus supplement relating
to the securities discussed in this communication for definitive Computational
Materials and any matter discussed in this communication. Once available, a
final prospectus and prospectus supplement may be obtained by contacting the
Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160.
Please be advised that the securities described herein may not be appropriate
for all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayment, yield curve and interest rate
risks. Investors should make every effort to consider the risks of these
securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
<PAGE>
Class A-2 Discount Margin Tables
<TABLE>
<CAPTION>
Class A-2 (to Call)
--------------------------------------------------------------------------------------------------------------------
HELOCs* 25% CPR 30% CPR 40% CPR 45% CPR 50% CPR
2nds 10% CPR 20% CPR 30% CPR 40% CPR 50% CPR
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DM@100% 0.240 0.240 0.240 0.240 0.240
WAL (yr) 6.21 4.53 2.78 2.21 1.79
MDUR (yr) 4.61 3.54 2.32 1.89 1.56
First Pay 07/15/00 07/15/00 07/15/00 07/15/00 07/15/00
Last Pay 08/15/12 01/15/10 02/15/07 02/15/06 04/15/05
--------------------------------------------------------------------------------------------------------------------
*A draw rate of 20% is assumed for the HELOCs.
<CAPTION>
Class A-2 (to Maturity)
--------------------------------------------------------------------------------------------------------------------
HELOCs* 25% CPR 30% CPR 40% CPR 45% CPR 50% CPR
2nds 10% CPR 20% CPR 30% CPR 40% CPR 50% CPR
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DM@100% 0.244 0.246 0.249 0.250 0.252
WAL (yr) 6.44 4.75 2.94 2.35 1.91
MDUR (yr) 4.70 3.64 2.41 1.98 1.64
First Pay 07/15/00 07/15/00 07/15/00 07/15/00 07/15/00
Last Pay 03/15/18 12/15/16 03/15/13 03/15/11 09/15/09
--------------------------------------------------------------------------------------------------------------------
</TABLE>
*A draw rate of 20% is assumed for the HELOCs.
"Full Price" = "Flat Price" + Accrued Interest.
Maturity and Last Principal Pay Dates may be distorted by the use of collateral
pool WAMs.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as underwriter and not as Agent for the issuer or its affiliates in
connection with the proposed transaction.
8
<PAGE>
GROUP II MORTGAGE LOANS
05/31/2000 BALANCES
POOL: Non Conforming Loans
LOAN TYPE: Closed-end Seconds & Helocs
TOTAL CURRENT 111,206,341.48
BALANCE:
NUMBER OF 1,348
LOANS:
<TABLE>
<CAPTION>
AVG/WAVG MIN MAX
<S> <C> <C> <C>
AVG CURRENT BALANCE: $84,955.19 $0.00 $750,000.00
WAVG GROSS COUPON: 8.988 % 5.875 18.000 %
WAVG MARGIN 2.692 % 0.000 6.500 %
(HELOC ONLY):
WAVG MAX INT RATE 18.000 % 18.000 18.000 %
(HELOC ONLY):
WAVG NEXT RESET 1 months 1 3 months
(HELOC ONLY):
WAVG COMBINED LTV: 76.79 % 9.09 100.00 %
WAVG FICO SCORE: 699 576 809
WAVG ORIGINAL TERM: 206 months 180 300 months
WAVG DRAW TERM 89 months 60 180 months
(HELOC ONLY):
WAVG REMAINING TERM: 204 months 171 300 months
WAVG SEASONING: 2 months 0 9 months
TOP STATE CONC ($): 75.07 % California, 3.65 % Colorado, 2.93 % Washington
FIRST PAY DATE: Sep 12, 1999 Jul 12, 2000
MATURE DATE: Aug 12, 2014 May 12, 2025
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
9
<PAGE>
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BAL ($) PCT($) # OF LOANS PCT(#)
LOAN TYPE:
<S> <C> <C> <C> <C>
Heloc 99,382,638.37 89.37 1,164 86.35
Closed-end Seconds 11,823,703.11 10.63 184 13.65
CURRENT BALANCE ($):
0.00 0.00 0.00 39 2.89
0.01 - 10,000.00 922,496.38 0.83 138 10.24
10,000.01 - 20,000.00 2,774,077.28 2.49 190 14.09
20,000.01 - 30,000.00 3,843,058.26 3.46 151 11.20
30,000.01 - 40,000.00 3,151,724.89 2.83 90 6.68
40,000.01 - 50,000.00 5,371,020.45 4.83 115 8.53
50,000.01 - 60,000.00 2,625,146.18 2.36 47 3.49
60,000.01 - 70,000.00 2,594,555.15 2.33 39 2.89
70,000.01 - 80,000.00 3,341,356.08 3.00 44 3.26
80,000.01 - 90,000.00 2,895,193.85 2.60 34 2.52
90,000.01 - 100,000.00 4,195,247.95 3.77 43 3.19
greater than 100,000.00 79,492,465.01 71.48 418 31.01
LOAN RATE (%):
5.88 - 6.00 51,313,651.01 46.14 441 32.72
6.01 - 6.50 35,605.75 0.03 2 0.15
7.51 - 8.00 149,704.13 0.13 1 0.07
8.01 - 8.50 86,200.00 0.08 2 0.15
8.51 - 9.00 2,930,597.24 2.64 76 5.64
9.01 - 9.50 5,460,637.09 4.91 66 4.90
9.51 - 10.00 3,438,392.40 3.09 42 3.12
10.01 - 10.50 2,735,637.05 2.46 32 2.37
10.51 - 11.00 6,466,483.63 5.81 62 4.60
11.01 - 11.50 7,081,115.07 6.37 73 5.42
11.51 - 12.00 7,261,148.27 6.53 90 6.68
12.01 - 12.50 6,867,728.39 6.18 129 9.57
12.51 - 13.00 5,768,674.96 5.19 168 12.46
13.01 - 13.50 5,064,972.15 4.55 80 5.93
13.51 - 14.00 4,313,527.21 3.88 54 4.01
14.01 - 14.50 1,302,546.17 1.17 15 1.11
14.51 - 15.00 529,820.96 0.48 12 0.89
greater than 15.01 399,900.00 0.36 3 0.22
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
10
<PAGE>
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BAL ($) PCT($) # OF LOANS PCT(#)
MARGIN (%) (HELOC ONLY):
<S> <C> <C> <C> <C>
less than 0.50 14,497,464.45 14.59 221 18.99
0.51 - 1.00 6,147,868.66 6.19 60 5.15
1.01 - 1.50 3,235,183.57 3.26 26 2.23
1.51 - 2.00 8,756,029.39 8.81 75 6.44
2.01 - 2.50 13,194,013.53 13.28 109 9.36
2.51 - 3.00 12,245,675.06 12.32 97 8.33
3.01 - 3.50 11,319,165.87 11.39 137 11.77
3.51 - 4.00 9,375,838.99 9.43 202 17.35
4.01 - 4.50 11,057,768.02 11.13 126 10.82
4.51 - 5.00 6,651,383.54 6.69 75 6.44
5.01 - 5.50 1,870,821.60 1.88 21 1.80
5.51 - 6.00 498,032.98 0.50 12 1.03
6.01 - 6.50 533,392.71 0.54 3 0.26
MAX INT RATE (%) (HELOC ONLY)
18.00 99,382,638.37 100.00 1,164 100.00
NEXT RESET (MTHS) (HELOC ONLY):
1 69,349,167.76 69.78 879 75.52
2 19,826,724.36 19.95 189 16.24
3 10,206,746.25 10.27 96 8.25
COMBINED LTV (%):
less than 10.00 38,697.59 0.03 1 0.07
10.01 - 20.00 186,134.79 0.17 3 0.22
20.01 - 30.00 757,700.72 0.68 9 0.67
30.01 - 40.00 1,692,803.56 1.52 16 1.19
40.01 - 50.00 3,840,888.08 3.45 41 3.04
50.01 - 60.00 6,141,781.96 5.52 55 4.08
60.01 - 70.00 18,010,772.60 16.20 155 11.50
70.01 - 80.00 41,376,569.76 37.21 425 31.53
80.01 - 90.00 26,874,564.02 24.17 489 36.28
90.01 - 100.00 12,286,428.40 11.05 154 11.42
FICO SCORE:
576 - 600 205,505.73 0.18 3 0.22
601 - 650 14,606,050.08 13.13 139 10.31
651 - 700 44,790,333.23 40.28 496 36.80
701 - 750 36,124,679.91 32.48 487 36.13
751 - 800 14,795,538.76 13.30 216 16.02
801 - 809 684,233.77 0.62 7 0.52
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
11
<PAGE>
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BAL ($) PCT($) # OF LOANS PCT(#)
ORIGINAL TERM (MTHS):
<S> <C> <C> <C> <C>
180 87,218,051.83 78.43 1,045 77.52
300 23,988,289.65 21.57 303 22.48
DRAW TERM (MTHS) (HELOC ONLY):
60 75,335,441.38 75.80 860 73.88
180 24,047,196.99 24.20 304 26.12
REMAINING TERM (MTHS):
171 - 176 24,883,736.48 22.38 283 20.99
177 - 182 62,334,315.35 56.05 762 56.53
291 - 296 6,688,935.13 6.01 73 5.42
297 - 300 17,299,354.52 15.56 230 17.06
SEASONING (MTHS):
less than or equal to 0 15,425,525.19 13.87 208 15.43
1 - 3 64,208,144.68 57.74 784 58.16
4 - 6 31,234,618.17 28.09 351 26.04
7 - 9 338,053.44 0.30 5 0.37
DELINQUENT:
Current 111,206,341.48 100.00 1,348 100.00
INDEX:
Prime Rate 99,382,638.37 89.37 1,164 86.35
Fixed Rate 11,823,703.11 10.63 184 13.65
AMORTIZATION:
Fully Amortizing 104,522,649.74 93.99 1,267 93.99
Balloon 6,683,691.74 6.01 81 6.01
PROPERTY TYPE:
Single Family 79,642,620.80 71.62 891 66.10
PUD 16,784,636.50 15.09 175 12.98
2-4 Units 8,938,072.70 8.04 184 13.65
Condominium 5,841,011.48 5.25 98 7.27
PURPOSE:
Cash Out Refinance 95,960,116.62 86.29 987 73.22
Purchase 13,895,996.52 12.50 322 23.89
Rate/Term Refinance 1,350,228.34 1.21 39 2.89
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
12
<PAGE>
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BAL ($) PCT($) # OF LOANS PCT(#)
OCCUPANCY:
<S> <C> <C> <C> <C>
Primary 90,981,859.55 81.81 789 58.53
Non-owner 18,126,557.14 16.30 507 37.61
Second Home 2,097,924.79 1.89 52 3.86
DOCUMENTATION:
No Employment/Income 65,414,330.69 58.82 728 54.01
Full 41,152,511.08 37.01 577 42.80
No Ratio 4,639,499.71 4.17 43 3.19
STATE:
Arizona 1,908,802.80 1.72 51 3.78
California 83,485,009.66 75.07 793 58.83
Colorado 4,063,179.64 3.65 81 6.01
Connecticut 391,081.55 0.35 6 0.45
District of Columbia 643,272.78 0.58 4 0.30
Florida 1,350,820.31 1.21 46 3.41
Georgia 1,199,347.22 1.08 21 1.56
Idaho 547,509.45 0.49 11 0.82
Illinois 914,177.56 0.82 25 1.85
Maine 276,131.52 0.25 5 0.37
Maryland 374,212.20 0.34 21 1.56
Massachusetts 2,815,483.28 2.53 47 3.49
Michigan 49,395.86 0.04 1 0.07
Montana 177,052.27 0.16 2 0.15
Nebraska 76,872.63 0.07 3 0.22
Nevada 976,807.03 0.88 24 1.78
New Hampshire 62,426.50 0.06 3 0.22
New Jersey 283,040.25 0.25 7 0.52
New Mexico 333,652.72 0.30 5 0.37
New York 2,324,369.86 2.09 26 1.93
North Carolina 322,905.08 0.29 6 0.45
Oregon 1,669,775.57 1.50 32 2.37
Pennsylvania 283,100.21 0.25 6 0.45
Rhode Island 362,376.15 0.33 3 0.22
South Carolina 46,500.00 0.04 1 0.07
Utah 2,118,903.25 1.91 34 2.52
Virginia 780,457.30 0.70 17 1.26
Washington 3,254,381.15 2.93 65 4.82
Wyoming 115,297.68 0.10 2 0.15
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
13
