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 August 12, 1999
----------------------------
(Date of Earliest Event Reported)
EQUITY ONE ABS, INC., (as depositor under the Pooling and Servicing Agreement,
dated as of July 31, 1999, which forms a trust fund, which will issue the
Mortgage Pass-Through Certificates, Series 1999-1)
EQUITY ONE ABS, INC.
----------------------------
(Exact Name of Registrant as specified in its charter)
Delaware 333-81237 52-2029487
----------------------- --------------------- -----------------------
(State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)
103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803
--------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 478-6160
<PAGE>
Item 5. Other Events.
Filing of Certain Materials.
On August 12, 1999, the Registrant commenced distribution to potential
investors of the attached Computational Materials and Collateral Term Sheet
relating to the Registrant's Mortgage Pass-Through Certificates, Series 1999-1.
-2-
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Computational Materials and Collateral Term
Sheet in connection with Mortgage Pass-Through
Certificates, Series 1999-1 of Equity One ABS, Inc.
-3-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
EQUITY ONE ABS, INC.
By: /s/ Dennis Kildea
----------------------------------
Dennis Kildea, Vice President
Dated: August 16, 1999
-4-
<PAGE>
Exhibit Index
Exhibit Document
23.1 Computational Materials and Collateral Term Sheet in
connection with Mortgage Pass-Through Certificates,
Series 1999-1 of Equity One ABS, Inc.
-5-
DERIVED INFORMATION
$195,009,715 CERTIFICATES
(APPROXIMATE)
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
Equity One ABS, Inc.
as Depositor
Equity One, Inc.
as Servicer
Credit Enhancement via a Certificate
Guaranty Insurance Policy provided by
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
Ambac
- ----------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete, will be superseded by
the Offering Document and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of the same warnings,
lack of assurances and representations and other precautionary matters, as
disclosed in the Offering Document. Information regarding the underlying assets
has been provided by third parties and has not been independently verified by
Donaldson, Lufkin & Jenrette Securities Corporation or any affiliate. The
analyses contained herein have been prepared on the basis of certain assumptions
(including, in certain cases, assumptions specified by the recipient hereof)
regarding payments, interest rates and other matters, including, but not limited
to, the assumptions described in the Offering Document. None of the issuer of
the Certificates, the Depositor, the Servicer or any of their affiliates make
any representation as to the accuracy or completeness of the information herein.
Neither the Depositor nor the Servicer has prepared, reviewed or participated in
the preparation of this document and is not responsible for the accuracy hereof.
The information contained herein addresses only certain aspects of the
applicable security's characteristics and thus does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. None of Donaldson, Lufkin & Jenrette
Securities Corporation, the issuer of the Certificates, the Depositor, the
Servicer, or their respective affiliates, make 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. This information supersedes any prior
versions hereof and will be deemed to be superseded by any subsequent versions
hereof including, with respect to any description of the securities or
underlying assets, the information contained in the Offering Document.
<PAGE>
DLJ
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
$195,009,715 (APPROXIMATE)
Equity One ABS, Inc.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
<TABLE>
<CAPTION>
- ------------- ---------------- ---------------- ----------- ----------- ------------- ------------ -----------------
MODIFIED
APPROXIMATE WAL DURATION PRINCIPAL PROPOSED RATING
CERTIFICATE TRANCHE (YRS) (2) (YRS) (2) WINDOW (MOODY'S/S&P)
CLASS BALANCE TYPE COUPON(1) CALL/MAT CALL/MAT CALL/MAT(2)
- ------------- ---------------- ---------------- ----------- ----------- ------------- ------------ -----------------
- ------------- ---------------- ---------------- ----------- ----------- ------------- ------------ -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
A $195,009,715 Pass-Through [Fixed]% 3.90/4.03 3.02/3.06 136/356 Aaa/AAA
- ------------- ---------------- ---------------- ----------- ----------- ------------- ------------ -----------------
- ------------- ----------------
TOTAL $195,009,715
- ------------- ----------------
</TABLE>
Certificates rating, which is a condition to issuance, is based upon the claims
paying ability of Ambac Assurance Corporation.
(1) Fixed rate coupon (30/360) payable monthly on the 25th day, or if such
day is not a business day, the next succeeding business day commencing
on 9/27/99, with accrued interest from 8/1/99. Fixed rate coupon subject
to the lesser of (a) the stated coupon and (b) a Net WAC cap equal to
the weighted average mortgage rate on the underlying mortgage loans
(initially, 9.12%) less servicing (50 bps) and trust expenses ([19.5]
bps). Any coupon payment subject to the Net WAC cap will also be
entitled to certain supplemental yield payments to the extent of amounts
released from the reserve fund. Such supplemental yield payments, if
any, are intended to cover any potential interest differential between
the stated coupon and the Net WAC cap. The entitlement to any
supplemental yield payment will not be rated by either S&P or Moody's
and will not be guaranteed by Ambac.
(2) 100% of Standard Prepayment Assumption ("SPA"): 4% - 20% CPR ramp over
12 months, remaining at 20% CPR thereafter.
(3) Legal Final: [September 25, 2030].
THE DEPOSITOR
Equity One ABS, Inc., a Delaware corporation (the "Depositor"), was
incorporated in March of 1997 for the limited purpose of acquiring, owning and
transferring mortgage loans and other assets and selling interests therein or
bonds secured thereby. The Depositor is a limited purpose wholly-owned finance
subsidiary of Equity One, Inc., a Delaware corporation ("Equity One"). Equity
One is a wholly-owned operating subsidiary of Popular North America, Inc., a
Delaware corporation ("PNA"). PNA is
- ----------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete, will be superseded by
the Offering Document and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of the same warnings,
lack of assurances and representations and other precautionary matters, as
disclosed in the Offering Document. Information regarding the underlying assets
has been provided by third parties and has not been independently verified by
Donaldson, Lufkin & Jenrette Securities Corporation or any affiliate. The
analyses contained herein have been prepared on the basis of certain assumptions
(including, in certain cases, assumptions specified by the recipient hereof)
regarding payments, interest rates and other matters, including, but not limited
to, the assumptions described in the Offering Document. None of the issuer of
the Certificates, the Depositor, the Servicer or any of their affiliates make
any representation as to the accuracy or completeness of the information herein.
Neither the Depositor nor the Servicer has prepared, reviewed or participated in
the preparation of this document and is not responsible for the accuracy hereof.
The information contained herein addresses only certain aspects of the
applicable security's characteristics and thus does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. None of Donaldson, Lufkin & Jenrette
Securities Corporation, the issuer of the Certificates, the Depositor, the
Servicer, or their respective affiliates, make 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. This information supersedes any prior
versions hereof and will be deemed to be superseded by any subsequent versions
hereof including, with respect to any description of the securities or
underlying assets, the information contained in the Offering Document.
<PAGE>
DLJ
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
an indirect wholly-owned subsidiary of Popular, Inc., a diversified, publicly
owned bank holding company incorporated under the General Corporation Law of
Puerto Rico ("Popular"). The Depositor and Equity One are subject to
comprehensive regulation by the Board of Governors of the Federal Reserve System
("Federal Reserve"). No obligations of the Depositor are insured by any
governmental agency. The Depositor maintains its principal office at 103
Springer Building, 3411 Silverside Road, Wilmington, Delaware. Its telephone
number is (302) 478-6160. Equity One maintains its principal office at 523
Fellowship Road, Suite 230, Mt. Laurel, New Jersey. Neither the Depositor nor
any of the Depositor's affiliates will insure or guarantee distributions on the
Certificates.
- ----------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete, will be superseded by
the Offering Document and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of the same warnings,
lack of assurances and representations and other precautionary matters, as
disclosed in the Offering Document. Information regarding the underlying assets
has been provided by third parties and has not been independently verified by
Donaldson, Lufkin & Jenrette Securities Corporation or any affiliate. The
analyses contained herein have been prepared on the basis of certain assumptions
(including, in certain cases, assumptions specified by the recipient hereof)
regarding payments, interest rates and other matters, including, but not limited
to, the assumptions described in the Offering Document. None of the issuer of
the Certificates, the Depositor, the Servicer or any of their affiliates make
any representation as to the accuracy or completeness of the information herein.
Neither the Depositor nor the Servicer has prepared, reviewed or participated in
the preparation of this document and is not responsible for the accuracy hereof.
The information contained herein addresses only certain aspects of the
applicable security's characteristics and thus does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. None of Donaldson, Lufkin & Jenrette
Securities Corporation, the issuer of the Certificates, the Depositor, the
Servicer, or their respective affiliates, make 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. This information supersedes any prior
versions hereof and will be deemed to be superseded by any subsequent versions
hereof including, with respect to any description of the securities or
underlying assets, the information contained in the Offering Document.
<PAGE>
DLJ
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
SUMMARY TERMS
<TABLE>
<S> <C>
Servicer: Equity One, Inc.
Depositor: Equity One ABS, Inc.
Trustee: The Chase Manhattan Bank, a banking corporation organized under the laws of the State of New
York
Cut-off Date: July 31, 1999.
Pricing Date: August [ ], 1999.
Settlement Date: August [19], 1999.
Payment Dates: 25th day of each month (or the next succeeding business day), beginning September [27], 1999.
Certificate Ratings: The Class A Certificates are anticipated to be rated "Aaa" by Moody's Investors Service, Inc.
("Moody's") and "AAA" by Standard & Poor's, a division of The McGraw-Hill Companies, Inc.
("S&P").
Credit Enhancement: 1. A spread account to cover shortfalls in principal and interest payments due to
realized losses.
2. Ambac Assurance Corporation ("Ambac") wrap,
guaranteeing the full payment of interest on
each distribution date and full payment of
principal on the last scheduled distribution
date or earlier termination of the trust fund.
Ambac's claims paying ability rated Aaa/AAA by
Moody's and S&P, respectively.
Optional Termination: 5% optional clean-up call (exercisable
when the aggregate outstanding balance of the
mortgage loans in the trust fund is less than 5% of
the initial aggregate outstanding balance of the
mortgage loans in the trust fund as of the cut-off
date).
Mortgage Loans: Fixed rate (closed-end) first and second lien home equity mortgage loans.
</TABLE>
- ----------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete, will be superseded by
the Offering Document and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of the same warnings,
lack of assurances and representations and other precautionary matters, as
disclosed in the Offering Document. Information regarding the underlying assets
has been provided by third parties and has not been independently verified by
Donaldson, Lufkin & Jenrette Securities Corporation or any affiliate. The
analyses contained herein have been prepared on the basis of certain assumptions
(including, in certain cases, assumptions specified by the recipient hereof)
regarding payments, interest rates and other matters, including, but not limited
to, the assumptions described in the Offering Document. None of the issuer of
the Certificates, the Depositor, the Servicer or any of their affiliates make
any representation as to the accuracy or completeness of the information herein.
Neither the Depositor nor the Servicer has prepared, reviewed or participated in
the preparation of this document and is not responsible for the accuracy hereof.
The information contained herein addresses only certain aspects of the
applicable security's characteristics and thus does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. None of Donaldson, Lufkin & Jenrette
Securities Corporation, the issuer of the Certificates, the Depositor, the
Servicer, or their respective affiliates, make 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. This information supersedes any prior
versions hereof and will be deemed to be superseded by any subsequent versions
hereof including, with respect to any description of the securities or
underlying assets, the information contained in the Offering Document.
<PAGE>
DLJ
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
<TABLE>
<S> <C>
ERISA Eligibility: Subject to the considerations and
conditions described in the Prospectus and
Prospectus Supplement. It is expected that the
Certificates may be purchased by employee benefit
plans that are subject to ERISA.
SMMEA Treatment: The Certificates WILL NOT constitute
"mortgage related securities" for purposes of SMMEA
because certain of the mortgage loans will be
secured by second liens.
Taxation: REMIC.
Registration: The Class A Certificates will be available in book-entry
form through DTC, Cedel and Euroclear.
</TABLE>
- ----------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete, will be superseded by
the Offering Document and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of the same warnings,
lack of assurances and representations and other precautionary matters, as
disclosed in the Offering Document. Information regarding the underlying assets
has been provided by third parties and has not been independently verified by
Donaldson, Lufkin & Jenrette Securities Corporation or any affiliate. The
analyses contained herein have been prepared on the basis of certain assumptions
(including, in certain cases, assumptions specified by the recipient hereof)
regarding payments, interest rates and other matters, including, but not limited
to, the assumptions described in the Offering Document. None of the issuer of
the Certificates, the Depositor, the Servicer or any of their affiliates make
any representation as to the accuracy or completeness of the information herein.
Neither the Depositor nor the Servicer has prepared, reviewed or participated in
the preparation of this document and is not responsible for the accuracy hereof.
The information contained herein addresses only certain aspects of the
applicable security's characteristics and thus does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. None of Donaldson, Lufkin & Jenrette
Securities Corporation, the issuer of the Certificates, the Depositor, the
Servicer, or their respective affiliates, make 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. This information supersedes any prior
versions hereof and will be deemed to be superseded by any subsequent versions
hereof including, with respect to any description of the securities or
underlying assets, the information contained in the Offering Document.
<PAGE>
DLJ
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
SENSITIVITY ANALYSIS
PROJECTED PERFORMANCE UNDER VARYING PREPAYMENT ASSUMPTIONS
<TABLE>
Class A (To 5% Call)
- --------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0% SPA 50% SPA 75% SPA 100% SPA 125% SPA 150% SPA
Implied Seasoned CPR 0% CPR 10% CPR 15% CPR 20% CPR 25% CPR 30% CPR
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 12.484 6.319 4.956 3.897 3.206 2.691
Modified Duration (yrs.) 7.176 4.386 3.623 3.016 2.577 2.231
First Principal Payment Date 9/25/99 9/25/99 9/25/99 9/25/99 9/25/99 9/25/99
Last Principal Payment Date 11/25/25 5/25/14 3/25/14 12/25/10 2/25/09 6/25/07
Payment Window (mos.) 315 177 175 136 114 94
Yield @ 100.00000 7.806 7.760 7.736 7.707 7.678 7.647
</TABLE>
<TABLE>
Class A (To Maturity)
- -----------------------------------------------------------------------------------------------------
% of Prepay Assumption 0% SPA 50% SPA 75% SPA 100* SPA 125% SPA 150% SPA
Implied Seasoned CPR 0% CPR 10% CPR 15% CPR 20% CPR 25% CPR 30% CPR
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 12.574 6.504 5.030 4.032 3.327 2.808
Modified Duration (yrs.) 7.186 4.431 3.642 3.064 2.626 2.285
First Principal Payment Date 9/25/99 9/25/99 9/25/99 9/25/99 9/25/99 9/25/99
Last Principal Payment Date 4/25/29 4125/29 4/25/29 4/25/29 4/25/29 4/25/29
Payment Window (mos.) 356 356 356 356 356 356
Yield @ 100.00000 7.806 7.762 7.736 7.710 7.681 7.652
</TABLE>
Note: SPA equals Standard Prepayment Assumption as defined on page 2.
- ----------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete, will be superseded by
the Offering Document and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of the same warnings,
lack of assurances and representations and other precautionary matters, as
disclosed in the Offering Document. Information regarding the underlying assets
has been provided by third parties and has not been independently verified by
Donaldson, Lufkin & Jenrette Securities Corporation or any affiliate. The
analyses contained herein have been prepared on the basis of certain assumptions
(including, in certain cases, assumptions specified by the recipient hereof)
regarding payments, interest rates and other matters, including, but not limited
to, the assumptions described in the Offering Document. None of the issuer of
the Certificates, the Depositor, the Servicer or any of their affiliates make
any representation as to the accuracy or completeness of the information herein.
Neither the Depositor nor the Servicer has prepared, reviewed or participated in
the preparation of this document and is not responsible for the accuracy hereof.
The information contained herein addresses only certain aspects of the
applicable security's characteristics and thus does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. None of Donaldson, Lufkin & Jenrette
Securities Corporation, the issuer of the Certificates, the Depositor, the
Servicer, or their respective affiliates, make 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. This information supersedes any prior
versions hereof and will be deemed to be superseded by any subsequent versions
hereof including, with respect to any description of the securities or
underlying assets, the information contained in the Offering Document.
<PAGE>
DLJ
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
COLLATERAL SUMMARY - HOME EQUITY LOAN CHARACTERISTICS
THE INFORMATION HEREIN REGARDING THE COLLATERAL REPRESENTS THE MORTGAGE POOL AS
IT APPEARED ON JULY 31, 1999. CERTAIN ADDITIONS AND DELETIONS HAVE BEEN MADE TO
THE MORTGAGE POOL, AND FURTHER ADDITIONS AND DELETIONS WILL BE MADE PRIOR TO THE
SETTLEMENT DATE. THE INFORMATION HEREIN WILL BE SUPERSEDED BY THE INFORMATION
REGARDING THE COLLATERAL SET FORTH IN THE FINAL PROSPECTUS SUPPLEMENT RELATING
TO THE SECURITIES DESCRIBED HEREIN.
<TABLE>
<CAPTION>
Total/Average Minimum Maximum
------------- ------- -------
<S> <C> <C> <C>
Loan Count 2,071
Original Balance $ 195,880,499.86
Scheduled Balance $ 195,009,715.42
P&I $ 1,797,111.41
Avg. Original Balance $ 94,582.57 $ 11,250.00 $ 1,082,250.00
Avg. Scheduled Balance $ 94,162.10 $ 11,250.00 $ 1,082,250.00
Avg. P&I $ 867.75 $ 120.20 $ 99,999.99
Current Rate -WAC 9.1151% 7.0000% 13.9900%
Original Term (Months) 194.48 12 360
Seasoning (Months) 3.47 0 13
Remaining Term (Months) 191.01 7 360
Remaining Term - WAM (Months) 319.11 64 360
FICO Score 629.86 201 803
Original Combined LTV 74.92% 8.70% 100.00%
Origination 05/21/1998 07/30/1999
First Payment Date 07/01/1998 09/01/1999
Scheduled Next Due Date 08/01/1999 08/31/1999
Maturity Date 02/12/2000 08/01/2029
Property Type
Single Family Detached 78.39%
Mixed Use 12.02%
Other 9.59%
Product
Balloons 63.06%
Level Pay Fixed 36.94%
</TABLE>
- ----------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete, will be superseded by
the Offering Document and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of the same warnings,
lack of assurances and representations and other precautionary matters, as
disclosed in the Offering Document. Information regarding the underlying assets
has been provided by third parties and has not been independently verified by
Donaldson, Lufkin & Jenrette Securities Corporation or any affiliate. The
analyses contained herein have been prepared on the basis of certain assumptions
(including, in certain cases, assumptions specified by the recipient hereof)
regarding payments, interest rates and other matters, including, but not limited
to, the assumptions described in the Offering Document. None of the issuer of
the Certificates, the Depositor, the Servicer or any of their affiliates make
any representation as to the accuracy or completeness of the information herein.
Neither the Depositor nor the Servicer has prepared, reviewed or participated in
the preparation of this document and is not responsible for the accuracy hereof.
The information contained herein addresses only certain aspects of the
applicable security's characteristics and thus does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. None of Donaldson, Lufkin & Jenrette
Securities Corporation, the issuer of the Certificates, the Depositor, the
Servicer, or their respective affiliates, make 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. This information supersedes any prior
versions hereof and will be deemed to be superseded by any subsequent versions
hereof including, with respect to any description of the securities or
underlying assets, the information contained in the Offering Document.
<PAGE>
DLJ
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
DETAILED COLLATERAL SUMMARY - HOME EQUITY LOAN CHARACTERISTICS
THE INFORMATION HEREIN REGARDING THE COLLATERAL REPRESENTS THE MORTGAGE POOL AS
IT APPEARED ON JULY 31, 1999. CERTAIN ADDITIONS AND DELETIONS HAVE BEEN MADE TO
THE MORTGAGE POOL, AND FURTHER ADDITIONS AND DELETIONS WILL BE MADE PRIOR TO THE
SETTLEMENT DATE. THE INFORMATION HEREIN WILL BE SUPERSEDED BY THE INFORMATION
REGARDING THE COLLATERAL SET FORTH IN THE FINAL PROSPECTUS SUPPLEMENT RELATING
TO THE SECURITIES DESCRIBED HEREIN.
<TABLE>
<CAPTION>
Percentage of
Aggregate Unpaid Aggregate Unpaid
Mortgage Loan Scheduled Scheduled Principal Scheduled
Principal Balance ($) Number of Loans Balance Principal Balance
--------------------------- ---------------- -------------------- -----------------
<S> <C> <C> <C>
0.00+ to 25,000.00 32 $ 650,813.98 0.33
25,000.00+ to 50,000.00 416 16,271,928.34 8.34
50,000.00+ to 75,000.00 570 35,680,468.33 18.30
75,000.00+ to 100,000.00 386 33,681,622.19 17.27
100,000.00+ to 125,000.00 250 27,746,458.48 14.23
125,000.00+ to 150,000.00 167 22,891,078.95 11.74
150,000.00+ to 175,000.00 78 12,572,057.90 6.45
175,000.00+ to 200,000.00 60 11,283,063.58 5.79
200,000.00+ to 225,000.00 30 6,416,251.36 3.29
225,000.00+ to 250,000.00 20 4,745,995.30 2.43
250,000.00+ to 275,000.00 10 2,672,138.02 1.37
275,000.00+ to 300,000.00 15 4,354,928.90 2.23
300,000.00+ to 325,000.00 3 930,642.36 0.48
325,000.00+ to 350,000.00 8 2,731,922.10 1.40
350,000.00+ to 375,000.00 7 2,578,520.75 1.32
375,000.00+ to 400,000.00 3 1,162,763.11 0.60
400,000.00+ to 425,000.00 4 1,663,499.96 0.85
425,000.00+ to 450,000.00 2 879,046.28 0.45
450,000.00+ to 475,000.00 1 452,000.00 0.23
475,000.00+ to 500,000.00 4 1,975,822.13 1.01
500,000.00+ to 525,000.00 1 525,000.00 0.27
550,000.00+ to 575,000.00 1 565,254.51 0.29
725,000.00+ to 750,000.00 2 1,496,188.89 0.77
Over 1,000,000.00 1 1.082.250.00 0.55
----- -------------------- ------
Total 2,071 $ 195.009,715.42 100.00
----- -------------------- ------
</TABLE>
<TABLE>
Percentage of
Aggregate Unpaid Aggregate Unpaid
Scheduled Principal Scheduled
Lien Position Number of Loans Balance Principal Balance
------------- --------------- ------------------- -------------------
<S> <C> <C> <C>
1st Lien 2,063 $ 194,563,862.64 99.77
2nd Lien 8 445 852.78 0.23
----- -------------------- ------
Total 2,071 $ 195,009,715.42 100.00
----- -------------------- ------
</TABLE>
- ----------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete, will be superseded by
the Offering Document and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of the same warnings,
lack of assurances and representations and other precautionary matters, as
disclosed in the Offering Document. Information regarding the underlying assets
has been provided by third parties and has not been independently verified by
Donaldson, Lufkin & Jenrette Securities Corporation or any affiliate. The
analyses contained herein have been prepared on the basis of certain assumptions
(including, in certain cases, assumptions specified by the recipient hereof)
regarding payments, interest rates and other matters, including, but not limited
to, the assumptions described in the Offering Document. None of the issuer of
the Certificates, the Depositor, the Servicer or any of their affiliates make
any representation as to the accuracy or completeness of the information herein.
Neither the Depositor nor the Servicer has prepared, reviewed or participated in
the preparation of this document and is not responsible for the accuracy hereof.
The information contained herein addresses only certain aspects of the
applicable security's characteristics and thus does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. None of Donaldson, Lufkin & Jenrette
Securities Corporation, the issuer of the Certificates, the Depositor, the
Servicer, or their respective affiliates, make 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. This information supersedes any prior
versions hereof and will be deemed to be superseded by any subsequent versions
hereof including, with respect to any description of the securities or
underlying assets, the information contained in the Offering Document.
<PAGE>
DLJ
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
DETAILED COLLATERAL SUMMARY - HOME EQUITY LOAN CHARACTERISTICS
THE INFORMATION HEREIN REGARDING THE COLLATERAL REPRESENTS THE MORTGAGE POOL AS
IT APPEARED ON JULY 31, 1999. CERTAIN ADDITIONS AND DELETIONS HAVE BEEN MADE TO
THE MORTGAGE POOL, AND FURTHER ADDITIONS AND DELETIONS WILL BE MADE PRIOR TO THE
SETTLEMENT DATE. THE INFORMATION HEREIN WILL BE SUPERSEDED BY THE INFORMATION
REGARDING THE COLLATERAL SET FORTH IN THE FINAL PROSPECTUS SUPPLEMENT RELATING
TO THE SECURITIES DESCRIBED HEREIN.
<TABLE>
<CAPTION>
Percentage of
Aggregate Unpaid Aggregate Unpaid
Scheduled Principal Scheduled
Morgage Rates (%) Number of Loans Balance Principal Balance
------------------ --------------- -------------------- -----------------
<S> <C> <C> <C>
6.500+ to 7.000 1 $ 51,457.79 0.03
7.000+ to 7.500 23 3,265,444.35 1.67
7.500+ to 8.000 243 22,160,362.32 11.36
8.000+ to 8.500 357 34,634,818.50 17.76
8.500+ to 9.000 516 45,989,595.58 23.58
9.000+ to 9.500 334 32,291,580.83 16.56
9.500+ to 10.000 346 33,359,900.17 17.11
10.000+ to 10.500 106 10,060,284.25 5.16
10.500+ to 11.000 89 7,915,856.32 4.06
11.000+ to 11.500 24 2,797,385.51 1.43
11.500+ to 12.000 21 1,576,493.19 0.81
12.000+ to 12.500 1 87,494.53 0.04
12.500+ to 13.000 7 716,215.33 0.37
13.500+ to 14.000 3 102,826.75 0.05
----- -------------------- ------
Total 2,071 $ 195,009,715.42 100.00
----- -------------------- ------
</TABLE>
<TABLE>
<CAPTION>
Percentage of
Aggregste Unpaid Aggregate Unpaid
Occupancy (as indicated by Scheduled Principal Scheduled
borrower) Number of Loans Balance Principal Balance
- -------------------------- --------------- ------------------- -----------------
<S> <C> <C> <C>
Owner Occupied 1,690 $ 158,514,219.48 81.29
Non-Owner Occupied 381 36,495,495.94 18.71
----- -------------------- ------
Total 2,071 $ 195,009,715.42 100.00
----- -------------------- ------
</TABLE>
- ----------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete, will be superseded by
the Offering Document and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of the same warnings,
lack of assurances and representations and other precautionary matters, as
disclosed in the Offering Document. Information regarding the underlying assets
has been provided by third parties and has not been independently verified by
Donaldson, Lufkin & Jenrette Securities Corporation or any affiliate. The
analyses contained herein have been prepared on the basis of certain assumptions
(including, in certain cases, assumptions specified by the recipient hereof)
regarding payments, interest rates and other matters, including, but not limited
to, the assumptions described in the Offering Document. None of the issuer of
the Certificates, the Depositor, the Servicer or any of their affiliates make
any representation as to the accuracy or completeness of the information herein.
Neither the Depositor nor the Servicer has prepared, reviewed or participated in
the preparation of this document and is not responsible for the accuracy hereof.
The information contained herein addresses only certain aspects of the
applicable security's characteristics and thus does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. None of Donaldson, Lufkin & Jenrette
Securities Corporation, the issuer of the Certificates, the Depositor, the
Servicer, or their respective affiliates, make 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. This information supersedes any prior
versions hereof and will be deemed to be superseded by any subsequent versions
hereof including, with respect to any description of the securities or
underlying assets, the information contained in the Offering Document.
<PAGE>
DLJ
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
DETAILED COLLATERAL SUMMARY - HOME EQUITY LOAN CHARACTERISTICS
THE INFORMATION HEREIN REGARDING THE COLLATERAL REPRESENTS THE MORTGAGE POOL AS
IT APPEARED ON JULY 31, 1999. CERTAIN ADDITIONS AND DELETIONS HAVE BEEN MADE TO
THE MORTGAGE POOL, AND FURTHER ADDITIONS AND DELETIONS WILL BE MADE PRIOR TO THE
SETTLEMENT DATE. THE INFORMATION HEREIN WILL BE SUPERSEDED BY THE INFORMATION
REGARDING THE COLLATERAL SET FORTH IN THE FINAL PROSPECTUS SUPPLEMENT RELATING
TO THE SECURITIES DESCRIBED HEREIN.
<TABLE>
<CAPTION>
Percentage Or
Aggregate Unpaid Aggregate Unpaid
Original Combined Loan-to- Scheduled Principal Scheduled
Value Raffos (%) Number of Loans Balance Principal Balance
- -------------------------- --------------- ------------------- -----------------
<S> <C> <C> <C>
5.0+ to 10.0 1 $ 39,373.97 0.02
10.0+ to 15.0 2 68,337.35 0.04
15.0+ to 20.0 3 796,473.45 0.41
20.0+ to 25.0 7 722,178.80 0.37
25.0+ to 30.0 10 461,793.99 0.24
30.0+ to 35.0 11 440,157.76 0.23
35.0+ to 40.0 14 1,123,146.28 0.58
40.0+ to 45.0 22 1,976,863.43 1.01
45.0+ to 50.0 57 4,648,761.74 2.38
50.0+ to 55.0 49 5,017,049.59 2.57
55.0+ to 60.0 94 8,803,984.11 4.51
60.0+ to 65.0 114 12,790,269.28 6.56
65.0+ to 70.0 212 19,491,631.77 10.00
70.0+ to 75.0 267 25,020,631.88 12.83
75.0+ to 80.0 689 62,831,803.72 32.22
80.0+ to 85.0 207 20,508,963.87 10.52
85.0+ to 90.0 217 21,967,117.74 11.26
90.0+ to 95.0 39 3,254,019.36 1.67
95.0+ to 100.0 56 5.047,157.33 2.59
----- --------------- ------
2,071 $195,009,715.42 100.00
===== =============== ======
<CAPTION>
Percentage or
Aggregate Unpaid Aggregate Unpaid
Scheduled Principal Scheduled
Orizinal Loan Term (Months) Number of Loans Balance Principal Balance
- --------------------------- --------------- ------------------- -----------------
<S> <C> <C> <C>
0+ to 60 187 $ 24,369,667.63 12.50
60+ to 120 201 20,724,877.78 10.63
120+ to 180 1,097 96,691,914.65 49.58
180+ to 240 252 17,722,896.73 9.09
240+ to 300 5 489,369.91 0.25
300+ to 360 329 35,010,988.72 17.95
----- --------------- ------
Total 2.071 $195,009.715.42 100.00
===== =============== ======
</TABLE>
- ----------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete, will be superseded by
the Offering Document and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of the same warnings,
lack of assurances and representations and other precautionary matters, as
disclosed in the Offering Document. Information regarding the underlying assets
has been provided by third parties and has not been independently verified by
Donaldson, Lufkin & Jenrette Securities Corporation or any affiliate. The
analyses contained herein have been prepared on the basis of certain assumptions
(including, in certain cases, assumptions specified by the recipient hereof)
regarding payments, interest rates and other matters, including, but not limited
to, the assumptions described in the Offering Document. None of the issuer of
the Certificates, the Depositor, the Servicer or any of their affiliates make
any representation as to the accuracy or completeness of the information herein.
Neither the Depositor nor the Servicer has prepared, reviewed or participated in
the preparation of this document and is not responsible for the accuracy hereof.
The information contained herein addresses only certain aspects of the
applicable security's characteristics and thus does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. None of Donaldson, Lufkin & Jenrette
Securities Corporation, the issuer of the Certificates, the Depositor, the
Servicer, or their respective affiliates, make 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. This information supersedes any prior
versions hereof and will be deemed to be superseded by any subsequent versions
hereof including, with respect to any description of the securities or
underlying assets, the information contained in the Offering Document.
<PAGE>
DLJ
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
DETAILED COLLATERAL SUMMARY - HOME EQUITY LOAN CHARACTERISTICS
THE INFORMATION HEREIN REGARDING THE COLLATERAL REPRESENTS THE MORTGAGE POOL AS
IT APPEARED ON JULY 31, 1999. CERTAIN ADDITIONS AND DELETIONS HAVE BEEN MADE TO
THE MORTGAGE POOL, AND FURTHER ADDITIONS AND DELETIONS WILL BE MADE PRIOR TO THE
SETTLEMENT DATE. THE INFORMATION HEREIN WILL BE SUPERSEDED BY THE INFORMATION
REGARDING THE COLLATERAL SET FORTH IN THE FINAL PROSPECTUS SUPPLEMENT RELATING
TO THE SECURITIES DESCRIBED HEREIN.
<TABLE>
<CAPTION>
Percentage Or
Aggregate Unpaid Aggregate Unpaid
Scheduled Remaining Loan Scheduled Principal Scheduled
Term (Months) Number of Loans Balance Principal Balance
- ------------------------ --------------- ------------------- -----------------
<S> <C> <C> <C>
O+ to 60 187 $ 24,369,667.63 12.50
60+ to 120 201 20,724,877.78 10.63
120+ to 180 1,098 96,731,858.01 49.60
180+ to 240 251 17,682,953.37 9.07
240+ to 300 5 489,369.91 0.25
300+ to 360 329 35,010,988.72 17.95
----- --------------- ------
Total 2,071 $195,009.715.42 100.00
===== =============== ======
<CAPTION>
Percentage ot
Aggregate Unpaid Aggregate Unpaid
Scheduled Principal Scheduled
Credit Grade Number of Loans Balance Principal Balance
- ------------------------ --------------- ------------------- -----------------
<S> <C> <C> <C>
A 1,643 $153,690,705.68 78.81
A+ 6 929,499.50 0.48
A- 2 382,744.27 0.20
B 414 39,285,861.88 20.15
C 6 720 904.09 0.37
----- --------------- ------
Total 2,071 $195,009 715.42 100.00
===== ======== ====== ======
<CAPTION>
Percentage ot
Aggregate Unpaid Aggregate Unpaid
Scheduled Principal Scheduled
Loan Proaram Number of Loans Balance Principal Balance
- ------------------------ --------------- ------------------- -----------------
<S> <C> <C> <C>
Full Documents 1,818 $166,786,922.46 85.53
No Income Verification 253 28,222,792.96 14.47
----- --------------- ------
Total 2,071 $195,009.715.42 100.00
===== =============== ======
</TABLE>
- ----------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete, will be superseded by
the Offering Document and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of the same warnings,
lack of assurances and representations and other precautionary matters, as
disclosed in the Offering Document. Information regarding the underlying assets
has been provided by third parties and has not been independently verified by
Donaldson, Lufkin & Jenrette Securities Corporation or any affiliate. The
analyses contained herein have been prepared on the basis of certain assumptions
(including, in certain cases, assumptions specified by the recipient hereof)
regarding payments, interest rates and other matters, including, but not limited
to, the assumptions described in the Offering Document. None of the issuer of
the Certificates, the Depositor, the Servicer or any of their affiliates make
any representation as to the accuracy or completeness of the information herein.
Neither the Depositor nor the Servicer has prepared, reviewed or participated in
the preparation of this document and is not responsible for the accuracy hereof.
The information contained herein addresses only certain aspects of the
applicable security's characteristics and thus does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. None of Donaldson, Lufkin & Jenrette
Securities Corporation, the issuer of the Certificates, the Depositor, the
Servicer, or their respective affiliates, make 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. This information supersedes any prior
versions hereof and will be deemed to be superseded by any subsequent versions
hereof including, with respect to any description of the securities or
underlying assets, the information contained in the Offering Document.
<PAGE>
DLJ
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1
DETAILED COLLATERAL SUMMARY - HOME EQUITY LOAN CHARACTERISTICS
THE INFORMATION HEREIN REGARDING THE COLLATERAL REPRESENTS THE MORTGAGE POOL AS
IT APPEARED ON JULY 31, 1999. CERTAIN ADDITIONS AND DELETIONS HAVE BEEN MADE TO
THE MORTGAGE POOL, AND FURTHER ADDITIONS AND DELETIONS WILL BE MADE PRIOR TO THE
SETTLEMENT DATE. THE INFORMATION HEREIN WILL BE SUPERSEDED BY THE INFORMATION
REGARDING THE COLLATERAL SET FORTH IN THE FINAL PROSPECTUS SUPPLEMENT RELATING
TO THE SECURITIES DESCRIBED HEREIN.
<TABLE>
<CAPTION>
Percentage Or
Aggregate Unpaid Aggregate Unpaid
Scheduled Principal Scheduled
EICO Score Number of Loans Balance Principal Balance
- -------------------------- --------------- ------------------- -----------------
<S> <C> <C> <C>
Zero 4 $ 300,564.00 0.15
200+ to 225 1 152,336.26 0.08
425+ to 450 1 39,902.99 0.02
450+ to 475 4 482,578.18 0.25
475+ to 500 21 2,002,952.08 1.03
500+ to 525 58 5,538,071.12 2.84
525+ to 550 113 11,348,807.61 5.82
550+ to 575 194 18,537,786.94 9.51
575+ to 600 263 25,257,214.97 12.95
600+ to 625 333 31,734,775.70 16.27
625+ to 650 330 31,183,599.14 15.99
650+ to 675 258 23,121,504.24 11.86
675+ to 700 173 17,027,684.32 8.73
700+ to 725 142 12,641,831.68 6.48
725+ to 750 106 9,416,180.76 4.83
750+ to 775 50 4,135,404.26 2.12
775+ to 800 19 2,057,521.17 1.06
800+ to 825 1 31,000.00 0.02
----- --------------- ------
Total 2,071 $195,009,715.42 100.00
===== =============== ======
<CAPTION>
Percentage Or
Aggregate Unpaid Aggregate Unpaid
Scheduled Principal Scheduled
State Number of Loans Balance Principal Balance
- -------------------------- --------------- ------------------- -----------------
<S> <C> <C> <C>
Pennsylvania 570 $ 50,316,569.88 25.80
New Jersey 395 48,918,648.82 25.09
North Carolina 126 9,688,748.00 4.97
Massachusetts 83 9,394,865.80 4.82
Kansas 96 8,697,707.64 4.46
lowa 95 6,156,455.58 3.16
Ohio 59 5,129,612.47 2.63
Florida 48 4,578,251.59 2.35
Rhode Island 39 4,128,170.27 2.12
Virginia 56 3,974,189.34 2.04
Other 504 44,026.496.03 22.58
----- --------------- ------
Total 2,071 $195,009,715.42 100.00
===== =============== ======
</TABLE>
- ----------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete, will be superseded by
the Offering Document and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of the same warnings,
lack of assurances and representations and other precautionary matters, as
disclosed in the Offering Document. Information regarding the underlying assets
has been provided by third parties and has not been independently verified by
Donaldson, Lufkin & Jenrette Securities Corporation or any affiliate. The
analyses contained herein have been prepared on the basis of certain assumptions
(including, in certain cases, assumptions specified by the recipient hereof)
regarding payments, interest rates and other matters, including, but not limited
to, the assumptions described in the Offering Document. None of the issuer of
the Certificates, the Depositor, the Servicer or any of their affiliates make
any representation as to the accuracy or completeness of the information herein.
Neither the Depositor nor the Servicer has prepared, reviewed or participated in
the preparation of this document and is not responsible for the accuracy hereof.
The information contained herein addresses only certain aspects of the
applicable security's characteristics and thus does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. None of Donaldson, Lufkin & Jenrette
Securities Corporation, the issuer of the Certificates, the Depositor, the
Servicer, or their respective affiliates, make 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. This information supersedes any prior
versions hereof and will be deemed to be superseded by any subsequent versions
hereof including, with respect to any description of the securities or
underlying assets, the information contained in the Offering Document.
