Registration No. 33-92100
Rule 424(b)(3)
PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED AUGUST 11, 1995
MLCC Mortgage Investors, Inc., Seller
Subordinate Mortgage Backed Certificates,
Series 1995-S1, Class A-1 and A-2
MERRILL LYNCH CREDIT CORPORATION
Certificate Administrator
-----------------------------------------------------------------
On August 15, 1995, Subordinate Mortgage Backed Certificates, Series
1995-S1, Class A-1 and A-2 (the "Class A Certificates") were issued in an
approximate original aggregate principal amount of $50,117,687. The Class A
Certificates represented beneficial interests of approximately 59.41% in the
Trust Fund comprised of certain subordinate mortgage pass-through certificates
issued pursuant to separate pooling and servicing agreements among Merrill
Lynch Home Equity Acceptance, Inc., Merrill Lynch Mortgage Investors, Inc. or
MLCC Mortgage Investors, Inc., as seller, Merrill Lynch Credit Corporation, as
servicer, and Bankers Trust Company of California, N.A., as trustee. This
Prospectus Supplement to the above-referenced Prospectus supplements and
updates certain of the information set forth in the Prospectus. Capitalized
terms not defined herein have the meanings ascribed to them in the Prospectus.
The first two tables set forth after the first paragraph under the
heading "MLCC and its Mortgage Programs--Delinquency and Loan Loss Experience"
on pages 74 and 75 of the Prospectus are hereby updated, in their entirety, as
follows:
<TABLE>
<CAPTION>
PRIMEFIRST(R) LOAN DELINQUENCY EXPERIENCE
(Dollars in Thousands)
December 31, 1999 December 31, 1998 December 31, 1997
------------------------ ------------------------- -------------------------
Number of Number of Number of
PrimeFirst Principal PrimeFirst Principal PrimeFirst Principal
Loans Amount Loans Amount Loans Amount
----------- --------- ----------- --------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
PrimeFirst Loans
Outstanding................... 11,223 $4,526,896 11,263 $4,408,862 14,159 $5,302,950
------ ------ ------ --------- ------ ----------
Delinquency Period
30-59 Days.................... 199 $ 76,666 184 $ 77,751 183 $ 66,254
60-89 Days.................... 38 15,834 26 9,815 26 18,544
90 Days or More*.............. 15 8,300 34 23,664 24 18,072
------ ------ ------ --------- ------ ----------
Total Delinquency.......... 252 $100,800 244 $111,230 233 $102,870
====== ======== ====== ======== ====== ==========
Delinquencies as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding................... 2.25% 2.23% 2.17% 2.52% 1.65% 1.94%
Loans in Foreclosure............ 36 $ 33,135 47 $ 43,681 39 $ 47,396
Loans in Foreclosure as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding................... 0.32% 0.73% 0.42% 0.99% 0.28% 0.89%
- ---------------------------------
* Does not include loans subject to bankruptcy proceedings.
</TABLE>
<TABLE>
<CAPTION>
PRIMEFIRST(R) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
Year Ended Year Ended Year Ended
December 31, 1999 December 31, 1998 December 31, 1997
----------------- ----------------- -----------------
<S> <C> <C> <C>
Average Principal Balance of PrimeFirst Loan
Portfolio....................................... $4,467,879 $4,855,906 $4,817,041
Average Number of PrimeFirst Loans Outstanding
During the Period............................... 11,243 12,711 12,607
---------- ---------- ---------
Gross Charge-offs................................. $ 5,578 $ 4,030 $ 5,363
Recoveries........................................ $ 16 $ 2 $ 99
---------- ---------- ---------
Net Charge-offs................................... $ 5,562 $ 4,028 $ 5,264
========== ========== =========
Net Charge-offs as a Percent of Average
Principal Balance Outstanding................... 0.12% 0.08% 0.11%
</TABLE>
The first two tables set forth after the first paragraph under the
heading "MLCC and its Mortgage Programs--Delinquency and Loan Loss Experience"
on page 78 of the Prospectus are hereby updated, in their entirety, as
follows:
<TABLE>
<CAPTION>
Revolving Credit Line Loan Delinquency Experience
(Dollars in Thousands)
As of December 31,
==================================================================================
1994 1995 1996 1997 1998 1999
------------ ----------- ------------ ----------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Number of revolving credit
line loans serviced........ 15,598 25,056 28,368 31,395 30,571 31,517
Aggregate loan balance of
revolving credit line
loans serviced............. $1,079,693 $1,293,483 $1,353,800 $1,387,217 $1,191,938 $1,202,594
Loan balance of revolving
credit line loans 2 months
delinquent................. $ 5,358 $ 8,447 $ 8,292 $ 5,450 $ 6,634 $ 6,427
Loan balance of revolving
credit line loans 3 months
or more delinquent......... $ 22,989 $ 33,763 $ 39,508 $ 44,104 $ 31,348 $ 22,863
Total of 2 months or more
delinquent as a percentage
of aggregate loan balance
of revolving credit line loans 2.63% 3.26% 3.53% 3.57% 3.19% 2.44%
</TABLE>
<TABLE>
<CAPTION>
Revolving Credit Line Loan Loss Experience
(Dollars in Thousands)
As of December 31,
----------------------------------------------------------------------------------
1994 1995 1996 1997 1998 1999
------------ ----------- ------------ ----------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Number of revolving credit
line loans serviced........ 15,598 25,056 28,368 31,395 30,571 31,517
Aggregate loan balance of
revolving credit line
loans serviced............. $1,079,693 $1,293,483 $1,353,800 $1,387,217 $ 1,191,938 $ 1,202,594
For the Period:
Gross Charge-offs
dollars................... $ 1,118 $ 3,700 $ 1,860 $ 4,269 $ 2,756 $ 4,445
Percentage(1).............. 0.10% 0.29% 0.14% 0.31% 0.23% 0.37%
</TABLE>
- -------------
(1) As a percentage of aggregate balance of revolving credit line
loans serviced.
The first two tables set forth after the first paragraph under the
heading "MLCC and its Mortgage Programs -- Dime Revolving Credit Loans --
Delinquency and Loan Loss Experience" on page 81 of the Prospectus are hereby
updated, in their entirety, as follows:
<TABLE>
<CAPTION>
Dime Portfolio Delinquency Experience
(Dollars in Thousands)
As of December 31,
------------------------------------------------------------
1996 1997 1998 1999
----------- ----------- -------------- ---------------
<S> <C> <C> <C> <C>
Number of revolving credit line loans
serviced................................. 3,356 2,758 2,043 1318
Aggregate loan balance of revolving credit
line loans serviced........................ $ 163,241 $ 128,391 $86,179 $ 58,306
Loan balance of revolving credit line loans
2 months delinquent........................ $ 1,039.34 $ 808.73 $ 2,307 $ 1,855.08
Loan balance of revolving credit line loans
3 months or more delinquent................ $ 3,145.08 $3,588.65 $ 2,918 $ 2,833.69
Total of 2 months or more delinquent as a
percentage of aggregate loan balance of
revolving credit line loans................ 2.56% 3.42% 6.06% 8.04%
</TABLE>
<TABLE>
<CAPTION>
Dime Portfolio Loss Experience
(Dollars in Thousands)
As of December 31,
------------------------------------------------------------
1996 1997 1998 1999
----------- ----------- -------------- ---------------
<S> <C> <C> <C> <C>
As of end of Period:
Number of revolving credit line loans
serviced............................... 3,356 2,758 2,043 1.318
Aggregate loan balance of revolving
credit line loans serviced............. $163,241 $128,391 $86,179 $58,306
For the Period:
Gross charge-offs dollars................ $ 327 $ 130 $ 174 $ 324
Percentage(1)............................ 0.20% 0.10% 0.20% 0.56%
</TABLE>
- --------------
(1) As a percentage of aggregate balance of Mortgage Loans serviced.
The information contained in the tables entitled "Statistics Date
Group 1 Loan Principal Balances", "Range of Prime Index Based Group 1 Margins"
and "Range of Six-Month LIBOR Based Group 1 Margins", "Statistics Data Fixed
Rate Loan Principal Balances" and "Statistics Date Group 2 Loan Principal
Balances" under the heading "The Mortgage Pools" on pages 58, 59, 62 and 64
respectively, of the Prospectus are hereby updated to indicate, as of December
31, 1999, the Mortgage Loan Balances and margins of the Mortgage Loans:
<TABLE>
<CAPTION>
Group 1 Loan Principal Balances as of December 31, 1999
Number of % of Group 1 Loans by
Range of Principal Balances Group 1 Loans Principal Balance Principal Balance
- --------------------------- ------------- ----------------- ---------------------
<S> <C> <C> <C>
$0-49,999.99 37 $ 865,306.09 0.16%
$50,000-54,999.99 12 618,120.66 0.11%
$55,000-59,999.99 2 119,952.81 0.02%
$60,000-74,999.99 16 1,072,744.03 0.19%
$75,000-99,999.99 77 7,018,387.55 1.27%
$100,000-149,999.99 156 19,479,532.81 3.51%
$150,000-199,999.99 161 28,656,227.34 5.17%
$200,000-249,999.99 132 29,058,655.73 5.24%
$250,000-299,999.99 126 34,960,264.82 6.31%
$300,000-349,999.99 88 28,394,150.92 5.12%
$350,000-399,999.99 65 24,301,121.64 4.38%
$400,000-449,999.99 32 13,534,963.64 2.44%
$450,000-499,999.99 31 14,684,637.53 2.65%
$500,000-549,999.99 29 15,096,349.71 2.72%
$550,000-599,999.99 19 11,048,242.58 1.99%
$600,000-649,999.99 24 14,818,169.01 2.67%
$650,000-699,999.99 22 14,971,043.35 2.70%
$700,000-749,999.99 27 19,651,856.83 3.55%
$750,000-799,999.99 15 11,675,922.92 2.11%
$800,000-849,999.99 14 11,492,203.36 2.07%
$850,000-899,999.99 20 17,546,212.21 3.17%
$900,000-949,999.99 12 10,999,002.72 1.98%
$950,000-999,999.99 20 19,765,137.75 3.57%
$1,000,000-1,099,999.99 31 31,713,301.96 5.72%
$1,100,000-1,199,999.99 21 24,116,121.47 4.35%
$1,200,000-1,299,999.99 14 17,704,611.72 3.19%
$1,300,000-1,399,999.99 6 8,233,668.24 1.49%
$1,400,000-1,499,999.99 3 4,337,191.15 0.78%
$1,500,000-1,599,999.99 5 7,763,389.48 1.40%
$1,600,000-1,699,999.99 6 9,889,256.72 1.78%
$1,700,000-1,799,999.99 8 14,087,037.77 2.54%
$1,800,000-1,899,999.99 3 5,574,853.28 1.01%
$1,900,000-1,999,999.99 4 7,985,468.99 1.44%
$2,000,000-2,099,999.99 8 16,279,495.29 2.94%
$2,100,000-2,199,999.99 2 4,381,140.58 0.79%
$2,200,000-2,299,999.99 4 9,068,152.23 1.64%
$2,400,000-2,499,999.99 4 9,811,486.23 1.77%
$2,500,000-2,599,999.99 2 5,099,999.74 0.92%
$2,600,000-2,699,999.99 2 5,200,000.00 0.94%
$2,900,000-2,999,999.99 4 11,922,495.68 2.15%
3,000,000 or Higher 3 11,329,842.05 2.04%
------------- ----------------- ---------------------
TOTALS 1,267 $554,325,718.59 100.00%
============= ================= =====================
</TABLE>
<TABLE>
<CAPTION>
Range of Prime Index Based Group 1 Margins
as of December 31, 1999
% of
Number of Prime Index Based
Prime Index Based Group 1 Loans by
Margin Group 1 Loans Principal Balance Principal Balance
- -------------------- ---------------------------- -------------------- ---------------------------
<S> <C> <C> <C>
- -0.500% 3 $ 1,178,347.25 1.05%
- -0.375% 1 262,000.00 0.23%
- -0.250% 19 26,495,060.72 23.50%
- -0.125% 16 10,983,741.49 9.74%
0.000% 96 35,738,251.74 31.70%
0.125% 4 2,027,836.72 1.80%
0.250% 80 15,878,313.04 14.08%
0.375% 3 783,735.30 0.70%
0.500% 139 17,290,399.76 15.34%
0.625% 3 391,185.85 0.35%
0.750% 9 1,000,177.94 0.89%
0.875% 1 102,910.13 0.09%
1.000% 5 602,997.23 0.53%
---------------------------- -------------------- ---------------------------
TOTALS 379 $ 112,734,957.17 100.00%
============================ ==================== ===========================
</TABLE>
<TABLE>
<CAPTION>
Range of Six-Month LIBOR Based Group 1 Margins
as of December 31, 1999
Number of % of Six-Month LIBOR Based
Six-Month LIBOR Based Group 1 Loans by Principal
Margin Group 1 Loans Principal Balance Balance
- --------------------- ----------------------------- -------------------- -----------------------------
<S> <C> <C> <C>
0.875% 2 $ 1,479,583.64 0.25%
1.000% 5 4,664,335.24 0.78%
1.125% 3 1,965,689.89 0.33%
1.250% 10 4,857,796.42 0.81%
1.500% 141 192,798,789.25 32.34%
1.625% 139 96,166,621.10 16.13%
1.750% 310 145,216,705.29 24.36%
1.875% 68 36,195,759.19 6.07%
2.000% 221 58,904,590.19 9.88%
2.125% 40 9,849,771.46 1.65%
2.250% 210 31,610,517.66 5.30%
2.375% 35 5,331,477.28 0.89%
2.500% 42 6,242,563.68 1.05%
2.625% 4 423,333.87 0.07%
2.750% 4 529,019.20 0.09%
----------------------------- -------------------- -----------------------------
TOTALS 1,234 $ 596,236,553.36 100.00%
============================= ==================== =============================
</TABLE>
<TABLE>
<CAPTION>
Group 2 Loan Principal Balances as of December 31, 1999
% of Group 2
Number of Principal Loans by
Range of Principal Balances Group 2 Loans Balance Principal Balance
- ----------------------------------------- ---------------- --------------------- -----------------------
<S> <C> <C> <C>
$ 4,999.99 or Lower.................... 853 $ 1,934,977.27 2.15%
$ 5,000.00 - 9,999.99.......... 377 2,661,801.08 2.96%
$ 10,000.00 - 14,999.99.......... 217 2,635,752.28 2.93%
$ 15,000.00 - 19,999.99.......... 155 2,714,279.43 3.02%
$ 20,000.00 - 24,999.99.......... 145 3,260,035.90 3.63%
$ 25,000.00 - 29,999.99.......... 117 3,204,004.52 3.56%
$ 30,000.00 - 34,999.99.......... 71 2,307,676.57 2.57%
$ 35,000.00 - 39,999.99.......... 65 2,447,600.75 2.72%
$ 40,000.00 - 44,999.99.......... 54 2,317,789.78 2.58%
$ 45,000.00 - 49,999.99.......... 57 2,734,514.02 3.04%
$ 50,000.00 - 54,999.99.......... 39 2,037,798.40 2.27%
$ 55,000.00 - 59,999.99.......... 51 2,934,942.69 3.27%
$ 60,000.00 - 64,999.99.......... 30 1,873,984.07 2.08%
$ 65,000.00 - 69,999.99.......... 20 1,345,945.86 1.50%
$ 70,000.00 - 74,999.99.......... 26 1,870,902.72 2.08%
$ 75,000.00 - 99,999.99.......... 92 8,049,477.25 8.95%
$ 100,000.00 - 149,999.99.......... 78 9,463,280.05 10.53%
$ 150,000.00 - 199,999.99.......... 34 5,839,007.46 6.50%
$ 200,000.00 - 249,999.99.......... 24 5,275,122.27 5.87%
$ 250,000.00 - 299,999.99.......... 14 3,881,825.44 4.32%
$ 300,000.00 - 349,999.99.......... 8 2,602,349.26 2.90%
$ 350,000.00 - 399,999.99.......... 5 1,887,650.40 2.10%
$ 400,000.00 - 449,999.99.......... 5 2,062,617.92 2.29%
$ 450,000.00 - 499,999.99.......... 1 476,913.31 0.53%
$ 500,000.00 - 549,999.99.......... 2 1,001,274.25 1.11%
$ 550,000.00 - 599,999.99.......... 1 596,683.17 0.66%
$ 600,000.00 - 649,999.99.......... 2 1,264,481.46 1.41%
$ 650,000.00 - 699,999.99.......... 1 682,445.58 0.76%
$ 750,000.00 - 799,999.99.......... 1 758,024.00 0.84%
$1,000,000.00 - 1,099,999.99.......... 1 1,013,837.74 1.13%
$1,200,000.00 - 1,299,999.99.......... 1 1,200,519.67 1.34%
$2,200,000.00 - 2,299,999.99.......... 1 2,292,215.80 2.55%
$2,400,000.00 - 2,499,999.99.......... 1 2,499,168.90 2.78%
$2,700,000.00 - 2,799,999.99.......... 1 2,760,706.10 3.07%
---------------- --------------------- -----------------------
TOTALS 2,550 $ 89,889,605.37 100.00%
================ ===================== =======================
</TABLE>
Additionally, the information contained in the tables entitled "Group
1 Certificate Characteristics" and "Group 2 Certificate Characteristics" under
the heading "Description of the Pooled Certificates-General" on pages 35 and
39, respectively, of the Prospectus are hereby updated to indicate, as of
December 31, 1999, the Certificate Characteristics:
<TABLE>
<CAPTION>
Subordinate 1995 S1
Group 1 Certificate Characteristics as of
December , 31, 1999
Original
Pooling Type Senior
Month and of Original Mortgage
of Servicing Mortgage Principal Certificates
Series Issuance Agreement Loan Balance(1) Balance(2)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MLMI 1993F 9/93 (5) (6) $ 210,704,370 $ 202,758,500
MLMI 1993I 11/93 (5) (6) 156,171,951 152,032,000
MLMI 1994A 1/94 (5) (6) 284,637,957 276,098,000
MLMI 1994F 3/94 (5) (6) 288,806,078 280,140,000
MLMI 1994H 5/94 (5) (6) 214,155,739 207,195,000
MLCCMI 1994A 7/94 (5) (6) 393,157,420 378,795,000
MLCCMI 1994B 12/94 (5) (6) 306,606,666 296,641,000
Totals . . . . . $1,854,240,181 $1,793,659,500
====================================
table continued
Original
Pooled
CertificateS
Current Current Balance
Original Adjustable Senior Current as of % of the
Pooled Loan Mortgage Pooled Original
Certificates Principal Certificates Certificates Principal
Series Balance Balance(1)(3) Balance(2(3) Balance(3) Balance(1)
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MLMI 1993F $ 7,945,870 $ 43,430,731 $ 35,484,861 $ 7,945,870 3.77%
MLMI 1993I 4,139,951 43,412,485 39,272,534 4,139,951 2.65%
MLMI 1994A 8,539,957 79,438,614 70,898,657 8,539,957 3.00%
MLMI 1994F 8,666,078 100,438,770 91,772,692 8,666,078 3.00%
MLMI 1994H 6,960,739 79,604,969 72,709,448 6,960,739 3.25%
MLCCMI 1994A 14,362,420 112,568,329 98,205,909 14,362,420 3.65%
MLCCMI 1994B 9,965,666 95,158,235 85,192,569 9,965,666 3.25%
Totals . . . . $60,580,680 $554,052,133 $493,536,670 $60,580,680 3.27%(7)
================================================================================
</TABLE>
<TABLE>
<CAPTION>
Current Current
Pooled Pooled Mortgage CPR
CertificateS Certificates 30-59 60+ Day Loans in for the
Balance Balance Delinquncies Delinquencies Foreclosure Mortgage
as a % of as a % of the as a % as a % as a % Loans
Principal Respective of Principal of Principal Principal in the
Balance(1)(3) Total (3) Balance(1)(3) Balance (1)(3) Balance (1)(3) Series(4)
- ------------- ------------- ------------- --------------- -------------- ---------
<S> <C> <C> <C> <C> <C>
18.30% 13.12% 3.26% 0.00% 0.00% 22.10%
9.54% 6.83% 6.67% 0.00% 2.76% 18.70%
10.75% 14.10% 1.81% 1.87% 0.40% 19.20%
8.63% 14.31% 0.37% 0.00% 0.00% 16.60%
8.74% 11.49% 1.92% 0.19% 1.92% 16.00%
12.76% 23.71% 2.30% 0.00% 0.27% 20.30%
10.47% 16.45% 3.76% 1.37% 5.36% 20.60%
- ------------- ------------- ------------- --------------- -------------- ---------
10.93%(7) 100.00% 2.49%(7) 0.53% (7) 1.52%(7) N/A
============= ============= ============= =============== ============== =========
</TABLE>
(1) Includes only the Group 1 Loans (i.e., does not include any Fixed Rate
Loans).
(2) Includes only those Senior Mortgage Certificates that are principally
supported by the Group 1 Loans with the exception of MLCCMI 1994A which
includes Group 1 and Group 2 Loans (except for MLCCMI 1994-A which includes
Group 1 Loans and Group 2 Loans).
(3) As of December 31, 1999 (after the January 18, 2000 distribution).
(4) The CPR is the constant rate of prepayment each month, expressed as a per
annum percentage of the scheduled principal balance of the pool of mortgage
loans for that month, for the period from the Underlying Cut-off date for the
Series to December 31, 1999.
(5) Merrill Lynch Mortgage Investors, Inc. (in the case of Series 1994A(7/94)
and Series 1994B, MLCC Mortgage Investors, Inc.) as depositor, MLCC, as
Servicer, and Bankers Trust Company of California, N.A., as Underlying Trustee.
(6) The Mortgage Loans in all Loan groups that principally support the Pooled
Certificates are adjustable rate PrimeFirst loans. See "The Mortgage Pools -
Group 1 Loans."
(7) Weighted average of the percentages in the column above such
number.
<TABLE>
<CAPTION>
Subordinate 1995 S1
Group 2 Certificate Characteristics
Parties
to Original Current
Pooling Type Senior Original Senior Current
Month and of Distribution Original Mortgage Pooled Current Mortgage Pooled
Of Servicing Mortgage of Lien Pool CertificateS CertificateS Pool CertificatrS CertificateS
Series Issuance Agreement Loan Priorty Balance Balance Balance Balance(1) Balance(1) Balance(1)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1995-1 3/95 (3) (4)(5) (6) 339,185,873 31,554,000 7,631,872 38,699,403 30,640,561 7,631,872
- -----------------------------------------------------------------------------------------------------------------------------------
Totals $339,185,872 $331,554,000 $7,631,872 $38,699,403 $30,640,561 $7,631,872
=================================================================================
</TABLE>
<TABLE>
<CAPTION>
Original Current
Pooled Current Pooled
Certificates Pooled Certificates Mortgage CPR
Balance Certificates Balance as 30-59 Day 60+ Day Loans in for the
as a % of Balance a % of Delinquencies Delinquencies Foreclosure Mortgage
Original as a % of the as a % as a % as a % Loans
Pool Pool Respective of Pool of Pool of Pool in the
Balance Balance(1) Total (1) Balance(1) Balance(1) Balance(1) Series(2)
- ----- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
2.25% 19.72% 100.00% 10.25% 2.13% 4.31% 36.3%
- ------------------------------------------------------------------------------------------------------
2.25%(7) 19.72%(7) 100.00% 10.25%(7) 2.13%(7) 4.31%(7) N/A
======================================================================================================
</TABLE>
(1) As of December 31, 1999 (after the January 18, 2000 distribution).
(2) The CPR is the constant rate of prepayment each month, expressed as a per
annum percentage of the scheduled principal balance of the pool of mortgage
loans for that month, for the period from the Underlying Cut-off Date for the
Series to December 31, 1999.
(3) Merrill Lynch Home Equity Acceptance, Inc. (in the case of Series 1994-1)
and MLCC Mortgage Investors, Inc. (in the case of Series 1994-2 and
Series 1995-1), as depositor, MLCC, as Servicer, and Bankers Trust Company of
California, N.A., as Underlying Trustee.
(4) MLCC Revolving Credit Loans. See "MLCC and Its Mortgage Programs-Equity
Access Program".
(5) Includes Dime Revolving Credit Loans. See "MLCC and Its Mortgage
Programs-Dime Revolving Credit Loans." Substantially all of the Mortgaged
Properties securing the Dime Revolving Credit Loans are located in New York.
(6) 54.25 % first liens and 45.75 % second, third and fourth liens, based on
the 509 MLCC Revolving Credit Loans as of the Statistics Date.
(7) Weighted average of the percentages in the column above each number.
-----------------------------
The date of this Prospectus Supplement is March 31, 2000
