<PAGE> 1
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 September 21, 1999)
Mellon Residential Funding Corporation
--------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-72907 23-2889067
- ----------------------------- ----------- -------------
(State or other (Commission (IRS Employer
jurisdiction of incorporation) File Number) ID Number)
One Mellon Bank Center, Room 410, Pittsburgh, Pennsylvania 15258
- ---------------------------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (412) 236-6559
N/A
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
------------
Filing of Computational Materials.*
- -----------------------------------
Pursuant to Rule 424(b) under the Securities Act of 1933, as amended,
Mellon Residential Funding Corporation (the "Depositor") is filing a Prospectus
and Prospectus Supplement with the Securities and Exchange Commission relating
to its MRFC Mortgage Pass-Through Trust, Series 1999-TBC3, Mortgage Pass-Through
Certificates, Series 1999-TBC3.
In connection with the offering of the Mortgage Pass-Through
Certificates, Series 1999-TBC3, Greenwich Capital Markets, Inc. prepared certain
materials (the "Computational Materials") some or all of which were distributed
by Greenwich Capital Markets, Inc. and Mellon Financial Markets, Inc. (the
"Underwriters") to their potential investors. Although the Depositor provided
the Underwriters with certain information regarding the characteristics of the
Mortgage Loans in the related portfolio, it did not participate in the
preparation of the Computational Materials. The Computational Materials are
attached hereto as Exhibit 99.1.
- ---------------
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated June 3, 1999 and
Prospectus Supplement dated September 21, 1999, of Mellon Residential
Funding Corporation, relating to its MRFC Mortgage Pass-Through Trust,
Series 1999-TBC3, Mortgage Pass-Through Certificates, Series 1999-TBC3.
<PAGE> 3
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
------------------------------------------------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
8.1 Opinion of Stroock & Stroock & Lavan LLP with respect to
certain tax matters.
23.1 Consent of Stroock & Stroock & Lavan LLP (included in Exhibit
8.1).
99.1 Computational Materials.
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MELLON RESIDENTIAL FUNDING CORPORATION
By: /s/ Kelly Provenzano
------------------------------------
Name: Kelly Provenzano
Title: Vice President and Secretary
Dated: September 21, 1999
<PAGE> 5
EXHIBIT INDEX
-------------
Exhibit Page
- ------- ----
8.1 Opinion of Stroock & Stroock & Lavan LLP
with respect to certain tax matters.
23.1 Consent of Stroock & Stroock & Lavan LLP
(included in Exhibit 8.1).
99.1 Computational Materials.
<PAGE> 1
Exhibit 8.1
Stroock & Stroock & Lavan LLP
180 Maiden Lane
New York, New York 10038-4982
September 21, 1999
Mellon Residential Funding Corporation
One Mellon Bank Center
500 Grant Street
Pittsburgh, Pennsylvania 15258
RE: Mellon Residential Funding Corporation
Registration Statement on Form S-3
(File No. 333-72907)
-----------------------------------------
Ladies and Gentlemen:
We have acted as special counsel for Mellon Residential Funding Corporation, a
Delaware Corporation ("the Company") in connection with the public offering of
approximately $203,462,100 aggregate principal amount of Mellon Residential
Funding Corporation Mortgage Pass-Through Certificates, Series 1999-TBC3 (the
"Certificates"). A Registration Statement on Form S-3 relating to the
Certificates (No. 333-72907) (the "Registration Statement") has been filed with
the Securities and Exchange Commission under the Securities Act of 1933, as
amended (the "Securities Act"). As set forth in the Prospectus dated June 3,
1999 and the Prospectus Supplement dated September 21, 1999, the Certificates
will be issued pursuant to the provisions of a Pooling and Servicing Agreement
dated as of September 1, 1999 (the "Pooling and Servicing Agreement") among the
Company, as depositor, Boston Safe Deposit and Trust Company, as seller and
master servicer, Mellon Bank, N.A., as standby purchaser, and Norwest Bank
Minnesota, National Association, as trustee.
We have examined a form of the Pooling and Servicing Agreement, a form of the
Certificates, and a form of the Prospectus and Prospectus Supplement referred to
above. We also have examined such other documents, papers, statutes and
authorities as we have deemed necessary to form the basis for the opinions
hereinafter expressed. In our examination of such material, we have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us
as originals and the conformity to original documents of copies of documents
submitted to us.
<PAGE> 2
On the basis of the foregoing, we are of the opinion that the information in the
Prospectus Supplement under the caption "Federal Income Tax Considerations," and
in the Prospectus under the caption "Federal Income Tax Considerations," to the
extent that it constitutes matters of law or legal conclusions, is correct in
all material respects.
This opinion is based on current provisions of the Internal Revenue Code of
1986, as amended, the Treasury regulations promulgated thereunder, and judicial
and administrative interpretations thereof.
Except as provided below, this opinion is solely for the benefit of the
addressee hereof and may not be relied upon in any manner by any other person or
entity.
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement, to the references to us in the Prospectus Supplement,
and to the filing of this opinion as an exhibit to an application made by or on
behalf of the Company or any dealer in connection with the registration of the
Certificates under the securities or blue sky laws of any state or jurisdiction.
In giving such permission, we do not admit hereby that we come within the
category of persons whose consent is required under Section 7 of the Securities
Act or the General Rules and Regulations of the Securities and Exchange
Commission thereunder.
Very truly yours,
/s/ Stroock & Stroock & Lavan LLP
STROOCK & STROOCK & LAVAN LLP
<PAGE> 1
Exhibit 99.1
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
will be superseded by information contained in term sheets circulated after the
date hereof and 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 DATE PREPARED: SEPTEMBER 15, 1999
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-TBC3
=====================================================
THE BOSTON COMPANY
=====================================================
$203,462,100 (APPROXIMATE, SUBJECT TO FINAL COLLATERAL)
PUBLICLY OFFERED CERTIFICATES
ONE MONTH LIBOR ARM RESIDENTIAL MORTGAGE LOANS
<TABLE>
<CAPTION>
====================================================================================================================================
Principal (1) WAL Payment Window Initial Expected Ratings
Class Amount (Approx.) (Years) (2) (Months) (2) Interest Rate Tranche Type S&P / Fitch(4)
Type
<S> <C> <C> <C> <C> <C> <C>
A-1 $95,750,000 1.00 1 - 24 Floater (3) Senior/Sequential AAA/AAA
A-2 $104,317,000 1.99 24 - 24 Floater (3) Senior/Sequential AAA/AAA
A-R $100 N/A N/A WAC Senior/Residual AAA/AAA
B-1 $1,543,000 1.99 24 - 24 WAC (3) Subordinate AA/AA
B-2 $823,000 1.99 24 - 24 WAC (3) Subordinate A/A
B-3 $1,029,000 1.99 24 - 24 WAC (3) Subordinate BBB/BBB
- ------------------------------------------------------------------------------------------------------------------------------------
B-4 $1,029,000 Privately WAC (3) Subordinate BB/NR
B-5 $617,000 Placed WAC (3) Subordinate B/NR
B-6 $616,802 Certificates WAC (3) Subordinate NR/NR
====================================================================================================================================
TOTAL $205,724,902
</TABLE>
(1) The Certificates (as described herein) are collateralized by a pool of
adjustable rate residential mortgage loans. Class sizes are subject to
final collateral and rating agency approval.
(2) As described further herein, the Certificates may be put to Mellon Bank
under certain circumstances.
(3) The Class A-1 and Class A-2 Certificates will initially have a coupon equal
to LIBOR plus a margin, subject to (i) the amount of available funds and
(ii) 10.30%. If on any Distribution Date, the Certificate Interest Rate of
the Class A-1 or Class A-2 Certificates is subject to the available funds
cap, the Class A-1 or Class A-2 Certificates are entitled to the excess of
the (i) interest accrued at the respective Certificate Interest Rate
(without giving effect to the available funds cap) over (ii) the amount of
interest received on the Class A-1 or Class A-2 Certificates based on the
available funds cap, together with the unpaid portion of any such excess
from previous Distribution Dates (and any interest thereon at the then
applicable Certificate Interest Rate without giving effect to the available
funds cap). On each Distribution Date after the Put Date, the Certificate
Interest Rate for the Class A-1 and Class A-2 Certificates will equal the
Net WAC of the Mortgage Loans. The Certificate Interest Rate for the Class
B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates
will always be equal to the Net WAC of the Mortgage Loans, (before and
after the Put Date) subject to the amount of available funds.
(4) In addition, dependent short-term ratings of A-1+ and F1+ will be assigned
by S&P and Fitch, respectively, to each class of rated Certificates to
address the creditworthiness of Mellon Bank, N.A. to fulfill its
obligations with respect to the Put Option.
GREENWICH CAPITAL
=========-----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC.
<PAGE> 2
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
will be superseded by information contained in term sheets circulated after the
date hereof and 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.
Underwriters: Greenwich Capital Markets, Inc. and Mellon Financial
Markets, Inc.
Seller and
Master Servicer: Boston Safe Deposit and Trust ("THE BOSTON COMPANY").
Trustee: Norwest Bank Minnesota, National Association.
Cut-off Date: September 1, 1999.
Pricing Date: On or about September 16, 1999.
Closing Date: On or about September 23, 1999.
Certificates: The "SENIOR CERTIFICATES" will consist of (i) the
Class A-1 and Class A-2 Certificates (together, the
"SENIOR SEQUENTIAL CERTIFICATES"), and (ii) the Class
A-R Certificate. The "SUBORDINATE CERTIFICATES" will
consist of the Class B-1, Class B-2, Class B-3, Class
B-4, Class B-5 and Class B-6 Certificates. The Senior
Certificates and the Subordinate Certificates are
collectively referred to herein as the
"CERTIFICATES". Only the Senior Certificates and the
Class B-1, Class B-2 and Class B-3 Certificates
(collectively, the "OFFERED CERTIFICATES") are being
offered publicly.
Accrued Interest: The price to be paid by investors for the Offered
Certificates will include accrued interest from
September 1, 1999 (the "CUT-OFF DATE") up to, but not
including, the Closing Date (22 days).
Interest Accrual Period: The interest accrual period for the Offered
Certificates will be the calendar month preceding the
month in which such Distribution Date occurs (on a
30/360 basis). One Month LIBOR on the Class A-1 and
Class A-2 Certificates will be set two business days
prior to the first day of the related interest
accrual period (except for the first interest accrual
period when One Month LIBOR will be set two business
days prior to the Closing Date).
Distribution Dates: The 20th day of each month (or the next succeeding
business day), commencing in October 1999.
Registration: The Offered Certificates (except for the Class A-R
Certificates) will be made available in book-entry
form through DTC.
Federal Tax Treatment: It is anticipated that the Certificates (except for
the Class A-R Certificate) will be treated as REMIC
regular interests for tax purposes. The Class A-R
Certificate will be treated as a REMIC residual
interest for tax purposes.
ERISA Eligibility: The Certificates rated "AAA" (except for the Class
A-R Certificate) are expected to be ERISA eligible.
Prospective investors should review with their legal
advisors whether the purchase and holding of the
Offered Certificates could give rise to a transaction
prohibited or not otherwise permissible under ERISA,
the Code or other similar laws.
GREENWICH CAPITAL
=========-----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC.
2
<PAGE> 3
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
will be superseded by information contained in term sheets circulated after the
date hereof and 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.
SMMEA Treatment: Certificates rated "AAA" or "AA" are expected to
constitute "mortgage related securities" for purposes
of SMMEA.
Put Option: During the 5 business day period ending on the
Distribution Date in July 2001 each of the
certificateholders (with the exception of the holder
of the Class A-R Certificate) will have the option to
require Mellon Bank, N.A. ("MELLON BANK") to purchase
such certificateholder's certificates of the related
class on the Distribution Date in September 2001 (the
"PUT DATE"). For the Offered Certificates, the
repurchase price will be par (based on the
outstanding certificate balance).
Clean-Up Option: If the Put Option is exercised with respect to more
than 90% of the aggregate outstanding principal
balance of the certificates, Mellon Bank will have
the option to purchase all of the outstanding
certificates, including certificates with respect to
which the applicable certificateholder has not
exercised the Put Option.
Optional Termination: The terms of the transaction allow for a termination
of the Offered Certificates which may be exercised
once the current principal balance of the mortgage
loans is equal to 10% or less of the initial
principal balance of such mortgage loans as of the
Cut-off Date.
Pricing Prepayment
Speed: The Offered Certificates will be priced to a
prepayment speed of 25% CPR.
Rating Agencies: S&P and Fitch will rate the Offered Certificates.
Mortgage Loans: The initial aggregate principal balance of the
Mortgage Loans (the "POOL BALANCE") will be
approximately $205,724,902, all of which are One
Month LIBOR ARMs. The loans are secured by first
liens on one- to four-family residential properties.
For further information, please see the attached
collateral description of the Mortgage Loans.
Available Funds Cap: The Class A-1 and Class A-2 Certificates will
initially (on or prior to the Put Date) have a coupon
equal to LIBOR plus a margin, subject to (i) the
amount of available funds ("AVAILABLE FUNDS CAP") and
(ii) 10.30%. If on any Distribution Date, the
Certificate Interest Rate of the Class A-1 or Class
A-2 Certificates is subject to the Available Funds
Cap, the Class A-1 or Class A-2 Certificates are
entitled to the excess of the (i) interest accrued at
the respective Certificate Interest Rate (without
giving effect to the Available Funds Cap) over (ii)
the amount of interest received on the Class A-1 or
Class A-2 Certificates based on the Available Funds
Cap, together with the unpaid portion of any such
excess from previous Distribution Dates (and any
interest thereon at the then applicable Certificate
Interest Rate without giving effect to the Available
Funds Cap) (together, the "AVAILABLE FUNDS SHORTFALL
AMOUNT"). The Available Funds Shortfall Amount will
be paid to the Class A-1 and Class A-2 Certificates
after all the Certificates have received their
required amounts. The Certificate Interest Rate on
the Subordinate Certificates will also be subject to
the Available Funds Cap, but the Subordinate
Certificates will not be entitled to any Available
Funds Shortfall Amount.
GREENWICH CAPITAL
=========-----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC.
3
<PAGE> 4
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
will be superseded by information contained in term sheets circulated after the
date hereof and 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.
Credit Enhancement: Senior/subordinate, shifting interest structure.
Credit enhancement for the Senior Certificates will
consist of the subordination of the Class B-1, Class
B-2, Class B-3, Class B-4, Class B-5 and Class B-6
Certificates (total subordination initially 2.75%).
Credit enhancement for the Class B-1 Certificates
will consist of the subordination of the Class B-2,
Class B-3, Class B-4, Class B-5 and Class B-6
Certificates (total subordination initially 2.00%).
Credit enhancement for the Class B-2 Certificates
will consist of the subordination of the Class B-3,
Class B-4, Class B-5 and Class B-6 Certificates
(total subordination initially 1.60%).
Credit enhancement for the Class B-3 Certificates
will consist of the subordination of the Class B-4,
Class B-5 and Class B-6 Certificates (total
subordination initially 1.10%).
Shifting Interest: Until the first Distribution Date occurring after
September 2009 the Subordinate Certificates will be
locked out from receipt of any principal (unless the
Senior Certificates are paid down to zero prior to
such date). After such time and subject to standard
collateral performance triggers, the Subordinate
Certificates will receive their pro-rata share of
scheduled principal and increasing portions of
unscheduled principal prepayments. The prepayment
percentages on the Subordinate Certificates are as
follows:
October 1999 - September 2009 0% Pro Rata Share
October 2009 - September 2010 30% Pro Rata Share
October 2010 - September 2011 40% Pro Rata Share
October 2011 - September 2012 60% Pro Rata Share
October 2012 - September 2013 80% Pro Rata Share
October 2013 and after 100% Pro Rata Share
Any principal not allocated to the Subordinate
Certificates will be allocated to the Senior
Certificates. In the event the current senior
percentage (aggregate current senior balance divided
by aggregate current pool balance) exceeds the
initial senior percentage (aggregate initial senior
balance divided by aggregate initial pool balance),
the Senior Certificates will receive all unscheduled
prepayments, regardless of any prepayment
percentages.
Allocation of
Realized Losses: Any realized losses, other than excess losses, on the
mortgage loans will be allocated as follows: first,
to the Subordinate Certificates in reverse order of
their numerical Class designations, in each case
until the respective Class Principal Balance has been
reduced
GREENWICH CAPITAL
=========-----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC.
4
<PAGE> 5
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
will be superseded by information contained in term sheets circulated after the
date hereof and 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.
to zero; thereafter, to the Senior Certificates
pro-rata in reduction of their respective Class
Principal Balances.
Excess losses (bankruptcy, special hazard and fraud
losses in excess of the amounts established by the
rating agencies) will be allocated to all classes of
certificates on a pro-rata basis.
Certificates
Priority of Distributions: Available funds from the mortgage loans will be
distributed in the following order of priority:
1) Senior Certificates, accrued and unpaid interest
at the related Certificate Interest Rate.
2) Class A-R Certificates, principal, until its
balance is reduced to zero.
3) Senior Sequential Certificates, principal paid
sequentially, until the respective balance is
reduced to zero.
4) Class B-1 Certificates, accrued and unpaid
interest at the Class B-1 Certificate Interest
Rate.
5) Class B-1 Certificates, principal.
6) Class B-2 Certificates, accrued and unpaid
interest at the Class B-2 Certificate Interest
Rate.
7) Class B-2 Certificates, principal.
8) Class B-3 Certificates, accrued and unpaid
interest at the Class B-3 Certificate Interest
Rate.
9) Class B-3 Certificates, principal.
10) Class B-4, Class B-5 and Class B-6 Certificates,
in sequential order, accrued and unpaid interest
at the respective certificate interest rate and
its respective share of principal.
11) Senior Certificates, any interest shortfall due
to the Available Funds Cap.
12) Class A-R Certificates, any remaining amount.
UNDERWRITING STANDARDS
The Boston Company's underwriting process is intended to assess both the
prospective borrower's credit standing and ability to repay, and the value and
adequacy of the mortgaged property as collateral. In underwriting a Mortgage
Loan, The Boston Company relies primarily on the borrower's ability to repay the
loan, determined by analyzing the borrower's cash flow, liquidity and overall
financial condition and the value of the mortgaged property as a measure of the
extent of its recovery in the event of a default. In determining the adequacy of
the property as collateral for a loan, appraisals are obtained from qualified
outside appraisers approved by The Boston Company.
GREENWICH CAPITAL
=========-----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC.
5
<PAGE> 6
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
will be superseded by information contained in term sheets circulated after the
date hereof and 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.
THE MASTER SERVICER
The Mortgage Loans will be master serviced by The Boston Company. The Boston
Company has a subservicing agreement in place with Dovenmuehle Mortgage, Inc.
which provides subservicing of the Mortgage Loans.
GREENWICH CAPITAL
=========-----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC.
6
<PAGE> 7
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.
7
<PAGE> 8
CLASS A-1
Settlement 09/23/99
Class Balance $95,750,000
Cut-off Date 09/01/99
Bond Coupon 5.880%
Next Payment 10/20/99
Cleanup Put to Par Yes
Accrued Interest Days 22
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
99-12 0.721 0.739 0.761 0.828 0.898 0.974 1.054
99-13 0.699 0.715 0.735 0.796 0.858 0.927 0.999
99-14 0.677 0.692 0.709 0.763 0.819 0.879 0.944
99-15 0.655 0.668 0.683 0.730 0.779 0.832 0.889
99-16 0.633 0.644 0.657 0.698 0.740 0.785 0.834
99-17 0.611 0.620 0.631 0.665 0.700 0.738 0.779
- ----------------------------------------------------------------------------------------------------------------------------------
99-18 0.589 0.597 0.605 0.632 0.661 0.691 0.724
99-19 0.567 0.573 0.579 0.600 0.621 0.644 0.669
99-20 0.545 0.549 0.553 0.567 0.582 0.597 0.614
99-21 0.523 0.525 0.528 0.535 0.542 0.550 0.559
99-22 0.501 0.502 0.502 0.502 0.503 0.503 0.504
99-23 0.480 0.478 0.476 0.470 0.463 0.456 0.449
99-24 0.458 0.454 0.450 0.437 0.424 0.409 0.394
99-25 0.436 0.430 0.424 0.405 0.384 0.362 0.339
99-26 0.414 0.407 0.398 0.372 0.345 0.315 0.284
99-27 0.392 0.383 0.373 0.340 0.306 0.269 0.229
- ----------------------------------------------------------------------------------------------------------------------------------
99-28 0.370 0.359 0.347 0.307 0.266 0.222 0.174
- ----------------------------------------------------------------------------------------------------------------------------------
99-29 0.348 0.336 0.321 0.275 0.227 0.175 0.120
99-30 0.327 0.312 0.295 0.242 0.188 0.128 0.065
99-31 0.305 0.289 0.270 0.210 0.148 0.081 0.010
100-00 0.283 0.265 0.244 0.177 0.109 0.035 -0.045
100-01 0.261 0.241 0.218 0.145 0.070 -0.012 -0.099
100-02 0.239 0.218 0.192 0.113 0.031 -0.059 -0.154
100-03 0.218 0.194 0.167 0.080 -0.009 -0.106 -0.208
100-04 0.196 0.171 0.141 0.048 -0.048 -0.152 -0.263
100-05 0.174 0.147 0.115 0.016 -0.087 -0.199 -0.318
100-06 0.152 0.123 0.090 -0.017 -0.126 -0.245 -0.372
- ----------------------------------------------------------------------------------------------------------------------------------
100-07 0.130 0.100 0.064 -0.049 -0.165 -0.292 -0.427
100-08 0.109 0.076 0.038 -0.081 -0.205 -0.339 -0.481
100-09 0.087 0.053 0.013 -0.114 -0.244 -0.385 -0.536
100-10 0.065 0.029 -0.013 -0.146 -0.283 -0.432 -0.590
100-11 0.044 0.006 -0.039 -0.178 -0.322 -0.478 -0.645
100-12 0.022 -0.018 -0.064 -0.210 -0.361 -0.525 -0.699
- ----------------------------------------------------------------------------------------------------------------------------------
WAL (YR) 1.51 1.39 1.27 1.00 0.82 0.69 0.58
MDUR (YR) 1.39 1.29 1.18 0.94 0.77 0.65 0.56
FIRST PRIN PAY 10/20/99 10/20/99 10/20/99 10/20/99 10/20/99 10/20/99 10/20/99
LAST PRIN PAY 09/20/01 09/20/01 09/20/01 09/20/01 07/20/01 03/20/01 12/20/00
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
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> 9
CLASS A-2
Settlement 09/23/99
Class Balance $104,317,000
Cut-off Date 09/01/99
Bond Coupon 5.860%
Next Payment 10/20/99
Cleanup Put to Par Yes
Accrued Interest Days 22
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
99-12 0.649 0.649 0.649 0.649 0.649 0.653 0.660
99-13 0.632 0.632 0.632 0.632 0.632 0.636 0.642
99-14 0.615 0.615 0.615 0.615 0.616 0.619 0.624
99-15 0.598 0.598 0.598 0.598 0.599 0.602 0.606
99-16 0.582 0.582 0.582 0.582 0.582 0.584 0.588
99-17 0.565 0.565 0.565 0.565 0.565 0.567 0.571
- -----------------------------------------------------------------------------------------------------------------------------------
99-18 0.548 0.548 0.548 0.548 0.549 0.550 0.553
99-19 0.532 0.532 0.532 0.532 0.532 0.533 0.535
99-20 0.515 0.515 0.515 0.515 0.515 0.516 0.517
99-21 0.498 0.498 0.498 0.498 0.498 0.499 0.500
99-22 0.482 0.482 0.482 0.482 0.482 0.482 0.482
99-23 0.465 0.465 0.465 0.465 0.465 0.465 0.464
99-24 0.448 0.448 0.448 0.448 0.448 0.448 0.446
99-25 0.432 0.432 0.432 0.432 0.432 0.430 0.429
99-26 0.415 0.415 0.415 0.415 0.415 0.413 0.411
99-27 0.398 0.398 0.398 0.398 0.398 0.396 0.393
- -----------------------------------------------------------------------------------------------------------------------------------
99-28 0.382 0.382 0.382 0.382 0.381 0.379 0.375
- -----------------------------------------------------------------------------------------------------------------------------------
99-29 0.365 0.365 0.365 0.365 0.365 0.362 0.358
99-30 0.349 0.349 0.349 0.349 0.348 0.345 0.340
99-31 0.332 0.332 0.332 0.332 0.331 0.328 0.322
100-00 0.315 0.315 0.315 0.315 0.315 0.311 0.305
100-01 0.299 0.299 0.299 0.299 0.298 0.294 0.287
100-02 0.282 0.282 0.282 0.282 0.281 0.277 0.269
100-03 0.266 0.266 0.266 0.266 0.265 0.260 0.251
100-04 0.249 0.249 0.249 0.249 0.248 0.243 0.234
100-05 0.232 0.232 0.232 0.232 0.231 0.226 0.216
100-06 0.216 0.216 0.216 0.216 0.215 0.209 0.198
- -----------------------------------------------------------------------------------------------------------------------------------
100-07 0.199 0.199 0.199 0.199 0.198 0.192 0.181
100-08 0.183 0.183 0.183 0.183 0.182 0.175 0.163
100-09 0.166 0.166 0.166 0.166 0.165 0.158 0.146
100-10 0.150 0.150 0.150 0.150 0.148 0.141 0.128
100-11 0.133 0.133 0.133 0.133 0.132 0.124 0.110
100-12 0.116 0.116 0.116 0.116 0.115 0.107 0.093
- -----------------------------------------------------------------------------------------------------------------------------------
WAL (YR) 1.99 1.99 1.99 1.99 1.98 1.94 1.86
MDUR (YR) 1.83 1.83 1.83 1.83 1.82 1.78 1.72
FIRST PRIN PAY 09/20/01 09/20/01 09/20/01 09/20/01 07/20/01 03/20/01 12/20/00
LAST PRIN PAY 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
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.
9
<PAGE> 10
CLASS B-1
Settlement 09/23/99
Class Balance $1,543,000
Cut-off Date 09/01/99
Bond Coupon 6.034%
Next Payment 10/20/99
Cleanup Put to Par Yes
Accrued Interest Days 22
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
99-18+ 0.763 0.763 0.763 0.763 0.763 0.763 0.763
99-19+ 0.746 0.746 0.746 0.746 0.746 0.746 0.746
99-20+ 0.730 0.730 0.730 0.730 0.730 0.730 0.730
99-21+ 0.713 0.713 0.713 0.713 0.713 0.713 0.713
99-22+ 0.696 0.696 0.696 0.696 0.696 0.696 0.696
99-23+ 0.680 0.680 0.680 0.680 0.680 0.680 0.680
- -----------------------------------------------------------------------------------------------------------------------------------
99-24+ 0.663 0.663 0.663 0.663 0.663 0.663 0.663
99-25+ 0.646 0.646 0.646 0.646 0.646 0.646 0.646
99-26+ 0.630 0.630 0.630 0.630 0.630 0.630 0.630
99-27+ 0.613 0.613 0.613 0.613 0.613 0.613 0.613
99-28+ 0.596 0.596 0.596 0.596 0.596 0.596 0.596
99-29+ 0.580 0.580 0.580 0.580 0.580 0.580 0.580
99-30+ 0.563 0.563 0.563 0.563 0.563 0.563 0.563
99-31+ 0.546 0.546 0.546 0.546 0.546 0.546 0.546
100-00+ 0.530 0.530 0.530 0.530 0.530 0.530 0.530
100-01+ 0.513 0.513 0.513 0.513 0.513 0.513 0.513
- -----------------------------------------------------------------------------------------------------------------------------------
100-02+ 0.496 0.496 0.496 0.496 0.496 0.496 0.496
- -----------------------------------------------------------------------------------------------------------------------------------
100-03+ 0.480 0.480 0.480 0.480 0.480 0.480 0.480
100-04+ 0.463 0.463 0.463 0.463 0.463 0.463 0.463
100-05+ 0.447 0.447 0.447 0.447 0.447 0.447 0.447
100-06+ 0.430 0.430 0.430 0.430 0.430 0.430 0.430
100-07+ 0.413 0.413 0.413 0.413 0.413 0.413 0.413
100-08+ 0.397 0.397 0.397 0.397 0.397 0.397 0.397
100-09+ 0.380 0.380 0.380 0.380 0.380 0.380 0.380
100-10+ 0.364 0.364 0.364 0.364 0.364 0.364 0.364
100-11+ 0.347 0.347 0.347 0.347 0.347 0.347 0.347
100-12+ 0.330 0.330 0.330 0.330 0.330 0.330 0.330
- -----------------------------------------------------------------------------------------------------------------------------------
100-13+ 0.314 0.314 0.314 0.314 0.314 0.314 0.314
100-14+ 0.297 0.297 0.297 0.297 0.297 0.297 0.297
100-15+ 0.281 0.281 0.281 0.281 0.281 0.281 0.281
100-16+ 0.264 0.264 0.264 0.264 0.264 0.264 0.264
100-17+ 0.248 0.248 0.248 0.248 0.248 0.248 0.248
100-18+ 0.231 0.231 0.231 0.231 0.231 0.231 0.231
- -----------------------------------------------------------------------------------------------------------------------------------
WAL (YR) 1.99 1.99 1.99 1.99 1.99 1.99 1.99
MDUR (YR) 1.83 1.83 1.83 1.83 1.83 1.83 1.83
FIRST PRIN PAY 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01
LAST PRIN PAY 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
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> 11
CLASS B-2
Settlement 09/23/99
Class Balance $823,000
Cut-off Date 09/01/99
Bond Coupon 6.034%
Next Payment 10/20/99
Cleanup Put to Par Yes
Accrued Interest Days 22
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
98-29+ 1.116 1.116 1.116 1.116 1.116 1.116 1.116
98-30+ 1.099 1.099 1.099 1.099 1.099 1.099 1.099
98-31+ 1.082 1.082 1.082 1.082 1.082 1.082 1.082
99-00+ 1.065 1.065 1.065 1.065 1.065 1.065 1.065
99-01+ 1.048 1.048 1.048 1.048 1.048 1.048 1.048
99-02+ 1.031 1.031 1.031 1.031 1.031 1.031 1.031
- -----------------------------------------------------------------------------------------------------------------------------------
99-03+ 1.015 1.015 1.015 1.015 1.015 1.015 1.015
99-04+ 0.998 0.998 0.998 0.998 0.998 0.998 0.998
99-05+ 0.981 0.981 0.981 0.981 0.981 0.981 0.981
99-06+ 0.964 0.964 0.964 0.964 0.964 0.964 0.964
99-07+ 0.947 0.947 0.947 0.947 0.947 0.947 0.947
99-08+ 0.931 0.931 0.931 0.931 0.931 0.931 0.931
99-09+ 0.914 0.914 0.914 0.914 0.914 0.914 0.914
99-10+ 0.897 0.897 0.897 0.897 0.897 0.897 0.897
99-11+ 0.880 0.880 0.880 0.880 0.880 0.880 0.880
99-12+ 0.864 0.864 0.864 0.864 0.864 0.864 0.864
- -----------------------------------------------------------------------------------------------------------------------------------
99-13+ 0.847 0.847 0.847 0.847 0.847 0.847 0.847
- -----------------------------------------------------------------------------------------------------------------------------------
99-14+ 0.830 0.830 0.830 0.830 0.830 0.830 0.830
99-15+ 0.813 0.813 0.813 0.813 0.813 0.813 0.813
99-16+ 0.797 0.797 0.797 0.797 0.797 0.797 0.797
99-17+ 0.780 0.780 0.780 0.780 0.780 0.780 0.780
99-18+ 0.763 0.763 0.763 0.763 0.763 0.763 0.763
99-19+ 0.746 0.746 0.746 0.746 0.746 0.746 0.746
99-20+ 0.730 0.730 0.730 0.730 0.730 0.730 0.730
99-21+ 0.713 0.713 0.713 0.713 0.713 0.713 0.713
99-22+ 0.696 0.696 0.696 0.696 0.696 0.696 0.696
99-23+ 0.680 0.680 0.680 0.680 0.680 0.680 0.680
- -----------------------------------------------------------------------------------------------------------------------------------
99-24+ 0.663 0.663 0.663 0.663 0.663 0.663 0.663
99-25+ 0.646 0.646 0.646 0.646 0.646 0.646 0.646
99-26+ 0.630 0.630 0.630 0.630 0.630 0.630 0.630
99-27+ 0.613 0.613 0.613 0.613 0.613 0.613 0.613
99-28+ 0.596 0.596 0.596 0.596 0.596 0.596 0.596
99-29+ 0.580 0.580 0.580 0.580 0.580 0.580 0.580
- -----------------------------------------------------------------------------------------------------------------------------------
WAL (YR) 1.99 1.99 1.99 1.99 1.99 1.99 1.99
MDUR (YR) 1.82 1.82 1.82 1.82 1.82 1.82 1.82
FIRST PRIN PAY 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01
LAST PRIN PAY 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
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.
11
<PAGE> 12
CLASS B-3
Settlement 09/23/99
Class Balance $1,029,000
Cut-off Date 09/01/99
Bond Coupon 6.034%
Next Payment 10/20/99
Cleanup Put to Par Yes
Accrued Interest Days 22
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
97-23 1.768 1.768 1.768 1.768 1.768 1.768 1.768
97-24 1.751 1.751 1.751 1.751 1.751 1.751 1.751
97-25 1.734 1.734 1.734 1.734 1.734 1.734 1.734
97-26 1.717 1.717 1.717 1.717 1.717 1.717 1.717
97-27 1.700 1.700 1.700 1.700 1.700 1.700 1.700
97-28 1.683 1.683 1.683 1.683 1.683 1.683 1.683
- -----------------------------------------------------------------------------------------------------------------------------------
97-29 1.666 1.666 1.666 1.666 1.666 1.666 1.666
97-30 1.649 1.649 1.649 1.649 1.649 1.649 1.649
97-31 1.632 1.632 1.632 1.632 1.632 1.632 1.632
98-00 1.615 1.615 1.615 1.615 1.615 1.615 1.615
98-01 1.598 1.598 1.598 1.598 1.598 1.598 1.598
98-02 1.581 1.581 1.581 1.581 1.581 1.581 1.581
98-03 1.564 1.564 1.564 1.564 1.564 1.564 1.564
98-04 1.547 1.547 1.547 1.547 1.547 1.547 1.547
98-05 1.530 1.530 1.530 1.530 1.530 1.530 1.530
98-06 1.513 1.513 1.513 1.513 1.513 1.513 1.513
- -----------------------------------------------------------------------------------------------------------------------------------
98-07 1.496 1.496 1.496 1.496 1.496 1.496 1.496
- -----------------------------------------------------------------------------------------------------------------------------------
98-08 1.479 1.479 1.479 1.479 1.479 1.479 1.479
98-09 1.462 1.462 1.462 1.462 1.462 1.462 1.462
98-10 1.445 1.445 1.445 1.445 1.445 1.445 1.445
98-11 1.428 1.428 1.428 1.428 1.428 1.428 1.428
98-12 1.411 1.411 1.411 1.411 1.411 1.411 1.411
98-13 1.394 1.394 1.394 1.394 1.394 1.394 1.394
98-14 1.377 1.377 1.377 1.377 1.377 1.377 1.377
98-15 1.360 1.360 1.360 1.360 1.360 1.360 1.360
98-16 1.343 1.343 1.343 1.343 1.343 1.343 1.343
98-17 1.326 1.326 1.326 1.326 1.326 1.326 1.326
- -----------------------------------------------------------------------------------------------------------------------------------
98-18 1.310 1.310 1.310 1.310 1.310 1.310 1.310
98-19 1.293 1.293 1.293 1.293 1.293 1.293 1.293
98-20 1.276 1.276 1.276 1.276 1.276 1.276 1.276
98-21 1.259 1.259 1.259 1.259 1.259 1.259 1.259
98-22 1.242 1.242 1.242 1.242 1.242 1.242 1.242
98-23 1.225 1.225 1.225 1.225 1.225 1.225 1.225
- -----------------------------------------------------------------------------------------------------------------------------------
WAL (YR) 1.99 1.99 1.99 1.99 1.99 1.99 1.99
MDUR (YR) 1.82 1.82 1.82 1.82 1.82 1.82 1.82
FIRST PRIN PAY 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01
LAST PRIN PAY 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01 09/20/01
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
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.
12
<PAGE> 13
CLASS A-1
Settlement 09/23/99
Class Balance $95,750,000
Cut-off Date 09/01/99
Bond Coupon 5.880%
Next Payment 10/20/99
Cleanup Call (10%) No
Accrued Interest Days 22
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
99-12 0.718 0.734 0.755 0.828 0.898 0.974 1.054
99-13 0.702 0.714 0.732 0.795 0.858 0.927 0.999
99-14 0.687 0.695 0.709 0.763 0.819 0.879 0.944
99-15 0.671 0.676 0.686 0.730 0.779 0.832 0.889
99-16 0.656 0.657 0.663 0.698 0.740 0.785 0.834
99-17 0.641 0.638 0.640 0.665 0.700 0.738 0.779
- -----------------------------------------------------------------------------------------------------------------------------------
99-18 0.625 0.619 0.617 0.633 0.661 0.691 0.724
99-19 0.610 0.600 0.594 0.601 0.621 0.644 0.669
99-20 0.594 0.580 0.571 0.568 0.582 0.597 0.614
99-21 0.579 0.561 0.548 0.536 0.542 0.550 0.559
99-22 0.564 0.542 0.525 0.504 0.503 0.503 0.504
99-23 0.548 0.523 0.502 0.471 0.463 0.456 0.449
99-24 0.533 0.504 0.479 0.439 0.424 0.409 0.394
99-25 0.518 0.485 0.456 0.407 0.384 0.362 0.339
99-26 0.502 0.466 0.434 0.374 0.345 0.315 0.284
99-27 0.487 0.447 0.411 0.342 0.306 0.269 0.229
- -----------------------------------------------------------------------------------------------------------------------------------
99-28 0.472 0.428 0.388 0.310 0.266 0.222 0.174
- -----------------------------------------------------------------------------------------------------------------------------------
99-29 0.456 0.409 0.365 0.278 0.227 0.175 0.120
99-30 0.441 0.390 0.342 0.246 0.188 0.128 0.065
99-31 0.426 0.371 0.319 0.213 0.148 0.081 0.010
100-00 0.410 0.352 0.296 0.181 0.109 0.035 -0.045
100-01 0.395 0.333 0.274 0.149 0.070 -0.012 -0.099
100-02 0.380 0.314 0.251 0.117 0.031 -0.059 -0.154
100-03 0.365 0.295 0.228 0.085 -0.009 -0.106 -0.208
100-04 0.349 0.276 0.205 0.053 -0.048 -0.152 -0.263
100-05 0.334 0.257 0.182 0.021 -0.087 -0.199 -0.318
100-06 0.319 0.238 0.160 -0.012 -0.126 -0.245 -0.372
- -----------------------------------------------------------------------------------------------------------------------------------
100-07 0.304 0.219 0.137 -0.044 -0.165 -0.292 -0.427
100-08 0.288 0.200 0.114 -0.076 -0.205 -0.339 -0.481
100-09 0.273 0.181 0.091 -0.108 -0.244 -0.385 -0.536
100-10 0.258 0.162 0.069 -0.140 -0.283 -0.432 -0.590
100-11 0.243 0.143 0.046 -0.172 -0.322 -0.478 -0.645
100-12 0.227 0.124 0.023 -0.204 -0.361 -0.525 -0.699
- -----------------------------------------------------------------------------------------------------------------------------------
WAL (YR) 2.23 1.76 1.45 1.01 0.82 0.69 0.58
MDUR (YR) 1.99 1.60 1.33 0.94 0.77 0.65 0.56
FIRST PRIN PAY 10/20/99 10/20/99 10/20/99 10/20/99 10/20/99 10/20/99 10/20/99
LAST PRIN PAY 08/20/04 08/20/03 11/20/02 12/20/01 07/20/01 03/20/01 12/20/00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
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.
13
<PAGE> 14
CLASS A-2
Settlement 09/23/99
Class Balance $104,317,000
Cut-off Date 09/01/99
Bond Coupon 5.860%
Next Payment 10/20/99
Cleanup Call (10%) No
Accrued Interest Days 22
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
99-12 0.695 0.693 0.690 0.683 0.678 0.676 0.676
99-13 0.691 0.688 0.685 0.676 0.670 0.665 0.664
99-14 0.687 0.683 0.679 0.669 0.661 0.655 0.652
99-15 0.683 0.679 0.674 0.661 0.652 0.645 0.640
99-16 0.679 0.674 0.669 0.654 0.643 0.635 0.628
99-17 0.675 0.669 0.663 0.647 0.635 0.624 0.616
- -----------------------------------------------------------------------------------------------------------------------------------
99-18 0.671 0.665 0.658 0.640 0.626 0.614 0.604
99-19 0.667 0.660 0.652 0.632 0.617 0.604 0.592
99-20 0.663 0.655 0.647 0.625 0.608 0.593 0.580
99-21 0.659 0.651 0.642 0.618 0.600 0.583 0.568
99-22 0.655 0.646 0.636 0.610 0.591 0.573 0.556
99-23 0.651 0.641 0.631 0.603 0.582 0.563 0.545
99-24 0.647 0.637 0.625 0.596 0.573 0.552 0.533
99-25 0.643 0.632 0.620 0.589 0.565 0.542 0.521
99-26 0.639 0.627 0.615 0.581 0.556 0.532 0.509
99-27 0.635 0.623 0.609 0.574 0.547 0.522 0.497
- -----------------------------------------------------------------------------------------------------------------------------------
99-28 0.631 0.618 0.604 0.567 0.538 0.511 0.485
- -----------------------------------------------------------------------------------------------------------------------------------
99-29 0.627 0.613 0.599 0.560 0.530 0.501 0.473
99-30 0.623 0.609 0.593 0.552 0.521 0.491 0.461
99-31 0.619 0.604 0.588 0.545 0.512 0.481 0.449
100-00 0.615 0.599 0.583 0.538 0.504 0.470 0.437
100-01 0.611 0.595 0.577 0.531 0.495 0.460 0.425
100-02 0.607 0.590 0.572 0.524 0.486 0.450 0.413
100-03 0.603 0.585 0.566 0.516 0.478 0.440 0.402
100-04 0.599 0.581 0.561 0.509 0.469 0.429 0.390
100-05 0.595 0.576 0.556 0.502 0.460 0.419 0.378
100-06 0.591 0.572 0.550 0.495 0.452 0.409 0.366
- -----------------------------------------------------------------------------------------------------------------------------------
100-07 0.587 0.567 0.545 0.487 0.443 0.399 0.354
100-08 0.583 0.562 0.540 0.480 0.434 0.389 0.342
100-09 0.579 0.558 0.534 0.473 0.426 0.378 0.330
100-10 0.575 0.553 0.529 0.466 0.417 0.368 0.319
100-11 0.571 0.548 0.524 0.459 0.408 0.358 0.307
100-12 0.567 0.544 0.518 0.451 0.400 0.348 0.295
- -----------------------------------------------------------------------------------------------------------------------------------
WAL (YR) 11.29 9.17 7.58 5.16 4.14 3.43 2.90
MDUR (YR) 7.60 6.54 5.67 4.20 3.49 2.97 2.55
FIRST PRIN PAY 08/20/04 08/20/03 11/20/02 12/20/01 07/20/01 03/20/01 12/20/00
LAST PRIN PAY 06/20/29 06/20/29 06/20/29 06/20/29 10/20/09 02/20/08 10/20/06
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
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.
14
<PAGE> 15
CLASS B-1
Settlement 09/23/99
Class Balance $1,543,000
Cut-off Date 09/01/99
Bond Coupon 6.034%
Next Payment 10/20/99
Cleanup Call (10%) No
Accrued Interest Days 22
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
99-18+ 0.719 0.719 0.720 0.720 0.721 0.723 0.725
99-19+ 0.716 0.716 0.716 0.717 0.718 0.719 0.720
99-20+ 0.713 0.713 0.713 0.714 0.714 0.715 0.715
99-21+ 0.710 0.710 0.710 0.710 0.710 0.711 0.711
99-22+ 0.707 0.707 0.707 0.707 0.707 0.707 0.706
99-23+ 0.704 0.704 0.704 0.704 0.703 0.703 0.702
- -----------------------------------------------------------------------------------------------------------------------------------
99-24+ 0.701 0.701 0.701 0.700 0.700 0.699 0.697
99-25+ 0.698 0.698 0.697 0.697 0.696 0.695 0.693
99-26+ 0.695 0.694 0.694 0.694 0.693 0.690 0.688
99-27+ 0.692 0.691 0.691 0.690 0.689 0.686 0.684
99-28+ 0.689 0.688 0.688 0.687 0.685 0.682 0.679
99-29+ 0.686 0.685 0.685 0.684 0.682 0.678 0.674
99-30+ 0.683 0.682 0.682 0.681 0.678 0.674 0.670
99-31+ 0.680 0.679 0.678 0.677 0.675 0.670 0.665
100-00+ 0.677 0.676 0.675 0.674 0.671 0.666 0.661
100-01+ 0.674 0.673 0.672 0.671 0.668 0.662 0.656
- -----------------------------------------------------------------------------------------------------------------------------------
100-02+ 0.671 0.670 0.669 0.668 0.664 0.658 0.652
- -----------------------------------------------------------------------------------------------------------------------------------
100-03+ 0.668 0.667 0.666 0.664 0.660 0.654 0.647
100-04+ 0.665 0.664 0.663 0.661 0.657 0.650 0.643
100-05+ 0.661 0.660 0.660 0.658 0.653 0.646 0.638
100-06+ 0.658 0.657 0.656 0.654 0.650 0.642 0.634
100-07+ 0.655 0.654 0.653 0.651 0.646 0.638 0.629
100-08+ 0.652 0.651 0.650 0.648 0.643 0.634 0.625
100-09+ 0.649 0.648 0.647 0.645 0.639 0.630 0.620
100-10+ 0.646 0.645 0.644 0.641 0.635 0.626 0.616
100-11+ 0.643 0.642 0.641 0.638 0.632 0.622 0.611
100-12+ 0.640 0.639 0.638 0.635 0.628 0.618 0.606
- -----------------------------------------------------------------------------------------------------------------------------------
100-13+ 0.637 0.636 0.634 0.632 0.625 0.614 0.602
100-14+ 0.634 0.633 0.631 0.628 0.621 0.610 0.597
100-15+ 0.631 0.630 0.628 0.625 0.618 0.606 0.593
100-16+ 0.628 0.627 0.625 0.622 0.614 0.602 0.588
100-17+ 0.625 0.623 0.622 0.619 0.611 0.598 0.584
100-18+ 0.622 0.620 0.619 0.615 0.607 0.594 0.579
- -----------------------------------------------------------------------------------------------------------------------------------
WAL (YR) 16.80 16.09 15.50 14.48 12.64 10.61 9.00
MDUR (YR) 10.04 9.81 9.62 9.26 8.51 7.54 6.69
FIRST PRIN PAY 10/20/09 10/20/09 10/20/09 10/20/09 10/20/09 02/20/08 10/20/06
LAST PRIN PAY 06/20/29 06/20/29 06/20/29 06/20/29 06/20/29 06/20/29 06/20/29
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
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.
15
<PAGE> 16
CLASS B-2
Settlement 09/23/99
Class Balance $823,000
Cut-off Date 09/01/99
Bond Coupon 6.034%
Next Payment 10/20/99
Cleanup Call (10%) No
Accrued Interest Days 22
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
98-29+ 0.783 0.785 0.787 0.790 0.797 0.808 0.821
98-30+ 0.780 0.782 0.783 0.786 0.793 0.804 0.816
98-31+ 0.777 0.779 0.780 0.783 0.790 0.800 0.812
99-00+ 0.774 0.776 0.777 0.780 0.786 0.796 0.807
99-01+ 0.771 0.772 0.774 0.776 0.782 0.792 0.802
99-02+ 0.768 0.769 0.771 0.773 0.779 0.788 0.798
- -----------------------------------------------------------------------------------------------------------------------------------
99-03+ 0.765 0.766 0.767 0.770 0.775 0.784 0.793
99-04+ 0.762 0.763 0.764 0.766 0.772 0.780 0.789
99-05+ 0.759 0.760 0.761 0.763 0.768 0.776 0.784
99-06+ 0.756 0.757 0.758 0.760 0.764 0.772 0.779
99-07+ 0.753 0.754 0.755 0.756 0.761 0.767 0.775
99-08+ 0.750 0.751 0.751 0.753 0.757 0.763 0.770
99-09+ 0.746 0.747 0.748 0.750 0.754 0.759 0.766
99-10+ 0.743 0.744 0.745 0.747 0.750 0.755 0.761
99-11+ 0.740 0.741 0.742 0.743 0.746 0.751 0.757
99-12+ 0.737 0.738 0.739 0.740 0.743 0.747 0.752
- -----------------------------------------------------------------------------------------------------------------------------------
99-13+ 0.734 0.735 0.736 0.737 0.739 0.743 0.747
- -----------------------------------------------------------------------------------------------------------------------------------
99-14+ 0.731 0.732 0.732 0.733 0.736 0.739 0.743
99-15+ 0.728 0.729 0.729 0.730 0.732 0.735 0.738
99-16+ 0.725 0.726 0.726 0.727 0.728 0.731 0.734
99-17+ 0.722 0.722 0.723 0.723 0.725 0.727 0.729
99-18+ 0.719 0.719 0.720 0.720 0.721 0.723 0.725
99-19+ 0.716 0.716 0.716 0.717 0.718 0.719 0.720
99-20+ 0.713 0.713 0.713 0.714 0.714 0.715 0.715
99-21+ 0.710 0.710 0.710 0.710 0.710 0.711 0.711
99-22+ 0.707 0.707 0.707 0.707 0.707 0.707 0.706
99-23+ 0.704 0.704 0.704 0.704 0.703 0.703 0.702
- -----------------------------------------------------------------------------------------------------------------------------------
99-24+ 0.701 0.701 0.701 0.700 0.700 0.699 0.697
99-25+ 0.698 0.698 0.697 0.697 0.696 0.695 0.693
99-26+ 0.695 0.694 0.694 0.694 0.693 0.690 0.688
99-27+ 0.692 0.691 0.691 0.690 0.689 0.686 0.684
99-28+ 0.689 0.688 0.688 0.687 0.685 0.682 0.679
99-29+ 0.686 0.685 0.685 0.684 0.682 0.678 0.674
- -----------------------------------------------------------------------------------------------------------------------------------
WAL (YR) 16.80 16.09 15.50 14.48 12.64 10.61 9.00
MDUR (YR) 10.01 9.79 9.59 9.24 8.49 7.53 6.68
FIRST PRIN PAY 10/20/09 10/20/09 10/20/09 10/20/09 10/20/09 02/20/08 10/20/06
LAST PRIN PAY 06/20/29 06/20/29 06/20/29 06/20/29 06/20/29 06/20/29 06/20/29
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
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.
16
<PAGE> 17
CLASS B-3
Settlement 09/23/99
Class Balance $1,029,000
Cut-off Date 09/01/99
Bond Coupon 6.034%
Next Payment 10/20/99
Cleanup Call (10%) No
Accrued Interest Days 22
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
97-23 0.902 0.907 0.911 0.919 0.937 0.966 0.999
97-24 0.899 0.904 0.908 0.915 0.934 0.962 0.995
97-25 0.896 0.901 0.904 0.912 0.930 0.958 0.990
97-26 0.893 0.897 0.901 0.909 0.926 0.954 0.985
97-27 0.890 0.894 0.898 0.905 0.923 0.950 0.981
97-28 0.887 0.891 0.895 0.902 0.919 0.946 0.976
- -----------------------------------------------------------------------------------------------------------------------------------
97-29 0.884 0.888 0.891 0.898 0.915 0.942 0.971
97-30 0.881 0.885 0.888 0.895 0.912 0.938 0.967
97-31 0.877 0.881 0.885 0.892 0.908 0.933 0.962
98-00 0.874 0.878 0.882 0.888 0.904 0.929 0.957
98-01 0.871 0.875 0.878 0.885 0.901 0.925 0.953
98-02 0.868 0.872 0.875 0.882 0.897 0.921 0.948
98-03 0.865 0.869 0.872 0.878 0.893 0.917 0.943
98-04 0.862 0.866 0.869 0.875 0.890 0.913 0.939
98-05 0.859 0.862 0.866 0.872 0.886 0.909 0.934
98-06 0.856 0.859 0.862 0.868 0.882 0.905 0.929
- -----------------------------------------------------------------------------------------------------------------------------------
98-07 0.853 0.856 0.859 0.865 0.879 0.900 0.925
- -----------------------------------------------------------------------------------------------------------------------------------
98-08 0.850 0.853 0.856 0.861 0.875 0.896 0.920
98-09 0.846 0.850 0.853 0.858 0.871 0.892 0.915
98-10 0.843 0.847 0.849 0.855 0.868 0.888 0.911
98-11 0.840 0.843 0.846 0.851 0.864 0.884 0.906
98-12 0.837 0.840 0.843 0.848 0.860 0.880 0.902
98-13 0.834 0.837 0.840 0.845 0.857 0.876 0.897
98-14 0.831 0.834 0.836 0.841 0.853 0.872 0.892
98-15 0.828 0.831 0.833 0.838 0.849 0.868 0.888
98-16 0.825 0.828 0.830 0.835 0.846 0.863 0.883
98-17 0.822 0.824 0.827 0.831 0.842 0.859 0.878
- -----------------------------------------------------------------------------------------------------------------------------------
98-18 0.819 0.821 0.824 0.828 0.839 0.855 0.874
98-19 0.816 0.818 0.820 0.825 0.835 0.851 0.869
98-20 0.812 0.815 0.817 0.821 0.831 0.847 0.865
98-21 0.809 0.812 0.814 0.818 0.828 0.843 0.860
98-22 0.806 0.809 0.811 0.815 0.824 0.839 0.855
98-23 0.803 0.805 0.807 0.811 0.820 0.835 0.851
- -----------------------------------------------------------------------------------------------------------------------------------
WAL (YR) 16.80 16.09 15.50 14.48 12.64 10.61 9.00
MDUR (YR) 9.96 9.74 9.55 9.20 8.46 7.50 6.65
FIRST PRIN PAY 10/20/09 10/20/09 10/20/09 10/20/09 10/20/09 02/20/08 10/20/06
LAST PRIN PAY 06/20/29 06/20/29 06/20/29 06/20/29 06/20/29 06/20/29 06/20/29
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
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.
17
<PAGE> 18
MELLON RESIDENTIAL FUNDING CORPORATION 1999-TBC3
Scheduled 09/1/99 Balances
TOTAL CURRENT BALANCE: $ 205,724,901.70
NUMBER OF LOANS: 285
AVERAGE CURRENT BALANCE: $ 721,841.76 RANGE: $ 100,000.00 - $2,880,000.00
AVERAGE ORIGINAL BALANCE: $ 733,245.28 RANGE: $ 100,000.00 - $2,880,000.00
WEIGHTED AVERAGE NOTE RATE: 6.4240 % RANGE: 5.8750 - 7.2500 %
WEIGHTED AVERAGE GROSS MARGIN: 1.1002 % RANGE: 0.5000 - 1.8750 %
WEIGHTED AVERAGE MAX INT RATE: 10.75927 % RANGE: 10.75000 - 10.87500%
WEIGHTED AVERAGE PERIOD RATE CAP: 0.2500 % RANGE: 0.0000 - 0.2500 %
WEIGHTED AVERAGE FICO SCORE(GT OF HI AND LO): 758 RANGE: 0 - 823
WEIGHTED AVERAGE HIGH FICO SCORE: 756 RANGE: 0 - 823
WEIGHTED AVERAGE LOW FICO SCORE: 742 RANGE: 0 - 813
WEIGHTED AVERAGE ORIGINAL LTV: 66.42 % RANGE: 18.11 - 100.00 %
WEIGHTED AVERAGE ORIGINAL LTC: 64.92 % RANGE: 16.67 - 91.67 %
WEIGHTED AVERAGE NEXT RATE RESET: 1.00 months RANGE: 1.00 - 1.00 months
WEIGHTED AVERAGE ORIGINAL TERM: 360 months RANGE: 360 - 360 months
WEIGHTED AVERAGE STATED REMAINING TERM: 356 months RANGE: 336 - 360 months
WEIGHTED AVERAGE SEASONING: 4 months RANGE: 0 - 24 months
TOP STATE CONCENTRATIONS($): 29.76% MA, 21.75% CA, 14.43% NY
MAXIMUM ZIP CODE CONCENTRATION ($): 4.68 % 02116 (Boston, MA)
NOTE DATE: Aug 06, 1997 - Sep 01, 1999
FIRST PAY DATE: Oct 01, 1997 - Oct 01, 1999
RATE CHANGE DATE: Oct 01, 1999 - Oct 01, 1999
MATURITY DATE: Sep 01, 2027 - Sep 01, 2029
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
INDEX: 1 Month LIBOR 205,724,901.70 100.00 285 100.00
DOCUMENTATION: Full 205,724,901.70 100.00 285 100.00
DELINQUENCY: CURRENT 205,724,901.70 100.00 285 100.00
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.
18
<PAGE> 19
<TABLE>
<CAPTION>
CURRENT
BALANCE PCT($) # LOANS PCT(#)
<S> <C> <C> <C> <C> <C> <C>
CURRENT BALANCE:100,000.00 - 100,000.00 100,000.00 0.05 1 0.35
100,000.01 - 200,000.00 261,200.00 0.13 2 0.70
200,000.01 - 300,000.00 8,249,959.39 4.01 31 10.88
300,000.01 - 400,000.00 13,445,134.30 6.54 37 12.98
400,000.01 - 500,000.00 18,726,074.97 9.10 40 14.04
500,000.01 - 600,000.00 18,521,002.61 9.00 33 11.58
600,000.01 - 700,000.00 16,325,377.44 7.94 25 8.77
700,000.01 - 800,000.00 14,475,733.62 7.04 19 6.67
800,000.01 - 900,000.00 14,754,136.98 7.17 17 5.96
900,000.01 - 1,000,000.00 21,775,333.41 10.58 22 7.72
1,000,000.01 - 1,100,000.00 31,707,880.10 15.41 29 10.18
1,100,000.01 - 1,200,000.00 3,436,000.00 1.67 3 1.05
1,200,000.01 - 1,300,000.00 6,322,000.00 3.07 5 1.75
1,300,000.01 - 1,400,000.00 6,949,375.00 3.38 5 1.75
1,400,000.01 - 1,500,000.00 4,497,200.00 2.19 3 1.05
1,500,000.01 - 1,600,000.00 4,724,000.00 2.30 3 1.05
1,600,000.01 - 1,700,000.00 1,645,000.00 0.80 1 0.35
1,700,000.01 - 1,800,000.00 3,589,493.88 1.74 2 0.70
1,900,000.01 - 2,000,000.00 4,000,000.00 1.94 2 0.70
2,000,000.01 - 2,100,000.00 2,025,000.00 0.98 1 0.35
2,100,000.01 - 2,200,000.00 2,200,000.00 1.07 1 0.35
2,300,000.01 - 2,400,000.00 2,355,000.00 1.14 1 0.35
2,700,000.01 - 2,800,000.00 2,760,000.00 1.34 1 0.35
2,800,000.01 - 2,880,000.00 2,880,000.00 1.40 1 0.35
ORIGINAL BALANCE:100,000.00 - 100,000.00 100,000.00 0.05 1 0.35
100,000.01 - 200,000.00 261,200.00 0.13 2 0.70
200,000.01 - 300,000.00 8,249,959.39 4.01 31 10.88
300,000.01 - 400,000.00 12,647,134.30 6.15 35 12.28
400,000.01 - 500,000.00 19,124,074.97 9.30 41 14.39
500,000.01 - 600,000.00 18,521,002.61 9.00 33 11.58
600,000.01 - 700,000.00 15,673,621.38 7.62 24 8.42
700,000.01 - 800,000.00 14,475,733.62 7.04 19 6.67
800,000.01 - 900,000.00 14,505,893.04 7.05 17 5.96
900,000.01 - 1,000,000.00 21,675,507.08 10.54 22 7.72
1,000,000.01 - 1,100,000.00 31,707,880.10 15.41 29 10.18
</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.
19
<PAGE> 20
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
1,100,000.01 - 1,200,000.00 4,435,826.33 2.16 4 1.40
1,200,000.01 - 1,300,000.00 6,322,000.00 3.07 5 1.75
1,300,000.01 - 1,400,000.00 5,989,375.00 2.91 5 1.75
1,400,000.01 - 1,500,000.00 4,497,200.00 2.19 3 1.05
1,500,000.01 - 1,600,000.00 4,724,000.00 2.30 3 1.05
1,600,000.01 - 1,700,000.00 1,645,000.00 0.80 1 0.35
1,700,000.01 - 1,800,000.00 3,589,493.88 1.74 2 0.70
1,900,000.01 - 2,000,000.00 4,000,000.00 1.94 2 0.70
2,000,000.01 - 2,100,000.00 2,025,000.00 0.98 1 0.35
2,100,000.01 - 2,200,000.00 2,200,000.00 1.07 1 0.35
2,300,000.01 - 2,400,000.00 2,355,000.00 1.14 1 0.35
2,700,000.01 - 2,800,000.00 2,760,000.00 1.34 1 0.35
2,800,000.01 - 2,880,000.00 4,240,000.00 2.06 2 0.70
</TABLE>
<TABLE>
<CAPTION>
CURRENT
BALANCE PCT($) # LOANS PCT(#)
<S> <C> <C> <C> <C> <C>
NOTE RATE: 5.8750 - 6.0000 10,268,725.00 4.99 10 3.51
6.0001 - 6.2500 41,172,697.00 20.01 60 21.05
6.2501 - 6.5000 109,260,804.35 53.11 150 52.63
6.5001 - 6.7500 20,335,091.58 9.88 30 10.53
6.7501 - 7.0000 9,437,754.08 4.59 11 3.86
7.0001 - 7.2500 15,249,829.69 7.41 24 8.42
GROSS MARGIN: 0.5000 1,100,000.00 0.53 1 0.35
0.6250 2,525,600.00 1.23 3 1.05
0.8750 2,880,000.00 1.40 1 0.35
1.0000 149,468,937.94 72.65 208 72.98
1.1250 734,688.41 0.36 1 0.35
1.2500 24,328,091.58 11.83 36 12.63
1.5000 9,437,754.08 4.59 11 3.86
1.7500 14,150,060.22 6.88 23 8.07
1.8750 1,099,769.47 0.53 1 0.35
MAX INT RATE: 10.7500 - 10.7500 190,475,072.01 92.59 261 91.58
10.7501 - 10.8750 15,249,829.69 7.41 24 8.42
FICO SCORE(GT OF HI AND LO): < = 0 254,800.00 0.12 1 0.35
601 - 650 955,500.00 0.46 2 0.70
651 - 700 19,802,518.14 9.63 22 7.72
701 - 750 55,161,194.82 26.81 73 25.61
751 - 800 106,523,146.74 51.78 154 54.04
801 - 823 23,027,742.00 11.19 33 11.58
</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.
20
<PAGE> 21
<TABLE>
<S> <C> <C> <C> <C> <C>
HIGH FICO SCORE: <= 0 1,354,595.33 0.66 2 0.70
601 - 650 1,854,531.92 0.90 3 1.05
651 - 700 18,903,486.22 9.19 21 7.37
701 - 750 59,737,194.82 29.04 78 27.37
751 - 800 101,847,351.41 49.51 149 52.28
801 - 823 22,027,742.00 10.71 32 11.23
LOW FICO SCORE: <= 0 254,800.00 0.12 1 0.35
601 - 650 1,369,500.00 0.67 3 1.05
651 - 700 37,401,110.52 18.18 49 17.19
701 - 750 62,747,517.84 30.50 86 30.18
751 - 800 99,066,973.34 48.16 138 48.42
801 - 813 4,885,000.00 2.37 8 2.81
</TABLE>
<TABLE>
<CAPTION>
CURRENT
BALANCE PCT($) # LOANS PCT(#)
<S> <C> <C> <C> <C> <C>
ORIGINAL LTV: 18.11 - 20.00 1,574,000.98 0.77 2 0.70
20.01 - 25.00 2,511,542.00 1.22 5 1.75
25.01 - 30.00 2,725,000.00 1.32 3 1.05
30.01 - 35.00 6,749,800.27 3.28 8 2.81
35.01 - 40.00 6,863,510.21 3.34 9 3.16
40.01 - 45.00 8,674,686.06 4.22 10 3.51
45.01 - 50.00 6,265,001.38 3.05 15 5.26
50.01 - 55.00 9,833,493.38 4.78 14 4.91
55.01 - 60.00 20,753,499.99 10.09 20 7.02
60.01 - 65.00 19,239,320.21 9.35 20 7.02
65.01 - 70.00 21,782,128.28 10.59 33 11.58
70.01 - 75.00 34,499,917.35 16.77 41 14.39
75.01 - 80.00 45,741,010.53 22.23 80 28.07
80.01 - 85.00 5,079,000.00 2.47 3 1.05
85.01 - 90.00 1,840,500.00 0.89 2 0.70
90.01 - 95.00 1,489,000.00 0.72 2 0.70
95.01 - 100.00 10,103,491.06 4.91 18 6.32
ORIGINAL LTC: 16.67 - 20.00 2,673,770.45 1.30 3 1.05
20.01 - 25.00 2,511,542.00 1.22 5 1.75
25.01 - 30.00 2,725,000.00 1.32 3 1.05
30.01 - 35.00 6,749,800.27 3.28 8 2.81
</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.
21
<PAGE> 22
<TABLE>
<S> <C> <C> <C> <C> <C>
35.01 - 40.00 6,863,510.21 3.34 9 3.16
40.01 - 45.00 8,674,686.06 4.22 10 3.51
45.01 - 50.00 6,265,001.38 3.05 15 5.26
50.01 - 55.00 9,833,493.38 4.78 14 4.91
55.01 - 60.00 21,753,499.99 10.57 21 7.37
60.01 - 65.00 19,628,320.21 9.54 21 7.37
65.01 - 70.00 20,605,358.81 10.02 34 11.93
70.01 - 75.00 40,401,673.41 19.64 47 16.49
75.01 - 80.00 50,014,745.53 24.31 90 31.58
80.01 - 85.00 5,079,000.00 2.47 3 1.05
85.01 - 90.00 845,500.00 0.41 1 0.35
90.01 - 91.67 1,100,000.00 0.53 1 0.35
REMAINING TERM: 336 - 336 1,199,688.41 0.58 2 0.70
337 - 348 27,839,585.66 13.53 40 14.04
349 - 360 176,685,627.63 85.88 243 85.26
RATE CHANGE DATE: 10/01/99 205,724,901.70 100.00 285 100.00
BLANKET FLAG: No 195,708,329.78 95.13 276 96.84
Yes 10,016,571.92 4.87 9 3.16
PREPAY PENALTY: NO PREPAYMENT PENALTY 1,867,000.00 0.91 4 1.40
PREPAYMENT PENALTY 203,857,901.70 99.09 281 98.60
CURRENT
BALANCE PCT($) # LOANS PCT(#)
IO FLAG: Yes 205,724,901.70 100.00 285 100.00
OCCUPANCY: Primary 178,091,473.29 86.57 247 86.67
Second Home 27,633,428.41 13.43 38 13.33
PROPERTY TYPE:Single Family 138,749,018.63 67.44 179 62.81
PUD 27,189,040.57 13.22 46 16.14
Condominium 21,229,240.00 10.32 36 12.63
Blanket 10,016,571.92 4.87 9 3.16
Cooperative 8,541,030.58 4.15 15 5.26
LOAN PURPOSE: Cash Out Refinance 44,878,912.33 21.82 63 22.11
</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.
22
<PAGE> 23
<TABLE>
<S> <C> <C> <C> <C> <C>
Purchase 133,120,772.73 64.71 182 63.86
Rate/Term Refinance 27,725,216.64 13.48 40 14.04
STATE: Arizona 6,797,145.00 3.30 12 4.21
California 44,738,840.42 21.75 57 20.00
Colorado 2,130,000.00 1.04 2 0.70
Connecticut 15,957,159.62 7.76 19 6.67
District of Columbia 4,908,000.00 2.39 5 1.75
Florida 4,672,400.18 2.27 7 2.46
Georgia 2,556,524.55 1.24 3 1.05
Hawaii 500,000.00 0.24 1 0.35
Idaho 980,000.00 0.48 2 0.70
Illinois 421,542.00 0.20 1 0.35
Kansas 380,500.00 0.18 1 0.35
Maine 752,000.00 0.37 2 0.70
Maryland 4,897,228.46 2.38 9 3.16
Massachusetts 61,218,075.62 29.76 82 28.77
New Hampshire 1,419,200.00 0.69 2 0.70
New Jersey 2,257,600.00 1.10 5 1.75
New Mexico 576,000.00 0.28 1 0.35
New York 29,694,303.50 14.43 35 12.28
Ohio 1,488,500.00 0.72 3 1.05
Oregon 375,000.00 0.18 1 0.35
Pennsylvania 6,368,932.36 3.10 10 3.51
South Carolina 650,000.00 0.32 1 0.35
Texas 1,638,340.00 0.80 3 1.05
Utah 975,400.00 0.47 2 0.70
Vermont 1,258,000.00 0.61 3 1.05
Virginia 6,262,760.00 3.04 11 3.86
Washington 1,420,200.00 0.69 4 1.40
Wyoming 431,249.99 0.21 1 0.35
</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.
23
