<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 February 22, 2000)
-----------------
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 2000-TBC1, Mortgage Pass-Through
Certificates, Series 2000-TBC1.
In connection with the offering of the Mortgage Pass-Through
Certificates, Series 2000-TBC1, Bear Stearns & Co. Inc. prepared certain
materials (the "Computational Materials") some or all of which were distributed
by Bear Stearns & Co. Inc., 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. The legend which Greenwich
Capital Markets, Inc. placed on the Computational Materials is attached hereto
as Exhibit 99.2.
- --------
* 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 February 22, 2000, of Mellon Residential
Funding Corporation, relating to its MRFC Mortgage Pass-Through Trust,
Series 2000-TBC1, Mortgage Pass-Through Certificates, Series 2000-TBC1.
<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.
99.2 Greenwich Capital Markets, Inc. Legend on 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 A. Provenzano
-----------------------
Name: Kelly A. Provenzano
Title: Vice President and Secretary
Dated: February 22, 2000
<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.
99.2 Greenwich Capital Markets, Inc. Legend on Computational
Materials.
<PAGE> 1
Exhibit 8.1
Stroock & Stroock & Lavan LLP
180 Maiden Lane
New York, New York 10038-4982
February 22, 2000
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 $444,361,000 aggregate principal amount of Mellon Residential
Funding Corporation Mortgage Pass-Through Certificates, Series 2000-TBC1 (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 February 22, 2000, the Certificates
will be issued pursuant to the provisions of a Pooling and Servicing Agreement
dated as of February 1, 2000 (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
MELLON RESIDENTIAL FUNDING CORPORATION.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-TBC1
COMPUTATIONAL MATERIALS: PRELIMINARY TERM SHEET
- --------------------------------------------------------------------------------
$447,174,100 (APPROX)
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2000-TBC1
<TABLE>
<CAPTION>
- ----------- -------- ----------------- --------------- --------- ----------- -------- ---------------- ------------------------
CERTIFICATE
RATINGS PASS- WAL PUT
LOAN CERTIFICATE SIZE ------- CE THROUGH (YRS) OPTION CERTIFICATE
CLASS TYPE (+/- 10%) (1) S&P/FITCH LEVEL RATE (6) DATE TYPE
- ----------- -------- ----------------- --------------- --------- ----------- -------- ---------------- ------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 3/1 $81,919,900 AAA/AAA 3.00% (2) 1.8 April 2002 (7) 3/1 Senior
- ----------- -------- ----------------- --------------- --------- ----------- -------- ---------------- ------------------------
A-2A 5/1 $90,702,300 AAA/AAA 3.00% (3) 0.85 May 2004 (7) 5/1 Senior Sequential
- ----------- -------- ----------------- --------------- --------- ----------- -------- ---------------- ------------------------
A-2B 5/1 $102,679,600 AAA/AAA 3.00% (3) 3.2 May 2004 (7) 5/1 Senior Sequential
- ----------- -------- ----------------- --------------- --------- ----------- -------- ---------------- ------------------------
A-2C 5/1 $107,283,400 AAA/AAA 3.00% (3) 4.3 May 2004 (7) 5/1 Senior Sequential
- ----------- -------- ----------------- --------------- --------- ----------- -------- ---------------- ------------------------
A-3A 10/1 $16,759,400 AAA/AAA 3.00% (4) 0.85 April 2008 (7) 10/1 Senior Sequential
- ----------- -------- ----------------- --------------- --------- ----------- -------- ---------------- ------------------------
A-3B 10/1 $18,456,500 AAA/AAA 3.00% (4) 3.2 April 2008 (7) 10/1 Senior Sequential
- ----------- -------- ----------------- --------------- --------- ----------- -------- ---------------- ------------------------
A-3C 10/1 $20,339,200 AAA/AAA 3.00% (4) 7.2 April 2008 (7) 10/1 Senior Sequential
- ----------- -------- ----------------- --------------- --------- ----------- -------- ---------------- ------------------------
B-1 All $3,387,800 AA/AA 2.25% (5) 4.4 (8) Subordinate
- ----------- -------- ----------------- --------------- --------- ----------- -------- ---------------- ------------------------
B-2 All $3,387,600 A/AA 1.50% (5) 4.4 (8) Subordinate
- ----------- -------- ----------------- --------------- --------- ----------- -------- ---------------- ------------------------
B-3 All $2,258,400 BBB/BBB 1.00% (5) 4.4 (8) Subordinate
- ----------- -------- ----------------- --------------- --------- ----------- -------- ---------------- ------------------------
</TABLE>
(1) Class sizes are subject to change based upon the final pool and rating
agency approval.
(2) The Class A-1 Certificates will bear interest at a variable rate (the
Pass-Through Rate) equal to the weighted average of the Net Rates of the
Group 1 Mortgage Loans. The Pass-Through Rate with respect to the first
Interest Accrual Period is expected to be approximately 6.834%.
(3) The Class A-2 Certificates will bear interest at a variable rate (the
Pass-Through Rate) equal to the weighted average of the Net Rates of the
Group 2 Mortgage Loans. The Pass-Through Rate with respect to the first
Interest Accrual Period is expected to be approximately 6.919%.
(4) The Class A-3 Certificates will bear interest at a variable rate equal to
the weighted average of the Net Rates of the Group 3 Mortgage Loans. The
Pass-Through Rate with respect to the first Interest Accrual Period is
expected to be approximately 7.028%.
(5) The Class B-1, B-2 and B-3 Certificates will bear interest at a variable
rate (the Pass-Through Rate) equal to the weighted average of the
Pass-Through Rates of all Classes of Senior Certificates weighted in
proportion to the results of subtracting from the aggregate principal
balance of each Mortgage Loan Group, the Class Principal Balance of the
related Classes of Senior Certificates. The Pass-Through Rate with respect
to the first Interest Accrual Period is expected to be approximately
6.917%.
(6) Assumes the Certificates are put to Mellon Bank, N.A. ("Mellon Bank") on
each Certificate's respective Put Option Date. The Put Option Date is the
first adjustment date for any mortgage loan within each respective Group.
(7) During the 5 business day period ending on the Distribution Date in the
month provided above, each Certificateholder will have the option to
require Mellon Bank to purchase their certificates on such Distribution
Date.
(8) During the 5 business day period ending on the Distribution Date in April
2002 (with respect to Group 1), May 2004 (with respect to Group 2) and
April 2008 (with respect to the Group 3), each Certificateholder will have
the option to require Mellon Bank to purchase an allocable portion of such
Certificateholder's certificates generally related to the applicable Group
on such Distribution Date (such portion as further described herein).
BEAR, STEARNS & CO. INC. WHOLE LOAN DESK (212) 272-4976 JANUARY 31, 2000
- --------------------------------------------------------------------------------
This information should be considered only after reading the Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative. The collateral
information contained on the following pages is furnished as background
information for your use in reviewing the computational materials which are
attached hereto and are a part hereof. The information contained herein will be
superseded by the information contained in the Prospectus Supplement. Page 1
<PAGE> 2
MELLON RESIDENTIAL FUNDING CORPORATION.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-TBC1
COMPUTATIONAL MATERIALS: PRELIMINARY TERM SHEET
- --------------------------------------------------------------------------------
UNDERWRITERS: Bear, Stearns & Co. Inc., Mellon Financial
Markets, LLC and Greenwich Capital Markets, Inc.
SELLER AND MASTER SERVICER: Boston Safe Deposit and Trust ("The Boston
Company")
SUBSERVICER: Dovenmuehle Mortgage, Inc.
TRUSTEE: Norwest Bank Minnesota, National Association
RATING AGENCIES: Standard & Poor's and Fitch IBCA
CUT-OFF DATE: February 1, 2000
CLOSING DATE: February 29, 2000
LEGAL STRUCTURE: REMIC
OPTIONAL TERMINATION: 10% cleanup call
PRICING PREPAYMENT SPEED: The Offered Certificates will be priced to a
prepayment speed of 18% CPR
DISTRIBUTION DATE: 25th of each month or next business day,
commencing March 27, 2000
FORM OF REGISTRATION: The Offered Certificates will be issued in
book-entry form through DTC
SENIOR PUT OPTION: During the 5 business day period ending on the
Distribution Date in April 2002 (with respect to
the Class A-1 Certificates), May 2004 (with
respect to the Class A-2A, Class A-2B and Class
A-2C Certificates) and April 2008 (with respect to
the Class A-3A, Class A-3B and Class A-3C
Certificates), each such Senior Certificateholder
will have the option to require Mellon Bank, N.A.
("Mellon Bank") to purchase their respective
Certificates. If a Senior Certificateholder
exercises their Senior Put Option, Mellon Bank
will be required to purchase their class of
Certificates on the Distribution Date [one] month
after such respective Put Option Date. The Senior
Put Option repurchase price will be 100% of the
outstanding Class Certificate Balance of such
Certificateholder's Certificate at the time of
repurchase.
BEAR, STEARNS & CO. INC. WHOLE LOAN DESK (212) 272-4976 JANUARY 31, 2000
- --------------------------------------------------------------------------------
This information should be considered only after reading the Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative. The collateral
information contained on the following pages is furnished as background
information for your use in reviewing the computational materials which are
attached hereto and are a part hereof. The information contained herein will be
superseded by the information contained in the Prospectus Supplement. Page 2
<PAGE> 3
MELLON RESIDENTIAL FUNDING CORPORATION.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-TBC1
COMPUTATIONAL MATERIALS: PRELIMINARY TERM SHEET
- --------------------------------------------------------------------------------
SUBORDINATE PUT OPTION: Each Class of Subordinate Certificates will have
three separate Put Option Dates. Such Subordinate
Put Option will be exercisable with respect to a
percentage interest of that Class of Subordinate
Certificates contributed by each Mortgage Loan
Group. The allocable amount contributed by each
Mortgage Loan Group to a Class of Subordinate
Certificate's is calculated by the following
formula: Group Subordinate Certificate Amount
multiplied by the Subordinate Certificate Class
Percentage. The Group Subordinate Certificate
Amount is calculated by subtracting from the
aggregate principal balance of each Mortgage Loan
Group, the Class Principal Balance of the related
Classes of Senior Certificates. The Subordinate
Certificate Class Percentage is calculated by
dividing the Class Certificate Balance of the
applicable class of Subordinate Certificates by
the Class Certificate Balance of all Subordinate
Certificates. For any Subordinate
Certificateholder, the product of such equation
and the Certificateholder's percentage interest in
the applicable Class is the "Subordinate
Certificate Putable Balance". It is expected that
the trustee will be required to provide the Group
Subordinate Certificate Amount and Subordinate
Class Percentage on the monthly Distribution
Statement.
During the 5 business day period ending on the
Distribution Date in April 2002 (with respect to
the Group 1), May 2004 (with respect to the Group
2) and April 2008 (with respect to the Group 3),
each Certificateholder will have the option to
require Mellon Bank to purchase their respective
Subordinate Certificate Putable Balance (rounded,
if necessary, to the nearest $1,000, but not more
than the Certificateholder's Certificate Principal
Balance). If a Subordinate Certificateholder
exercises their Subordinate Put Option, Mellon
Bank will be required to purchase their share of
the Subordinate Certificate Putable Balance on the
Distribution Date [one] month after such
respective Put Option Date. The Subordinate Put
Option repurchase price with respect to the Class
B-1, Class B-2 and Class B-3 Certificates will be
100% of the outstanding Subordinate Certificate
Putable Balance of such Certificateholder's
Certificate at the time of repurchase.
BEAR, STEARNS & CO. INC. WHOLE LOAN DESK (212) 272-4976 JANUARY 31, 2000
- --------------------------------------------------------------------------------
This information should be considered only after reading the Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative. The collateral
information contained on the following pages is furnished as background
information for your use in reviewing the computational materials which are
attached hereto and are a part hereof. The information contained herein will be
superseded by the information contained in the Prospectus Supplement. Page 3
<PAGE> 4
MELLON RESIDENTIAL FUNDING CORPORATION.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-TBC1
COMPUTATIONAL MATERIALS: PRELIMINARY TERM SHEET
- --------------------------------------------------------------------------------
OTHER CERTIFICATES: The following Classes of "Other Certificates" will
be issued in the indicated approximate original
principal amount, which will provide credit
support to the Offered Certificates, but are not
offered hereby.
Class B-4 $2,258,500 0.50%
Class B-5 $1,129,200 0.25%
Class B-6 $1,129,419 0.25%
COLLATERAL DESCRIPTION: The mortgage pool consists of approximately $451
million of ARM Hybrids, which are fixed for a
period of three, five or ten years and then become
adjustable rate Mortgage Loans. After the initial
fixed period the Mortgage Loans will adjust
annually based upon either the One-Year LIBOR or
the One-Year CMT Index. In addition, substantially
all of the Mortgage Loans are interest only for
the first 10 years. After such interest only
period, each such Mortgage Loan will
fully-amortize over their remaining 20-year
period. Provided below is a brief summary of the
composition of the pool by loan type as of January
1, 2000:
<TABLE>
<CAPTION>
- ------------------------ -------- ----------------- ----------- ---------- ---------- ---------- ---------- ----------
UNPAID MOS.
PRINCIPAL % OF GROSS WAM GROSS MAX TO
LOAN TYPE MLG BALANCE POOL WAC (MOS) MARGIN RATE ROLL
- ------------------------ -------- ----------------- ----------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
3/1 (1-year LIBOR) 1 $40,708,089 9.01% 6.79% 354 2.25% 12.79% 30
- ------------------------ -------- ----------------- ----------- ---------- ---------- ---------- ---------- ----------
3/1(1-year CMT)** 1 $43,745,426 9.68% 7.38% 332 2.75% 12.42% 32
- ------------------------ -------- ----------------- ----------- ---------- ---------- ---------- ---------- ----------
Sub-Total 3/1 $84,453,515 18.69% 7.09% 343 2.51% 12.60% 31
- ------------------------ -------- ----------------- ----------- ---------- ---------- ---------- ---------- ----------
- ------------------------ -------- ----------------- ----------- ---------- ---------- ---------- ---------- ----------
5/1 (1-year LIBOR) 2 $309,964,309 68.62% 7.18% 355 2.25% 12.18% 55
- ------------------------ -------- ----------------- ----------- ---------- ---------- ---------- ---------- ----------
10/1 (1-year CMT) 3 $57,273,395 12.68% 7.29% 353 3.25% 13.29% 113
- ------------------------ -------- ----------------- ----------- ---------- ---------- ---------- ---------- ----------
Total Portfolio $451,691,219 100.00% 7.18% 353 2.43% 12.40% 58
- ------------------------ -------- ----------------- ----------- ---------- ---------- ---------- ---------- ----------
</TABLE>
** NOTE: All of the Mortgage Loans coded as 3/1 (1-year CMT) are
originally 5/1 (1-year CMT) but are seasoned at least two years and have
a maximum remaining months to roll of 36 months.
Each Mortgage Loan is secured by a first lien on a
one-to-four family residential property. The
approximate general characteristics of the
Mortgage Loans by Mortgage Loan Group and for the
total portfolio have been attached as Exhibit I.
BEAR, STEARNS & CO. INC. WHOLE LOAN DESK (212) 272-4976 JANUARY 31, 2000
- --------------------------------------------------------------------------------
This information should be considered only after reading the Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative. The collateral
information contained on the following pages is furnished as background
information for your use in reviewing the computational materials which are
attached hereto and are a part hereof. The information contained herein will be
superseded by the information contained in the Prospectus Supplement. Page 4
<PAGE> 5
MELLON RESIDENTIAL FUNDING CORPORATION.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-TBC1
COMPUTATIONAL MATERIALS: PRELIMINARY TERM SHEET
- --------------------------------------------------------------------------------
UNDERWRITING STANDARDS: The Mortgage Loans were underwritten to The Boston
Company's underwriting guidelines as more fully
described in the Prospectus Supplement.
ERISA ELIGIBILITY: The Senior Certificates are expected to be ERISA
eligible. Prospective investors should review with
their legal advisors as to 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.
SMMEA TREATMENT: The Senior Certificates and the Class B-1
Certificates are expected to constitute "mortgage
related securities" for purposes of SMMEA.
ADVANCING OBLIGATION: The Master Servicer is obligated to advance for
delinquent mortgagor payments through the date of
liquidation of the property to the extent they are
deemed recoverable.
COMPENSATING INTEREST: The Master Servicer will be required to cover
interest shortfalls as a result of full or partial
prepayments to the extent of the aggregate
servicing fee.
CREDIT ENHANCEMENT: The transaction will incorporate three Mortgage
Loan Groups, each with it's own "AAA" Senior
Certificate. These Senior Certificates will be
supported by the Subordinate Certificates which
will not be segregated by Mortgage Loan Group.
Only one class of Certificates will be issued for
each rating category below the "AAA" rating
levels. Credit enhancement with respect to the
Certificates will be provided by a
senior/subordinate shifting interest structure.
The total credit enhancement to the "AAA" level is
expected to be 3.00%.
BEAR, STEARNS & CO. INC. WHOLE LOAN DESK (212) 272-4976 JANUARY 31, 2000
- --------------------------------------------------------------------------------
This information should be considered only after reading the Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative. The collateral
information contained on the following pages is furnished as background
information for your use in reviewing the computational materials which are
attached hereto and are a part hereof. The information contained herein will be
superseded by the information contained in the Prospectus Supplement. Page 5
<PAGE> 6
MELLON RESIDENTIAL FUNDING CORPORATION.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-TBC1
COMPUTATIONAL MATERIALS: PRELIMINARY TERM SHEET
- --------------------------------------------------------------------------------
CASH FLOW DESCRIPTION: Distributions on the Certificates will be made on
the 25th day of each month (or next business day)
beginning on March 27, 2000. The payments to the
Certificates, to the extent of available funds,
will be made according to the following priority:
AVAILABLE FUNDS:
1. Payment of interest to the holders of the Class
A-1, Class A-2A, Class A-2B, Class A-2C, Class
A-3A, Class A-3B and Class A-3C Certificates
(together, the "Senior Certificates") in an
amount equal to their respective Pass-Through
Rates;
2. Payment of principal to the holders of the
Senior Certificates in an amount equal to the
related Senior Percentage of all principal
received in respect of the Mortgage Loans in
the related Mortgage Loan Group; however in the
case of the Class A-2 and Class A-3 Senior
Certificates, all of such Group's principal
will be allocated sequentially in the order of
their alphabetical Class designations,
beginning with the Class A-2A and Class A-3A
Certificates, respectively
The Senior Percentage is subject to reduction
based upon the expiration of a lockout period
and the Mortgage Pool meeting certain loss and
delinquency tests (see Prepayment Stepdown
Tests below).
3. Payment of interest and principal sequentially
to the Subordinate Certificates in the order of
their numerical Class designations, beginning
with the Class B-1, so that each Subordinate
Class shall receive (a) their respective
Pass-Through Rate and (b) such Class' related
Subordinate Percentage of all principal
received.
The Subordinate Percentage is subject to
reduction based upon the expiration of a
lockout period and the Mortgage Pool meeting
certain loss and delinquency tests (see
Prepayment Stepdown Tests below).
BEAR, STEARNS & CO. INC. WHOLE LOAN DESK (212) 272-4976 JANUARY 31, 2000
- --------------------------------------------------------------------------------
This information should be considered only after reading the Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative. The collateral
information contained on the following pages is furnished as background
information for your use in reviewing the computational materials which are
attached hereto and are a part hereof. The information contained herein will be
superseded by the information contained in the Prospectus Supplement. Page 6
<PAGE> 7
MELLON RESIDENTIAL FUNDING CORPORATION.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-TBC1
COMPUTATIONAL MATERIALS: PRELIMINARY TERM SHEET
- --------------------------------------------------------------------------------
PRINCIPAL STEPDOWN TESTS: The Senior Certificates will be entitled to
receive 100% of the principal collected on their
respective Mortgage Loan Group until February
2010. The senior principal entitlement percentage
of all Groups can be reduced to the aggregate
Senior Percentage plus 70%, 60%, 40%, 20% and 0%
of the aggregate Subordinate Percentage over the
next five years provided that (i) the principal
balance of the Mortgage Loans in all Loan Groups
60 days or more delinquent, averaged over the last
6 months, as a percentage of the aggregate Class
Principal Balance of the Subordinate Certificates
does not exceed 50% and (ii) cumulative realized
losses for the Mortgage Loans in all Loan Groups
do not exceed 30%, 35%, 40%, 45% or 50% for each
test date.
Notwithstanding the foregoing, if the current
aggregate Subordinate Percentage is equal to two
times the initial aggregate Subordinate Percentage
and the same delinquency and loss tests as stated
above are met (except that the loss test does not
step-up from 30%) then principal for each Mortgage
Loan Group will be allocated on a pro rata basis.
However, If the aggregate Subordinate Percentage
has doubled prior to the third anniversary of the
Cut-off Date (and such delinquency and loss tests
have been met) then the Senior Certificates for
each Mortgage Loan Group will be entitled to 50%
of the aggregate Subordinate Percentage of
principal collections in the related Mortgage Loan
Group.
PRINCIPAL DIVERSION AMOUNTS: Prior to the reduction of the Subordinate
Certificate Balances to zero, but after the
reduction of any one of the Class Certificate
Balances of the Class A-1, Class A-2C or Class
A-3C Certificates to zero, the remaining class or
classes of Senior Certificates will be entitled to
receive a pro-rata percentage of principal
collected from that Mortgage Loan Group (based
upon the allocation to the other Senior
Certificates outstanding), if the following tests
are met:
BEAR, STEARNS & CO. INC. WHOLE LOAN DESK (212) 272-4976 JANUARY 31, 2000
- --------------------------------------------------------------------------------
This information should be considered only after reading the Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative. The collateral
information contained on the following pages is furnished as background
information for your use in reviewing the computational materials which are
attached hereto and are a part hereof. The information contained herein will be
superseded by the information contained in the Prospectus Supplement. Page 7
<PAGE> 8
MELLON RESIDENTIAL FUNDING CORPORATION.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-TBC1
COMPUTATIONAL MATERIALS: PRELIMINARY TERM SHEET
- --------------------------------------------------------------------------------
either Test#1
the aggregate Class Principal Balance of the
Subordinate Certificates is less than 50% of the
initial aggregate Class Principal Balance of such
classes, if such Distribution Date is prior to the
Distribution Date occurring in July 2003;
or Test#2
the aggregate Class Principal Balance of the
Subordinate Certificates is less than 25% of the
initial aggregate Class Principal Balance of such
classes, if such Distribution Date is on or after
the Distribution Date occurring in July 2003.
In addition, prior to the reduction of the
Subordinate Certificate Balances to zero, if on
any Distribution Date the aggregate Class
Principal Balance of any one Group of Senior
Certificates is greater than the aggregate unpaid
principal balance of the Mortgage Loans in the
related Mortgage Loan Group, 100% of all principal
collections allocable to the Subordinate
Certificates from all Mortgage Loan Groups will be
distributed to such Group of Senior Certificates
(or pro-rata if this condition exists with respect
to more than one Group of Senior Certificates)
until the aggregate Class Principal Balance of
such Group of Senior Certificates equals the
unpaid principal balance of the related Mortgage
Loan Group.
ALLOCATION OF LOSSES: Realized Losses on the Mortgage Loans will be
allocated first to the most junior Class of
Certificates outstanding, beginning with the Class
B-6 Certificates, and then in reverse numerical
order, until the Certificate Balance of each
Subordinate Class has been reduced to zero.
Thereafter, Realized Losses will be allocated
pro-rata between each Group's respective Senior
Certificates.
BEAR, STEARNS & CO. INC. WHOLE LOAN DESK (212) 272-4976 JANUARY 31, 2000
- --------------------------------------------------------------------------------
This information should be considered only after reading the Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative. The collateral
information contained on the following pages is furnished as background
information for your use in reviewing the computational materials which are
attached hereto and are a part hereof. The information contained herein will be
superseded by the information contained in the Prospectus Supplement. Page 8
<PAGE> 9
STATEMENT REGARDING ASSUMPTIONS
AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by the issuer, the issuer has
not participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information", please refer to this
statement instead.
The Information is illustrative and is not intended to predict actual results,
which may differ substantially from those, reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be assumed. You should understand the assumptions
and evaluate whether they are appropriate for your purposes. Performance results
are based on mathematical models that use inputs to calculate results. As with
all models, results may vary significantly depending upon the value of the
inputs given. Inputs to these models include but are not limited to: prepayment
expectations (econometric prepayment models, single expected lifetime
prepayments or a vector of periodic prepayments), interest rate assumptions
(parallel and nonparallel changes for different maturity instruments),
collateral assumptions (actual pool level data, aggregated pool level data,
reported factors or imputed factors), volatility assumptions (historically
observed or implied current) and reported information (paydown factors, rate
resets and trustee statements). Models used in any analysis may be proprietary
making the results difficult for any third party to reproduce. Contact your
registered representative for detailed explanations of any modeling techniques
employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested at assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models or performance analysis, which are likely to produce different results,
and any other further explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or liquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
<PAGE> 10
EXHIBIT I
MELLON RESIDENTIAL FUNDING CORPORATION SERIES 2000-TBC1
COLLATERAL SUMMARY AS OF JANUARY 1, 2000
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
GROUP I GROUP II GROUP III TOTAL
STRATIFICATION 3/1 HYBRID** 5/1 HYBRID 10/1 HYBRID PORTFOLIO
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TOTAL POOL
Number of Loans 172 485 96 753
Number of Borrowers 161 449 88 698
Aggregate Unpaid Principal Balance 84,453,515 309,964,309 57,273,395 451,691,220
Percent of Total 18.70% 68.62% 12.68% 100.00%
Average UPB 491,009 639,102 596,598 599,856
Maximum Unpaid Principal Balance 1,750,000 3,000,000 1,967,000 3,000,000
- -------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGES
Gross Coupon 7.093% 7.179% 7.287% 7.176%
Net Coupon 6.834% 6.919% 7.028% 6.917%
Original Term (months) 360 360 360 360
Stated Remaining Term to Maturity (months) 343 355 353 353
Original Loan to Value 70.54% 70.31% 67.46% 69.99%
Original Loan to Collateral 64.99% 68.23% 65.12% 67.23%
Gross Margin 2.509% 2.250% 3.250% 2.425%
Rate Cap at First Adjustment 2.00% 2.00% 6.00% 2.51%
Periodic Rate Cap 2.00% 2.00% 6.00% 2.00%
Maximum Interest Rate 12.600% 12.179% 13.287% 12.398%
Months to Roll 31 55 113 58
Seasoning (months) 17 5 7 7
Low Fico 740 736 746 738
High Fico 760 753 758 755
- -------------------------------------------------------------------------------------------------------
LOAN TYPE/INDEX
10 Year Interest Only/1 Yr Libor 48.20% 100.00% --- 77.64%
10 Year Interest Only/1 Yr CMT 51.80% --- 100.00% 22.36%
- -------------------------------------------------------------------------------------------------------
PREPAYMENT PENALTY (> = 10% WITHIN 1ST YR)
Yes 94.81% 94.28% 91.80% 94.06%
No 5.19% 5.72% 8.20% 5.94%
- -------------------------------------------------------------------------------------------------------
STATES > 5%
California 21.96% 19.27% 17.86% 19.60%
Colorado 6.73% 7.56% --- 6.44%
Connecticut 7.00% 5.45% 2.06% 5.31%
Florida 3.36% 4.17% 5.64% 4.21%
Massachusetts 9.60% 6.98% 13.13% 8.25%
New Jersey 5.12% 5.51% 8.20% 5.78%
New York 22.28% 20.33% 34.46% 22.49%
Pennsylvania 6.84% 9.57% 10.87% 9.22%
- -------------------------------------------------------------------------------------------------------
ZIP CODES (LARGEST 3)
10021, New York, NY --- 3.08% 8.66% 3.53%
10022, New York, NY 2.29% 2.02% --- 1.86%
10024, New York, NY --- 2.69% --- 2.05%
81632, Edwards,CO 2.09% --- --- ---
94027, Atherton, CA 2.96% --- --- ---
10028, New York, NY --- --- 3.74% ---
93460, Santa Ynez, CA --- --- 3.43% ---
- -------------------------------------------------------------------------------------------------------
PROPERTY_TYPE
Single Family 62.96% 62.21% 54.94% 61.43%
Cooperative 12.61% 9.77% 20.25% 11.63%
Planned Unit Development 9.42% 14.62% 15.15% 13.72%
Condominium 9.14% 9.90% 7.37% 9.43%
Blanket 5.87% 3.51% 2.29% 3.79%
- -------------------------------------------------------------------------------------------------------
</TABLE>
**NOTE: ALL OF THE MORTGAGE LOANS CODED AS 3/1 (1-YEAR CMT) ARE ORIGINALLY 5/1
(1 YEAR- CMT) BUT ARE SEASONED AT LEAST TWO YEARS AND HAVE A MAXIMUM REMAINING
MONTHS TO ROLL OF 36 MONTHS.
The data underlying the information has been obtained from sources that we
believe are reliable, but we do not guarantee the accuracy of the underlying
data or the computations based thereon. No representation or warranty can be
given with respect to the accuracy. 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.
<PAGE> 11
<TABLE>
<S> <C> <C> <C> <C>
GROSS COUPON
5.500% - 5.740% 0.92% --- --- 0.17%
5.750% - 5.999% 3.00% 0.35% --- 0.80%
6.000% - 6.240% 0.97% 1.76% 1.52% 1.58%
6.250% - 6.490% 4.85% 3.08% --- 3.02%
6.500% - 6.740% 8.73% 4.88% 9.86% 6.23%
6.750% - 6.999% 21.68% 31.33% 17.52% 27.78%
7.000% - 7.240% 6.13% 6.47% 18.10% 7.88%
7.250% - 7.490% 41.95% 22.31% 22.31% 25.98%
7.500% - 7.740% 10.49% 28.44% 12.72% 23.09%
7.750% - 7.999% 1.29% 1.01% 13.16% 2.60%
8.000% - 8.240% --- 0.34% 1.44% 0.42%
8.250% - 8.490% --- --- 3.37% 0.43%
- -------------------------------------------------------------------------------------------------------
GROSS MARGIN
2.25% - 2.49% 48.20% 100.00% --- 77.64%
2.75% - 2.99% 51.80% --- --- 9.68%
3.25% - 3.49% --- --- 100.00% 12.68%
- -------------------------------------------------------------------------------------------------------
MAXIMUM INTEREST RATE
10.75% - 10.99% --- 0.36% --- 0.24%
11.00% - 11.24% --- 1.76% --- 1.21%
11.25% - 11.49% 0.22% 3.08% --- 2.16%
11.50% - 11.74% 1.46% 4.88% --- 3.62%
11.75% - 11.99% 3.00% 31.33% --- 22.06%
12.00% - 12.24% 1.66% 6.48% 1.52% 4.95%
12.25% - 12.49% 41.59% 22.31% --- 23.09%
12.50% - 12.74% 18.04% 28.44% 9.86% 24.14%
12.75% - 12.99% 22.97% 1.01% 17.52% 7.21%
13.00% - 13.24% 5.43% 0.34% 18.10% 3.55%
13.25% - 13.49% 3.98% --- 22.31% 3.57%
13.50% - 13.74% 1.65% --- 12.72% 1.92%
13.75% - 13.99% --- --- 13.16% 1.67%
14.00% - 14.24% --- --- 1.44% 0.18%
14.25% - 14.49% --- --- 3.37% 0.43%
- -------------------------------------------------------------------------------------------------------
SCHEDULE BALANCE
$0 - $99,999 0.40% 0.13% 0.29% 0.20%
$100,000 - $199,999 2.89% 0.63% 1.22% 1.13%
$200,000 - $299,999 12.11% 5.30% 4.96% 6.53%
$300,000 - $399,999 11.83% 7.83% 9.12% 8.74%
$400,000 - $499,999 8.95% 9.06% 10.37% 9.21%
$500,000 - $599,999 10.47% 11.15% 10.30% 10.91%
$600,000 - $699,999 12.08% 8.46% 9.07% 9.21%
$700,000 - $799,999 6.11% 8.14% 7.52% 7.68%
$800,000 - $899,999 1.98% 4.34% 4.31% 3.89%
$900,000 - $999,999 10.10% 5.84% 16.57% 8.00%
$1,000,000 - $1,099,999 6.04% 8.87% 12.28% 8.77%
$1,100,000 - $1,199,999 5.35% 8.89% 7.80% 8.09%
$1,200,000 - $1,299,999 4.26% 4.39% --- 3.81%
$1,300,000 - $1,399,999 --- 2.18% --- 1.49%
$1,400,000 - $1,499,999 1.68% 2.29% --- 1.88%
$1,500,000 - $1,999,999 5.74% 7.99% 6.18% 7.35%
$2,000,000 - $2,499,999 --- 1.94% --- 1.33%
$2,500,000 - $2,999,999 --- 1.61% --- 1.11%
$3,000,000 - $3,500,000 --- 0.97% --- 0.66%
- -------------------------------------------------------------------------------------------------------
LOAN PURPOSE
Purchase 68.17% 79.31% 70.22% 76.07%
Cash Out Refiance 13.98% 13.07% 22.58% 14.45%
Rate/Term Refinance 17.85% 7.62% 7.20% 9.48%
- -------------------------------------------------------------------------------------------------------
</TABLE>
The data underlying the information has been obtained from sources that we
believe are reliable, but we do not guarantee the accuracy of the underlying
data or the computations based thereon. No representation or warranty can be
given with respect to the accuracy. 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.
<PAGE> 12
<TABLE>
<S> <C> <C> <C> <C>
OCCUPANCY
Primary Residence 79.27% 86.03% 93.94% 85.77%
Second Home 20.73% 13.97% 6.06% 14.23%
- -------------------------------------------------------------------------------------------------------
NEXT RATE CHANGE DATE
May 2002 7.11% --- --- 1.33%
June 2002 3.41% --- --- 0.64%
July 2002 7.48% --- --- 1.40%
August 2002 11.47% --- --- 2.15%
September 2002 20.04% --- --- 3.75%
October 2002 16.75% --- --- 3.13%
November 2002 19.93% --- --- 3.73%
December 2002 12.99% --- --- 2.43%
January 2003 0.82% --- --- 0.15%
June 2004 --- 1.11% --- 0.76%
July 2004 --- 20.66% --- 14.18%
August 2004 --- 22.52% --- 15.46%
September 2004 --- 18.44% --- 12.65%
October 2004 --- 11.63% --- 7.98%
November 2004 --- 8.40% --- 5.77%
December 2004 --- 5.33% --- 3.65%
January 2005 --- 10.87% --- 7.46%
February 2005 --- 1.03% --- 0.71%
May 2008 --- --- 1.92% 0.24%
June 2008 --- --- 1.75% 0.22%
September 2008 --- --- 0.61% 0.08%
March 2009 --- --- 4.57% 0.58%
April 2009 --- --- 6.19% 0.79%
May 2009 --- --- 0.65% 0.08%
June 2009 --- --- 8.63% 1.09%
July 2009 --- --- 33.93% 4.30%
August 2009 --- --- 14.33% 1.82%
September 2009 --- --- 14.09% 1.79%
October 2009 --- --- 6.57% 0.83%
November 2009 --- --- 5.62% 0.71%
January 2010 --- --- 1.13% 0.14%
- -------------------------------------------------------------------------------------------------------
ORIGINAL LOAN TO VALUE RATIO
Less than 50.00% 17.26% 12.39% 20.64% 14.34%
50.01% - 55.00% 2.56% 4.68% 2.65% 4.03%
55.01% - 60.00% 1.85% 4.93% 5.04% 4.37%
60.01% - 65.00% 6.90% 6.08% 6.78% 6.32%
65.01% - 70.00% 6.83% 14.34% 11.80% 12.61%
70.01% - 75.00% 16.40% 15.44% 13.19% 15.33%
75.01% - 80.00% 28.43% 30.88% 32.36% 30.61%
80.01% - 85.00% 3.38% 0.98% 0.93% 1.42%
85.01% - 90.00% 3.28% 2.78% 4.10% 3.04%
90.01% - 95.00% 1.68% 0.63% 1.23% 0.91%
Greater than 95.00% 11.43% 6.87% 1.27% 7.01%
- -------------------------------------------------------------------------------------------------------
LOAN TO COLLATERAL RATIO
Less than 50.00% 19.89% 13.07% 23.16% 15.63%
50.01% - 55.00% 4.75% 4.68% 2.65% 4.44%
55.01% - 60.00% 3.63% 5.65% 5.04% 5.20%
60.01% - 65.00% 8.23% 6.08% 4.86% 6.33%
65.01% - 70.00% 7.64% 14.78% 11.80% 13.07%
70.01% - 75.00% 24.93% 17.92% 14.92% 18.85%
75.01% - 80.00% 26.58% 35.81% 34.87% 33.97%
80.01% - 85.00% 2.65% 0.69% 0.93% 1.09%
85.01% - 90.00% 1.70% 1.32% 1.77% 1.45%
- -------------------------------------------------------------------------------------------------------
</TABLE>
*LOAN TO COLLATERAL OF A MORTGAGE LOAN IS THE PRINCIPAL BALANCE OF A MORTGAGE
LOAN LESS THE VALUE OF ANY ADDITIONAL COLLATERAL DIVIDED BY THE PROPERTY VALUE.
The data underlying the information has been obtained from sources that we
believe are reliable, but we do not guarantee the accuracy of the underlying
data or the computations based thereon. No representation or warranty can be
given with respect to the accuracy. 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.
<PAGE> 13
MELLON RESIDENTIAL FUNDING CORPORATION.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-TBC1
COMPUTATIONAL MATERIALS: PRELIMINARY TERM SHEET
- --------------------------------------------------------------------------------
$447,174,100 (APPROX)
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2000-TBC1
<TABLE>
<CAPTION>
- ----------- -------- ----------------- --------------- --------- ----------- -------- --------------- ------------------------
CERTIFICATE
RATINGS PASS WAL PUT
LOAN CERTIFICATE SIZE ------- CE THROUGH (YRS) OPTION CERTIFICATE
CLASS TYPE (+/- 10%) (1) S&P/FITCH LEVEL RATE (6) DATE TYPE
- ----------- -------- ----------------- --------------- --------- ----------- -------- --------------- ------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 3/1 $81,919,900 AAA/AAA 3.00% (2)(9) 1.8 April 2002 (7) 3/1 Senior
- ----------- -------- ----------------- --------------- --------- ----------- -------- --------------- ------------------------
A-2A 5/1 $90,702,300 AAA/AAA 3.00% (3)(9) 0.85 May 2004 (7) 5/1 Senior Sequential
- ----------- -------- ----------------- --------------- --------- ----------- -------- --------------- ------------------------
A-2B 5/1 $102,679,600 AAA/AAA 3.00% (3)(9) 3.2 May 2004 (7) 5/1 Senior Sequential
- ----------- -------- ----------------- --------------- --------- ----------- -------- --------------- ------------------------
A-2C 5/1 $107,283,400 AAA/AAA 3.00% (3)(9) 4.3 May 2004 (7) 5/1 Senior Sequential
- ----------- -------- ----------------- --------------- --------- ----------- -------- --------------- ------------------------
A-3A 10/1 $16,759,400 AAA/AAA 3.00% (4)(9) 0.85 April 2008 (7) 10/1 Senior Sequential
- ----------- -------- ----------------- --------------- --------- ----------- -------- --------------- ------------------------
A-3B 10/1 $18,456,500 AAA/AAA 3.00% (4)(9) 3.2 April 2008 (7) 10/1 Senior Sequential
- ----------- -------- ----------------- --------------- --------- ----------- -------- --------------- ------------------------
A-3C 10/1 $20,339,200 AAA/AAA 3.00% (4)(9) 7.2 April 2008 (7) 10/1 Senior Sequential
- ----------- -------- ----------------- --------------- --------- ----------- -------- --------------- ------------------------
B-1 All $3,387,800 AA/AA 2.25% (5) 4.4 (8) Subordinate
- ----------- -------- ----------------- --------------- --------- ----------- -------- --------------- ------------------------
B-2 All $3,387,600 A/AA 1.50% (5) 4.4 (8) Subordinate
- ----------- -------- ----------------- --------------- --------- ----------- -------- --------------- ------------------------
B-3 All $2,258,400 BBB/BBB 1.00% (5) 4.4 (8) Subordinate
- ----------- -------- ----------------- --------------- --------- ----------- -------- --------------- ------------------------
</TABLE>
(1) Class sizes are subject to change based upon the final pool and rating
agency approval.
(2) The Class A-1 Certificates will bear interest at a variable rate (the
Pass-Through Rate) equal to the weighted average of the Net Rates of the
Group 1 Mortgage Loans. The Pass-Through Rate with respect to the first
Interest Accrual Period is expected to be approximately 6.834%.
(3) The Class A-2 Certificates will bear interest at a variable rate (the
Pass-Through Rate) equal to the weighted average of the Net Rates of the
Group 2 Mortgage Loans. The Pass-Through Rate with respect to the first
Interest Accrual Period is expected to be approximately 6.919%.
(4) The Class A-3 Certificates will bear interest at a variable rate equal to
the weighted average of the Net Rates of the Group 3 Mortgage Loans. The
Pass-Through Rate with respect to the first Interest Accrual Period is
expected to be approximately 7.028%.
(5) The Class B-1, B-2 and B-3 Certificates will bear interest at a variable
rate (the Pass-Through Rate) equal to the weighted average of the
Pass-Through Rates of all Classes of Senior Certificates weighted in
proportion to the results of subtracting from the aggregate principal
balance of each Mortgage Loan Group, the Class Principal Balance of the
related Classes of Senior Certificates. The Pass-Through Rate with respect
to the first Interest Accrual Period is expected to be approximately
6.917%.
(6) Assumes the Certificates are put to Mellon Bank, N.A. ("Mellon Bank") on
each Certificate's respective Put Option Date. The Put Option Date is the
first adjustment date for any mortgage loan within each respective Group.
(7) During the 5 business day period ending on the Distribution Date in the
month provided above, each Certificateholder will have the option to
require Mellon Bank to purchase their certificates on such Distribution
Date.
(8) During the 5 business day period ending on the Distribution Date in April
2002 (with respect to Group 1), May 2004 (with respect to Group 2) and
April 2008 (with respect to the Group 3), each Certificateholder will have
the option to require Mellon Bank to purchase an allocable portion of such
Certificateholder's certificates generally related to the applicable Group
on such Distribution Date (such portion as further described herein).
(9) After each Class of Certificate's respective Put Option Date, the
Pass-Through Rate will equal the lesser of (i) the weighted average of the
levels of the loan indices on the Mortgage Loans plus 1.25% and (ii) the
weighted average of the interest rates on the Mortgage Loans minus 0.2590%.
BEAR, STEARNS & CO. INC. WHOLE LOAN DESK (212) 272-4976 JANUARY 31, 2000
- --------------------------------------------------------------------------------
This information should be considered only after reading the Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative. The collateral
information contained on the following pages is furnished as background
information for your use in reviewing the computational materials which are
attached hereto and are a part hereof. The information contained herein will be
superseded by the information contained in the Prospectus Supplement. Page 1
<PAGE> 14
STATEMENT REGARDING ASSUMPTIONS
AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by the issuer, the issuer has
not participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information", please refer to this
statement instead.
The Information is illustrative and is not intended to predict actual results,
which may differ substantially from those, reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be assumed. You should understand the assumptions
and evaluate whether they are appropriate for your purposes. Performance results
are based on mathematical models that use inputs to calculate results. As with
all models, results may vary significantly depending upon the value of the
inputs given. Inputs to these models include but are not limited to: prepayment
expectations (econometric prepayment models, single expected lifetime
prepayments or a vector of periodic prepayments), interest rate assumptions
(parallel and nonparallel changes for different maturity instruments),
collateral assumptions (actual pool level data, aggregated pool level data,
reported factors or imputed factors), volatility assumptions (historically
observed or implied current) and reported information (paydown factors, rate
resets and trustee statements). Models used in any analysis may be proprietary
making the results difficult for any third party to reproduce. Contact your
registered representative for detailed explanations of any modeling techniques
employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested at assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models or performance analysis, which are likely to produce different results,
and any other further explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or liquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
<PAGE> 15
MELLON-00TB1 A1 (A-1 ) February 02, 2000
Bear, Stearns & Co. Inc. Matrix Report 03:10PM EST
leary Page 1 of 1
MELLON-00TB1 A1 (A-1)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: G01
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO
3 MO
6 MO
1 YR
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: A1 P-DES: A-1
CUSIP: DESCRIPTION:
ORIG. BAL.: 81,919,900.00 CURRENT BAL.: 81,919,900.00
FACTOR: 1.00000000 AS OF:
COUPON: 6.835 CPN MULT.: 1.000
CAP: 999.000 FLOOR: 1.500
LAST RESET: 02/23/2000 NEXT RESET: 02/23/2000
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- --------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- --------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- --------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP G01 ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 2.24 1.94 1.80 1.71 1.64 AVG. LIFE
05/02 03/00 03/00 03/00 03/00 1ST PRIN
05/02 05/02 05/02 05/02 05/02 LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
98.64527 7.392 7.459 7.499 7.529 7.553 Yield
2.00 1.75 1.62 1.54 1.48 Duration
- -----------------------------------------------------------------------------------------------------------
98.70777 7.360 7.423 7.461 7.488 7.510 Yield
2.00 1.75 1.62 1.54 1.48 Duration
- -----------------------------------------------------------------------------------------------------------
98.77027 7.329 7.387 7.422 7.447 7.468 Yield
2.00 1.75 1.62 1.54 1.48 Duration
- -----------------------------------------------------------------------------------------------------------
98.83277 7.298 7.351 7.383 7.406 7.425 Yield
2.00 1.75 1.62 1.54 1.48 Duration
- -----------------------------------------------------------------------------------------------------------
98.89527 7.266 7.315 7.344 7.366 7.383 Yield
2.00 1.75 1.62 1.54 1.48 Duration
- -----------------------------------------------------------------------------------------------------------
98.95777 7.235 7.279 7.306 7.325 7.340 Yield
2.00 1.75 1.62 1.54 1.48 Duration
- -----------------------------------------------------------------------------------------------------------
99.02027 7.204 7.243 7.267 7.284 7.298 Yield
2.01 1.75 1.62 1.54 1.49 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 16
MELLON-00TB1 A2 (A-2A ) February 02, 2000
Bear, Stearns & Co. Inc. Matrix Report 05:57PM EST
leary Page 1 of 1
MELLON-00TB1 A2 (A-2)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: G02
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO
3 MO
6 MO
1 YR
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: A2 P-DES: A-2A
CUSIP: DESCRIPTION:
ORIG. BAL.: 90,702,300.00 CURRENT BAL.: 90,702,300.00
FACTOR: 1.00000000 AS OF:
COUPON: 6.920 CPN MULT.: 1.000
CAP: 999.000 FLOOR: 1.500
LAST RESET: 02/23/2000 NEXT RESET: 02/23/2000
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- -------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- -------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- -------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP G02 ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 4.32 1.30 0.85 0.68 0.60 AVG. LIFE
06/04 03/00 03/00 03/00 03/00 1ST PRIN
06/04 11/02 11/01 07/01 05/01 LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
99.15611 7.131 7.359 7.529 7.647 7.738 Yield
3.61 1.18 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
99.21861 7.114 7.306 7.450 7.549 7.626 Yield
3.61 1.19 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
99.28111 7.097 7.253 7.370 7.451 7.514 Yield
3.61 1.19 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
99.34361 7.079 7.200 7.291 7.354 7.402 Yield
3.61 1.19 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
99.40611 7.062 7.148 7.212 7.256 7.291 Yield
3.61 1.19 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
99.46861 7.045 7.095 7.133 7.159 7.179 Yield
3.61 1.19 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
99.53111 7.027 7.042 7.054 7.061 7.067 Yield
3.62 1.19 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 17
MELLON-00TB1 A3 (A-2B ) February 02, 2000
Bear, Stearns & Co. Inc. Matrix Report 04:11PM EST
leary Page 1 of 1
MELLON-00TB1 A3 (A-2B)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: G02
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO
3 MO
6 MO
1 YR
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: A3 P-DES: A-2B
CUSIP: DESCRIPTION:
ORIG. BAL.: 102,679,600.00 CURRENT BAL.: 102,679,600.00
FACTOR: 1.00000000 AS OF:
COUPON: 6.920 CPN MULT.: 1.000
CAP: 999.000 FLOOR: 1.500
LAST RESET: 02/23/2000 NEXT RESET: 02/23/2000
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- --------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- --------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- --------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP G02 ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 4.32 4.00 3.15 2.56 2.21 AVG. LIFE
06/04 11/02 11/01 07/01 05/01 1ST PRIN
06/04 06/04 06/04 02/04 07/03 LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
97.64148 7.556 7.594 7.733 7.880 8.002 Yield
3.60 3.36 2.70 2.24 1.96 Duration
- -----------------------------------------------------------------------------------------------------------
97.70398 7.538 7.575 7.709 7.851 7.969 Yield
3.60 3.36 2.71 2.24 1.96 Duration
- -----------------------------------------------------------------------------------------------------------
97.76648 7.521 7.556 7.685 7.823 7.937 Yield
3.60 3.36 2.71 2.24 1.96 Duration
- -----------------------------------------------------------------------------------------------------------
97.82898 7.503 7.537 7.662 7.795 7.905 Yield
3.60 3.36 2.71 2.24 1.96 Duration
- -----------------------------------------------------------------------------------------------------------
97.89148 7.485 7.518 7.639 7.766 7.872 Yield
3.60 3.36 2.71 2.24 1.96 Duration
- -----------------------------------------------------------------------------------------------------------
97.95398 7.468 7.499 7.615 7.738 7.840 Yield
3.60 3.36 2.71 2.24 1.96 Duration
- -----------------------------------------------------------------------------------------------------------
98.01648 7.450 7.481 7.592 7.710 7.808 Yield
3.60 3.36 2.71 2.24 1.96 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 18
MELLON-00TB1 A4 (A-2C ) February 02, 2000
Bear, Stearns & Co. Inc. Matrix Report 04:12PM EST
leary Page 1 of 1
MELLON-00TB1 A4 (A-2C)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: G02
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO
3 MO
6 MO
1 YR
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: A4 P-DES: A-2C
CUSIP: DESCRIPTION:
ORIG. BAL.: 107,283,400.00 CURRENT BAL.: 107,283,400.00
FACTOR: 1.00000000 AS OF:
COUPON: 6.920 CPN MULT.: 1.000
CAP: 999.000 FLOOR: 1.500
LAST RESET: 02/23/2000 NEXT RESET: 02/23/2000
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- --------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- --------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- --------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP G02 ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 4.32 4.32 4.32 4.30 4.20 AVG. LIFE
06/04 06/04 06/04 02/04 07/03 1ST PRIN
06/04 06/04 06/04 06/04 06/04 LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
97.06950 7.718 7.718 7.718 7.721 7.735 Yield
3.59 3.59 3.59 3.58 3.51 Duration
- -----------------------------------------------------------------------------------------------------------
97.13200 7.701 7.701 7.701 7.703 7.717 Yield
3.60 3.60 3.60 3.58 3.51 Duration
- -----------------------------------------------------------------------------------------------------------
97.19450 7.683 7.683 7.683 7.685 7.699 Yield
3.60 3.60 3.60 3.58 3.51 Duration
- -----------------------------------------------------------------------------------------------------------
97.25700 7.665 7.665 7.665 7.667 7.680 Yield
3.60 3.60 3.60 3.58 3.51 Duration
- -----------------------------------------------------------------------------------------------------------
97.31950 7.647 7.647 7.647 7.649 7.662 Yield
3.60 3.60 3.60 3.58 3.51 Duration
- -----------------------------------------------------------------------------------------------------------
97.38200 7.629 7.629 7.629 7.632 7.644 Yield
3.60 3.60 3.60 3.59 3.51 Duration
- -----------------------------------------------------------------------------------------------------------
97.44450 7.612 7.612 7.612 7.614 7.626 Yield
3.60 3.60 3.60 3.59 3.51 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 19
MELLON-00TB1 A5 (A-3A ) February 02, 2000
Bear, Stearns & Co. Inc. Matrix Report 04:22PM EST
leary Page 1 of 1
MELLON-00TB1 A5 (A-3A)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: G03
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO
3 MO
6 MO
1 YR
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: A5 P-DES: A-3A
CUSIP: DESCRIPTION:
ORIG. BAL.: 16,759,400.00 CURRENT BAL.: 16,759,400.00
FACTOR: 1.00000000 AS OF:
COUPON: 7.028 CPN MULT.: 1.000
CAP: 999.000 FLOOR: 1.500
LAST RESET: 02/23/2000 NEXT RESET: 02/23/2000
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- --------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- --------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- --------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP G03 ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 8.24 1.30 0.85 0.68 0.60 AVG. LIFE
05/08 03/00 03/00 03/00 03/00 1ST PRIN
05/08 11/02 11/01 07/01 05/01 LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
99.19810 7.190 7.430 7.579 7.683 7.763 Yield
6.05 1.18 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
99.26060 7.180 7.377 7.500 7.585 7.651 Yield
6.05 1.18 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
99.32310 7.170 7.324 7.420 7.487 7.539 Yield
6.05 1.18 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
99.38560 7.159 7.271 7.341 7.389 7.427 Yield
6.05 1.19 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
99.44810 7.149 7.218 7.262 7.292 7.315 Yield
6.05 1.19 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
99.51060 7.139 7.166 7.183 7.194 7.203 Yield
6.05 1.19 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
99.57310 7.128 7.113 7.104 7.097 7.092 Yield
6.05 1.19 0.79 0.64 0.56 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 20
MELLON-00TB1 A6 (A-3B ) February 02, 2000
Bear, Stearns & Co. Inc. Matrix Report 04:23PM EST
leary Page 1 of 1
MELLON-00TB1 A6 (A-3B)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: G03
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO
3 MO
6 MO
1 YR
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: A6 P-DES: A-3B
CUSIP: DESCRIPTION:
ORIG. BAL.: 18,456,500.00 CURRENT BAL.: 18,456,500.00
FACTOR: 1.00000000 AS OF:
COUPON: 7.028 CPN MULT.: 1.000
CAP: 999.000 FLOOR: 1.500
LAST RESET: 02/23/2000 NEXT RESET: 02/23/2000
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- --------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- --------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- --------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP G03 ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 8.24 4.87 3.15 2.52 2.18 AVG. LIFE
05/08 11/02 11/01 07/01 05/01 1ST PRIN
05/08 08/07 12/04 01/04 06/03 LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
97.59127 7.459 7.634 7.863 8.025 8.151 Yield
6.02 3.93 2.70 2.21 1.93 Duration
- -----------------------------------------------------------------------------------------------------------
97.65377 7.449 7.618 7.839 7.996 8.118 Yield
6.02 3.93 2.70 2.21 1.93 Duration
- -----------------------------------------------------------------------------------------------------------
97.71627 7.438 7.601 7.816 7.967 8.086 Yield
6.02 3.93 2.70 2.21 1.93 Duration
- -----------------------------------------------------------------------------------------------------------
97.77877 7.428 7.585 7.792 7.938 8.053 Yield
6.02 3.93 2.70 2.21 1.93 Duration
- -----------------------------------------------------------------------------------------------------------
97.84127 7.417 7.569 7.768 7.909 8.020 Yield
6.02 3.93 2.70 2.21 1.93 Duration
- -----------------------------------------------------------------------------------------------------------
97.90377 7.407 7.553 7.745 7.881 7.987 Yield
6.02 3.93 2.70 2.21 1.93 Duration
- -----------------------------------------------------------------------------------------------------------
97.96627 7.396 7.537 7.721 7.852 7.954 Yield
6.02 3.93 2.70 2.21 1.93 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 21
MELLON-00TB1 A7 (A-3C ) February 02, 2000
Bear, Stearns & Co. Inc. Matrix Report 03:03PM EST
leary Page 1 of 1
MELLON-00TB1 A7 (A-3C)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: G03
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO
3 MO
6 MO
1 YR
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: A7 P-DES: A-3C
CUSIP: DESCRIPTION:
ORIG. BAL.: 20,339,200.00 CURRENT BAL.: 20,339,200.00
FACTOR: 1.00000000 AS OF:
COUPON: 7.028 CPN MULT.: 1.000
CAP: 999.000 FLOOR: 1.500
LAST RESET: 02/23/2000 NEXT RESET: 02/23/2000
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- -------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- -------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- -------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP G03 ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 8.24 8.20 7.23 6.39 5.78 AVG. LIFE
05/08 08/07 12/04 01/04 06/03 1ST PRIN
05/08 05/08 05/08 05/08 05/08 LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
95.55167 7.809 7.811 7.883 7.964 8.037 Yield
5.99 5.97 5.40 4.87 4.47 Duration
- -----------------------------------------------------------------------------------------------------------
95.61417 7.798 7.801 7.871 7.951 8.023 Yield
5.99 5.97 5.40 4.87 4.48 Duration
- -----------------------------------------------------------------------------------------------------------
95.67667 7.787 7.790 7.859 7.937 8.008 Yield
5.99 5.97 5.40 4.87 4.48 Duration
- -----------------------------------------------------------------------------------------------------------
95.73917 7.777 7.779 7.847 7.924 7.994 Yield
5.99 5.97 5.40 4.87 4.48 Duration
- -----------------------------------------------------------------------------------------------------------
95.80167 7.766 7.768 7.835 7.911 7.979 Yield
5.99 5.97 5.40 4.87 4.48 Duration
- -----------------------------------------------------------------------------------------------------------
95.86417 7.755 7.757 7.823 7.897 7.965 Yield
5.99 5.97 5.40 4.87 4.48 Duration
- -----------------------------------------------------------------------------------------------------------
95.92667 7.744 7.746 7.811 7.884 7.950 Yield
5.99 5.97 5.40 4.87 4.48 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 22
MELLON-00TB1 B1 (B1 February 02, 2000
Bear, Stearns & Co. Inc. 04:23PM EST
leary Matrix Report Page 1 of 1
MELLON-00TB1 B1 (B1)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: ALL
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO .00 .00
3 MO .00 .00
6 MO .00 .00
1 YR .00 .00
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: B1 P-DES: B1
CUSIP: DESCRIPTION:
ORIG. BAL.: 3,387,800.00 CURRENT BAL.: 3,387,800.00
FACTOR: 1.00000000 AS OF:
COUPON: 6.918 CPN MULT.: 1.000
CAP: 0.000 FLOOR: 0.000
LAST RESET: NEXT RESET:
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- -------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- -------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- -------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP ALL ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 4.43 4.43 4.43 4.43 4.43 AVG. LIFE
05/02* 05/02* 05/02* 05/02* 05/02* 1ST PRIN
05/08* 05/08* 05/08* 05/08* 05/08* LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
94.68740 8.423 8.423 8.423 8.423 8.423 Yield
3.56 3.56 3.56 3.56 3.56 Duration
- -----------------------------------------------------------------------------------------------------------
95.18740 8.276 8.276 8.276 8.276 8.276 Yield
3.57 3.57 3.57 3.57 3.57 Duration
- -----------------------------------------------------------------------------------------------------------
95.68740 8.130 8.130 8.130 8.130 8.130 Yield
3.58 3.58 3.58 3.58 3.58 Duration
- -----------------------------------------------------------------------------------------------------------
96.18740 7.985 7.985 7.985 7.985 7.985 Yield
3.58 3.58 3.58 3.58 3.58 Duration
- -----------------------------------------------------------------------------------------------------------
96.68740 7.841 7.841 7.841 7.841 7.841 Yield
3.59 3.59 3.59 3.59 3.59 Duration
- -----------------------------------------------------------------------------------------------------------
97.18740 7.698 7.698 7.698 7.698 7.698 Yield
3.60 3.60 3.60 3.60 3.60 Duration
- -----------------------------------------------------------------------------------------------------------
97.68740 7.557 7.557 7.557 7.557 7.557 Yield
3.60 3.60 3.60 3.60 3.60 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 23
MELLON-00TB1 B2 (B2 ) February 02, 2000
Bear, Stearns & Co. Inc. 04:24PM EST
leary Matrix Report Page 1 of 1
MELLON-00TB1 B2 (B2)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: ALL
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO .00 .00
3 MO .00 .00
6 MO .00 .00
1 YR .00 .00
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: B1 P-DES: B1
CUSIP: DESCRIPTION:
ORIG. BAL.: 3,387,600.00 CURRENT BAL.: 3,387,800.00
FACTOR: 1.00000000 AS OF:
COUPON: 6.918 CPN MULT.: 1.000
CAP: 0.000 FLOOR: 0.000
LAST RESET: NEXT RESET:
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- -------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- -------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- -------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP ALL ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 4.43 4.43 4.43 4.43 4.43 AVG. LIFE
05/02* 05/02* 05/02* 05/02* 05/02* 1ST PRIN
05/08* 05/08* 05/08* 05/08* 05/08* LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
94.16960 8.576 8.576 8.576 8.576 8.576 Yield
3.55 3.55 3.55 3.55 3.55 Duration
- -----------------------------------------------------------------------------------------------------------
94.66960 8.428 8.428 8.428 8.428 8.428 Yield
3.56 3.56 3.56 3.56 3.56 Duration
- -----------------------------------------------------------------------------------------------------------
95.16960 8.281 8.281 8.281 8.281 8.281 Yield
3.57 3.57 3.57 3.57 3.57 Duration
- -----------------------------------------------------------------------------------------------------------
95.66960 8.135 8.135 8.135 8.135 8.135 Yield
3.58 3.58 3.58 3.58 3.58 Duration
- -----------------------------------------------------------------------------------------------------------
96.16960 7.990 7.990 7.990 7.990 7.990 Yield
3.58 3.58 3.58 3.58 3.58 Duration
- -----------------------------------------------------------------------------------------------------------
96.66960 7.846 7.846 7.846 7.846 7.846 Yield
3.59 3.59 3.59 3.59 3.59 Duration
- -----------------------------------------------------------------------------------------------------------
97.16960 7.703 7.703 7.703 7.703 7.703 Yield
3.60 3.60 3.60 3.60 3.60 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 24
MELLON-00TB1 B3 (B3 ) February 02, 2000
Bear, Stearns & Co. Inc. 04:24PM EST
leary Matrix Report Page 1 of 1
MELLON-00TB1 B3 (B3)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: ALL
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO .00 .00
3 MO .00 .00
6 MO .00 .00
1 YR .00 .00
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: B3 P-DES: B3
CUSIP: DESCRIPTION:
ORIG. BAL.: 2,258,400.00 CURRENT BAL.: 2,258,400.00
FACTOR: 1.00000000 AS OF:
COUPON: 6.918 CPN MULT.: 1.000
CAP: 0.000 FLOOR: 0.000
LAST RESET: NEXT RESET:
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- -------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- -------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- -------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP ALL ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 4.43 4.43 4.43 4.43 4.43 AVG. LIFE
05/02* 05/02* 05/02* 05/02* 05/02* 1ST PRIN
05/08* 05/08* 05/08* 05/08* 05/08* LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
90.81210 9.598 9.598 9.598 9.598 9.598 Yield
3.51 3.51 3.51 3.51 3.51 Duration
- -----------------------------------------------------------------------------------------------------------
91.31210 9.442 9.442 9.442 9.442 9.442 Yield
3.51 3.51 3.51 3.51 3.51 Duration
- -----------------------------------------------------------------------------------------------------------
91.81210 9.288 9.288 9.288 9.288 9.288 Yield
3.52 3.52 3.52 3.52 3.52 Duration
- -----------------------------------------------------------------------------------------------------------
92.31210 9.135 9.135 9.135 9.135 9.135 Yield
3.53 3.53 3.53 3.53 3.53 Duration
- -----------------------------------------------------------------------------------------------------------
92.81210 8.983 8.983 8.983 8.983 8.983 Yield
3.54 3.54 3.54 3.54 3.54 Duration
- -----------------------------------------------------------------------------------------------------------
93.31210 8.832 8.832 8.832 8.832 8.832 Yield
3.54 3.54 3.54 3.54 3.54 Duration
- -----------------------------------------------------------------------------------------------------------
93.81210 8.682 8.682 8.682 8.682 8.682 Yield
3.55 3.55 3.55 3.55 3.55 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 25
MELLON-00TB1 B4 (B4 ) February 02, 2000
Bear, Stearns & Co. Inc. 01:38PM EST
leary Matrix Report Page 1 of 1
MELLON-00TB1 B4 (B4)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: ALL
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO .00 .00
3 MO .00 .00
6 MO .00 .00
1 YR .00 .00
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: B4 P-DES: B4
CUSIP: DESCRIPTION:
ORIG. BAL.: 2,258,500.00 CURRENT BAL.: 2,258,500.00
FACTOR: 1.00000000 AS OF:
COUPON: 6.918 CPN MULT.: 1.000
CAP: 0.000 FLOOR: 0.000
LAST RESET: NEXT RESET:
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- -------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- -------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- -------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP ALL ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 4.43 4.43 4.43 4.43 4.43 AVG. LIFE
05/02* 05/02* 05/02* 05/02* 05/02* 1ST PRIN
05/08* 05/08* 05/08* 05/08* 05/08* LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
71.95961 11.763 11.763 11.763 11.763 11.763 Yield
3.33 3.33 3.33 3.33 3.33 Duration
- -----------------------------------------------------------------------------------------------------------
72.02211 11.737 11.737 11.737 11.737 11.737 Yield
3.33 3.33 3.33 3.33 3.33 Duration
- -----------------------------------------------------------------------------------------------------------
72.08461 11.711 11.711 11.711 11.711 11.711 Yield
3.33 3.33 3.33 3.33 3.33 Duration
- -----------------------------------------------------------------------------------------------------------
72.14711 11.685 11.685 11.685 11.685 11.685 Yield
3.33 3.33 3.33 3.33 3.33 Duration
- -----------------------------------------------------------------------------------------------------------
72.20961 11.659 11.659 11.659 11.659 11.659 Yield
3.33 3.33 3.33 3.33 3.33 Duration
- -----------------------------------------------------------------------------------------------------------
72.27211 11.633 11.633 11.633 11.633 11.633 Yield
3.33 3.33 3.33 3.33 3.33 Duration
- -----------------------------------------------------------------------------------------------------------
72.33461 11.608 11.608 11.608 11.608 11.608 Yield
3.33 3.33 3.33 3.33 3.33 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 26
MELLON-00TB1 B5 (B5 ) February 02, 2000
Bear, Stearns & Co. Inc. 05:55PM EST
leary Matrix Report Page 1 of 1
MELLON-00TB1 B5 (B5)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: ALL
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO .00 .00
3 MO .00 .00
6 MO .00 .00
1 YR .00 .00
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: B5 P-DES: B5
CUSIP: DESCRIPTION:
ORIG. BAL.: 1,129,200.00 CURRENT BAL.: 1,129,200.00
FACTOR: 1.00000000 AS OF:
COUPON: 6.918 CPN MULT.: 1.000
CAP: 0.000 FLOOR: 0.000
LAST RESET: NEXT RESET:
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- -------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- -------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- -------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP ALL ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 4.43 4.43 4.43 4.43 4.43 AVG. LIFE
05/02* 05/02* 05/02* 05/02* 05/02* 1ST PRIN
05/08* 05/08* 05/08* 05/08* 05/08* LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
64.93291 14.891 14.891 14.891 14.891 14.891 Yield
3.19 3.19 3.19 3.19 3.19 Duration
- -----------------------------------------------------------------------------------------------------------
65.43291 14.653 14.653 14.653 14.653 14.653 Yield
3.20 3.20 3.20 3.20 3.20 Duration
- -----------------------------------------------------------------------------------------------------------
65.93291 14.418 14.418 14.418 14.418 14.418 Yield
3.21 3.21 3.21 3.21 3.21 Duration
- -----------------------------------------------------------------------------------------------------------
66.43291 14.185 14.185 14.185 14.185 14.185 Yield
3.22 3.22 3.22 3.22 3.22 Duration
- -----------------------------------------------------------------------------------------------------------
66.93291 13.954 13.954 13.954 13.954 13.954 Yield
3.23 3.23 3.23 3.23 3.23 Duration
- -----------------------------------------------------------------------------------------------------------
67.43291 13.726 13.726 13.726 13.726 13.726 Yield
3.24 3.24 3.24 3.24 3.24 Duration
- -----------------------------------------------------------------------------------------------------------
67.93291 13.500 13.500 13.500 13.500 13.500 Yield
3.25 3.25 3.25 3.25 3.25 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 27
MELLON-00TB1 B6 (B6 ) February 02, 2000
Bear, Stearns & Co. Inc. 04:25PM EST
leary Matrix Report Page 1 of 1
MELLON-00TB1 B6 (B6)
- --------------------------------------------------------------------------------
DATED DATE: 02/01/2000 PRICING
TRADE DATE: WAC: 0.000
SETTLE DATE: 02/29/2000 WAM: 02/2000
DATE OF 1ST CF: 03/25/2000 TYPE:
PMTS PER YEAR: 12 COLLATERAL
MANAGER: BEARS GROUP: ALL
FACE: 451,691.22M CNWAC:
SPEED ASSUMP.: 18.00% CPR CGWAC: 0.000
MONTHLY PREPAYMENT RANGE: 0.00 - 0.00
DATE PSA CPP RPI CWAM:
RANGE: -
AV. AGE:
CUMULATIVE PREPAYMENT
PSA CPP RPI
1 MO .00 .00
3 MO .00 .00
6 MO .00 .00
1 YR .00 .00
- --------------------------------------------------------------------------------
DEAL COMMENTS
- --------------------------------------------------------------------------------
TRANCHE DETAILS
DES: B6 P-DES: B6
CUSIP: DESCRIPTION:
ORIG. BAL.: 1,129,419.92 CURRENT BAL.: 1,129,419.92
FACTOR: 1.00000000 AS OF:
COUPON: 6.918 CPN MULT.: 1.000
CAP: 0.000 FLOOR: 0.000
LAST RESET: NEXT RESET:
DELAY DAYS: 24 STATED MAT:
CURRENT PAC: ORIGINAL PAC:
S&P: FITCH:
MOODY: DUFF:
- --------------------------------------------------------------------------------
COUPON FORMULAS
INDEX FORMULA CAP FLOOR
----------------------------------------------
All Fixed Rate Bond
- -------------------------------------------------------------------------------
Yield Curve 3mo 6mo 1yr 2yr 3yr 5yr 7yr 10yr 30yr
- -------------------------------------------------------------------------------
Value 5.66 5.95 6.24 6.62 6.64 6.69 6.65 6.60 6.32
- -------------------------------------------------------------------------------
SETTLE: 29-FEB-2000 CURVE DATE: 02-FEB-2000
HIST COUPONS CLCTN RT 0%
DIRECTED CASHFLOW FROM GROUP ALL ()AMORT START SET, USE NO HIST FACTOR
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
0% CPP 12% CPP 18% CPP 22% CPP 25% CPP PREPAY
6.24700% 6.24700% 6.24700% 6.24700% 6.24700% 1YR_TRES
PRICE 4.43 4.43 4.43 4.43 4.43 AVG. LIFE
05/02* 05/02* 05/02* 05/02* 05/02* 1ST PRIN
05/08* 05/08* 05/08* 05/08* 05/08* LAST PRIN
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
18.50000 40.177 40.177 40.177 40.177 40.177 Yield
1.79 1.79 1.79 1.79 1.79 Duration
- -----------------------------------------------------------------------------------------------------------
19.00000 38.745 38.745 38.745 38.745 38.745 Yield
1.83 1.83 1.83 1.83 1.83 Duration
- -----------------------------------------------------------------------------------------------------------
19.50000 37.376 37.376 37.376 37.376 37.376 Yield
1.86 1.86 1.86 1.86 1.86 Duration
- -----------------------------------------------------------------------------------------------------------
20.00000 36.065 36.065 36.065 36.065 36.065 Yield
1.90 1.90 1.90 1.90 1.90 Duration
- -----------------------------------------------------------------------------------------------------------
20.50000 34.809 34.809 34.809 34.809 34.809 Yield
1.93 1.93 1.93 1.93 1.93 Duration
- -----------------------------------------------------------------------------------------------------------
21.00000 33.603 33.603 33.603 33.603 33.603 Yield
1.96 1.96 1.96 1.96 1.96 Duration
- -----------------------------------------------------------------------------------------------------------
21.50000 32.444 32.444 32.444 32.444 32.444 Yield
2.00 2.00 2.00 2.00 2.00 Duration
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
("the Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE> 1
Exhibit 99.2
Greenwich Capital Markets, Inc.
Legend on Computational Materials
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.
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.
