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Previous: COUNTRYWIDE HOME EQUITY LOAN TRUST 1997-A, 8-K, 1997-06-05 |
Next: DREYFUS INSTITUTIONAL PREFERRED MONEY MARKET FUND, N-1A/A, 1997-06-05 |
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 : May 27, 1997
(Date of earliest event reported)
Commission File No.: 333-22559-01
Salomon Brothers Mortgage Securities VII, Inc.,
Mortgage Pass-Through Certificates, Series 1997-L2 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
Applied For
(I.R.S. Employer Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (Zip Code)
(410) 884-2000
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
ITEM 5. Other Events
On May 27, 1997 a distribution was made to holders of
Salomon Brothers Mortgage Securities VII, Inc.,
Mortgage Pass-Through Certificates, Series 1997-L2 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1997-L2 Trust, relating to the May 27, 1997
distribution
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates, Series 1997-L2 Trust
June 3, 1997 by Norwest Bank Minnesota, N.A., as Trustee
/s/ Sherri J. Sharps, Vice President
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1997-L2 Trust, relating to the May 27, 1997
distribution
<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 30-Apr-1997
Distribution Date: 27-May-1997
SBMSVII Series 1997-L2
Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 20144
Telephone:(410)884-2173
Fax:(410)884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 79548KTW8 SEQ 6.95000% 37,540,000.00 217,419.17 503,612.83 0.00
A-2 79548KTX6 SEQ 7.10000% 13,370,000.00 79,105.83 0.00 0.00
A-3 79548KTY4 SEQ 7.20000% 24,675,000.00 148,050.00 0.00 0.00
A-4 79548KTZ1 SEQ 7.40000% 5,010,000.00 30,895.00 0.00 0.00
A-5 79548KUA4 SEQ 7.60000% 11,670,000.00 73,910.00 0.00 0.00
A-6 79548KUB2 SEQ 7.80000% 27,184,000.00 176,696.00 0.00 0.00
A-7 79548KUC0 SEQ 6.10000% 52,576,000.00 267,261.33 352,528.98 0.00
A-8 79548KUD8 SEQ 3.40000% 0.00 148,965.33 0.00 0.00
A-9 79548KUE6 SEQ 7.50000% 22,300,000.00 139,375.00 0.00 0.00
XS 79548KUF3 IO 1.88194% 0.00 350,087.48 0.00 0.00
R-I 79548KUK2 R 7.50000% 100.00 0.62 100.00 0.00
R-II 79548KUL0 R 7.50000% 100.00 0.62 100.00 0.00
B-1 79548KUG1 SEQ 7.25000% 11,045,000.00 66,730.21 7,239.77 0.00
B-2 79548KUH9 SEQ 7.25000% 5,581,000.00 33,718.54 3,658.23 0.00
B-3 79548KUJ5 SEQ 7.25000% 3,348,000.00 20,227.50 2,194.55 0.00
B-4 7955029Q8 SEQ 7.25000% 4,465,000.00 26,976.04 2,926.72 0.00
B-5 7955029R6 SEQ 7.25000% 2,232,000.00 13,485.00 1,463.03 0.00
B-6 7955029S4 SEQ 7.25000% 2,233,093.32 13,491.61 1,463.74 0.00
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
<S> <C> <C> <C>
A-1 37,036,387.17 721,032.00 0.00
A-2 13,370,000.00 79,105.83 0.00
A-3 24,675,000.00 148,050.00 0.00
A-4 5,010,000.00 30,895.00 0.00
A-5 11,670,000.00 73,910.00 0.00
A-6 27,184,000.00 176,696.00 0.00
A-7 52,223,471.02 619,790.31 0.00
A-8 0.00 148,965.33 0.00
A-9 22,300,000.00 139,375.00 0.00
XS 0.00 350,087.48 0.00
R-I 0.00 100.62 0.00
R-II 0.00 100.62 0.00
B-1 11,037,760.23 73,969.98 0.00
B-2 5,577,341.77 37,376.77 0.00
B-3 3,345,805.45 22,422.05 0.00
B-4 4,462,073.28 29,902.76 0.00
B-5 2,230,536.97 14,948.03 0.00
B-6 2,231,629.57 14,955.35 0.00
Totals 222,354,005.46 2,681,683.13 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator
on behalf of the Trustee.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 37,540,000.00 37,540,000.00 74,909.68 428,703.15 0.00 0.00 503,612.83
A-2 13,370,000.00 13,370,000.00 0.00 0.00 0.00 0.00 0.00
A-3 24,675,000.00 24,675,000.00 0.00 0.00 0.00 0.00 0.00
A-4 5,010,000.00 5,010,000.00 0.00 0.00 0.00 0.00 0.00
A-5 11,670,000.00 11,670,000.00 0.00 0.00 0.00 0.00 0.00
A-6 27,184,000.00 27,184,000.00 0.00 0.00 0.00 0.00 0.00
A-7 52,576,000.00 52,576,000.00 52,436.78 300,092.21 0.00 0.00 352,528.98
A-8 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-9 22,300,000.00 22,300,000.00 0.00 0.00 0.00 0.00 0.00
XS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-I 100.00 100.00 14.87 85.13 0.00 0.00 100.00
R-II 100.00 100.00 14.87 85.13 0.00 0.00 100.00
B-1 11,045,000.00 11,045,000.00 7,239.77 0.00 0.00 0.00 7,239.77
B-2 5,581,000.00 5,581,000.00 3,658.23 0.00 0.00 0.00 3,658.23
B-3 3,348,000.00 3,348,000.00 2,194.55 0.00 0.00 0.00 2,194.55
B-4 4,465,000.00 4,465,000.00 2,926.72 0.00 0.00 0.00 2,926.72
B-5 2,232,000.00 2,232,000.00 1,463.03 0.00 0.00 0.00 1,463.03
B-6 2,233,093.32 2,233,093.32 1,463.74 0.00 0.00 0.00 1,463.74
<FN>
Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
<S> <C> <C> <C>
A-1 37,036,387.17 0.98658463 503,612.83
A-2 13,370,000.00 1.00000000 0.00
A-3 24,675,000.00 1.00000000 0.00
A-4 5,010,000.00 1.00000000 0.00
A-5 11,670,000.00 1.00000000 0.00
A-6 27,184,000.00 1.00000000 0.00
A-7 52,223,471.02 0.99329487 352,528.98
A-8 0.00 0.00000000 0.00
A-9 22,300,000.00 1.00000000 0.00
XS 0.00 0.00000000 0.00
R-I 0.00 0.00000000 100.00
R-II 0.00 0.00000000 100.00
B-1 11,037,760.23 0.99934452 7,239.77
B-2 5,577,341.77 0.99934452 3,658.23
B-3 3,345,805.45 0.99934452 2,194.55
B-4 4,462,073.28 0.99934452 2,926.72
B-5 2,230,536.97 0.99934452 1,463.03
B-6 2,231,629.57 0.99934452 1,463.74
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 37,540,000.00 1000.00000000 1.99546297 11.41990277 0.00000000 0.00000000 13.41536574
A-2 13,370,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-3 24,675,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 5,010,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-5 11,670,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-6 27,184,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-7 52,576,000.00 1000.00000000 0.99735202 5.70777941 0.00000000 0.00000000 6.70513124
A-8 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-9 22,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
XS 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 100.00 1000.00000000 148.70000000 851.30000000 0.00000000 0.00000000 1,000.00000000
R-II 100.00 1000.00000000 148.70000000 851.30000000 0.00000000 0.00000000 1,000.00000000
B-1 11,045,000.00 1000.00000000 0.65547940 0.00000000 0.00000000 0.00000000 0.65547940
B-2 5,581,000.00 1000.00000000 0.65547930 0.00000000 0.00000000 0.00000000 0.65547930
B-3 3,348,000.00 1000.00000000 0.65548088 0.00000000 0.00000000 0.00000000 0.65548088
B-4 4,465,000.00 1000.00000000 0.65548040 0.00000000 0.00000000 0.00000000 0.65548040
B-5 2,232,000.00 1000.00000000 0.65547939 0.00000000 0.00000000 0.00000000 0.65547939
B-6 2,233,093.32 1000.00000000 0.65547641 0.00000000 0.00000000 0.00000000 0.65547641
<FN>
All classes are per $1,000 denomination.
Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
<S> <C> <C> <C>
A-1 986.58463426 0.98658463 13.41536574
A-2 1000.00000000 1.00000000 0.00000000
A-3 1000.00000000 1.00000000 0.00000000
A-4 1000.00000000 1.00000000 0.00000000
A-5 1000.00000000 1.00000000 0.00000000
A-6 1000.00000000 1.00000000 0.00000000
A-7 993.29486876 0.99329487 6.70513124
A-8 0.00000000 0.00000000 0.00000000
A-9 1000.00000000 1.00000000 0.00000000
XS 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 1,000.00000000
R-II 0.00000000 0.00000000 1,000.00000000
B-1 999.34452060 0.99934452 0.65547940
B-2 999.34452070 0.99934452 0.65547930
B-3 999.34451912 0.99934452 0.65548088
B-4 999.34451960 0.99934452 0.65548040
B-5 999.34452061 0.99934452 0.65547939
B-6 999.34451911 0.99934452 0.65547641
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 37,540,000.00 6.95000% 37,540,000.00 217,419.17 0.00 0.00 0.00
A-2 13,370,000.00 7.10000% 13,370,000.00 79,105.83 0.00 0.00 0.00
A-3 24,675,000.00 7.20000% 24,675,000.00 148,050.00 0.00 0.00 0.00
A-4 5,010,000.00 7.40000% 5,010,000.00 30,895.00 0.00 0.00 0.00
A-5 11,670,000.00 7.60000% 11,670,000.00 73,910.00 0.00 0.00 0.00
A-6 27,184,000.00 7.80000% 27,184,000.00 176,696.00 0.00 0.00 0.00
A-7 52,576,000.00 6.10000% 52,576,000.00 267,261.33 0.00 0.00 0.00
A-8 0.00 3.40000% 52,576,000.00 148,965.33 0.00 0.00 0.00
A-9 22,300,000.00 7.50000% 22,300,000.00 139,375.00 0.00 0.00 0.00
XS 0.00 1.88194% 223,229,293.32 350,087.48 0.00 0.00 0.00
R-I 100.00 7.50000% 100.00 0.62 0.00 0.00 0.00
R-II 100.00 7.50000% 100.00 0.62 0.00 0.00 0.00
B-1 11,045,000.00 7.25000% 11,045,000.00 66,730.21 0.00 0.00 0.00
B-2 5,581,000.00 7.25000% 5,581,000.00 33,718.54 0.00 0.00 0.00
B-3 3,348,000.00 7.25000% 3,348,000.00 20,227.50 0.00 0.00 0.00
B-4 4,465,000.00 7.25000% 4,465,000.00 26,976.04 0.00 0.00 0.00
B-5 2,232,000.00 7.25000% 2,232,000.00 13,485.00 0.00 0.00 0.00
B-6 2,233,093.32 7.25000% 2,233,093.32 13,491.61 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00 217,419.17 0.00 37,036,387.17
A-2 0.00 79,105.83 0.00 13,370,000.00
A-3 0.00 148,050.00 0.00 24,675,000.00
A-4 0.00 30,895.00 0.00 5,010,000.00
A-5 0.00 73,910.00 0.00 11,670,000.00
A-6 0.00 176,696.00 0.00 27,184,000.00
A-7 0.00 267,261.33 0.00 52,223,471.02
A-8 0.00 148,965.33 0.00 52,223,471.02
A-9 0.00 139,375.00 0.00 22,300,000.00
XS 0.00 350,087.48 0.00 222,354,005.46
R-I 0.00 0.62 0.00 0.00
R-II 0.00 0.62 0.00 0.00
B-1 0.00 66,730.21 0.00 11,037,760.23
B-2 0.00 33,718.54 0.00 5,577,341.77
B-3 0.00 20,227.50 0.00 3,345,805.45
B-4 0.00 26,976.04 0.00 4,462,073.28
B-5 0.00 13,485.00 0.00 2,230,536.97
B-6 0.00 13,491.61 0.00 2,231,629.57
<FN>
Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 37,540,000.00 6.95000% 1000.00000000 5.79166676 0.00000000 0.00000000 0.00000000
A-2 13,370,000.00 7.10000% 1000.00000000 5.91666642 0.00000000 0.00000000 0.00000000
A-3 24,675,000.00 7.20000% 1000.00000000 6.00000000 0.00000000 0.00000000 0.00000000
A-4 5,010,000.00 7.40000% 1000.00000000 6.16666667 0.00000000 0.00000000 0.00000000
A-5 11,670,000.00 7.60000% 1000.00000000 6.33333333 0.00000000 0.00000000 0.00000000
A-6 27,184,000.00 7.80000% 1000.00000000 6.50000000 0.00000000 0.00000000 0.00000000
A-7 52,576,000.00 6.10000% 1000.00000000 5.08333327 0.00000000 0.00000000 0.00000000
A-8 0.00 3.40000% 1000.00000000 2.83333327 0.00000000 0.00000000 0.00000000
A-9 22,300,000.00 7.50000% 1000.00000000 6.25000000 0.00000000 0.00000000 0.00000000
XS 0.00 1.88194% 1000.00000000 1.56828647 0.00000000 0.00000000 0.00000000
R-I 100.00 7.50000% 1000.00000000 6.20000000 0.00000000 0.00000000 0.00000000
R-II 100.00 7.50000% 1000.00000000 6.20000000 0.00000000 0.00000000 0.00000000
B-1 11,045,000.00 7.25000% 1000.00000000 6.04166682 0.00000000 0.00000000 0.00000000
B-2 5,581,000.00 7.25000% 1000.00000000 6.04166637 0.00000000 0.00000000 0.00000000
B-3 3,348,000.00 7.25000% 1000.00000000 6.04166667 0.00000000 0.00000000 0.00000000
B-4 4,465,000.00 7.25000% 1000.00000000 6.04166629 0.00000000 0.00000000 0.00000000
B-5 2,232,000.00 7.25000% 1000.00000000 6.04166667 0.00000000 0.00000000 0.00000000
B-6 2,233,093.32 7.25000% 1000.00000000 6.04166869 0.00000000 0.00000000 0.00000000
<FN>
All classes are per $1,000 denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00000000 5.79166676 0.00000000 986.58463426
A-2 0.00000000 5.91666642 0.00000000 1000.00000000
A-3 0.00000000 6.00000000 0.00000000 1000.00000000
A-4 0.00000000 6.16666667 0.00000000 1000.00000000
A-5 0.00000000 6.33333333 0.00000000 1000.00000000
A-6 0.00000000 6.50000000 0.00000000 1000.00000000
A-7 0.00000000 5.08333327 0.00000000 993.29486876
A-8 0.00000000 2.83333327 0.00000000 993.29486876
A-9 0.00000000 6.25000000 0.00000000 1000.00000000
XS 0.00000000 1.56828647 0.00000000 996.07897401
R-I 0.00000000 6.20000000 0.00000000 0.00000000
R-II 0.00000000 6.20000000 0.00000000 0.00000000
B-1 0.00000000 6.04166682 0.00000000 999.34452060
B-2 0.00000000 6.04166637 0.00000000 999.34452070
B-3 0.00000000 6.04166667 0.00000000 999.34451912
B-4 0.00000000 6.04166629 0.00000000 999.34451960
B-5 0.00000000 6.04166667 0.00000000 999.34452061
B-6 0.00000000 6.04166869 0.00000000 999.34451911
<FN>
Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 2,311,162.63
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 464,276.83
Realized Losses 0.00
---------------
Total Deposits 2,775,439.46
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 93,756.30
Payment of Interest and Principal 2,681,683.16
---------------
Total Withdrawals (Pool Distribution Amount) 2,775,439.46
Ending Balance 0.00
================
</TABLE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 464,276.83
Reimbursement of Advances 0.00
Ending Cumulative Advances 464,276.83
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
---------------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
===============
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 93,012.21
Trustee Fee 744.10
Supported Prepayment/Curtailment Interest Shortfall 0.00
---------------
Net Servicing Fee 93,756.31
===============
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Current Unpaid
Number of Number Of Principal
Days Loans Balance
<S> <C> <C>
30 Days 62 5,305,139.83
60 Days 7 702,795.12
90+ Days 0 0.00
Foreclosure 1 41,949.49
REO 0 0.00
Totals 70 6,049,884.44
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Class A Insufficient Funds 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 10.214528%
Weighted Average Net Rate 9.710528%
Weighted Average Maturity (Stepdown Calculation) 337 Months
Beginning Scheduled Collateral Loan Count 2,625
Number of Loans Paid in Full 12
Ending Scheduled Collateral Loan Count 2,613
Beginning Scheduled Collateral Balance 223,229,293.32
Ending Scheduled Collateral Balance 222,354,005.46
Monthly P&I Constant 2,046,473.25
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Loss Description Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.04479699% 100,000.00 0.04497333%
Fraud 6,698,769.00 3.00084675% 6,698,769.00 3.01265947%
Special Hazard 2,232,923.00 1.00028225% 2,232,923.00 1.00421982%
<FN>
Limit of Subordination's Exposure for 100% of Certain Types of Losses
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL
Class Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
A 28,904,093.32 12.94816325% 28,885,147.27 12.99061252%
B-1 17,859,093.32 8.00033591% 17,847,387.04 8.02656422%
B-2 12,278,093.32 5.50021601% 12,270,045.27 5.51824791%
B-3 8,930,093.32 4.00041284% 8,924,239.82 4.01352780%
B-4 4,465,093.32 2.00022732% 4,462,166.54 2.00678487%
B-5 2,233,093.32 1.00035855% 2,231,629.57 1.00363812%
B-6 0.00 0.00000000% 0.00 0.00000000%
<FN>
Please refer to the Prospectus Supplement For A Full Description Of Loss Exposure
</FN>
</TABLE>
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