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Previous: U S TIMBERLANDS CO LP, 8-K, 1998-01-06 |
Next: AMRESCO RESIDENTIAL SECURITIES CORP MORT LOAN TRUST 1997-3, 8-K, 1998-01-06 |
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 : December 26, 1997
(Date of earliest event reported)
Commission File No.: 333-15473-02
Southern Pacific Secured Assets Corporation,
Home Equity Loan Asset-Backed Certs., Series 1997-2 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-2048650
52-2048657
52-2048659
(I.R.S. Employer Identification No.)
11000 Broken Land Parkway
Columbia, MD 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)
<PAGE>
ITEM 5. Other Events
On December 26, 1997 a distribution was made to holders of
Southern Pacific Secured Assets Corporation,
Home Equity Loan Asset-Backed Certs., Series 1997-2 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 Home Equity Loan
Asset-Backed Certs., Series 1997-2 Trust, relating to the
December 26,1997 distribution
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.
Southern Pacific Secured Assets Corporation,
Home Equity Loan Asset-Backed Certs., Series 1997-2 Trust
January 2, 1998 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 Home Equity Loan
Asset-Backed Certs., Series 1997-2 Trust, relating to the
December 26,1997 distribution
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 28-Nov-1997
Distribution Date: 26-Dec-1997
SPSAC Series 1997-2
Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
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 843590BH2 SEQ 5.91250% 220,102,709.21 1,120,613.20 5,214,468.23 0.00
A-2 843590BJ8 SEQ 6.70000% 23,223,703.95 129,665.68 1,394,742.61 0.00
A-3 843590BK5 SEQ 6.89000% 27,500,000.00 157,895.83 0.00 0.00
A-4 843590BL3 SEQ 7.45000% 7,645,000.00 47,462.71 0.00 0.00
A-5 843590BM1 SEQ 7.09000% 10,000,000.00 59,083.33 0.00 0.00
A-IO 843590BN9 IO 2.24008% 0.00 178,833.33 0.00 0.00
M-1A 843590BP4 SUB 6.04750% 18,948,000.00 98,673.03 0.00 0.00
M-1F 843590BQ2 SUB 7.32000% 4,801,000.00 29,286.10 0.00 0.00
M-2A 843590BR0 SUB 6.24750% 14,575,000.00 78,410.46 0.00 0.00
M-2F 843590BS8 SUB 7.53000% 2,088,000.00 13,102.20 0.00 0.00
B-1A 843590BT6 SUB 6.67750% 13,846,000.00 79,615.46 0.00 0.00
B-1F 843590BU3 SUB 7.89000% 3,966,000.00 26,076.45 0.00 0.00
S-1A SPS9702S1 SUB 0.00000% 0.00 0.00 0.00 0.00
S-1F SPS9702S2 SUB 0.00000% 0.00 0.00 0.00 0.00
R-I SPS9702R1 R 0.00000% 0.00 0.00 0.00 0.00
R-II SPS9702R2 R 0.00000% 0.00 0.00 0.00 0.00
R-III SPS9702R3 R 0.00000% 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
<S> <C> <C> <C>
A-1 214,888,240.98 6,335,081.43 0.00
A-2 21,828,961.34 1,524,408.29 0.00
A-3 27,500,000.00 157,895.83 0.00
A-4 7,645,000.00 47,462.71 0.00
A-5 10,000,000.00 59,083.33 0.00
A-IO 0.00 178,833.33 0.00
<PAGE>
M-1A 18,948,000.00 98,673.03 0.00
M-1F 4,801,000.00 29,286.10 0.00
M-2A 14,575,000.00 78,410.46 0.00
M-2F 2,088,000.00 13,102.20 0.00
B-1A 13,846,000.00 79,615.46 0.00
B-1F 3,966,000.00 26,076.45 0.00
S-1A 0.00 0.00 0.00
S-1F 0.00 0.00 0.00
R-I 0.00 0.00 0.00
R-II 0.00 0.00 0.00
R-III 0.00 0.00 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the Trustee.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 244,131,000.00 220,102,709.21 117,045.63 5,097,422.60 0.00 0.00 5,214,468.23
A-2 27,500,000.00 23,223,703.95 51,167.42 1,343,575.19 0.00 0.00 1,394,742.61
A-3 27,500,000.00 27,500,000.00 0.00 0.00 0.00 0.00 0.00
A-4 7,645,000.00 7,645,000.00 0.00 0.00 0.00 0.00 0.00
A-5 10,000,000.00 10,000,000.00 0.00 0.00 0.00 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00 0.00
M-1A 18,948,000.00 18,948,000.00 0.00 0.00 0.00 0.00 0.00
M-1F 4,801,000.00 4,801,000.00 0.00 0.00 0.00 0.00 0.00
M-2A 14,575,000.00 14,575,000.00 0.00 0.00 0.00 0.00 0.00
M-2F 2,088,000.00 2,088,000.00 0.00 0.00 0.00 0.00 0.00
B-1A 13,846,000.00 13,846,000.00 0.00 0.00 0.00 0.00 0.00
B-1F 3,966,000.00 3,966,000.00 0.00 0.00 0.00 0.00 0.00
S-1A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
S-1F 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00 0.00
<FN>
(1) 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-1 214,888,240.98 0.88021694 5,214,468.23
A-2 21,828,961.34 0.79378041 1,394,742.61
A-3 27,500,000.00 1.00000000 0.00
A-4 7,645,000.00 1.00000000 0.00
A-5 10,000,000.00 1.00000000 0.00
A-IO 0.00 0.00000000 0.00
M-1A 18,948,000.00 1.00000000 0.00
M-1F 4,801,000.00 1.00000000 0.00
M-2A 14,575,000.00 1.00000000 0.00
M-2F 2,088,000.00 1.00000000 0.00
B-1A 13,848,000.00 1.00000000 0.00
B-1F 3,966,000.00 1.00000000 0.00
S-1A 0.00 0.00000000 0.00
S-1F 0.00 0.00000000 0.00
R-I 0.00 0.00000000 0.00
R-II 0.00 0.00000000 0.00
R-III 0.00 0.00000000 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (3) Amount Balance Distribution Distribution Accretion Loss (4) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 244,131,000.00 901.57624067 0.47943780 20.87986614 0.00000000 0.00000000 21.35930394
A-2 27,500,000.00 844.49832545 1.86063345 48.85727964 0.00000000 0.00000000 50.71791309
A-3 27,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 7,645,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-5 10,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1A 18,948,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1F 4,801,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-2A 14,575,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-2F 2,088,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1A 13,846,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1F 3,966,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
S-1A 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
S-1F 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) All Classes are Per $1,000 Denomination.
(4) 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 (3) Balance Percentage Distribution
<S> <C> <C> <C>
A-1 880.21693673 0.88021694 21.35930394
A-2 793.78041236 0.79378041 50.71791309
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-IO 0.00000000 0.00000000 0.00000000
M-1A 1000.00000000 1.00000000 0.00000000
M-1F 1000.00000000 1.00000000 0.00000000
M-2A 1000.00000000 1.00000000 0.00000000
M-2F 1000.00000000 1.00000000 0.00000000
B-1A 1000.00000000 1.00000000 0.00000000
B-1F 1000.00000000 1.00000000 0.00000000
S-1A 0.00000000 0.00000000 0.00000000
S-1F 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000
<FN>
(3) All Classes are Per $1,000 Denomination.
</FN>
</TABLE>
<PAGE>
<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-1 244,131,000.00 5.91250% 220,102,709.21 1,120,613.20 0.00 0.00 0.00
A-2 27,500,000.00 6.70000% 23,223,703.95 129,665.68 0.00 0.00 0.00
A-3 27,500,000.00 6.89000% 27,500,000.00 157,895.83 0.00 0.00 0.00
A-4 7,645,000.00 7.45000% 7,645,000.00 47,462.71 0.00 0.00 0.00
A-5 10,000,000.00 7.09000% 10,000,000.00 59,083.33 0.00 0.00 0.00
A-IO 0.00 2.24008% 95,800,000.00 178,833.33 0.00 0.00 0.00
M-1A 18,948,000.00 6.04750% 18,948,000.00 98,673.03 0.00 0.00 0.00
M-1F 4,801,000.00 7.32000% 4,801,000.000 29,286.10 0.00 0.00 0.00
M-2A 14,575,000.00 6.24750% 14,575,000.00 78,410.46 0.00 0.00 0.00
M-2F 2,088,000.00 7.53000% 2,088,000.00 13,102.20 0.00 0.00 0.00
B-1A 13,846,000.00 6.67750% 13,846,000.00 79,615.46 0.00 0.00 0.00
B-1F 3,966,000.00 7.89000% 3,966,000.00 26,076.45 0.00 0.00 0.00
S-1A 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
S-1F 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 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 (7) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00 1,120,613.20 0.00 214,888,240.98
A-2 0.00 129,665.68 0.00 21,828,961.34
A-3 0.00 157,895.83 0.00 27,500,000.00
A-4 0.00 47,462.71 0.00 7,645,000.00
A-5 0.00 59,083.33 0.00 10,000,000.00
A-IO 0.00 178,833.33 0.00 95,800,000.00
M-1A 0.00 98,673.03 0.00 18,948,000.00
M-1F 0.00 29,286.10 0.00 4,801,000.00
M-2A 0.00 78,410.46 0.00 14,575,000.00
M-2F 0.00 13,102.20 0.00 2,088,000.00
B-1A 0.00 79,615.46 0.00 13,846,000.00
B-1F 0.00 26,076.45 0.00 3,966,000.00
S-1A 0.00 0.00 0.00 0.00
S-1F 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00
<FN>
(7) 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>
<PAGE>
<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 (9) Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 244,131,000.00 5.91250% 901.57624067 4.59021263 0.00000000 0.00000000 0.00000000
A-2 27,500,000.00 6.70000% 844.49832545 4.71511564 0.00000000 0.00000000 0.00000000
A-3 27,500,000.00 6.89000% 1000.00000000 5.74166655 0.00000000 0.00000000 0.00000000
A-4 7,645,000.00 7.45000% 1000.00000000 6.20833355 0.00000000 0.00000000 0.00000000
A-5 10,000,000.00 7.09000% 1000.00000000 5.90833300 0.00000000 0.00000000 0.00000000
A-IO 0.00 2.24008% 1000.00000000 1.86673622 0.00000000 0.00000000 0.00000000
M-IA 18,948,000.00 6.04750% 1000.00000000 5.20756966 0.00000000 0.00000000 0.00000000
M-IF 4,801,000.00 7.32000% 1000.00000000 6.10000000 0.00000000 0.00000000 0.00000000
M-2A 14,575,000.00 6.24750% 1000.00000000 5.37979142 0.00000000 0.00000000 0.00000000
M-2F 2,088,000.00 7.53000% 1000.00000000 6.27500000 0.00000000 0.00000000 0.00000000
B-lA 13,846,000.00 6.67750% 1000.00000000 5.75006933 0.00000000 0.00000000 0.00000000
B-lF 3,966,000.00 7.89000% 1000.00000000 6.57500000 0.00000000 0.00000000 0.00000000
S-lA 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
S-lF 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(9) All Classes are Per $1000 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (10) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00000000 4.59021263 0.00000000 880.21693673
A-2 0.00000000 4.71511564 0.00000000 793.78041236
A-3 0.00000000 5.74166655 0.00000000 1000.00000000
A-4 0.00000000 6.20833355 0.00000000 1000.00000000
A-5 0.00000000 5.90833300 0.00000000 1000.00000000
A-IO 0.00000000 1.86673622 0.00000000 1000.00000000
M-1A 0.00000000 5.20756966 0.00000000 1000.00000000
M-1F 0.00000000 6.10000000 0.00000000 1000.00000000
M-2A 0.00000000 5.37979142 0.00000000 1000.00000000
M-2F 0.00000000 6.27500000 0.00000000 1000.00000000
B-1A 0.00000000 5.75006933 0.00000000 1000.00000000
B-1F 0.00000000 6.57500000 0.00000000 1000.00000000
S-1A 0.00000000 0.00000000 0.00000000 0.00000000
S-1F 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(10) 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>
<PAGE>
</TABLE>
<TABLE>
<CAPTION>
Beginning Pass-Through Interest Ending
Component Notional Balance Rate Accrual Notional Balance
<S> <C> <C> <C> <C>
A-I0 Comp. A 29,150,000.00 2.5000% 60,729.17 29,150,000.00
A-I0 Comp. B 29,150,000.00 1.5000% 36,437.50 29,150,000.00
A-I0 Comp. C 29,150,000.00 1.5000% 36,437.50 29,150,000.00
A-I0 Comp. D 8,350,000.00 6.5000% 45,229.16 8,350,000.00
</TABLE>
$178,833.33
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 8,776,493.00
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
__________________
Total Deposits 8,776,493.00
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 148,564.37
Payment of Interest and Principal 8,627,928.63
__________________
Total Withdrawals (Pool Distribution Amount) 8,776,493.00
Ending Balance 0.00
__________________
__________________
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 0.00
Reimbursement of Advances 0.00
Ending Cumulative Advances 0.00
</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 146,368.40
Trustee Fee 2,195.97
Supported Prepayment/Curtailment Interest Shortfall 0.00
__________________
Net Servicing Fee 148,564.37
__________________
__________________
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Account Beginning Current Period Current Period Ending
Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Group 1 Pre-Funding 0.00 0.00 0.00 0.00
Group 2 Pre-Funding 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
GROUP 1 MORTGAGE LOANS: DELINQUENCY STATUS
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
30 Days 87 8,222,091.00 3.64% 3.09%
60 Days 36 5,089,846.00 1.51% 1.91%
90+ Days 12 2,418,162.00 0.50% 0.91%
Bankruptcy 13 1,208,264.00 0.54% 0.45%
Foreclosure 108 15,643,422.00 4.52% 5.87%
REO 0 0.00 0.00% 0.00%
Totals 256 32,581,785.00 10.72% 12.23%
</TABLE>
<TABLE>
<CAPTION>
GROUP 2 MORTGAGE LOANS: DELINQUENCY STATUS
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
30 Days 54 3,392,946.00 4.27% 4.28%
60 Days 22 1,491,005.00 1.74% 1.88%
90+ Days 9 577,003.00 0.71% 0.73%
Bankruptcy 15 854,114.00 1.19% 1.08%
Foreclosure 51 4,615,092.00 4.03% 5.82%
REO 0 0.00 0.00% 0.00%
Totals 151 10,930,160.00 11.95% 13.79%
<FN>
(13) Bankruptcy, Foreclosure, and Loans in REO are also included in their respective 30, 60, 90+ aging category.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Group 1 Group 2
Collateral Description ARM FIXED
<S> <C> <C>
Monthly P&I Constant 2,532,146.55 840,918.66
Weighted Average Gross Coupon 10.697034% 11.783341%
Weighted Average Net Rate 10.189664% 11.275841%
Weighted Average Maturity 292 307
Beginning Collateral Loan Count 2424 1278
Number of Loan Payoffs 35 14
Ending Collateral Loan Count 2389 1264
Beginning Scheduled Collateral Balance 270,927,548.51 80,427,229.14
Principal Remittance Amount 4,424,833.98 1,146,806.86
Ending Scheduled Collateral Balance 266,502,714.53 79,280,422.28
Gross Scheduled Interest 2,415,100.92 789,751.24
Servicing Fee 112,857.05 33,511.35
Trustee Fee 1,693.30 502.67
Net Scheduled Interest 2,300,550.57 755,737.22
Group Required Subordinated Amount 13,117,500.00 1,878,750.00
Group Subordinated Amount 4,245,474.34 1,451,460.92
Group Subordination Increase Amount 789,634.25 247,935.75
Group Senior Enhancement Percentage 19.367335% 15.522698%
Group Interest Coverage Addition 0.00 0.00
Balance of Prefunding (Included in Distribution) 0.00 0.00
</TABLE>
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