<PAGE>
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: November 19, 1998
(Date of earliest event reported)
Commission File No. 333-40113
Bombardier Capital Mortgage Securitization Corporation
(Exact name of registrant as specified in its charter)
Vermont 03-0355080
- ------------------------ -------------------
(State of Incorporation) (I.R.S. Employer
Identification No.)
1600 Mountain View Drive, Colchester, VT 05446
- ------------------------------------------ -----------
Address of principal executive offices (Zip Code)
(802) 654-7200
-----------------------------------------------------
Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former
fiscal year, if changed since last report)
<PAGE>
ITEM 5. Other Events
Filing of Computational Materials
Exhibit 99.1 which attaches Structural Terms Sheet and
Collateral Terms Sheet prepared by Credit Suisse First Boston in connection with
the offering of Bombardier Capital Mortgage Securitization Corporation
Senior/Subordinated Pass-Through Certificates, Series 1998-C is attached hereto.
-2-
<PAGE>
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.
BOMBARDIER CAPITAL MORTGAGE
SECURITIZATION CORPORATION
November 19, 1998
By: /s/ James Dolan
---------------------------
Name: James Dolan
Title: Assistant Treasurer
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
99.1 Structural Terms Sheet and
Collateral Terms Sheet
-4-
<PAGE>
SUBJECT TO REVISION
SERIES TERM SHEET DATED NOVEMBER 17, 1998
[LOGO]
Senior/Subordinated Pass-Through Certificates, Series 1998-C
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Bombardier Capital Mortgage Securitization
Corporation Senior/Subordinated Pass-Through Certificates, Series 1998-C
transaction. The Series Term Sheet has been prepared by Bombardier Capital
Mortgage Securitization Corporation for informational purposes only and is
subject to modification or change. The information and assumptions contained
therein are preliminary and will be superseded by a prospectus supplement and by
any other additional information subsequently filed with the Securities and
Exchange Commission or incorporated by reference in the Registration Statement.
Neither Credit Suisse First Boston Corporation, Prudential Securities
Incorporated nor any of their respective affiliates makes any representation as
to the accuracy or completeness of any of the information set forth in the
attached Series Term Sheet. This cover sheet is not part of the Series Term
Sheet.
A Registration Statement (including a base prospectus) relating to the
Pass-Through Certificates, including the Bombardier Capital Mortgage
Securitization Corporation Senior/Subordinated Pass-Through Certificates, Series
1998-C, has been filed with the Securities and Exchange Commission and has been
declared effective. The final Prospectus Supplement relating to the securities
will be filed after the securities have been priced and all of the terms and
information are finalized. This communication is not an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Interested persons are referred to the final Prospectus and Prospectus
Supplement to which the securities relate. Any investment decision should be
based only upon the information in the final Prospectus and Prospectus
Supplement as of their publication dates.
Credit Suisse First Boston Prudential Securities Incorporated
<PAGE>
This Series Term Sheet will be superseded in its entirety by the
information appearing in the Prospectus Supplement, the Prospectus and the
Series 1998-C Pooling and Servicing Agreement (the "Agreement") to be dated as
of November 1, 1998, among Bombardier Capital Mortgage Securitization
Corporation, as Depositor, Bombardier Capital Inc., as Servicer, and Harris
Trust and Savings Bank, as Trustee.
<TABLE>
<CAPTION>
Class Designations
<S> <C>
Class A Certificates........................ Class A Certificates.
Class M Certificates........................ Class M-1 and Class M-2 Certificates.
Class B Certificates........................ Class B-1 and Class B-2 Certificates.
Subordinated Certificates................... Class M, Class B, Class X and Class R Certificates.
Offered Certificates........................ Class A, Class M and Class B-1 Certificates.
Offered Subordinated Certificates........... Class M and Class B-1 Certificates.
The Offered Certificates........................ The Offered Certificates will be issued in the amounts and will bear
the pass-through rates set forth below:
<CAPTION>
Initial Pass-Through
Title of Class Principal Amount(1) Rate
<S> <C> <C> <C>
Class A Certificates...... $143,112,000 . %(2)
Class M-1 Certificates.... $14,690,000 . %(2)
Class M-2 Certificates.... $10,426,000 . %(2)
Class B-1 Certificates.... $ 8,056,000 . %(2)
(1) The initial principal amount of the Certificates may be increased or
decreased by up to 5%. Any such increase or decrease may be allocated
disproportionately among the Classes of Certificates. Accordingly,
any investor's commitments with respect to the Certificates may be
increased or decreased correspondingly.
(2) The lesser of (i) the specified rate per annum, computed on the basis
of a 360-day year of twelve 30-day months, or (ii) the Weighted
Average Net Asset Rate for the related Distribution Date.
<CAPTION>
<S> <C>
Other Certificates........................... The Class B-2, Class X and Class R Certificates are not being offered
hereby. The Class B-2, Class X and Class R Certificates are expected to be
held initially by Bombardier Capital Mortgage Securitization Corporation
(the "Company") or an affiliate of the Company, which may offer such
Certificates in the future in one or more privately negotiated
transactions. The Class B-2 Certificates will have an initial Certificate
Principal Balance of approximately $8,530,000. The Pass-Through Rate for
the Class B-2 Certificates on any Distribution Date will be equal to the
lesser of (i) [ ]% per annum and (ii) the Weighted Average Net Asset Rate
for such Distribution Date.
Denominations................................ The Offered Certificates will be Book-Entry Certificates only, and will be
issued in minimum denominations of $1,000 and integral multiples of $1 in
excess thereof in the case of the Class A Certificates and $25,000 and
integral multiples of $1 in excess thereof in the case of the Class M and
Class B-1 Certificates.
Cut-off Date................................. November 1, 1998.
Distribution Dates........................... The 15th day of each month, (or if such fifteenth day is not a business
day, the next succeeding business day) commencing in December 1998.
Record Date.................................. With respect to each Distribution Date the close of business on the last
business day of the month preceding the month in which such Distribution
Date occurs (each, a "Record Date").
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Interest Accrual Period...................... With respect to each Distribution Date, the calendar month preceding the
month in which the Distribution Date occurs (each, an "Interest Accrual
Period"). Interest on the Offered Certificates and the Class B-2
Certificates will be calculated on the basis of a 360-day year consisting
of twelve 30-day months.
Distributions................................ Distributions to Certificateholders generally will be applied first to the
payment of interest, second to the payment of any unpaid principal and
third, if any principal is then due, to the payment of principal of the
related Class of Certificates. The principal amounts generally will be
distributed to the extent of the Available Distribution Amount after
payment of interest and interest shortfalls on the Certificates, first to
the Class A Certificateholders and then to each Class of Subordinate
Certificateholders based on their respective priorities (i.e., first to
the Class M-1 Certificateholders, then to the Class M-2
Certificateholders, then to the Class B-1 Certificateholders and then to
the Class B-2 Certificateholders). Prior to the Cross-over Date or on any
Distribution Date as of which the Principal Distribution Tests are not
met, principal will be allocated solely to the Class A Certificates;
otherwise principal will be allocated pro rata among the Class A, the
Class M-1, the Class M-2, the Class B-1 and the Class B-2 Certificates.
---------------------------------------------------------------
| |
| |
| |
| |------------------------------|
| | M-1 |
| |------------------------------|
| | M-2 |
| |------------------------------|
| A | B-1 |
| |------------------------------|
| | B-2 |
|--------------------------------|------------------------------|
Available Distribution Amount................ The "Available Distribution Amount" for a Distribution Date generally will
include (1)(a) Monthly Payments of principal and interest due on the
Assets during the related Collection Period, to the extent such payments
were actually collected from the Obligors or advanced by the Servicer and
(b) unscheduled payments received with respect to the Assets during the
related Prepayment Period, including Principal Prepayments, proceeds of
repurchases, Net Liquidation Proceeds and Net Insurance Proceeds, less
(2)(a) Servicing Fees for the related Collection Period, (b) amounts
required to reimburse the Servicer for previously unreimbursed Advances in
accordance with the Agreement, (c) amounts required to reimburse the
Servicer for certain reimbursable expenses in accordance with the
Agreement and (d) amounts required to reimburse any party for an
overpayment of a Repurchase Price for an Asset in accordance with the
Agreement.
Overcollateralization........................ Excess interest collections will be applied, to the extent available, to
make accelerated payments of principal on the Certificates. The "Target
Overcollateralization Amount" generally shall mean, (i) for any
Distribution Date prior to the Cross-over Date, 4.75% of the Pool
Scheduled Principal Balance as of the Cut-off Date and (ii) for any other
Distribution Date, the lesser of (x) 4.75% of the Pool Scheduled Principal
Balance as of the Cut-off Date and (y) 8.3125% of the Pool Scheduled
Principal Balance for the next succeeding Distribution Date; provided,
however, that in no event shall the Target Overcollateralization Amount be
less than 1.25% of the Pool Scheduled Principal Balance as of the Cut-off
Date. On the Closing Date, the initial overcollateralization amount shall
equal 2.50% of the Pool Scheduled Principal Balance as of the Cut-off
Date.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Certificate Structure Considerations......... The primary credit support for the Class A Certificates is the
subordination of the Subordinated Certificates; for the Class M-1
Certificates is the subordination of the Class M-2, Class B, Class X and
the Class R Certificates; for the Class M-2 Certificates is the
subordination of the Class B, Class X, and Class R Certificates; for the
Class B-1 Certificates is the subordination of the Class B-2, Class X and
the Class R Certificates.
Subordination of the Offered Subordinated
Certificates............................... The rights of the Class M-1 Certificateholders to receive distributions of
principal will be subordinated to such rights of the Class A
Certificateholders to receive distributions of principal and interest.
Interest and interest shortfalls (other than interest on any Writedown
Amounts) on the Class M-1 Certificates will not be subordinated to
principal payments on the Class A Certificates. The rights of the Class
M-2 Certificateholders to receive distributions of principal will be
subordinated to such rights of the Class A and Class M-1
Certificateholders to receive distributions of principal and interest.
Interest and interest shortfalls (other than interest on any Writedown
Amounts) on the Class M-2 Certificates will not be subordinated to
principal payments on the Class A and the Class M-1 Certificates. The
rights of the Class B-1 Certificateholders to receive distributions of
principal similarly will be subordinated to the rights of the Class A and
Class M Certificateholders to receive distributions of principal and
interest. Interest and interest shortfalls (other than interest on any
Writedown Amounts) on the Class B-1 Certificates will not be subordinated
to principal payments on the Class A and Class M Certificates.
Cross-over Date............................. The later to occur of (a) the Distribution Date occurring in December 2003
or (b) the first Distribution Date on which the then-current credit
enhancement for the Class A Certificates is equal to or exceeds 1.75 times
the initial credit enhancement for the Class A Certificates.
Principal Distribution Tests................. The Principal Distribution Tests will be met in respect of a Distribution
Date if (i) the Average Sixty-Day Delinquency Ratio does not exceed 5.00%;
(ii) the Average Thirty-Day Delinquency Ratio does not exceed 7.00%; (iii)
the Cumulative Realized Losses do not exceed a certain specified
percentage of the Cut-off Date Pool Balance, depending on the year in
which such Distribution Date occurs (set forth in the Agreement); and (iv)
the Current Realized Loss Ratio does not exceed 2.75%.
Realized Losses on Liquidated Assets......... The Principal Distribution Amount for any Distribution Date is intended to
include the Scheduled Principal Balance of each Asset that became a
Liquidated Asset during the preceding calendar month. A Realized Loss will
be incurred on a Liquidated Asset in the amount, if any, by which the Net
Liquidation Proceeds from such Liquidated Asset are less than the Unpaid
Principal Balance of such Liquidated Asset, plus accrued and unpaid
interest thereon (to the extent not covered by Servicing Advances, if any,
with respect to such Liquidated Asset), plus amounts reimbursable to the
Servicer for previously unreimbursed Servicing Advances. The amount of the
Realized Loss, if any, in excess of the sum of (1) the amount of interest
collected on the nondefaulted Assets in excess of certain Interest
Distribution Amounts and Carryover Interest Distribution Amounts required
to be distributed on the Class A, Class M and Class B Certificates and any
portion of such interest required to be paid to the servicer as servicing
compensation ("Excess Interest") and (2) the Current Overcollateralization
Amount will be allocated to the Subordinated Certificates as a Writedown
Amount in reduction of their respective Certificate Principal Balances as
described below.
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Allocation of Writedown Amounts.............. The "Writedown Amount" for any Distribution Date will be the amount, if
any, by which the aggregate Certificate Principal Balance of all
Certificates, after taking into account all distributions to be made on
such Distribution Date, exceeds the Pool Scheduled Principal Balance of
the Assets for the next Distribution Date. The Writedown Amount will be
allocated among the Classes of Subordinated Certificates in the following
order of priority:
(1) first, to the Class B-2 Certificates, to be applied in reduction of
the Adjusted Certificate Principal Balance of such Class until it has
been reduced to zero;
(2) second, to the Class B-1 Certificates, to be applied in reduction of
the Adjusted Certificate Principal Balance of such Class until it has
been reduced to zero;
(3) third, to the Class M-2 Certificates, to be applied in reduction of
the Adjusted Certificate Principal Balance of such Class until it has
been reduced to zero; and
(4) fourth, to the Class M-1 Certificates, to be applied in reduction of
the Adjusted Certificate Principal Balance of such Class until it has
been reduced to zero.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Advances..................................... For each Distribution Date, the Servicer will be obligated to make an
advance (a "P&I Advance") in respect of any delinquent Monthly Payment on
any Asset that was due during the related Collection Period that will, in
the Servicer's judgment, be recoverable from late payments on or
Liquidation Proceeds from such Asset. The Servicer will also be obligated
to make Advances ("Servicing Advances" and, together with P&I Advances,
"Advances") in respect of Liquidation Expenses and certain taxes and
insurance premiums not paid by an Obligor on a timely basis, to the extent
the Servicer deems such Servicing Advances recoverable out of Liquidation
Proceeds from the related Asset or from collections on the related Asset.
P&I Advances and Servicing Advances are reimbursable to the Servicer under
certain circumstances.
Final Scheduled Distribution Date............ The Final Scheduled Distribution Date for each Class of the Offered
Certificates will be the January 2029 Distribution Date. The Final
Scheduled Distribution Date has been determined by adding three months to
the maturity date of the Asset with the latest stated maturity.
Optional Termination......................... Either the Servicer or the holders of a majority in interest of the Class
R Certificates (the "Residual Majority"), at their respective options and
subject to the limitations imposed by the Agreement, will have the option
to purchase from the Trust Estate all Assets then outstanding and all
other property in the Trust Estate on any Distribution Date occurring on
or after the Distribution Date on which the sum of the Certificate
Principal Balance of the Certificates is less than or equal to 10% of the
sum of the original Certificate Principal Balance of the Certificates.
Auction Sale................................. If neither the Servicer nor the Residual Majority exercises its optional
termination right within 90 days after it first becomes eligible to do so,
the Trustee shall solicit bids for the purchase of all Assets then
outstanding and all other property in the Trust Estate. In the event that
satisfactory bids are received, the sale proceeds will be distributed to
Certificateholders.
The Assets................................... The Trust will consist of (1) manufactured housing installment sales
contracts (collectively, the "Contracts") secured by security interests in
manufactured homes, and (2) mortgage loans secured by first liens on the
real estate on which the related Manufactured Homes are deemed permanently
affixed (the "Mortgage Loans" and collectively with the Contracts, the
"Assets"). The Asset Pool consists of 5,167 Contracts having an aggregate
Scheduled Principal Balance as of the Cut-off Date of $189,552,960.29.
Approximately 3.70% of the Asset Pool is comprised of Assets that are
Mortgage Loans.
As of the Cut-off Date, the Assets were secured by Manufactured Homes or
Mortgage Properties located in 26 states, and approximately 25.95%,
11.03%, 9.60%, 8.72%, 6.34%, 5.91% and 5.62% of the Assets were secured by
Manufactured Homes located in Texas, South Carolina, Georgia, Alabama,
Mississippi, Arkansas and North Carolina, respectively (based on property
addresses of the Obligors on the Assets as of the Cut-off Date). Monthly
Payments of principal and interest on the Assets will be due on various
days throughout each Collection Period (each a "Due Date"). The annual
percentage rates on the Assets ranged from 6.50% to 15.00%, with a
weighted average of approximately 9.91%, as of the Cut-off Date. The
Assets had remaining terms to stated maturity as of the Cut-off Date of at
least 57 months but not more than 360 months and original terms to stated
maturity of at least 60 months but not more than 360 months. As of the
Cut-off Date, the Assets had a weighted average original term to stated
maturity of approximately 323 months, and a weighted average remaining
terms to stated maturity of approximately 321 months. As of the Cut-off
Date, no fewer than 93.28% of the Assets were secured by Manufactured
Homes which were new at the time the related Assets were originated. As of
the Cut-off Date, no more than 6.72% of the Assets were secured by
Manufactured Homes which were used at the time the related Assets were
originated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Certain Federal Income Tax
Consequences............................... For federal income tax purposes, the Trust Estate will be treated as one
or more real estate mortgage investment conduits ("REMIC"). The Class A,
Class M, Class B and Class X Certificates will constitute "regular
interests" in a REMIC for federal income tax purposes. The Class R
Certificates will be treated as the sole class of "residual interests" in
a REMIC for federal income tax purposes.
ERISA Considerations......................... Fiduciaries of employee benefit plans and certain other retirement plans
and arrangements, including individual retirement accounts and annuities,
Keogh plans, and collective investment funds in which such plans,
accounts, annuities or arrangements are invested, that are subject to the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
corresponding provisions of the Code (any of the foregoing, a "Plan"),
persons acting on behalf of a Plan, or persons using the assets of a Plan
("Plan Investors") should consult with their own counsel to determine
whether the purchase or holding of the Offered Certificates could give
rise to a transaction that is prohibited either under ERISA or the Code.
Because the Offered Subordinated Certificates are subordinated securities,
they will not satisfy the requirements of certain prohibited transaction
exemptions and therefore may be purchased only by persons who either are
not Plan Investors or certain insurance companies using the assets of
their general account.
Legal Investment Considerations.............. The Class A and Class M-1 Certificates will constitute "mortgage related
securities" for purposes of the Secondary Mortgage Market Enhancement Act
of 1984 ("SMMEA").
The Class M-2 and Class B Certificates are not "mortgage related
securities" for purposes of SMMEA because such Certificates are not rated
in one of the two highest rating categories by a nationally recognized
rating agency.
Ratings...................................... It is a condition to the issuance of the Certificates that they be
rated as follow:
<CAPTION>
S&P Fitch
--- -----
<S> <C> <C>
Class A................................. AAA AAA
Class M-1............................... AA- AA
Class M-2............................... A A
Class B-1............................... BBB BBB
</TABLE>
<PAGE>
Whenever reference is made herein to a percentage of the Asset Pool by
Scheduled Principal Balance, the percentage is calculated based on the Scheduled
Principal Balances ("SPB") of the Assets as of the Cut-off Date. In addition,
numbers in any columns in the tables below may not sum exactly to the total
number at the bottom of the column due to rounding.
<TABLE>
<CAPTION>
Geographical Distribution of Manufactured Homes(1)
Number of Percentage of
Geographic Location Assets Aggregate SPB Asset Pool by SPB
- ------------------- ------ ------------- -----------------
<S> <C> <C> <C>
Alabama.................... 458 $ 16,533,840 8.72%
Arizona.................... 86 2,910,001 1.54
Arkansas................... 342 11,201,370 5.91
California................. 12 480,813 0.25
Colorado................... 18 658,557 0.35
Florida.................... 364 15,116,832 7.98
Georgia.................... 481 18,192,973 9.60
Illinois................... 5 224,119 0.12
Indiana.................... 1 32,907 0.02
Iowa....................... 3 116,749 0.06
Kansas..................... 2 78,851 0.04
Kentucky................... 64 1,962,737 1.04
Louisiana.................. 197 6,444,564 3.40
Michigan................... 17 629,392 0.33
Mississippi................ 337 12,013,647 6.34
Missouri................... 106 3,564,855 1.88
New Mexico................. 161 6,175,354 3.26
North Carolina............. 296 10,648,951 5.62
Oklahoma................... 88 3,429,097 1.81
Pennsylvania............... 3 110,649 0.06
South Carolina............. 553 20,910,125 11.03
Tennessee.................. 222 7,578,620 4.00
Texas...................... 1,310 49,192,774 25.95
Virginia................... 29 927,001 0.49
West Virginia.............. 5 122,880 0.06
Wyoming.................... 7 295,302 0.16
----- ----------- ------
Total................... 5,167 $189,552,960 100.00%
</TABLE>
(1) Based on the mailing address of the Obligor on the related Asset as of the
Cut-off Date.
<PAGE>
Year of Origination of Assets (1)
<TABLE>
<CAPTION>
Number of Percentage of
Year of Origination Assets Aggregate SPB Asset Pool by SPB
- ------------------- ------ ------------- -----------------
<S> <C> <C> <C> <C>
1997..................... 21 $ 593,845 0.31%
1998..................... 5,146 188,959,115 99.69
----- ----------- -----
Total............... 5,167 $189,552,960 100.00%
</TABLE>
(1) The weighted average seasoning of the Assets was approximately 2 months as
of the Cut-off Date.
Distribution of Original Asset Amounts(1)
<TABLE>
<CAPTION>
Original Asset Amount Number of Percentage of
Assets Aggregate SPB Asset Pool by SPB
------ ------------- -----------------
<S> <C> <C> <C>
$ 5,000 - $ 9,999........ 5 $ 45,556 0.02%
$ 10,000 - $ 14,999.......... 172 2,127,544 1.12
$ 15,000 - $ 19,999.......... 223 3,927,868 2.07
$ 20,000 - $ 24,999.......... 421 9,655,126 5.09
$ 25,000 - $ 29,999.......... 799 22,010,130 11.61
$ 30,000 - $ 34,999.......... 1,071 34,797,158 18.36
$ 35,000 - $ 39,999.......... 704 26,217,725 13.83
$ 40,000 - $ 44,999.......... 572 24,299,117 12.82
$ 45,000 - $ 49,999.......... 407 19,211,265 10.14
$ 50,000 - $ 54,999.......... 289 15,096,395 7.96
$ 55,000 - $ 59,999.......... 190 10,887,330 5.74
$ 60,000 - $ 64,999.......... 151 9,363,790 4.94
$ 65,000 - $ 69,999.......... 77 5,187,479 2.74
$ 70,000 - $ 74,999.......... 41 2,965,462 1.56
$ 75,000 - $ 79,999.......... 19 1,463,045 0.77
$ 80,000 - $ 84,999.......... 12 985,494 0.52
$ 85,000 - $ 89,999.......... 6 520,330 0.27
$ 90,000 - $ 94,999.......... 2 186,718 0.10
$ 95,000 - $ 99,999.......... 2 193,071 0.10
$100,000 or more............... 4 412,359 0.22
----- ------------ ------
Total..................... 5,167 $189,552,960 100.00%
</TABLE>
(1) The highest original Asset amount was $109,040, which represents 0.06% of
the aggregate principal balance of the Assets at origination. The average
original principal amount of the Assets was approximately $36,758 as of the
Cut-off Date.
Asset Rates (1)
<TABLE>
<CAPTION>
Number of Percentage of
Asset Rate Assets Aggregate SPB Asset Pool by SPB
- ---------- ------ ------------- -----------------
<S> <C> <C> <C>
6.000% - 6.999%............ 3 $ 206,974 0.11%
7.000% - 7.999%............ 181 9,777,377 5.16
8.000% - 8.999%........... 905 41,129,737 21.70
9.000% - 9.999%.......... 518 21,932,629 11.57
10.000% - 10.999%.......... 2,081 73,584,664 38.82
11.000% - 11.999%.......... 774 25,077,470 13.23
12.000% - 12.999%.......... 592 15,594,286 8.23
13.000% - 13.999%.......... 110 2,205,454 1.16
14.000% - 14.999%.......... 2 22,023 0.01
15.000% - 15.999%.......... 1 22,347 0.01
----- ------------ ------
Total................. 5,167 $189,552,960 100.00%
===== ============ ======
</TABLE>
(1) The weighted average Asset Rate was approximately 9.91% as of the Cut-off
Date.
<PAGE>
<TABLE>
<CAPTION>
Remaining Terms to Maturity of Assets (In Months) (1)
Remaining to Term Number of Percentage of
to Maturity Assets Aggregate SPB Asset Pool by SPB
- ----------- ------ ------------- -----------------
<S> <C> <C> <C>
1 - 120 months........... 161 $ 2,500,704 1.32%
121 - 156 months........... 40 684,754 0.36
157 - 180 months........... 365 7,989,597 4.22
181 - 240 months........... 1,068 33,156,696 17.49
241 - 300 months........... 463 14,413,184 7.60
301 - 360 months........... 3,070 130,808,026 69.01
----- ----------- -----
Total.................... 5,167 $189,552,960 100.00%
===== ============ ======
</TABLE>
(1) The weighted average remaining term to maturity of the Assets was
approximately 321 months as of the Cut-off Date.
<TABLE>
<CAPTION>
Original Terms to Maturity Assets (In Months) (1)
Original Term Number of Percentage of
to Maturity Assets Aggregate SPB Asset Pool by SPB
- ----------- ------ ------------- -----------------
<S> <C> <C> <C>
1 - 120 months......... 161 $ 2,500,704 1.32%
121 - 156 months........... 40 684,754 0.36
157 - 180 months........... 365 7,989,597 4.22
181 - 216 months........... 3 76,165 0.04
217 - 240 months........... 1,065 33,080,531 17.45
241 - 300 months........... 463 14,413,184 7.60
301 - 360 months........... 3,070 130,808,026 69.01
----- ----------- -----
Total.................... 5,167 $189,552,960 100.00%
===== ============ ======
</TABLE>
(1) The weighted average original term to maturity of the Assets was
approximately 323 months as of the Cut-off Date.
<TABLE>
<CAPTION>
Distribution of Original Loan-to-Value Ratios of Assets(1)
Number of Percentage of
Loan-to Value Ratio(2) Assets Aggregate SPB Asset Pool by SPB
- ---------------------- ------ ------------- -----------------
<S> <C> <C> <C>
50% or less................ 11 $ 279,403 0.15%
51% - 55%.................... 3 46,340 0.02
56% - 60%.................... 8 274,500 0.14
61% - 65%.................... 18 590,532 0.31
66% - 70%.................... 30 1,185,176 0.63
71% - 75%.................... 61 2,321,802 1.22
76% - 80%.................... 259 8,751,998 4.62
81% - 85%.................... 693 24,643,066 13.00
86% - 90%.................... 2,833 103,892,481 54.81
91% - 95%.................... 1,194 47,124,367 24.86
96% - 100%................... 7 443,296 0.23
----- ------------ ------
Total................... 5,167 $189,552,960 100.00%
===== ============ ======
</TABLE>
(1) The weighted average original Loan-to-Value Ratio of the Assets was
approximately 88.59% as of the Cut-off Date. (2) Rounded to nearest 1%.
10
