<PAGE>
<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: January 20, 1999
(Date of earliest event reported)
Commission File No. 333-40113
Bombardier Capital Mortgage Securitization Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
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)
</TABLE>
(802) 654-7200
- --------------------------------------------------------------------------------
Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
<PAGE>
ITEM 5. Other Events
Attached hereto as Exhibit 99.1 are the Computational Materials and
Collateral Terms Sheets (as defined in the no-action letter dated May
21, 1994 issued by the Securities and Exchange Commission to Kidder,
Peabody Acceptance Corporation-I, Kidder, Peabody & Co. Incorporated
and Kidder Structured Asset Corporation) prepared by Prudential
Securities Incorporated in connection with the offering of Bombardier
Capital Mortgage Securitization Corporation Senior/Subordinated
Pass-Through Certificates, Series 1999-A.
-2-
<PAGE>
<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
January 22, 1999
By: /s/ James Dolan
------------------------------
Name: James Dolan
Title: Assistant Treasurer
-3-
<PAGE>
<PAGE>
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description
- ---------- -----------
<S> <C>
99.1 Computational Materials and Collateral Terms Sheets
</TABLE>
-4-
<PAGE>
<PAGE>
Preliminary Marketing Memorandum for
Bombardier Capital Mortgage Securitization Corporation
Senior/Subordinated Pass-Through Certificates, Series 1999-A
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C>
$ [35,000,000] Class A-1 Certificates - [TBD %]
$ [31,000,000] Class A-2 Certificates - [TBD %]
$ [22,000,000] Class A-3 Certificates - [TBD %]
$ [34,000,000] Class A-4 Certificates - [TBD %]
$ [14,375,000] Class A-5 Certificates - [TBD %]
$ [13,503,000] Class M-1 Certificates - [TBD %]
$ [9,002,000] Class M-2 Certificates - [TBD %]
$ [8,552,000] Class B-1 Certificates - [TBD %]
$ [8,102,000] Class B-2 Certificates - [TBD %] ***Not Offered***
</TABLE>
- --------------------------------------------------------------------------------
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Bombardier Capital Mortgage
Securitization Corporation, Series 1999-A transaction, and not by or as agent
for Bombardier Capital Inc. or any of its affiliates ("Bombardier Capital"). The
analysis in this report is accurate to the best of PSI's knowledge and is based
on information provided by Bombardier Capital. PSI makes no representations as
to the accuracy of such information provided to it by Bombardier Capital. All
assumptions and information in this report reflect PSI's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PSI does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PSI (or any of its affiliates) or
their officers, directors, analysts or employees may have positions in
securities, commodities or derivative instruments thereon referred to here, and
may, as principal or agent, buy or sell such securities, commodities or
derivative instruments. In addition, PSI may make a market in the securities
referred to herein. Neither the information nor the assumptions reflected herein
shall be construed to be, or constitute, an offer to sell or buy or a
solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the analysis
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor. The Certificates are being offered pursuant
to a Prospectus which includes a Prospectus Supplement (together, the
"Prospectus"). The information contained herein will be superseded by the final
Prospectus.
<PAGE>
<PAGE>
Bombardier Capital Mortgage Securitization Corporation
Senior/Subordinated Pass-Through Certificates, Series 1999-A
Preliminary Marketing Memo
<TABLE>
<S> <C>
Issuer: BCMSC Trust 1999-A
Depositor: Bombardier Capital Mortgage Securitization Corporation
Offered Certificates: Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class M-1, Class M-2 and
Class B-1 Certificates
Other Certificates: Class B-2, Class X and Class R Certificates are not being offered
Servicer: Bombardier Capital Inc.
Trustee: Harris Trust and Savings Bank
CREDIT ENHANCEMENT
------------------
1) Excess Interest
2) Over-Collateralization
3) Subordination
Excess Interest: Excess interest cashflows will be available as credit enhancement.
Overcollateralization: The credit enhancement provisions of the Trust are intended to provide for the limited
acceleration of the senior Certificates relative to the amortization of the related
collateral, generally in the early months of the transaction. Accelerated amortization
is achieved by applying excess interest collected on the collateral to the payment of
principal on the senior Certificates, resulting in the build up of overcollateralization
("O/C"). By paying down the principal balance of the Certificates faster than the
principal amortization of the collateral, an O/C amount equal to the excess of the
aggregate principal balance of the collateral over the principal balance of the
Certificates is created. Excess cashflow will be directed to build the O/C amount until
the required O/C target is achieved. Upon this event the acceleration feature will
cease, unless it is once again necessary to maintain the required O/C level.
O/C Requirements
----------------
Initial: [2.50%] Target: [4.75%] of original
Stepdown: [8.3125%] of current Floor: [1.25%] of original
These O/C percentages are subject to step-downs beginning in month [61] if the Principal
Distribution Tests are met.
Subordination:
Class A (AAA/Aaa) [24.25%]
Class M-1 (AA-/Aa3) [16.75%]
Class M-2 (A/A2) [11.75%]
Class B-1 (BBB/Baa2) [ 7.00%]
Class B-2 (BB/Ba2) [ 2.50%]
Class Sizes:
Class A (AAA/Aaa) [75.75%]
Class M-1 (AA-/Aa3) [ 7.50%]
Class M-2 (A/A2) [ 5.00%]
Class B-1 (BBB/Baa2) [ 4.75%]
Class B-2 (BB/Ba2) [ 4.50%]
Initial O/C [ 2.50%]
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
Bombardier Capital Mortgage Securitization Corporation
Senior/Subordinated Pass-Through Certificates, Series 1999-A
Preliminary Marketing Memo
<TABLE>
<CAPTION>
Class Class Class Class Class Class Class Class
A-1 A-2 A-3 A-4 A-5 M-1 M-2 B-1
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Ratings: [AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AA-/Aa3 A/A2 BBB/Baa2]
(S&P/Moody's)
Amount($000): [35,000 31,000 22,000 34,000 14,375 13,503 9,002 8,552]
Coupon*: [--------------------------------------TBD-----------------------------------------------------------]
* Note: Subject to the lesser of i) the specified rate per annum, and (ii) the
Weighted Average Net Asset Rate for the related Distribution Date.
Approx. Price: [--------------------------------------TBD-----------------------------------------------------------]
Yield(%): [--------------------------------------TBD-----------------------------------------------------------]
Spread (bps): [--------------------------------------TBD-----------------------------------------------------------]
Avg Life
To Call: [0.979 2.992 4.962 10.053 16.763 11.307 11.307 11.307]
Avg Life
To Mat.: [0.979 2.992 4.962 10.053 19.260 11.915 11.840 11.640]
1st Prin Pymt:
To 10% Call: [02/15/1999 02/15/2001 02/15/2003 05/15/2005 04/15/2014 05/15/2004 05/15/2004 05/15/2004]
Last Prin Pmt
To 10% Call: [02/15/2001 02/15/2003 05/15/2005 04/15/2014 02/15/2016 02/15/2016 02/15/2016 02/15/2016]
Last Prin Pmt
To Mat.: [02/15/2001 02/15/2003 05/15/2005 04/15/2014 02/15/2024 08/15/2022 05/15/2021 10/15/2019]
Stated Mat: [02/15/2010 02/15/2015 01/15/2018 11/15/2025 02/15/2029 02/15/2029 02/15/2029 02/15/2029]
Expected
Settlement: [----------------------------------------[02/02/99] -------------------------------------------------]
Pymt Delay: [-----------------------------------------14 days ---------------------------------------------------]
Interest Pmt [----------------------------------------- 30/360 ---------------------------------------------------]
Basis:
Dated Date: [----------------------------------------[01/01/99]--------------------------------------------------]
Pricing Date: [January [TBD], 1999]
Prepayment Speed: [160% MHP]
Collateral Size: [$180,036,224.65]
Servicing Fee: [1.00%] per annum
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
Bombardier Capital Mortgage Securitization Corporation
Senior/Subordinated Pass-Through Certificates, Series 1999-A
Preliminary Marketing Memo
Cashflow Priority (Pricing Base Case):
AFTER THE CROSS-OVER DATE AND IF THE PRINCIPAL DISTRIBUTION TESTS ARE MET:
1) Servicing fees and repayment of any unreimbursed Advances and reimbursable
expenses to the Servicer;
2) Current interest and any previously unreimbursed interest to Class A
Certificates, on a pro rata basis;
3) Current interest and any previously unreimbursed interest to Class M-1
Certificates;
4) Current interest and any previously unreimbursed interest to Class M-2
Certificates;
5) Current interest and any previously unreimbursed interest to Class B-1
Certificates;
6) Current interest and any previously unreimbursed interest to Class B-2
Certificates;
7) Principal distribution shortfall carryover amount for the Class A
Certificates, if any, on a pro rata basis;
8) Class A percentage of the principal distribution amount to the Class A
Certificates, in sequential order, in reduction of the Certificate
Principal Balance of such Classes, until such Classes are reduced to zero;
9) Writedown interest distribution amount and carryover writedown interest
distribution amount to the Class M-1 Certificates, if any;
10) Principal distribution shortfall carryover amount for the Class M-1
Certificates, if any;
11) Class M-1 percentage of the principal distribution amount to the Class M-1
Certificates;
12) Writedown interest distribution amount and carryover writedown interest
distribution amount to the Class M-2 Certificates, if any;
13) Principal distribution shortfall carryover amount for the Class M-2
Certificates, if any;
14) Class M-2 percentage of the principal distribution amount to the Class M-2
Certificates;
15) Writedown interest distribution amount and carryover writedown interest
distribution amount to the Class B-1 Certificates, if any;
16) Principal distribution shortfall carryover amount for the Class B-1
Certificates, if any;
17) Class B-1 percentage of the principal distribution amount to the Class B-1
Certificates;
18) Writedown interest distribution amount and carryover writedown interest
distribution amount to the Class B-2 Certificates, if any;
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
Bombardier Capital Mortgage Securitization Corporation
Senior/Subordinated Pass-Through Certificates, Series 1999-A
Preliminary Marketing Memo
Cashflow Priority (Pricing Base Case):
19) Principal distribution shortfall carryover amount for the Class B-2
Certificates, if any;
20) Class B-2 percentage of the principal distribution amount to the Class B-2
Certificates, subject to the Class B-2 Floor Amount of [0.75%] of the
collateral balance as of the Cut-off Date (such reduction to be distributed
to the next more senior Certificate class);
21) To the Class A Certificates, sequentially, the accelerated principal
distribution amount for such distribution date;
22) To the Class X Certificates, in the following sequential order: (i) the
current Class X strip amount, and (ii) any Class X strip amounts from
previous distribution dates remaining unpaid; and
23) Any remainder to the Class R Certificates.
--------------------------------------------------
| |
| Class A Certificates |
| (A-1 through A-5, sequentially) |
|------------------------------------------------|
|///////////////////| Class M-1 |
|///////////////////|--------------------------- |
|///////////////////| Class M-2 |
|///////////////////|--------------------------- |
|///////////////////| Class B-1 |
|///////////////////|--------------------------- |
|///////////////////| Class B-2 |
--------------------------------------------------
5 yrs
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
Bombardier Capital Mortgage Securitization Corporation
Senior/Subordinated Pass-Through Certificates, Series 1999-A
Preliminary Marketing Memo
Cashflow Priority:
PRIOR TO THE CROSS-OVER DATE OR IF THE PRINCIPAL DISTRIBUTION
TESTS ARE NOT MET:
1) Servicing fees and repayment of any unreimbursed Advances and reimbursable
expenses to the Servicer;
2) Current interest and any previously unreimbursed interest to Class A
Certificates, on a pro rata basis;
3) Current interest and any previously unreimbursed interest to Class M-1
Certificates;
4) Current interest and any previously unreimbursed interest to Class M-2
Certificates;
5) Current interest and any previously unreimbursed interest to Class B-1
Certificates;
6) Current interest and any previously unreimbursed interest to Class B-2
Certificates;
7) Principal distribution shortfall carryover amount for the Class A
Certificates, if any, on a pro rata basis;
8) 100% of principal payments to the Class A Certificates, in sequential
order, until such classes are reduced to zero (provided, however, an any
Distribution Date on which the current collateral balance is less than the
current aggregate principal balance of the Class A Certificates, such
amounts will be allocated pro rata among the Class A Certificates);
9) Writedown interest distribution amount and carryover writedown interest
distribution amount to the Class M-1 Certificates, if any;
10) Principal distribution shortfall carryover amount to the Class M-1
Certificates, if any;
11) 100% of principal payments to the Class M-1 Certificates, until reduced to
zero;
12) Writedown interest distribution amount and carryover writedown interest
distribution amount to the Class M-2 Certificates, if any;
13) Principal distribution shortfall carryover amount to the Class M-2
Certificates, if any;
14) 100% of principal payments to the Class M-2 Certificates, until reduced to
zero;
15) Writedown interest distribution amount and carryover writedown interest
distribution amount to the Class B-1 Certificates, if any;
16) Principal distribution shortfall carryover amount to the Class B-1
Certificates, if any;
17) 100% of principal payments to the Class B-1 Certificates, until reduced to
zero;
18) Writedown interest distribution amount and carryover writedown interest
distribution amount to the Class B-2 Certificates, if any;
19) Principal distribution shortfall carryover amount to the Class B-2
Certificates;
20) 100% of principal payments to the Class B-2 Certificates, until reduced to
zero;
21) To the Class A Certificates, sequentially, the accelerated principal
distribution amount for such distribution date;
22) To the Class X Certificates, in the following sequential order: (i) the
current Class X strip amount, and (ii) any Class X strip amounts from
previous distribution dates remaining unpaid; and
23) Any remainder to the Class R Certificates.
-------------------------------------------------------------------------
| | | | | | | | | |
| | | | | | | | | |
| A-1 | A-2 | A-3 | A-4 | A-5 | M-1 | M-2 | B-1 | B-2 |
| | | | | | | | | |
-------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
Bombardier Capital Mortgage Securitization Corporation
Senior/Subordinated Pass-Through Certificates, Series 1999-A
Preliminary Marketing Memo
THE CROSS-OVER DATE WILL BE THE LATER TO OCCUR OF:
1) the Distribution Date occurring in February 2004; or
2) the first Distribution Date when the current principal balance of the
Class M-1, Class M-2, Class B-1 and Class B-2 Certificates (after
write-downs, if any) plus the current O/C amount divided by the
current collateral balance equals or exceeds [1.90] times the
principal balance of the Class M-1, Class M-2, Class B-1 and Class B-2
Certificates plus the O/C amount as of the Closing Date divided by the
collateral balance as of the Cut-off Date.
THE PRINCIPAL DISTRIBUTION TESTS ARE MET IF:
1) Cumulative Realized Losses do not exceed [7%] in months 61 to 72, [8%]
in months 73 to 84, and [9%] thereafter;
2) Current Realized Loss Ratio does not exceed [2.75%];
3) Average Sixty-Day Delinquency Ratio does not exceed [5%]; and
4) Average Thirty-Day Delinquency Ratio does not exceed [7%].
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Optional Termination: The Servicer and the holders of a majority interest in
the Class R Certificates each have the option to
purchase all of the trust assets at any time after the
aggregate of unpaid principal balance of all
Certificates is reduced to less than or equal to 10% of
Cut-off Date principal balance.
Auction Sale: If neither the servicer nor the holders of a majority
interest of the Class R Certificates exercises its
optional termination rights within 90 days after it
first becomes permitted to do so, the Trustee will
solicit bids on the assets remaining in the trust. The
Trustee will only accept a bid if it is at least as
great as the remaining principal balance on all
certificates plus any unpaid interest and expenses.
Payment Date: The 15th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning in February 1999.
Interest Accrual: Interest will accrue from the 1st day of the preceding
month until the 30th day. Interest is calculated using
a 30/360 day count.
ERISA Considerations: The Class A Certificates [will] be ERISA eligible. All
other Certificate classes are not ERISA eligible.
However, investors should consult with their counsel
with respect to the consequences under ERISA and the
Code of the Plan's acquisition and ownership of such
Certificates.
SMMEA Considerations: The Class A and Class M-1 Certificates [will]
constitute "mortgage related securities" under the
Secondary Mortgage Market Enhancement Act of 1984
"SMMEA".
Taxation: REMIC.
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus") Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consumated unless the purchaser has received the
Prospectus.
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $35,000,000.00 DATED DATE: 01/01/99
COUPON: 5.875% bcms99a FIRST PAYMENT: 02/15/99
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $35,000,000.00 BOND A-1 BE-YIELD TABLE YIELD TABLE DATE: 02/02/99
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
160.0% 100.00% 120.00% 140.00% 180.00% 200.00% 220.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 5.971 5.964 5.966 5.968 5.973 5.975 5.977
99-24+ 5.953 5.952 5.952 5.953 5.954 5.955 5.955
99-25 5.936 5.939 5.938 5.937 5.935 5.935 5.934
99-25+ 5.919 5.927 5.925 5.922 5.917 5.914 5.912
99-26 5.902 5.915 5.911 5.906 5.898 5.894 5.890
99-26+ 5.885 5.902 5.897 5.891 5.880 5.874 5.869
99-27 5.868 5.890 5.883 5.875 5.861 5.854 5.847
99-27+ 5.851 5.878 5.869 5.860 5.843 5.834 5.826
99-28 5.834 5.866 5.855 5.845 5.824 5.814 5.804
99-28+ 5.817 5.853 5.841 5.829 5.806 5.794 5.783
99-29 5.800 5.841 5.827 5.814 5.787 5.774 5.761
99-29+ 5.783 5.829 5.813 5.798 5.769 5.754 5.740
99-30 5.766 5.816 5.799 5.783 5.750 5.734 5.718
99-30+ 5.749 5.804 5.785 5.767 5.732 5.714 5.697
99-31 5.732 5.792 5.771 5.752 5.713 5.694 5.675
99-31+ 5.715 5.779 5.758 5.736 5.695 5.674 5.654
100-00 5.698 5.767 5.744 5.721 5.676 5.654 5.633
100-00+ 5.681 5.755 5.730 5.705 5.658 5.634 5.611
100-01 5.665 5.743 5.716 5.690 5.639 5.615 5.590
100-01+ 5.648 5.730 5.702 5.675 5.621 5.595 5.568
100-02 5.631 5.718 5.688 5.659 5.602 5.575 5.547
100-02+ 5.614 5.706 5.674 5.644 5.584 5.555 5.525
100-03 5.597 5.693 5.660 5.628 5.566 5.535 5.504
100-03+ 5.580 5.681 5.647 5.613 5.547 5.515 5.482
100-04 5.563 5.669 5.633 5.597 5.529 5.495 5.461
100-04+ 5.546 5.657 5.619 5.582 5.510 5.475 5.440
100-05 5.529 5.644 5.605 5.567 5.492 5.455 5.418
100-05+ 5.512 5.632 5.591 5.551 5.473 5.435 5.397
100-06 5.495 5.620 5.577 5.536 5.455 5.415 5.376
100-06+ 5.478 5.608 5.564 5.521 5.437 5.395 5.354
100-07 5.461 5.595 5.550 5.505 5.418 5.376 5.333
100-07+ 5.445 5.583 5.536 5.490 5.400 5.356 5.311
First Payment 0.036 0.036 0.036 0.036 0.036 0.036 0.036
Average Life 0.979 1.374 1.207 1.080 0.896 0.827 0.767
Last Payment 2.036 2.869 2.536 2.203 1.869 1.703 1.536
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $31,000,000.00 DATED DATE: 01/01/99
COUPON: 5.860% bcms99a FIRST PAYMENT: 02/15/99
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $31,000,000.00 BOND A-2 BE-YIELD TABLE YIELD TABLE DATE: 02/02/99
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
160.0% 100.00% 120.00% 140.00% 180.00% 200.00% 220.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 5.940 5.938 5.939 5.939 5.941 5.942 5.942
99-24+ 5.934 5.934 5.934 5.934 5.935 5.935 5.935
99-25 5.928 5.929 5.929 5.929 5.928 5.928 5.928
99-25+ 5.923 5.925 5.924 5.923 5.922 5.921 5.920
99-26 5.917 5.921 5.920 5.918 5.915 5.914 5.913
99-26+ 5.911 5.917 5.915 5.913 5.909 5.907 5.905
99-27 5.905 5.913 5.910 5.908 5.903 5.900 5.898
99-27+ 5.899 5.908 5.905 5.902 5.896 5.893 5.890
99-28 5.893 5.904 5.901 5.897 5.890 5.886 5.883
99-28+ 5.887 5.900 5.896 5.892 5.883 5.879 5.875
99-29 5.882 5.896 5.891 5.886 5.877 5.872 5.868
99-29+ 5.876 5.892 5.886 5.881 5.871 5.865 5.860
99-30 5.870 5.887 5.881 5.876 5.864 5.859 5.853
99-30+ 5.864 5.883 5.877 5.870 5.858 5.852 5.846
99-31 5.858 5.879 5.872 5.865 5.851 5.845 5.838
99-31+ 5.852 5.875 5.867 5.860 5.845 5.838 5.831
100-00 5.846 5.870 5.862 5.854 5.839 5.831 5.823
100-00+ 5.841 5.866 5.858 5.849 5.832 5.824 5.816
100-01 5.835 5.862 5.853 5.844 5.826 5.817 5.808
100-01+ 5.829 5.858 5.848 5.839 5.820 5.810 5.801
100-02 5.823 5.854 5.843 5.833 5.813 5.803 5.794
100-02+ 5.817 5.849 5.839 5.828 5.807 5.796 5.786
100-03 5.811 5.845 5.834 5.823 5.800 5.789 5.779
100-03+ 5.806 5.841 5.829 5.817 5.794 5.783 5.771
100-04 5.800 5.837 5.824 5.812 5.788 5.776 5.764
100-04+ 5.794 5.833 5.820 5.807 5.781 5.769 5.756
100-05 5.788 5.828 5.815 5.801 5.775 5.762 5.749
100-05+ 5.782 5.824 5.810 5.796 5.769 5.755 5.742
100-06 5.776 5.820 5.805 5.791 5.762 5.748 5.734
100-06+ 5.771 5.816 5.801 5.786 5.756 5.741 5.727
100-07 5.765 5.812 5.796 5.780 5.749 5.734 5.719
100-07+ 5.759 5.807 5.791 5.775 5.743 5.727 5.712
First Payment 2.036 2.869 2.536 2.203 1.869 1.703 1.536
Average Life 2.992 4.323 3.762 3.331 2.719 2.494 2.306
Last Payment 4.036 5.869 5.119 4.536 3.703 3.369 3.119
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $22,000,000.00 DATED DATE: 01/01/99
COUPON: 6.105% bcms99a FIRST PAYMENT: 02/15/99
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $22,000,000.00 BOND A-3 BE-YIELD TABLE YIELD TABLE DATE: 02/02/99
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
160.0% 100.00% 120.00% 140.00% 180.00% 200.00% 220.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.186 6.185 6.186 6.186 6.186 6.187 6.187
99-24+ 6.182 6.183 6.183 6.182 6.182 6.182 6.182
99-25 6.179 6.180 6.179 6.179 6.178 6.178 6.177
99-25+ 6.175 6.177 6.176 6.176 6.174 6.173 6.172
99-26 6.171 6.174 6.173 6.172 6.170 6.169 6.168
99-26+ 6.167 6.171 6.170 6.169 6.166 6.164 6.163
99-27 6.164 6.169 6.167 6.165 6.162 6.160 6.158
99-27+ 6.160 6.166 6.164 6.162 6.158 6.155 6.153
99-28 6.156 6.163 6.161 6.158 6.153 6.151 6.148
99-28+ 6.152 6.160 6.158 6.155 6.149 6.146 6.144
99-29 6.149 6.158 6.155 6.152 6.145 6.142 6.139
99-29+ 6.145 6.155 6.152 6.148 6.141 6.137 6.134
99-30 6.141 6.152 6.148 6.145 6.137 6.133 6.129
99-30+ 6.137 6.149 6.145 6.141 6.133 6.128 6.124
99-31 6.134 6.147 6.142 6.138 6.129 6.124 6.120
99-31+ 6.130 6.144 6.139 6.135 6.125 6.120 6.115
100-00 6.126 6.141 6.136 6.131 6.120 6.115 6.110
100-00+ 6.122 6.138 6.133 6.128 6.116 6.111 6.105
100-01 6.119 6.135 6.130 6.124 6.112 6.106 6.100
100-01+ 6.115 6.133 6.127 6.121 6.108 6.102 6.095
100-02 6.111 6.130 6.124 6.117 6.104 6.097 6.091
100-02+ 6.107 6.127 6.121 6.114 6.100 6.093 6.086
100-03 6.104 6.124 6.118 6.111 6.096 6.088 6.081
100-03+ 6.100 6.122 6.115 6.107 6.092 6.084 6.076
100-04 6.096 6.119 6.111 6.104 6.088 6.079 6.071
100-04+ 6.092 6.116 6.108 6.100 6.083 6.075 6.067
100-05 6.089 6.113 6.105 6.097 6.079 6.070 6.062
100-05+ 6.085 6.111 6.102 6.094 6.075 6.066 6.057
100-06 6.081 6.108 6.099 6.090 6.071 6.061 6.052
100-06+ 6.077 6.105 6.096 6.087 6.067 6.057 6.047
100-07 6.074 6.102 6.093 6.083 6.063 6.053 6.043
100-07+ 6.070 6.100 6.090 6.080 6.059 6.048 6.038
First Payment 4.036 5.869 5.119 4.536 3.703 3.369 3.119
Average Life 4.962 7.164 6.252 5.539 4.450 4.048 3.727
Last Payment 6.286 9.036 7.869 7.036 5.536 4.786 4.369
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $34,000,000.00 DATED DATE: 01/01/99
COUPON: 6.560% bcms99a FIRST PAYMENT: 02/15/99
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $34,000,000.00 BOND A-4 BE-YIELD TABLE YIELD TABLE DATE: 02/02/99
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
160.0% 100.00% 120.00% 140.00% 180.00% 200.00% 220.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.650 6.650 6.650 6.650 6.649 6.649 6.649
99-24+ 6.647 6.648 6.648 6.648 6.647 6.647 6.646
99-25 6.645 6.646 6.646 6.645 6.645 6.644 6.643
99-25+ 6.643 6.644 6.644 6.643 6.642 6.641 6.640
99-26 6.641 6.642 6.642 6.641 6.640 6.639 6.638
99-26+ 6.638 6.641 6.640 6.639 6.637 6.636 6.635
99-27 6.636 6.639 6.638 6.637 6.635 6.633 6.632
99-27+ 6.634 6.637 6.636 6.635 6.633 6.631 6.629
99-28 6.632 6.635 6.634 6.633 6.630 6.628 6.626
99-28+ 6.630 6.633 6.632 6.631 6.628 6.626 6.623
99-29 6.627 6.632 6.630 6.629 6.625 6.623 6.620
99-29+ 6.625 6.630 6.628 6.627 6.623 6.620 6.617
99-30 6.623 6.628 6.626 6.625 6.621 6.618 6.614
99-30+ 6.621 6.626 6.625 6.623 6.618 6.615 6.611
99-31 6.619 6.624 6.623 6.621 6.616 6.612 6.608
99-31+ 6.616 6.623 6.621 6.619 6.613 6.610 6.605
100-00 6.614 6.621 6.619 6.617 6.611 6.607 6.602
100-00+ 6.612 6.619 6.617 6.614 6.609 6.604 6.600
100-01 6.610 6.617 6.615 6.612 6.606 6.602 6.597
100-01+ 6.607 6.616 6.613 6.610 6.604 6.599 6.594
100-02 6.605 6.614 6.611 6.608 6.602 6.596 6.591
100-02+ 6.603 6.612 6.609 6.606 6.599 6.594 6.588
100-03 6.601 6.610 6.607 6.604 6.597 6.591 6.585
100-03+ 6.599 6.608 6.605 6.602 6.594 6.589 6.582
100-04 6.596 6.607 6.603 6.600 6.592 6.586 6.579
100-04+ 6.594 6.605 6.601 6.598 6.590 6.583 6.576
100-05 6.592 6.603 6.600 6.596 6.587 6.581 6.573
100-05+ 6.590 6.601 6.598 6.594 6.585 6.578 6.570
100-06 6.588 6.599 6.596 6.592 6.582 6.575 6.568
100-06+ 6.585 6.598 6.594 6.590 6.580 6.573 6.565
100-07 6.583 6.596 6.592 6.588 6.578 6.570 6.562
100-07+ 6.581 6.594 6.590 6.586 6.575 6.567 6.559
First Payment 6.286 9.036 7.869 7.036 5.536 4.786 4.369
Average Life 10.053 13.702 12.294 11.094 8.993 7.889 6.937
Last Payment 15.203 19.369 17.953 16.536 13.869 12.453 11.203
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $14,375,000.00 DATED DATE: 01/01/99
COUPON: 6.785% bcms99a FIRST PAYMENT: 02/15/99
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $14,375,000.00 BOND A-5 BE-YIELD TABLE YIELD TABLE DATE: 02/02/99
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
160.0% 100.00% 120.00% 140.00% 180.00% 200.00% 220.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.880 6.880 6.880 6.880 6.880 6.880 6.880
99-24+ 6.879 6.879 6.879 6.879 6.878 6.878 6.878
99-25 6.877 6.877 6.877 6.877 6.877 6.877 6.876
99-25+ 6.875 6.876 6.876 6.876 6.875 6.875 6.874
99-26 6.874 6.875 6.874 6.874 6.873 6.873 6.873
99-26+ 6.872 6.873 6.873 6.873 6.872 6.871 6.871
99-27 6.871 6.872 6.871 6.871 6.870 6.869 6.869
99-27+ 6.869 6.870 6.870 6.869 6.868 6.868 6.867
99-28 6.867 6.869 6.868 6.868 6.867 6.866 6.865
99-28+ 6.866 6.867 6.867 6.866 6.865 6.864 6.863
99-29 6.864 6.866 6.865 6.865 6.863 6.862 6.861
99-29+ 6.863 6.865 6.864 6.863 6.862 6.861 6.860
99-30 6.861 6.863 6.862 6.862 6.860 6.859 6.858
99-30+ 6.859 6.862 6.861 6.860 6.858 6.857 6.856
99-31 6.858 6.860 6.859 6.859 6.857 6.855 6.854
99-31+ 6.856 6.859 6.858 6.857 6.855 6.854 6.852
100-00 6.854 6.857 6.856 6.856 6.853 6.852 6.850
100-00+ 6.853 6.856 6.855 6.854 6.852 6.850 6.849
100-01 6.851 6.855 6.853 6.852 6.850 6.848 6.847
100-01+ 6.850 6.853 6.852 6.851 6.848 6.847 6.845
100-02 6.848 6.852 6.850 6.849 6.847 6.845 6.843
100-02+ 6.846 6.850 6.849 6.848 6.845 6.843 6.841
100-03 6.845 6.849 6.848 6.846 6.843 6.841 6.839
100-03+ 6.843 6.847 6.846 6.845 6.842 6.840 6.838
100-04 6.842 6.846 6.845 6.843 6.840 6.838 6.836
100-04+ 6.840 6.845 6.843 6.842 6.838 6.836 6.834
100-05 6.838 6.843 6.842 6.840 6.837 6.834 6.832
100-05+ 6.837 6.842 6.840 6.839 6.835 6.833 6.830
100-06 6.835 6.840 6.839 6.837 6.833 6.831 6.828
100-06+ 6.834 6.839 6.837 6.836 6.832 6.829 6.827
100-07 6.832 6.837 6.836 6.834 6.830 6.827 6.825
100-07+ 6.830 6.836 6.834 6.833 6.828 6.826 6.823
First Payment 15.203 19.369 17.953 16.536 13.869 12.453 11.203
Average Life 16.763 21.050 19.378 18.096 15.481 14.303 13.195
Last Payment 17.036 21.369 19.619 18.369 15.786 14.703 13.703
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $13,503,000.00 DATED DATE: 01/01/99
COUPON: 6.850% bcms99a FIRST PAYMENT: 02/15/99
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $13,503,000.00 BOND M-1 BE-YIELD TABLE YIELD TABLE DATE: 02/02/99
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
160.0% 100.00% 120.00% 140.00% 180.00% 200.00% 220.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-23 6.950 6.950 6.950 6.950 6.951 6.951 6.951
99-23+ 6.948 6.948 6.948 6.948 6.948 6.948 6.948
99-24 6.946 6.947 6.946 6.946 6.946 6.946 6.946
99-24+ 6.944 6.945 6.945 6.944 6.944 6.944 6.944
99-25 6.942 6.943 6.943 6.942 6.942 6.942 6.941
99-25+ 6.940 6.941 6.941 6.940 6.940 6.939 6.939
99-26 6.938 6.940 6.939 6.938 6.937 6.937 6.937
99-26+ 6.936 6.938 6.937 6.936 6.935 6.935 6.934
99-27 6.934 6.936 6.935 6.934 6.933 6.932 6.932
99-27+ 6.931 6.934 6.933 6.932 6.931 6.930 6.930
99-28 6.929 6.932 6.931 6.930 6.928 6.928 6.927
99-28+ 6.927 6.931 6.930 6.928 6.926 6.926 6.925
99-29 6.925 6.929 6.928 6.926 6.924 6.923 6.923
99-29+ 6.923 6.927 6.926 6.924 6.922 6.921 6.920
99-30 6.921 6.925 6.924 6.922 6.920 6.919 6.918
99-30+ 6.919 6.924 6.922 6.920 6.917 6.917 6.916
99-31 6.917 6.922 6.920 6.918 6.915 6.914 6.913
99-31+ 6.915 6.920 6.918 6.916 6.913 6.912 6.911
100-00 6.912 6.918 6.916 6.914 6.911 6.910 6.909
100-00+ 6.910 6.917 6.915 6.912 6.909 6.908 6.906
100-01 6.908 6.915 6.913 6.910 6.906 6.905 6.904
100-01+ 6.906 6.913 6.911 6.909 6.904 6.903 6.902
100-02 6.904 6.911 6.909 6.907 6.902 6.901 6.900
100-02+ 6.902 6.909 6.907 6.905 6.900 6.899 6.897
100-03 6.900 6.908 6.905 6.903 6.898 6.896 6.895
100-03+ 6.898 6.906 6.903 6.901 6.895 6.894 6.893
100-04 6.896 6.904 6.901 6.899 6.893 6.892 6.890
100-04+ 6.893 6.902 6.900 6.897 6.891 6.889 6.888
100-05 6.891 6.901 6.898 6.895 6.889 6.887 6.886
100-05+ 6.889 6.899 6.896 6.893 6.887 6.885 6.883
100-06 6.887 6.897 6.894 6.891 6.884 6.883 6.881
100-06+ 6.885 6.895 6.892 6.889 6.882 6.880 6.879
First Payment 5.286 7.536 6.619 5.869 5.036 5.036 5.119
Average Life 11.307 14.926 13.530 12.355 10.568 10.098 9.675
Last Payment 17.036 21.369 19.619 18.369 15.786 14.703 13.703
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $9,002,000.00 DATED DATE: 01/01/99
COUPON: 7.730% bcms99a FIRST PAYMENT: 02/15/99
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $9,002,000.00 BOND M-2 BE-YIELD TABLE YIELD TABLE DATE: 02/02/99
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
160.0% 100.00% 120.00% 140.00% 180.00% 200.00% 220.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.848 7.849 7.849 7.849 7.848 7.848 7.848
99-24+ 7.846 7.848 7.847 7.847 7.846 7.845 7.845
99-25 7.844 7.846 7.845 7.844 7.843 7.843 7.843
99-25+ 7.842 7.844 7.843 7.842 7.841 7.841 7.840
99-26 7.839 7.842 7.841 7.840 7.839 7.838 7.838
99-26+ 7.837 7.840 7.839 7.838 7.836 7.836 7.835
99-27 7.835 7.838 7.837 7.836 7.834 7.834 7.833
99-27+ 7.833 7.836 7.835 7.834 7.832 7.831 7.831
99-28 7.831 7.834 7.833 7.832 7.830 7.829 7.828
99-28+ 7.828 7.832 7.831 7.830 7.827 7.826 7.826
99-29 7.826 7.831 7.829 7.828 7.825 7.824 7.823
99-29+ 7.824 7.829 7.827 7.826 7.823 7.822 7.821
99-30 7.822 7.827 7.825 7.823 7.820 7.819 7.818
99-30+ 7.819 7.825 7.823 7.821 7.818 7.817 7.816
99-31 7.817 7.823 7.821 7.819 7.816 7.815 7.814
99-31+ 7.815 7.821 7.819 7.817 7.813 7.812 7.811
100-00 7.813 7.819 7.817 7.815 7.811 7.810 7.809
100-00+ 7.811 7.817 7.815 7.813 7.809 7.808 7.806
100-01 7.808 7.816 7.813 7.811 7.806 7.805 7.804
100-01+ 7.806 7.814 7.811 7.809 7.804 7.803 7.802
100-02 7.804 7.812 7.809 7.807 7.802 7.800 7.799
100-02+ 7.802 7.810 7.807 7.805 7.800 7.798 7.797
100-03 7.800 7.808 7.805 7.803 7.797 7.796 7.794
100-03+ 7.797 7.806 7.803 7.800 7.795 7.793 7.792
100-04 7.795 7.804 7.801 7.798 7.793 7.791 7.789
100-04+ 7.793 7.803 7.799 7.796 7.790 7.789 7.787
100-05 7.791 7.801 7.797 7.794 7.788 7.786 7.785
100-05+ 7.789 7.799 7.796 7.792 7.786 7.784 7.782
100-06 7.786 7.797 7.794 7.790 7.783 7.782 7.780
100-06+ 7.784 7.795 7.792 7.788 7.781 7.779 7.777
100-07 7.782 7.793 7.790 7.786 7.779 7.777 7.775
100-07+ 7.780 7.791 7.788 7.784 7.777 7.775 7.772
First Payment 5.286 7.536 6.619 5.869 5.036 5.036 5.119
Average Life 11.307 14.926 13.530 12.355 10.568 10.098 9.675
Last Payment 17.036 21.369 19.619 18.369 15.786 14.703 13.703
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $8,552,000.00 DATED DATE: 01/01/99
COUPON: 8.500% bcms99a FIRST PAYMENT: 02/15/99
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $8,552,000.00 BOND B-1 BE-YIELD TABLE YIELD TABLE DATE: 02/02/99
PREPAYMENT SPEED
*********** TO CALL ************
PRICING SPEED
160.0% 100.00% 120.00% 140.00% 180.00% 200.00% 220.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
97-21 8.955 8.911 8.925 8.940 8.967 8.974 8.982
97-21+ 8.953 8.909 8.923 8.937 8.964 8.972 8.979
97-22 8.950 8.907 8.921 8.935 8.962 8.969 8.977
97-22+ 8.948 8.905 8.918 8.933 8.959 8.967 8.974
97-23 8.945 8.903 8.916 8.931 8.957 8.964 8.972
97-23+ 8.943 8.901 8.914 8.928 8.954 8.962 8.969
97-24 8.941 8.899 8.912 8.926 8.952 8.959 8.966
97-24+ 8.938 8.897 8.910 8.924 8.949 8.957 8.964
97-25 8.936 8.895 8.908 8.921 8.947 8.954 8.961
97-25+ 8.933 8.892 8.906 8.919 8.945 8.952 8.959
97-26 8.931 8.890 8.903 8.917 8.942 8.949 8.956
97-26+ 8.929 8.888 8.901 8.915 8.940 8.947 8.953
97-27 8.926 8.886 8.899 8.912 8.937 8.944 8.951
97-27+ 8.924 8.884 8.897 8.910 8.935 8.941 8.948
97-28 8.922 8.882 8.895 8.908 8.932 8.939 8.946
97-28+ 8.919 8.880 8.893 8.906 8.930 8.936 8.943
97-29 8.917 8.878 8.891 8.903 8.927 8.934 8.940
97-29+ 8.914 8.876 8.888 8.901 8.925 8.931 8.938
97-30 8.912 8.874 8.886 8.899 8.922 8.929 8.935
97-30+ 8.910 8.872 8.884 8.897 8.920 8.926 8.933
97-31 8.907 8.870 8.882 8.894 8.917 8.924 8.930
97-31+ 8.905 8.868 8.880 8.892 8.915 8.921 8.927
98-00 8.903 8.866 8.878 8.890 8.912 8.919 8.925
98-00+ 8.900 8.864 8.876 8.888 8.910 8.916 8.922
98-01 8.898 8.862 8.873 8.885 8.907 8.914 8.920
98-01+ 8.895 8.860 8.871 8.883 8.905 8.911 8.917
98-02 8.893 8.858 8.869 8.881 8.903 8.909 8.915
98-02+ 8.891 8.856 8.867 8.879 8.900 8.906 8.912
98-03 8.888 8.854 8.865 8.876 8.898 8.904 8.909
98-03+ 8.886 8.852 8.863 8.874 8.895 8.901 8.907
98-04 8.884 8.850 8.861 8.872 8.893 8.898 8.904
98-04+ 8.881 8.848 8.858 8.870 8.890 8.896 8.902
First Payment 5.286 7.536 6.619 5.869 5.036 5.036 5.119
Average Life 11.307 14.926 13.530 12.355 10.568 10.098 9.675
Last Payment 17.036 21.369 19.619 18.369 15.786 14.703 13.703
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
- --------------------------------------------------------------------------------
- BCMS 1999-A
- Cut Off Date of Tape is 01/01/99
- Fixed-rate MH contracts
- $180,036,224.65
- Mortgage Summary Report
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Number of Mortgage Loans: 4,678
Aggregate Unpaid Principal Balance: $180,036,224.65
Aggregate Original Principal Balance: $180,247,131.66
Weighted Average Gross Coupon: 9.962%
Gross Coupon Range: 6.500% - 14.750%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $38,485.73
Average Original Principal Balance: $38,530.81
Maximum Unpaid Principal Balance: $146,107.53
Minimum Unpaid Principal Balance: $9,131.77
Maximum Original Principal Balance: $146,107.53
Minimum Original Principal Balance: $9,608.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date): 315.442
Stated Rem Term Range: 55.000 - 360.000
Weighted Average Age (Original Term - Rem Term): 0.917
Age Range: 0.000 - 17.000
Weighted Average Original Term: 316.359
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 82.287
Original LTV Range: 26.423% - 100.000%
- --------------------------------------------------------------------------------
New 92.28% $166,141,590.76
Used 7.72% $13,894,633.89
Multi-section 57.50% $103,516,593.31
Single-section 42.50% $76,519,631.34
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
GEOGRAPHICAL DISTRIBUTION
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Unpaid Aggregate
Number of Principal Principal
State Loans Balance Balance
<S> <C> <C> <C>
Alabama 362 13,357,950.62 7.42
Arizona 82 3,465,846.72 1.93
Arkansas 269 9,844,165.39 5.47
California 35 1,587,306.96 0.88
Colorado 15 633,671.20 0.35
Florida 348 14,763,532.27 8.20
Georgia 406 15,315,435.12 8.51
Illinois 2 101,896.75 0.06
Iowa 3 121,500.57 0.07
Kansas 5 154,622.41 0.09
Kentucky 49 1,669,520.87 0.93
Louisiana 148 5,586,843.85 3.10
Michigan 6 223,194.06 0.12
Mississippi 337 11,682,095.87 6.49
Missouri 116 4,073,144.51 2.26
Montana 1 33,829.32 0.02
Nevada 6 267,625.52 0.15
New Mexico 167 6,687,010.29 3.71
North Carolina 287 10,490,852.17 5.83
Ohio 8 287,208.05 0.16
Oklahoma 87 3,683,298.87 2.05
Oregon 2 113,299.50 0.06
Pennsylvania 14 442,432.07 0.25
South Carolina 414 15,694,287.58 8.72
Tennessee 180 6,602,252.46 3.67
Texas 1263 50,749,044.22 28.19
Utah 2 64,565.26 0.04
Virginia 33 965,923.20 0.54
Washington 3 151,244.66 0.08
West Virgina 22 830,760.50 0.46
Wyoming 6 391,863.81 0.22
- --------------------------------------------------------------------------
Total............... 4678 $180,036,224.65 100.00%
==========================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
ORIGINAL LOAN AMOUNTS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Unpaid Aggregate
Original Number of Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C> <C>
5,000 < Balance <= 10,000 4 38,090.10 0.02
10,000 < Balance <= 15,000 146 1,821,037.25 1.01
15,000 < Balance <= 20,000 190 3,342,916.84 1.86
20,000 < Balance <= 25,000 367 8,337,324.69 4.63
25,000 < Balance <= 30,000 581 16,068,632.83 8.93
30,000 < Balance <= 35,000 792 25,793,657.74 14.33
35,000 < Balance <= 40,000 769 28,708,043.67 15.95
40,000 < Balance <= 45,000 533 22,680,777.67 12.60
45,000 < Balance <= 50,000 383 18,119,865.07 10.06
50,000 < Balance <= 55,000 333 17,397,691.89 9.66
55,000 < Balance <= 60,000 215 12,295,947.58 6.83
60,000 < Balance <= 65,000 168 10,478,396.21 5.82
65,000 < Balance <= 70,000 80 5,362,308.57 2.98
70,000 < Balance <= 75,000 42 3,039,446.02 1.69
75,000 < Balance <= 80,000 26 2,000,885.90 1.11
80,000 < Balance <= 85,000 18 1,470,098.85 0.82
85,000 < Balance <= 90,000 11 953,898.44 0.53
90,000 < Balance <= 95,000 4 371,874.23 0.21
95,000 < Balance <= 100,000 5 489,466.03 0.27
100,000 < Balance <= 105,000 1 103,375.14 0.06
105,000 < Balance <= 110,000 3 327,271.51 0.18
110,000 < Balance <= 115,000 2 223,373.58 0.12
115,000 < Balance <= 120,000 4 465,737.31 0.26
145,000 < Balance <= 150,000 1 146,107.53 0.08
- --------------------------------------------------------------------------
Total.................... 4678 $180,036,224.65 100.00%
==========================================================================
</TABLE>
ORIGINAL LOAN-TO-VALUE RATIOS (1)
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Original Unpaid Aggregate
Loan-To-Value Number of Principal Principal
Ratio Loans Balance Balance
<S> <C> <C> <C>
50% or less 15 335,790.72 0.19
51% - 55% 8 126,601.69 0.07
56% - 60% 12 369,283.27 0.21
61% - 65% 16 641,339.87 0.36
66% - 70% 34 1,374,064.98 0.76
71% - 75% 79 3,696,252.50 2.05
76% - 80% 227 8,574,054.69 4.76
81% - 85% 621 22,974,068.52 12.76
86% - 90% 2666 100,640,110.58 55.90
91% - 95% 985 40,545,110.84 22.52
96% - 100% 15 759,546.99 0.42
- --------------------------------------------------------------------------
Total.................... 4678 $180,036,224.65 100.00%
==========================================================================
</TABLE>
(1) Rounded to nearest 1%
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
Cut-off Date Contract Rate
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Unpaid Aggregate
Contract Rate Number of Principal Principal
Range Loans Balance Balance
<S> <C> <C> <C> <C>
6.001% < Gross Coupon <= 7.000 34 2,706,570 1.50
7.001% < Gross Coupon <= 8.000 519 28,242,537 15.69
8.001% < Gross Coupon <= 9.000 488 20,906,538 11.61
9.001% < Gross Coupon <= 10.000 1078 48,163,948 26.75
10.001% < Gross Coupon <= 11.000 1332 43,385,702 24.10
11.001% < Gross Coupon <= 12.000 913 28,819,703 16.01
12.001% < Gross Coupon <= 13.000 231 6,008,097 3.34
13.001% < Gross Coupon <= 14.000 80 1,749,119 0.97
14.001% < Gross Coupon <= 15.000 3 54,011 0.03
- ----------------------------------------------------------------------------
Total.......... 4678 $180,036,225 100.00%
============================================================================
</TABLE>
YEAR OF ORIGINATION
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
<S> <C> <C> <C>
1997 11 384,374.95 0.21
1998 4664 179,326,629.79 99.61
1999 3 325,219.91 0.18
- --------------------------------------------------------------------------
Total................. 4678 $180,036,224.65 100.00%
==========================================================================
</TABLE>
LAND SECURED
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Unpaid Aggregate
Number of Principal Principal
Loans Balance Balance
<S> <C> <C> <C>
Not secured 4522 169,918,806.93 94.38%
Secured 156 10,117,417.72 5.62%
- --------------------------------------------------------------------------
Total.................. 4678 $180,036,224.65 100.00%
==========================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
<PAGE>
<PAGE>
REMAINING TERM
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Unpaid Aggregate
Number of Principal Principal
Remaining Term Loans Balance Balance
<S> <C> <C> <C>
0 - 120 months 152 2,347,845.41 1.30%
121 - 156 months 21 390,540.66 0.22%
157 - 180 months 329 7,559,345.22 4.20%
181 - 216 months 4 88,921.86 0.05%
217 - 240 months 1,165 38,026,215.98 21.12%
241 - 300 months 586 20,757,019.96 11.53%
301 - 360 months 2,421 110,866,335.56 61.58%
- -------------------------------------------------------------------
Total............ 4,678 180,036,224.65 100.00%
===================================================================
</TABLE>
ORIGINAL TERM
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Unpaid Aggregate
Number of Principal Principal
Original Term Loans Balance Balance
<S> <C> <C> <C>
0 - 120 months 152 2,347,845.41 1.30%
121 - 156 months 21 390,540.66 0.22%
157 - 180 months 329 7,559,345.22 4.20%
181 - 216 months 4 88,921.86 0.05%
217 - 240 months 1,165 38,026,215.98 21.12%
241 - 300 months 586 20,757,019.96 11.53%
301 - 360 months 2,421 110,866,335.56 61.58%
- -------------------------------------------------------------------
Total............ 4,678 180,036,224.65 100.00%
===================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICIATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO
PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF
AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING PROSPECTUS
SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE
MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
