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Previous: WILSHIRE REAL ESTATE INVESTMENT TRUST INC, SC 13G/A, 2000-01-21 |
Next: COMPX INTERNATIONAL INC, 8-K, 2000-01-21 |
<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 19, 2000
(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
Not Applicable
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
<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 Credit Suisse First
Boston Corporation in connection with the offering of Bombardier Capital
Mortgage Securitization Corporation Senior/Subordinated Pass-Through
Certificates, Series 2000-A.
-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
January 19, 2000
By: /s/ Jean C. O'Neill
-------------------------------
Name: Jean C. O'Neill
Title: Assistant General Counsel
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
- ---------- -----------
99.1 Computational Materials and Collateral Terms
Sheets
-4-
<PAGE>
SUBJECT TO REVISION
SERIES TERM SHEET DATED JANUARY 19, 2000
$360,550,000
Bombardier Capital Mortgage
[BOMBARDIER LOGO] Securitization Corporation,
BOMBARDIER Depositor
CAPITAL Bombardier Capital Inc.,
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 2000-A
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 2000-A
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, Chase Securities Inc.,
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
2000-A, 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
Chase Securities Inc.
<PAGE>
This Series Term Sheet will be superseded in its entirety by the
information appearing in the Prospectus Supplement, the Prospectus and the
Series 2000-A Pooling and Servicing Agreement (the "Agreement") to be dated as
of January 1, 2000, among Bombardier Capital Mortgage Securitization
Corporation, as Depositor, Bombardier Capital Inc., as Servicer, and Harris
Trust and Savings Bank, as Trustee.
<TABLE>
<CAPTION>
<S> <C>
Class Designations
Class A Certificates........................Class A-1, Class A-2, Class A-3 and Class A-4 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 and Class M Certificates.
Offered Subordinated Certificates...........Class M Certificates.
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Average Modified
Principal Moody's/ Fitch Life Duration First Last
Class Amount(1) Description Ratings(2) (yrs)(3) Coupon (yrs)(3) Pay(3) Pay(3)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $85,000,000 Senior Aaa/AAA 1.01 . %(4)(6) 0.94 2/00 2/02
A-2 76,000,000 Senior Aaa/AAA 3.01 . %(5)(6) 2.58 2/02 2/04
A-3 50,000,000 Senior Aaa/AAA 5.02 . %(5)(6) 3.98 2/04 7/06
A-4 99,531,000 Senior Aaa/AAA 11.20 . %(5)(6) 6.89 7/06 2/14
M-1 29,178,000 Mezzanine Aa3/AA 10.27 . %(5)(6) 6.32 2/05 2/14
M-2 20,841,000 Mezzanine A2/A 10.27 . %(5)(6) 6.09 2/05 2/14
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(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) It is a condition to the issuance of the
Certificates that they be rated as above. A
security rating is not a recommendation to
buy, sell or hold securities and may be
subject to revision of withdrawal at any time
by the assigning rating organization.
(3) Assumed that the 15% Optional Termination is
exercised. Data run at a prepayment speed of
180% MHP.
(4) Based on One-Month LIBOR. Computed on the
basis of a 360-day year and the actual number
of days in each Interest Accrual Period.
(5) Computed on the basis of a 360-day year of
twelve 30-day months.
(6) The lesser of (i) the specified rate per
annum, or (ii) the Weighted Average Net Asset
Rate for the related Distribution Date.
Other Certificates ............................. The Class B, Class X and Class
R Certificates are not being
offered hereby. The Class B,
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-1 Certificates will
have an initial Certificate
Principal Balance of
approximately $18,757,000. The
Pass-Through Rate for the
Class B-1 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. The Class B-2
Certificates will have an
initial Certificate Principal
Balance of approximately
$21,883,000. 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 Certificates.
1
<PAGE>
Cut-off Date ................................... January 1, 2000.
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 February 15,
2000.
With respect to each
Distribution Date, other than
the first Distribution Date,
the close of business on the
last business day of the month
preceding the month in which
such Distribution Date occurs,
and with respect to the first
Distribution Date, the close
of business on the Closing
Date. (each, a "Record Date").
Collection Period .............................. With respect to any
Distribution Date, the
calendar month immediately
preceding the calendar month
in which such Distribution
Date occurs.
Interest Accrual Period ........................ With respect to each
Distribution Date, (i) for the
Class A-1 Certificates, the
period from the Distribution
Date preceding such
Distribution Date (or, in the
case of the first Distribution
Date, from the Closing Date)
through the day preceding such
Distribution Date, and (ii)
for all other Classes of the
Offered Certificates, the
calendar month preceding the
month in which the
Distribution Date occurs
(each, an "Interest Accrual
Period"). Interest on the
Class A-1 Certificates will be
calculated on the basis of a
360-day year with actual
number of days. The remaining
Offered Certificates and the
Class B 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
Certificates. Principal will
be allocated sequentially to
the Class B-1 and the Class
B-2 Certificates.
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
2
<PAGE>
in accordance with the
Agreement, (c) amounts
required to reimburse the
Servicer for certain
reimbursable expenses in
accordance with the Agreement,
(d) amounts required to
reimburse any party for an
overpayment of a Repurchase
Price for an Asset in
accordance with the Agreement,
and (e) the Interest
Deficiency Amount or portion
thereof, if any, from
collections on the preceding
Distribution Date.
Priority of Distributions ...................... On each Distribution Date the
Available Distribution Amount
will be distributed in the
following amounts and in the
following order of priority:
(1) first, concurrently to
each class of the Class A
Certificates, (a) first, the
related Interest Distribution
Amount for such Distribution
Date and (b) second, any
Interest Distribution Amounts
remaining unpaid from previous
Distribution Dates, plus
interest on this carryover
amount, if any, for such
Distribution Date;
(2) second, to the Class M-1
Certificates, (a) first, the
related Interest Distribution
Amount for such Distribution
Date and (b) second, any
Interest Distribution Amounts
remaining unpaid from previous
Distribution Dates, plus
interest on this carryover
amount, if any, for such
Distribution Date;
(3) third, to the Class M-2
Certificates, (a) first, the
related Interest Distribution
Amount for such Distribution
Date and (b) second, any
Interest Distribution Amounts
remaining unpaid from previous
Distribution Dates, plus
interest on this carryover
amount, if any, for such
Distribution Date;
(4) fourth, to the Class B-1
Certificates, (a) first, the
related Interest Distribution
Amount for such Distribution
Date and (b) second, any
Interest Distribution Amounts
remaining unpaid from previous
Distribution Dates, plus
interest on this carryover
amount, if any, for such
Distribution Date;
(5) fifth, to the Class B-2
Certificates, (a) first, the
related Interest Distribution
Amount for such Distribution
Date and (b) second, any
Interest Distribution Amounts
remaining unpaid from previous
Distribution Dates, plus
interest on this carryover
amount, if any, for such
Distribution Date;
(6) sixth, to the Class A
Certificates, the related
Principal Distribution
Shortfall Carryover Amount, if
any, for such Distribution
Date;
(7) seventh, to each class of
the Class A Certificates
sequentially based on the
numerical order, the Class A
Principal Distribution Amount
until the Certificate
Principal Balance of each
class is reduced to zero
provided, however, that on any
Distribution Date on which the
Pool Scheduled Principal
Balance as of the last day of
the related Collection Period
is less than the aggregate
Certificate Principal Balance
of the Class A Certificates
immediately prior to such
Distribution Date, the Class A
Principal Distribution Amount
will be allocated among the
Class A Certificates pro rata
based upon
3
<PAGE>
their respective Certificate
Principal Balance;
(8) eighth, to the Class M-1
Certificates, (a) first, any
related Writedown Interest
Distribution Amount for such
Distribution Date, (b) second,
any related Carryover
Writedown Interest
Distribution Amount for such
Distribution Date, (c) third,
any related Principal
Distribution Shortfall
Carryover Amount, and (d)
fourth, any related Principal
Distribution Amount until the
Class M-1 Certificate
Principal Balance is reduced
to zero;
(9) ninth, to the Class M-2
Certificates, (a) first, any
related Writedown Interest
Distribution Amount for such
Distribution Date, (b) second,
any related Carryover
Writedown Interest
Distribution Amount for such
Distribution Date, (c) third,
any related Principal
Distribution Shortfall
Carryover Amount, and (d)
fourth, any related Principal
Distribution Amount until the
Class M-2 Certificate
Principal Balance is reduced
to zero;
(10) tenth, to the Class B-1
Certificates, (a) first, any
related Writedown Interest
Distribution Amount for such
Distribution Date, (b) second,
any related Carryover
Writedown Interest
Distribution Amount for such
Distribution Date, (c) third,
any related Principal
Distribution Shortfall
Carryover Amount, and (d)
fourth, any related Principal
Distribution Amount until the
Class B-1 Certificate
Principal Balance is reduced
to zero;
(11) eleventh, to the Class
B-2 Certificates, (a) first
any related Writedown Interest
Distribution Amount for such
Distribution Date, (b) second,
any related Carryover
Writedown Interest
Distribution Amount for such
Distribution Date, (c) third,
any related Principal
Distribution Shortfall
Carryover Amount, and (d)
fourth, any related Principal
Distribution Amount until the
Class B-2 Certificate
Principal Balance is reduced
to zero;
(12) twelfth, sequentially, to
the Class A, Class M-1, Class
M-2, Class B-1 and Class B-2
Certificates, the Accelerated
Principal Distribution Amount
for such Distribution Date
until the Certificate
Principal Balance of each
class is reduced to zero;
(13) thirteenth, 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
(14) finally, any remainder to
the Class R Certificates.
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, 5.25% of
the Pool Scheduled Principal
Balance as of the Cut-off Date
and (ii) for any other
Distribution Date, the lesser
of (x) 5.25% of the Pool
Scheduled Principal Balance as
of the Cut-off Date and (y)
9.1875% of the Pool
4
<PAGE>
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 3.75% of the Pool
Scheduled Principal Balance as
of the Cut-off Date.
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.
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.
Cross-over Date ................................ The later to occur of (a) the
Distribution Date occurring in
February 2005 or (b) the first
Distribution Date on which the
then-current credit
enhancement for the Class A
Certificates is equal to or
exceeds 1.86 times the initial
credit enhancement for the
Class A Certificates.
Performance Test ............................... The Average 60-Day Delinquency
Ratio is less than or equal to
5.5%, the Current Realized
Loss Ratio is less than or
equal to 3.0%; and the
Cumulative Realized Losses are
less than or equal to the
percentage of the Aggregate
Cut-off Date Pool Principal
Balance set forth below:
7% February 2005 through
January 2006,
8% February 2006 through
January 2007,
9.5% February 2007 through
July 2008, and
10.5% thereafter.
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
5
<PAGE>
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.
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.
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 June
2030 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 all
6
<PAGE>
Assets then outstanding and
all other property in the
Trust 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 15% 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. 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 9,830
Assets having an aggregate
Scheduled Principal Balance as
of the Cut-off Date of
$416,820,866.76. Approximately
11.24% 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 35
states, and approximately
23.21%, 9.53%, 8.16%, 8.07%,
6.07%, 5.99% and 5.98% of the
Assets were secured by
Manufactured Homes located in
Texas, Florida, South
Carolina, Alabama, North
Carolina, Georgia and
Arkansas, 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 7.25% to 16.75%,
with a weighted average of
approximately 10.90%, as of
the Cut-off Date. The Assets
had remaining terms to stated
maturity as of the Cut-off
Date of at least 56 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 325
months, and a weighted average
remaining terms to stated
maturity of approximately 323
months. As of the Cut-off
Date, no fewer than 89.56% 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
10.44% of the Assets were
secured by Manufactured Homes
which were used at the time
the related Assets were
originated.
Certain Federal Income Tax
Consequences ................................ For federal income tax
purposes, the Trust 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.
7
<PAGE>
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 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:
MOODY'S FITCH
------- -----
Class A-1............................... Aaa AAA
Class A-2............................... Aaa AAA
Class A-3............................... Aaa AAA
Class A-4............................... Aaa AAA
Class M-1............................... Aa3 AA
Class M-2............................... A2 A
8
<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.
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
<TABLE>
<CAPTION>
NUMBER OF PERCENTAGE OF
GEOGRAPHIC LOCATION ASSETS AGGREGATE SPB ASSET POOL BY SPB
- ------------------- ------ ------------- -----------------
<S> <C> <C> <C>
Alabama.................... 894 $ 33,619,215.55 8.07%
Arizona.................... 189 8,963,096.88 2.15
Arkansas................... 645 24,920,312.24 5.98
California................. 339 16,148,027.87 3.87
Colorado................... 70 3,124,871.52 0.75
Florida.................... 819 39,709,445.04 9.53
Georgia.................... 601 24,964,682.98 5.99
Idaho...................... 13 766,540.27 0.18
Illinois................... 7 274,723.23 0.07
Indiana.................... 11 384,116.42 0.09
Iowa....................... 5 199,850.54 0.05
Kansas..................... 5 174,583.05 0.04
Kentucky................... 199 6,801,957.27 1.63
Louisiana.................. 446 18,020,852.70 4.32
Michigan................... 39 1,855,556.17 0.45
Mississippi................ 508 19,409,166.92 4.66
Missouri................... 219 8,275,504.76 1.99
Montana.................... 21 975,989.43 0.23
Nebraska................... 1 75,644.44 0.02
Nevada..................... 58 2,312,791.85 0.55
New Mexico................. 380 16,489,251.94 3.96
North Carolina............. 599 25,318,090.41 6.07
Ohio....................... 20 876,475.33 0.21
Oklahoma................... 211 8,632,553.91 2.07
Oregon..................... 5 263,607.38 0.06
Pennsylvania............... 22 607,316.49 0.15
South Carolina............. 822 34,011,970.49 8.16
South Dakota............... 4 127,015.32 0.03
Tennessee.................. 403 18,199,443.98 4.37
Texas...................... 2,169 96,727,658.66 23.21
Utah....................... 9 413,036.44 0.10
Virginia................... 54 2,093,259.29 0.50
Washington................. 5 309,197.58 0.07
West Virginia.............. 30 1,204,999.37 0.29
Wyoming.................... 8 570,061.04 0.14
----- --------------- ------
Total................... 9,830 $416,820,866.76 100.00%
===== =============== ======
</TABLE>
- ------------
(1) Based on the mailing address of the Obligor on the related Asset as of the
Cut-off Date.
9
<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>
1997..................... 1 $ 25,088.63 0.01%
1998..................... 22 889,904.78 0.21
1999..................... 9,807 415,905,873.35 99.78
Total.................... 9,830 $ 416,820,866.76 100.00%
===== ================ =======
</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>
NUMBER OF PERCENTAGE OF
ORIGINAL ASSET AMOUNT ASSETS AGGREGATE SPB ASSET POOL BY SPB
- --------------------- ------ --------------- -----------------
<S> <C> <C> <C>
Less than $10,000.01............ 9 $ 78,665.05 0.02%
$ 10,000.01 - $ 15,000.00....... 242 3,060,630.16 0.73
$ 15,000.01 - $ 20,000.00....... 320 5,637,074.51 1.35
$ 20,000.01 - $ 25,000.00....... 609 13,869,581.67 3.33
$ 25,000.01 - $ 30,000.00....... 1,189 32,855,547.53 7.88
$ 30,000.01 - $ 35,000.00....... 1,341 43,494,811.93 10.43
$ 35,000.01 - $ 40,000.00....... 1,378 51,523,944.03 12.36
$ 40,000.01 - $ 45,000.00....... 995 42,107,353.03 10.10
$ 45,000.01 - $ 50,000.00....... 894 42,429,932.01 10.18
$ 50,000.01 - $ 55,000.00....... 798 41,789,820.19 10.03
$ 55,000.01 - $ 60,000.00....... 658 37,622,187.28 9.03
$ 60,000.01 - $ 65,000.00....... 443 27,609,503.57 6.62
$ 65,000.01 - $ 70,000.00....... 315 21,189,909.92 5.08
$ 70,000.01 - $ 75,000.00....... 221 15,990,068.23 3.84
$ 75,000.01 - $ 80,000.00....... 133 10,250,148.30 2.46
$ 80,000.01 - $ 85,000.00....... 75 6,165,694.64 1.48
$ 85,000.01 - $ 90,000.00....... 50 4,355,290.84 1.04
$ 90,000.01 - $ 95,000.00....... 43 3,971,682.06 0.95
$ 95,000.01 - $100,000.00....... 28 2,726,663.47 0.65
$100,000.01 - $105,000.00....... 27 2,765,591.32 0.66
$105,000.01 - $110,000.00....... 21 2,251,229.30 0.54
$110,000.01 - $115,000.00....... 11 1,233,187.04 0.30
$115,000.01 - $120,000.00....... 8 936,501.48 0.22
$120,000.01 - $125,000.00....... 6 733,828.17 0.18
$125,000.01 - $130,000.00....... 6 764,930.27 0.18
$130,000.01 - $135,000.00....... 2 264,849.18 0.06
$135,000.01 - $140,000.00....... 4 551,749.77 0.13
$140,000.01 - $145,000.00....... 2 286,840.06 0.07
$145,000.01 - $150,000.00....... 1 149,768.85 0.04
$150,000.01 or more............. 1 153,882.90 0.04
----- ---------------- ------
Total...................... 9,830 $ 416,820,866.76 100.00%
===== ================ ======
</TABLE>
- -----------------
(1) The highest original Asset amount was $155,026.79, which represents 0.04% of
the aggregate principal balance of the Assets at origination. The average
original principal amount of the Assets was approximately $42,482.17 as of
the Cut-off Date.
10
<PAGE>
ASSET RATES(1)
<TABLE>
<CAPTION>
NUMBER OF PERCENTAGE OF
ASSET RATE ASSETS AGGREGATE SPB ASSET POOL BY SPB
- ---------- ------ ------------- -----------------
<S> <C> <C> <C>
7.001% - 8.000%.......... 122 $ 9,991,979.64 2.40%
8.001% - 9.000%.......... 549 34,999,673.75 8.40
9.001% - 10.000%.......... 1,936 98,418,794.90 23.61
10.001% - 11.000%.......... 1,976 89,345,006.59 21.43
11.001% - 12.000%.......... 2,083 84,303,165.11 20.23
12.001% - 13.000%.......... 1,816 63,195,888.21 15.16
13.001% - 14.000%.......... 943 27,168,264.18 6.52
14.001% - 15.000%.......... 359 8,407,899.93 2.02
15.001% - 16.000%.......... 40 876,168.63 0.21
16.001% - 17.000%.......... 6 114,025.82 0.03
----- ------------------ ------
Total................... 9,830 $ 416,820,866.76 100.00%
===== ================== ======
</TABLE>
- -------------
(1) The weighted average Asset Rate was approximately 10.90% as of the Cut-off
Date.
REMAINING TERMS TO MATURITY OF ASSETS (IN MONTHS)(1)
<TABLE>
<CAPTION>
REMAINING TERM NUMBER OF PERCENTAGE OF
TO MATURITY ASSETS AGGREGATE SPB ASSET POOL BY SPB
- ----------- ------ ------------- -----------------
<S> <C> <C> <C>
1 - 120 months........... 239 $ 3,716,569.55 0.89%
121 - 156 months........... 25 528,609.81 0.13
157 - 180 months........... 618 14,697,969.77 3.53
181 - 216 months........... 5 178,784.35 0.04
217 - 240 months........... 1,666 52,906,178.69 12.69
241 - 300 months........... 2,227 74,417,249.00 17.85
301 - 360 months........... 5,050 270,375,505.59 64.87
----- ---------------- -------
Total.................... 9,830 $ 416,820,866.76 100.00%
===== ================== ======
</TABLE>
- -------------
(1) The weighted average remaining term to maturity of the Assets was
approximately 323 months as of the Cut-off Date.
ORIGINAL TERMS TO MATURITY ASSETS (IN MONTHS)(1)
<TABLE>
<CAPTION>
ORIGINAL TERM NUMBER OF PERCENTAGE OF
TO MATURITY ASSETS AGGREGATE SPB ASSET POOL BY SPB
- ----------- ------ ------------- -----------------
<S> <C> <C> <C>
1 - 120 months........... 239 $ 3,716,569.55 0.89%
121 - 156 months........... 25 528,609.81 0.13
157 - 180 months........... 618 14,697,969.77 3.53
181 - 216 months........... 5 178,784.35 0.04
217 - 240 months........... 1,666 52,906,178.69 12.69
241 - 300 months........... 2,227 74,417,249.00 17.85
301 - 360 months........... 5,050 270,375,505.59 64.87
----- ---------------- -------
Total.................... 9,830 $ 416,820,866.76 100.00%
===== ================= =======
</TABLE>
- -----------
(1) The weighted average original term to maturity of the Assets was
approximately 325 months as of the Cut-off Date.
11
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF ASSETS(1)
<TABLE>
<CAPTION>
NUMBER OF PERCENTAGE OF
LOAN-TO VALUE RATIO(2) ASSETS AGGREGATE SPB ASSET POOL BY SPB
- ---------------------- ------ ------------- -----------------
<S> <C> <C> <C>
50% or less................ 31 $ 726,313.28 0.17%
51% - 55%.................... 24 538,846.34 0.13
56% - 60%.................... 35 1,306,402.80 0.31
61% - 65%.................... 75 3,653,787.78 0.88
66% - 70%.................... 117 6,372,169.88 1.53
71% - 75%.................... 229 13,316,382.84 3.19
76% - 80%.................... 546 25,675,927.19 6.16
81% - 85%.................... 1,134 47,433,569.32 11.38
86% - 90%.................... 4,775 191,412,667.54 45.92
91% - 95%.................... 2,747 119,965,302.30 28.78
96% - 100%................... 116 6,362,849.71 1.53
101% - 102%.................. 1 56,647.78 0.01
------ ---------------- -------
Total..................... 9,830 $ 416,820,866.76 100.00%
===== ================ =======
</TABLE>
- -------------
(1) The weighted average original Loan-to-Value Ratio of the Assets was
approximately 87.75% as of the Cut-off Date.
(2) Rounded to nearest 1%.
12
<PAGE>
MHP PREPAYMENT SENSITIVITIES
<TABLE>
<CAPTION>
0% MHP 75% MHP 100% MHP
------ ------- --------
WAL Maturity WAL Maturity WAL Maturity
<S> <C> <C> <C> <C> <C> <C>
TO CALL
Class A-1 6.89 5/12 1.96 2/04 1.59 4/03
Class A-2 15.13 9/17 6.07 3/08 4.89 9/06
Class A-3 19.26 8/21 10.00 9/12 8.19 7/10
Class A-4 25.37 4/27 18.77 2/22 16.49 10/19
Class M-1 24.36 4/27 17.27 2/22 15.07 10/19
Class M-2 24.36 4/27 17.27 2/22 15.07 10/19
TO MATURITY
Class A-1 6.89 5/12 1.96 2/04 1.59 4/03
Class A-2 15.13 9/17 6.07 3/08 4.89 9/06
Class A-3 19.26 8/21 10.00 9/12 8.19 7/10
Class A-4 25.81 8/29 19.90 9/28 17.88 2/28
Class M-1 24.71 6/29 18.16 2/28 16.16 4/27
Class M-2 24.70 4/29 18.13 9/27 16.12 8/26
<CAPTION>
180% MHP 225% MHP 325% MHP
-------- -------- --------
WAL Maturity WAL Maturity WAL Maturity
<S> <C> <C> <C> <C> <C> <C>
TO CALL
Class A-1 1.01 2/02 0.84 10/01 0.62 4/01
Class A-2 3.01 2/04 2.48 5/03 1.81 6/02
Class A-3 5.02 7/06 3.99 10/04 2.85 5/03
Class A-4 11.20 2/14 8.71 10/11 5.19 5/08
Class M-1 10.27 2/14 9.17 10/11 7.46 5/08
Class M-2 10.27 2/14 9.17 10/11 7.46 5/08
TO MATURITY
Class A-1 1.01 2/02 0.84 10/01 0.62 4/01
Class A-2 3.01 2/04 2.48 5/03 1.81 6/02
Class A-3 5.02 7/06 3.99 10/04 2.85 5/03
Class A-4 12.67 5/24 9.91 10/21 5.70 8/16
Class M-1 11.44 11/22 10.46 6/20 9.02 3/16
Class M-2 11.38 11/21 10.41 6/19 8.97 6/15
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
13
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