<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 (Date of earliest event report): May 16, 2000
GREENPOINT CREDIT, LLC
- --------------------------------------------------------------------------------
(exact name of registrant as specified in charter)
DELAWARE
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(state or other jurisdiction of incorporation)
333-80437
- --------------------------------------------------------------------------------
(commission file number)
33-0862379
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(I.R.S. Employer Identification Number)
10089 Willow Creek Road
San Diego, California 92131
(619) 530-9394
- --------------------------------------------------------------------------------
(address and telephone number of registrant's
principal executive offices)
<PAGE>
Item 1. CHANGES IN CONTROL OF REGISTRANT.
Not applicable.
Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not applicable.
Item 3. BANKRUPTCY OR RECEIVERSHIP.
Not applicable.
Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not applicable.
Item 5. OTHER EVENTS
FILING OF OPINION AND CONSENT OF COUNSEL, CONSENT OF ACCOUNTANTS AND
CERTAIN COMPUTATIONAL MATERIALS.*
In connection with the offering of GreenPoint Credit Manufactured
Housing Contract Trust Pass-Through Certificates, Series 2000-3 (the "Publicly
Offered Certificates"), Orrick, Herrington & Sutcliffe LLP ("Orrick") will
deliver its opinion relating to certain tax matters and which contains Orrick's
consent to use of their name in the Prospectus Supplement, dated May 12, 2000
(the "Prospectus Supplement," and together with the related Prospectus, dated
December 9, 1999, the "Prospectus"), of the Registrant relating to the Publicly
Offered Certificates and filed pursuant to Rule 424(b). The opinion of Orrick
is attached hereto as Exhibit 8.1.
PricewaterhouseCoopers LLP has consented to the use of their name in
the "Experts" section of the Prospectus Supplement. The consent of
PricewaterhouseCoopers LLP is attached hereto as Exhibit 23.1.
Salomon Smith Barney Inc., as the underwriter of the Publicly Offered
Certificates, has prepared certain materials (the "External Computational
Materials") for distribution to potential investors in the offering of the
Publicly Offered Certificates. For purposes of this Form 8-K, External
Computational Materials shall mean computer generated materials of charts
displaying, with respect to the Publicly Offered Certificates, any of the
following: yield, average life, duration, expected maturity, interest rate
sensitivity, loss sensitivity, cash flow characteristics, background information
regarding the loans, the proposed structure, decrement tables, or similar
information (tabular or otherwise) of a statistical mathematical, tabular or
computational nature. Certain of the External Computational Materials prepared
by Salomon Smith Barney Inc. are attached hereto as Exhibit 99.1.
* Terms used herein without definition shall have the meanings assigned to them
in the Prospectus.
<PAGE>
Item 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not applicable.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) Exhibit Numbers:
The following are filed herewith. The exhibit numbers correspond with
Item 601(b) of Regulation S-K.
8.1. Opinion of Orrick, Herrington & Sutcliffe LLP with respect to tax
matters.
23.1 Consent of PricewaterhouseCoopers LLP.
99.1 External Computational Materials prepared by Salomon Smith Barney
Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
GREENPOINT CREDIT, LLC
By: /s/ Charles O. Ryan
--------------------------------------
Name: Charles O. Ryan
Title: Vice President
Dated: May 16, 2000
San Diego, California
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Numbers
- ---------------
<C> <S>
8.1 Opinion of Orrick, Herrington & Sutcliffe LLP with respect to
tax matters.
23.1 Consent of PricewaterhouseCoopers LLP.
99.1 External Computational Materials prepared by Salomon Smith
Barney Inc.
</TABLE>
<PAGE>
EXHIBIT 8.1
May 16, 2000
GreenPoint Credit, LLC
10089 Willow Creek Road
San Diego, California 92131
Re: GreenPoint Manufactured Housing Contract Trust
Pass-Through Certificates, Series 2000-3
Ladies and Gentlemen:
We are serving as special tax counsel to GreenPoint Credit, LLC (the
"Registrant") in connection with the sale by the Registrant of the GreenPoint
Manufactured Housing Contract Trust Pass-Through Certificates, Series 2000-3,
Class I A Certificates, Class I M-1 Certificates, Class I M-2 Certificates,
Class I B-1 Certificates, Class I B-2 Certificates, Class II A-1 Certificates,
Class II A-2 Certificates and Class R Certificates (collectively, the
"Certificates"). For purposes of this opinion, capitalized terms used but not
defined herein have the meanings ascribed to them in the Agreement (as defined
below).
The Certificates will be issued on the Closing Date pursuant to a Pooling
and Servicing Agreement, dated as of May 1, 2000 (the "Agreement"), between
GreenPoint Credit, LLC, as Seller and Servicer and Bank One, National
Association, as Trustee. The Certificates will represent undivided interests in
a trust fund (the "Trust Fund") consisting primarily of a pool of manufactured
housing installment sale contracts and installment loan agreements
(collectively, the "Contracts") which the Registrant will convey to the Trustee,
as trustee for the Trust Fund, on the Closing Date pursuant to the Agreement.
In connection with this opinion, we have examined and relied upon the
following documents:
1. a draft of the Agreement dated the date hereof;
2. the registration statement on Form S-3 (No. 333-80437) filed by the
Registrant, relating to the Class I A Certificates, Class I M-1 Certificates,
Class I M-2 Certificates, Class I B-1 Certificates, Class I B-2 Certificates,
Class II A-1 Certificates and Class II A-2 Certificates (the "Registration
Statement") as filed with the Securities and Exchange Commission (the
"Commission") in accordance with the provisions of the Securities Act of 1933,
as amended, and the rules and regulations of the Commission thereunder
(collectively, the "Act"); and
3. the base prospectus and the prospectus supplement, in each case
relating to the Class I A Certificates, Class I M-1 Certificates, Class I M-2
Certificates, Class I B-1 Certificates, Class I B-2 Certificates, Class II A-1
Certificates and Class II A-2 Certificates (such base
<PAGE>
GreenPoint Credit, LLC
May 16, 2000
Page 2
prospectus and prospectus supplement being hereinafter collectively referred to
as the "Prospectus").
In such examination, we have assumed the genuineness of all signatures and
the authenticity of all items submitted to us as originals and the conformity
with originals of all items submitted to us as copies. In making our examination
of documents executed by entities other than the Registrant, we have assumed
that each other entity has the power and authority to execute and deliver, and
to perform and observe the provisions of such documents, and the due
authorization by each such entity of all requisite action and the due execution
and delivery of such documents by each such entity. To the extent we have
deemed necessary and proper, we have relied upon the representations and
warranties as to facts relating to the Registrant, the Contracts, and other
matters contained in the Agreement.
The opinions expressed herein are based upon current statutes, rules,
regulations, cases and official interpretive opinions, and cover certain items
that are not directly or definitively addressed by such authorities.
Based upon and subject to the foregoing, we are of the opinion that:
1. The statements contained in the Prospectus under the heading "Federal
Income Tax Consequences," to the extent they constitute matters of law or legal
conclusions with respect thereto, are correct in all material respects, under
the assumptions stated therein and under applicable law as in effect on the date
of the Prospectus Supplement.
2. Assuming (i) the making of a valid election and (ii) compliance with
the Agreement, (a) the Trust Fund will be classified for federal income tax
purposes as a "real estate mortgage investment conduit" ("REMIC") within the
meaning of Section 860D of the Internal Revenue Code of 1986 (the "Code"), (b)
the Class I A Certificates, Class I M-1 Certificates, Class I M-2 Certificates,
Class I B-1 Certificates, Class I B-2 Certificates, Class II A-1 Certificates
and Class II A-2 Certificates will be treated collectively as the "regular
interests" in such REMIC for federal income tax purposes and will be treated as
debt instruments for purposes of chapter 1 of the Code (generally relating to
the calculation of a Certificateholder's federal income tax liability) (c) the
Class R Certificate will be treated as the single class of "residual interest"
in such REMIC for federal income tax purposes, and (d) the REMIC represented by
the Trust Fund will not be subject to federal income tax as a separate entity
except for (i) the tax on "prohibited transactions" imposed by section 860F of
the Code, (ii) the tax on "contributions after startup date" imposed by section
860G(d) of the Code and (iii) the tax on "income from foreclosure property"
imposed by section 860G(c) of the Code.
<PAGE>
GreenPoint Credit, LLC
May 16, 2000
Page 3
We express no opinion herein except as to the matters set forth above.
This opinion is furnished to you solely for use in connection with the issuance
and sale of the Certificates. We hereby consent to the filing of this letter as
an exhibit to a Current Report on Form 8-K filed by you in connection with the
Trust Fund. In giving such consent, we do not admit and we hereby disclaim that
we come within the category of persons whose consent is required under Section 7
of the Securities Act of 1933, as amended, or the rules and regulations of the
Commission thereunder, nor do we admit that we are experts with respect to any
part of the Registration Statement within the meaning of the term "experts" as
used in the Securities Act of 1933, as amended, or the rules and regulations of
the Commission thereunder.
Very truly yours,
/s/ Orrick, Herrington & Sutcliffe LLP
Orrick, Herrington & Sutcliffe LLP
<PAGE>
Exhibit 23.1
[PricewaterhouseCoopers letterhead]
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus Supplement of
Green Point Credit Corp., relating to Manufactured Housing Contract Trust Pass-
Through Certificates, Series 2000-3, of our report dated February 3, 2000, on
our audits of the consolidated financial statements of MBIA Insurance
Corporation and Subsidiaries as of December 31, 1999 and 1998 and for each of
the three years in the period ended December 31, 1999. We also consent to the
reference to our Firm under the caption "Experts".
/S/ PricewaterhouseCoopers LLP
May 15, 2000
<PAGE>
EXHIBIT 99.1
May 9, 2000
$725,286,984
(Approximate)
[LOGO OF GREENPOINT CREDIT LLC APPEARS HERE]
Manufactured Housing Contract Trust
Pass-Through Certificates, Series 2000-3
GreenPoint Credit, LLC
Servicer and Seller
Group I: $438,509,969
----------------------
$337,652,000 Fixed Rate Class I A Certificates
$25,214,000 Fixed Rate Class I M-1 Certificates
$19,733,000 Fixed Rate Class I M-2 Certificates
$24,118,000 Fixed Rate Class I B-1 Certificates
$31,792,969 Fixed Rate Class I B-2 Certificates
Computational Materials: Group I
Neither the Seller, the Servicer, nor the Trust, nor any of its affiliates make
any representations as to the accuracy or completeness of the information
herein. The information herein is preliminary, and will be superseded by the
applicable Prospectus Supplement and by any other information subsequently filed
with the Securities and Exchange Commission. The information herein addresses
only certain aspects of the applicable certificates' characteristics and thus
does not provide a complete assessment of the certificates. As such, the
information may not reflect the impact of all structural characteristics of the
certificates. The assumptions underlying the information, including structure
and collateral, may be modified from time to time to reflect changed
circumstances. The attached term sheet is not intended to be a Prospectus and
any investment decision with respect to the certificates should be made by you
based solely upon all of the information contained in the final Prospectus and
Prospectus Supplement. 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 certificates 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 certificates may not be sold
nor may an offer to buy be accepted prior to the delivery of a final Prospectus
and Prospectus Supplement relating to the certificates. All information
described herein is preliminary, limited in nature and subject to completion or
amendment. No representation is made that the above referenced certificates
will actually perform as described in any scenario presented. Neither the
Seller, the Servicer, nor the Trust has prepared, reviewed or participated in
the preparation hereof. The Seller, the Servicer and the Trust are not
responsible for the accuracy hereof and they have not authorized its
dissemination. A final Prospectus and Prospectus Supplement may be obtained by
contacting Salomon Smith Barney's Syndicate Desk at (212) 723-6171.
<PAGE>
Certificate Description
GROUP I
<TABLE>
<CAPTION>
Class I A Class I M-1 Class I M-2 Class I B-1 Class I B-2
<S> <C> <C> <C> <C> <C>
Principal Amount: $337,652,000 $25,214,000 $19,733,000 $24,118,000 $31,792,969
Ratings (S&P/Fitch): AAA/AAA AA/AA A/A BBB/BBB BBB/BBB
Wtd Avg. Life: 4.86 9.03 9.03 5.66 11.58
Principal Payment Begins: Month 1 Month 49 Month 49 Month 49 Month 91
Principal Payment Ends: Month 168 Month 168 Month 168 Month 91 Month 168
Principal Payment
Window: 168 months 120 months 120 months 43 months 78 months
Expected Final: May 2014 May 2014 May 2014 December 2007 May 2014
Last Sched. Distribution: April 2030 April 2030 April 2030 November April 2030
2020
Credit Enhancement Subordination Subordination Subordination Subordination Excess Spread
Excess Spread Excess Spread Excess Spread Excess Spread
First Distribution Date: 6/20/00 6/20/00 6/20/00 6/20/00 6/20/00
Distribution Date (1) : 20th 20th 20th 20th 20th
Delay Days: 19 19 19 19 19
Accrued Interest: 5/1/2000 5/1/2000 5/1/2000 5/1/2000 5/1/2000
Coupon Type: Fixed Fixed Fixed Fixed Fixed
Day Count: 30/360 30/360 30/360 30/360 30/360
ERISA Eligible: Yes No No No No
SMMEA: Yes Yes No No No
</TABLE>
(1) Or the next business day if such a day is not a business day.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
1
<PAGE>
<TABLE>
<S> <C>
Title of Securities: GreenPoint Credit Manufactured Housing Contract Trust Pass-Through Certificates, Series
2000-3 (together, the "Certificates").
Description of Transaction: The transaction consists of two Groups of Certificates:
Group I
Group I has a Senior/Subordinate structure with one class of senior certificates, Class
I A, and four classes of subordinate certificates, Class I M-1 through Class I B-2.
Group II
Group II will be insured by MBIA and has one offered class of floating rate certificates
(Class II A-1) and one offered class of auction rate certificates (Class II A-2).
Both groups consist of actuarial and simple interest manufactured housing installment
sales contracts, installment loan agreements and certain other assets. The trust will
also issue Class R Certificates which are not being offered.
Credit Enhancement Credit enhancement for the Class I A, Class I M and Class I B-1 Certificates is provided
by excess interest generated by the Group I Contracts and by the subordination of
certain classes of Certificates thereto.
Credit enhancement for the Class I B-2 Certificates is provided by a letter of credit
(the "Class I B-2 Letter of Credit"), issued by GreenPoint Bank, and by excess interest
generated by the Group I contracts. GreenPoint Bank is rated BBB/Baa2/A- by,
respectively, S&P, Moody's and Fitch.
Excess interest generated by the Group II contracts will also be available for credit
enhancement of the Group I certificates after the payment of all due and owed interest
and principal on the Group II certificates, as well as the payment of all fees, expenses,
and reimbursements to MBIA, the servicer and other parties.
Class I B-2 Letter of Credit The Class I B-2 Letter of Credit will only provide credit support for the Class I B-2
Certificates, up to an amount equal to $31,792,969, plus accrued but unpaid interest
on the Class I B-2 Certificates, as such amount is reduced from time to time by draws
made thereunder. In no event will the amount of the Class I B-2 Letter of Credit
exceed the certificate balance of the Class I B-2 Certificates, plus accrued but unpaid
interest thereon.
Contract Pool: Group I contains approximately 15,140 fixed-rate contracts with an aggregate
scheduled principal balance as of April 30, 2000 of approximately $438,509,969.22.
$58,553,899.76 or 13.35% of the expected Group I Contract Pool is collateral that has
been previously securitized and has been purchased by GreenPoint Credit, LLC through
the exercise of clean-up calls (the "Previously Securitized Contracts"). Information
with respect to the Loan-to-Value Ratio and the dispersion of new and used
manufactured homes will not be available for all of the Previously Securitized
Contracts. In addition, since the Previously Securitized Contracts were not originated by
GreenPoint Credit, LLC, it is possible that the underwriting criteria relating to those
Contracts is different from the underwriting criteria pursuant to which the other
Contracts were originated. Further, since the Previously Securitized Contracts are more
seasoned than the other Contracts, it is probable that the Previously Securitized
Contracts will experience a different level of delinquencies and losses than the other
Contracts.
With respect to the Previously Securitized Contracts only, the weighted average
Contract Rate is expected to be approximately 13.428% and the weighted average
months since origination is expected to be approximately 149 months.
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
2
<PAGE>
<TABLE>
<S> <C>
Advances: The Servicer will advance its own funds to cover any shortfalls in payments of
principal and interest due on the offered certificates and resulting from delinquent
payments on the contracts in any month, to the extent it deems such amounts
recoverable. Any advances made with respect to a distribution date will not exceed
the amount of delinquent contract payments that were due in the prior month.
Trustee: Bank One, National Association.
Lead Manager: Salomon Smith Barney.
Seller and Servicer: GreenPoint Credit, LLC.
Cut-Off Date: April 30, 2000.
Pricing Date(1): May [11/12], 2000.
Closing Date(1): May [18], 2000.
Form of Certificates: Book entry form, same day funds (through DTC, Euroclear and Clearstream).
Prepayment Pricing Speed: 200% MHP.
Optional Termination: 10% clean-up call, or, if the call is not exercised, a termination auction subject to
certain requirements.
ERISA Considerations: Subject to certain considerations discussed in the prospectus supplement, the Class
I A Certificates will be ERISA-eligible. The Class I M and Class I B Certificates
will not be ERISA-eligible.
Taxation: REMIC for federal income tax purposes.
Legal Investment: Class I A and Class I M-1 Certificates will be SMMEA-eligible.
Class I M-2 through Class I B-2 Certificates will not be SMMEA-eligible.
Servicing Fee: The Monthly Servicing Fee will be equal to the product of one-twelfth of 1.00% of the
Pool Scheduled Principal Balance for the related distribution date, whether or not the
related scheduled payments on the Contracts are received. The available distribution
amount will be net of the Monthly Servicing Fee.
Distribution Date For the Group I Certificates, the 20th day of each month or, if such day is not a
business day, the next succeeding business day, beginning on June 20, 2000.
Principal and interest distributions to Certificateholders on a distribution date are
based on a Collection Period of the calendar month preceding such distribution date.
Assuming payment on the 20th of each month, funds are distributed approximately 20
days after the related Collection Period.
Interest Accrual Period: With respect to each distribution date, the Group I Certificates will accrue interest
during the preceding calendar month at the applicable pass-through rate on the
certificate balance or adjusted certificate balance, as applicable, of the certificate
immediately prior to the related distribution date, calculated on the basis of a 360-day
year consisting of twelve 30-day months.
Pass-Through Rates: The Pass-Through Rates will be fixed at the time of pricing.
The maximum Pass-Through Rates for the Group I Certificates will be the weighted
average Net Contract Rates of the Group I Contracts.
The Net Contract Rate for a Contract is, for each Distribution Date, the related
Contract Rate on the first date of the related Collection Period minus 1.00%.
</TABLE>
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(1) Subject to change.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
3
<PAGE>
<TABLE>
<S> <C>
Principal Distribution: The available distribution amount with respect to the Group I Contracts remaining
after the distribution of interest on the Group I Certificates and the payment of certain
fees and expenses of the Trust will be distributed to the Group I Certificates in the
order described under "Distributions of Principal and Interest: Group I" below.
Prior to the Cross-Over Date or, if a Principal Distribution Test has been violated,
principal distributions to the Group I Certificates will be made sequentially to the
Class I A Certificates, the Class I M-1 Certificates, the Class I M-2 Certificates, the
Class I B-1 Certificates and the Class I B-2 Certificates.
The Cross-Over Date will be the later to occur of (a) the Distribution Date occurring
in June 2004 or (b) the first Distribution Date on which the percentage equivalent of a
fraction (which shall not be greater than 1) the numerator of which is the Adjusted
Certificate Principal Balance of the Subordinated Certificates for such Distribution
Date, and the denominator of which is the Group I Scheduled Principal Balance on
such Distribution Date, equals or exceeds 1.5 times the percentage equivalent of a
fraction (which shall not be greater than 1) the numerator of which is the initial
aggregate Adjusted Certificate Principal Balance of the Subordinated Certificates, and
the denominator of which is the Group I Scheduled Principal Balance on the Cut-off
Date.
After the Cross-Over Date, and for so long as a Principal Distribution Test has not
been violated, the available distribution amount will be paid out pro rata to the Class
I A, Class I M and Class I B Certificates.
Principal Distribution The Average Sixty-Day Delinquency Ratio is less than or equal to 6.0%, the Current
Tests: Realized Loss Ratio is less than or equal to 3.5%; and the Cumulative Realized Losses
are less than or equal to the percentage of the Cut-off Date Group I Scheduled
Principal Balance set forth below:
7.50% June 2004 through May 2005,
8.50% June 2005 through May 2006,
9.50% June 2006 through May 2007,
11.00% June 2007 through May 2008, and
11.00% thereafter.
If a Principal Distribution Test is violated, all principal is allocated to pay down the
most senior class of bonds outstanding (e.g., all principal is payable to the Class I A
Certificates; in the event the Class I A Certificate balance is reduced to zero, all
principal will be immediately payable to the Class I M-1 Certificates).
Allocation of Losses: Losses will be allocated first to the Class I B-2 certificates; second, to the Class I B-1
certificates; third, to the Class I M-2 certificates; and, fourth, to the Class I M-1
certificates in reduction of the respective adjusted certificate balance. After the
adjusted certificate balances of the Class I B-2, Class I B-1, Class I M-2 and Class I M-1
certificates have been reduced to zero, losses will be allocated to the Class I A
Certificates.
Prospectus: The Certificates are being offered pursuant to a Prospectus supplemented by a
Prospectus Supplement (together, the "Prospectus"). Complete information with
respect to the Certificates and the collateral securing them is contained in the
Prospectus. The information herein is qualified in its entirety by the information
appearing in the Prospectus. To the extent that anything herein is inconsistent with
the Prospectus, the Prospectus shall govern in all respects. Sales of the Certificates
may not be consummated unless the purchaser has received the Prospectus.
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
4
<PAGE>
Distributions of Principal and Interest: Group I
On each Distribution Date the Available Distribution Amount with respect to
Group I, plus, with respect to clauses 10 and 11 below, draws under the Class I
B-2 Letter of Credit, will be distributed in the following amounts and in the
following order of priority:
<TABLE>
<S> <C>
1. first, to the Class I A Certificates, the related Interest Distribution for such Distribution Date;
2. second, to the Class I M-1 Certificates, the related Interest Distribution Amount for such Distribution Date;
3. third, to the Class I M-2 Certificates, the related Interest Distribution Amount for such Distribution Date;
4. fourth, to the Class I B-1 Certificates, the related Interest Distribution Amount for such Distribution Date;
5. fifth, to the Class I A Certificates, the related Unpaid Principal Shortfall Amount, if any, for such Distribution Date;
6. sixth, to the Class I A Certificates, the Class A Formula Principal Distribution Amount until the Certificate Principal
Balance of the Class A Certificates is reduced to zero;
7. seventh, to the Class I M-1 Certificates, (a) first, Liquidation Loss Interest Amount to the Class I M-1 Certificates,
(b)
second, Unpaid Liquidation Loss Interest Shortfall for the Class I M-1 Certificates, (c) third, Unpaid Certificate
Principal Shortfall for the Class I M-1 Certificates and (d) fourth, Class I M-1 Formula Principal Distribution Amount
until the Class I M-1 Certificate Principal Balance is reduced to zero;
8. eighth, to the Class I M-2 Certificates, (a) first, Liquidation Loss Interest Amount to the Class I M-2 Certificates,
(b)
second, Unpaid Liquidation Loss Interest Shortfall for the Class I M-2 Certificates, (c) third, Unpaid Certificate
Principal Shortfall for the Class I M-2 Certificates and (d) fourth, Class I M-2 Formula Principal Distribution Amount
until the Class I M-2 Certificate Principal Balance is reduced to zero;
9. ninth, to the Class I B-1 Certificates, (a) first, Liquidation Loss Interest Amount to the Class I B-1 Certificates, (b)
second, Unpaid Liquidation Loss Interest Shortfall for the Class I B-1 Certificates, (c) third, Unpaid Certificate
Principal
Shortfall for the Class I B-1 Certificates and (d) fourth, Class I B-1 Formula Principal Distribution Amount until the
Class I B-1 Certificate Principal Balance is reduced to zero;
10. tenth, to the Class I B-2 Certificates, the related Interest Distribution Amount for such Distribution Date;
11. eleventh, to the Class I B-2 Certificates, (a) first, Liquidation Loss Interest Amount to the Class I B-2 Certificates,
(b)
second, Unpaid Liquidation Loss Interest Shortfall for the Class I B-2 Certificates, (c) third, Unpaid Certificate
Principal
Shortfall for the Class I B-2 Certificates and (d) fourth, Class I B-2 Formula Principal Distribution Amount until the
Class I B-2 Certificate Principal Balance is reduced to zero;
12. twelfth, to GreenPoint Bank as Class I B-2 Letter of Credit Provider, an amount equal to any unreimbursed Class I B-2
Enhancement Payments;
13. thirteenth, to the Group II Certificate Account to cover any shortfall in the Group II Certificates; and
14. finally, any remainder to the Class R Certificates.
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
5
<PAGE>
The Contract Pool
The information herein regarding the collateral represents the Contract Pool as
of the Cut-off Date. The information herein will be superseded by the
information regarding the collateral set forth in the Prospectus.
Characteristics of GreenPoint Manufactured Housing Collateral
<TABLE>
<CAPTION>
Collateral Group I (Fixed)
<S> <C>
Principal Amount ($MM) $438,509,969.22
Number of Loans 15,140
Average Loan Balance $28,963.67
Wtd. Avg. Rem. Term 276.2 months
Wtd. Avg. Seasoning (1) 20.9 months
Wtd. Avg. APR 11.588%
Top 5 States TX 10.88%
NC 9.70%
GA 8.38%
FL 5.39%
AL 4.01%
</TABLE>
Information with respect to the Loan-to-Value Ratio and the dispersion of new
and used manufactured homes is not electronically available for all Previously
Securitized Contracts. A random sample of 865 loans, or approximately 16% of
the total Previously Securitized Contracts, was reviewed. The Loan to Value and
new home percentage represented below were determined through the random sample
and were determined at the time the loan was originated.
<TABLE>
<CAPTION>
GreenPoint Previously
Collateral Originated Securitized Contracts
Contracts
<S> <C> <C>
% New Contracts (by $) 82.9% 88.4%
Wtd. Avg. LTV 87.8% 85.7%
% Land Homes 28.6% N/A
</TABLE>
- --------------------
(1) 148 months for the Previously Securitized Contracts and 0.5 months for the
other contracts.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
6
<PAGE>
GROUP I COLLATERAL TABLES
Group I: Geographical Distribution of Manufactured Homes
<TABLE>
<CAPTION>
State Count Balance % by Balance
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Alabama 650 $ 17,593,419.77 4.01%
Arizona 538 $ 13,830,975.24 3.15%
Arkansas 349 $ 10,466,631.86 2.39%
California 556 $ 10,657,816.62 2.43%
Colorado 208 $ 7,424,485.92 1.69%
Connecticut 1 $ 22,844.16 0.01%
Delaware 42 $ 1,220,867.81 0.28%
Florida 842 $ 23,655,601.72 5.39%
Georgia 1,575 $ 36,761,002.66 8.38%
Hawaii 1 $ 14,518.03 0.00%
Idaho 84 $ 2,463,371.41 0.56%
Illinois 226 $ 7,384,233.62 1.68%
Indiana 370 $ 12,266,567.35 2.80%
Iowa 57 $ 1,927,204.82 0.44%
Kansas 82 $ 2,673,226.66 0.61%
Kentucky 435 $ 14,785,351.20 3.37%
Louisiana 328 $ 12,076,381.24 2.75%
Maine 36 $ 1,984,199.86 0.45%
Maryland 48 $ 1,149,119.83 0.26%
Massachusetts 3 $ 76,678.38 0.02%
Michigan 375 $ 14,525,618.46 3.31%
Minnesota 157 $ 3,463,664.53 0.79%
Mississippi 309 $ 7,328,912.30 1.67%
Missouri 358 $ 9,519,699.18 2.17%
Montana 52 $ 1,541,663.22 0.35%
Nebraska 62 $ 2,331,245.92 0.53%
Nevada 149 $ 4,302,710.69 0.98%
New Hampshire 41 $ 2,143,425.22 0.49%
New Jersey 23 $ 504,417.28 0.12%
New Mexico 486 $ 9,650,280.74 2.20%
New York 228 $ 10,375,830.06 2.37%
North Carolina 1,402 $ 42,540,308.47 9.70%
North Dakota 14 $ 466,971.62 0.11%
Ohio 401 $ 14,970,727.40 3.41%
Oklahoma 274 $ 9,471,182.33 2.16%
Oregon 270 $ 7,497,915.20 1.71%
Pennsylvania 277 $ 7,941,713.93 1.81%
South Carolina 671 $ 11,423,829.63 2.61%
South Dakota 31 $ 1,217,980.69 0.28%
Tennessee 606 $ 17,387,111.94 3.97%
Texas 1,352 $ 47,693,060.32 10.88%
Utah 28 $ 800,674.47 0.18%
Vermont 35 $ 2,036,586.68 0.46%
Virginia 422 $ 13,292,553.28 3.03%
Washington 390 $ 8,690,314.30 1.98%
West Virginia 179 $ 5,548,828.23 1.27%
Wisconsin 56 $ 1,651,591.30 0.38%
Wyoming 61 $ 1,756,653.67 0.40%
- --------------------------------------------------------------------------------------------------
Total 15,140 $438,509,969.22 100.00%
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
7
<PAGE>
Group I: Distribution of Original Principal Balances
<TABLE>
<CAPTION>
Principal Balance Count Balance % by Balance
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0 - $5,000 7 $ 30,273.07 0.01%
$5,001 - $7,500 74 $ 475,766.57 0.11%
$7,501 - $10,000 207 $ 1,758,922.19 0.40%
$10,001 - $12,500 401 $ 3,396,906.46 0.77%
$12,501 - $15,000 913 $ 7,435,827.32 1.70%
$15,001 - $17,500 1,304 $ 12,081,286.04 2.76%
$17,501 - $20,000 1,338 $ 14,786,357.81 3.37%
$20,001 - $22,500 1,101 $ 15,548,631.84 3.55%
$22,501 - $25,000 1,075 $ 18,820,635.17 4.29%
$25,001 - $27,500 1,046 $ 21,833,088.81 4.98%
$27,501 - $30,000 1,004 $ 23,577,111.78 5.38%
$30,001 - $32,500 841 $ 22,412,922.27 5.11%
$32,501 - $35,000 762 $ 22,659,281.78 5.17%
$35,001 - $40,000 1,154 $ 39,782,199.86 9.07%
$40,001 - $45,000 788 $ 32,048,131.96 7.31%
$45,001 - $50,000 673 $ 31,207,410.95 7.12%
$50,001 - $55,000 520 $ 26,999,414.87 6.16%
$55,001 - $60,000 429 $ 24,479,669.55 5.58%
$60,001 - $65,000 322 $ 20,048,978.75 4.57%
$65,001 - $70,000 242 $ 16,331,921.67 3.72%
$70,001 - $75,000 200 $ 14,440,094.92 3.29%
$75,001 - $80,000 165 $ 12,755,966.76 2.91%
$80,001 - $85,000 125 $ 10,261,917.82 2.34%
Over $85,000 449 $ 45,337,251.00 10.34%
- --------------------------------------------------------------------------------------------------
Total 15,140 $438,509,969.22 100.00%
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
8
<PAGE>
Group I: Distribution of Contract Rates
<TABLE>
<CAPTION>
Contract Rate Count Balance % by
Balance
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6.75% - 6.99% 2 $ 181,207.94 0.04%
7.00% - 7.24% 2 $ 146,324.49 0.03%
7.25% - 7.49% 13 $ 866,715.37 0.20%
7.50% - 7.74% 23 $ 1,983,147.88 0.45%
7.75% - 7.99% 36 $ 3,074,669.95 0.70%
8.00% - 8.24% 101 $ 7,920,331.16 1.81%
8.25% - 8.49% 222 $ 16,971,902.37 3.87%
8.50% - 8.74% 354 $ 27,612,868.45 6.30%
8.75% - 8.99% 306 $ 20,993,390.99 4.79%
9.00% - 9.24% 81 $ 5,266,208.37 1.20%
9.25% - 9.49% 75 $ 4,010,378.41 0.91%
9.50% - 9.74% 151 $ 9,275,523.25 2.12%
9.75% - 9.99% 202 $ 11,311,005.78 2.58%
10.00% - 10.24% 331 $ 17,351,877.39 3.96%
10.25% - 10.49% 113 $ 6,101,001.24 1.39%
10.50% - 10.74% 338 $ 16,063,757.76 3.66%
10.75% - 10.99% 345 $ 13,708,159.01 3.13%
11.00% - 11.24% 639 $ 30,902,020.68 7.05%
11.25% - 11.49% 210 $ 8,612,472.95 1.96%
11.50% - 11.74% 546 $ 22,119,794.80 5.04%
11.75% - 11.99% 306 $ 5,911,655.79 1.35%
12.00% - 12.24% 246 $ 8,503,268.51 1.94%
12.25% - 12.49% 927 $ 29,697,471.08 6.77%
12.50% - 12.74% 593 $ 16,415,737.95 3.74%
12.75% - 12.99% 1,027 $ 18,669,355.48 4.26%
13.00% - 13.24% 418 $ 8,544,789.41 1.95%
13.25% - 13.49% 1,508 $ 22,329,683.10 5.09%
13.50% - 13.74% 1,355 $ 18,960,943.22 4.32%
13.75% - 13.99% 1,349 $ 25,935,366.29 5.91%
14.00% - 14.24% 416 $ 9,481,780.45 2.16%
14.25% - 14.49% 336 $ 6,361,261.02 1.45%
14.50% - 14.74% 285 $ 5,467,767.56 1.25%
14.75% - 14.99% 566 $ 9,366,383.43 2.14%
15.00% - 15.24% 336 $ 6,304,837.67 1.44%
15.25% - 15.49% 166 $ 3,105,410.94 0.71%
15.50% - 15.74% 614 $ 9,296,769.27 2.12%
15.75% - 15.99% 155 $ 2,388,624.03 0.54%
16.00% - 16.24% 74 $ 1,229,487.11 0.28%
16.25+% 373 $ 6,066,618.67 1.38%
- --------------------------------------------------------------------------------------------------
Wtd 11.588 15,140 $438,509,969.22 100.00%
Avg
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
9
<PAGE>
Group I: Distribution of Remaining Months to Maturity
<TABLE>
<CAPTION>
Mos. to Maturity Count Balance % by Balance
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 - 30 1,200 $ 5,073,746.30 1.16%
31 - 60 2,398 $ 19,886,875.62 4.54%
61 - 90 1,068 $ 16,277,976.71 3.71%
91 - 120 1,567 $ 27,252,966.65 6.21%
121 - 150 144 $ 2,145,938.43 0.49%
151 - 180 1,305 $ 26,424,537.44 6.03%
181 - 210 9 $ 255,369.00 0.06%
211 - 240 2,448 $ 76,940,670.46 17.55%
241 - 270 4 $ 233,656.13 0.05%
271 - 300 739 $ 30,591,158.46 6.98%
301 - 360 4,258 $233,427,074.02 53.23%
- ------------------------------------------------------------------------------------------
Wtd 276.2 15,140 $438,509,969.22 100.00%
Avg
</TABLE>
Group I: Step Rate Contracts
<TABLE>
<CAPTION>
% of Contract
Step Rate Balance Pool
- ------------------------------------------------------------------------------------------
<S> <C> <C>
Non-Step Rate $419,820,150.47 95.74%
RS1(1) 203,285.00 0.05%
RS2(2) 63,646.99 0.01%
RS3(3) 18,422,886.76 4.20%
Total $438,509,969.22 100.00%
- ------------------------------------------------------------------------------------------
</TABLE>
(1) The Contract Rates for these Contracts increase by 251 basis points in the
thirteenth month after origination.
(2) The Contract Rates for these Contracts increase by 226 basis points in the
thirteenth month after origination.
(3) The Contract Rates for these Contracts increase by 125 basis points in the
thirteenth month after origination and by an additional 125 basis points in the
twenty-fifth month after origination.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
10
<PAGE>
Group I: Distribution of Original Loan-to-Value Ratios (GreenPoint Originated
Contracts)
<TABLE>
<CAPTION>
LTV Count Balance % by Balance
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.001 - 50.499 102 $ 2,123,055.42 0.56%
50.500 - 60.499 95 $ 2,770,637.86 0.73%
60.500 - 70.499 185 $ 7,420,620.29 1.95%
70.500 - 80.499 1,081 $ 39,159,963.36 10.31%
80.500 - 85.499 865 $ 37,447,638.80 9.86%
85.500 - 90.499 4,478 $168,601,353.85 44.37%
90.500 - 95.499 2,658 $116,492,784.34 30.66%
95.499 - 100.000 182 $ 5,940,015.54 1.56%
- ---------------------------------------------------------------------------------------
Wtd 87.80 9,646 $379,956,069.46 100.00%
Avg
</TABLE>
Information with respect to the Loan-to-Value Ratio is not electronically
available for all Previously Securitized Contracts. A random sample of 865
loans, or approximately 16% of the total Previously Securitized Contracts, was
reviewed. The Loan to Value percentage at origination with respect to the
random sample was 85.72%.
Group I: Distribution of Original Loan-to-Value Ratios (Sample of Previously
Securitized Contracts)
<TABLE>
<CAPTION>
LTV Count Balance % by
Balance
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
32 - 40 3 $ 23,844.94 0.26
41 - 50 3 $ 21,867.33 0.24
51 - 60 7 $ 54,375.19 0.60
61 - 70 15 $ 205,995.29 2.26
71 - 80 156 $1,585,627.31 17.42
81 - 85 120 $1,227,546.94 13.48
86 - 90 559 $5,962,729.97 65.49
91 - 93 2 $ 22,311.15 0.25
- ---------------------------------------------------------------------------------------
Wtd 85.72 865 $ 9,104,298 100.00%
Avg
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
11
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Settle 5/18/2000 Class Balance Class Balance
First Pay 6/20/2000 I A 337,652,000.00 II A-1 161,777,015.00
II A-2 First Pay 7/8/2000 I M-1 25,214,000.00 II A-2 125,000,000.00
I M-2 19,733,000.00
1YR CMT 6.18600% I B-1 24,118,000.00
1YR LIBOR 7.25625% I B-2 31,792,969.00
</TABLE>
<TABLE>
<CAPTION>
Scenarios I II III IV V VI VII
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIX 0% MHP 150% MHP 175% MHP 200% MHP 225% MHP 250% MHP 300% MHP
ARM 0% MHP 150% MHP 200% MHP 250% MHP 300% MHP 350% MHP 400% MHP
</TABLE>
To Call
<TABLE>
<CAPTION>
Scenario I II III IV V VI VII
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class I A WAL 14.62 6.30 5.51 4.86 4.33 3.87 3.20
Maturity 2/2027 8/2018 4/2016 5/2014 11/2012 7/2011 12/2009
Class I M-1 WAL 21.36 10.57 9.74 9.03 8.44 7.91 7.18
Maturity 2/2027 8/2018 4/2016 5/2014 11/2012 7/2011 12/2009
Class I M-2 WAL 21.36 10.57 9.74 9.03 8.44 7.91 7.18
Maturity 2/2027 8/2018 4/2016 5/2014 11/2012 7/2011 12/2009
Class I B-1 WAL 16.58 6.07 5.84 5.66 5.50 5.37 5.17
Maturity 10/2020 11/2008 5/2008 12/2007 8/2007 4/2007 11/2006
Class I B-2 WAL 24.99 13.98 12.69 11.58 10.66 9.83 8.71
Maturity 2/2027 8/2018 4/2016 5/2014 11/2012 7/2011 12/2009
Class II A-1 WAL 15.01 3.85 3.01 2.48 2.11 1.84 1.63
Maturity 12/2021 9/2008 11/2006 8/2005 10/2004 3/2004 10/2003
Class II A-2 WAL 24.23 14.19 11.64 9.76 8.37 7.28 6.35
Maturity 3/2027 9/2018 5/2016 6/2014 12/2012 8/2011 1/2010
</TABLE>
To Maturity
<TABLE>
<CAPTION>
Scenarios I II III IV V VI VII
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class I A WAL 14.82 6.61 5.87 5.24 4.70 4.24 3.49
Maturity 3/2030 3/2030 3/2030 3/2030 3/2030 3/2030 3/2030
Class I M-1 WAL 21.73 11.18 10.52 9.95 9.45 9.02 8.31
Maturity 3/2030 3/2030 3/2030 3/2030 3/2030 3/2030 3/2030
Class I M-2 WAL 21.73 11.18 10.52 9.95 9.45 9.02 8.31
Maturity 3/2030 3/2030 3/2030 3/2030 3/2030 3/2030 3/2030
Class I B-1 WAL 16.58 6.07 5.84 5.66 5.50 5.37 5.17
Maturity 10/2020 11/2008 5/2008 12/2007 8/2007 4/2007 11/2006
Class I B-2 WAL 25.63 15.06 14.07 13.21 12.45 11.79 10.69
Maturity 3/2030 3/2030 3/2030 3/2030 3/2030 3/2030 3/2030
Class II A-1 WAL 15.01 3.85 3.01 2.48 2.11 1.84 1.63
Maturity 12/2021 9/2008 11/2006 8/2005 10/2004 3/2004 10/2003
Class II A-2 WAL 24.29 15.17 12.58 10.58 9.04 7.84 6.89
Maturity 1/2030 1/2030 1/2030 1/2030 1/2030 1/2030 1/2030
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
12
<PAGE>
May 8, 2000
$725,286,984
(Approximate)
[LOGO FOR GREENPOINT CREDIT]
Manufactured Housing Contract Trust
Pass-Through Certificates, Series 2000-3
GreenPoint Credit, LLC
Servicer and Seller
Group II: $286,777,015 (Approximate)
---------------MBIA Guaranty-------------
$161,777,015 Floating Rate Class II A-1 Certificates
$125,000,000 Auction Rate Class II A-2 Certificates
Computational Materials: Group II
Neither the Seller, the Servicer, nor the Trust, nor any of its affiliates make
any representations as to the accuracy or completeness of the information
herein. The information herein is preliminary, and will be superseded by the
applicable Prospectus Supplement and by any other information subsequently filed
with the Securities and Exchange Commission. The information herein addresses
only certain aspects of the applicable certificates' characteristics and thus
does not provide a complete assessment of the certificates. As such, the
information may not reflect the impact of all structural characteristics of the
certificates. The assumptions underlying the information, including structure
and collateral, may be modified from time to time to reflect changed
circumstances. The attached term sheet is not intended to be a Prospectus and
any investment decision with respect to the certificates should be made by you
based solely upon all of the information contained in the final Prospectus and
Prospectus Supplement. 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 certificates 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 certificates may not be sold
nor may an offer to buy be accepted prior to the delivery of a final Prospectus
and Prospectus Supplement relating to the certificates. All information
described herein is preliminary, limited in nature and subject to completion or
amendment. No representation is made that the above referenced certificates
will actually perform as described in any scenario presented. Neither the
Seller, the Servicer, nor the Trust has prepared, reviewed or participated in
the preparation hereof. The Seller, the Servicer and the Trust are not
responsible for the accuracy hereof and they have not authorized its
dissemination. A final Prospectus and Prospectus Supplement may be obtained by
contacting Salomon Smith Barney's Syndicate Desk at (212) 723-6171.
<PAGE>
Certificate Description
GROUP II
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
Class II A-1 Class II A-2
Principal Amount:
Ratings (Moody's/S&P): Aaa/AAA Aaa/AAA
<S> <C> <C>
Wtd Avg. Life: 2.48 9.76
Principal Payment Begins: Month 1 Month 63
Principal Payment Ends: Month 63 Month 168
Principal Payment Window: 63 months 106 months
Expected Final (to call on A-2): August 2005 June 2014
Last Sched. Distribution: January 2022 [June 2031]
First Coupon: 6/20/00 7/10/00
Distribution Date(1): 20th 8th
Delay Days: 0 0
Accrued Interest: Settles Flat Settles Flat
Coupon Type: Floating Auction Rate
Day Count: Actual/360 Actual/360
Authorized Denominations: $50,000 and $1 $25,000 and
thereafter multiples thereafter
ERISA Eligible: Yes Yes
SMMEA: Yes Yes
- ----------------------------------------------------------------------------------------------------
</TABLE>
(1) Or the next business day if such a day is not a business day.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
1
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Title of Securities: GreenPoint Credit Manufactured Housing Contract Trust Pass-Through Certificates,
Series 2000-3 (together, the "Certificates").
Description of Transaction: The transaction consists of two Groups of Certificates:
Group I
-------
Group I has a Senior/Subordinate structure with one class of senior certificates, Class
I A and four classes of subordinate certificates, Class I M-1 through Class I B-2.
Group II
--------
Group II will be insured by MBIA and has one offered class of floating rate certificates
(Class II A-1) and one offered class of auction rate certificates (Class II A-2).
Both Groups consist of actuarial and simple interest manufactured housing installment
sales contracts, installment loan agreements and certain other assets. The trust will
also issue Class R Certificates which are not being offered.
Credit Enhancement Credit enhancement for the Group II A-1 and Class II A-2 Certificates will be provided
by an insurance policy from MBIA and excess interest generated by the Group II
Contracts.
Excess interest generated by the Group I contracts will also be available for credit
enhancement of the Group II certificates after the payment of all due and owed
interest and principal on the Group I certificates, as well the payment of all fees,
expenses and reimbursements to the senior and other parties.
Contract Pool: Group II contains approximately 6,677 floating-rate contracts with an aggregate
scheduled principal balance as of April 30, 2000 of approximately $286,777,015.43
Advances: The Servicer will advance its own funds to cover any shortfalls in payments of
principal and interest due on the offered certificates and resulting from delinquent
payments on the contracts in any month, to the extent it deems such amounts
recoverable. Any advances made with respect to a distribution date will not exceed
the amount of delinquent contract payments that were due in the prior month.
Trustee: Bank One, National Association.
Auction Agent: Bankers Trust Company.
Lead Manager: Salomon Smith Barney.
Seller and Servicer: GreenPoint Credit, LLC.
Cut-Off Date: April 30, 2000.
Pricing Date(1): Class II A-1: May [11/12], 2000. Class II A-2: May [17], 2000.
Closing Date(1): May [18], 2000.
Form of Certificates: Book entry form, same day funds (through DTC, Euroclear and Clearstream).
Prepayment Pricing Speed: 250% MHP.
Optional Termination: 10% clean-up call, or, if the call is not exercised, a termination auction subject to
certain requirements.
Servicing Fee: The Monthly Servicing Fee will be equal to the product of one-twelfth of 1.00% of the
Pool Scheduled Principal Balance for the related distribution date, whether or not the
related scheduled payments on the Contracts are received. The available distribution
amount will be net of the Monthly Servicing Fee.
- ------------------------------
</TABLE>
(1) Subject to change.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
2
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Distribution Date Class II A-1
------------
The 20th day of each month or, if such day is not a business day, the next succeeding
business day, beginning on June 20, 2000. Principal and interest distributions to
Certificateholders on a distribution date are based on a Collection Period of the
calendar month preceding such distribution date. Assuming payment on the 20th of
each month, funds are distributed approximately 20 days after the related Collection
Period.
Class II A-2
------------
The 8th day of each month or, if such day is not a business day, the next succeeding
business day, beginning on July 10, 2000. Interest and principal distributions to
Certificateholders on the first distribution date are based on a Collection Period of the
second calendar month preceding such distribution date. Assuming payment on the
8th of each month, funds are distributed approximately 38 days after the related
Collection Period.
Interest Accrual Period: The Class II A-1 and Class II A-2 Certificates will accrue interest at a rate equal to the
product of (i) the actual number of days during the interest period divided by 360 and
(ii) the applicable pass-through rate on the certificate balance thereof immediately
prior to such distribution date. For any distribution date, the interest period for the
certificates is the period from and including the preceding distribution date (or from
the closing date with respect to the first distribution date) through but excluding the
day prior to the related distribution date.
Pass-Through Rates: The Class II A-1 Pass-Through Rates will be adjusted each month, based on changes in
the London Interbank Offered Rate for one-month U.S. dollar deposits. The Class II
A-2 Pass-Through Rate will be adjusted each month as specified by the auction
procedures as described in Annex II and Annex III in the prospectus supplement. The
pass-through rates on the offered certificates are capped at the weighted average of
the net contract rates of the contracts.
The amount of interest due in excess of the net contract rates ("Net Funds Cap
Carryover Amount") is not rated or guaranteed under the MBIA policy but is payable
to Certificateholders to the extent of funds available therefor before any funds are
distributed to the Class R Certificates.
The Net Contract Rate for a Group II Contract is defined as (a) for the first twelve
Distribution Dates, the related Contract Rate on the first day of the related Collection
Period minus 1.00% and (b) for each Distribution Date thereafter, the related Contract
Rate on the first date of the related Collection Period minus 1.50%.
Principal Distribution: The available distribution amount with respect to the Group II Contracts remaining
after the distribution of interest on the Group II Certificates and the payment of certain
fees and expenses of the Trust will be distributed to the Group I Certificates in the
order described under "Distributions of Principal and Interest: Group II" below.
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
3
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Allocation of Losses: In the event that losses on the contracts reduce the amounts available for distribution
to the Group II Class II A-1 certificates and Class II A-2 certificates and there is no
payment under the certificate insurance policy, losses will be allocated pro rata among
the Class II A-1 certificates and Class II A-2 certificates.
Group II Certificate Insurer: Timely interest and principal payments on the Group II Certificates will be guaranteed
by MBIA Insurance Corporation ("MBIA"). MBIA's claims-paying ability is rated
AAA/Aaa by Standard & Poor's and Moody's. Payments of Net Funds Cap Carryover
Amounts (as defined in the Prospectus Supplement) are not guaranteed by MBIA.
ERISA Considerations: Class II A-1 and Class II A-2 Certificates are ERISA-eligible.
Taxation: REMIC for federal income tax purposes.
Legal Investment: Class II A-1 and Class II A-2 Certificates will be SMMEA-eligible.
Prospectus: The Certificates are being offered pursuant to a Prospectus supplemented by a
Prospectus Supplement (together, the "Prospectus"). Complete information with
respect to the Certificates and the collateral securing them is contained in the
Prospectus. The information herein is qualified in its entirety by the information
appearing in the Prospectus. To the extent that anything herein is inconsistent with
the Prospectus, the Prospectus shall govern in all respects. Sales of the Certificates
may not be consummated unless the purchaser has received the Prospectus.
</TABLE>
Payments on Auction Rate Securities
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Initial
Class Amount Collection Accrual First Auction Auction Date First Payment Distribution
Period Period Auction Period Date
- ---------------------------------------------------------------------------------------------------------------------------------
A-2 $125,000,000 5/1/2000 -- 53 days 7/7/2000 1 month Business day before 7/10/2000 8th of each
5/31/2000 distribution date month
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
4
<PAGE>
Distributions of Principal and Interest: Group II
Amounts distributable to holders of the Certificates shall be allocated on each
Distribution Date in the following order of priority:
1. to pay interest on the Class II A-1 and Class II A-2 Certificates, pro rata
based on the amount of interest to which they are entitled;
2. to pay principal of the Class II A-1 Certificates until the Class II A-1
Certificate Balance is reduced to zero; then to pay principal of the Class
II A-2 Certificates until the Class II A-2 Certificate Balance is reduced to
zero;
3. to make deposits, if required, to the Special Account as established under
and required by the Insurance Agreement;
4. to pay any applicable Net Funds Cap Carryover Amounts (as defined in the
Prospectus Supplement) to the Class II A-1 Certificateholders and the Class
II A-2 Certificateholders pro rata on the basis of the Class II A-1 Net
Funds Cap Carryover Amount and Class II A-2 Net Funds Cap Carryover Amount
(as defined in the Prospectus Supplement), respectively;
5. to pay the Auction Agent certain amounts that may be required to be paid
pursuant to the pooling agreement,
6. to the Group I Certificate Account to cover any shortfall on the Group I
Certificates, and
7. to pay any remaining available funds to the holder of the Class R
Certificate
The Contract Pool
The information herein regarding the collateral represents the initial Contract
Pool as of the Cut-off Date. The information herein will be superseded by the
information regarding the collateral set forth in the Prospectus.
Characteristics of GreenPoint Manufactured Housing Collateral
<TABLE>
<CAPTION>
Collateral Group II (Floating)
<S> <C>
Principal Amount ($MM) $286,777,015.43
Number of Loans 6,677
Average Loan Balance $42,949.98
Wtd. Avg. Rem. Term 313.5 months
Wtd. Avg. Seasoning 0.9 months
Wtd. Avg. APR 9.748%
Wtd. Avg. LTV 89.24%
Percent LTV>=90.5% (by $) 22.74%
% New Contracts (by $) 88.3%
Top 5 States TX 10.88%
GA 8.24%
AL 7.25%
NC 7.05%
FL 6.12%
Wtd. Avg. Periodic Cap 2.000%
Wtd. Avg. Lifetime Cap 14.748%
Index 99.83% 12M LIBOR
0.17% 1-year CMT
Wtd. Avg. Margin 4.994%
Land Homes 12.6%
</TABLE>
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materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
5
<PAGE>
GROUP II COLLATERAL TABLES
Group II: Geographical Distribution of Manufactured Homes
<TABLE>
<CAPTION>
State Count Balance % by Balance
<S> <C> <C> <C>
Alabama 507 $ 20,777,143.18 7.25%
Arizona 124 $ 5,609,424.50 1.96%
Arkansas 119 $ 4,141,529.09 1.44%
California 29 $ 1,051,975.64 0.37%
Colorado 44 $ 2,034,342.28 0.71%
Delaware 6 $ 232,418.93 0.08%
Florida 339 $ 17,553,109.76 6.12%
Georgia 500 $ 23,636,343.09 8.24%
Idaho 35 $ 1,602,473.62 0.56%
Illinois 109 $ 3,976,423.80 1.39%
Indiana 149 $ 6,930,272.90 2.42%
Iowa 149 $ 5,749,964.31 2.01%
Kansas 104 $ 4,490,406.07 1.57%
Kentucky 349 $ 13,986,442.65 4.88%
Louisiana 187 $ 7,191,784.32 2.51%
Maine 12 $ 724,849.00 0.25%
Maryland 20 $ 904,725.16 0.32%
Michigan 264 $ 12,597,652.13 4.39%
Minnesota 112 $ 4,308,477.18 1.50%
Mississippi 434 $ 16,448,383.76 5.74%
Missouri 248 $ 9,192,349.50 3.21%
Montana 37 $ 1,508,545.16 0.53%
Nebraska 27 $ 1,230,211.96 0.43%
Nevada 27 $ 1,680,594.24 0.59%
New Hampshire 6 $ 377,418.85 0.13%
New Jersey 3 $ 114,292.63 0.04%
New Mexico 30 $ 1,324,373.82 0.46%
New York 12 $ 476,976.18 0.17%
North Carolina 450 $ 20,220,405.35 7.05%
North Dakota 30 $ 1,301,803.19 0.45%
Ohio 123 $ 5,223,605.66 1.82%
Oklahoma 120 $ 4,757,100.88 1.66%
Oregon 98 $ 5,303,939.09 1.85%
Pennsylvania 59 $ 2,482,357.62 0.87%
South Carolina 330 $ 13,722,669.42 4.79%
South Dakota 99 $ 4,086,316.75 1.42%
Tennessee 206 $ 8,387,730.82 2.92%
Texas 728 $ 31,193,055.53 10.88%
Utah 35 $ 2,069,732.47 0.72%
Vermont 6 $ 277,223.42 0.10%
Virginia 91 $ 3,851,964.49 1.34%
Washington 88 $ 5,532,192.89 1.93%
West Virginia 121 $ 4,115,477.21 1.44%
Wisconsin 83 $ 3,061,135.90 1.07%
Wyoming 28 $ 1,337,401.03 0.47%
- -------------------------------------------------------------------------------------------------------------
Total 6,677 $286,777,015.43 100.00%
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
6
<PAGE>
Group II: Distribution of Original Principal Balances
<TABLE>
<CAPTION>
Principal Balance Count Balance % by Balance
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 0 - $ 5,000 1 $ 4,163.69 0.00%
$ 5,001 - $ 7,500 6 $ 39,567.01 0.01%
$ 7,501 - $10,000 35 $ 303,855.97 0.11%
$10,001 - $12,500 45 $ 497,513.50 0.17%
$12,501 - $15,000 87 $ 1,184,011.32 0.41%
$15,001 - $17,500 96 $ 1,566,571.49 0.55%
$17,501 - $20,000 112 $ 2,082,188.68 0.73%
$20,001 - $22,500 163 $ 3,465,056.44 1.21%
$22,501 - $25,000 254 $ 6,049,178.10 2.11%
$25,001 - $27,500 359 $ 9,424,205.23 3.29%
$27,501 - $30,000 397 $ 11,396,346.88 3.97%
$30,001 - $32,500 429 $ 13,398,152.46 4.67%
$32,501 - $35,000 484 $ 16,335,899.75 5.70%
$35,001 - $40,000 867 $ 32,417,292.23 11.30%
$40,001 - $45,000 701 $ 29,781,221.69 10.38%
$45,001 - $50,000 659 $ 31,231,352.00 10.89%
$50,001 - $55,000 576 $ 30,182,600.19 10.52%
$55,001 - $60,000 435 $ 24,934,129.21 8.69%
$60,001 - $65,000 298 $ 18,555,565.32 6.47%
$65,001 - $70,000 218 $ 14,684,823.86 5.12%
$70,001 - $75,000 124 $ 8,971,066.61 3.13%
$75,001 - $80,000 78 $ 6,030,610.09 2.10%
$80,001 - $85,000 67 $ 5,532,867.97 1.93%
>$85,000 186 $ 18,708,775.74 6.52%
- ----------------------------------------------------------------------------------------------
Total 6,677 $286,777,015.43 100.00%
</TABLE>
Group II: Distribution of Original Loan-to-Value Ratios
<TABLE>
<CAPTION>
LTV Count Balance % by Balance
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------
0.001 - 50.499 43 $ 952,709.92 0.33%
50.5 - 60.499 29 $ 789,293.76 0.28%
60.5 - 70.499 50 $ 1,899,663.83 0.66%
70.5 - 80.499 507 $ 20,488,535.33 7.14%
80.5 - 85.499 495 $ 22,195,141.30 7.74%
85.5 - 90.499 3,926 $170,416,819.17 59.42%
90.5 - 95.499 1,518 $ 66,102,237.09 23.05%
95.5 - 100.000 109 $ 3,932,615.03 1.37%
- --------------------------------------------------------------------------------------------
Wtd. 89.24 6,677 $286,777,015.43 100.00%
Avg
</TABLE>
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materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
7
<PAGE>
Group II: Distribution of Contract Rates
<TABLE>
<CAPTION>
Contract Rate Count Balance % by Balance
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6.75% - 6.99% 1 $ 85,801.48 0.03%
7.00% - 7.24% 20 $ 1,440,694.07 0.50%
7.25% - 7.49% 92 $ 7,337,467.35 2.56%
7.50% - 7.74% 109 $ 8,500,974.93 2.96%
7.75% - 7.99% 48 $ 2,680,764.78 0.93%
8.00% - 8.24% 85 $ 4,447,781.75 1.55%
8.25% - 8.49% 229 $ 12,929,684.87 4.51%
8.50% - 8.74% 232 $ 14,475,745.70 5.05%
8.75% - 8.99% 893 $ 46,727,873.40 16.29%
9.00% - 9.24% 121 $ 6,126,997.23 2.14%
9.25% - 9.49% 613 $ 28,324,425.80 9.88%
9.50% - 9.74% 132 $ 6,083,379.63 2.12%
9.75% - 9.99% 397 $ 19,079,242.18 6.65%
10.00% - 10.24% 883 $ 32,967,514.38 11.50%
10.25% - 10.49% 312 $ 13,608,045.25 4.75%
10.50% - 10.74% 227 $ 9,055,979.05 3.16%
10.75% - 10.99% 106 $ 4,554,015.31 1.59%
11.00% - 11.24% 663 $ 23,571,702.87 8.22%
11.25% - 11.49% 177 $ 6,313,705.41 2.20%
11.50% - 11.74% 324 $ 11,407,156.36 3.98%
11.75% - 11.99% 206 $ 6,572,558.82 2.29%
12.00% - 12.24% 219 $ 6,115,754.03 2.13%
12.25% - 12.49% 109 $ 3,207,662.68 1.12%
12.50% - 12.74% 73 $ 2,067,447.32 0.72%
12.75% - 12.99% 180 $ 3,582,112.59 1.25%
13.00% - 13.24% 46 $ 1,329,180.35 0.46%
13.25% - 13.49% 31 $ 717,192.12 0.25%
13.50% - 13.74% 28 $ 812,533.12 0.28%
13.75% - 13.99% 4 $ 107,538.84 0.04%
14.00% - 14.24% 74 $ 1,578,610.89 0.55%
14.25% - 14.49% 3 $ 87,234.76 0.03%
14.50% - 14.74% 20 $ 471,144.90 0.16%
14.75% - 14.99% 2 $ 68,975.50 0.02%
15.00% - 15.24% 3 $ 58,590.33 0.02%
15.50% - 15.74% 8 $ 143,425.95 0.05%
16.00% - 16.24% 2 $ 44,439.32 0.02%
16.25+% 5 $ 93,662.11 0.03%
- --------------------------------------------------------------------------------------
Wtd 9.748 6,677 $286,777,015.43 100.00%
Avg
</TABLE>
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materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
8
<PAGE>
Group II: Distribution of Remaining Months to Maturity
<TABLE>
<CAPTION>
Mos. to Maturity Count Balance % by Balance
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
1 - 30 2 $ 8,992.71 0.00%
31 - 60 19 $ 267,614.29 0.09%
61 - 90 26 $ 378,170.55 0.13%
91 - 120 118 $ 2,164,474.12 0.75%
121 - 150 48 $ 830,040.52 0.29%
151 - 180 507 $ 11,658,131.89 4.07%
211 - 240 2,102 $ 72,941,142.41 25.43%
241 - 270 1 $ 26,831.57 0.01%
271 - 300 534 $ 22,201,745.89 7.74%
301 - 360 3,320 $176,299,871.48 61.48%
- -----------------------------------------------------------------------------------
Wtd 313.5 6,677 $286,777,015.43 100.00%
Avg
</TABLE>
Group II: Distribution of Maximum Cap
<TABLE>
<CAPTION>
Max Cap Count Balance % by Balance
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
11.51% - 12.00% 21 $ 1,526,495.55 0.53%
12.01% - 12.50% 201 $ 15,838,442.28 5.52%
12.51% - 13.00% 133 $ 7,128,546.53 2.49%
13.01% - 13.50% 461 $ 27,405,430.57 9.56%
13.51% - 14.00% 1,014 $ 52,854,870.63 18.43%
14.01% - 14.50% 745 $ 34,407,805.43 12.00%
14.51% - 15.00% 1,278 $ 51,972,453.42 18.12%
15.01% - 15.50% 539 $ 22,663,510.88 7.90%
15.51% - 16.00% 768 $ 28,098,998.52 9.80%
16.01% - 16.50% 503 $ 17,796,955.19 6.21%
16.51% - 17.00% 426 $ 12,713,755.65 4.43%
17.01% - 17.50% 182 $ 5,275,110.00 1.84%
17.51% - 18.00% 226 $ 4,911,292.94 1.71%
18.01% - 18.50% 59 $ 1,529,725.24 0.53%
18.51% - 19.00% 78 $ 1,686,149.73 0.59%
19.01% - 19.50% 23 $ 558,379.66 0.19%
19.51% - 20.00% 5 $ 127,565.83 0.04%
20.01% - 20.50% 8 $ 143,425.95 0.05%
20.51% - 21.00% 2 $ 44,439.32 0.02%
>21.00% 5 $ 93,662.11 0.03%
- ------------------------------------------------------------------------------------
Wtd Avg 14.748 6,677 $286,777,015.43 100.00%
</TABLE>
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materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
9
<PAGE>
Group II: Distribution of Gross Margins
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
Gross Margin Count Balance % by Balance
<S> <C> <C> <C>
.50 - 1.50 5 $ 356,240.85 0.12%
1.51 - 2.00 15 $ 1,117,459.83 0.39%
2.01 - 2.50 25 $ 1,495,734.83 0.52%
2.51 - 3.00 288 $ 20,094,285.89 7.01%
3.01 - 3.50 236 $ 12,314,701.68 4.29%
3.51 - 4.00 450 $ 26,761,807.24 9.33%
4.01 - 4.50 1,373 $ 68,363,302.28 23.84%
4.51 - 5.00 566 $ 22,497,775.82 7.85%
5.01 - 5.50 1,273 $ 53,480,938.97 18.65%
5.51 - 6.00 624 $ 24,693,739.01 8.61%
6.01 - 6.50 719 $ 24,438,054.96 8.52%
6.51 - 7.00 519 $ 16,575,107.71 5.78%
7.01 - 7.50 219 $ 5,623,009.02 1.96%
7.51 - 8.00 217 $ 5,593,962.46 1.95%
> 8.01+ 148 $ 3,370,894.88 1.18%
- -----------------------------------------------------------------------------------------------
Wtd 4.994 6,677 $286,777,015.43 100.00%
Avg
</TABLE>
Group II: Distribution of Next Adjustment Date
<TABLE>
<CAPTION>
Month Count Balance % by Balance
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
Jul-00 1 $ 32,831.15 0.01%
Aug-00 2 $ 123,450.86 0.04%
Sep-00 6 $ 621,503.75 0.22%
Oct-00 5 $ 480,160.42 0.17%
Nov-00 30 $ 2,893,880.26 1.01%
Dec-00 58 $ 4,758,489.79 1.66%
Jan-01 66 $ 5,308,191.83 1.85%
Feb-01 104 $ 7,124,180.05 2.48%
Mar-01 2,556 $105,973,263.43 36.95%
Apr-01 3,153 $131,020,075.26 45.69%
May-01 671 $ 27,570,494.08 9.61%
Oct-01 1 $ 67,153.78 0.02%
Mar-03 11 $ 281,249.58 0.10%
Apr-03 13 $ 522,091.19 0.18%
- -------------------------------------------------------------------------------
Total 6,677 $286,777,015.43 100.00%
</TABLE>
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materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
10
<PAGE>
Group II: Net Funds Cap Schedule
Assumptions:
<TABLE>
<CAPTION>
Closing Date: May 18, 2000
<S> <C>
1-Yr Libor: 20%
1-Yr CMT: 20%
</TABLE>
<TABLE>
<CAPTION>
ACT/360
Rate
Period Date Cap
<S> <C> <C>
0 05/18/2000 -
1 06/20/2000 7.95265
2 07/20/2000 8.74793
3 08/20/2000 8.46575
4 09/20/2000 8.46576
5 10/20/2000 8.74797
6 11/20/2000 8.46579
7 12/20/2000 8.24800
8 01/20/2001 8.00889
9 02/20/2001 8.04104
10 03/20/2001 8.94221
11 04/20/2001 8.12805
12 05/20/2001 9.13619
13 06/20/2001 9.72590
14 07/20/2001 10.24240
15 08/20/2001 9.91201
16 09/20/2001 9.91202
17 10/20/2001 10.24243
18 11/20/2001 9.91204
19 12/20/2001 10.24246
20 01/20/2002 9.93900
21 02/20/2002 9.97122
22 03/20/2002 11.07916
23 04/20/2002 10.05813
24 05/20/2002 11.13001
25 06/20/2002 11.65607
26 07/20/2002 12.23686
27 08/20/2002 11.84212
28 09/20/2002 11.84212
29 10/20/2002 12.23685
30 11/20/2002 11.84211
31 12/20/2002 12.23684
32 01/20/2003 11.85558
33 02/20/2003 11.87171
34 03/20/2003 13.16347
35 04/20/2003 11.91517
36 05/20/2003 12.68129
37 06/20/2003 12.71990
38 07/20/2003 13.23990
39 08/20/2003 12.81280
40 09/20/2003 12.81279
41 10/20/2003 13.23987
42 11/20/2003 12.81277
43 12/20/2003 13.23986
44 01/20/2004 12.81276
45 02/20/2004 12.81275
46 03/20/2004 13.69637
47 04/20/2004 12.81273
48 05/20/2004 13.23981
</TABLE>
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materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
11
<PAGE>
<TABLE>
<S> <C>
Settle 5/18/2000
First Pay 6/20/2000
IIA-2 First Pay 7/8/2000
Class Balance
IIA-1 161,777,015.00
IIA-2 125,000,000.00
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Scenarios I II III IV V VI
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
FIX 0% MHP 150% MHP 175% MHP 200% MHP 225% MHP 250% MHP
- -------------------------------------------------------------------------------------------------------------------
ARM 0% MHP 150% MHP 200% MHP 250% MHP 300% MHP 350% MHP
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
To Call
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Scenarios I II III IV V VI
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class IIA-1 WAL 15.01 3.85 3.01 2.48 2.11 1.84
----------------------------------------------------------------------
Maturity 12/2021 9/2008 11/2006 8/2005 10/2004 3/2004
----------------------------------------------------------------------
Class IIA-2 WAL 24.23 14.19 11.64 9.76 8.37 7.28
----------------------------------------------------------------------
Maturity 3/2027 9/2018 5/2016 6/2014 12/2012 8/2011
- ---------------------------------------------------------------------------------------
</TABLE>
To Maturity
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Scenarios I II III IV V VI
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class IIA-1 WAL 15.01 3.85 3.01 2.48 2.11 1.84
-----------------------------------------------------------------------
Maturity 12/2021 9/2008 11/2006 8/2005 10/2004 3/2004
-----------------------------------------------------------------------
Class IIA-2 WAL 24.29 15.17 12.58 10.58 9.04 7.84
-----------------------------------------------------------------------
Maturity 1/2030 1/2030 1/2030 1/2030 1/2030 1/2030
- ----------------------------------------------------------------------------------------
</TABLE>
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materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
12
