<PAGE>
FILED PURSUANT TO RULE 424(b)(2)
REGISTRATION NO. 333-80437
Supplement to prospectus supplement dated May 12, 2000,
to prospectus dated December 9, 1999
$31,792,311
(Approximate)
[GREENPOINT CREDIT LOGO]
Seller and Servicer
Manufactured Housing Contract Trust
Pass-Through Certificates, Series 2000-3,
Issuer
------------------------
We are offering the Class I B-2 certificates through this supplement.
<TABLE>
<CAPTION>
Underwriting
Certificate Pass-Through Discounts and Proceeds to
Class Balance Rate Price to Public Commissions Seller
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
I B-2...... $31,792,311 9.25% 87.83700% 0.75000% 87.08700%
Total..... $31,792,311 $27,925,412 $238,442 $27,686,970
</TABLE>
. The pass-through rate on the Class I B-2 certificates is capped at the
weighted average of the net contract rates of the group I contracts.
. The proceeds to the seller will also include interest from June 1, 2000.
Consider carefully the risk factors beginning on page S-10 in the accompanying
prospectus supplement and on page 4 in the accompanying prospectus.
This supplement relates to the offering of the Class I B-2 certificates but does
not contain complete information about these certificates. Additional
information is contained in the accompanying prospectus supplement dated May 12,
2000 and in the related prospectus dated December 9, 1999. Prospective
purchasers are urged to read this supplement, the prospectus supplement and the
prospectus in full.
The underwriter named below will offer the Class I B-2 certificates listed in
the table above to the public at the offering price and will receive the
discount as listed on this cover page.
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this
prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.
Underwriter of the Class I B-2 certificates:
Salomon Smith Barney
The date of this supplement is June 8, 2000.
<PAGE>
This Supplement is qualified in its entirety by reference to the detailed
information appearing in the accompanying prospectus supplement and prospectus.
Certain capitalized terms used in this supplement are defined in the section
titled "Glossary" in the prospectus supplement, or, if not defined therein, in
the section titled "Glossary" in the prospectus.
The Contract Pool
As of May 31, 2000, the Contract Pool included approximately 21,186
Contracts having an aggregate outstanding principal balance of approximately
$714,624,439.10.
Group I Contracts
As of May 31, 2000, the Group I Contracts consist of approximately 14,667
fixed rate Contracts with an aggregate outstanding principal balance of
approximately $435,740,856.80. The following table summarizes the delinquency
experience of the Group I Contracts as of May 31, 2000, and excludes contracts
already in repossession.
<TABLE>
<CAPTION>
As of
May 31, 2000
------------------------
<S> <C>
Total Number of Group I Contracts Outstanding........................... 14,667
Total Delinquencies as a Percent of Group I Contracts
Outstanding at Period End:
31-59 days......................................................... 1.00%
60-89 days......................................................... 0.16%
90 days or more.................................................... 0.00%
------
Total Delinquencies..................................................... 1.16%
======
</TABLE>
. The "Total Delinquencies as a Percent of Group I Contracts Outstanding at
Period End" is calculated as a percentage of the total number of Group I
Contracts as of May 31, 2000.
Group II Contracts
As of May 31, 2000, the Group II Contracts consist of approximately 6,519
adjustable rate Contracts with an aggregate outstanding principal balance of
approximately $278,883,582.30. The following table summarizes the delinquency
experience of the Group II Contracts as of May 31, 2000, and excludes contracts
already in repossession.
<TABLE>
<CAPTION>
As of
May 31, 2000
------------------------
<S> <C>
Total Number of Group II Contracts Outstanding.......................... 6,519
Total Delinquencies as a Percent of Group II Contracts
Outstanding at Period End:
31-59 days......................................................... 0.34%
60-89 days......................................................... 0.00%
90 days or more.................................................... 0.00%
-----
Total Delinquencies..................................................... 0.34%
=====
</TABLE>
. The "Total Delinquencies as a Percent of Group II Contracts Outstanding
at Period End" is calculated as a percentage of the total number of Group
II Contracts as of May 31, 2000.
SS-2
<PAGE>
Method of Distribution
The underwriter named below has agreed, subject to the terms and conditions
of the Underwriting Agreement, dated June 8, 2000, between the Seller and
Salomon Smith Barney Inc., to purchase from the Seller the principal amount of
the certificates set forth next to its name in the table below.
<TABLE>
<CAPTION>
Certificate Balance of
Underwriter Class I B-2 Certificates
-----------------------------------------------------------------------------------------------
<S> <C>
Salomon Smith Barney Inc........................................ $31,792,311
</TABLE>
In the underwriting agreement described above, the underwriter has agreed,
subject to the terms and conditions in that agreement, to purchase all of the
certificates offered by this supplement if any certificates are purchased. The
underwriting agreement described above also provides that the Seller will
indemnify Salomon Smith Barney Inc. against certain liabilities, including
liabilities under the Securities Act of 1933, as amended, or contribute to
payments Salomon Smith Barney Inc. may be required to make in respect thereof.
Salomon Smith Barney Inc. will reimburse certain expenses of the Seller.
The Seller has been advised by Salomon Smith Barney Inc. that they propose
initially to offer the Class I B-2 Certificates to the public at the price set
forth herein, and to certain dealers at such price, less the initial concession
not in excess of 0.450% of the Class I B-2 Certificate Balance. Salomon Smith
Barney Inc. may allow dealers, and such dealers may allow, a concession not in
excess of 0.225% of the Class I B-2 Certificate Balance. After the initial
public offering of the Class I B-2 Certificates, the public offering price and
such concessions may be changed.
SS-3
<PAGE>
--------------------------------------------------------------------------------
$31,792,311
(Approximate)
[GREENPOINT CREDIT LOGO]
Seller and Servicer
Manufactured Housing Contract Trust
Pass-Through Certificates, Series 2000-3
------------------------
Supplement to the prospectus supplement
------------------------
Salomon Smith Barney
You should rely only on the information contained or incorporated by reference
in this supplement and the accompanying prospectus supplement and prospectus.
We have not authorized anyone to provide you with different information.
We are not offering the Class I B-2 Certificates in any state where the offer is
not permitted.
We do not claim the accuracy of the information in this supplement and the
accompanying prospectus supplement and prospectus as of any date other than the
dates stated on their respective covers.
Dealers will deliver this supplement and the accompanying prospectus supplement
and prospectus when acting as underwriters of the Class I B-2 Certificates and
with respect to their unsold allotments or subscriptions. In addition, all
dealers selling the Class I B-2 Certificates will deliver this supplement and
the accompanying prospectus supplement and prospectus until September 5, 2000.
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