<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): March 21, 2000
GREENPOINT CREDIT, LLC
- --------------------------------------------------------------------------------
(exact name of registrant as specified in charter)
DELAWARE
- --------------------------------------------------------------------------------
(state or other jurisdiction of incorporation)
333-80437
- --------------------------------------------------------------------------------
(commission file number)
33-0862379
- --------------------------------------------------------------------------------
(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 2000-2 (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 March 17, 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: March 21, 2000
San Diego, California
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Numbers
---------------
<S> <C>
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
March 21, 2000
GreenPoint Credit, LLC
10089 Willow Creek Road
San Diego, California 92131
Re: GreenPoint Manufactured Housing Contract Trust
Pass-Through Certificates, Series 2000-2
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 2000-2
Class A-1 Certificates, Class 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 March 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 A-1 Certificates and Class 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 A-1 Certificates and Class A-2 Certificates (such base prospectus
and prospectus supplement being hereinafter collectively referred to as the
"Prospectus").
<PAGE>
GreenPoint Credit, LLC
March 21, 2000
Page 2
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 A-1 Certificates and Class 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
March 21, 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, relating to Manufactured Housing Contract Trust Pass-Through
Certificates, Series 2000-2, of our report dated February 2, 1999, on our audits
of the consolidated financial statements of MBIA Insurance Corporation and
Subsidiaries as of December 31, 1998 and 1997 and for each of the three years in
the period ended December 31, 1998. We also consent to the reference to our Firm
under the caption "Experts".
/S/ PricewaterhouseCoopers LLP
March 14, 2000
<PAGE>
EXHIBIT 99.1
March 13, 2000
$250,096,268
(Approximate)
GreenPoint Credit
Manufactured Housing Contract Trust
Pass-Through Certificates, Series 2000-2
GreenPoint Credit, LLC
Servicer and Seller
MBIA Guaranty
$150,096,268 Floating Rate Class A-1 Certificates
$100,000,000 Auction Rate Class A-2 Certificates
Computational Materials
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>
<TABLE>
<S> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Class A Certificates: $150,096,268 Class A-1 Certificates, Variable Rate (Senior Sequential)
$100,000,000 Class A-2 Certificates, Auction Rate (Senior Sequential)
- ------------------------------------------------------------------------------------------------------------------------------------
Title of Securities: GreenPoint Credit Manufactured Housing Contract Trust Pass-Through Certificates,
Series 2000-2 (together, the "Certificates").
Description of Transaction: This MBIA-wrapped transaction has one offered class of floating rate certificates
(Class A-1) and one offered class of auction rate certificates (Class A-2) and is
supported by a contract pool which consists 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.
Contract Pool: The initial contract pool consists of approximately 5,732 contracts with an aggregate
scheduled principal balance as of February 29, 2000 of approximately
250,096,268.41. $
Advances: Because not all of the contracts have scheduled payments due during the Initial
Collection Period, the Servicer will make an Initial Servicer Advance to cover any
resulting interest shortfall on the Certificates. In addition, the Servicer will advance
its own funds to cover any shortfalls in payments of principal and interest resulting
from delinquent payments on the contracts, due on the offered certificates in any
month, to the extent it deems such amounts recoverable. Other than the Initial
Servicer Advance, 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.
Broker-Dealer: Salomon Smith Barney.
Seller and Servicer: GreenPoint Credit, LLC.
Cut-Off Date: February 29, 2000.
Pricing Date(1): Class A-1: March 16/17, 2000. Class A-2: March 22, 2000.
Closing Date(1): March 23, 2000.
Form of Certificates: Book entry form, same day funds (through DTC, Euroclear and Clearstream).
Prepayment Pricing Speed: 250% MHP.
Optional Redemption: 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.
Distribution Date The 20th day of each month or, if such day is not a business day, the next succeeding
business day, beginning on April 20, 2000. Principal and interest distributions to
(Class A-1): Certificateholders on the first distribution date are based on a Collection Period from
March 1, 2000 to March 31, 2000. Assuming payment on the 20th of each month,
funds are disbursed approximately 20 days after the related Collection Period.
</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.
1
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Distribution Date The 3rd day of each month or, if such day is not a business day, the next succeeding
business day, beginning on May 3, 2000. Interest distributions to Certificateholders
(Class A-2): on the first distribution date are based on a Collection Period from March 1, 2000 to
March 31, 2000. Assuming payment on the 3rd of each month, funds are disbursed
approximately 33 days after the related Collection Period.
Interest Accrual Period: With respect to each distribution date, the Class A-1 Certificates and the Class 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 the
preceding distribution date (or from the closing date with respect to the first
distribution date) through the day prior to the related distribution date.
Pass-Through Rates: The Class A-1 Pass-Through Rate will be adjusted each month, based on changes in
the London Interbank Offered Rate for one-month U.S. dollar deposits. The Class 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.
Net contract rates are 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: On each distribution date, principal received on the contracts will be distributed to the
Class A-1 Certificates until the outstanding certificate balance thereof has been
reduced to zero. Thereafter, principal received on the contracts will be distributed to
the Class A-2 Certificates until the outstanding certificate balance thereof has been
reduced to zero.
Allocation of Losses: In the event that losses on the contracts reduce the amounts available for distribution
to the Class A-1 certificates and Class A-2 certificates and there is no payment under
the certificate insurance policy, losses will be allocated pro-rata among the Class A-1
certificates and Class A-2 certificates.
Certificate Ratings: AAA by Standard & Poor's; Aaa by Moody's.
Certificate Insurer: MBIA Insurance Corporation ("MBIA"). MBIA's claims-paying ability is rated
AAA/Aaa by Standard & Poor's and Moody's. Timely interest and principal payments
on the Certificates will be guaranteed by MBIA. Payments of Net Funds Cap Carryover
Amounts (as defined in the Prospectus Supplement) are not guaranteed by MBIA.
ERISA Considerations: Subject to certain considerations discussed in the prospectus supplement, the Class
A-1 and Class A-2 Certificates are ERISA eligible.
Taxation: REMIC for federal income tax purposes.
Legal Investment: The 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>
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>
Payments on Auction Rate Securities
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Initial
Class Amount Collection Accrual First Auction Auction Date First Payment Distribution
Period Period Auction Period Date
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
A-2 $100,000,000 3/1/2000-- 41 days 5/2/2000 1 month Business day before 5/3/2000 3rd of each
3/31/2000 distribution date month
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Distributions of Principal and Interest
Amounts distributable to holders of the Certificates shall be allocated on each
Distribution Date in the following order of priority:
1. to pay interest on the Class A-1 and Class A-2 Certificates, pro rata based
on the amount of interest to which they are entitled;
2. to pay principal of the Class A-1 Certificates until the Class A-1
Certificate Balance is reduced to zero; then to pay principal of the Class
A-2 Certificates until the Class A-2 Certificate Balance is reduced to zero;
3. to make deposits, if required, to the Special Account as established under
and required by the Insurance Agreement;
4. to pay any applicable Net Funds Cap Carryover Amounts (as defined in the
Prospectus Supplement) to the Class A-1 Certificateholders and the Class A-2
Certificateholders pro rata on the basis of the Class A-1 Net Funds Cap
Carryover Amount and Class A-2 Net Funds Cap Carryover Amount (as defined in
the Prospectus Supplement), respectively;
5. to pay the Auction Agent certain amounts that may be required to be paid
pursuant to the pooling agreement, and
6. to pay any remaining available funds to the holder of the Class R
Certificate.
The Contract Pool
The information herein regarding the collateral represents the initial Contract
Pool as of the Cut-off Date. The information herein will be superseded by the
information regarding the collateral set forth in the Prospectus.
Characteristics of GreenPoint Manufactured Housing Collateral (Initial
Contracts)
<TABLE>
<CAPTION>
Collateral GPC 2000-2
<S> <C>
Principal Amount ($MM) $250,096,268.41
Number of Loans 5,732
Average Loan Balance $ 43,631.59
Wtd. Avg. Rem. Term 327.2 months
Wtd. Avg. Seasoning 0.62 months
Wtd. Avg. APR 9.637%
Wtd. Avg. LTV 89.46%
Percent LTV>=90.50 % (by $) 25.69%
% New Contracts (by $) 86.2%
Top 5 States 12.00% TX
7.86% GA
7.33% AL
7.19% SC
6.49% MS
Wtd. Avg. Periodic Cap 2.000%
Wtd. Avg. Lifetime Cap 14.638%
Index 99.3% 12M LIBOR
0.7% 1-year CMT
Wtd. Avg. Margin 5.188%
Land Hones 15.40%
</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>
Geographical Distribution of Manufactured Homes
<TABLE>
<CAPTION>
State Count Balance % by Balance
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Alabama 454 $ 18,321,159.51 7.33
Arizona 96 $ 4,637,751.60 1.85
Arkansas 76 $ 2,891,337.96 1.16
California 13 $ 492,290.22 0.20
Colorado 37 $ 1,769,592.29 0.71
Delaware 5 $ 293,285.26 0.12
Florida 236 $ 12,795,738.94 5.12
Georgia 425 $ 19,654,772.69 7.86
Idaho 31 $ 1,632,127.54 0.65
Illinois 85 $ 3,418,150.27 1.37
Indiana 138 $ 6,887,428.45 2.75
Iowa 131 $ 5,018,598.20 2.01
Kansas 110 $ 4,286,941.04 1.71
Kentucky 309 $ 12,531,690.16 5.01
Louisiana 141 $ 5,369,105.55 2.15
Maine 5 $ 199,903.68 0.08
Maryland 21 $ 756,921.54 0.30
Michigan 209 $ 9,852,594.95 3.94
Minnesota 69 $ 2,929,426.16 1.17
Mississippi 433 $ 16,226,570.59 6.49
Missouri 193 $ 7,636,019.23 3.05
Montana 30 $ 1,340,924.74 0.54
Nebraska 30 $ 1,122,437.24 0.45
Nevada 36 $ 2,280,198.22 0.91
New Hampshire 5 $ 283,072.91 0.11
New Jersey 1 $ 51,307.68 0.02
New Mexico 44 $ 2,364,517.32 0.95
New York 15 $ 632,382.98 0.25
North Carolina 352 $ 15,755,935.57 6.30
North Dakota 13 $ 548,042.30 0.22
Ohio 108 $ 4,630,950.37 1.85
Oklahoma 85 $ 3,221,512.22 1.29
Oregon 99 $ 6,182,756.16 2.47
Pennsylvania 49 $ 1,750,147.85 0.70
South Carolina 429 $ 17,973,872.04 7.19
South Dakota 67 $ 2,727,075.39 1.09
Tennessee 132 $ 5,018,727.46 2.01
Texas 676 $ 30,022,807.25 12.00
Utah 14 $ 764,162.21 0.31
Vermont 11 $ 591,332.41 0.24
Virginia 48 $ 1,854,887.37 0.74
Washington 75 $ 4,938,846.55 1.97
West Virginia 116 $ 3,950,805.11 1.58
Wisconsin 52 $ 2,907,080.25 1.16
Wyoming 28 $ 1,581,080.98 0.63
- -------------------------------------------------------------------------------------------------------------
Total 5,732 $250,096,268.41 100.00%
</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.
4
<PAGE>
Distribution of Original Principal Balances
<TABLE>
<CAPTION>
Principal Balance Count Balance % by Balance
--------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
5,062 - 7,500 8 $ 49,026.74 0.02
7,501 - 10,000 31 $ 269,064.19 0.11
10,001 - 12,500 50 $ 562,298.60 0.22
12,501 - 15,000 60 $ 831,556.67 0.33
15,001 - 17,500 86 $ 1,385,935.11 0.55
17,501 - 20,000 128 $ 2,402,555.21 0.96
20,001 - 22,500 156 $ 3,320,607.58 1.33
22,501 - 25,000 204 $ 4,838,128.90 1.93
25,001 - 27,500 303 $ 7,940,954.09 3.18
27,501 - 30,000 349 $ 10,074,227.00 4.03
30,001 - 32,500 389 $ 12,126,342.37 4.85
32,501 - 35,000 405 $ 13,675,705.88 5.47
35,001 - 40,000 716 $ 26,691,071.40 10.67
40,001 - 45,000 537 $ 22,822,444.78 9.13
45,001 - 50,000 506 $ 23,948,318.40 9.58
50,001 - 55,000 454 $ 23,768,619.81 9.50
55,001 - 60,000 386 $ 22,187,597.46 8.87
60,001 - 65,000 296 $ 18,448,950.87 7.38
65,001 - 70,000 176 $ 11,850,871.14 4.74
70,001 - 75,000 122 $ 8,782,393.94 3.51
75,001 - 80,000 94 $ 7,295,719.48 2.92
80,001 - 85,000 72 $ 5,944,629.50 2.38
85,001 - 169,306 204 $ 20,879,249.29 8.35
------------------------------------------------------------------------------------------------------
Total 5,732 $250,096,268.41 100.00%
</TABLE>
Distribution of Original Loan-to-Value Ratios
<TABLE>
<CAPTION>
LTV Count Balance % by Balance
------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
18 - 50 19 $ 300,729.98 0.12
51 - 60 23 $ 624,928.66 0.25
61 - 70 57 $ 2,515,445.72 1.01
71 - 80 413 $ 16,931,039.00 6.77
81 - 85 356 $ 16,342,224.52 6.53
86 - 90 3,410 $149,142,008.44 59.63
91 - 95 1,335 $ 59,741,883.31 23.89
96 - 100 119 $ 4,498,008.78 1.80
------------------------------------------------------------------------------------
Wtd 89.46 5,732 $250,096,268.41 100.00%
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.
5
<PAGE>
Distribution of Contract Rates
<TABLE>
<CAPTION>
Contract Rate Count Balance % by Balance
-----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
6.75 - 6.99 1 $ 84,822.96 0.03
7.00 - 7.24 30 $ 2,413,256.46 0.96
7.25 - 7.49 133 $ 11,279,091.85 4.51
7.50 - 7.74 40 $ 3,085,460.74 1.23
7.75 - 7.99 24 $ 1,870,268.55 0.75
8.00 - 8.24 71 $ 4,305,032.27 1.72
8.25 - 8.49 207 $ 13,708,684.93 5.48
8.50 - 8.74 379 $ 21,389,896.79 8.55
8.75 - 8.99 715 $ 37,585,822.82 15.03
9.00 - 9.24 130 $ 5,878,322.51 2.35
9.25 - 9.49 126 $ 7,089,091.81 2.83
9.50 - 9.74 264 $ 12,708,475.99 5.08
9.75 - 9.99 584 $ 27,072,813.56 10.82
10.00 - 10.24 841 $ 32,476,229.24 12.99
10.25 - 10.49 150 $ 6,304,289.78 2.52
10.50 - 10.74 105 $ 3,895,101.06 1.56
10.75 - 10.99 247 $ 8,951,498.77 3.58
11.00 - 11.24 496 $ 16,672,627.40 6.67
11.25 - 11.49 197 $ 6,889,172.22 2.75
11.50 - 11.74 158 $ 5,311,509.42 2.12
11.75 - 11.99 155 $ 4,481,178.65 1.79
12.00 - 12.24 129 $ 3,378,030.01 1.35
12.25 - 12.49 98 $ 2,844,319.20 1.14
12.50 - 12.74 110 $ 2,549,359.53 1.02
12.75 - 12.99 160 $ 3,739,555.19 1.50
13.00 - 13.24 59 $ 1,561,887.16 0.62
13.25 - 13.49 20 $ 464,628.52 0.19
13.50 - 13.74 5 $ 152,565.88 0.06
13.75 - 13.99 29 $ 584,182.50 0.23
14.00 - 14.24 49 $ 961,640.15 0.38
14.25 - 14.49 7 $ 128,690.40 0.05
14.50 - 14.50 13 $ 278,762.09 0.11
-----------------------------------------------------------------------------------------------
Wtd 9.637 5,732 $250,096,268.41 100.00%
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.
6
<PAGE>
Distribution of Remaining Months to Maturity
<TABLE>
<CAPTION>
Mos. to Maturity Count Balance % by Balance
---------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
24 - 30 1 $ 8,694.92 0.00
31 - 60 22 $ 265,374.84 0.11
61 - 90 24 $ 290,399.71 0.12
91 - 120 94 $ 1,613,850.15 0.65
121 - 150 26 $ 436,551.43 0.17
151 - 180 389 $ 8,516,267.81 3.41
211 - 240 1,063 $ 33,732,869.03 13.49
241 - 270 4 $ 195,205.67 0.08
271 - 300 702 $ 27,825,128.58 11.13
301 - 360 3,407 $177,211,926.27 70.86
--------------------------------------------------------------------------------------
Wtd 327.2 5,732 $250,096,268.41 100.00%
Aug
</TABLE>
Distribution of Maximum Cap
<TABLE>
<CAPTION>
Map Cap Count Balance % by Balance
---------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
11.75 - 12.00 31 $ 2,498,079.42 1.00
12.01 - 12.50 173 $ 14,364,552.59 5.74
12.51 - 13.00 95 $ 6,175,300.82 2.47
13.01 - 13.50 585 $ 35,035,719.31 14.01
13.51 - 14.00 847 $ 43,562,966.72 17.42
14.01 - 14.50 389 $ 19,760,925.69 7.90
14.51 - 15.00 1,425 $ 59,549,725.93 23.81
15.01 - 15.50 255 $ 10,199,390.84 4.08
15.51 - 16.00 743 $ 25,624,126.17 10.25
16.01 - 16.50 354 $ 12,168,994.92 4.87
16.51 - 17.00 283 $ 7,830,775.88 3.13
17.01 - 17.50 209 $ 5,422,111.51 2.17
17.51 - 18.00 220 $ 5,333,129.07 2.13
18.01 - 18.50 25 $ 617,194.40 0.25
18.51 - 19.00 78 $ 1,545,822.65 0.62
19.01 - 19.50 20 $ 407,452.49 0.16
------------------------------------------------------------------------------------------
Wtd Avg 14.638 5,732 $250,096,268.41 100.00%
</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>
Distribution of Gross Margins
<TABLE>
<CAPTION>
Gross Margin Count Balance % by Balance
-------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
2.75 - 3.00 200 $ 16,791,329.18 6.71
3.01 - 3.50 22 $ 1,511,536.73 0.60
3.51 - 4.00 306 $ 20,113,221.30 8.04
4.01 - 4.50 1,088 $ 58,151,736.98 23.25
4.51 - 5.00 323 $ 15,232,533.02 6.09
5.01 - 5.50 1,526 $ 65,901,232.53 26.35
5.51 - 6.00 425 $ 16,415,284.40 6.56
6.01 - 6.50 606 $ 21,021,040.14 8.41
6.51 - 7.00 557 $ 17,631,824.64 7.05
7.01 - 7.50 133 $ 4,024,206.72 1.61
7.51 - 8.00 405 $ 10,190,047.37 4.07
8.01 - 9.25 141 $ 3,112,275.40 1.24
------------------------------------------------------------------------------------------------
Wtd 5.188 5,732 $250,096,268.41 100.00%
Avg
</TABLE>
Distribution of Next Adjustment Date
<TABLE>
<CAPTION>
Month Count Balance % by Balance
-------------------------------------------------------------------------------
<S> <C> <C> <C>
May-00 1 $ 146,606.39 0.06
Jun-00 1 $ 56,777.00 0.02
Jul-00 2 $ 135,252.57 0.05
Aug-00 10 $ 854,628.97 0.34
Sep-00 26 $ 2,005,809.26 0.80
Oct-00 58 $ 5,050,689.78 2.02
Nov-00 110 $ 8,992,664.18 3.60
Dec-00 863 $ 40,603,739.66 16.24
Jan-01 1,603 $ 68,925,684.18 27.56
Feb-01 2,551 $103,386,812.86 41.34
Mar-01 458 $ 17,867,233.18 7.14
Oct-02 1 $ 28,432.78 0.01
Dec-02 7 $ 275,195.15 0.11
Jan-03 21 $ 963,369.72 0.39
Feb-03 17 $ 642,927.63 0.26
Mar-03 3 $ 160,445.10 0.06
-------------------------------------------------------------------------------
Total 5,732 $250,096,268.41 100.00%
</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>
Net Funds Cap Schedule
Assumptions:
Closing Date: March 23
1-Yr LIBOR: 20%
1-Yr CMT: 20%
<TABLE>
<CAPTION>
ACT/360
Rate
Period Date Cap
----------------------------------------------------------------
<S> <C> <C>
0 03/23/00 --
1 04/20/00 9.254491
2 05/20/00 8.637600
3 06/20/00 8.359041
4 07/20/00 8.637751
5 08/20/00 8.359187
6 09/20/00 8.359260
7 10/20/00 8.652680
8 11/20/00 8.373625
9 12/20/00 8.777259
10 01/20/01 8.494138
11 02/20/01 8.807164
12 03/20/01 10.340328
13 04/20/01 9.656340
14 05/20/01 10.121791
15 06/20/01 9.795350
16 07/20/01 10.121933
17 08/20/01 9.795488
18 09/20/01 9.795557
19 10/20/01 10.136724
20 11/20/01 9.809792
21 12/20/01 10.260776
22 01/20/02 9.929801
23 02/20/02 10.242480
24 03/20/02 11.928673
25 04/20/02 11.575849
26 05/20/02 12.105763
27 06/20/02 11.715264
28 07/20/02 12.105783
29 08/20/02 11.715284
30 09/20/02 11.715294
31 10/20/02 12.112922
32 11/20/02 11.722193
33 12/20/02 12.175137
34 01/20/03 11.782397
35 02/20/03 11.938774
36 03/20/03 13.530021
37 04/20/03 12.621428
38 05/20/03 13.114165
39 06/20/03 12.691132
40 07/20/03 13.114174
41 08/20/03 12.691140
42 09/20/03 12.691144
43 10/20/03 13.114186
44 11/20/03 12.691152
</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>
<TABLE>
<S> <C> <C> <C> <C>
Settlement date: 03/23/2000
First Payment Date: Class A-1: 04/20/2000 Class A-2: 05/03/2000
Balance Class A-1: 150,096,268.00 Class A-2: 100,000,000.00
1YR CMT 6.23900
12MO LIBOR 6.75625
</TABLE>
Class A1
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
MHP: 0% 150% 200% 250% 300% 350%
WAL: 16.26 4.14 3.21 2.63 2.23 1.93
First Payment (months): 1 1 1 1 1 1
Last Payment (months): 278 110 85 69 58 50
Maturity: May-23 May-09 Apr-07 Dec-05 Jan-05 May-04
</TABLE>
Class A2
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
MHP: 0% 150% 200% 250% 300% 350%
To 10% Call
- -----------
WAL: 25.31 15.17 12.19 10.02 8.42 7.24
First Payment (months): 279 111 86 70 59 51
Last Payment (months): 318 237 196 163 137 118
Maturity: Sep-26 Dec-19 Jul-16 Oct-13 Aug-11 Jan-10
</TABLE>
Class A2
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
MHP: 0% 150% 200% 250% 300% 350%
To Maturity
- -----------
WAL: 25.45 16.04 13.24 11.09 9.45 8.17
First Payment (months): 279 111 86 70 59 51
Last Payment (months): 349 349 349 349 349 349
Maturity: Apr-29 Apr-29 Apr-29 Apr-29 Apr-29 Apr-29
</TABLE>
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materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
10
