<PAGE>
FILED PURSUANT TO RULE 424(b)(2)
REGISTRATION NO. 333-80437
Supplement to Prospectus Supplement dated November 23, 1999,
to Prospectus dated November 23, 1999
$43,200,000
(Approximate)
[LOGO OF GREENPOINT CREDIT]
Seller and Servicer
Manufactured Housing Contract Trust
Pass-Through Certificates, Series 1999-5,
Issuer
____________________
We are offering the Class B 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>
B............. $43,200,000 9.90% 92.878906% 0.750% 92.128906%
Total...... $43,200,000 $40,123,688 $324,000 $39,799,688
</TABLE>
. The pass-through rate on the Class B certificates is capped at the
weighted average of the net contract rates of the contracts.
. The proceeds to the seller will also include interest from January 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 B certificates but does not
contain complete information about these certificates. Additional information is
contained in the accompanying prospectus supplement dated November 23, 1999 and
in the related prospectus dated November 23, 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 B 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 B certificates:
Credit Suisse First Boston
The date of this supplement is January 20, 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 December 31, 1999, the Contract Pool included approximately 15,344
Contracts having an aggregate outstanding principal balance of approximately
$535,563,587.13.
The following table summarizes the delinquency experience of the Contracts
as of December 31, 1999, and excludes contracts already in repossession.
<TABLE>
<CAPTION>
As of
December 31, 1999
--------------------------
<S> <C>
Total Number of Contracts Outstanding........................................... 15,344
Total Delinquencies as a Percent of Contracts Outstanding at Period End
31-59 days................................................................. 1.02%
60-89 days................................................................. 0.25%
90 days or more............................................................ 0.07%
-----
Total Delinquencies............................................................. 1.33%
=====
</TABLE>
. The "Total Delinquencies as a Percent of Contracts Outstanding at
Period End" is calculated as a percentage of the total number of
Contracts as of December 31, 1999.
Method of Distribution
The underwriter named below has agreed, subject to the terms and conditions
of the Underwriting Agreement, dated January 20, 2000, between the Seller and
Credit Suisse First Boston Corporation, 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 B Certificates
- ---------------------------------------------------------------------------------------------------------------
<S> <C>
Credit Suisse First Boston Corporation.......................................... $43,200,000
</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 Credit Suisse First Boston Corporation against certain liabilities,
including liabilities under the Securities Act of 1933, as amended, or
contribute to payments Credit Suisse First Boston Corporation may be required to
make in respect thereof. Credit Suisse First Boston Corporation will reimburse
certain expenses of the Seller.
The Seller has been advised by Credit Suisse First Boston Corporation that
they propose initially to offer the Class B Certificates to the public at the
prices set forth herein, and to certain dealers at such prices, less the initial
concession not in excess of 0.450% of the Class B Certificate Balance. Credit
Suisse First Boston Corporation may allow dealers, and such dealers may allow, a
concession not in
SS-2
<PAGE>
excess of 0.125% of the Class B Certificate Balance. After the initial public
offering of the Class B Certificates, the public offering prices and such
concessions may be changed.
The following section replaces in its entirety the section in the
prospectus supplement entitled "Description of the Certificates--Interest
Distributions."
Interest Distributions
With respect to any Distribution Date, the "Interest Period" shall be
the period from the first day of the calendar month preceding the month of the
related Distribution Date through the last day of such calendar month on the
basis of a 360-day year consisting of twelve 30-day months.
With respect to each Distribution Date, the "Interest Distribution Amount"
means with respect to any Class of Certificates, other than the Class B
Certificates:
. interest accrued on the Class of Certificates during the related
Interest Period at the then applicable Pass-Through Rate on the
Certificate Balance of the Class of Certificates on the last day of
the related Interest Period; plus
. any previously undistributed shortfalls in interest due to the holders
of the Offered Certificates of that Class in respect of prior
Distribution Dates;
. plus, to the extent legally permissible, interest accrued on any such
shortfalls during the related Interest Period at the then applicable
Pass-Through Rate.
With respect to each Distribution Date, the "Interest Distribution Amount"
means with respect to the Class B Certificates:
. interest accrued on the Class B Certificates during the related
Interest Period at the then applicable Pass-Through Rate on the
Adjusted Certificate Balance of the Class B Certificates on the last
day of the related Interest Period; plus
. any previously undistributed shortfalls in interest due to the holders
of the Class B Certificates in respect of prior Distribution Dates;
. plus, to the extent legally permissible, interest accrued on any
previously undistributed shortfalls during the related Interest Period
at the then applicable Pass-Through Rate.
SS-3
<PAGE>
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$43,200,000
(Approximate)
[LOGO OF GREENPOINT CREDIT]
Seller and Servicer
Manufactured Housing Contract Trust
Pass-Through Certificates, Series 1999-5,
______________________
Supplement to the prospectus supplement
______________________
Credit Suisse First Boston
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 B 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 B Certificates and with
respect to their unsold allotments or subscriptions. In addition, all dealers
selling the Class B Certificates will deliver this supplement and the
accompanying prospectus supplement and prospectus until April 19, 2000.
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