<PAGE> 1
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 reported June 3, 1999)
Mellon Residential Funding Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-72907 23-2889067
- ------------------------------ ------------ -------------
(State or other (Commission (IRS Employer
jurisdiction of incorporation) File Number) ID Number)
One Mellon Bank Center, Room 410, Pittsburgh, Pennsylvania 15258
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (412) 236-6559
--------------
N/A
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
Filing of Computational Materials.*
Pursuant to Rule 424(b) under the Securities Act of 1933, as amended,
Mellon Residential Funding Corporation (the "Depositor") is filing a Prospectus
and Prospectus Supplement with the Securities and Exchange Commission relating
to its MRFC Mortgage Pass-Through Trust, Series 1999-2, Mortgage Pass-Through
Certificates, Series 1999-TBC2.
In connection with the offering of the Mortgage Pass-Through
Certificates, Series 1999-TBC2, Greenwich Capital Markets, Inc. prepared certain
materials (the "Computational Materials") some or all of which were distributed
by Greenwich Capital Markets, Inc., Mellon Financial Markets, Inc. and Bear,
Stearns & Co. Inc. (the "Underwriters") to their potential investors. Although
the Depositor provided the Underwriters with certain information regarding the
characteristics of the Mortgage Loans in the related portfolio, it did not
participate in the preparation of the Computational Materials. The Computational
Materials are attached hereto as Exhibit 99.1. The legend which Bear, Stearns &
Co. Inc. placed on the Computational Materials is attached hereto as Exhibit
99.2.
- --------------------------
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated June 3, 1999, and
Prospectus Supplement dated June 3, 1999, of Mellon Residential Funding
Corporation, relating to its MRFC Mortgage Pass-Through Trust, Series
1999-2, Mortgage Pass-Through Certificates, Series 1999-TBC2.
<PAGE> 3
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
8.1 Opinion of Stroock & Stroock & Lavan LLP with respect to
certain tax matters.
23.1 Consent of Stroock & Stroock & Lavan LLP (included in Exhibit
8.1).
99.1 Computational Materials.
99.2 Legend of Bear, Stearns & Co. Inc. for Computational Materials.
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MELLON RESIDENTIAL FUNDING CORPORATION
By: /s/ KELLY PROVENZANO
-----------------------------------
Name: Kelly Provenzano
Title: Vice President and Secretary
Dated: June 16, 1999
<PAGE> 5
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Page
- ------- ----
<C> <S> <C>
8.1 Opinion of Stroock & Stroock & Lavan LLP with respect to
certain tax matters.
23.1 Consent of Stroock & Stroock & Lavan LLP (included in
Exhibit 8.1).
99.1 Computational Materials.
99.2 Legend of Bear, Stearns & Co. Inc. for Computational Materials.
</TABLE>
<PAGE> 1
Exhibit 8.1
Stroock & Stroock & Lavan LLP
180 Maiden Lane
New York, New York 10038-4982
June 3, 1999
Mellon Residential Funding Corporation
One Mellon Bank Center
500 Grant Street
Pittsburgh, Pennsylvania 15258
RE: Mellon Residential Funding Corporation
Registration Statement on Form S-3
(File No. 333-72907)
--------------------------------------
Ladies and Gentlemen:
We have acted as special counsel for Mellon Residential Funding Corporation, a
Delaware Corporation ("the Company") in connection with the public offering of
approximately $537,920,100 aggregate principal amount of Mellon Residential
Funding Corporation Mortgage Pass-Through Certificates, Series 1999-TBC2 (the
"Certificates"). A Registration Statement on Form S-3 relating to the
Certificates (No. 333-72907) (the "Registration Statement") has been filed with
the Securities and Exchange Commission under the Securities Act of 1933, as
amended (the "Securities Act"). As set forth in the Prospectus dated June 3,
1999 and the Prospectus Supplement dated June 3, 1999, the Certificates will be
issued pursuant to the provisions of a Pooling and Servicing Agreement dated as
of June 1, 1999 (the "Pooling and Servicing Agreement") among the Company, as
depositor, Boston Safe Deposit and Trust Company, as seller and master servicer,
Mellon Bank, N.A., as standby purchaser, and Norwest Bank Minnesota, National
Association, as trustee.
We have examined a form of the Pooling and Servicing Agreement, a form of the
Certificates, and a form of the Prospectus and Prospectus Supplement referred to
above. We also have examined such other documents, papers, statutes and
authorities as we have deemed necessary to form the basis for the opinions
hereinafter expressed. In our examination of such material, we have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us
as originals and the conformity to original documents of copies of documents
submitted to us.
<PAGE> 2
On the basis of the foregoing, we are of the opinion that the information in the
Prospectus Supplement under the caption "Federal Income Tax Considerations," and
in the Prospectus under the caption "Federal Income Tax Considerations," to the
extent that it constitutes matters of law or legal conclusions, is correct in
all material respects.
This opinion is based on current provisions of the Internal Revenue Code of
1986, as amended, the Treasury regulations promulgated thereunder, and judicial
and administrative interpretations thereof.
Except as provided below, this opinion is solely for the benefit of the
addressee hereof and may not be relied upon in any manner by any other person or
entity.
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement, to the references to us in the Prospectus Supplement,
and to the filing of this opinion as an exhibit to an application made by or on
behalf of the Company or any dealer in connection with the registration of the
Certificates under the securities or blue sky laws of any state or jurisdiction.
In giving such permission, we do not admit hereby that we come within the
category of persons whose consent is required under Section 7 of the Securities
Act or the General Rules and Regulations of the Securities and Exchange
Commission thereunder.
Very truly yours,
/s/ Stroock & Stroock & Lavan LLP
STROOCK & STROOCK & LAVAN LLP
<PAGE> 1
Exhibit 99.1
This information is furnished to you solely by Greenwich Capital Markets,
Inc. and not by the Issuer of the securities or any of its affiliates.
Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as
Agent for the Issuer or its affiliates in connection with the proposed
transaction.
This Preliminary Term Sheet is provided for information purposes only, and
does not constitute an offer to sell, nor a solicitation of an offer to
buy, the referenced securities. It does not purport to be all-inclusive or
to contain all of the information that a prospective investor may require
to make a full analysis of the transaction. All amounts are approximate and
subject to change. The information contained herein supersedes information
contained in any prior term sheet for this transaction. In addition, the
information contained herein may be superseded by information contained in
term sheets circulated after the date hereof and is qualified in its
entirety by information contained in the Prospectus and Prospectus
Supplement for this transaction. An offering may be made only through the
delivery of the Prospectus and Prospectus Supplement.
PRELIMINARY TERM SHEET DATE PREPARED: JUNE 1, 1999
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-TBC2
=====================================================
THE BOSTON COMPANY
=====================================================
$537,920,100 (APPROXIMATE, SUBJECT TO FINAL COLLATERAL)
PUBLICLY OFFERED CERTIFICATES
5/1 ARM RESIDENTIAL MORTGAGE LOANS
<TABLE>
<CAPTION>
====================================================================================================================================
Principal (1) WAL Payment Window Initial Interest Expected Ratings
Class Amount (Approx.) (Years) (3) (Months) (3) Rate Type Tranche Type S&P / Fitch
------ ---------------- ----------- -------------- ---------------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
A-1 $157,000,000 0.83 1 - 21 Fixed Rate (4) Senior/Sequential AAA/AAA
A-2 $143,000,000 2.75 21 - 43 Fixed Rate (4) Senior/Sequential AAA/AAA
A-3 $228,411,000 3.57 43 - 43 Fixed Rate (4) Senior/Sequential AAA/AAA
X (2) N/A N/A IO (2) Senior/Interest Only AAAr/AAA
A-R $100 N/A N/A Fixed Rate Senior/Residual AAA/AAA
B-1 $4,075,000 3.57 43 - 43 WAC (4) Subordinate AA/AA
B-2 $2,717,000 3.57 43 - 43 WAC (4) Subordinate A/A
B-3 $2,717,000 3.57 43 - 43 WAC (4) Subordinate BBB/BBB
- ------------------------------------------------------------------------------------------------------------------------------------
B-4 $2,717,000 Privately WAC (4) Subordinate BB/NR
Placed
Certificates
B-5 $1,358,000 WAC (4) Subordinate B/NR
B-6 $1,357,808 WAC (4) Subordinate NR/NR
====================================================================================================================================
TOTAL $543,352,908
</TABLE>
(1) The Certificates (as described herein) are collateralized by a pool of
adjustable rate residential mortgage loans. Class sizes are subject to
final collateral and rating agency approval.
(2) The Class X Certificates will have no principal balance and will bear
interest on the notional amount which is equal to the aggregate principal
balance of the mortgage loans. The Class X Certificates will receive the
positive difference between the Net WAC of the Mortgage Loans and the
weighted average of the Certificate Interest Rates. The Class X
Certificates will not be entitled to receive any distributions of
principal.
(3) As described further herein, the Certificates may be put to Mellon Bank
under certain circumstances.
(4) The Class A-1, Class A-2 and Class A-3 Certificates will initially have a
fixed rate coupon set at pricing. The Certificate Interest Rate for the
Class A-2 and Class A-3 Certificates may be subject to a cap equal to the
Net WAC of the Mortgage Loans. The Certificate Interest Rate for the Class
B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates
will be equal to the Net WAC of the Mortgage Loans up to and including the
Put Date (as defined herein). On each Distribution Date after the Put Date,
the Certificate Interest Rate for the Class A-1, Class A-2, Class A-3,
Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
Certificates (to the extent any such classes are outstanding) will be equal
to the lesser of (a) the weighted average of the values of the underlying
indices (substantially all of which are either One-Year LIBOR or One-Year
CMT) plus 1.25% and (b) the Net WAC of the Mortgage Loans.
GREENWICH CAPITAL
=========-----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC. BEAR, STEARNS & CO. INC.
<PAGE> 2
This information is furnished to you solely by Greenwich Capital Markets,
Inc. and not by the Issuer of the securities or any of its affiliates.
Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as
Agent for the Issuer or its affiliates in connection with the proposed
transaction.
This Preliminary Term Sheet is provided for information purposes only, and
does not constitute an offer to sell, nor a solicitation of an offer to
buy, the referenced securities. It does not purport to be all-inclusive or
to contain all of the information that a prospective investor may require
to make a full analysis of the transaction. All amounts are approximate and
subject to change. The information contained herein supersedes information
contained in any prior term sheet for this transaction. In addition, the
information contained herein may be superseded by information contained in
term sheets circulated after the date hereof and is qualified in its
entirety by information contained in the Prospectus and Prospectus
Supplement for this transaction. An offering may be made only through the
delivery of the Prospectus and Prospectus Supplement.
average of the values of the underlying indices (substantially all of which
are either One-Year LIBOR or One-Year CMT) plus 1.25% and (b) the Net WAC
of the Mortgage Loans.
Co-Underwriters: Greenwich Capital Markets, Inc., Mellon Financial
Markets, Inc. and Bear, Stearns & Co. Inc.
Seller and Servicer: Boston Safe Deposit and Trust ("THE BOSTON COMPANY").
Trustee: Norwest Bank Minnesota, National Association.
Cut-off Date: June 1, 1999.
Pricing Date: On or about June 3, 1999.
Closing Date: On or about June 29, 1999.
Certificates: The "SENIOR CERTIFICATES" will consist of (i) the
Class A-1, Class A-2 and Class A-3 Certificates
(together, the "SENIOR SEQUENTIAL CERTIFICATES"),
(ii) the Class X Certificates and (iii) the Class A-R
Certificate. The "SUBORDINATE CERTIFICATES" will
consist of the Class B-1, Class B-2, Class B-3, Class
B-4, Class B-5 and Class B-6 Certificates. The Senior
Certificates and the Subordinate Certificates are
collectively referred to herein as the
"CERTIFICATES". Only the Senior Certificates and the
Class B-1, Class B-2 and Class B-3 Certificates
(collectively, the "OFFERED CERTIFICATES") are being
offered publicly.
Accrued Interest: The price to be paid by investors for the Offered
Certificates will include accrued interest from June
1, 1999 (the "CUT-OFF DATE") up to, but not
including, the Closing Date (28 days).
Interest Accrual Period: The interest accrual period for each class of
Certificates will be the calendar month preceding the
month in which such Distribution Date occurs.
Distribution Dates: The 25th day of each month (or the next succeeding
business day), commencing in July 1999.
Registration: The Offered Certificates (except for the Class A-R
Certificates) will be made available in book-entry
form through DTC.
Federal Tax Treatment: It is anticipated that the Certificates (except for
the Class A-R Certificate) will be treated as REMIC
regular interests for tax purposes. The Class A-R
Certificate will be treated as a REMIC residual
interest for tax purposes.
ERISA Eligibility: The Certificates rated "AAA" (except for the Class
A-R Certificate) are expected to be ERISA eligible.
Prospective investors should review with their legal
advisors whether the purchase and holding of the
Offered Certificates could give rise to a transaction
prohibited or not otherwise permissible under ERISA,
the Code or other similar laws.
GREENWICH CAPITAL
=========-----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC. BEAR, STEARNS & CO. INC.
2
<PAGE> 3
This information is furnished to you solely by Greenwich Capital Markets,
Inc. and not by the Issuer of the securities or any of its affiliates.
Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as
Agent for the Issuer or its affiliates in connection with the proposed
transaction.
This Preliminary Term Sheet is provided for information purposes only, and
does not constitute an offer to sell, nor a solicitation of an offer to
buy, the referenced securities. It does not purport to be all-inclusive or
to contain all of the information that a prospective investor may require
to make a full analysis of the transaction. All amounts are approximate and
subject to change. The information contained herein supersedes information
contained in any prior term sheet for this transaction. In addition, the
information contained herein may be superseded by information contained in
term sheets circulated after the date hereof and is qualified in its
entirety by information contained in the Prospectus and Prospectus
Supplement for this transaction. An offering may be made only through the
delivery of the Prospectus and Prospectus Supplement.
SMMEA Treatment: Certificates rated "AAA" or "AA" are expected to
constitute "mortgage related securities" for purposes
of SMMEA.
Put Option: During the 30 day period ending on the Distribution
Date in November 2002 each of the certificateholders
(with the exception of holders of the Class A-R and
Class X Certificates) will have the option to require
Mellon Bank, N.A. ("MELLON BANK") to purchase such
certificateholder's certificates of the related class
on the Distribution Date in January 2003 (the "PUT
DATE"). For the Offered Certificates, the repurchase
price will be par (based on the outstanding
certificate balance).
Clean-Up Option: If the Put Option is exercised with respect to more
than 90% of the aggregate outstanding principal
balance of the certificates, Mellon Bank will have
the option to purchase all of the outstanding
certificates, including certificates with respect to
which the applicable certificateholder has not
exercised the Put Option.
Optional Termination: The terms of the transaction allow for a termination
of the Offered Certificates which may be exercised
once the current principal balance of the mortgage
loans is equal to 5% or less of the initial principal
balance of such mortgage loans as of the Cut-off
Date.
Pricing Prepayment
Speed: The Offered Certificates will be priced to a
prepayment speed of 18% CPR.
Rating Agencies: S&P and Fitch will rate the Offered Certificates.
Mortgage Loans: The initial aggregate principal balance of the
Mortgage Loans (the "POOL BALANCE") will be
approximately $543,352,908, of which substantially
all are 5/1 ARMs having an initial fixed rate period
of 5 years and thereafter adjusting annually
generally based on either the One-Year LIBOR Index or
the One-Year CMT Index. The loans are secured by
first liens on one- to four-family residential
properties. For further information, please see the
attached collateral description of the Mortgage
Loans.
GREENWICH CAPITAL
=========-----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC. BEAR, STEARNS & CO. INC.
3
<PAGE> 4
This information is furnished to you solely by Greenwich Capital Markets,
Inc. and not by the Issuer of the securities or any of its affiliates.
Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as
Agent for the Issuer or its affiliates in connection with the proposed
transaction.
This Preliminary Term Sheet is provided for information purposes only, and
does not constitute an offer to sell, nor a solicitation of an offer to
buy, the referenced securities. It does not purport to be all-inclusive or
to contain all of the information that a prospective investor may require
to make a full analysis of the transaction. All amounts are approximate and
subject to change. The information contained herein supersedes information
contained in any prior term sheet for this transaction. In addition, the
information contained herein may be superseded by information contained in
term sheets circulated after the date hereof and is qualified in its
entirety by information contained in the Prospectus and Prospectus
Supplement for this transaction. An offering may be made only through the
delivery of the Prospectus and Prospectus Supplement.
Credit Enhancement: Senior/subordinate, shifting interest structure.
Credit enhancement for the Senior Certificates will
consist of the subordination of the Class B-1, Class
B-2, Class B-3, Class B-4, Class B-5 and Class B-6
Certificates (total subordination initially 2.75%).
Credit enhancement for the Class B-1 Certificates
will consist of the subordination of the Class B-2,
Class B-3, Class B-4, Class B-5 and Class B-6
Certificates (total subordination initially 2.00%).
Credit enhancement for the Class B-2 Certificates
will consist of the subordination of the Class B-3,
Class B-4, Class B-5 and Class B-6 Certificates
(total subordination initially 1.50%).
Credit enhancement for the Class B-3 Certificates
will consist of the subordination of the Class B-4,
Class B-5 and Class B-6 Certificates (total
subordination initially 1.00%).
Shifting Interest: Until the first Distribution Date occurring after
June 2009 the Subordinate Certificates will be locked
out from receipt of any principal (unless the Senior
Certificates are paid down to zero prior to such
date). After such time and subject to standard
collateral performance triggers, the Subordinate
Certificates will receive their pro-rata share of
scheduled principal and increasing portions of
unscheduled principal prepayments. The prepayment
percentages on the Subordinate Certificates are as
follows:
July 1999 - June 2009 0% Pro Rata Share
July 2009 - June 2010 30% Pro Rata Share
July 2010 - June 2011 40% Pro Rata Share
July 2011 - June 2012 60% Pro Rata Share
July 2012 - June 2013 80% Pro Rata Share
July 2013 and after 100% Pro Rata Share
Any principal not allocated to the Subordinate
Certificates will be allocated to the Senior
Certificates. In the event the current senior
percentage (aggregate current senior balance divided
by aggregate current pool balance) exceeds the
initial senior percentage (aggregate initial senior
balance divided by aggregate initial pool balance),
the Senior Certificates will receive all unscheduled
prepayments, regardless of any prepayment
percentages.
Allocation of
Realized Losses: Any realized losses on the mortgage loans will be
allocated as follows: first, to the Subordinate
Certificates in reverse order of their numerical
Class designations, in each case until the respective
Class Principal Balance has been reduced to zero;
thereafter, to
GREENWICH CAPITAL
=========-----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC. BEAR, STEARNS & CO. INC.
4
<PAGE> 5
This information is furnished to you solely by Greenwich Capital Markets,
Inc. and not by the Issuer of the securities or any of its affiliates.
Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as
Agent for the Issuer or its affiliates in connection with the proposed
transaction.
This Preliminary Term Sheet is provided for information purposes only, and
does not constitute an offer to sell, nor a solicitation of an offer to
buy, the referenced securities. It does not purport to be all-inclusive or
to contain all of the information that a prospective investor may require
to make a full analysis of the transaction. All amounts are approximate and
subject to change. The information contained herein supersedes information
contained in any prior term sheet for this transaction. In addition, the
information contained herein may be superseded by information contained in
term sheets circulated after the date hereof and is qualified in its
entirety by information contained in the Prospectus and Prospectus
Supplement for this transaction. An offering may be made only through the
delivery of the Prospectus and Prospectus Supplement.
the Senior Certificates (other than the Class X
Certificates) pro-rata in reduction of their
respective Class Principal Balances.
Certificates
Priority of Distributions: Available funds from the mortgage loans will be
distributed in the following order of priority:
1) Senior Certificates, accrued and unpaid interest
at the related Certificate Interest Rate.
2) Class A-R Certificates, principal, until its
balance is reduced to zero.
3) Senior Sequential Certificates, principal paid
sequentially, until the respective balance is
reduced to zero.
4) Class B-1 Certificates, accrued and unpaid
interest at the Class B-1 Certificate Interest
Rate.
5) Class B-1 Certificates, principal.
6) Class B-2 Certificates, accrued and unpaid
interest at the Class B-2 Certificate Interest
Rate.
7) Class B-2 Certificates, principal.
8) Class B-3 Certificates, accrued and unpaid
interest at the Class B-3 Certificate Interest
Rate.
9) Class B-3 Certificates, principal.
10) Class B-4, Class B-5 and Class B-6 Certificates,
in sequential order, accrued and unpaid interest
at the respective certificate interest rate and
its respective share of principal.
11) Class A-R Certificates, any remaining amount.
UNDERWRITING STANDARDS
The Boston Company's underwriting process is intended to assess both the
prospective borrower's credit standing and ability to repay, and the value and
adequacy of the mortgaged property as collateral. In underwriting a Mortgage
Loan, The Boston Company relies primarily on the borrower's ability to repay the
loan, determined by analyzing the borrower's cash flow, liquidity and overall
financial condition and the value of the mortgaged property as a measure of the
extent of its recovery in the event of a default. In determining the adequacy of
the property as collateral for a loan, appraisals are obtained from qualified
outside appraisers approved by The Boston Company.
THE MASTER SERVICER
GREENWICH CAPITAL
=========-----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC. BEAR, STEARNS & CO. INC.
5
<PAGE> 6
This information is furnished to you solely by Greenwich Capital Markets,
Inc. and not by the Issuer of the securities or any of its affiliates.
Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as
Agent for the Issuer or its affiliates in connection with the proposed
transaction.
This Preliminary Term Sheet is provided for information purposes only, and
does not constitute an offer to sell, nor a solicitation of an offer to
buy, the referenced securities. It does not purport to be all-inclusive or
to contain all of the information that a prospective investor may require
to make a full analysis of the transaction. All amounts are approximate and
subject to change. The information contained herein supersedes information
contained in any prior term sheet for this transaction. In addition, the
information contained herein may be superseded by information contained in
term sheets circulated after the date hereof and is qualified in its
entirety by information contained in the Prospectus and Prospectus
Supplement for this transaction. An offering may be made only through the
delivery of the Prospectus and Prospectus Supplement.
The Mortgage Loans will be master serviced by The Boston Company. The Boston
Company has a subservicing agreement in place with Mellon Mortgage Company
("MMC") which provides subservicing of the Mortgage Loans through a separate
servicing staff. Mellon Bank has announced its intention to sell MMC this year.
If such sale is consummated, the Boston Company will remain obligated as Master
Servicer and will make such alternative arrangements for direct servicing as it
may deem necessary or appropriate, including entering into a subservicing
agreement with the successor to MMC or a different entity or servicing the
Mortgage Loans directly.
GREENWICH CAPITAL
=========-----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC. BEAR, STEARNS & CO. INC.
6
<PAGE> 7
COMPUTATIONAL MATERIALS DISCLAIMER
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and intended for use by the addressee only. These
Computational Materials have been prepared by Greenwich Capital Markets, Inc. in
reliance upon information furnished by the issuer of the securities and its
affiliates. These Computational Materials are furnished to you solely by
Greenwich Capital Markets, Inc. and not by the issuer of the securities. They
may not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating said
material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be reflected therein. As such, no assurance can be given as to
the Computational Materials' accuracy, appropriateness or completeness in any
particular context; nor as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any weighted average lives, yields and principal payment periods shown in the
Computational Materials are based on prepayments assumptions, and changes in
such prepayment assumptions may dramatically affect such weighted average lives,
yields and principal payment periods. In addition, it is possible that
prepayments on the underlying assets will occur at rates slower or faster than
the rates shown in the attached Computational Materials. Furthermore, unless
otherwise provided, the Computational Materials assume no losses on the
underlying assets and no interest shortfall. The specific characteristics of the
securities may differ from those shown in the Computational Materials due to
differences between the actual underlying assets and the hypothetical underlying
assets used in preparing the Computational Materials. The principal amount and
designation of any security described in the Computational Materials are subject
to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of
its affiliates makes any representation or warranty as to the actual rate or
timing of payments on any of the underlying assets or the payments or yield on
the securities.
Although a registration statement (including the Prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not been filed
with Securities and Exchange Commission. This communication shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities discussed in this communication in any state in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification of such securities under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus supplement relating
to the securities discussed in this communication for definitive Computational
Materials and any matter discussed in this communication. Once available, a
final prospectus and prospectus supplement may be obtained by contacting the
Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160.
Please be advised that the securities described herein may not be appropriate
for all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayment, yield curve and interest rate
risks. Investors should make every effort to consider the risks of these
securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
<PAGE> 8
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-TBC2
CLASS A-1
PRICE YIELD SENSITIVITY REPORT
Settlement 06/29/99
Class Balance $157,000,000
Cut-off Date 06/01/99
Bond Coupon 6.350%
Next Payment 07/25/99
Cleanup Put to Par Yes
Accrued Interest Days 28
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
============================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
99-16 6.500 6.516 6.533 6.572 6.602 6.633 6.667
99-17 6.473 6.483 6.493 6.516 6.534 6.552 6.572
99-18 6.447 6.450 6.453 6.460 6.465 6.471 6.477
99-19 6.420 6.416 6.413 6.404 6.397 6.390 6.382
99-20 6.393 6.383 6.373 6.347 6.328 6.309 6.288
99-21 6.366 6.350 6.333 6.291 6.260 6.228 6.193
- ------------------------------------------------------------------------------------------------------------
99-22 6.340 6.316 6.293 6.235 6.192 6.147 6.099
99-23 6.313 6.283 6.253 6.179 6.124 6.066 6.004
99-24 6.286 6.250 6.213 6.123 6.056 5.985 5.910
99-25 6.259 6.217 6.173 6.067 5.987 5.904 5.816
99-26 6.233 6.183 6.133 6.011 5.919 5.824 5.722
99-27 6.206 6.150 6.093 5.955 5.851 5.743 5.628
99-28 6.179 6.117 6.053 5.899 5.783 5.663 5.534
99-29 6.153 6.084 6.014 5.843 5.716 5.582 5.440
99-30 6.126 6.051 5.974 5.787 5.648 5.502 5.346
99-31 6.100 6.018 5.934 5.731 5.580 5.421 5.252
- ------------------------------------------------------------------------------------------------------------
100-00 6.073 5.985 5.895 5.675 5.512 5.341 5.159
- ------------------------------------------------------------------------------------------------------------
100-01 6.046 5.952 5.855 5.620 5.444 5.261 5.065
100-02 6.020 5.919 5.815 5.564 5.377 5.181 4.971
100-03 5.993 5.886 5.776 5.508 5.309 5.101 4.878
100-04 5.967 5.853 5.736 5.453 5.242 5.021 4.785
100-05 5.940 5.820 5.696 5.397 5.174 4.941 4.691
100-06 5.914 5.787 5.657 5.342 5.107 4.861 4.598
100-07 5.887 5.754 5.617 5.286 5.039 4.781 4.505
100-08 5.861 5.721 5.578 5.231 4.972 4.701 4.412
100-09 5.834 5.688 5.538 5.175 4.905 4.621 4.319
100-10 5.808 5.655 5.499 5.120 4.837 4.542 4.226
- ------------------------------------------------------------------------------------------------------------
100-11 5.782 5.622 5.459 5.065 4.770 4.462 4.134
100-12 5.755 5.589 5.420 5.009 4.703 4.383 4.041
100-13 5.729 5.556 5.381 4.954 4.636 4.303 3.948
100-14 5.702 5.524 5.341 4.899 4.569 4.224 3.856
100-15 5.676 5.491 5.302 4.843 4.502 4.145 3.763
100-16 5.650 5.458 5.263 4.788 4.435 4.065 3.671
===============---------------------------------------------------------------------------------------------
WAL (YR) 1.27 1.01 0.83 0.59 0.48 0.40 0.34
MDUR (YR) 1.17 0.94 0.78 0.56 0.46 0.39 0.33
FIRST PRIN PAY 07/25/99 07/25/99 07/25/99 07/25/99 07/25/99 07/25/99 07/25/99
LAST PRIN PAY 02/25/02 07/25/01 03/25/01 09/25/00 06/25/00 04/25/00 02/25/00
- ------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as underwriter and not as Agent for the issuer or its affiliates in
connection with the proposed transaction.
<PAGE> 9
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-TBC2
CLASS A-2
PRICE YIELD SENSITIVITY REPORT
Settlement 06/29/99
Class Balance $143,000,000
Cut-off Date 06/01/99
Bond Coupon 6.610%
Next Payment 07/25/99
Cleanup Put to Par Yes
Accrued Interest Days 28
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
============================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
99-16 6.722 6.723 6.726 6.735 6.743 6.750 6.759
99-17 6.711 6.712 6.713 6.718 6.721 6.725 6.729
99-18 6.701 6.700 6.700 6.700 6.699 6.699 6.698
99-19 6.690 6.689 6.687 6.682 6.678 6.673 6.668
99-20 6.680 6.678 6.675 6.664 6.656 6.648 6.638
99-21 6.669 6.666 6.662 6.647 6.635 6.622 6.608
- ------------------------------------------------------------------------------------------------------------
99-22 6.659 6.655 6.649 6.629 6.613 6.596 6.578
99-23 6.648 6.643 6.636 6.611 6.592 6.571 6.548
99-24 6.638 6.632 6.623 6.594 6.570 6.545 6.518
99-25 6.627 6.621 6.611 6.576 6.548 6.519 6.488
99-26 6.617 6.609 6.598 6.558 6.527 6.494 6.458
99-27 6.606 6.598 6.585 6.541 6.505 6.468 6.428
99-28 6.596 6.586 6.572 6.523 6.484 6.442 6.398
99-29 6.585 6.575 6.559 6.505 6.462 6.417 6.368
99-30 6.575 6.564 6.547 6.488 6.441 6.391 6.338
99-31 6.564 6.552 6.534 6.470 6.420 6.366 6.308
- ------------------------------------------------------------------------------------------------------------
100-00 6.554 6.541 6.521 6.452 6.398 6.340 6.279
- ------------------------------------------------------------------------------------------------------------
100-01 6.543 6.530 6.508 6.435 6.377 6.315 6.249
100-02 6.533 6.518 6.496 6.417 6.355 6.289 6.219
100-03 6.523 6.507 6.483 6.400 6.334 6.264 6.189
100-04 6.512 6.495 6.470 6.382 6.312 6.238 6.159
100-05 6.502 6.484 6.457 6.364 6.291 6.213 6.129
100-06 6.491 6.473 6.445 6.347 6.269 6.187 6.099
100-07 6.481 6.461 6.432 6.329 6.248 6.162 6.070
100-08 6.471 6.450 6.419 6.312 6.227 6.136 6.040
100-09 6.460 6.439 6.406 6.294 6.205 6.111 6.010
100-10 6.450 6.427 6.394 6.277 6.184 6.085 5.980
- ------------------------------------------------------------------------------------------------------------
100-11 6.439 6.416 6.381 6.259 6.163 6.060 5.951
100-12 6.429 6.405 6.368 6.242 6.141 6.034 5.921
100-13 6.418 6.394 6.356 6.224 6.120 6.009 5.891
100-14 6.408 6.382 6.343 6.207 6.099 5.984 5.861
100-15 6.398 6.371 6.330 6.189 6.077 5.958 5.832
100-16 6.387 6.360 6.318 6.172 6.056 5.933 5.802
===============---------------------------------------------------------------------------------------------
WAL (YR) 3.43 3.13 2.75 1.94 1.57 1.31 1.11
MDUR (YR) 2.98 2.74 2.44 1.76 1.45 1.22 1.04
FIRST PRIN PAY 02/25/02 07/25/01 03/25/01 09/25/00 06/25/00 04/25/00 02/25/00
LAST PRIN PAY 01/25/03 01/25/03 01/25/03 04/25/02 09/25/01 05/25/01 01/25/01
- ------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as underwriter and not as Agent for the issuer or its affiliates in
connection with the proposed transaction.
<PAGE> 10
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-TBC2
CLASS A-3
PRICE YIELD SENSITIVITY REPORT
Settlement 06/29/99
Class Balance $228,411,000
Cut-off Date 06/01/99
Bond Coupon 6.630%
Next Payment 07/25/99
Cleanup Put to Par Yes
Accrued Interest Days 28
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
============================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
99-16 6.741 6.741 6.741 6.741 6.742 6.744 6.746
99-17 6.731 6.731 6.731 6.731 6.732 6.732 6.733
99-18 6.721 6.721 6.721 6.721 6.721 6.721 6.720
99-19 6.711 6.711 6.711 6.710 6.710 6.709 6.708
99-20 6.701 6.701 6.701 6.700 6.699 6.697 6.695
99-21 6.690 6.690 6.690 6.690 6.688 6.685 6.682
- ------------------------------------------------------------------------------------------------------------
99-22 6.680 6.680 6.680 6.679 6.677 6.674 6.670
99-23 6.670 6.670 6.670 6.669 6.666 6.662 6.657
99-24 6.660 6.660 6.660 6.659 6.655 6.650 6.644
99-25 6.650 6.650 6.650 6.648 6.644 6.639 6.631
99-26 6.640 6.640 6.640 6.638 6.634 6.627 6.619
99-27 6.630 6.630 6.630 6.628 6.623 6.615 6.606
99-28 6.620 6.620 6.620 6.617 6.612 6.604 6.593
99-29 6.610 6.610 6.610 6.607 6.601 6.592 6.581
99-30 6.600 6.600 6.600 6.597 6.590 6.580 6.568
99-31 6.589 6.589 6.589 6.587 6.579 6.569 6.556
- ------------------------------------------------------------------------------------------------------------
100-00 6.579 6.579 6.579 6.576 6.568 6.557 6.543
- ------------------------------------------------------------------------------------------------------------
100-01 6.569 6.569 6.569 6.566 6.558 6.546 6.530
100-02 6.559 6.559 6.559 6.556 6.547 6.534 6.518
100-03 6.549 6.549 6.549 6.545 6.536 6.522 6.505
100-04 6.539 6.539 6.539 6.535 6.525 6.511 6.492
100-05 6.529 6.529 6.529 6.525 6.514 6.499 6.480
100-06 6.519 6.519 6.519 6.515 6.503 6.487 6.467
100-07 6.509 6.509 6.509 6.504 6.493 6.476 6.455
100-08 6.499 6.499 6.499 6.494 6.482 6.464 6.442
100-09 6.489 6.489 6.489 6.484 6.471 6.453 6.429
100-10 6.479 6.479 6.479 6.474 6.460 6.441 6.417
- ------------------------------------------------------------------------------------------------------------
100-11 6.469 6.469 6.469 6.463 6.449 6.429 6.404
100-12 6.459 6.459 6.459 6.453 6.439 6.418 6.392
100-13 6.449 6.449 6.449 6.443 6.428 6.406 6.379
100-14 6.439 6.439 6.439 6.433 6.417 6.395 6.366
100-15 6.429 6.429 6.429 6.422 6.406 6.383 6.354
100-16 6.419 6.419 6.419 6.412 6.395 6.372 6.341
===============---------------------------------------------------------------------------------------------
WAL (YR) 3.57 3.57 3.57 3.49 3.29 3.05 2.79
MDUR (YR) 3.09 3.09 3.09 3.02 2.87 2.67 2.46
FIRST PRIN PAY 01/25/03 01/25/03 01/25/03 04/25/02 09/25/01 05/25/01 01/25/01
LAST PRIN PAY 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03
- ------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as underwriter and not as Agent for the issuer or its affiliates in
connection with the proposed transaction.
<PAGE> 11
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-TBC2
CLASS X
PRICE YIELD SENSITIVITY REPORT
Settlement 06/29/99
Class Balance $543,352,908
Cut-off Date 06/01/99
Bond Coupon 0.141%
Next Payment 07/25/99
Cleanup Call Yes
Accrued Interest Days 28
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 32% CPR 40% CPR 45% CPR 50% CPR
========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0-06+ 64.126 57.701 51.629 38.004 23.621 3.526 -14.718 -37.323
0-07 60.460 54.295 48.440 35.171 20.967 0.955 -17.314 -39.968
0-07+ 57.287 51.338 45.661 32.683 18.620 -1.332 -19.623 -42.314
0-08 54.504 48.737 43.210 30.471 16.521 -3.385 -21.696 -44.417
0-08+ 52.035 46.424 41.024 28.486 14.626 -5.246 -23.575 -46.318
0-09 49.824 44.347 39.057 26.689 12.901 -6.944 -25.290 -48.050
- ------------------------------------------------------------------------------------------------------------------------
0-09+ 47.827 42.468 37.272 25.050 11.321 -8.505 -26.866 -49.638
0-10 46.012 40.755 35.643 23.545 9.865 -9.947 -28.321 -51.102
0-10+ 44.350 39.186 34.146 22.157 8.516 -11.286 -29.673 -52.458
0-11 42.821 37.739 32.764 20.870 7.260 -12.535 -30.932 -53.721
0-11+ 41.408 36.399 31.482 19.670 6.086 -13.704 -32.112 -54.901
0-12 40.095 35.153 30.288 18.549 4.986 -14.802 -33.219 -56.007
0-12+ 38.872 33.989 29.171 17.496 3.950 -15.838 -34.263 -57.048
0-13 37.727 32.900 28.123 16.506 2.973 -16.816 -35.249 -58.030
0-13+ 36.653 31.876 27.138 15.570 2.048 -17.743 -36.183 -58.959
0-14 35.642 30.911 26.208 14.685 1.170 -18.624 -37.070 -59.839
- ------------------------------------------------------------------------------------------------------------------------
0-14+ 34.688 29.999 25.328 13.845 0.335 -19.462 -37.914 -60.677
- ------------------------------------------------------------------------------------------------------------------------
0-15 33.785 29.135 24.493 13.047 -0.460 -20.262 -38.718 -61.474
0-15+ 32.929 28.316 23.700 12.286 -1.219 -21.026 -39.487 -62.235
0-16 32.116 27.537 22.946 11.559 -1.945 -21.757 -40.223 -62.962
0-16+ 31.342 26.794 22.225 10.865 -2.640 -22.459 -40.928 -63.659
0-17 30.604 26.085 21.537 10.200 -3.307 -23.132 -41.605 -64.326
0-17+ 29.899 25.407 20.879 9.562 -3.948 -23.779 -42.256 -64.968
0-18 29.225 24.758 20.248 8.949 -4.565 -24.403 -42.882 -65.584
0-18+ 28.579 24.136 19.642 8.359 -5.159 -25.003 -43.486 -66.178
0-19 27.959 23.539 19.060 7.791 -5.732 -25.583 -44.068 -66.750
0-19+ 27.364 22.964 18.500 7.244 -6.285 -26.143 -44.630 -67.302
- ------------------------------------------------------------------------------------------------------------------------
0-20 26.791 22.412 17.960 6.716 -6.819 -26.685 -45.174 -67.835
0-20+ 26.240 21.879 17.439 6.205 -7.336 -27.209 -45.700 -68.351
0-21 25.708 21.365 16.937 5.712 -7.836 -27.717 -46.209 -68.850
0-21+ 25.196 20.869 16.452 5.234 -8.322 -28.209 -46.703 -69.333
0-22 24.701 20.390 15.982 4.771 -8.792 -28.687 -47.182 -69.801
0-22+ 24.222 19.926 15.527 4.322 -9.249 -29.151 -47.648 -70.256
- ---------------=========================================================================================================
MDUR (YR) 3.63 3.80 3.93 4.11 4.14 4.11 4.09 4.12
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as underwriter and not as Agent for the issuer or its affiliates in
connection with the proposed transaction.
<PAGE> 12
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-TBC2
CLASS B-1
PRICE YIELD SENSITIVITY REPORT
Settlement 06/29/99
Class Balance $4,075,000
Cut-off Date 06/01/99
Bond Coupon 6.686%
Next Payment 07/25/99
Cleanup Put Yes
Accrued Interest Days 28
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
============================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
96-20 7.747 7.747 7.747 7.747 7.747 7.747 7.747
96-24 7.705 7.705 7.705 7.705 7.705 7.705 7.705
96-28 7.663 7.663 7.663 7.663 7.663 7.663 7.663
97-00 7.621 7.621 7.621 7.621 7.621 7.621 7.621
97-04 7.580 7.580 7.580 7.580 7.580 7.580 7.580
97-08 7.538 7.538 7.538 7.538 7.538 7.538 7.538
- ------------------------------------------------------------------------------------------------------------
97-12 7.496 7.496 7.496 7.496 7.496 7.496 7.496
97-16 7.455 7.455 7.455 7.455 7.455 7.455 7.455
97-20 7.413 7.413 7.413 7.413 7.413 7.413 7.413
97-24 7.371 7.371 7.371 7.371 7.371 7.371 7.371
97-28 7.330 7.330 7.330 7.330 7.330 7.330 7.330
98-00 7.289 7.289 7.289 7.289 7.289 7.289 7.289
98-04 7.247 7.247 7.247 7.247 7.247 7.247 7.247
98-08 7.206 7.206 7.206 7.206 7.206 7.206 7.206
98-12 7.165 7.165 7.165 7.165 7.165 7.165 7.165
98-16 7.124 7.124 7.124 7.124 7.124 7.124 7.124
- ------------------------------------------------------------------------------------------------------------
98-20 7.083 7.083 7.083 7.083 7.083 7.083 7.083
- ------------------------------------------------------------------------------------------------------------
98-24 7.042 7.042 7.042 7.042 7.042 7.042 7.042
98-28 7.001 7.001 7.001 7.001 7.001 7.001 7.001
99-00 6.960 6.960 6.960 6.960 6.960 6.960 6.960
99-04 6.919 6.919 6.919 6.919 6.919 6.919 6.919
99-08 6.879 6.879 6.879 6.879 6.879 6.879 6.879
99-12 6.838 6.838 6.838 6.838 6.838 6.838 6.838
99-16 6.797 6.797 6.797 6.797 6.797 6.797 6.797
99-20 6.757 6.757 6.757 6.757 6.757 6.757 6.757
99-24 6.716 6.716 6.716 6.716 6.716 6.716 6.716
99-28 6.676 6.676 6.676 6.676 6.676 6.676 6.676
- ------------------------------------------------------------------------------------------------------------
100-00 6.635 6.635 6.635 6.635 6.635 6.635 6.635
100-04 6.595 6.595 6.595 6.595 6.595 6.595 6.595
100-08 6.555 6.555 6.555 6.555 6.555 6.555 6.555
100-12 6.515 6.515 6.515 6.515 6.515 6.515 6.515
100-16 6.475 6.475 6.475 6.475 6.475 6.475 6.475
100-20 6.435 6.435 6.435 6.435 6.435 6.435 6.435
===============---------------------------------------------------------------------------------------------
WAL (YR) 3.57 3.57 3.57 3.57 3.57 3.57 3.57
MDUR (YR) 3.07 3.07 3.07 3.07 3.07 3.07 3.07
FIRST PRIN PAY 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03
LAST PRIN PAY 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03
- ------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as underwriter and not as Agent for the issuer or its affiliates in
connection with the proposed transaction.
<PAGE> 13
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-TBC2
CLASS B-2
PRICE YIELD SENSITIVITY REPORT
Settlement 06/29/99
Class Balance $2,717,000
Cut-off Date 06/01/99
Bond Coupon 6.686%
Next Payment 07/25/99
Cleanup Put Yes
Accrued Interest Days 28
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
============================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
95-18+ 8.102 8.102 8.102 8.102 8.102 8.102 8.102
95-22+ 8.059 8.059 8.059 8.059 8.059 8.059 8.059
95-26+ 8.017 8.017 8.017 8.017 8.017 8.017 8.017
95-30+ 7.974 7.974 7.974 7.974 7.974 7.974 7.974
96-02+ 7.932 7.932 7.932 7.932 7.932 7.932 7.932
96-06+ 7.890 7.890 7.890 7.890 7.890 7.890 7.890
- ------------------------------------------------------------------------------------------------------------
96-10+ 7.847 7.847 7.847 7.847 7.847 7.847 7.847
96-14+ 7.805 7.805 7.805 7.805 7.805 7.805 7.805
96-18+ 7.763 7.763 7.763 7.763 7.763 7.763 7.763
96-22+ 7.721 7.721 7.721 7.721 7.721 7.721 7.721
96-26+ 7.679 7.679 7.679 7.679 7.679 7.679 7.679
96-30+ 7.637 7.637 7.637 7.637 7.637 7.637 7.637
97-02+ 7.595 7.595 7.595 7.595 7.595 7.595 7.595
97-06+ 7.554 7.554 7.554 7.554 7.554 7.554 7.554
97-10+ 7.512 7.512 7.512 7.512 7.512 7.512 7.512
97-14+ 7.470 7.470 7.470 7.470 7.470 7.470 7.470
- ------------------------------------------------------------------------------------------------------------
97-18+ 7.429 7.429 7.429 7.429 7.429 7.429 7.429
- ------------------------------------------------------------------------------------------------------------
97-22+ 7.387 7.387 7.387 7.387 7.387 7.387 7.387
97-26+ 7.346 7.346 7.346 7.346 7.346 7.346 7.346
97-30+ 7.304 7.304 7.304 7.304 7.304 7.304 7.304
98-02+ 7.263 7.263 7.263 7.263 7.263 7.263 7.263
98-06+ 7.222 7.222 7.222 7.222 7.222 7.222 7.222
98-10+ 7.180 7.180 7.180 7.180 7.180 7.180 7.180
98-14+ 7.139 7.139 7.139 7.139 7.139 7.139 7.139
98-18+ 7.098 7.098 7.098 7.098 7.098 7.098 7.098
98-22+ 7.057 7.057 7.057 7.057 7.057 7.057 7.057
98-26+ 7.016 7.016 7.016 7.016 7.016 7.016 7.016
- ------------------------------------------------------------------------------------------------------------
98-30+ 6.975 6.975 6.975 6.975 6.975 6.975 6.975
99-02+ 6.935 6.935 6.935 6.935 6.935 6.935 6.935
99-06+ 6.894 6.894 6.894 6.894 6.894 6.894 6.894
99-10+ 6.853 6.853 6.853 6.853 6.853 6.853 6.853
99-14+ 6.812 6.812 6.812 6.812 6.812 6.812 6.812
99-18+ 6.772 6.772 6.772 6.772 6.772 6.772 6.772
===============---------------------------------------------------------------------------------------------
WAL (YR) 3.57 3.57 3.57 3.57 3.57 3.57 3.57
MDUR (YR) 3.07 3.07 3.07 3.07 3.07 3.07 3.07
FIRST PRIN PAY 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03
LAST PRIN PAY 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03
- ------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as underwriter and not as Agent for the issuer or its affiliates in
connection with the proposed transaction.
<PAGE> 14
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-TBC2
CLASS B-3
PRICE YIELD SENSITIVITY REPORT
Settlement 06/29/99
Class Balance $2,717,000
Cut-off Date 06/01/99
Bond Coupon 6.686%
Next Payment 07/25/99
Cleanup Put Yes
Accrued Interest Days 28
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
============================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
93-25 8.722 8.722 8.722 8.722 8.722 8.722 8.722
93-29 8.678 8.678 8.678 8.678 8.678 8.678 8.678
94-01 8.635 8.635 8.635 8.635 8.635 8.635 8.635
94-05 8.591 8.591 8.591 8.591 8.591 8.591 8.591
94-09 8.548 8.548 8.548 8.548 8.548 8.548 8.548
94-13 8.505 8.505 8.505 8.505 8.505 8.505 8.505
- ------------------------------------------------------------------------------------------------------------
94-17 8.461 8.461 8.461 8.461 8.461 8.461 8.461
94-21 8.418 8.418 8.418 8.418 8.418 8.418 8.418
94-25 8.375 8.375 8.375 8.375 8.375 8.375 8.375
94-29 8.332 8.332 8.332 8.332 8.332 8.332 8.332
95-01 8.289 8.289 8.289 8.289 8.289 8.289 8.289
95-05 8.246 8.246 8.246 8.246 8.246 8.246 8.246
95-09 8.203 8.203 8.203 8.203 8.203 8.203 8.203
95-13 8.161 8.161 8.161 8.161 8.161 8.161 8.161
95-17 8.118 8.118 8.118 8.118 8.118 8.118 8.118
95-21 8.075 8.075 8.075 8.075 8.075 8.075 8.075
- ------------------------------------------------------------------------------------------------------------
95-25 8.033 8.033 8.033 8.033 8.033 8.033 8.033
- ------------------------------------------------------------------------------------------------------------
95-29 7.990 7.990 7.990 7.990 7.990 7.990 7.990
96-01 7.948 7.948 7.948 7.948 7.948 7.948 7.948
96-05 7.906 7.906 7.906 7.906 7.906 7.906 7.906
96-09 7.863 7.863 7.863 7.863 7.863 7.863 7.863
96-13 7.821 7.821 7.821 7.821 7.821 7.821 7.821
96-17 7.779 7.779 7.779 7.779 7.779 7.779 7.779
96-21 7.737 7.737 7.737 7.737 7.737 7.737 7.737
96-25 7.695 7.695 7.695 7.695 7.695 7.695 7.695
96-29 7.653 7.653 7.653 7.653 7.653 7.653 7.653
97-01 7.611 7.611 7.611 7.611 7.611 7.611 7.611
- ------------------------------------------------------------------------------------------------------------
97-05 7.569 7.569 7.569 7.569 7.569 7.569 7.569
97-09 7.527 7.527 7.527 7.527 7.527 7.527 7.527
97-13 7.486 7.486 7.486 7.486 7.486 7.486 7.486
97-17 7.444 7.444 7.444 7.444 7.444 7.444 7.444
97-21 7.403 7.403 7.403 7.403 7.403 7.403 7.403
97-25 7.361 7.361 7.361 7.361 7.361 7.361 7.361
===============---------------------------------------------------------------------------------------------
WAL (YR) 3.57 3.57 3.57 3.57 3.57 3.57 3.57
MDUR (YR) 3.05 3.05 3.05 3.05 3.05 3.05 3.05
FIRST PRIN PAY 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03
LAST PRIN PAY 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03 01/25/03
- ------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as underwriter and not as Agent for the issuer or its affiliates in
connection with the proposed transaction.
<PAGE> 15
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
06/01/99
MELLON RESIDENTIAL FUNDING CORPORATION Series 1999-TBC2 (The Boston Company):
MARKETING
Scheduled 06/01/99 Balances
<TABLE>
<S> <C> <C> <C>
TOTAL CURRENT BALANCE: $ 543,352,908.29
NUMBER OF LOANS: 889
AVERAGE CURRENT BALANCE: $ 611,195.62 RANGE: $ 13,250.00 - $ 5,100,000.00
AVERAGE ORIGINAL BALANCE: $ 646,387.25 RANGE: $ 13,250.00 - $ 5,100,000.00
WEIGHTED AVERAGE NOTE RATE: 6.9452 % RANGE: 5.8750 - 7.9900 %
WEIGHTED AVERAGE GROSS MARGIN: 2.3596 % RANGE: 2.2500 - 2.7500 %
WEIGHTED AVERAGE MAX INT RATE: 11.94300 % RANGE: 10.87500 - 12.99000 %
WEIGHTED AVERAGE PERIOD RATE CAP: 2.0000 % RANGE: 2.0000 - 2.0000 %
WEIGHTED AVERAGE FICO SCORE(GT OF HI AND LO): 748 RANGE: 0 - 817
WEIGHTED AVERAGE HIGH FICO SCORE: 747 RANGE: 0 - 817
WEIGHTED AVERAGE LOW FICO SCORE: 726 RANGE: 0 - 810
WEIGHTED AVERAGE ORIGINAL LTV: 68.50 % RANGE: 12.80 - 100.00 %
WEIGHTED AVERAGE ORIGINAL LTC: 66.19 % RANGE: 1.00 - 90.00 %
WEIGHTED AVERAGE NEXT RATE RESET: 50.20 months RANGE: 43.00 - 60.00 months
WEIGHTED AVERAGE ORIGINAL TERM: 357 months RANGE: 180 - 360 months
WEIGHTED AVERAGE STATED REMAINING TERM: 332 months RANGE: 53 - 360 months
WEIGHTED AVERAGE SEASONING: 25 months RANGE: 0 - 171 months
TOP STATE CONCENTRATIONS ($): 26.51 % California, 17.82 % New York, 13.20 % Massachusetts
MAXIMUM ZIP CODE CONCENTRATION ($): 2.83 % 10021 (NYC, NY)
NOTE DATE: Feb 07, 1985 - May 04, 1999
FIRST PAY DATE: Apr 01, 1985 - Jul 01, 1999
RATE CHANGE DATE: Jan 01, 2003 - Jun 01, 2004
MATURITY DATE: Nov 01, 2003 - Jun 01, 2029
</TABLE>
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C> <C>
INDEX: 1 YR CMT 119,125,829.08 21.92 218 24.52
1 YR LIBOR 424,227,079.21 78.08 671 75.48
DELINQUENCY: CURRENT 543,352,908.29 100.00 889 100.00
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<PAGE> 16
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
06/01/99
MELLON RESIDENTIAL FUNDING CORPORATION Series 1999-TBC2 (The Boston Company):
MARKETING
Scheduled 06/01/99 Balances
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C> <C>
CURRENT BALANCE: 13,250.00 - 100,000.00 708,155.26 0.13 13 1.46
100,000.01 - 200,000.00 9,735,646.76 1.79 63 7.09
200,000.01 - 300,000.00 30,445,299.81 5.60 116 13.05
300,000.01 - 400,000.00 48,114,322.09 8.86 137 15.41
400,000.01 - 500,000.00 62,439,899.58 11.49 136 15.30
500,000.01 - 600,000.00 53,560,792.43 9.86 95 10.69
600,000.01 - 700,000.00 40,580,048.32 7.47 62 6.97
700,000.01 - 800,000.00 46,167,742.47 8.50 61 6.86
800,000.01 - 900,000.00 25,006,911.59 4.60 29 3.26
900,000.01 - 1,000,000.00 60,909,106.34 11.21 62 6.97
1,000,000.01 - 1,100,000.00 50,152,799.33 9.23 46 5.17
1,100,000.01 - 1,200,000.00 22,194,913.25 4.08 19 2.14
1,200,000.01 - 1,300,000.00 10,139,300.00 1.87 8 0.90
1,300,000.01 - 1,400,000.00 10,832,437.87 1.99 8 0.90
1,400,000.01 - 1,500,000.00 11,805,081.05 2.17 8 0.90
1,500,000.01 - 1,600,000.00 4,645,000.00 0.85 3 0.34
1,600,000.01 - 1,700,000.00 3,350,000.00 0.62 2 0.22
1,700,000.01 - 1,800,000.00 7,150,000.00 1.32 4 0.45
1,800,000.01 - 1,900,000.00 1,820,000.00 0.33 1 0.11
1,900,000.01 - 2,000,000.00 2,000,000.00 0.37 1 0.11
2,000,000.01 - 2,100,000.00 2,100,000.00 0.39 1 0.11
2,100,000.01 - 2,200,000.00 4,295,000.00 0.79 2 0.22
2,200,000.01 - 2,300,000.00 2,296,526.79 0.42 1 0.11
2,300,000.01 - 2,400,000.00 2,354,250.00 0.43 1 0.11
2,400,000.01 - 2,500,000.00 5,000,000.00 0.92 2 0.22
2,600,000.01 - 2,700,000.00 5,349,675.35 0.98 2 0.22
2,700,000.01 - 2,800,000.00 2,760,000.00 0.51 1 0.11
2,800,000.01 - 2,900,000.00 2,840,000.00 0.52 1 0.11
2,900,000.01 - 3,000,000.00 6,000,000.00 1.10 2 0.22
> 3,000,000.00 8,600,000.00 1.58 2 0.22
ORIGINAL BALANCE: 13,250.00 - 100,000.00 493,125.00 0.09 10 1.12
100,000.01 - 200,000.00 7,082,067.69 1.30 49 5.51
200,000.01 - 300,000.00 26,646,330.75 4.90 105 11.81
300,000.01 - 400,000.00 46,523,474.27 8.56 138 15.52
400,000.01 - 500,000.00 60,749,958.85 11.18 138 15.52
500,000.01 - 600,000.00 48,582,049.67 8.94 89 10.01
600,000.01 - 700,000.00 45,204,041.25 8.32 74 8.32
700,000.01 - 800,000.00 47,645,198.82 8.77 65 7.31
800,000.01 - 900,000.00 24,549,673.12 4.52 30 3.37
900,000.01 - 1,000,000.00 63,483,867.90 11.68 68 7.65
1,000,000.01 - 1,100,000.00 46,507,750.08 8.56 43 4.84
1,100,000.01 - 1,200,000.00 20,977,260.49 3.86 18 2.02
1,200,000.01 - 1,300,000.00 8,839,300.00 1.63 7 0.79
1,300,000.01 - 1,400,000.00 10,612,142.46 1.95 9 1.01
1,400,000.01 - 1,500,000.00 13,458,569.22 2.48 10 1.12
1,500,000.01 - 1,600,000.00 6,974,526.32 1.28 5 0.56
1,600,000.01 - 1,700,000.00 5,360,626.44 0.99 4 0.45
1,700,000.01 - 1,800,000.00 8,250,000.00 1.52 5 0.56
1,800,000.01 - 1,900,000.00 2,919,966.73 0.54 2 0.22
1,900,000.01 - 2,000,000.00 2,397,527.09 0.44 2 0.22
2,000,000.01 - 2,100,000.00 3,500,000.00 0.64 2 0.22
2,100,000.01 - 2,200,000.00 4,295,000.00 0.79 2 0.22
2,200,000.01 - 2,300,000.00 2,296,526.79 0.42 1 0.11
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<PAGE> 17
<TABLE>
<S> <C> <C> <C> <C> <C>
2,300,000.01 - 2,400,000.00 2,354,250.00 0.43 1 0.11
2,400,000.01 - 2,500,000.00 5,000,000.00 0.92 2 0.22
2,500,000.01 - 2,600,000.00 1,100,000.00 0.20 1 0.11
2,600,000.01 - 2,700,000.00 5,349,675.35 0.98 2 0.22
2,700,000.01 - 2,800,000.00 2,760,000.00 0.51 1 0.11
2,800,000.01 - 2,900,000.00 2,840,000.00 0.52 1 0.11
2,900,000.01 - 3,000,000.00 6,000,000.00 1.10 2 0.22
> 3,000,000.00 10,600,000.00 1.95 3 0.34
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<PAGE> 18
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
06/01/99
MELLON RESIDENTIAL FUNDING CORPORATION Series 1999-TBC2 (The Boston Company):
MARKETING
Scheduled 06/01/99 Balances
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C> <C>
NOTE RATE: 5.8750 - 6.0000 3,011,000.00 0.55 5 0.56
6.0001 - 6.2500 6,456,999.75 1.19 14 1.57
6.2501 - 6.5000 25,796,873.60 4.75 33 3.71
6.5001 - 6.7500 59,711,784.52 10.99 95 10.69
6.7501 - 7.0000 269,384,988.88 49.58 432 48.59
7.0001 - 7.2500 167,205,224.92 30.77 292 32.85
7.2501 - 7.5000 10,578,536.62 1.95 16 1.80
7.5001 - 7.7500 750,000.00 0.14 1 0.11
7.7501 - 7.9900 457,500.00 0.08 1 0.11
GROSS MARGIN: 2.2500 424,227,079.21 78.08 671 75.48
2.7500 119,125,829.08 21.92 218 24.52
MAX INT RATE: 10.8750 - 11.0000 4,211,000.00 0.78 6 0.67
11.0001 - 11.2500 6,456,999.75 1.19 14 1.57
11.2501 - 11.5000 25,796,873.60 4.75 33 3.71
11.5001 - 11.7500 59,711,784.52 10.99 95 10.69
11.7501 - 12.0000 268,184,988.88 49.36 431 48.48
12.0001 - 12.2500 167,205,224.92 30.77 292 32.85
12.2501 - 12.5000 10,578,536.62 1.95 16 1.80
12.5001 - 12.7500 750,000.00 0.14 1 0.11
12.7501 - 12.9900 457,500.00 0.08 1 0.11
FICO SCORE
(GT OF HI AND LO): (less than or equal to) 109,908,571.53 20.23 222 24.97
551 - 600 5,049,608.67 0.93 5 0.56
601 - 650 6,350,079.89 1.17 9 1.01
651 - 700 48,156,944.32 8.86 70 7.87
701 - 750 126,349,596.29 23.25 209 23.51
751 - 800 223,885,486.92 41.20 344 38.70
801 - 817 23,652,620.67 4.35 30 3.37
HIGH FICO SCORE: (less than or equal to) 135,618,457.12 24.96 271 30.48
551 - 600 5,049,608.67 0.93 5 0.56
601 - 650 6,350,079.89 1.17 9 1.01
651 - 700 49,033,949.41 9.02 71 7.99
701 - 750 119,148,674.72 21.93 193 21.71
751 - 800 205,561,167.81 37.83 312 35.10
801 - 817 22,590,970.67 4.16 28 3.15
LOW FICO SCORE: (less than or equal to) 109,908,571.53 20.23 222 24.97
551 - 600 8,759,608.67 1.61 9 1.01
601 - 650 20,182,697.68 3.71 30 3.37
651 - 700 88,628,874.81 16.31 137 15.41
701 - 750 160,601,944.58 29.56 262 29.47
751 - 800 151,083,571.02 27.81 223 25.08
801 - 810 4,187,640.00 0.77 6 0.67
ORIGINAL LTV: 12.80 - 15.00 1,400,000.00 0.26 2 0.22
15.01 - 20.00 2,884,409.78 0.53 4 0.45
20.01 - 25.00 1,600,000.00 0.29 2 0.22
25.01 - 30.00 3,427,600.00 0.63 5 0.56
30.01 - 35.00 4,787,112.63 0.88 11 1.24
35.01 - 40.00 16,344,298.27 3.01 26 2.92
40.01 - 45.00 21,352,614.49 3.93 30 3.37
45.01 - 50.00 22,415,636.72 4.13 34 3.82
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<PAGE> 19
<TABLE>
<S> <C> <C> <C> <C> <C>
50.01 - 55.00 33,000,324.19 6.07 46 5.17
55.01 - 60.00 42,247,717.87 7.78 68 7.65
60.01 - 65.00 47,773,882.52 8.79 63 7.09
65.01 - 70.00 76,038,636.69 13.99 110 12.37
70.01 - 75.00 84,465,130.32 15.55 132 14.85
75.01 - 80.00 118,744,448.33 21.85 253 28.46
80.01 - 85.00 11,323,497.30 2.08 15 1.69
85.01 - 90.00 21,740,450.74 4.00 35 3.94
90.01 - 95.00 6,047,307.01 1.11 8 0.90
95.01 - 100.00 27,759,841.43 5.11 45 5.06
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<PAGE> 20
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
06/01/99
MELLON RESIDENTIAL FUNDING CORPORATION Series 1999-TBC2 (The Boston Company):
MARKETING
Scheduled 06/01/99 Balances
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C> <C>
ORIGINAL LTC: 1.00 - 5.00 999,529.89 0.18 1 0.11
5.01 - 10.00 600,000.00 0.11 1 0.11
10.01 - 15.00 2,050,000.00 0.38 3 0.34
15.01 - 20.00 2,884,879.89 0.53 4 0.45
20.01 - 25.00 2,153,877.73 0.40 3 0.34
25.01 - 30.00 3,427,600.00 0.63 5 0.56
30.01 - 35.00 5,287,112.63 0.97 12 1.35
35.01 - 40.00 16,344,298.27 3.01 26 2.92
40.01 - 45.00 21,352,614.49 3.93 30 3.37
45.01 - 50.00 22,415,636.72 4.13 34 3.82
50.01 - 55.00 37,600,324.19 6.92 48 5.40
55.01 - 60.00 46,193,840.14 8.50 69 7.76
60.01 - 65.00 47,818,265.28 8.80 64 7.20
65.01 - 70.00 80,017,134.48 14.73 114 12.82
70.01 - 75.00 97,388,210.94 17.92 156 17.55
75.01 - 80.00 136,109,487.96 25.05 289 32.51
80.01 - 85.00 7,694,497.30 1.42 12 1.35
85.01 - 90.00 13,015,598.38 2.40 18 2.02
REMAINING TERM: 53 - 60 301,791.95 0.06 1 0.11
85 - 96 320,558.70 0.06 1 0.11
97 - 108 250,808.75 0.05 1 0.11
121 - 132 217,324.55 0.04 1 0.11
145 - 156 579,974.34 0.11 4 0.45
157 - 168 5,272,793.91 0.97 16 1.80
169 - 180 10,002,995.32 1.84 28 3.15
181 - 192 5,435,101.83 1.00 11 1.24
193 - 204 6,311,503.13 1.16 15 1.69
205 - 216 2,753,619.92 0.51 10 1.12
217 - 228 2,989,661.55 0.55 10 1.12
229 - 240 4,683,934.25 0.86 10 1.12
253 - 264 1,919,196.92 0.35 4 0.45
265 - 276 6,782,739.60 1.25 9 1.01
277 - 288 20,515,448.34 3.78 33 3.71
289 - 300 10,189,300.29 1.88 20 2.25
301 - 312 3,845,161.97 0.71 7 0.79
313 - 324 15,615,605.05 2.87 21 2.36
325 - 336 32,596,954.16 6.00 59 6.64
337 - 348 145,428,883.74 26.77 206 23.17
349 - 360 267,339,550.02 49.20 422 47.47
RATE CHANGE DATE: 01/01/03 2,692,051.11 0.50 4 0.45
02/01/03 50,713,027.69 9.33 79 8.89
03/01/03 47,595,801.92 8.76 105 11.81
04/01/03 44,145,612.55 8.12 58 6.52
05/01/03 17,682,010.17 3.25 33 3.71
06/01/03 69,936,855.77 12.87 116 13.05
07/01/03 107,026,009.85 19.70 176 19.80
08/01/03 41,499,450.97 7.64 65 7.31
09/01/03 18,512,410.08 3.41 30 3.37
10/01/03 11,594,599.75 2.13 14 1.57
03/01/04 5,914,442.25 1.09 8 0.90
04/01/04 71,512,982.71 13.16 110 12.37
05/01/04 51,877,653.47 9.55 87 9.79
06/01/04 2,650,000.00 0.49 4 0.45
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<PAGE> 21
<TABLE>
<S> <C> <C> <C> <C> <C>
BLANKET FLAG: No 508,488,039.15 93.58 850 95.61
Yes 34,864,869.14 6.42 39 4.39
PREPAY PENALTY: No 103,780,982.70 19.10 207 23.28
Yes 439,571,925.59 80.90 682 76.72
IO FLAG: No 38,657,807.42 7.11 111 12.49
Yes 504,695,100.87 92.89 778 87.51
OCCUPANCY: Primary 466,542,371.53 85.86 747 84.03
Second Home 76,810,536.76 14.14 142 15.97
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<PAGE> 22
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
06/01/99
MELLON RESIDENTIAL FUNDING CORPORATION Series 1999-TBC2 (The Boston Company):
MARKETING
Scheduled 06/01/99 Balances
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C> <C>
PROPERTY TYPE: Single Family 336,330,284.88 61.90 512 57.59
PUD 61,552,220.78 11.33 89 10.01
Cooperative 55,783,837.54 10.27 143 16.09
Condominium 53,866,923.46 9.91 103 11.59
Blanket 34,864,869.14 6.42 39 4.39
Two-Four Family 954,772.49 0.18 3 0.34
LOAN PURPOSE: Cash Out Refinance 101,657,542.12 18.71 157 17.66
Purchase 307,882,788.82 56.66 522 58.72
Rate/Term Refinance 133,812,577.35 24.63 210 23.62
STATE: Alabama 2,550,000.00 0.47 3 0.34
Arizona 13,381,340.89 2.46 20 2.25
California 144,025,925.86 26.51 165 18.56
California/Massachusetts 575,000.00 0.11 1 0.11
California/Nevada 766,800.48 0.14 2 0.22
California/Oregon 1,100,000.00 0.20 1 0.11
California/Washington 2,650,000.00 0.49 1 0.11
Colorado 14,426,595.15 2.66 24 2.70
Connecticut 25,356,957.56 4.67 33 3.71
Delaware 2,889,999.94 0.53 5 0.56
District of Columbia 5,770,320.68 1.06 10 1.12
District of Columbia/Wyoming 2,100,000.00 0.39 1 0.11
Florida 18,653,435.88 3.43 32 3.60
Georgia 16,946,905.54 3.12 20 2.25
Hawaii 3,970,049.98 0.73 8 0.90
Idaho 2,595,447.53 0.48 4 0.45
Illinois 8,152,498.78 1.50 12 1.35
Kansas 188,000.00 0.03 1 0.11
Maine 2,142,308.18 0.39 4 0.45
Maryland 16,450,048.51 3.03 27 3.04
Massachusetts 71,729,734.45 13.20 145 16.31
Massachusetts/Maine 600,000.00 0.11 1 0.11
Michigan 1,926,407.59 0.35 7 0.79
Missouri 1,450,000.00 0.27 2 0.22
New Hampshire 6,381,355.88 1.17 10 1.12
New Jersey 13,793,515.25 2.54 26 2.92
New York 96,833,861.30 17.82 205 23.06
New York/New Jersey 1,250,000.00 0.23 1 0.11
North Carolina 2,390,000.00 0.44 5 0.56
Ohio 3,117,999.75 0.57 6 0.67
Oregon 3,979,999.10 0.73 9 1.01
Pennsylvania 23,817,595.28 4.38 44 4.95
Rhode Island 1,645,619.41 0.30 4 0.45
South Carolina 295,000.00 0.05 1 0.11
Texas 2,851,400.00 0.52 6 0.67
Utah 1,630,000.00 0.30 2 0.22
Vermont 1,706,465.42 0.31 4 0.45
Virginia 12,971,124.88 2.39 23 2.59
Washington 3,675,700.00 0.68 5 0.56
Wisconsin 779,998.61 0.14 2 0.22
Wyoming 5,835,496.41 1.07 7 0.79
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<PAGE> 1
Exhibit 99.2
245 PARK AVENUE
[BEAR STEARNS LOGO] NEW YORK, NEW YORK 10167
(212) 272-2000
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES
AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
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although it may be based on data supplied to it by an issuer, the issuer has not
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accuracy or completeness. Should you receive Information that refers to the
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statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to the models include but are not
limited to prepayment expectations (econometric prepayment models, single
expected lifetime prepayments or a vector of periodic prepayments), interest
rate assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current and reported information (paydown
factors, rate resets and trustee statements). Models used in any analysis may be
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Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayments
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested at assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models for performance analysis, which are likely to produce different results,
and any further explanation regarding the Information.
<PAGE> 2
Any pricing estimates Bear Stearns has supplied at your request (a) represent
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between the estimated bid and offer levels, the spread between which may be
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readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
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