BEAR STEARNS BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO 245 Park Avenue
FRANKFORT o GENEVA o HONG KONG New York, N.Y. 10167
LONDON o PARIS o TOKYO (212) 272-2000; (212) 272-7294 fax
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GMACM Home Loan-Backed Term Notes, Series 2000-CL1: Computational Materials
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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 Information is provided solely by Bear Stearns, not as agent
for any issuer, and although it may be based on data supplied to it by an
issuer, the issuer has not participated in its preparation and makes no
representations regarding its accuracy or completeness. Should you receive
Information that refers to the "Statement Regarding Assumptions and Other
Information," please refer to this 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 these models include but are not
limited to: prepayment expectations (economic 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 proprietary making the results difficult for any third party to reproduce.
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 prepayment speeds and/or interest rates. You should consider
whether the behavior of these securities should be tested as 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. Any information herein regarding the collateral or the securities
supersedes any prior information regarding the collateral or the securities and
will be superseded by information regarding the collateral and/or the securities
contained in the Offering Documents and any subsequent information regarding the
collateral or the securities. Offering Documents contain data that is current as
of their publication dates and after publication may no longer be complete or
current and any subsequent information regarding the collateral or the
securities. 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.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities. General Information: The data
underlying the Information has been obtained from sources that we believe are
reliable, but we do not guarantee the accuracy of the underlying data or
computations based thereon. Bear Stearns and/or individuals employed thereby may
have positions in these securities while the Information is circulating or
during such period may engage in transactions with the issuer or its affiliates.
We act as principal in transactions with you, and accordingly, you must
determine the appropriateness for you of such transactions and address any
legal, tax, or accounting considerations applicable to you. Bear Stearns shall
not be a fiduciary or advisor unless we have agreed in writing to receive
compensation specifically to act in such capacities. If you are subject to
ERISA, the Information is being furnished on the condition that it will not form
a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
Bear Stearns Page 1
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc
<PAGE>
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GMACM Home Loan-Backed Term Notes, Series 2000-CL1
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$322,000,000 (Approximate)
Issuer: GMACM Home Loan Trust 2000-CL1
Seller and Servicer: GMAC Mortgage Corporation, a
Pennsylvania corporation, will be the Seller
and Servicer of the Home Loans. The Servicer
will be obligated to service the Home Loans
pursuant to the servicing agreement to be
dated as of September [1], 2000, among the
Servicer, the Issuer and the Indenture
Trustee
Depositor: Residential Asset Mortgage Products, Inc.
Credit Enhancer: Ambac Assurance Corporation (the "Credit Enhancer")
Lead Underwriter: Bear, Stearns & Co. Inc.
Co-Underwriters: First Union Securities, Inc. and Greenwich Capital Markets
Indenture Trustee: Wells Fargo Bank Minnesota (the "Indenture Trustee")
Owner Trustee: Wilmington Trust Company
Cut-off Date: September 1, 2000
Closing Date: September [28], 2000
The Notes: Approximately $322,000,000 Home Loan-Backed Term Notes, Series
2000-CL1, are being offered (the Class A-1, Class A-2, Class A-3 and Class
A-4 Notes (the "Senior Notes" or the "Class A Notes"), and the Class M and
Class B Notes (the "Subordinate Notes" and together with the Senior Notes,
the "Notes")). The Notes will be issued pursuant to an indenture to be
dated as of September [1], 2000, between the Issuer and the Indenture
Trustee.
The Certificates: GMACM Home Loan-Backed Certificates, Series 2000-CL1 (the
"Certificates" and, together with the Notes, the "Securities"). The
Certificates are not offered hereby.
Bear Stearns Page 2
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc
<PAGE>
Characteristics of the Notes(a)(b)(c)
<TABLE>
<CAPTION>
Offered Original Life Principal Principal
Securities Principal to Lockout Window Ratings
Balance Coupon Call (months) (months) Designations (Moody's/S&P/Fitch)
(years)
----------------- ------------- ------------ ------- --------- --------- ---------------- --------------------
<S> <C> <C> <C> <C> <C> <C>
Class A-1 Notes $139,004,000 Variable(d) 1.50 None 33 Senior/Floating Aaa/AAA/AAA
Class A-2 Notes $23,853,000 Fixed 3.00 32 7 Senior/Fixed Aaa/AAA/AAA
Class A-3 Notes $66,581,000 Fixed 4.50 38 44 Senior/Fixed Aaa/AAA/AAA
Class A-4 Notes $37,753,000 Fixed 9.08 81 42 Senior/Fixed Aaa/AAA/AAA
Class M Notes $34,256,000 Fixed 7.08 45 78 Subordinate/Fixed A2/A/A
(S&P/Fitch)
Class B Notes $20,553,000 Fixed 7.08 45 78 Subordinate/Fixed BBB/BBB
----------------- ------------- ------------ ------- --------- --------- ---------------- --------------------
</TABLE>
(a) 100% Prepayment Assumption:
0.00% CPR in month 1, and an additional 0.8696% per annum in each
month thereafter until month 24. On and after month 24, 20.00% CPR;
(b) The Notes are priced to a 10% clean-up call. The coupon on the Class A-4,
Class M and Class B Notes will increase by [0.50]% beginning on the date
when the current pool principal balance declines to less than 10% of the
sum of (i) the principal balance of the initial home loans as of the
cut-off date and (ii) the amount on deposit in the pre-funding account on
the closing date (the "Pool Principal Balance").
(c) 100% P&I guaranty by Ambac on the Class A Notes.
(d) The lesser of (i) One-Month LIBOR plus [ ]% per annum and
(ii) [10.00]%.
Offering: The Notes will be issued publicly from the Depositor shelf
registration.
Form of Registration: Book-entry form, same day funds through DTC, Euroclear.
Prepayment Pricing Speed Assumption: A constant prepayment of 0.00% per year of
the then outstanding principal balance of the loans in the first month of
the life of the loans and an additional 0.8696% per year in each month
thereafter until it reaches 20.00% on the 24th month. Beginning in the 24th
month and thereafter during the life of such loans, a constant prepayment
rate of 20.00% per year.
Payment Date: The 25th day of each month (or, if that day is not a business day,
the next succeeding business day), commencing October 25, 2000.
Payment Delay: With respect to the Class A-1 Notes, 0 days. With respect to the
Class A-2, Class A-3, Class A-4, Class M and Class B Notes, 24 days.
Note Rate: The Class A-1 Note Rate will be equal to the lesser of (a) 1-month
LIBOR + [ ]% per annum and (b) [10.00]% per annum, payable monthly.
Interest will accrue on the Class A-1 Term Notes from and including the
preceding Payment Date (or from the Closing Date in the case of the first
Payment Date) to and including the day prior to the then current Payment
Date at the Class A-1 Note Rate based on the actual number of days elapsed
during the Accrual Period and an assumed year of 360 days.
Bear Stearns Page 3
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc.
<PAGE>
Interest will accrue on the Class A-2, Class A-3, Class A-4, Class M and
Class B Term Notes at a fixed rate during the month prior to the month of
the related Payment Date (or from the Cut-off Date to the end of such month
in the case of the first Payment Date) based on an assumed year of 360
days, consisting of 12 30-day months.
Assets of the Trust: The assets of the Trust will primarily consist of a pool of
closed-end, fixed-rate home equity loans (the "Home Loans"). Substantially
all of the Home Loans will be secured by second liens and have combined
loan-to-value ratios of up to 110%.
In addition to the Home Loans conveyed to the trust on the closing date,
the property of the trust will include cash on deposit in certain accounts,
including the pre-funding account and other collections on the home loans.
Pre-Funding Account: On the Closing Date, approximately $85,800,968 will be
deposited into an account (the "Pre-Funding Account"), which amount will be
funded from the proceeds of the sale of the Notes. The Transferor will be
obligated to sell Home Loans after the Closing Date to the Trust and the
Trust will be obligated to purchase such subsequent Home Loans during the
period from the Closing Date until the earliest of (i) the date on which
the amount on deposit in the Pre-Funding Account is less than [$50,000],
(ii) December [28], 2000 and (iii) the occurrence of a Servicer default
under the Sale and Servicing Agreement (the "Pre-Funding Period"). The
subsequent Home Loans, as well as the initial Home Loans, will conform to
certain specified characteristics. Amounts on deposit in the Pre-Funding
Account will be invested in permitted investments as specified in the
Indenture. Any amount remaining in the Pre-Funding Account at the end of
the Pre-Funding Period will be used to prepay the Notes.
Capitalized Interest Account: On the Closing Date, the Transferor will make a
cash deposit from the proceeds of the sale of the Notes into an account
held by the Indenture Trustee (the "Capitalized Interest Account"). Amounts
on deposit in the Capitalized Interest Account will be withdrawn on each
Payment Date during the Pre-Funding Period to fund portions of the interest
payments on the Notes to the extent set forth in the Indenture and the Sale
and Servicing Agreement.
Priority of Payments: On each payment date, principal and interest collections
other than any excess interest on the Home Loans minus any fees and
expenses of the trust, will be allocated from the payment account, in the
following order of priority:
1) to pay to the Credit Enhancer the accrued and unpaid premium for the policy
and any previously unpaid premiums, with interest thereon;
Bear Stearns Page 4
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc
<PAGE>
2) to pay accrued and unpaid interest due on the Class A Notes;
3) to pay accrued and unpaid interest due on the Class M Notes;
4) to pay accrued and unpaid interest due on the Class B Notes;
To pay from principal collections on the
Home Loans:
5) to the Class A Notes, sequentially, the
amount necessary to reduce the principal
balance of the Class A Notes to the
required principal balance for the Class
A Notes for that payment date;
6) to the Class M Notes, the amount
necessary to reduce the principal
balance of that class to the required
principal balance for the Class M Notes
for that payment date;
7) to the Class B Notes, the amount
necessary to reduce the principal
balance of that class to the required
principal balance for the Class B Notes
for that payment date;
8) to the Class M Notes, the amount of any losses that were previously
allocated to the Class M Notes and not previously paid, plus interest
thereon;
9) to the Class B Notes, the amount of any losses that were previously
allocated to the Class B Notes and not previously paid, plus interest
thereon;
10) to reimburse the Credit Enhancer for any prior draws on the policy, with
interest;
To pay from excess interest on the Home
Loans, the amount necessary to increase the
amount of overcollateralization to the
required overcollateralization level in the
following order:
11) to the Class A Notes, sequentially,
until the principal balance of the Class
A Notes is reduced to the required
principal balance for the Class A Notes
for that payment date;
12) to the Class M Notes, until the
principal balance of that class is
reduced to the required principal
balance for the Class M Notes for that
payment date;
13) to the Class B Notes, until the
principal balance of that class is
reduced to the required principal
balance for the Class B Notes for that
payment date;
To pay from any remaining excess interest on
the home loans:
14) to pay the Credit Enhancer any other amounts owed to it pursuant to the
insurance agreement, with interest;
15) to the Class M Notes, the amount of any losses that were previously
allocated to the Class M Notes and not previously paid, plus interest
thereon;
16) to the Class B Notes, the amount of any losses that were previously
allocated to the Class B Notes and not previously paid, plus interest
thereon;
Bear Stearns Page5
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc
<PAGE>
17) to pay the indenture trustee any unpaid expenses and other reimbursable
amounts owed to the indenture trustee; and
18) to pay any remaining amount to the holder of the Certificates. For at least
three years after the closing date, no principal payments will be
distributed to the Class M Notes and Class B Notes unless the principal
balances of the Class A Notes have been reduced to zero.
Overcollateralization Stepdown Date: The first payment date occurring after the
payment date in September 2003, as to which the aggregate of the Note
balances of the Senior Notes has been reduced to the excess of (a) the
aggregate principal balances of the Home Loans as of the preceding due
period over (b) the greater of (i) approximately [32.00]% of the aggregate
principal balances of the Home Loans as of the preceding due period plus
the required overcollateralization amount for such payment date (calculated
without giving effect to the proviso in the definition thereof) and (ii)
0.50% of the initial pool principal balance.
Bear Stearns Page 6
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc
<PAGE>
Summary of Expected Subordination
<TABLE>
<CAPTION>
Prior to the Overcollateralization Stepdown Date:
------------------------------- -------------------- -------------------------- ------------------
Initial Expected Total
Offered Expected Initial Overcollateralization Target Credit
Notes Subordination(a) Target(b) Enhancement
------------------------------- -------------------- -------------------------- ------------------
------------------------------- -------------------- -------------------------- ------------------
<S> <C> <C> <C>
Class A Notes [16.00]% [11.50]% [27.50]%
------------------------------- -------------------- -------------------------- ------------------
------------------------------- -------------------- -------------------------- ------------------
Class M Notes [6.00]% [11.50]% [17.50]%
-------------------------- ------------------
------------------------------- -------------------- -------------------------- ------------------
Class B Notes [0.00]% [11.50]% [11.50]%
------------------------------- -------------------- -------------------------- ------------------
(a) Represents the expected amount of note subordination for each class of
notes as of the Closing Date.
(b) The overcollateralization amount will equal [6.00]% as of the closing date.
Excess spread, if available, will be applied to make accelerated payments
of principal until the overcollateralization amount equals the targeted
overcollateralization amount, which is equal to [11.50]% of the initial
collateral amount (including amounts on deposit in the Pre-Funding Account
as of the Closing Date).
On or after the Overcollateralization Stepdown Date:
------------------------------ --------------------- ------------------------- -------------------
Offered Subordination Overcollateralization Target Credit
Notes Target(a) Target(b) Enhancement
------------------------------ --------------------- ------------------------- -------------------
------------------------------ --------------------- ------------------------- -------------------
Class A Notes [32.00]% [23.00]% [55.00]%
------------------------------ --------------------- ------------------------- -------------------
------------------------------ --------------------- ------------------------- -------------------
Class M Notes [12.00]% [23.00]% [35.00]%
------------------------- -------------------
------------------------------ --------------------- ------------------------- -------------------
Class B Notes [0.00]% [23.00]% [23.00]%
------------------------------ --------------------- ------------------------- -------------------
</TABLE>
(a) Represents the expected amount of note subordination for each class of
notes after the Overcollateralization Stepdown Date.
(b) On or after the Overcollateralization Stepdown Date, the target
overcollateralization amount is allowed to step down to the targeted
percentage of the then current collateral amount.
Bear Stearns Page 7
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc
<PAGE>
ClassB Required Principal Balance: With respect to any payment date prior to
the overcollateralization stepdown date, zero; and with respect to any
other payment date, the aggregate principal balances of the Home Loans as
of the end of the preceding collection period minus the sum of (a) the
aggregate of the class principal balances of each class of the Senior Notes
and the Class M Notes (after taking into account payments made on such
payment date in reduction of such class principal balances) and (b) the
greater of the required overcollateralization amount for such payment date
(calculated without giving effect to the proviso in the definition thereof)
and (ii) 0.50% of the initial pool principal balance.
ClassM Required Principal Balance: With respect to any payment date prior to
the overcollateralization stepdown date, zero; and with respect to any
other payment date, the aggregate principal balances of the Home Loans as
of the end of the preceding collection period minus the sum of (a) the
aggregate of the class principal balances of each class of the Senior Notes
(after taking into account payments made on such payment date in reduction
of such class principal balances) and (b) the greater of (i) approximately
[12.00]% of the aggregate principal balances of the Home Loans as of the
preceding collection period plus the required overcollateralization amount
for such payment date (calculated without giving effect to the proviso in
the definition thereof) and (ii) 0.50% of the initial pool principal
balance.
Senior Required Principal Balance: With respect to any payment date prior to the
overcollateralization stepdown date, zero; and with respect to any other
payment date, an amount equal to the aggregate principal balances of the
Home Loans as of the preceding collection period minus the greater of (a)
approximately [32.00]% of the aggregate principal balances of the Home
Loans as of the preceding collection period plus the required
overcollateralization amount for such payment date (calculated without
giving effect to the proviso in the definition thereof) and (b) 0.50% of
the initial pool principal balance.
Servicing Fee: The servicing fee to be paid to the Servicer as compensation for
servicing the Home Loans will be 0.50% per annum. The servicing fee will be
computed and payable monthly.
Advancing: There is no required advancing of delinquent principal or interest by
the Servicer, the Trustees, the Credit Enhancer or any other entity.
Bear Stearns Page 8
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc
<PAGE>
Credit Enhancement: Credit enhancement with respect to the Notes will be
provided by (1) excess spread, (2) overcollateralization and (3)
subordination. Additional credit enhancement for the Class A Notes will be
provided through the Note Insurance Policy.
Excess Spread. The weighted average Home Loan Rate is generally expected to
be higher than the sum of (a) the servicing fee, (b) the weighted average
Note Rate and (c) the Credit Enhancer premium. On each Payment Date, excess
spread generated during the related collection period will be available to
cover losses and build overcollateralization on such Payment Date.
Overcollateralization: Excess spread will be applied, to the extent
available, to make accelerated payments of principal to the securities then
entitled to receive payments of principal; such application will cause the
aggregate principal balance of the Notes to amortize more rapidly than the
Home Loans, resulting in overcollateralization. On the Closing Date, an
amount, (the "Original Overcollateralization Amount") equal to [6.00]% of
the initial Pool Principal Balance of the Loans will be retained as
overcollateralization and thereafter excess spread will be used to pay down
the Notes such that, prior to the Stepdown Date, the "Required
Overcollateralization Amount" will be equal to [11.50]% of the initial Pool
Principal Balance. On or after the Stepdown Date, the "Required
Overcollateralization Amount" will be permitted to decrease
proportionately, subject to a floor of 0.50% of the original Pool Principal
Balance.
Subordination: The Class B Notes will be subordinate to the Class M Notes
and the Class M Notes will be subordinate to the Class A Notes.
Note Insurance Policy: For the Class A Notes, the Credit Enhancer will
unconditionally and irrevocably guarantee: (a) timely payment of interest,
(b) the amount of any losses allocated thereon and not covered by other
forms of credit enhancement, and (c) the payment of principal on the Class
A Notes by no later than their respective final scheduled maturity dates.
The Insurance Policy is not cancelable for any reason.
Optional Redemption: The Servicer may, at its option, effect an early redemption
or termination of the Notes on or after any Payment Date when the current
Pool Principal Balance declines to 10% or less of the sum of (x) the
initial Pool Principal Balance and (y) the amount on deposit in the
prefunding account as of the closing date (the "Step-up Date").
Bear Stearns Page 9
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc
<PAGE>
Allocation of Losses: So long as any Class B or any
Class M Notes remain outstanding, losses on
the Home Loans will be allocated first to
the Class B Notes and then to the Class M
Notes, and the other classes of Notes will
not bear any portion of such losses.
Priority of Distributions: The priority in which
distributions are made ("Priority of
Payments" shown above) on the Notes also
provides credit enhancement for certain
classes of Notes. This manner of
distributions ensures that any shortfall in
amounts owed on the Notes is borne first by
the most subordinate class of Notes.
Allocating all principal payments on the
Home Loans to the Class A Notes in the early
years provides additional credit enhancement
for the Class A Notes by preserving a
greater portion of the principal balances of
the Class B and Class M Notes for absorption
of losses.
Tax Status: For federal income tax purposes, the Notes will be characterized as
indebtedness of the issuer.
ERISA Eligibility: The Notes may be purchased by
employee benefit plans subject to the
requirements of ERISA.
SMMEA Treatment: The Notes will not constitute
"mortgage related securities" for purposes
of SMMEA.
Ratings: It is a condition to the issuance of the
Class A Notes that they receive ratings of
Aaa/AAA/AAA by Moody's Investors Service,
Standard and Poors and Fitch Ratings,
respectively; that the Class M Notes receive
ratings of A2/A/A by Moody's Investors
Service, Standard and Poors and Fitch
Ratings, respectively; and that the Class B
Notes receive ratings BBB/BBB by Standard
and Poors and Fitch Ratings, respectively.
Bear Stearns Page 10
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
COLLATERAL SUMMARY
Reward Loans
Cut-Off Date 9/1/00
Total Outstanding Balance: $256,752,223.07
Number of Loans: 9,684
Average Remaining Balance: $26,513.03 (range: $29.08 -
$64,971.01)
WA Home Loan Rate: 15.973% (range: 10.000% - 18.500%)
Original Weighted Average Term: 253 months
Remaining Weighted Average Term: 251 months
Lien Position: 0.40% first, 99.60% second.
WA CLTV Ratio: 103.96% (range: 4.13% - 124.95%)
WA FICO Score: 615
WA DTI Ratio: 38.90% (7.53% - 50.00%)
WA Junior Ratio: 21.45% (3.46% - 83.54%)
Documentation: 100.00% full documentation
Property Type: 87.43% single family,
6.97% condo,
3.60% townhouse,
2.00% PUD.
Owner Occupancy: 100.00% owner occupied
FHLMC Eligibility (by Loan 94.66%
Balances)
Geographic Distribution: CA (24.58%), NJ (5.34%), FL (5.11%).
(all states >= 5.00%)
Bear Stearns Page 11
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
Initial Home Loan Characteristics
Set forth below is a description of certain characteristics of the Initial Home
Loans as of the Cut-Off Date. Unless otherwise specified, all principal balances
of the Initial Home Loans are as of the Cut-Off Date and are rounded to the
nearest dollar. All percentages are approximate percentages by aggregate
principal balance as of the Cut-Off Date (except as indicated otherwise).
<TABLE>
<CAPTION>
Property Type
Aggregate Percentage of
------------------------------------ ------------------ Unpaid Cut-Off
Principal Date Aggregate
Number of Balance Principal Balance
Property Type Initial Home Loans
<S> <C> <C> <C>
Single Family 8,437 $224,474,220.60 87.43%
Condo 711 17,894,556.01 6.97
Townhouse 339 9,236,557.61 3.60
PUD 197 5,146,888.85 2.00
--- ------------ ----
Total 9,684 $256,752,223.07 100.00%
Principal Balances
Aggregate Percentage of
------------------------------------- ------------------ Unpaid Cut-Off
Principal Date Aggregate
Number of Balance Principal Balance
Range of Principal Balances ($) Initial Home Loans
$0.00 to $25,000.00 5,374 $101,222,875.00 39.42%
$25,000.01 to $50,000.00 4,306 155,293,027.58 60.48
$50,000.01 to $75,000.00 4 236,320.49 0.09
- ---------- ----
Total 9,684 $256,752,223.07 100.00%
The average Principal Balance of the Initial Home Loans as of the Cut-Off Date
is approximately $26,513.03.
</TABLE>
Bear Stearns Page 12
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
Original Balances
Aggregate Percentage of
------------------------------------- ------------------ Unpaid Cut-Off
Principal Date Aggregate
Number of Balance Principal Balance
Range of Original Balances ($) Initial Home Loans
<S> <C> <C> <C> <C> <C>
$0.00 to $25,000.00 5,359 $100,886,320.53 39.29%
$25,000.01 to $50,000.00 4,321 155,629,582.05 60.61
$50,000.01 to $75,000.00 4 236,320.49 0.09
- ---------- ----
Total 9,684 $256,752,223.07 100.00%
The average Original Balance of the Initial Home Loans is approximately
$26,602.77.
Combined Loan-to-Value Ratios
Aggregate Percentage of
------------------------------- ------------------ Unpaid Cut-Off
Principal Date Aggregate
Range of Combined Number of Balance Principal Balance
Loan-to-Value Ratios (%) Initial Home Loans
0.01% to 30.00% 12 $313,800.56 0.12%
30.01% to 40.00% 5 129,505.20 0.05
40.01% to 50.00% 18 415,815.45 0.16
50.01% to 60.00% 26 680,190.16 0.26
60.01% to 70.00% 63 1,602,330.81 0.62
70.01% to 80.00% 142 3,808,289.18 1.48
80.01% to 90.00% 414 10,676,127.12 4.16
90.01% to 95.00% 506 13,549,467.75 5.28
95.01% to 100.00% 862 22,858,022.56 8.90
100.01% to 105.00% 1,487 40,500,016.02 15.77
105.01% to 110.00% 6,105 161,178,891.53 62.78
110.01% to 115.00% 29 685,787.39 0.27
115.01% to 120.00% 10 227,239.77 0.09
120.01% to 125.00% 4 116,751.82 0.05
N/A 1 9,987.75 0.00
- -------- ----
Total 9,684 $256,752,223.07 100.00%
</TABLE>
The minimum and maximum Combined Loan-to-Value Ratios of the Initial Home Loans
as of the Cut-Off Date are approximately 4.13% and 124.95%, respectively, and
the weighted average Combined Loan-to-Value Ratio of the Initial Home Loans as
of the Cut-Off Date is approximately 103.96%.
Bear Stearns Page 13
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Geographical Distributions
Aggregate Percentage of
------------------------------------- ------------------- Unpaid Cut-Off
Principal Date Aggregate
Number of Balance Principal Balance
Location Initial Home Loans
<S> <C> <C> <C>
California 2,175 $63,102,693.66 24.58%
New Jersey 484 13,703,068.97 5.34
Florida 521 13,128,306.59 5.11
Ohio 504 12,051,405.25 4.69
Virginia 435 11,150,670.95 4.34
Illinois 434 10,969,465.07 4.27
Washington 336 9,107,369.32 3.55
North Carolina 300 8,661,373.44 3.37
Georgia 327 8,316,536.33 3.24
New York 281 8,215,207.25 3.20
Pennsylvania 320 8,080,515.94 3.15
Maryland 309 7,595,405.41 2.96
Michigan 280 6,887,078.66 2.68
Alabama 245 6,287,834.77 2.45
Arizona 187 5,132,203.70 2.00
Other 2,546 64,363,087.76 25.07
----- ------------- -----
Total 9,684 $256,752,223.07 100.00%
The reference to "Other" in the preceding table includes states and the District
of Columbia that contain mortgaged properties for less than 2.00% of the Home
Loan pool.
</TABLE>
Bear Stearns Page 14
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Junior Ratios(1)(2)
Aggregate Percentage of
------------------------------- ------------------ Unpaid Cut-Off
Principal Date Aggregate
Number of Balance Principal Balance
Range of Junior Ratios (%) Initial Home Loans
<S> <C> <C> <C> <C> <C>
0.0001% to 5.0000% 4 $70,045.77 0.03%
5.0001% to 10.0000% 522 9,055,408.11 3.54
10.0001% to 15.0000% 2,334 48,697,367.17 19.04
15.0001% to 20.0000% 2,778 71,975,270.48 28.15
20.0001% to 25.0000% 1,869 54,574,677.77 21.34
25.0001% to 30.0000% 1,105 35,930,639.78 14.05
30.0001% to 35.0000% 546 18,078,856.09 7.07
35.0001% to 40.0000% 243 8,536,960.05 3.34
40.0001% to 45.0000% 120 4,079,748.44 1.60
45.0001% to 50.0000% 67 2,412,898.15 0.94
50.0001% to 55.0000% 21 761,163.42 0.30
55.0001% to 60.0000% 19 741,045.53 0.29
60.0001% to 65.0000% 11 429,866.38 0.17
65.0001% to 70.0000% 2 92,364.92 0.04
70.0001% to 75.0000% 4 162,126.62 0.06
75.0001% to 80.0000% 1 29,791.21 0.01
80.0001% to 85.0000% 2 89,633.65 0.04
- --------- ----
Total 9,648 $255,717,863.54 100.00%
</TABLE>
(1) The Junior Ratio of a Home Loan is the ratio (expressed as a percentage) of
the outstanding balance of such Home Loan to the sum of such outstanding balance
and the outstanding balance of any senior mortgage computed as of the date such
Home Loan is underwritten.
(2) The weighted average Junior Ratio of the Initial Home Loans as of the
Cut-Off Date is approximately 21.45%.
Bear Stearns Page 15
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Loan Rates
Aggregate Percentage of
-------------------------- ------------------ Unpaid Cut-Off
Principal Date Aggregate
Number of Balance Principal Balance
Range of Loan Rates(%) Initial Home Loans
<S> <C> <C> <C> <C> <C>
10.0000% to 10.4999% 6 $183,388.83 0.07%
10.5000% to 10.9999% 3 62,130.29 0.02
11.0000% to 11.4999% 1 18,488.25 0.01
11.5000% to 11.9999% 4 147,267.98 0.06
12.0000% to 12.4999% 6 188,230.34 0.07
12.5000% to 12.9999% 139 3,464,953.81 1.35
13.0000% to 13.4999% 11 294,914.04 0.11
13.5000% to 13.9999% 217 6,404,427.44 2.49
14.0000% to 14.4999% 22 631,577.61 0.25
14.5000% to 14.9999% 2,427 65,691,537.22 25.59
15.0000% to 15.4999% 11 342,862.13 0.13
15.5000% to 15.9999% 3,744 100,614,432.07 39.19
16.0000% to 16.4999% 24 757,308.57 0.29
16.5000% to 16.9999% 2,011 51,331,731.33 19.99
17.0000% to 17.4999% 8 202,650.66 0.08
17.5000% to 17.9999% 1,047 26,361,353.14 10.27
18.0000% to 18.4999% 1 16,987.85 0.01
18.5000% to 18.9999% 2 37,981.51 0.01
- --------- ----
Total 9,684 $256,752,223.07 100.00%
The weighted average Loan Rate of the Initial Home Loans as of the Cut-Off Date
is approximately 15.973%.
Months Remaining to Scheduled Maturity
Aggregate Percentage of
------------------------------- ------------------ Unpaid Cut-Off
Principal Date Aggregate
Number of Balance Principal Balance
Range of Remaining Term Initial Home Loans
61 to 120 55 1,300,728.79 0.51%
121 to 180 3,806 94,528,548.95 36.82%
181 to 240 271 7,648,408.58 2.98%
241 to 300 5,552 153,274,536.75 59.70%
----- -------------- ------
Total 9,684 $256,752,223.07 100.00%
The weighted average months remaining to scheduled maturity of the Initial Home
Loans as of the Cut-Off Date is approximately 251 months.
</TABLE>
Bear Stearns Page 16
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Lien Priority
Aggregate Percentage of
------------------------------- ------------------ Unpaid Cut-Off
Principal Date Aggregate
Number of Balance Principal Balance
Lien Position Initial Home Loans
<S> <C> <C> <C>
First 36 $1,034,359.53 0.40%
Second 9,648 255,717,863.54 99.60
----- -------------- -----
Total 9,684 $256,752,223.07 100.00%
Debt-to-Income Ratios
Aggregate Percentage of
----------------------------------- ------------------- Unpaid Cut-Off
Principal Date Aggregate
Number of Balance Principal Balance
Range of Debt-to-Income Ratios (%) Initial Home Loans
5.001% to10.000% 3 $78,768.60 0.03%
10.001% to15.000% 12 248,180.94 0.10
15.001% to20.000% 87 2,027,976.44 0.79
20.001% to25.000% 320 7,597,445.96 2.96
25.001% to30.000% 795 19,534,887.21 7.61
30.001% to35.000% 1,598 40,177,748.96 15.65
35.001% to40.000% 2,210 56,645,963.27 22.06
40.001% to45.000% 3,303 89,060,079.46 34.69
45.001% to50.000% 1,356 41,381,172.23 16.12
----- ------------- -----
Total 9,684 $256,752,223.07 100.00%
The weighted average Debt-to-Income Ratio of the Initial Home Loans as of the
Cut-Off Date is approximately 38.90%.
Documentation Type
Aggregate Percentage of
------------------------------------- ------------------ Unpaid Cut-Off
Principal Date Aggregate
Number of Balance Principal Balance
Documentation Level Initial Home Loans
Full Documentation 9,684 $256,752,223.07 100.00%
----- --------------- -------
Total 9,684 $256,752,223.07 100.00%
</TABLE>
Bear Stearns Page 17
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Occupancy Types
Aggregate Percentage of
------------------------------------ ------------------ Unpaid Cut-Off
Principal Date Aggregate
Occupancy Number of Balance Principal Balance
(as indicated by Borrower) Initial Home Loans
<S> <C> <C> <C>
Owner Occupied 9,684 $256,752,223.07 100.00%
----- --------------- -------
9,684 $256,752,223.07 100.00%
Total
Loan Purpose
Aggregate Percentage of
------------------------------------ ------------------ Unpaid Cut-Off
Principal Date Aggregate
Number of Balance Principal Balance
Loan Purpose Initial Home Loans
Debt Consolidation 4,823 $136,555,501.49 53.19%
Cash Out 4,804 118,690,507.08 46.23
Refinance (rate & term) 56 1,479,331.51 0.58
N/A 1 26,882.99 0.01
- --------- ----
9,684 $256,752,223.07 100.00%
Total
Disposable Income of Borrowers(1)(2)
Aggregate Percentage of
-------------------------------------- ----------------- Unpaid Cut-Off
Principal Date Aggregate
Range of Number of Balance Principal Balance
Disposable Monthly Income of Borrower Initial Home
($) Loans
$1,500.00 to $2,000.00 579 12,693,324.05 4.94%
$2,000.01 to $3,000.00 4,127 98,841,366.59 38.50
$3,000.01 to $4,000.00 2,674 72,832,109.55 28.37
$4,000.01 to $5,000.00 1,274 38,043,049.87 14.82
$5,000.01 to $6,000.00 557 17,690,562.33 6.89
$6,000.01 to $7,000.00 240 7,848,428.81 3.06
$7,000.01 to $8,000.00 117 4,336,816.62 1.69
$8,000.01 to $9,000.00 50 1,781,894.98 0.69
$9,000.01 to $10,000.00 28 1,148,194.11 0.45
$10,000.01 & greater 38 1,536,476.16 0.60
-- ------------ ----
Total 9,684 $256,752,223.07 100.00%
</TABLE>
(1) Determined on a pretax basis by subtracting the borrower's monthly debt
service on outstanding debt from the borrower's monthly income.
(2) The average Disposable Monthly Income of the Borrower of the Initial Home
Loans as of the Cut-Off Date is approximately $3,385.71.
Bear Stearns Page 18
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Credit Scores as of the Date of Origination of the Home Loans
Aggregate Percentage of
----------------------------------- ------------------- Unpaid Cut-Off
Principal Date Aggregate
Range of Credit Scores as of the Number of Balance Principal Balance
Date of Origination of the Loans Initial Home Loans
<S> <C> <C> <C> <C> <C>
560 to579 145 $4,447,854.68 1.73%
580 to599 2,725 72,316,631.14 28.17
600 to619 2,784 72,674,224.67 28.31
620 to639 2,553 68,111,173.72 26.53
640 to659 1,352 35,783,211.40 13.94
660 to679 92 2,522,556.92 0.98
680 to699 21 556,108.88 0.22
700 to719 4 103,233.77 0.04
720 to739 5 130,330.81 0.05
740 to759 3 106,897.08 0.04
- ---------- ----
Total 9,684 $256,752,223.07 100.00%
</TABLE>
The weighted average Credit Score of the Borrower of the Initial Home Loans as
of the Cut-Off Date is approximately 615.
The information set forth in the preceding sections is based upon information
provided by the Seller and tabulated by the Depositor. The Depositor makes no
representation as to the accuracy or completeness of such information.
Bear Stearns Page 19
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc
<PAGE>
SENSITIVITY TABLES
<TABLE>
<CAPTION>
Class A-1 (to call)
-----------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
-----------------------------------------------------------------------------------------------------
---------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 7.42 2.24 1.76 1.50 1.33 1.21
Modified Duration (years) 5.27 1.96 1.58 1.36 1.22 1.12
First Principal Payment 10/25/2000 10/25/2000 10/25/2000 10/25/2000 10/25/200010/25/2000
Last Principal Payment 08/25/2013 03/25/2005 02/25/2004 06/25/2003 02/25/200311/25/2002
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 155 54 41 33 29 26
Illustrative Yield @ Par (30/360) 6.98% 6.97% 6.97% 6.97% 6.97% 6.97%
-----------------------------------------------------------------------------------------------------
-----------
Class A-2 (to call)
-----------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
-----------------------------------------------------------------------------------------------------
----------
Average Life (years) 13.46 4.96 3.69 3.00 2.57 2.28
Modified Duration (years) 8.26 4.01 3.12 2.60 2.27 2.03
First Principal Payment 08/25/2013 03/25/2005 02/25/2004 06/25/2003 02/25/200311/25/2002
Last Principal Payment 09/25/2014 02/25/2006 09/25/2004 12/25/2003 06/25/200302/25/2003
Principal Lockout (months) 154 53 40 32 28 25
Principal Window (months) 14 12 8 7 5 4
Illustrative Yield @ Par (30/360) 7.46% 7.39% 7.36% 7.33% 7.30% 7.27%
-----------------------------------------------------------------------------------------------------
Class A-3 (to call)
-----------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
-----------------------------------------------------------------------------------------------------
---------------------
Average Life (years) 17.03 7.64 5.66 4.50 3.76 3.23
Modified Duration (years) 9.20 5.55 4.41 3.66 3.15 2.76
First Principal Payment 09/25/2014 02/25/2006 09/25/2004 12/25/2003 06/25/200302/25/2003
Last Principal Payment 05/25/2022 02/25/2012 04/25/2009 07/25/2007 04/25/200606/25/2005
Principal Lockout (months) 167 64 47 38 32 28
Principal Window (months) 93 73 56 44 35 29
Illustrative Yield @ Par (30/360) 7.65% 7.61% 7.59% 7.56% 7.54% 7.52%
-----------------------------------------------------------------------------------------------------
-----------
Class A-4 (to call)
-----------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
-----------------------------------------------------------------------------------------------------
---------------------
Average Life (years) 23.16 14.33 11.31 9.08 7.46 6.30
Modified Duration (years) 10.25 8.24 7.18 6.22 5.42 4.77
First Principal Payment 05/25/2022 02/25/2012 04/25/2009 07/25/2007 04/25/200606/25/2005
Last Principal Payment 06/25/2024 07/25/2016 05/25/2013 12/25/2010 02/25/200910/25/2007
Principal Lockout (months) 259 136 102 81 66 56
Principal Window (months) 26 54 50 42 35 29
Illustrative Yield @ Par (30/360) 8.03% 8.02% 8.01% 8.00% 7.99% 7.97%
-----------------------------------------------------------------------------------------------------
Bear Stearns Page 20
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc
<PAGE>
Class M (to call)
-----------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
-----------------------------------------------------------------------------------------------------
---------------------
Average Life (years) 20.94 11.51 8.87 7.08 5.84 4.99
Modified Duration (years) 9.24 6.85 5.81 4.98 4.33 3.84
First Principal Payment 10/25/2015 04/25/2007 07/25/2005 07/25/2004 12/25/200311/25/2003
Last Principal Payment 06/25/2024 07/25/2016 05/25/2013 12/25/2010 02/25/200910/25/2007
Principal Lockout (months) 180 78 57 45 38 37
Principal Window (months) 105 112 95 78 63 48
Illustrative Yield @ Par (30/360) 8.82% 8.80% 8.78% 8.76% 8.75% 8.73%
-----------------------------------------------------------------------------------------------------
Class B (to call)
-----------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
-----------------------------------------------------------------------------------------------------
---------------------
Average Life (years) 20.94 11.51 8.87 7.08 5.84 4.98
Modified Duration (years) 9.05 6.75 5.74 4.93 4.29 3.80
First Principal Payment 10/25/2015 04/25/2007 07/25/2005 07/25/2004 12/25/200310/25/2003
Last Principal Payment 06/25/2024 07/25/2016 05/25/2013 12/25/2010 02/25/200910/25/2007
Principal Lockout (months) 180 78 57 45 38 36
Principal Window (months) 105 112 95 78 63 49
Illustrative Yield @ Par (30/360) 9.10% 9.08% 9.07% 9.05% 9.03% 9.01%
-----------------------------------------------------------------------------------------------------
</TABLE>
Bear Stearns Page 21
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc
<PAGE>
SENSITIVITY TABLES
<TABLE>
<CAPTION>
Class A-1 (to maturity)
-----------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
-----------------------------------------------------------------------------------------------------
---------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 7.42 2.24 1.76 1.50 1.33 1.21
Modified Duration (years) 5.27 1.96 1.58 1.36 1.22 1.12
First Principal Payment 10/25/2000 10/25/2000 10/25/2000 10/25/2000 10/25/200010/25/2000
Last Principal Payment 08/25/2013 03/25/2005 02/25/2004 06/25/2003 02/25/200311/25/2002
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 155 54 41 33 29 26
Illustrative Yield @ Par (30/360) 6.98% 6.97% 6.97% 6.97% 6.97% 6.97%
-----------------------------------------------------------------------------------------------------
Class A-2 (to maturity)
-----------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
-----------------------------------------------------------------------------------------------------
---------------------
Average Life (years) 13.46 4.96 3.69 3.00 2.57 2.28
Modified Duration (years) 8.26 4.01 3.12 2.60 2.27 2.03
First Principal Payment 08/25/2013 03/25/2005 02/25/2004 06/25/2003 02/25/200311/25/2002
Last Principal Payment 09/25/2014 02/25/2006 09/25/2004 12/25/2003 06/25/200302/25/2003
Principal Lockout (months) 154 53 40 32 28 25
Principal Window (months) 14 12 8 7 5 4
Illustrative Yield @ Par (30/360) 7.46% 7.39% 7.36% 7.33% 7.30% 7.27%
-----------------------------------------------------------------------------------------------------
Class A-3 (to maturity)
-----------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
-----------------------------------------------------------------------------------------------------
---------------------
Average Life (years) 17.03 7.64 5.66 4.50 3.76 3.23
Modified Duration (years) 9.20 5.55 4.41 3.66 3.15 2.76
First Principal Payment 09/25/2014 02/25/2006 09/25/2004 12/25/2003 06/25/200302/25/2003
Last Principal Payment 05/25/2022 02/25/2012 04/25/2009 07/25/2007 04/25/200606/25/2005
Principal Lockout (months) 167 64 47 38 32 28
Principal Window (months) 93 73 56 44 35 29
Illustrative Yield @ Par (30/360) 7.65% 7.61% 7.59% 7.56% 7.54% 7.52%
-----------------------------------------------------------------------------------------------------
Class A-4 (to maturity)
-----------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
-----------------------------------------------------------------------------------------------------
---------------------
Average Life (years) 23.40 15.93 12.73 10.32 8.56 7.26
Modified Duration (years) 10.29 8.61 7.59 6.67 5.88 5.23
First Principal Payment 05/25/2022 02/25/2012 04/25/2009 07/25/2007 04/25/200606/25/2005
Last Principal Payment 09/25/2025 12/25/2024 06/25/2023 07/25/2020 05/25/201712/25/2014
Principal Lockout (months) 259 136 102 81 66 56
Principal Window (months) 41 155 171 157 134 115
Illustrative Yield @ Par (30/360) 8.03% 8.04% 8.04% 8.04% 8.03% 8.03%
-----------------------------------------------------------------------------------------------------
</TABLE>
Bear Stearns Page 22
Recipients of these Computational Materials must read
and acknowledge the attached document "STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION" before using or relying on
the information contained herein. In addition, recipients of these Computational
Materials may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you have
not received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns &
Co. Inc
<PAGE>
<TABLE>
<CAPTION>
Class M (to maturity)
-----------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
-----------------------------------------------------------------------------------------------------
---------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.06 12.28 9.54 7.66 6.36 5.44
Modified Duration (years) 9.26 7.01 5.99 5.17 4.54 4.05
First Principal Payment 10/25/2015 04/25/2007 07/25/2005 07/25/2004 12/25/200311/25/2003
Last Principal Payment 07/25/2025 06/25/2024 03/25/2022 09/25/2018 08/25/201508/25/2013
Principal Lockout (months) 180 78 57 45 38 37
Principal Window (months) 118 207 201 171 141 118
Illustrative Yield @ Par (30/360) 8.82% 8.81% 8.80% 8.79% 8.78% 8.76%
-----------------------------------------------------------------------------------------------------
Class B (to maturity)
-----------------------------------------------------------------------------------------------------
PPC 0% 50% 75% 100% 125% 150%
-----------------------------------------------------------------------------------------------------
---------------------
Average Life (years) 21.05 12.26 9.50 7.61 6.33 5.40
Modified Duration (years) 9.06 6.90 5.90 5.11 4.48 3.99
First Principal Payment 10/25/2015 04/25/2007 07/25/2005 07/25/2004 12/25/200310/25/2003
Last Principal Payment 06/25/2025 11/25/2023 11/25/2020 03/25/2017 08/25/201408/25/2012
Principal Lockout (months) 180 78 57 45 38 36
Principal Window (months) 117 200 185 153 129 107
Illustrative Yield @ Par (30/360) 9.11% 9.09% 9.08% 9.07% 9.06% 9.05%
-----------------------------------------------------------------------------------------------------
</TABLE>
Bear Stearns Page 23
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc
<PAGE>
***********************************************************************
Bear Stearns is not responsible for any recommendation, solicitation,
offer or agreement or any information about any transaction, customer
account or account activity contained in this communication.
***********************************************************************
<PAGE>
