GMACM Mortgage Pass-Through Certificates, Series 2000-HE3
BEAR STEARNS Page 1
[GRAPHIC OMITTED] 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
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--------------------------------------------------------------------------------
GMACM Mortgage Pass-Through Certificates, Series 2000-HE3: Computational
Materials - 54 Pages
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
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>
GMACM Mortgage Pass-Through Certificates, Series 2000-HE3
$601,000,000 (Approximate)
<TABLE>
<S> <C>
Issuer: GMACM Mortgage Loan Trust 2000-HE3
Seller and Servicer: GMAC Mortgage Corporation, or GMACM, a Pennsylvania corporation, is the
originator of all of the mortgage loans. GMACM will be the seller of
some of the initial mortgage loans and all of the subsequent mortgage
loans. The remainder of the initial mortgage loans will be sold to the
depositor by a trust established by an affiliate of GMACM, which in turn
acquired the mortgage loans from GMACM. GMACM will also be the servicer
of the mortgage loans. The servicer will be obligated to service the
mortgage loans pursuant to the pooling and servicing agreement to be
dated as of the closing date, among the depositor, the servicer and the
trustee.
Depositor: Residential Asset Mortgage Products, Inc.
Lead Underwriter: Bear, Stearns & Co. Inc.
Co-Underwriters: First Union Securities, Inc. and Greenwich Capital Markets, Inc.
Trustee: Wells Fargo Bank Minnesota, N.A. (the "Trustee")
Cut-off Date: October 1, 2000
Closing Date: October 30, 2000
The Certificates: Approximately $601,000,000 Mortgage Pass-Through Certificates, Series
2000-HE3, are being offered (the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates (the
"Class A Certificates"), and the Class M and Class B Certificates (the
"Subordinate Certificates" and together with the Class A Certificates, the
"Certificates")). The Certificates will be issued pursuant to a pooling
and servicing agreement to be dated as of October 30, 2000.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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 Certificates(a)(b)
<TABLE>
<CAPTION>
------------- ------------ ----------- ------ ---------- -------- ---------------- ---------- -----------
Offered Original Pass-ThroughLife Principal Principal
Certificates Principal Rate to Lockout Window Loan Ratings
Balance Call (months) (months) Designations Group (S&P/Fitch)
(years)
------------- ------------ ----------- ------ ---------- -------- ---------------- ---------- -----------
<S> <C> <C> <C> <C>
Class A-1 $265,181,000 Variable(c) 1.25 None 30 Senior/Floating Group I AAA/AAA
Class A-2 $69,781,000 Fixed 3.00 29 17 Senior/Fixed Group I AAA/AAA
Class A-3 $62,885,000 Fixed 5.00 45 45 Senior/Fixed Group I AAA/AAA
Class A-4 $22,574,000 Fixed 7.49 89 1 Senior/Fixed Group I AAA/AAA
Class A-5 $52,454,000 Fixed 6.12 37 53 Senior/Fixed/NAS Group I AAA/AAA
Class A-6 $34,779,000 Variable(c) 1.00 None 26 Senior/Floating Group II AAA/AAA
Class A-7 $16,444,000 Fixed 3.00 25 26 Senior/Fixed Group II AAA/AAA
Class A-8 $17,704,000 Fixed 6.38 50 40 Senior/Fixed Group II AAA/AAA
Class M-1 $30,351,000 Fixed 5.09 36 54 Subordinate/FixedGroup AA/AA
I&II
Class M-2 $16,527,000 Fixed(d) 5.08 36 54 Subordinate/FixedGroup A/A
I&II
Class B $12,320,000 Fixed(d) 5.08 36 54 Subordinate/FixedGroup BBB/BBB
I&II
------------- ------------ ----------- ------ ---------- -------- ---------------- ---------- -----------
</TABLE>
(a) 100% Prepayment Assumption:
Home Equity Loans: 5.00% CPR in month 1, and an additional 1.8182% per
annum in each month thereafter until month 12.
On and after month 12, 25.00% CPR;
Fixed Rate Home Loans: 350% PSA;
Adjustable Rate Home Loans: 40% CPR.
(b) The Certificates are priced to a 10% clean-up call. The pass-through rate
on the Class A-4, Class A-5, Class A-8, Class M and Class B Certificates
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 mortgage 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) The lesser of (i) One-Month LIBOR plus the applicable margin and (ii)
[10.00]%.
(d) If on any payment date, the amount available for distribution on the
certificates is less than the amount necessary in order to pay interest on
the certificates at the respective pass-through rates and principal
required to be paid to the senior certificates, the Class M and the Class B
certificates, the amount of interest due on the Class B certificates or, if
the Class B certificates are no longer outstanding, the Class M-2
certificates, on that payment date will be reduced by the amount of the
shortfall.
<TABLE>
<S> <C>
Offering: The Certificates will be issued publicly from the Depositor's shelf
registration.
Form of Securities: Book-entry: Class A, Class M and Class B Certificates.
[Physical: Class R Certificates.]
Prepayment Pricing
Speed Assumption: Home Equity Loans: A constant prepayment of 5.00% per year of the then
outstanding principal balance of the loans in the first month of the life
of the loans and an additional 1.8182% per year in each month thereafter
until it reaches 25.00% on the 12th month. Beginning in the 12th month
and thereafter during the life of such home equity loans, a constant
prepayment rate of 25.00% per year.
Fixed Rate Home Loans: 350% PSA.
Adjustable Rate Home Loans: 40% CPR.
Payment Date: The 25th day of each month (or, if that day is not a business day, the
next succeeding business day), commencing November 27, 2000.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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>
Payment Delay: With respect to the Class A-1 Certificates and Class A-6
Certificates, 0 days. With respect to the Class A-2, Class A-3, Class A-4,
Class A-5, Class A-7, Class A-8, Class M and Class B Certificates, 24 days.
Pass-through Rate: The Class A-1 Pass-through Rate will be equal to the lesser
of (a) 1-month LIBOR + [ ]% per annum and (b) [10.00]% per annum.
The Class A-6 Pass-through Rate will be equal to the lesser of (a)
1-month LIBOR + [ ]% per annum and (b) [10.00]% per annum.
Interest will accrue on the Class A-1 and Class A-6 Certificates 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 applicable pass-through rate
based on the actual number of days elapsed during the Accrual Period
and an assumed year of 360 days.
Interest will accrue on the Class A-2, Class A-3, Class A-4, Class
A-5, Class A-7, Class A-8, Class M and Class B Certificates 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 include (i) closed-end,
fixed-rate home equity loans primarily secured by second liens and having
combined loan-to-value ratios of up to 100% (the "Home Equity Loans") and
(ii) closed-end, fixed and adjustable-rate purchase-money loans secured by
first liens and having loan-to-value ratios of up to 125% (the "Home
Loans", and together with the Home Equity Loans, the "Mortgage Loans").
In addition to the Mortgage 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 mortgage loans.
Pre-Funding Account: On the Closing Date, approximately $136,983,933 will be
deposited into an account (the "Pre-Funding Account"), which amount will be
funded from the proceeds of the sale of the Certificates. During the
pre-funding period, funds on deposit in the pre-funding account will be
used by the issuer to buy home equity loans from GMACM from time to time.
The pre-funding period will be the period from the closing date to the
________________________________________________________________________________
BEAR STEARNS
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>
earliest of (i) the date on which the amount on deposit in the Pre-Funding
Account is less than $50,000, (ii) January 28, 2001 and (iii) the
occurrence of a Servicer default under the Pooling and Servicing Agreement
(the "Pre-Funding Period"). The subsequent Mortgage 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
Pooling and Servicing Agreement. Any amount remaining in the Pre-Funding
Account at the end of the Pre-Funding Period will be used to make principal
payments on the Class A-1 Certificates through Class A-5 Certificates.
Capitalized Interest Account: On the Closing Date, a cash deposit will be made
from the proceeds of the sale of the Certificates into an account held by
the 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 cover any shortfall in interest payments on the
certificates due to the pre-funding feature during the pre-funding period.
Any amounts remaining in the capitalized interest account at the end of the
pre-funding period will be paid to GMACM.
Payments on the Certificates: On each monthly payment date, the trustee will
make distributions to certificateholders. The amounts available for
distribution will include:
o collections of monthly payments of principal and interest on the
mortgage loans, including prepayments and other unscheduled
collections plus
o advances for delinquent payments, if required minus
o fees and expenses of the trust, including reimbursement of the
servicer for advances.
Payments to certificateholders will be made from amounts available
from principal and interest collections on the mortgage loans, less
certain fees and expenses of the trust, for distribution in the
following order:
o First, to pay accrued and unpaid interest due on the certificates
as follows:
o To each class of senior certificates, on a pro rata basis, in
accordance with the amount of interest due thereon;
________________________________________________________________________________
BEAR STEARNS
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>
o To the Class M-1 certificates;
o To the Class M-2 certificates; and
o To the Class B certificates;
o Second, to pay an amount equal to principal collections on the
mortgage loans minus any overcollateralization release amount, in
the following order:
o To the Class R certificates, sequentially, until the principal
balance of the Class R certificates has been reduced to zero;
o To the Class A certificates, in the order described below, the
amount necessary to reduce the aggregate principal balance of the
Class A certificates to the required principal balance for the
Class A certificates for that payment date;
o To the Class M-1 certificates, the amount necessary to reduce the
principal balance of the Class M-1 certificates to the required
principal balance for the Class M-1 certificates for that payment
date;
o To the Class M-2 certificates, the amount necessary to reduce the
principal balance of the Class M-2 certificates to the required
principal balance for the Class M-2 certificates for that payment
date; and
o To the Class B certificates, the amount necessary to reduce the
principal balance of the Class B certificates to the required
principal balance for the Class B certificates for that payment
date;
o Third, to pay to the Class A certificates, in the order described
below, until the aggregate principal balance of the Class A
certificates has been reduced to the required principal balance
for the Class A certificates for that payment date, the amount of
any losses incurred on the mortgage loans during the prior
calendar month, and the amount of any losses allocated to the
Class A certificates on any previous payment date and not
previously paid, plus interest on any previously unpaid amounts;
o Fourth, to pay to the Class M-1 certificates, until the principal
balance of the Class M-1 certificates has been reduced to the
required principal balance for the Class M-1 certificates for
that payment date, the amount of any losses incurred on the
mortgage loans during the prior calendar month and not already
paid to the holders of the Class A certificates under clause
third above, and the amount of any losses allocated to the Class
M-1 certificates on any previous payment date and not previously
paid, plus interest on any previously unpaid amounts;
________________________________________________________________________________
BEAR STEARNS
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>
o Fifth, to pay to the Class M-2 certificates, until the principal
balance of the Class M-2 certificates has been reduced to the
required principal balance for the Class M-2 certificates for
that payment date, the amount of any losses incurred on the
mortgage loans during the prior calendar month and not already
paid to the holders of the Class A certificates under clause
third above or the Class M-1 certificates under clause fourth
above, and the amount of any losses allocated to the Class M-2
certificates on any previous payment date and not previously
paid, plus interest on any previously unpaid amounts;
o Sixth, to pay to the Class B certificates, until the principal
balance of the Class B certificates has been reduced to the
required principal balance for the Class B certificates for that
payment date, the amount of any losses incurred on the mortgage
loans during the prior calendar month and not already paid to the
holders of the Class A certificates under clause third above, the
Class M-1 certificates under clause fourth above or the Class M-2
certificates under clause fifth above, and the amount of any
losses allocated to the Class B certificates on any previous
payment date and not previously paid, plus interest on any
previously unpaid amounts;
o Seventh, to pay the amount necessary to increase the amount of
overcollateralization to the required overcollateralization level
to the Class A certificates, in the order described below, until
the aggregate principal balance of the Class A certificates is
reduced to the required principal balance for the Class A
certificates for that payment date;
o Eighth, to pay the amount necessary to increase the amount of
overcollateralization to the required overcollateralization level
to the Class M-1 certificates, to the extent not distributed to
the Class A certificates pursuant to clause seventh above, until
the principal balance of the Class M-1 certificates is reduced to
the required principal balance for the Class M-1 certificates for
that payment date;
o Ninth, to pay the amount necessary to increase the amount of
overcollateralization to the required overcollateralization level
to the Class M-2 certificates, to the extent not distributed to
the Class A certificates pursuant to clause seventh above or the
Class M-1 certificates pursuant to clause eighth above, until the
principal balance of the Class M-2 certificates is reduced to the
required principal balance for the Class M-2 certificates for
that payment date;
________________________________________________________________________________
BEAR STEARNS
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>
o Tenth, to pay the amount necessary to increase the amount of
overcollateralization to the required overcollateralization level
to the Class B certificates, to the extent not distributed to the
Class A certificates pursuant to clause seventh above, the Class
M-1 certificates pursuant to clause eighth above or the Class M-2
certificates pursuant to clause ninth above, until the principal
balance of the Class B certificates is reduced to the required
principal balance for the Class B certificates for that payment
date;
o Eleventh, to pay to the trustee any unpaid expenses and other
reimbursable amounts owed to the trustee; and
o Twelfth, to pay any remaining amount to the Class SB certificates
and the Class R certificates.
Payments of principal on the Class A certificates shall be allocated
as follows:
o Payments of principal shall be distributed concurrently to the
Class A-I group in the aggregate and the Class A-II group in the
aggregate, in each case in proportion to the percentage of the
principal collections derived from the related loan group on each
payment date, until the certificate principal balances of the
Class A-I group certificates or the Class A-II group certificates
in the aggregate have been reduced to zero.
o After either the certificates in the Class A-I group in the
aggregate or the certificates in the Class A-II group in the
aggregate are reduced to zero, all principal collections and
interest collections received from the related loan group will be
distributed to the remaining class or classes of Class A
certificates to the extent necessary to pay interest and
principal due on those classes.
o The Class A-I group shall include the Class A-1, Class A-2,
Class A-3, Class A-4 and Class A-5 certificates.
o The Class A-II group shall include the Class A-6, Class A-7
and Class A-8 certificates.
Payments of principal that are allocated to the certificates
representing the Class A-I group or the Class A-II group will be paid
sequentially within the respective group of certificates, which means
that principal will not be paid on any class of certificates unless
the principal balance of each class of certificates within such group
with a lower numerical designation has been reduced to zero, except
that a special payment provision applies to the Class A-5
certificates, as described below.
________________________________________________________________________________
BEAR STEARNS
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>
Because principal payments on the certificates in respect of
liquidation loss amounts and overcollateralization increase amounts
will be allocated between the certificates in the Class A-I group and
the certificates in the Class A-II group in proportion to the
principal collections received from the related group, and not in
proportion to the amount of liquidation loss amounts on mortgage loans
in the related group or the amount of overcollateralization derived
from that group, excess interest collections from one group may be
applied on any payment date to make principal payments to the
certificates corresponding to the other group.
For at least three years after the closing date, no principal will be
distributed to the Class A-5 certificates unless the principal balance
of the Class A-1, Class A-2, Class A-3 and the Class A-4 certificates
has been reduced to zero. After that date, the Class A-5 certificates
will receive a portion of principal payments allocated to the
certificates in the Class A-I group while other classes of
certificates in the Class A-I group are outstanding.
For at least three years after the closing date, no principal will be
distributed to the Class M certificates and the Class B certificates
unless the principal balance of all of the Class A certificates and
the Class R certificates has been reduced to zero.
Step-down Date: The first payment date occurring after the payment date in
October 2003, as to which the aggregate of the certificate balances of the
Senior Certificates (after applying payments received in the related
Collection Period) will be able to be reduced on such payment date to an
amount equal to the excess, if any, of (a) the aggregate principal balances
of the Mortgage Loans as of such payment date (after applying payments
received in the related Collection Period) over (b) the greater of (i)
approximately [24.70]% of the aggregate principal balances of the Mortgage
Loans as of the end of the related Collection Period and (ii) 0.50% of the
initial Pool Balance; provided, however, that the step-down date may be
subject to certain loss and delinquency criteria set forth in the pooling
and servicing agreement.
________________________________________________________________________________
BEAR STEARNS
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>
Summary of Expected Subordination
Prior to the Step-down Date:
------------------------------- -------------------- -------------------------- ------------------
Initial Expected Total
Offered Expected Initial Overcollateralization Target Credit
Certificates Subordination(a) Target(b) Enhancement
------------------------------- -------------------- -------------------------- ------------------
------------------------------- -------------------- -------------------------- ------------------
<S> <C> <C> <C>
Class A Certificates [9.85]% [2.50]% [12.35]%
------------------------------- -------------------- -------------------------- ------------------
------------------------------- -------------------- -------------------------- ------------------
Class M-1 Certificates [4.80]% [2.50]% [7.30]%
-------------------------- ------------------
------------------------------- -------------------- -------------------------- ------------------
Class M-2 Certificates [2.05]% [2.50]% [4.55]%
------------------------------- -------------------- -------------------------- ------------------
------------------------------- -------------------- -------------------------- ------------------
Class B Certificates [0.00]% [2.50]% [2.50]%
------------------------------- -------------------- -------------------------- ------------------
(a) Represents the expected amount of note subordination for each class of
Certificates as of the Closing Date.
(b) The overcollateralization amount will equal [0.00]% 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 [2.50]% of the initial
collateral amount (including amounts on deposit in the Pre-Funding Account
as of the Closing Date).
On or after the Step-down Date:
------------------------------ --------------------- ------------------------- -------------------
Offered Subordination Overcollateralization Target Credit
Certificates Target(a) Target(b) Enhancement
------------------------------ --------------------- ------------------------- -------------------
------------------------------ --------------------- ------------------------- -------------------
Class A Certificates [19.70]% [5.00]% [24.70]%
------------------------------ --------------------- ------------------------- -------------------
------------------------------ --------------------- ------------------------- -------------------
Class M-1 Certificates [9.60]% [5.00]% [14.60]%
------------------------- -------------------
------------------------------ --------------------- ------------------------- -------------------
Class M-2 Certificates [4.10]% [5.00]% [9.10]%
------------------------------ --------------------- ------------------------- -------------------
------------------------------ --------------------- ------------------------- -------------------
Class B Certificates [0.00]% [5.00]% [5.00]%
------------------------------ --------------------- ------------------------- -------------------
(a) Represents the expected amount of note subordination for each class of
Certificates after the Step-down Date.
(b) On or after the Step-down Date, the target overcollateralization amount is
allowed to step down to the targeted percentage of the then current
collateral amount.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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>
<S> <C>
Class A Optimal
Principal Balance: With respect to any payment date prior to the step-down date, zero; and
with respect to any other payment date, an amount equal to the aggregate
principal balances of the Mortgage Loans as of the preceding
determination date minus the sum of (a) approximately [19.70]% of the
aggregate principal balances of the Mortgage Loans as of the preceding
determination date and (b) the required overcollateralization amount for
such payment date.
Class B Optimal
Principal Balance: With respect to any payment date prior to the step-down date, zero; and
with respect to any other payment date, the aggregate principal balances
of the Mortgage Loans as of the preceding determination date minus the
sum of (a) the aggregate of the principal balances of each class of the
Senior Certificates, the Class M-1 Certificates and the Class M-2
Certificates (after taking into account payments made on such payment
date in reduction of such principal balances) and (b) the required
overcollateralization amount for such payment date; provided, however,
that any scheduled reduction to the Class B Optimal Principal Balance may
be subject to certain delinquency criteria set forth in the pooling and
servicing agreement.
Class M-1 Optimal
Principal Balance: With respect to any payment date prior to the step-down date, zero; and
with respect to any other payment date, the aggregate principal balances
of the Mortgage Loans as of the preceding determination date minus the
sum of (a) the aggregate of the principal balances of each class of the
Senior Certificates (after taking into account payments made on such
payment date in reduction of such principal balances), (b) approximately
[9.60]% of the aggregate principal balances of the Mortgage Loans as of
the preceding determination date and (c) the required
overcollateralization amount for such payment date; provided, however,
that any scheduled reduction to the Class M-1 Optimal Principal Balance
may be subject to certain delinquency criteria set forth in the pooling
and servicing agreement.
Class M-2 Optimal
Principal Balance: With respect to any payment date prior to the step-down date, zero; and
with respect to any other payment date, the aggregate principal balances
of the Mortgage Loans as of the preceding determination date minus the
sum of (a) the aggregate of the principal balances of each class of the
Senior Certificates and Class M-1 Certificates (after taking into account
payments made on such payment date in reduction of such principal
balances), (b) approximately [4.10]% of the aggregate principal balances
of the Mortgage Loans as of the preceding determination date and (c) the
required overcollateralization amount for such payment date; provided,
however, that any scheduled reduction to the Class M-2 Optimal Principal
Balance may be subject to certain delinquency criteria set forth in the
pooling and servicing agreement.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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>
<S> <C>
Class A-5 Principal
Distribution Amount: For any payment date, the product of (a) a fraction, the numerator of
which is the certificate principal balance of the Class A-5 Certificates
and the denominator of which is the aggregate Class A-I group
certificates immediately prior to such payment date, (b) the Class A
principal distribution amount with respect to the home equity loans for
such payment date and (c) the applicable percentage set forth in the
following table:
Distribution Date Occurring In: Percentage
November 2000 through October 2003 0%
November 2003 through October 2005 45%
November 2005 through October 2006 80%
November 2006 through October 2007 100%
November 2007 and thereafter 300%
Servicing Fee: The servicing fee to be paid to the servicer as compensation for
servicing the Mortgage Loans will be 0.50% per annum. The servicing fee
will be computed and payable monthly.
Advancing: For any month, if the servicer does not receive the full scheduled
payment on a home loan, the servicer will advance funds to cover the
amount of the scheduled payment that was not made. For any month, if the
servicer does not receive the full scheduled interest payment on a home
equity loan, the servicer has the option to advance funds to cover the
amount of the scheduled interest payment that was not made. The servicer
will be required to advance delinquent interest payments on the home
equity loans to the extent that the shortfall would result in a shortfall
in the amount of interest available to pay interest due on the
certificates. However, the servicer is only required to advance funds if
it determines that the advance will be recoverable from future payments
or collections on that mortgage loan.
Credit Enhancement: Credit enhancement with respect to the Certificates will be provided by
(1) excess interest, (2) overcollateralization and (3) subordination.
Excess Interest: Because the mortgagors are
expected to pay more interest on the
mortgage loans than is necessary to pay
interest on the certificates, there may be
excess interest. Some of this excess
interest may be used to protect the
certificates against some losses by making
an additional payment to the
certificateholders up to the amount of the
losses.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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>
Overcollateralization: Excess interest that
is not needed to cover losses will be used
to make additional principal payments on the
certificates, until the aggregate principal
balance of the mortgage loans exceeds the
aggregate principal amount of the
certificates by a specified amount. This
excess will represent overcollateralization,
which may absorb some losses on the mortgage
loans if they are not covered by excess
interest. If the level of
overcollateralization falls below what is
required, the excess interest described
above will be paid to the certificates as
principal, until the required level of
overcollateralization is reached.
Subordination: Most losses on the mortgage
loans will be allocated in full to the first
class listed below with a principal balance
greater than zero:
o Class B
o Class M-2
o Class M-1
When this occurs, the principal balance of
the class to which the loss is allocated is
reduced, without a corresponding payment of
principal.
If none of the Class M certificates or Class
B certificates remain outstanding, losses
will be allocated among the Class A
certificates and the Class R certificates,
in proportion to their remaining principal
balances.
Optional Redemption: A principal payment may be made to redeem the certificates
upon the exercise by the servicer of its option to purchase the mortgage
loans in the trust after the aggregate principal balance of the mortgage
loans is reduced to an amount less than or equal to 10% of the sum of the
initial aggregate principal balance of the mortgage loans and the initial
amount deposited in the pre-funding account. The purchase price payable by
the servicer for the mortgage loans will be the aggregate outstanding
principal balance of the mortgage loans, or the fair market value of real
estate acquired by foreclosure, plus accrued and unpaid interest thereon at
the weighted average of the net loan rates of the mortgage loans through
the day preceding the payment date of this purchase.
________________________________________________________________________________
BEAR STEARNS
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>
Tax Status: The certificates, other than the Class R certificates, will
represent ownership of regular interests in a real estate mortgage
investment conduit and will be treated as representing ownership of debt
for federal income tax purposes. For federal income tax purposes, each
class of Class R certificates will be the sole residual interest in one of
the two real estate mortgage investment conduits.
ERISAEligibility: The Class A Certificates may be purchased by employee benefit
plans subject to the requirements of ERISA. The Class M certificates and
the Class B certificates may not be purchased by most such plans or
retirement accounts, except as may be permitted under an exemption
available to insurance companies using general accounts or in the event
that the RFC exemption is amended to permit Class M certificates and Class
B certificates rated BBB- or better to be purchased by such plans or
retirement accounts. The Class R Certificates may not be purchased by such
plans.
SMMEAStatus: The Certificates will not constitute "mortgage related securities"
for purposes of SMMEA.
________________________________________________________________________________
BEAR STEARNS
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
Initial Group I - Home Equity Loans
Initial Group I - Home Equity Loans
Cut-Off Date 10/1/00
Total Outstanding Balance: $387,558,496.85
Number of Loans: 12,246
Average Remaining Balance: $31,647.76 (range: $1,074.53 -
$248,895.62)
WA Home Loan Rate: 11.231% (range: 7.500% - 14.625%)
Original Weighted Average Term: 207 months
Remaining Weighted Average Term: 206 months
Lien Position: 3.84% first, 96.16% second.
WA CLTV Ratio: 81.77% (range: 5.00% - 102.00%)
WA FICO Score: 693
WA DTI Ratio: 39.31% (0.00% - 135.00%)
WA Junior Ratio: 26.04% (2.90% - 100.00%)
Documentation: 100.00% full documentation
Property Type: 89.93% single family,
5.84% condo,
2.77% PUD,
1.43% multi-family,
0.03% manufactured housing.
Owner Occupancy: 99.47% owner occupied; 0.53% second
home.
FHLMC Eligibility (by Loan 80.98%
Balances)
Geographic Distribution: CA (34.62%), NY (6.49%).
(all states >= 5.00%)
________________________________________________________________________________
BEAR STEARNS
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 Group I - Home Equity Loan Characteristics
Set forth below is a description of certain characteristics of the Initial Group
I Home Equity Loans as of the Cut-Off Date. Unless otherwise specified, all
principal balances of the Initial Group I Home Equity 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
Percent of
Initial Group I
Home Equity Loans
Principal by Principal
Number of Balance Balance
Initial Group I as of the as of the
Property Type Home Equity Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C>
Single Family 10,951 $348,517,744.25 89.93%
Condo 798 22,648,636.13 5.84
PUD 303 10,735,256.82 2.77
Multi Family 190 5,552,217.58 1.43
Manufactured Housing 4 104,642.07 0.03
- ---------- ----
Total 12,246 $387,558,496.85 100.00%
Outstanding Principal Balances
Percent of
Initial Group I
------------------------------------- ------------------ Home Equity Loans
Principal by Principal
Number of Balance Balance
Initial Group I as of the as of the
Range of Principal Balances ($) Home Equity Loans Cut-Off Date Cut-Off Date
$0.00 to $25,000.00 5,959 $106,681,577.90 27.53%
$25,000.01 to $50,000.00 4,888 177,171,639.70 45.71
$50,000.01 to $75,000.00 920 56,970,950.46 14.70
$75,000.01 to $100,000.00 383 34,389,776.13 8.87
$100,000.01 to $200,000.00 95 12,095,657.04 3.12
$200,000.01 to $300,000.00 1 248,895.62 0.06
- ---------- ----
Total 12,246 $387,558,496.85 100.00%
The average Principal Balance of the Initial Group I Home Equity Loans as of
the Cut-Off Date is approximately $31,647.76.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
<TABLE>
Original Balances
Percent of
Initial Group I
------------------------------------- ------------------ Home Equity Loans
Principal by Principal
Number of Balance Balance
Initial Group I as of the as of the
Range of Original Balances ($) Home Equity Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
$0.00 to $25,000.00 5,945 $106,385,875.54 27.45%
$25,000.01 to $50,000.00 4,896 177,235,325.74 45.73
$50,000.01 to $75,000.00 923 57,018,570.36 14.71
$75,000.01 to $100,000.00 386 34,574,172.55 8.92
$100,000.01 to $125,000.00 57 6,479,169.01 1.67
$125,000.01 to $150,000.00 32 4,606,705.11 1.19
$150,000.01 to $175,000.00 4 645,478.37 0.17
$175,000.01 to $200,000.00 2 364,304.55 0.09
$225,000.01 to $250,000.00 1 248,895.62 0.06
- ---------- ----
Total 12,246 $387,558,496.85 100.00%
The average Original Balance of the Initial Group I Home Equity Loans is
approximately $31,799.16.
Combined Loan-to-Value Ratios
Percent of
Initial Group I
------------------------------- ------------------ Home Equity Loans
Principal by Principal
Number of Balance Balance
Range of Combined Initial Group I as of the as of the
Loan-to-Value Ratios (%) Home Equity Loans Cut-Off Date Cut-Off Date
0.00% to 30.00% 204 $5,281,121.72 1.36%
30.01% to 40.00% 176 4,881,243.16 1.26
40.01% to 50.00% 273 8,321,726.91 2.15
50.01% to 60.00% 459 14,512,190.22 3.74
60.01% to 70.00% 871 27,998,896.60 7.22
70.01% to 80.00% 2,615 87,488,054.47 22.57
80.01% to 90.00% 3,997 126,141,550.63 32.55
90.01% to 95.00% 2,721 81,268,252.45 20.97
95.01% to 100.00% 929 31,627,253.77 8.16
100.01% to 105.00% 1 38,206.92 0.01
- --------- ----
Total 12,246 $387,558,496.85 100.00%
</TABLE>
The minimum and maximum Combined Loan-to-Value Ratios of the Initial Group I
Home Equity Loans as of the Cut-Off Date are approximately 5.00% and 102.00%,
respectively, and the weighted average Combined Loan-to-Value Ratio of the
Initial Group I Home Equity Loans as of the Cut-Off Date is approximately
81.77%.
________________________________________________________________________________
BEAR STEARNS
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>
Geographical Distributions
Percent of
Initial Group I
------------------------------------- ------------------- Home Equity Loans
Principal by Principal
Number of Balance Balance
Initial Group I as of the as of the
Location Home Equity Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C>
California 3,615 $134,161,813.83 34.62%
New York 694 25,156,010.10 6.49
Florida 588 16,410,011.58 4.23
New Jersey 496 16,374,810.15 4.23
Texas 475 14,195,582.17 3.66
Pennsylvania 379 10,696,250.32 2.76
Georgia 388 10,680,679.98 2.76
Illinois 357 10,287,346.93 2.65
Michigan 346 9,432,025.15 2.43
Ohio 296 8,154,855.54 2.10
Arizona 269 7,925,609.13 2.05
Other 4,343 124,083,501.97 32.02
----- -------------- -----
Total 12,246 $387,558,496.85 100.00%
The reference to "Other" in the preceding table includes states and the
District of Columbia that contain mortgaged properties for which the Principal
Balance is less than 2.00% of the Cut-Off Date Aggregate Principal Balance.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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)(3)
Percent of
Initial Group I
------------------------------- ------------------ Home Equity Loans
Principal by Principal
Number of Balance Balance
Initial Group I as of the as of the
Range of Junior Ratios (%) Home Equity Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
0.0001% to 5.0000% 33 $362,645.66 0.10%
5.0001% to 10.0000% 867 14,200,040.20 3.81
10.0001% to 15.0000% 2,351 52,597,656.52 14.11
15.0001% to 20.0000% 2,542 70,848,403.39 19.01
20.0001% to 25.0000% 2,079 70,593,691.65 18.94
25.0001% to 30.0000% 1,443 55,146,844.37 14.80
30.0001% to 35.0000% 909 37,481,853.74 10.06
35.0001% to 40.0000% 595 25,888,384.79 6.95
40.0001% to 45.0000% 336 14,798,699.56 3.97
45.0001% to 50.0000% 237 10,650,234.24 2.86
50.0001% to 55.0000% 122 5,734,928.42 1.54
55.0001% to 60.0000% 87 4,521,224.95 1.21
60.0001% to 65.0000% 68 3,155,638.96 0.85
65.0001% to 70.0000% 40 2,000,794.39 0.54
70.0001% to 75.0000% 29 1,266,114.94 0.34
75.0001% to 80.0000% 27 1,200,786.54 0.32
80.0001% to 85.0000% 22 912,160.64 0.24
85.0001% to 90.0000% 20 877,593.27 0.24
90.0001% to 95.0000% 5 159,690.72 0.04
95.0001% to 100.0000% 7 296,014.61 0.08
- ---------- ----
Total 11,819 $372,693,401.56 100.00%
</TABLE>
(1) The Junior Ratio of a Home Equity Loan is the ratio (expressed as a
percentage) of the outstanding balance of such Home Equity Loan to the sum of
such outstanding balance and the outstanding balance of any senior mortgage
computed as of the date such Home Equity Loan is underwritten.
(2) The weighted average Junior Ratio of the Initial Group I Home Equity Loans
as of the Cut-Off Date is approximately 26.04%.
(3) Includes only the Initial Group I Home Equity Loans secured by second or
more junior liens.
________________________________________________________________________________
BEAR STEARNS
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
Percent of
Initial Group I
-------------------------- ------------------ Home Equity Loans
Principal by Principal
Number of Balance Balance
Initial Group I as of the as of the
Range of Loan Rates(%) Home Equity Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
7.500% to 7.999% 4 $79,136.39 0.02%
8.000% to 8.499% 19 221,199.56 0.06
8.500% to 8.999% 20 618,144.65 0.16
9.000% to 9.499% 34 1,446,473.68 0.37
9.500% to 9.999% 999 35,912,197.08 9.27
10.000% to 10.499% 1,179 42,244,138.34 10.90
10.500% to 10.999% 3,336 103,451,397.62 26.69
11.000% to 11.499% 1,532 51,218,682.44 13.22
11.500% to 11.999% 1,903 61,685,124.91 15.92
12.000% to 12.499% 1,444 41,617,711.85 10.74
12.500% to 12.999% 720 20,011,278.41 5.16
13.000% to 13.499% 342 10,607,723.51 2.74
13.500% to 13.999% 562 14,737,822.49 3.80
14.000% to 14.499% 115 2,815,503.18 0.73
14.500% to 14.999% 37 891,962.74 0.23
-- ---------- ----
Total 12,246 $387,558,496.85 100.00%
The weighted average Loan Rate of the Initial Group I Home Equity Loans as of
the Cut-Off Date is approximately 11.231%.
Months Remaining to Scheduled Maturity
Percent of
Initial Group I
------------------------------- ------------------ Home Equity Loans
Principal by Principal
Number of Balance Balance
Initial Group I as of the as of the
Range of Remaining Terms Home Equity Loans Cut-Off Date Cut-Off Date
0 to 60 332 $6,404,153.84 1.65%
61 to 120 1,220 29,131,294.69 7.52
121 to 180 7,713 233,872,903.89 60.35
181 to 240 626 23,470,271.39 6.06
241 to 300 2,327 93,693,479.07 24.18
301 to 360 28 986,393.97 0.25
-- ---------- ----
Total 12,246 $387,558,496.85 100.00%
The weighted average months remaining to scheduled maturity of the Initial
Group I Home Equity Loans as of the Cut-Off Date is approximately 206 months.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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
Percent of
Initial Group I
------------------------------- ------------------ Home Equity Loans
Principal by Principal
Number of Balance Balance
Initial Group I as of the as of the
Lien Position Home Equity Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C>
First 427 $14,865,095.29 3.84%
Second 11,817 372,659,041.86 96.16
n/a 2 34,359.70 0.01
- --------- ----
Total 12,246 $387,558,496.85 100.00%
Debt-to-Income Ratios
Percent of
Initial Group I
----------------------------------- ------------------- Home Equity Loans
Principal by Principal
Number of Balance Balance
Initial Group I as of the as of the
Range of Debt-to-Income Ratios (%) Home Equity Loans Cut-Off Date Cut-Off Date
0.001% to 5.000% 1 $19,404.86 0.01%
5.001% to 10.000% 9 263,627.56 0.07
10.001% to 15.000% 67 2,077,059.00 0.54
15.001% to 20.000% 234 6,344,884.81 1.64
20.001% to 25.000% 620 16,696,138.04 4.31
25.001% to 30.000% 1,178 33,969,857.96 8.77
30.001% to 35.000% 1,838 55,017,386.70 14.20
35.001% to 40.000% 2,225 69,122,911.30 17.84
40.001% to 45.000% 2,897 93,852,030.80 24.22
45.001% to 50.000% 2,668 92,196,393.41 23.79
50.001% to 55.000% 408 14,126,347.44 3.64
55.001% + 88 3,526,977.25 0.91
n/a 13 345,477.72 0.09
-- ---------- ----
Total 12,246 $387,558,496.85 100.00%
</TABLE>
The weighted average Debt-to-Income Ratio of the Initial Group I Home Equity
Loans as of the Cut-Off Date is approximately 39.31%.
________________________________________________________________________________
BEAR STEARNS
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
Percent of
Initial Group I
------------------------------------ ------------------ Home Equity Loans
Principal by Principal
Number of Balance Balance
Occupancy Initial Group I as of the as of the
(as indicated by Borrower) Home Equity Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C>
Owner Occupied 12,184 $385,517,268.10 99.47%
Second Home 62 2,041,228.75 0.53
-- ------------ ----
12,246 $387,558,496.85 100.00%
Total
Origination Year
Percent of
Initial Group I
------------------------------------ ------------------ Home Equity Loans
Principal by Principal
Number of Balance Balance
Initial Group I as of the as of the
Origination Year Home Equity Loans Cut-Off Date Cut-Off Date
2000 12,240 $387,315,031.73 99.94%
1999 6 243,465.12 0.06
- ---------- ----
12,246 $387,558,496.85 100.00%
Total
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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 Equity Loans
Percent of
Initial Group I
----------------------------------- ------------------- Home Equity Loans
Principal by Principal
Number of Balance Balance
Range of Credit Scores as of the Initial Group I as of the as of the
Date of Origination of the Loans Home Equity Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
540 to 559 1 $18,500.00 0.00%
560 to 579 2 40,485.89 0.01
580 to 599 8 155,713.24 0.04
600 to 619 28 817,998.48 0.21
620 to 639 1,106 29,259,908.26 7.55
640 to 659 1,870 51,790,882.16 13.36
660 to 679 1,865 55,437,173.82 14.30
680 to 699 2,325 85,939,752.31 22.17
700 to 719 1,868 65,626,426.62 16.93
720 to 739 1,385 44,754,603.71 11.55
740 to 759 897 27,641,180.24 7.13
760 to 779 603 18,124,971.33 4.68
780 to 799 247 6,683,580.55 1.72
800 to 819 34 1,113,881.93 0.29
n/a 7 $153,438.31 0.04%
- ----------- -----
Total 12,246 $387,558,496.85 100.00%
The weighted average Credit Score of the Borrower of the Initial Group I Home
Equity Loans as of the Cut-Off Date is approximately 693.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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
Group II - Home Loans
Group II Home Loans
Cut-Off Date 10/1/00
Total Outstanding Balance: $76,457,569.92
Number of Loans: 461
Average Remaining Balance: $165,851.56 (range: $53,624.38 -
$491,675.79)
WA Home Loan Rate: 10.599% (range: 8.875% - 12.950%)
Original Weighted Average Term: 360 months
Remaining Weighted Average Term: 346 months
Lien Position: 100.00% first
WA LTV Ratio: 116.38% (range: 85.00% - 125.43%)
WA FICO Score: 695
WA DTI Ratio: 41.60% (14.75% - 80.34%)
Documentation: 100.00% full documentation
Property Type: 90.80% single family,
9.20% condo.
Owner Occupancy: 100.00% owner occupied
FHLMC Eligibility (by Loan 77.51%
Balances)
Geographic Distribution: CA (44.42%), FL (5.24%).
(all states >= 5.00%)
________________________________________________________________________________
BEAR STEARNS
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
Group II - Home Loan Characteristics
Set forth below is a description of certain characteristics of the Group II Home
Loans as of the Cut-Off Date. Unless otherwise specified, all principal balances
of the Group II Home Loans are actual principal balances as of the Cut-Off Date
and may vary from the Group II Home Loan balances transferred to the trust on
the closing date and are rounded to the nearest dollar. All percentages are
approximate percentages by aggregate actual principal balance as of the Cut-Off
Date (except as indicated otherwise).
<TABLE>
<CAPTION>
Property Type
Percent of
Group II
------------------ Principal Home Loans
------------------------------------ Balance by Principal
Number of as of the Balance
Group II Cut-Off Date as of the
Property Type Home Loans Cut-Off Date
<S> <C> <C> <C>
Single Family 417 $69,419,962.40 90.80%
Condo 44 7,037,607.52 9.20
-- ------------ ----
Total 461 $76,457,569.92 100.00%
Principal Balances
Percent of
Group II
------------------ Home Loans
------------------------------------ Principal by Principal
Number of Balance Balance
Group II as of the as of the
Range of Principal Balances ($) Home Loans Cut-Off Date Cut-Off Date
$50,000.01 to $75,000.00 11 $739,902.40 0.97%
$75,000.01 to $100,000.00 75 6,571,036.24 8.59
$100,000.01 to $200,000.00 252 36,387,524.01 47.59
$200,000.01 to $300,000.00 93 22,020,054.95 28.80
$300,000.01 to $400,000.00 26 8,968,964.83 11.73
$400,000.01 to $500,000.00 4 1,770,087.49 2.32
- ------------ ----
Total 461 $76,457,569.92 100.00%
</TABLE>
The average Principal Balance of the Group II Home Loans as of the Cut-Off
Date is $165,851.56.
________________________________________________________________________________
BEAR STEARNS
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
<TABLE>
<CAPTION>
Original Balances
Percent of
Group II
------------------ Home Loans
------------------------------------ Principal by Principal
Number of Balance Balance
Group II as of the as of the
Range of Original Balances ($) Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
$50,000.01 to $75,000.00 11 $739,902.40 0.97%
$75,000.01 to $100,000.00 75 6,571,036.24 8.59
$100,000.01 to $200,000.00 249 35,793,322.47 46.81
$200,000.01 to $300,000.00 95 22,317,800.73 29.19
$300,000.01 to $400,000.00 26 8,865,867.38 11.60
$400,000.01 to $500,000.00 5 2,169,640.70 2.84
- ------------ ----
Total 461 $76,457,569.92 100.00%
The average Original Balance of the Group II Home Loans is approximately
$167,290.12.
Loan-to-Value Ratios
Percent of
Group II
------------------ Home Loans
Principal by Principal
------------------------------------ Number of Balance Balance
Group II as of the as of the
Range of Loan-to-Value Ratios (%) Home Loans Cut-Off Date Cut-Off Date
80.001% to 85.000% 1 $70,253.86 0.09%
95.001% to 100.000% 13 1,808,312.06 2.37
100.001% to 105.000% 19 5,165,683.85 6.76
105.001% to 110.000% 102 16,991,359.34 22.22
110.001% to 115.000% 79 13,084,631.84 17.11
115.001% to 120.000% 44 7,636,860.70 9.99
120.001% to 125.000% 202 31,576,333.96 41.30
125.001% to 130.000% 1 124,134.31 0.16
- ---------- ----
Total 461 $76,457,569.92 100.00%
The minimum and maximum Loan-to-Value Ratios of the Group II Home Loans as of
the Cut-Off Date are approximately 85.00% and 125.43%, respectively, and the
weighted average Loan-to-Value Ratio of the Group II Home Loans as of the
Cut-Off Date is approximately 116.38%.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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
Percent of
Group II
------------------- Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Group II as of the as of the
Location Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C>
California 163 $33,962,912.22 44.42%
Florida 28 4,005,769.94 5.24
New York 18 2,471,192.26 3.23
Pennsylvania 21 2,383,409.04 3.12
Michigan 15 2,207,067.87 2.89
Illinois 13 1,709,394.83 2.24
Arizona 9 1,567,693.85 2.05
Other 194 28,150,129.91 36.82
--- ------------- -----
Total 461 $76,457,569.92 100.00%
The reference to "Other" in the preceding table includes states and the
District of Columbia that contain mortgaged properties for which the Principal
Balance is less than 2.00% of the Cut-Off Date Aggregate Principal Balance.
Loan Rates
Percent of
Group II
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Group II as of the as of the
Range of Loan Rates (%) Home Loans Cut-Off Date Cut-Off Date
8.500% to 8.999% 5 $1,081,797.41 1.41%
9.000% to 9.499% 14 2,290,337.68 3.00
9.500% to 9.999% 62 10,857,202.65 14.20
10.000% to 10.499% 115 19,386,592.74 25.36
10.500% to 10.999% 134 23,010,679.36 30.10
11.000% to 11.499% 121 18,576,013.29 24.30
11.500% to 11.999% 3 289,970.15 0.38
12.000% to 12.499% 4 603,078.06 0.79
12.500% to 12.999% 3 361,898.58 0.47
- ---------- ----
Total 461 $76,457,569.92 100.00%
</TABLE>
The weighted average Loan Rate of the Group II Home Loans as of the Cut-Off
Date is approximately 10.599%.
________________________________________________________________________________
BEAR STEARNS
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>
Months Remaining to Scheduled Maturity
Percent of
Group II
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Group II as of the as of the
Range of Remaining Term Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
325 to 336 99 $17,874,171.04 23.38%
337 to 348 96 15,710,068.42 20.55
349 to 360 266 42,873,330.46 56.07
--- ------------- -----
Total 461 $76,457,569.92 100.00%
The weighted average months remaining to scheduled maturity of the Group II Home
Loans as of the Cut-Off Date is approximately 346 months.
Lien Priority
Percent of
Group II
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Group II as of the as of the
Lien Position Home Loans Cut-Off Date Cut-Off Date
First 461 $76,457,569.92 100.00%
--- -------------- -------
Total 461 $76,457,569.92 100.00%
Debt-to-Income Ratios
Percent of
Group II
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Group II as of the as of the
Range of Debt-to-Income Rations (%) Home Loans Cut-Off Date Cut-Off Date
10.001% to 15.000% 1 $323,497.53 0.42%
20.001% to 25.000% 10 1,460,144.18 1.91
25.001% to 30.000% 20 2,553,720.86 3.34
30.001% to 35.000% 33 4,967,526.97 6.50
35.001% to 40.000% 98 15,467,819.50 20.23
40.001% to 45.000% 201 34,382,262.22 44.97
45.001% to 50.000% 79 13,726,030.87 17.95
50.001% to 55.000% 13 2,592,904.18 3.39
55.001% + 6 983,663.61 1.29
- ---------- ----
Total 461 $76,457,569.92 100.00%
The weighted average Debt-to-Income Ratio of the Group II Home Loans as of the
Cut-Off Date is approximately 41.60%.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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>
Documentation Type
Percent of
Group II
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Group II as of the as of the
Documentation Level Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C>
Full Documentation 461 $76,457,569.92 100.00%
--- -------------- -------
Total 461 $76,457,569.92 100.00%
Occupancy Types
Percent of
Group II
------------------ Home Loans
------------------------------------ Principal by Principal
Number of Balance Balance
Occupancy Group II as of the as of the
(as indicated by Borrower) Home Loans Cut-Off Date Cut-Off Date
Owner Occupied 461 $76,457,569.92 100.00%
--- -------------- -------
Total 461 $76,457,569.92 100.00%
Loan Purpose
Percent of
Group II
------------------ Home Loans
Principal by Principal
------------------------------------ Number of Balance Balance
Group II as of the as of the
Loan Purpose Home Loans Cut-Off Date Cut-Off Date
Purchase 461 $76,457,569.92 100.00%
--- -------------- -------
Total 461 $76,457,569.92 100.00%
</TABLE>
________________________________________________________________________________
BEAR STEARNS
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
<TABLE>
<CAPTION>
Disposable Income of Borrowers
Percent of
Group II
------------------ Home Loans
------------------------------------ Principal by Principal
Range of Number of Balance Balance
Disposable Monthly Income of Group II as of the as of the
Borrower ($) Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
$0.01 to $1,000.00 1 $71,965.04 0.09%
$1,000.01 to $2,000.00 47 4,972,658.02 6.50
$2,000.01 to $3,000.00 149 19,209,038.72 25.12
$3,000.01 to $4,000.00 133 21,169,275.86 27.69
$4,000.01 to $5,000.00 52 10,705,357.82 14.00
$5,000.01 to $6,000.00 41 10,075,555.86 13.18
$6,000.01 to $7,000.00 23 5,861,902.42 7.67
$7,000.01 to $8,000.00 6 1,968,485.52 2.57
$8,000.01 to $9,000.00 2 516,842.02 0.68
$9,000.01 to $10,000.00 3 683,389.68 0.89
$10,000.01 to $11,000.00 1 309,010.40 0.40
$11,000.01 to $12,000.00 1 282,497.31 0.37
$14,000.01 to $15,000.00 1 308,093.72 0.40
$22,000.01 to $23,000.00 1 323,497.53 0.42
- ---------- ----
Total 461 $76,457,569.92 100.00%
</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 weighted average Disposable Monthly Income of the Borrower of the Group
II Home Loans as of the Cut-Off Date is approximately $4,136.63.
________________________________________________________________________________
BEAR STEARNS
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
Percent of
Group II
------------------------------------- ------------------ Home Loans
Principal by Principal
Number of Balance Balance
Range of Credit Scores as of the Group II as of the as of the
Date of Origination of the Loans Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
600 to 619 1 $71,679.55 0.09%
620 to 639 1 84,891.96 0.11
640 to 659 25 4,056,637.01 5.31
660 to 679 161 24,447,582.03 31.98
680 to 699 109 18,836,453.07 24.64
700 to 719 76 13,077,424.17 17.10
720 to 739 49 7,747,243.22 10.13
740 to 759 26 5,173,413.74 6.77
760 to 779 8 1,650,746.81 2.16
780 to 799 3 661,945.15 0.87
800 to 819 1 399,553.21 0.52
n/a 1 250,000.00 0.33
- ---------- ----
Total 461 $76,457,569.92 100.00%
The weighted average Credit Score of the Borrower of the Group II Home Loans
as of the Cut-Off Date is approximately 695.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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
Sub-Group IIA - Fixed Rate Home Loans
Sub-Group IIA Fixed Rate Home Loans
Cut-Off Date 10/1/00
Total Outstanding Balance: $51,479,232.09
Number of Loans: 321
Average Remaining Balance: $160,371.44 (range: $60,957.46 -
$442,521.86)
WA Home Loan Rate: 10.648% (range: 9.500% - 12.625%)
Original Weighted Average Term: 360 months
Remaining Weighted Average Term: 352 months
Lien Position: 100.00% first
WA LTV Ratio: 117.03% (range: 85.00% - 125.43%)
WA FICO Score: 691
WA DTI Ratio: 41.88% (14.75% - 80.34%)
Documentation: 100.00% full documentation
Property Type: 90.82% single family,
9.18% condo.
Owner Occupancy: 100.00% owner occupied
FHLMC Eligibility (by Loan 81.65%
Balances)
Geographic Distribution: CA (37.02%), FL (5.59%).
(all states >= 5.00%)
________________________________________________________________________________
BEAR STEARNS
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
Sub-Group IIA - Fixed Rate Home Loan Characteristics
Set forth below is a description of certain characteristics of the Sub-Group IIA
Home Loans as of the Cut-Off Date. Unless otherwise specified, all principal
balances of the Sub-Group IIA Home Loans are actual principal balances as of the
Cut-Off Date and may vary from the Sub-Group IIA Home Loan balances transferred
to the trust on the closing date and are rounded to the nearest dollar. All
percentages are approximate percentages by aggregate actual principal balance as
of the Cut-Off Date (except as indicated otherwise).
<TABLE>
<CAPTION>
Property Type
Percent of
Sub-Group IIA
------------------ Principal Home Loans
------------------------------------ Balance by Principal
Number of as of the Balance
Sub-Group IIA Cut-Off Date as of the
Property Type Home Loans Cut-Off Date
<S> <C> <C> <C>
Single Family 290 $46,751,322.08 90.82%
Condo 31 4,727,910.01 9.18
-- ------------ ----
Total 321 $51,479,232.09 100.00%
<PAGE>
Principal Balances
Percent of
Sub-Group IIA
------------------ Home Loans
------------------------------------ Principal by Principal
Number of Balance Balance
Sub-Group IIA as of the as of the
Range of Principal Balances ($) Home Loans Cut-Off Date Cut-Off Date
$50,000.01 to $75,000.00 8 $550,708.42 1.07%
$75,000.01 to $100,000.00 56 4,889,467.59 9.50
$100,000.01 to $200,000.00 185 26,772,577.18 52.01
$200,000.01 to $300,000.00 53 12,517,265.04 24.32
$300,000.01 to $400,000.00 17 5,875,497.92 11.41
$400,000.01 to $500,000.00 2 873,715.94 1.70
- ---------- ----
Total 321 $51,479,232.09 100.00%
</TABLE>
The average Principal Balance of the Sub-Group IIA Home Loans as of the
Cut-Off Date is approximately $160,371.44.
________________________________________________________________________________
BEAR STEARNS
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
<TABLE>
<CAPTION>
Original Balances
Percent of
Sub-Group IIA
------------------ Home Loans
------------------------------------ Principal by Principal
Number of Balance Balance
Sub-Group IIA as of the as of the
Range of Original Balances ($) Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
$50,000.01 to $75,000.00 8 $550,708 1.07%
$75,000.01 to $100,000.00 56 4,889,468 9.50
$100,000.01 to $200,000.00 185 26,772,577 52.01
$200,000.01 to $300,000.00 53 12,517,265 24.32
$300,000.01 to $400,000.00 17 5,875,498 11.41
$400,000.01 to $500,000.00 2 873,716 1.70
- ------- ----
Total 321 $51,479,232.09 100.00%
The average Original Balance of the Sub-Group IIA Home Loans is approximately
$160.987.68.
Loan-to-Value Ratios
Percent of
Sub-Group IIA
------------------ Home Loans
------------------------------------ Principal by Principal
Number of Balance Balance
Range of Sub-Group IIA as of the as of the
Loan-to-Value Ratios (%) Home Loans Cut-Off Date Cut-Off Date
80.01% to 85.00% 1 $70,253.86 0.14%
95.01% to 100.00% 13 1,808,312.06 3.51
100.01% to 105.00% 7 1,956,561.28 3.80
105.01% to 110.00% 59 9,535,232.20 18.52
110.01% to 115.00% 63 10,056,146.92 19.53
115.01% to 120.00% 28 4,535,066.43 8.81
120.01% to 125.00% 149 23,393,525.03 45.44
125.01% to 130.00% 1 124,134.31 0.24
- ---------- ----
Total 321 $51,479,232.09 100.00%
The minimum and maximum Loan-to-Value Ratios of the Sub-Group IIA Home Loans
as of the Cut-Off Date are approximately 85.00% and 125.43%, respectively, and
the weighted average Loan-to-Value Ratio of the Sub-Group IIA Home Loans as of
the Cut-Off Date is approximately 117.03%.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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
Percent of
Sub-Group IIA
------------------- Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIA as of the as of the
Location Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C>
California 96 $19,059,105.46 37.02%
Florida 20 2,880,224.60 5.59
New York 17 2,370,519.71 4.60
Pennsylvania 16 1,867,887.61 3.63
Michigan 12 1,712,140.56 3.33
Texas 10 1,429,303.47 2.78
North Carolina 6 1,344,664.02 2.61
Arizona 7 1,292,449.13 2.51
Connecticut 7 1,239,351.70 2.41
Massachusetts 8 1,190,171.19 2.31
Ohio 9 1,167,418.23 2.27
Other 113 15,925,996.41 30.94
--- ------------- -----
Total 321 $51,479,232.09 100.00%
The reference to "Other" in the preceding table includes states and the District
of Columbia that contain mortgaged properties for which the Principal Balance is
less than 2.00% of the Cut-Off Date Aggregate Principal Balance.
Loan Rates
Percent of
Sub-Group IIA
------------------ Home Loans
-------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIA as of the as of the
Range of Loan Rates (%) Home Loans Cut-Off Date Cut-Off Date
9.500% to 9.999% 45 $6,927,698.36 13.46%
10.000% to 10.499% 59 9,720,896.73 18.88
10.500% to 10.999% 122 20,616,560.98 40.05
11.000% to 11.499% 88 13,293,608.25 25.82
11.500% to 11.999% 2 226,365.59 0.44
12.000% to 12.499% 3 425,699.07 0.83
12.500% to 12.999% 2 268,403.11 0.52
- ---------- ----
Total 321 $51,479,232.09 100.00%
The weighted average Loan Rate of the Sub-Group IIA Home Loans as of the Cut-Off
Date is approximately 10.648%.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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>
Months Remaining to Scheduled Maturity
Percent of
Sub-Group IIA
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIA as of the as of the
Range of Remaining Term Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
337 to 348 55 $8,605,901.63 16.72%
349 to 360 266 42,873,330.46 83.28
--- ------------- -----
Total 321 $51,479,232.09 100.00%
The weighted average months remaining to scheduled maturity of the Sub-Group IIA
Home Loans as of the Cut-Off Date is approximately 352 months.
Lien Priority
Percent of
Sub-Group IIA
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIA as of the as of the
Lien Position Home Loans Cut-Off Date Cut-Off Date
First 321 $51,479,232.09 100.00%
--- -------------- -------
Total 321 $51,479,232.09 100.00%
Debt-to-Income Ratios
Percent of
Sub-Group IIA
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIA as of the as of the
Range of Debt-to-Income Rations (%) Home Loans Cut-Off Date Cut-Off Date
10.001% to 15.000% 1 $323,497.53 0.63%
20.001% to 25.000% 6 753,252.93 1.46
25.001% to 30.000% 11 1,397,375.41 2.71
30.001% to 35.000% 25 3,496,171.94 6.79
35.001% to 40.000% 61 8,690,572.84 16.88
40.001% to 45.000% 150 24,752,365.02 48.08
45.001% to 50.000% 58 10,088,875.44 19.60
50.001% to 55.000% 8 1,727,120.98 3.35
55.001% + 1 250,000.00 0.49
- ---------- ----
Total 321 $51,479,232.09 100.00%
The weighted average Debt-to-Income Ratio of the Sub-Group IIA Home Loans as of
the Cut-Off Date is approximately 41.88%.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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>
Documentation Type
Percent of
Sub-Group IIA
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIA as of the as of the
Documentation Level Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C>
Full Documentation 321 $51,479,232.09 100.00%
--- -------------- -------
Total 321 $51,479,232.09 100.00%
Occupancy Types
Percent of
Sub-Group IIA
------------------ Home Loans
------------------------------------ Principal by Principal
Number of Balance Balance
Occupancy Sub-Group IIA as of the as of the
(as indicated by Borrower) Home Loans Cut-Off Date Cut-Off Date
Owner Occupied 321 $51,479,232.09 100.00%
--- -------------- -------
Total 321 $51,479,232.09 100.00%
Loan Purpose
Percent of
Sub-Group IIA
------------------ Home Loans
Principal by Principal
------------------------------------ Number of Balance Balance
Sub-Group IIA as of the as of the
Loan Purpose Home Loans Cut-Off Date Cut-Off Date
Purchase 321 $51,479,232.09 100.00%
--- -------------- -------
Total 321 $51,479,232.09 100.00%
</TABLE>
________________________________________________________________________________
BEAR STEARNS
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Disposable Income of Borrowers
<TABLE>
<CAPTION>
Percent of
Sub-Group IIA
------------------ Home Loans
------------------------------------ Principal by Principal
Range of Number of Balance Balance
Disposable Monthly Income of Sub-Group IIA as of the as of the
Borrower ($) Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C>
$1,000.01 to $2,000.00 26 $2,485,182.25 4.83%
$2,000.01 to $3,000.00 107 13,470,365.98 26.17
$3,000.01 to $4,000.00 99 15,159,540.15 29.45
$4,000.01 to $5,000.00 39 7,715,765.56 14.99
$5,000.01 to $6,000.00 26 6,409,699.50 12.45
$6,000.01 to $7,000.00 15 3,779,140.48 7.34
$7,000.01 to $8,000.00 2 533,473.69 1.04
$8,000.01 to $9,000.00 2 516,842.02 1.00
$9,000.01 to $10,000.00 2 468,620.81 0.91
$10,000.01 to $11,000.00 1 309,010.40 0.60
$14,000.01 to $15,000.00 1 308,093.72 0.60
$22,000.01 to $23,000.00 1 323,497.53 0.63
- ---------- ----
Total 321 $51,479,232.09 100.00%
</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 weighted average Disposable Monthly Income of the Borrower of the
Sub-Group IIA Home Loans as of the Cut-Off Date is approximately $4,149.46.
________________________________________________________________________________
BEAR STEARNS
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
Percent of
Sub-Group IIA
------------------------------------- ------------------ Home Loans
Principal by Principal
Number of Balance Balance
Range of Credit Scores as of the Sub-Group IIA as of the as of the
Date of Origination of the Loans Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
600 to 619 1 $71,679.55 0.14%
620 to 639 1 84,891.96 0.16
640 to 659 25 4,056,637.01 7.88
660 to 679 115 17,350,922.32 33.70
680 to 699 74 12,530,408.35 24.34
700 to 719 52 8,475,413.47 16.46
720 to 739 30 4,728,351.94 9.18
740 to 759 18 3,450,755.50 6.70
760 to 779 3 329,002.88 0.64
780 to 799 1 151,169.11 0.29
n/a 1 250,000.00 0.49
- ---------- ----
Total 321 $51,479,232.09 100.00%
The weighted average Credit Score of the Borrower of the Sub-Group IIA Home
Loans as of the Cut-Off Date is approximately 691.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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
Sub-Group IIB - Adjustable Rate Home Loans
Sub-Group IIB Adjustable Rate Home
Loans
Cut-Off Date 10/1/00
Total Outstanding Balance: $24,978,337.83
Number of Loans: 140
Average Remaining Balance: $178,416.70 (range: $53,624.38 -
$491,675.79)
WA Home Loan Rate: 10.499% (range: 8.875% - 12.950%)
WA Gross Margin: 5.998% (range: 5.500% - 6.000%)
WA Periodic Rate Cap: 1.000% (range: 1.000% - 1.000%)
WA Lifetime Rate Cap: 12.837% (range: 11.950% - 15.875%)
WA Lifetime Rate Floor: 5.998% (range: 5.500% - 6.000%)
Index: 100.00% 6-month Libor
Original Weighted Average Term: 360 months
Remaining Weighted Average Term: 335 months
Lien Position: 100.00% first
WA LTV Ratio: 115.03% (range: 103.00% - 125.00%)
WA FICO Score: 704
WA DTI Ratio: 41.00% (20.77% - 62.44%)
Documentation: 100.00% full documentation
Property Type: 90.75% single family,
9.25% condo.
Owner Occupancy: 100.00% owner occupied
FHLMC Eligibility (by Loan 68.99%
Balances)
Geographic Distribution: CA (59.67%)
(all states >= 5.00%)
________________________________________________________________________________
BEAR STEARNS
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
Sub-Group IIB - Adjustable Rate Home Loan Characteristics
Set forth below is a description of certain characteristics of the Sub-Group IIB
Home Loans as of the Cut-Off Date. Unless otherwise specified, all principal
balances of the Sub-Group IIB Home Loans are actual principal balances as of the
Cut-Off Date and may vary from the Sub-Group IIB Home Loan balances transferred
to the trust on the closing date and are rounded to the nearest dollar. All
percentages are approximate percentages by aggregate actual principal balance as
of the Cut-Off Date (except as indicated otherwise).
<TABLE>
<CAPTION>
Property Type
Percent of
Sub-Group IIB
------------------ Principal Home Loans
------------------------------------ Balance by Principal
Number of as of the Balance
Sub-Group IIB Cut-Off Date as of the
Property Type Home Loans Cut-Off Date
<S> <C> <C> <C>
Single Family 127 $22,668,640.32 90.75%
Condo 13 2,309,697.51 9.25
-- ------------ ----
Total 140 $24,978,337.83 100.00%
Principal Balances
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------ Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Range of Principal Balances ($) Home Loans Cut-Off Date Cut-Off Date
$50,000.01 to $75,000.00 3 $189,193.98 0.76%
$75,000.01 to $100,000.00 19 1,681,568.65 6.73
$100,000.01 to $200,000.00 67 9,614,946.83 38.49
$200,000.01 to $300,000.00 40 9,502,789.91 38.04
$300,000.01 to $400,000.00 9 3,093,466.91 12.38
$400,000.01 to $500,000.00 2 896,371.55 3.59
- ---------- ----
Total 140 $24,978,337.83 100.00%
</TABLE>
The average Principal Balance of the Sub-Group IIB Home Loans as of the
Cut-Off Date is approximately $178,416.70.
________________________________________________________________________________
BEAR STEARNS
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
<TABLE>
<CAPTION>
Original Balances
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------ Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Range of Original Balances ($) Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
$50,000.01 to $75,000.00 3 $189,193.98 0.76%
$75,000.01 to $100,000.00 19 1,681,568.65 6.73
$100,000.01 to $200,000.00 64 9,020,745 36.11
$200,000.01 to $300,000.00 42 9,800,536 39.24
$300,000.01 to $400,000.00 9 2,990,369 11.97
$400,000.01 to $500,000.00 3 1,295,925 5.19
- --------- ----
Total 140 $24,978,337.83 100.00%
The average Original Balance of the Sub-Group IIB Home Loans is approximately
$180,740.41.
Loan-to-Value Ratios
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------ Principal by Principal
Number of Balance Balance
Range of Sub-Group IIB as of the as of the
Loan-to-Value Ratios (%) Home Loans Cut-Off Date Cut-Off Date
100.01% to 105.00% 12 $3,209,122.57 12.85%
105.01% to 110.00% 43 7,456,127.14 29.85
110.01% to 115.00% 16 3,028,484.92 12.12
115.01% to 120.00% 16 3,101,794.27 12.42
120.01% to 125.00% 53 8,182,808.93 32.76
-- ------------ -----
Total 140 $24,978,337.83 100.00%
The minimum and maximum Loan-to-Value Ratios of the Sub-Group IIB Home Loans
as of the Cut-Off Date are approximately 103.00% and 125.00%, respectively,
and the weighted average Loan-to-Value Ratio of the Sub-Group IIB Home Loans
as of the Cut-Off Date is approximately 115.03%.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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
Percent of
Sub-Group IIB
------------------- Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Location Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C>
California 67 $14,903,806.76 59.67%
Florida 8 1,125,545.34 4.51
Illinois 5 839,160.10 3.36
Pennsylvania 5 515,521.43 2.06
Other 55 7,594,304.20 30.40
-- ------------ -----
Total 140 $24,978,337.83 100.00%
The reference to "Other" in the preceding table includes states and the District
of Columbia that contain mortgaged properties for which the Principal Balance is
less than 2.00% of the Cut-Off Date Aggregate Principal Balance.
Loan Rates
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Range of Loan Rates (%) Home Loans Cut-Off Date Cut-Off Date
8.500% to 8.999% 5 $1,081,797.41 4.33%
9.000% to 9.499% 14 2,290,337.68 9.17
9.500% to 9.999% 17 3,929,504.29 15.73
10.000% to 10.499% 56 9,665,696.01 38.70
10.500% to 10.999% 12 2,394,118.38 9.58
11.000% to 11.499% 33 5,282,405.04 21.15
11.500% to 11.999% 1 63,604.56 0.25
12.000% to 12.499% 1 177,378.99 0.71
12.500% to 12.999% 1 93,495.47 0.37
- --------- ----
Total 140 $24,978,337.83 100.00%
The weighted average Loan Rate of the Sub-Group IIB Home Loans as of the Cut-Off
Date is approximately 10.499%.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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>
Gross Margin
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Range of Gross Margin (%) Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
5.500% to 5.999% 2 $287,495.81 1.15%
6.000% 138 24,690,842.02 98.85
--- ------------- -----
Total 140 $24,978,337.83 100.00%
The weighted average Gross Margin of the Sub-Group IIB Home Loans as of the
Cut-Off Date is approximately 5.998%.
Periodic Rate Cap
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Range of Periodic Rate Caps (%) Home Loans Cut-Off Date Cut-Off Date
1.000% 140 $24,978,337.83 100.00%
--- -------------- -------
Total 140 $24,978,337.83 100.00%
The weighted average Periodic Rate Cap of the Sub-Group IIB Home Loans as of the
Cut-Off Date is approximately 1.000%.
Lifetime Rate Caps
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Range of Lifetime Rate Caps (%) Home Loans Cut-Off Date Cut-Off Date
11.000% to 11.999%
13 $3,332,582.62 13.34%
12.000% to 12.999%
74 13,650,702.33 54.65
13.000% to 13.999%
47 7,072,425.37 28.31
14.000% to 14.999%
3 510,778.62 2.04
15.000% to 15.999%
3 411,848.89 1.65
- ----------- ----
Total 140 $24,978,337.83 100.00%
The weighted average Lifetime Rate Cap of the Sub-Group IIB Home Loans as of the
Cut-Off Date is approximately 12.837%.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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>
Lifetime Rate Floors
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Range of Lifetime Rate Floors (%) Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
5.500% to 5.999% 2 $287,495.81 1.15%
6.000% 138 24,690,842.02 98.85
--- ------------- -----
Total 140 $24,978,337.83 100.00%
The weighted average Lifetime Rate Floor of the Sub-Group IIB Home Loans as of
the Cut-Off Date is approximately 5.998%.
Index
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Index Home Loans Cut-Off Date Cut-Off Date
6-month Libor 140 $24,978,337.83 100.00%
--- -------------- -------
Total 140 $24,978,337.83 100.00%
Months Remaining to Scheduled Maturity
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Range of Remaining Term Home Loans Cut-Off Date Cut-Off Date
325 to 336 99 $17,874,171.04 71.56%
337 to 348 41 7,104,166.79 28.44
-- ------------ -----
Total 140 $24,978,337.83 100.00%
The weighted average months remaining to scheduled maturity of the Sub-Group IIB
Home Loans as of the Cut-Off Date is approximately 335 months.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Lien Position Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C>
First 140 $24,978,337.83 100.00%
--- -------------- -------
Total 140 $24,978,337.83 100.00%
Debt-to-Income Ratios
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Range of Debt-to-Income Rations (%) Home Loans Cut-Off Date Cut-Off Date
20.001% to 25.000% 4 $706,891.25 2.83%
25.001% to 30.000% 9 1,156,345.45 4.63
30.001% to 35.000% 8 1,471,355.03 5.89
35.001% to 40.000% 37 6,777,246.66 27.13
40.001% to 45.000% 51 9,629,897.20 38.55
45.001% to 50.000% 21 3,637,155.43 14.56
50.001% to 55.000% 5 865,783.20 3.47
55.001% + 5 733,663.61 2.94
- ---------- ----
Total 140 $24,978,337.83 100.00%
The weighted average Debt-to-Income Ratio of the Sub-Group IIB Home Loans as of
the Cut-Off Date is approximately 41.00%.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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>
Documentation Type
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------- Principal by Principal
Number of Balance Balance
Sub-Group IIB as of the as of the
Documentation Level Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C>
Full Documentation 140 $24,978,337.83 100.00%
--- -------------- -------
Total 140 $24,978,337.83 100.00%
Occupancy Types
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------ Principal by Principal
Number of Balance Balance
Occupancy Sub-Group IIB as of the as of the
(as indicated by Borrower) Home Loans Cut-Off Date Cut-Off Date
Owner Occupied 140 $24,978,337.83 100.00%
--- -------------- -------
Total 140 $24,978,337.83 100.00%
Loan Purpose
Percent of
Sub-Group IIB
------------------ Home Loans
Principal by Principal
------------------------------------ Number of Balance Balance
Sub-Group IIB as of the as of the
Loan Purpose Home Loans Cut-Off Date Cut-Off Date
Purchase 140 $24,978,337.83 100.00%
--- -------------- -------
Total 140 $24,978,337.83 100.00%
</TABLE>
________________________________________________________________________________
BEAR STEARNS
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
<TABLE>
<CAPTION>
Disposable Income of Borrowers
Percent of
Sub-Group IIB
------------------ Home Loans
------------------------------------ Principal by Principal
Range of Number of Balance Balance
Disposable Monthly Income of Sub-Group IIB as of the as of the
Borrower ($) Home Loans Cut-Off Date Cut-Off Date
<S> <C> <C> <C> <C> <C>
$0.01 to $1,000.00 1 $71,965.04 0.29%
$1,000.01 to $2,000.00 21 2,487,475.77 9.96
$2,000.01 to $3,000.00 42 5,738,672.74 22.97
$3,000.01 to $4,000.00 34 6,009,735.71 24.06
$4,000.01 to $5,000.00 13 2,989,592.26 11.97
$5,000.01 to $6,000.00 15 3,665,856.36 14.68
$6,000.01 to $7,000.00 8 2,082,761.94 8.34
$7,000.01 to $8,000.00 4 1,435,011.83 5.75
$9,000.01 to $10,000.00 1 214,768.87 0.86
$11,000.01 to $12,000.00 1 282,497.31 1.13
- ---------- ----
Total 140 $24,978,337.83 100.00%
(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 weighted average Disposable Monthly Income of the Borrower of the
Sub-Group IIB Home Loans as of the Cut-Off Date is approximately $4,110.18.
Credit Scores as of the Date of Origination of the Home Loans
Percent of
Sub-Group IIB
------------------------------------- ------------------ Home Loans
Principal by Principal
Number of Balance Balance
Range of Credit Scores as of the Sub-Group IIB as of the as of the
Date of Origination of the Loans Home Loans Cut-Off Date Cut-Off Date
660 to 679 46 $7,096,659.71 28.41%
680 to 699 35 6,306,044.72 25.25
700 to 719 24 4,602,010.70 18.42
720 to 739 19 3,018,891.28 12.09
740 to 759 8 1,722,658.24 6.90
760 to 779 5 1,321,743.93 5.29
780 to 799 2 510,776.04 2.04
800 to 819 1 399,553.21 1.60
- ---------- ----
Total 140 $24,978,337.83 100.00%
The weighted average Credit Score of the Borrower of the Sub-Group IIB Home
Loans as of the Cut-Off Date is approximately 704.
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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>
SENSITIVITY TABLES
Class A-1 (to call)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 6.54 2.06 1.54 1.25 1.06 0.94
Modified Duration (years) 4.82 1.82 1.39 1.15 0.99 0.87
First Principal Payment 11/25/2000 11/25/2000 11/25/2000 11/25/2000 11/25/2000 11/25/2000
Last Principal Payment 02/25/2013 03/25/2005 12/25/2003 04/25/2003 11/25/2002 07/25/2002
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 148 53 38 30 25 21
Illustrative Yield @ Par (30/360) 6.94% 6.93% 6.93% 6.93% 6.93% 6.93%
-------------------------------------------------------------------------------------------------------
Class A-2 (to call)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 13.50 5.71 4.00 3.00 2.38 2.02
Modified Duration (years) 8.37 4.51 3.36 2.61 2.12 1.82
First Principal Payment 02/25/2013 03/25/2005 12/25/2003 04/25/2003 11/25/2002 07/25/2002
Last Principal Payment 05/25/2015 06/25/2008 11/25/2005 08/25/2004 07/25/2003 02/25/2003
Principal Lockout (months) 147 52 37 29 24 20
Principal Window (months) 28 40 24 17 9 8
Illustrative Yield @ Par (30/360) 7.25% 7.20% 7.17% 7.13% 7.08% 7.05%
-------------------------------------------------------------------------------------------------------
Class A-3 (to call)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 17.77 10.35 7.19 5.00 3.69 2.71
Modified Duration (years) 9.46 6.93 5.32 4.01 3.11 2.37
First Principal Payment 05/25/2015 06/25/2008 11/25/2005 08/25/2004 07/25/2003 02/25/2003
Last Principal Payment 08/25/2022 01/25/2013 03/25/2010 04/25/2008 10/25/2005 08/25/2004
Principal Lockout (months) 174 91 60 45 32 27
Principal Window (months) 88 56 53 45 28 19
Illustrative Yield @ Par (30/360) 7.57% 7.55% 7.52% 7.49% 7.46% 7.41%
-------------------------------------------------------------------------------------------------------
Class A-4 (to call)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 22.89 12.24 9.40 7.49 5.75 4.34
Modified Duration (years) 10.43 7.67 6.47 5.50 4.49 3.56
First Principal Payment 08/25/2022 01/25/2013 03/25/2010 04/25/2008 10/25/2005 08/25/2004
Last Principal Payment 02/25/2024 01/25/2013 03/25/2010 04/25/2008 11/25/2006 11/25/2005
Principal Lockout (months) 261 146 112 89 59 45
Principal Window (months) 19 1 1 1 14 16
Illustrative Yield @ Par (30/360) 7.78% 7.76% 7.75% 7.73% 7.71% 7.68%
-------------------------------------------------------------------------------------------------------
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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 A-5 (to call)
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 9.02 7.10 6.58 6.12 5.46 4.87
Modified Duration (years) 6.27 5.26 4.98 4.72 4.33 3.95
First Principal Payment 11/25/2003 11/25/2003 11/25/2003 12/25/2003 03/25/2004 06/25/2004
Last Principal Payment 02/25/2024 01/25/2013 03/25/2010 04/25/2008 11/25/2006 11/25/2005
Principal Lockout (months) 36 36 36 37 40 43
Principal Window (months) 244 111 77 53 33 18
Illustrative Yield @ Par (30/360) 7.41% 7.39% 7.39% 7.38% 7.37% 7.36%
-------------------------------------------------------------------------------------------------------
Class A-6 (to call)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 15.86 1.88 1.28 1.00 0.80 0.67
Modified Duration (years) 8.87 1.67 1.17 0.93 0.74 0.63
First Principal Payment 11/25/2000 11/25/2000 11/25/2000 11/25/2000 11/25/2000 11/25/2000
Last Principal Payment 02/25/2024 11/25/2004 07/25/2003 12/25/2002 07/25/2002 04/25/2002
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 280 49 33 26 21 18
Illustrative Yield @ Par (30/360) 6.93% 6.92% 6.92% 6.92% 6.92% 6.93%
-------------------------------------------------------------------------------------------------------
Class A-7 (to call)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 23.32 6.06 3.89 3.00 2.28 1.94
Modified Duration (years) 10.92 4.71 3.27 2.60 2.03 1.75
First Principal Payment 02/25/2024 11/25/2004 07/25/2003 12/25/2002 07/25/2002 04/25/2002
Last Principal Payment 02/25/2024 06/25/2009 04/25/2006 01/25/2005 10/25/2003 04/25/2003
Principal Lockout (months) 279 48 32 25 20 17
Principal Window (months) 1 56 34 26 16 13
Illustrative Yield @ Par (30/360) 7.32% 7.26% 7.21% 7.17% 7.12% 7.08%
-------------------------------------------------------------------------------------------------------
Class A-8 (to call)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 23.32 11.49 8.13 6.38 5.00 4.09
Modified Duration (years) 10.53 7.37 5.81 4.85 3.99 3.37
First Principal Payment 02/25/2024 06/25/2009 04/25/2006 01/25/2005 10/25/2003 04/25/2003
Last Principal Payment 02/25/2024 01/25/2013 03/25/2010 04/25/2008 11/25/2006 11/25/2005
Principal Lockout (months) 279 103 65 50 35 29
Principal Window (months) 1 44 48 40 38 32
Illustrative Yield @ Par (30/360) 7.75% 7.72% 7.71% 7.69% 7.67% 7.64%
-------------------------------------------------------------------------------------------------------
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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-1 (to call)
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 17.71 8.56 6.40 5.09 4.33 3.97
Modified Duration (years) 9.16 5.91 4.77 4.00 3.52 3.29
First Principal Payment 11/25/2012 05/25/2005 02/25/2004 11/25/2003 01/25/2004 02/25/2004
Last Principal Payment 02/25/2024 01/25/2013 03/25/2010 04/25/2008 11/25/2006 11/25/2005
Principal Lockout (months) 144 54 39 36 38 39
Principal Window (months) 136 93 74 54 35 22
Illustrative Yield @ Par (30/360) 7.83% 7.80% 7.78% 7.76% 7.74% 7.73%
-------------------------------------------------------------------------------------------------------
Class M-2 (to call)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 17.71 8.56 6.40 5.08 4.28 3.85
Modified Duration (years) 8.84 5.79 4.69 3.93 3.44 3.16
First Principal Payment 11/25/2012 05/25/2005 02/25/2004 11/25/2003 12/25/2003 01/25/2004
Last Principal Payment 02/25/2024 01/25/2013 03/25/2010 04/25/2008 11/25/2006 11/25/2005
Principal Lockout (months) 144 54 39 36 37 38
Principal Window (months) 136 93 74 54 36 23
Illustrative Yield @ Par (30/360) 8.33% 8.30% 8.28% 8.25% 8.23% 8.22%
-------------------------------------------------------------------------------------------------------
Class B (to call)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 17.71 8.56 6.40 5.08 4.26 3.79
Modified Duration (years) 8.54 5.66 4.61 3.87 3.38 3.09
First Principal Payment 11/25/2012 05/25/2005 02/25/2004 11/25/2003 11/25/2003 12/25/2003
Last Principal Payment 02/25/2024 01/25/2013 03/25/2010 04/25/2008 11/25/2006 11/25/2005
Principal Lockout (months) 144 54 39 36 36 37
Principal Window (months) 136 93 74 54 37 24
Illustrative Yield @ Par (30/360) 8.83% 8.80% 8.77% 8.75% 8.73% 8.71%
-------------------------------------------------------------------------------------------------------
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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 A-1 (to maturity)
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 6.54 2.06 1.54 1.25 1.06 0.94
Modified Duration (years) 4.82 1.82 1.39 1.15 0.99 0.87
First Principal Payment 11/25/2000 11/25/2000 11/25/2000 11/25/2000 11/25/2000 11/25/2000
Last Principal Payment 02/25/2013 03/25/2005 12/25/2003 04/25/2003 11/25/2002 07/25/2002
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 148 53 38 30 25 21
Illustrative Yield @ Par (30/360) 6.94% 6.93% 6.93% 6.93% 6.93% 6.93%
-------------------------------------------------------------------------------------------------------
Class A-2 (to maturity)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 13.50 5.71 4.00 3.00 2.38 2.02
Modified Duration (years) 8.37 4.51 3.36 2.61 2.12 1.82
First Principal Payment 02/25/2013 03/25/2005 12/25/2003 04/25/2003 11/25/2002 07/25/2002
Last Principal Payment 05/25/2015 06/25/2008 11/25/2005 08/25/2004 07/25/2003 02/25/2003
Principal Lockout (months) 147 52 37 29 24 20
Principal Window (months) 28 40 24 17 9 8
Illustrative Yield @ Par (30/360) 7.25% 7.20% 7.17% 7.13% 7.08% 7.05%
-------------------------------------------------------------------------------------------------------
Class A-3 (to maturity)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 17.77 10.47 7.33 5.00 3.69 2.71
Modified Duration (years) 9.46 6.98 5.39 4.01 3.11 2.37
First Principal Payment 05/25/2015 06/25/2008 11/25/2005 08/25/2004 07/25/2003 02/25/2003
Last Principal Payment 08/25/2022 04/25/2014 10/25/2011 11/25/2008 10/25/2005 08/25/2004
Principal Lockout (months) 174 91 60 45 32 27
Principal Window (months) 88 71 72 52 28 19
Illustrative Yield @ Par (30/360) 7.57% 7.55% 7.53% 7.49% 7.46% 7.41%
-------------------------------------------------------------------------------------------------------
Class A-4 (to maturity)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 23.09 16.13 13.35 10.92 7.46 4.34
Modified Duration (years) 10.46 8.89 8.03 7.09 5.36 3.56
First Principal Payment 08/25/2022 04/25/2014 10/25/2011 11/25/2008 10/25/2005 08/25/2004
Last Principal Payment 01/25/2025 12/25/2022 07/25/2019 10/25/2015 08/25/2013 12/25/2005
Principal Lockout (months) 261 161 131 96 59 45
Principal Window (months) 30 105 94 84 95 17
Illustrative Yield @ Par (30/360) 7.78% 7.84% 7.86% 7.87% 7.81% 7.68%
-------------------------------------------------------------------------------------------------------
</TABLE>
___________________________________________________________________________
BEAR STEARNS
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 A-5 (to maturity)
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 9.02 7.11 6.64 6.37 6.28 6.17
Modified Duration (years) 6.27 5.27 5.01 4.86 4.80 4.74
First Principal Payment 11/25/2003 11/25/2003 11/25/2003 12/25/2003 03/25/2004 06/25/2004
Last Principal Payment 11/25/2024 10/25/2022 05/25/2019 07/25/2015 06/25/2013 09/25/2011
Principal Lockout (months) 36 36 36 37 40 43
Principal Window (months) 253 228 187 140 112 88
Illustrative Yield @ Par (30/360) 7.41% 7.39% 7.39% 7.40% 7.43% 7.47%
-------------------------------------------------------------------------------------------------------
Class A-6 (to maturity)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 15.88 1.88 1.28 1.00 0.80 0.67
Modified Duration (years) 8.88 1.67 1.17 0.93 0.74 0.63
First Principal Payment 11/25/2000 11/25/2000 11/25/2000 11/25/2000 11/25/2000 11/25/2000
Last Principal Payment 08/25/2024 11/25/2004 07/25/2003 12/25/2002 07/25/2002 04/25/2002
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 286 49 33 26 21 18
Illustrative Yield @ Par (30/360) 6.93% 6.92% 6.92% 6.92% 6.92% 6.93%
-------------------------------------------------------------------------------------------------------
Class A-7 (to maturity)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
----------------------
Average Life (years) 24.73 6.06 3.89 3.00 2.28 1.94
Modified Duration (years) 11.17 4.71 3.27 2.60 2.03 1.75
First Principal Payment 08/25/2024 11/25/2004 07/25/2003 12/25/2002 07/25/2002 04/25/2002
Last Principal Payment 07/25/2026 06/25/2009 04/25/2006 01/25/2005 10/25/2003 04/25/2003
Principal Lockout (months) 285 48 32 25 20 17
Principal Window (months) 24 56 34 26 16 13
Illustrative Yield @ Par (30/360) 7.33% 7.26% 7.21% 7.17% 7.12% 7.08%
-------------------------------------------------------------------------------------------------------
Class A-8 (to maturity)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
----------------------
Average Life (years) 27.28 14.71 9.67 7.56 5.72 4.74
Modified Duration (years) 11.10 8.32 6.42 5.40 4.38 3.76
First Principal Payment 07/25/2026 06/25/2009 04/25/2006 01/25/2005 10/25/2003 04/25/2003
Last Principal Payment 07/25/2029 04/25/2024 08/25/2019 11/25/2015 04/25/2012 08/25/2010
Principal Lockout (months) 308 103 65 50 35 29
Principal Window (months) 37 179 161 131 103 89
Illustrative Yield @ Par (30/360) 7.77% 7.79% 7.76% 7.75% 7.72% 7.71%
-------------------------------------------------------------------------------------------------------
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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-1 (to maturity)
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 18.10 9.09 6.87 5.50 4.67 4.25
Modified Duration (years) 9.22 6.09 4.97 4.20 3.71 3.46
First Principal Payment 11/25/2012 05/25/2005 02/25/2004 11/25/2003 01/25/2004 02/25/2004
Last Principal Payment 02/25/2028 04/25/2019 01/25/2015 09/25/2012 07/25/2010 12/25/2008
Principal Lockout (months) 144 54 39 36 38 39
Principal Window (months) 184 168 132 107 79 59
Illustrative Yield @ Par (30/360) 7.83% 7.82% 7.80% 7.79% 7.77% 7.76%
-------------------------------------------------------------------------------------------------------
Class M-2 (to maturity)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 18.00 8.94 6.77 5.39 4.55 4.07
Modified Duration (years) 8.88 5.91 4.85 4.08 3.59 3.30
First Principal Payment 11/25/2012 05/25/2005 02/25/2004 11/25/2003 12/25/2003 01/25/2004
Last Principal Payment 12/25/2026 10/25/2016 08/25/2013 04/25/2011 05/25/2009 12/25/2007
Principal Lockout (months) 144 54 39 36 37 38
Principal Window (months) 170 138 115 90 66 48
Illustrative Yield @ Par (30/360) 8.33% 8.31% 8.30% 8.28% 8.26% 8.25%
-------------------------------------------------------------------------------------------------------
Class B (to maturity)
-------------------------------------------------------------------------------------------------------
Group I - % of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Group II (Fixed Rate) - PSA 0% 175% 275% 350% 450% 525%
Group II (ARMs) - CPR 0% 20% 30% 40% 50% 60%
-------------------------------------------------------------------------------------------------------
Average Life (years) 17.86 8.75 6.58 5.23 4.39 3.90
Modified Duration (years) 8.56 5.73 4.69 3.95 3.45 3.15
First Principal Payment 11/25/2012 05/25/2005 02/25/2004 11/25/2003 11/25/2003 12/25/2003
Last Principal Payment 07/25/2025 01/25/2015 03/25/2012 12/25/2009 04/25/2008 01/25/2007
Principal Lockout (months) 144 54 39 36 36 37
Principal Window (months) 153 117 98 74 54 38
Illustrative Yield @ Par (30/360) 8.83% 8.80% 8.78% 8.76% 8.74% 8.73%
-------------------------------------------------------------------------------------------------------
</TABLE>
________________________________________________________________________________
BEAR STEARNS
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>
