<PAGE>
Exhibit 99.1
--------------------------------------------------------------------------------
GMACM Home Equity Loan Trust 2000-HE4
--------------------------------------------------------------------------------
BEAR STEARNS BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o DC o LOS ANGELES o NEW YORK o SAN FRANCISCO 245 Park Avenue
FRANKFORT o GENEVA o HONG KONG New York, New York 10167
LONDON o PARIS o TOKYO (212) 272-2000; (212) 272-7294 fax
-------------------------------------------------------------------------------
GMACM Home Equity Loan Trust 2000-HE4: Computational Materials
-------------------------------------------------------------------------------
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,
seller or servicer, and although it may be based on data supplied to it by an
issuer, seller or servicer, none of the issuer, seller or servicer makes any
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. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models for performance analysis, which are likely to produce different results,
and any further explanation regarding the Information.
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 thereof 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.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 1
<PAGE>
--------------------------------------------------------------------------------
GMACM Home Equity Loan Trust 2000-HE4
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
OFFERED NOTES (PRICED TO CALL)
------------------------------------------------------------------------------------------------------------------------
Average Average Modified Modified PrincipalPrincipal
Expected Life to Life Duration Duration Window Window Legal
to to to
Ratings Approximate Expected Maturity Call to to Call Maturity Call (1) Final
(1) (1) Maturity (1) (1)
(1)
Class S&P/Moody's/Fitch Size Coupon (years) (Years) (years) (years) (months) (months) Maturity
Description
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 Term Notes AAA/Aaa/AAA $[272,716,0LIBOR + [4.52] [4.31] [3.61] [3.51] [178] [80] [11/25/2030]
A-2 Term Notes AAA/Aaa/AAA $[59,284,000]____% [4.43] [4.23] [3.55] [3.45] [161] [79] [11/25/2030]
LIBOR +
</TABLE>
Summary of the Notes:
o The Class A-1 Term Notes are backed by conforming adjustable rate home equity
revolving ? credit line loans ("HELOCs") and fixed rate home equity loans
("HELs"), together, the "Mortgage Loans", the Class A-2 Term Notes are backed
by non-conforming HELOCs and HELs.
o During an 18 month revolving period with respect to the Term Notes, GMACM
will sell HELOCs and draws on the HELOCs to the trust. After the 18 month
revolving period, for the next 48 months only additional draws on the HELOCs
will be sold to the trust and thereafter, no additional collateral will be
sold to the trust on behalf of the Term Notes.
o The Term Notes are priced to call. The spread to LIBOR on the Class A-1 Term
Notes and ? will double for each interest period beginning after the payment
date on which the clean-up call may first be exercised. The spread to LIBOR
on the Class A-2 Term Notes will double for each interest period beginning
after the payment date on which the clean-up call may first be exercised.
o Interest on the Term Notes is payable monthly starting with the initial
distribution date ? on an Actual/360 basis and principal on the Term Notes is
payable monthly starting with the distribution date in the month following
the end of the applicable Revolving Period (beginning on [June 25, 2002]).
Interest payable on the Term Notes is subject to an available funds cap and
an overall cap of [14.00]%; provided, however, investors will be entitled to
an interest carry-forward amount should LIBOR plus the margin exceed the
available funds cap for such periods.
o The pricing prepayment speed on the HELOCs is 35% CPR with a draw rate of 10%
CPR, for a ? net 25% CPR; the pricing prepayment speed on the HELs is 23%
CPR.
o Due to losses and prepayments on the HELOCs and the HELs in each loan group,
the actual ? final payment date on each class of term notes may occur
substantially earlier than the dates listed above.
(1)The Notes will be priced using a prepayment speed of (i) in the case of the
HELOCs, a Gross CPR of 35% and a constant draw rate of 10%, and (ii) in the
case of the HELs, 23% CPR.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 2
<PAGE>
SUMMARY
Issuer........................The GMACM Home Equity Loan Trust 2000-HE4, a
Delaware business trust, will be formed pursuant to a trust agreement. The
assets of the issuer will consist of:
o the home equity revolving credit line loans ("HELOCs") and home equity
loans ("HELs") transferred to the issuer on the closing date;
o additional draws under the home equity revolving credit line loans during
the period from the closing date to but excluding the beginning of the
rapid amortization period;
o mortgage loans sold to the issuer after the closing date; and
o certain related assets.
Offered Securities............GMACM Home Equity Loan-Backed Term Notes, Series
2000-HE4.
Variable Funding Notes GMACM Home Equity Loan-Backed Variable Funding Notes,
Series 2000-HE4. The variable funding notes are not offered.
Certificates GMACM Home Equity Loan-Backed Certificates, Series 2000-HE4. The
certificates are not offered.
Depositor Residential Asset Mortgage Products, Inc.
Seller and Servicer GMAC Mortgage Corporation, 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 most of the subsequent mortgage
loans. The remainder of the initial mortgage loans and some of the
subsequent 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 servicing agreement to be dated as of the closing date, among the
servicer, the issuer and the indenture trustee.
Owner Trustee Wilmington Trust Company.
Indenture Trustee Wells Fargo Bank Minnesota, National Association.
Cut-Off Date November 1, 2000.
Closing Date On or about November [29], 2000.
Payment Date The 25th day of each month (or, if that day is not a Business Day,
the next Business Day), beginning on December 26, 2000.
Scheduled Final Payment Date [November 25,2030]
Form of securities The notes will initially be issued in book-entry form.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 3
<PAGE>
Minimum denominations $250,000 and integral multiples of $1,000 in excess of
that amount.
The Enhancer [MBIA Insurance Corporation].
Mortgage Pool.................Unless indicated otherwise, the statistical
information presented in these computational materials is approximate and
reflects the initial pool of mortgage loans as of the cut-off date. The
aggregate outstanding principal balance of the initial mortgage loans as of
the cut-off date is $[249,054,805] and will consist of home equity
revolving credit line loans and home equity loans.
Home Equity Revolving Credit Line Loans (HELOCs):
o.....The HELOCs to be sold to the issuer will be adjustable rate
home equity revolving credit line loans evidenced by the
related credit line agreements and secured by the related
mortgages or deeds of trust on residential properties.
o.....No more than approximately [94.87]% of the HELOCs (by
aggregate principal balance as of the cut-off date) are
secured by second or more junior mortgages or deeds of trust
and the rest are secured by first mortgages or deeds of
trust.
The unpaid principal balance of a HELOC on any day will be equal to:
o its cut-off date balance,
o.....plus any additional balances relating to that HELOC sold to
the issuer before that day,
o.....minus all collections credited against its principal
balance in accordance with the related HELOC since the
cut-off date or, if applicable, subsequent cut-off date. The
principal balance of a liquidated HELOC after the final
recovery of related liquidation proceeds will be zero.
Home Equity Loans (HELs):
o.....The HELs to be sold to the issuer will be fixed rate
closed-end home equity loans evidenced by promissory notes
and secured by mortgages or deeds of trust on the related
residential properties.
o.....No more than approximately [95.27]% of the initial HELs (by
aggregate principal balance as of the cut-off date) are
secured by second or more junior mortgages or deeds of trust
and the remainder are secured by first mortgages or deeds of
trust.
o.....The initial HELs provide for substantially equal payments
in an amount sufficient to amortize the HELs over their
terms.
Loan Rate.....................The loan rate of each mortgage loan
is the per annum interest rate required to be paid by the
mortgagor under the terms of the related mortgage note or
credit line agreement.
Interest on each HELOC is computed daily and payable monthly
on the average daily outstanding principal balance of that
HELOC. After any initial teaser period, during which the
loan rate may be fixed or set at a discounted variable rate
for a period of from three to six months, the loan rate on
each HELOC will be adjusted on each adjustment date to a
rate equal to the sum of an index and a fixed percentage
specified in the related credit line agreement, and is
generally subject to a maximum loan rate over the life of
the HELOC
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 4
<PAGE>
specified in the related credit line agreement. The loan
rate on each HEL is fixed as of the date of its origination.
As of the cut-off date, the weighted average loan rate for
the HELOCs, is approximately [8.554]% and for the HELs is
approximately [10.933]%.
Mortgage Loan Groups..........The mortgage loans sold and transferred to the
issuer as of the closing date will be divided into the following two loan
groups:
The first loan group will include HELOCs that have
an aggregate outstanding principal balance as of
the cut-off date of $[147,390,593.21] and HELs
that have an aggregate outstanding principal
balance as of the cut-off date of
$[57,191,784.07]. As to each HELOC and HEL in the
first loan group secured by a first lien on the
related property, the credit limit and/or original
principal balance was generally no more than
$252,700 for single-family properties and $323,400
for two-family properties. As to each loan in the
first loan group secured by a second lien on the
related property, (1) the credit limit or original
principal balance was generally no more than
$126,350 for single-family properties and $161,700
for two-family properties, and (2) if the related
senior lien loan was owned by Fannie Mae at the
time the second lien loan was originated, the sum
of the credit limit or original principal balance
of the second lien loan and the outstanding
principal balance of the related senior lien loan
was generally no more than $252,700 for
single-family properties and $323,400 for
two-family properties.
The second loan group will include HELOCs that
have an aggregate outstanding principal balance as
of the cut-off date of $[39,360,462.76] and HELs
that have an aggregate outstanding balance as of
the cut-off date of $[5,111,965.29]. The second
loan group will include mortgage loans that do not
meet the restrictions applicable to the first loan
group.
Payments on the Class A-1 and Class A-2 term notes
will be based primarily on amounts collected or
received in respect of the mortgage loans in the
first and second loan groups, respectively. The
variable funding notes generally will be entitled
to receive a portion of the collections on the
mortgage loans in the first or second loan group
depending on the loan group into which the
additional balances backing those variable funding
notes are added.
Except for the application of any funds on deposit
in the reserve account, collections or amounts
received in respect of a loan group will not
support or be available for payment to the holders
of term notes or variable funding notes backed by
the mortgage loans in any other loan group.
Pre-Funding Account...........On the closing date, approximately $[82,945,195]
will be deposited into an account designated the "Pre-Funding Account".
Approximately $[68,133,623] will be allocated to purchasing HELOCs and HELs
in the first loan group and approximately $[14,811,572] will be allocated
to purchasing HELOCs and HELs in the second loan group. This amount will
come from the proceeds of the sale of the Term Notes. During the
Pre-Funding Period, funds on deposit in the Pre-Funding Account will be
used by the issuer to buy mortgage loans from the seller from time to time.
The Pre-Funding Period will be the period from the closing date to the
earliest of:
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 5
<PAGE>
o the date on which the amount on deposit in the Pre-Funding Account is less
than $50,000;
o [February 27, 2001]; or
o the occurrence of a rapid amortization event.
The mortgage loans sold to the trust after the
closing date, as well as all initial mortgage
loans, will conform to certain specified
characteristics.
Any amounts remaining in the pre-funding account
at the end of the pre-funding period in excess of
$50,000 will be distributed as principal on the
related term notes on the following payment date.
Any remaining amounts in the pre-funding account
after the distribution of principal will be
deposited into the funding account.
Capitalized Interest Account..On the Closing Date, part of the
proceeds of the sale of the Term Notes will be
deposited into an account designated the
"Capitalized Interest Account", which will be held
by the indenture trustee. 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
notes 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 the seller.
In addition, the indenture trustee will transfer
from the Capitalized Interest Account to the Note
Payment Account, on the first payment date, one
month's interest on the mortgage loans for which
the first monthly payment is due after the
Collection Period for that payment date.
Funding Account...............An account designated the
"Funding Account" will be set up with the
indenture trustee on the Closing Date. On each
payment date during the revolving period for each
class of Term Notes, the indenture trustee will
deposit principal and excess spread collections
for the related collection period into the funding
account, and will apply them first to buy
additional balances arising under home equity
revolving credit line loans with respect to the
Class A-1 and Class A-2 Term Notes in the trust
and thereafter to buy more mortgage loans, to the
extent they are available. If not all principal
collections in the Funding Account have been
applied to buy additional balances and mortgage
loans at the end of the revolving period for the
Term Notes, the amount left in the Funding Account
will be paid to respective noteholders as a
payment of principal. During the revolving period,
we expect that mortgage loans bought with amounts
in the Funding Account will primarily be home
equity revolving credit line loans.
Interest Payments Interest payments on each class of the
Term Notes will be made monthly on each payment
date, beginning in December 2000, at the note
rates described below for the related interest
period, subject to the limitations set forth
below, which may result in interest shortfalls, as
described below.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 6
<PAGE>
The note rate for the Class A-1 Term Notes and
each interest period will be a floating rate equal
to the least of:
1)....LIBOR plus a margin of [____]% per annum;
2) the weighted average net loan rate of the mortgage loans in the related
loan group; and
3) [14.00]% per annum.
- The margin on the Class A-1 Term Notes will double for each interest period
beginning after the payment date on which the clean-up call may first be
exercised
- Beginning on the 13th payment date, 0.50% will be subtracted from the
calculation of the rate in clause 2) above.
- On any payment date for which the note rate has been determined by clause
(2) above, the interest shortfall, if any, will be determined and will be
payable on later payment dates, to the extent funds are available for that
purpose from the related loan group. These interest shortfalls will not be
covered by the financial guaranty insurance policy and may remain unpaid on
the final payment date for that class of notes.
The note rate for the Class A-2 Term Notes and each interest period will be
a floating rate equal to the least of:
1)....LIBOR plus a margin of [____]% per annum;
2) the weighted average net loan rate of the mortgage loans in the related
loan group; and
3) [14.00]% per annum.
- The margin on the Class A-2 Term Notes will double each interest period
beginning after the payment date on which the clean-up call may first be
exercised
- Beginning on the 13th payment date, 0.50% will be subtracted from the
calculation of the rate in clause 2) above.
- On any payment date for which the note rate has been determined by clause
(2) above, the interest shortfall, if any, will be determined and will be
payable on later payment dates, to the extent funds are available for that
purpose from the related loan group. These interest shortfalls will not be
covered by the financial guaranty insurance policy and may remain unpaid on
the final payment date for that class of notes.
However, on any payment date for which the Class A-1 or Class A-2 Term Note
rate has been determined by the applicable Net Loan Rate, the interest shortfall
will be determined. Interest shortfalls and interest on the shortfalls at the
Class A-1 and Class A-2 Term Note rate (as adjusted from time to time) will be
paid on later payment dates, to the extent funds are available for that purpose.
Interest shortfalls will not be covered by the financial guaranty insurance
policy and may remain unpaid on the final payment date for the Class A-1 and
Class A-2 Term Notes. Interest on the Class A-1 and Class A-2 Term Notes for
each payment date will accrue from the preceding payment date (or, in the case
of the first payment date, from the Closing Date) through the day before that
payment date, on the basis of the actual number of days in that interest period
and a 360-day year.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 7
<PAGE>
All interest payments on each class of notes for
any payment date will be allocated to the term
notes and the variable funding notes pro rata
based on their respective interest accruals from
collections with respect to the related loan
group. The interest rate on the variable funding
notes for any payment date will not significantly
exceed the note rates on the term notes for the
related interest period.
Principal Payments............With respect to any payment
date during each revolving period, except with
respect to distributions of amounts on deposit in
the pre-funding account at the end of the
pre-funding period in excess of $50,000.00, no
principal will be paid on the related class of
term notes or variable funding notes, and all
principal collections and excess spread will be
deposited into the funding account and used to
purchase additional balances relating to home
equity revolving credit line loans and to purchase
additional mortgage loans. On each payment date
during the managed amortization period for the
term notes, the aggregate amount payable as
principal of each class of term notes and variable
funding notes will be equal to principal
collections for the related loan group for that
payment date that are not used to purchase
additional balances. On each payment date during
the rapid amortization period for each class of
term notes, the aggregate amount payable as
principal for each class of notes and variable
funding notes will be equal to the principal
collections for the related loan group for that
payment date. In addition, on each payment date
after the end of the revolving period for each
class of term notes, to the extent of funds
available for that purpose, holders of each class
of term notes and the holders of the variable
funding notes will be entitled to get certain
additional amounts in reduction of their note
balance, generally equal to liquidation loss
amounts.
All principal payments due on the term notes and
the variable funding notes will be allocated among
those classes of notes based on the principal
collections in the related loan groups until their
outstanding principal balances are paid in full.
In no event will principal payments on any class
of notes on a payment date exceed the related
principal balance of such class of notes on that
payment date. On the final payment date, principal
will be due and payable on the notes in an amount
equal to the related principal balance remaining
outstanding on that payment date.
As to each class of term notes, the revolving
period will be the period beginning on the closing
date and ending on the earlier of [May 31, 2002]
and the occurrence of a managed amortization event
or certain rapid amortization events; the managed
amortization period will be the period beginning
on the first payment date following the end of the
related revolving period and ending on the earlier
of [May 31, 2006] and the occurrence of certain
rapid amortization events; and the rapid
amortization period will be the period beginning
on the earlier of the first payment date following
the end of the managed amortization period and the
occurrence of certain rapid amortization events,
and ending upon the termination of the issuer. A
managed amortization event will be deemed to occur
on any date on which the amount on deposit in the
funding account equals or exceeds $10,000,000.
Reserve Account...............An account designated the
"reserve account" will be set up with the
indenture trustee on the closing date. On each
payment date, if the aggregate
overcollateralization amount for both loan groups
is less than the aggregate overcollateralization
target amount for both loan groups, the amount of
any remaining excess spread for each loan group
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 8
<PAGE>
will be deposited in the reserve account to be
applied to cover any unpaid current interest with
respect to the term notes backed by any loan group
and any liquidation losses for each loan group not
otherwise covered by principal and interest
collections from such loan group. At the time, if
any, that the aggregate overcollateralization
amount for both loan groups equals or exceeds the
aggregate overcollateralization target amount for
both loan groups, any funds on deposit in the
reserve account will no longer be applied to cover
unpaid current interest or liquidation losses.
Allocation of Payments on the
Mortgage Loans................All collections on the
mortgage loans will generally be allocated by the
servicer according to the terms of the related
home equity credit line agreements or mortgage
notes between amounts collected in respect of
interest and principal.
o With respect to each payment date, the portion
of interest collections for each loan group
available to be applied towards the payment of
interest on the related class of Notes will
equal interest collections for such loan group
for such payment date.
o The portion of principal collections for each
loan group available to be applied towards the
payment of principal on the related class of
notes will equal:
o at any time during the Revolving Periods, zero, except
for amounts on deposit in the pre-funding account at
the end of the pre-funding period in excess of
$50,000.00;
o at any time during the Managed Amortization Period, net
principal collections for such loan group for such
payment date; and
o at any time during the Rapid Amortization Periods,
principal collections for such loan group for such
payment date.
During the revolving period for each class of term
notes, principal collections and excess spread for
the related loan group will be applied by the
trust to buy mortgage loans and additional
balances for that loan group, to the extent
mortgage loans and additional balances are
available. During the period from the closing date
to the beginning of the rapid amortization period,
principal collections will also be applied to
purchase additional balances for the related loan
group, to the extent additional balances are
available. Principal collections will no longer be
applied to acquire mortgage loans after the end of
the revolving period and will no longer be applied
to buy additional balances during the rapid
amortization period.
Credit Enhancement............The credit enhancement provided for the benefit of
the noteholders will consist of:
o excess spread;
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 9
<PAGE>
o overcollateralization and limited cross-collateralization; and
o the financial guaranty insurance policy.
Optional Redemption...........A principal payment may be made to redeem the
notes upon the exercise by the servicer of its option to purchase the
mortgage loans in the trust fund 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 sum of:
o 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;
o an amount equal to any interest shortfalls plus accrued and unpaid interest
on these interest shortfalls; and
o all amounts due and owing the enhancer.
ERISA Considerations..........The Term Notes may be eligible for purchase by
certain ERISA Plans.
Certain Federal Income Tax Considerations............For federal income tax
purposes, the Term Notes will be characterized as indebtedness of the
issuer.
LegalInvestment The Term Notes will not constitute "mortgage related
securities" for purposes of the Secondary Mortgage Market Enhancement Act
of 1984, as amended.
Ratings It is a condition to the issuance of the Term Notes that they be rated
at least "Aaa" by Moody's Investors Service, Inc., "AAA" by Standard &
Poor's, a division of The McGraw-Hill Companies, Inc. and "AAA" by Fitch,
Inc.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 10
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
COLLATERAL SUMMARY
Initial Group I - (HELOCs)
Cut-Off Date 11/1/00
Total Outstanding Balance: $147,390,593.21
Number of Loans: 6,943
Average Remaining Balance: $21,228.66 (range: $1,000.00 -
$249,922.00)
WA Loan Rate: 8.579% (range: 5.990% -
14.490%)
WA Fully Indexed Gross 1.455%
Margin:
WA Maximum Loan Rate: 18.140%
Index: 100.00% Prime Rate
Original Weighted Average 201 months
Term:
Remaining Weighted Average 197 months
Term:
Lien Position: 5.86% first, 94.14% second
WA CLTV Ratio: 76.56% (range: 2.10% - 105.57%)
WA Junior Ratio: 24.02%
WA Credit Utilization Rate: 77.43%
WA FICO Score: 715
WA DTI Ratio: 37.63%
Documentation: 81.21% full documentation
8.54% limited documentation,
6.24% no documentation,
2.02% NIV,
1.36% stated,
0.36% streamline,
0.28% alternative.
Property Type: 88.64% single family,
6.43% condo,
3.99% PUD,
0.93% 2-4 family,
0.02% manufactured housing.
Owner Occupancy: 98.16% owner occupied
Geographic Distribution: CA (26.89%),
all states >= 5.00%) MI (15.65%),
NJ (5.07%).
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 11
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Initial Group I HELOC Characteristics- Conforming Loans
Set forth below is a description of certain characteristics of the Initial
Group I HELOCs as of the Cut-Off Date. Unless otherwise specified, all principal
balances of the Initial Group I HELOCs 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).
Property Type
------------------------------ ---------------
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Property Type Initial Balance Cut-Off Date
Group I HELOCs Balance
Single Famliy 6,178 $130,642,178.89 88.64%
Condominium 432 9,476,324.11 6.43
PUD 262 5,877,288.60 3.99
2-4 Family 69 1,365,309.61 0.93
Manufactured Housing 2 29,492.00 0.02
- --------- ----
Total 6,943 $147,390,593.21 100.00%
Occupancy Types
------------------------------ --------------
Percent of
Initial Group
Occupancy Number of Cut-Off Date I HELOCs by
(as indicated by Borrower) Initial Balance Cut-Off Date
Group I HELOCs Balance
Owner Occupied 6,843 $144,685,162.64 98.16%
Non-Owner Occupied 100 2,705,430.57 1.84
--- ------------ ----
Total 6,943 $147,390,593.21 100.00%
------------------------------------------------------------------------------
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
------------------------------------------------------------------------------
BEAR STEARNS Page 12
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Principal Balances
Percent of
Initial Group I
Number of Cut-Off Date HELOCs by
Range of Principal Balances Initial Balance Cut-Off Date
($) Group I HELOCs Balance
$0.00 to $25,000.00 5,112 $62,528,147.98 4.64%
$25,000.01 to $50,000.00 1,324 47,058,032.34 31.93
$50,000.01 to $75,000.00 318 19,814,731.50 13.44
$75,000.01 to $100,000.00 158 13,778,669.59 9.35
$100,000.01 to $125,000.00 19 2,145,304.55 1.46
$125,000.01 to $150,000.00 6 835,243.86 0.57
$150,000.01 to $175,000.00 1 173,109.45 0.12
$175,000.01 to $200,000.00 2 360,000.00 0.24
$200,000.01 + 3 697,353.94 0.47
- ---------- ----
Total 6,943 $147,390,593.21 100.00%
The average principal balance of the Initial Group I HELOCs as of the Cut-Off
Date is approximately $21,228.66
<PAGE>
Combined Loan-to-Value Ratios
---------------------- ---------------
Percent of
Initial Group
Range of Combined Number of Cut-Off Date I HELOCs by
Loan-to-Value Initial Balance Cut-Off Date
Ratios(%) Group I HELOCs Balance
0.01% to 40.00% 334 $6,842,185.68 4.64%
40.01% to 50.00% 262 5,950,060.52 4.04
50.01% to 60.00% 405 8,280,187.90 5.62
60.01% to 70.00% 696 14,547,296.22 9.87
70.01% to 80.00% 2,384 51,454,133.21 34.91
80.01% to 90.00% 2,204 43,713,842.37 29.66
90.01% to 100.00% 657 16,543,549.88 11.22
100.01% + 1 59,337.43 0.04
- --------- ----
Total 6,943 $147,390,593.21 100.00%
The minimum and maximum combined loan-to-value ratios of the Initial Group I
HELOCs as of the Cut-Off Date are approximately 2.10% and 105.57%, respectively,
and the weighted average combined loan-to-value ratio of the Initial Group I
HELOCs as of the Cut-Off Date is approximately 76.56%.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 13
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Geographical Distributions
Percent of
Initial Group
Number of ` Cut-Off Date I HELOCs by
Location Initial Balance Cut-Off Date
Group I HELOCs Balance
California 1,507 $39,630,924.48 26.89%
Michigan 1,187 23,069,982.76 15.65
New Jersey 308 7,471,551.75 5.07
Massachusetts 306 6,648,611.81 4.51
Florida 296 6,087,041.17 4.13
New York 213 5,518,680.73 3.74
Illinois 211 4,229,333.99 2.87
Connecticut 195 4,005,157.28 2.72
Pennsylvania 227 3,934,179.46 2.67
Colorado 172 3,910,804.10 2.65
Washington 174 3,574,133.51 2.42
Other 2,147 39,310,192.17 26.67
----- ------------- -----
Total 6,943 $147,390,593.21 100.00%
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.
Junior Ratios(1)(2)
----------------------- --------------
Percent of
Initial Group I
Number of Cut-Off Date HELOCs by
Range of Junior Ratios Initial Balance Cut-Off Date
(%) Group I HELOCs Balance
0.001% to 10.000% 635 $8,047,439.41 5.80%
10.001% to 20.000% 3,116 59,225,768.18 42.68
20.001% to 30.000% 1,546 36,919,204.19 26.61
30.001% to 40.000% 775 19,135,912.28 13.79
40.001% to 50.000% 332 7,597,168.96 5.48
50.001% to 60.000% 162 4,263,360.48 3.07
60.001% to 70.000% 91 1,821,932.12 1.31
70.001% to 80.000% 33 786,861.19 0.57
80.001% to 90.000% 21 507,331.65 0.37
90.001% to 100.000% 19 454,147.96 0.33
-- ---------- ----
Total 6,730 $138,759,126.42 100.00%
(1) The junior ratio of a HELOC is the ratio (expressed as a percentage) of the
credit limit of such HELOC to the sum of such credit limit and the outstanding
balance of any senior mortgage computed as of the date such HELOC is
underwritten.
(2) The weighted average junior ratio of the Initial Group I HELOCs as of the
Cut-Off Date is approximately 24.02%.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 14
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Loan Rates
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Range of Loan Rates(%) Initial Balance Cut-Off Date
Group I HELOCs Balance
5.000% to 5.999% 314 $7,538,097.66 5.11%
6.000% to 6.999% 1,794 46,305,169.17 31.42
8.000% to 8.999% 2,535 53,832,995.71 36.52
9.000% to 9.999% 93 2,174,478.53 1.48
10.000% to 10.999% 1,211 21,913,596.17 14.87
11.000% to 11.999% 530 7,043,400.19 4.78
12.000% to 12.999% 156 2,645,207.97 1.79
13.000% to 13.999% 225 4,360,833.54 2.96
14.000% to 14.999% 85 1,576,814.27 1.07
-- ------------ ----
Total 6,943 $147,390,593.21 100.00%
The weighted average loan rate of the Initial Group I HELOCs as of the Cut-Off
Date is approximately 8.579%.
Fully Indexed Gross Margin
---------------------------- ---------------
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Range of Fully Indexed Initial Balance Cut-Off Date
Gross Margins(%) Group I HELOCs Balance
Less 0.000%
Than 2 $51,381.23 0.03%
0.000% to 0.999% 2,885 60,374,657.54 40.96
1.000% to 1.999% 2,332 48,356,374.86 32.81
2.000% to 2.999% 967 22,086,166.27 14.98
3.000% to 3.999% 339 7,252,927.64 4.92
4.000% to 4.999% 406 9,088,894.81 6.17
5.000% to 5.999% 12 180,190.86 0.12
-- ---------- ----
Total 6,943 $147,390,593.21 100.00%
The weighted average fully indexed gross margin of the Initial Group I HELOCs as
of the Cut-Off Date is approximately 1.455% per annum.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 15
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Credit Utilization Rates
-------------------------- ---------------
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Range of Credit Initial Balance Cut-Off Date
Utilization Rates (%) Group I HELOCs Balance
0.001% to 10.000% 450 $1,459,073.79 0.99%
10.001% to 20.000% 588 3,987,401.32 2.71
20.001% to 30.000% 594 6,493,651.87 4.41
30.001% to 40.000% 508 6,948,070.57 4.71
40.001% to 50.000% 497 8,353,258.01 5.67
50.001% to 60.000% 466 10,020,949.19 6.80
60.001% to 70.000% 449 10,258,323.73 6.96
70.001% to 80.000% 626 14,260,297.15 9.68
80.001% to 90.000% 442 12,642,058.83 8.58
90.001% to 100.000% 2,312 72,552,662.25 49.22
100.001% + 11 414,846.50 0.28
-- ---------- ----
Total 6,943 $147,390,593.21 100.00%
The weighted average credit utilization rate based on the Cut-Off Date credit
limit of the Initial Group I HELOCs as of the Cut-Off Date is approximately
77.43%.
Credit Limits
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Range of Credit Limits ($) Initial Balance Cut-Off Date
Group I HELOCs Balance
$0.00 to $25,000.00 3,134 $38,063,413.49 25.82%
$25,000.01 to $50,000.00 2,537 55,262,589.00 37.49
$50,000.01 to $75,000.00 594 20,991,255.23 14.24
$75,000.01 to $100,000.00 589 26,077,350.57 17.69
$100,000.01 to $125,000.00 41 3,162,445.52 2.15
$125,000.01 to $150,000.00 26 1,833,531.51 1.24
$150,000.01 to $175,000.00 5 185,870.46 0.13
$175,000.01 to $200,000.00 8 663,777.08 0.45
$200,000.01 to $225,000.00 1 222,000.00 0.15
$225,000.01 to $250,000.00 8 928,360.35 0.63
- ---------- ----
Total 6,943 $147,390,593.21 100.00%
The average of the credit limits of the Initial Group I HELOCs as of the Cut-Off
Date is approximately $36,978.64.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 16
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Maximum Loan Rates
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Maximum Loan Rates (%) Initial Balance Cut-Off Date
Group I HELOCs Balance
15.000% to 15.999% 10 $99,590.61 0.07%
16.000% to 16.999% 29 426,350.70 0.29
17.000% to 17.999% 80 1,049,809.83 0.71
18.000% to 18.999% 6,710 144,623,163.53 98.12
19.000% to 19.999% 114 1,191,678.54 0.81
--- ------------ ----
Total 6,943 $147,390,593.21 100.00%
The weighted average maximum loan rate of the Initial Group I HELOCs as of the
Cut-Off Date is approximately 18.140%.
Months Remaining to Scheduled Maturity
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Range of Months Initial Balance Cut-Off Date
Group I HELOCs Balance
0 to 60 6 $167,393.38 0.11%
61 to 120 3,660 72,455,852.95 49.16
121 to 180 527 12,287,493.37 8.34
181 to 240 1 35,000.00 0.02
241 to 300 2,749 62,444,853.51 42.37
----- ------------- -----
Total 6,943 $147,390,593.21 100.00%
The weighted average months remaining to scheduled maturity of the Initial Group
I HELOCs as of the Cut-Off Date is approximately 197 months.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 17
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Origination Year
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Origination Initial Balance Cut-Off Date
Year Group I HELOCs Balance
1990 2 $85,572.40 0.06%
1992 1 3,000.00 0.00
1993 3 109,000.00 0.07
1994 1 62,695.47 0.04
1995 4 34,536.54 0.02
1996 1 4,000.00 0.00
1997 17 230,629.15 0.16
1998 151 1,787,793.72 1.21
1999 467 6,025,135.97 4.09
2000 6,296 139,048,229.96 94.34
----- -------------- -----
Total 6,943 $147,390,593.21 100.00%
Lien Priority
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Lien Initial Balance Cut-Off Date
Position Group I HELOCs Balance
First 213 $8,631,466.79 5.86%
Second 6,730 138,759,126.42 94.14
----- -------------- -----
Total 6,943 $147,390,593.21 100.00%
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 18
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Debt-to-Income Ratios
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Range of Debt-to-Income Initial Balance Cut-Off Date
Ratios (%) Group I Balance
HELOCs
0.000% to10.000% 44 $1,156,730.90 0.78%
10.001% to20.000% 398 6,967,246.69 4.73
20.001% to30.000% 1,447 27,376,765.99 18.57
30.001% to40.000% 2,277 46,239,383.00 31.37
40.001% to50.000% 2,347 55,095,693.25 37.38
50.001% to60.000% 381 9,510,615.12 6.45
60.001% + 49 1,044,158.26 0.71
-- ------------ ----
Total 6,943 $147,390,593.21 100.00%
The weighted average debt-to-income ratio of the Initial Group I HELOCs as of
the Cut-Off Date is approximately 37.63% per annum.
Teaser Expiration Month
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Teaser Expiration Initial Balance Cut-Off Date
Month Group I HELOCs Balance
None 2,295 $39,632,254.82 26.89%
November
2000 1,223 29,238,004.87 19.84
December
2000 822 19,554,487.49 13.27
January 2001 823 20,649,440.61 14.01
February
2001 715 14,821,063.11 10.06
March 2001 583 11,723,186.70 7.95
April 2001 481 11,755,277.16 7.98
May 2001 1 16,878.45 0.01
- --------- ----
Total 6,943 $147,390,593.21 100.00%
Documentation Type
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Documentation Initial Balance Cut-Off Date
Group I HELOCs Balance
Full Documentation 5,458 $119,691,550.26 81.21%
Limited Documentation 688 12,580,980.79 8.54
No Documentation 551 9,193,409.52 6.24
NIV 125 2,979,425.05 2.02
Stated 76 1,999,753.18 1.36
Streamline 18 534,355.67 0.36
Alternative 27 411,118.74 0.28
-- ---------- ----
Total 6,943 $147,390,593.21 100.00%
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page19
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Loan Purpose
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Loan Purpose Initial Balance Cut-Off Date
Group I HELOCs Balance
Other 5,602 $120,687,812.12 81.88%
Home Improvement 910 17,688,216.32 12.00
Debt Consolidation 410 8,730,319.39 5.92
Education 21 284,245.38 0.19
-- ---------- ----
Total 6,943 $147,390,593.21 100.00%
<PAGE>
Credit Scores as of the Date of Origination of the Home Equity Loans
-------------------------- ------------
Percent of
Initial Group
Number of Cut-Off Date I HELOCs by
Range of Credit Scores Initial Balance Cut-Off Date
Group I Balance
HELOCs
520 to539 1 10,964.70 0.01
540 to559 4 40,098.49 0.03
560 to579 6 50,427.55 0.03
580 to599 5 41,377.67 0.03
600 to619 49 1,076,352.50 0.73
620 to639 351 7,498,777.03 5.09
640 to659 536 11,649,285.58 7.90
660 to679 564 13,111,713.20 8.90
680 to699 946 22,951,573.67 15.57
700 to719 953 21,021,876.17 14.26
720 to739 956 21,130,054.48 14.34
740 to759 990 19,371,403.39 13.14
760 to779 944 17,970,843.02 12.19
780 to799 509 9,099,905.69 6.17
800 to819 106 1,877,806.53 1.27
820 to839 2 64,470.00 0.04
860 to879 1 19,890.88 0.01
N/A 20 403,772.66 0.27
-- ---------- ----
Total 6,943 $147,390,593.21 100.00%
Of the Initial Group I HELOCs with available credit scores, the weighted average
credit score of the Initial Group I HELOCs as of the Cut-Off Date is
approximately 715.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 20
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
COLLATERAL SUMMARY
Initial Group II - (HELOCs)
Cut-Off Date 11/1/00
Total Outstanding Balance: $39,360,462.76
Number of Loans: 783
Average Remaining Balance: $50,268.79 (range: $1,391.54 -
$891,121.88)
WA Loan Rate: 8.461% (range: 5.990% -
14.490%)
WA Fully Indexed Gross 1.183%
Margin:
WA Maximum Loan Rate: 18.168%
Index: 100.00% Prime Rate
Original Weighted Average 183 months
Term:
Remaining Weighted Average 179 months
Term:
Lien Position: 2.39% first, 97.61% second
WA CLTV Ratio: 76.51% (range: 23.50% - 100.00%)
WA Junior Ratio: 34.88%
WA Credit Utilization Rate: 76.20%
WA FICO Score: 719
WA DTI Ratio: 38.20%
Documentation: 81.07% full documentation
15.02% limited documentation,
2.35% NIV, 1.02% no documentation, 0.32%
alternative, 0.15% streamline, 0.06% stated.
Property Type: 90.52% single family,
5.65% PUD,
3.45% condo,
0.38% 2-4 family.
Owner Occupancy: 95.48% owner occupied
Geographic Distribution: CA (32.13%),
all states >= 5.00%) MI (21.13%),
NJ (6.45%).
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 21
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Initial Group II HELOC Characteristics - Non-Conforming Loans
Set forth below is a description of certain characteristics of the Initial
Group II HELOCs as of the Cut-Off Date. Unless otherwise specified, all
principal balances of the Initial Group II HELOCs 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).
Property Type
------------------------------ --------------- Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Property Type Initial Balance Balance
Group II HELOCs
Single Family 693 $35,629,245.93 90.52%
PUD 52 2,223,894.36 5.65
Condo 36 1,358,649.47 3.45
2-4 Family 2 148,673.00 0.38
- ---------- ----
Total 783 $39,360,462.76 100.00%
Occupancy Types
------------------------------ -------------- Percent of
Initial Group
II HELOCs by
Occupancy Number of Cut-Off Date Cut-Off Date
(as indicated by Borrower) Initial Balance Balance
Group II
HELOCs
Owner Occupied 764 $37,581,736.93 95.48%
Second Home 19 1,778,725.83 4.52
-- ------------ ----
Total 783 $39,360,462.76 100.00%
------------------------------------------------------------------------------
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
------------------------------------------------------------------------------
BEAR STEARNS Page 22
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
<PAGE>
Principal Balances
------------------------------ -------------- Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Range of Principal Balances Initial Balance Balance
($) Group II
HELOCs
$1 to $25,000 261 $3,323,762.18 8.44%
$25,001 to $50,000 256 9,614,223.19 24.43
$50,001 to $75,000 123 7,639,672.40 19.41
$75,001 to $100,000 58 5,072,675.81 12.89
$100,001 to $125,000 26 2,967,066.63 7.54
$125,001 to $150,000 38 5,386,553.17 13.69
$150,001 to $175,000 4 654,630.79 1.66
$175,001 to $200,000 5 987,488.14 2.51
$200,001 + 12 3,714,390.45 9.44%
-- ------------ -----
Total 783 $39,360,462.76 100.00%
The average principal balance of the Initial Group II HELOCs as of the Cut-Off
Date is approximately $50,268.79.
<PAGE>
Combined Loan-to-Value Ratios
---------------------- --------------- Percent of
Initial Group
II HELOCs by
Range of Combined Number of Cut-Off Date Cut-Off Date
Loan-to-Value Initial Balance Balance
Ratios(%) Group II HELOCs
0.01% to 40.00% 12 $1,248,165.31 3.17%
40.01% to 50.00% 14 1,039,130.15 2.64
50.01% to 60.00% 33 3,005,989.66 7.64
60.01% to 70.00% 79 4,076,578.80 10.36
70.01% to 80.00% 336 16,846,197.09 42.80
80.01% to 90.00% 246 10,327,768.78 26.24
90.01% to 100.00% 63 2,816,632.97 7.16
-- ------------ ----
Total 783 $39,360,462.76 100.00%
The minimum and maximum combined loan-to-value ratios of the Initial Group II
HELOCs as of the Cut-Off Date are approximately 23.50% and 100.00%,
respectively, and the weighted average combined loan-to-value ratio of the
Initial Group II HELOCs as of the Cut-Off Date is approximately 76.51%.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 23
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Geographical Distributions
Percent of
Initial Group
Number of Cut-Off Date II
Location Initial Balance HELOCs by
Group II HELOCs Cut-Off Date
Balance
California 229 $12,647,347.41 32.13%
Michigan 194 8,316,740.19 21.13
New Jersey 52 2,536,869.64 6.45
Connecticut 28 1,659,395.37 4.22
Florida 15 1,629,805.66 4.14
New York 30 1,543,953.42 3.92
Washington 23 1,463,401.89 3.72
Colorado 21 1,212,983.62 3.08
Massachusetts 26 983,077.63 2.50
Illinois 15 818,149.29 2.08
Other 150 6,548,738.64 16.64
--- ------------ -----
Total 783 $39,360,462.76 100.00%
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.
Junior Ratios(1)(2)
Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Range of Junior Initial Balance Balance
Ratios (%) Group II HELOCs
0.001% to 10.000% 40 $589,156.42 1.53%
10.001% to 20.000% 257 7,930,320.24 20.64
20.001% to 30.000% 191 10,805,463.93 28.13
30.001% to 40.000% 128 7,939,753.76 20.67
40.001% to 50.000% 50 3,742,258.41 9.74
50.001% to 60.000% 42 3,183,181.10 8.29
60.001% to 70.000% 25 966,633.90 2.52
70.001% to 80.000% 31 2,410,092.07 6.27
80.001% to 90.000% 8 479,631.35 1.25
90.001% to 100.000% 9 372,849.70 0.97
- ---------- ----
Total 781 38,419,340.88 100.00%
(1) The junior ratio of a HELOC is the ratio (expressed as a percentage) of the
credit limit of such HELOC to the sum of such credit limit and the outstanding
balance of any senior mortgage computed as of the date such HELOC is
underwritten.
(2) The weighted average junior ratio of the Initial Group II HELOCs as of the
Cut-Off Date is approximately 34.88%.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 24
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Loan Rates
Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Range of Loan Rates(%) Initial Balance Balance
Group II HELOCs
5.000% to 5.999% 55 $3,892,472.39 9.89%
6.000% to 6.999% 138 9,036,315.62 22.96
8.000% to 8.999% 380 17,548,480.68 44.58
9.000% to 9.999% 21 1,035,854.29 2.63
10.000% to 10.999% 97 4,595,758.52 11.68
11.000% to 11.999% 41 968,374.16 2.46
12.000% to 12.999% 19 917,035.21 2.33
13.000% to 13.999% 26 1,202,292.70 3.05
14.000% to 14.999% 6 163,879.19 0.42
- ---------- ----
Total 783 $39,360,462.76 100.00%
The weighted average loan rate of the Initial Group II HELOCs as of the Cut-Off
Date is approximately 8.461%.
Fully Indexed Gross Margin
---------------------------- --------------- Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Range of Fully Indexed Initial Balance Balance
Gross Margins(%) Group II HELOCs
Less 0.000%
Than 1 $36,633.21 0.09%
0.000% to 0.999% 345 19,736,734.13 50.14
1.000% to 1.999% 264 12,017,624.86 30.53
2.000% to 2.999% 112 4,845,170.27 12.31
3.000% to 3.999% 30 1,402,519.13 3.56
4.000% to 4.999% 31 1,321,781.16 3.36
-- ------------ ----
Total 783 $39,360,462.76 100.00%
The weighted average fully indexed gross margin of the Initial Group II HELOCs
as of the Cut-Off Date is approximately 1.183% per annum.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 25
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Credit Utilization Rates
-------------------------- --------------- Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Range of Credit Initial Balance Balance
Utilization Rates (%) Group II HELOCs
0.001% to 10.000% 85 $683,776.40 1.74%
10.001% to 20.000% 77 1,465,923.86 3.72
20.001% to 30.000% 70 1,753,248.30 4.45
30.001% to 40.000% 56 1,933,769.69 4.91
40.001% to 50.000% 68 3,362,483.00 8.54
50.001% to 60.000% 33 1,467,316.78 3.73
60.001% to 70.000% 33 2,119,443.33 5.38
70.001% to 80.000% 47 3,035,516.22 7.71
80.001% to 90.000% 53 3,937,344.60 10.00
90.001% to 100.000% 260 19,552,340.39 49.68
100.001% + 1 49,300.19 0.13
- --------- ----
Total 783 $39,360,462.76 100.00%
The weighted average credit utilization rate based on the Cut-Off Date credit
limit of the Initial Group II HELOCs as of the Cut-Off Date is approximately
76.20%.
------------------------------------------------------------------------------
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
------------------------------------------------------------------------------
BEAR STEARNS Page 26
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Credit Limits
---------------------------- --------------- Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Range of Credit Limits ($) Initial Balance Balance
Group II HELOCs
$0.01 to $25,000.00 42 $572,923.34 1.46%
$25,000.01 to $50,000.00 217 5,904,376.34 15.00
$50,000.01 to $75,000.00 127 5,312,498.01 13.50
$75,000.01 to $100,000.00 145 7,239,857.36 18.39
$100,000.01 to $125,000.00 10 785,112.90 1.99
$125,000.01 to $150,000.00 139 10,331,028.02 26.25
$150,000.01 to $175,000.00 26 1,433,804.35 3.64
$175,000.01 to $200,000.00 27 2,084,395.46 5.30
$200,000.01 to $225,000.00 8 249,696.90 0.63
$225,000.01 to $250,000.00 28 2,850,262.54 7.24
$250,000.01 + 14 2,596,507.54 6.60%
-- ------------ -----
Total 783 $39,360,462.76 100.00%
The average of the credit limits of the Initial Group II HELOCs as of the
Cut-Off Date is approximately $97,351.41.
Maximum Loan Rates
---------------------- --------------- Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Maximum Loan Rates (%) Initial Balance Balance
Group II HELOCs
15.000% to 15.999% 1 $5,000.00 0.01%
16.000% to 16.999% 2 25,314.78 0.06
17.000% to 17.999% 4 78,129.41 0.20
18.000% to 18.999% 767 39,000,056.97 99.08
19.000% to 19.999% 9 251,961.60 0.64
- ---------- ----
Total 783 $39,360,462.76 100.00%
The weighted average maximum loan rate of the Initial Group II HELOCs as of the
Cut-Off Date is approximately 18.168%.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 27
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Months Remaining to Scheduled Maturity
---------------------- --------------- Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Range of Months Initial Balance Balance
Group II HELOCs
0 to 60 1 $22,000.00 0.06%
61 to 120 538 24,731,438.06 62.83
121 to 180 29 1,179,860.40 3.00
241 to 300 215 13,427,164.30 34.11
--- ------------- -----
Total 783 $39,360,462.76 100.00%
The weighted average months remaining to scheduled maturity of the Initial Group
II HELOCs as of the Cut-Off Date is approximately 179 months.
Origination Year
-------------- --------------- Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Origination Initial Balance Balance
Year Group II HELOCs
1993 1 $13,000.00 0.03%
1995 1 22,000.00 0.06
1998 5 46,893.95 0.12
1999 44 1,137,148.06 2.89
2000 732 38,141,420.75 96.90
--- ------------- -----
Total 783 $39,360,462.76 100.00%
Lien Priority
------------ --------------- Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Lien Initial Balance Balance
Position Group II HELOCs
First 2 $941,121.88 2.39%
Second 781 38,419,340.88 97.61
--- ------------- -----
Total 783 $39,360,462.76 100.00%
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 28
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Debt-to-Income Ratios
-------------------------- ------------ Percent of
Initial Group
II
Number of Cut-Off Date HELOCs by
Range of Debt-to-Income Initial Balance Cut-Off Date
Ratios (%) Group II Balance
HELOCs
10.001% to20.000% 36 $2,022,770.58 5.14%
20.001% to30.000% 137 7,499,691.44 19.05
30.001% to40.000% 253 12,295,129.25 31.24
40.001% to50.000% 286 14,061,220.42 35.72
50.001% to60.000% 55 2,859,577.97 7.27
60.001% + 16 622,073.10 1.58
-- ---------- ----
Total 783 $39,360,462.76 100.00%
The weighted average debt-to-income ratio of the Initial Group I HELOCs as of
the Cut-Off Date is approximately 38.20% per annum.
Teaser Expiration Month
--------------------- --------------- Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Teaser Expiration Initial Balance Balance
Month Group II HELOCs
None 210 $8,883,194.07 22.57%
December
2000 110 6,304,885.03 16.02
November
2000 109 5,851,549.30 14.87
January 2001 114 5,687,385.84 14.45
March 2001 82 4,552,343.99 11.57
February
2001 102 4,146,946.23 10.54
April 2001 56 3,934,158.30 10.00
-- ------------ -----
Total 783 $39,360,462.76 100.00%
Documentation Type
------------------------------ -------------- Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Documentation Initial Balance Balance
Group II
HELOCs
Full Documentation 611 $31,911,217.78 81.07%
Limited Documentation 129 5,912,477.66 15.02
NIV 13 923,853.73 2.35
No Documentation 22 401,389.39 1.02
Alternative 5 127,314.78 0.32
Streamline 2 59,209.42 0.15
Stated 1 25,000.00 0.06
- --------- ----
Total 783 $39,360,462.76 100.00%
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 29
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Loan Purpose
------------------------------ -------------- Percent of
Initial Group
II HELOCs by
Number of Cut-Off Date Cut-Off Date
Loan Purpose Initial Balance Balance
Group II
HELOCs
Other 580 $28,302,303.03 71.91%
Home Improvement 147 7,883,052.84 20.03
Debt Consolidation 52 3,135,230.82 7.97
Education 4 39,876.07 0.10
- --------- ----
Total 783 $39,360,462.76 100.00%
Credit Scores as of the Date of Origination of the Home Equity Loans
-------------------------- ------------ Percent of
Initial Group
II
Number of Cut-Off Date HELOCs by
Range of Credit Scores Initial Balance Cut-Off Date
Group II Balance
HELOCs
580 to599 3 $171,545.89 0.44%
600 to619 9 468,250.26 1.19
620 to639 26 1,126,543.71 2.86
640 to659 49 2,258,205.16 5.74
660 to679 60 3,699,318.81 9.40
680 to699 106 5,624,431.48 14.29
700 to719 105 6,329,912.28 16.08
720 to739 112 5,027,750.39 12.77
740 to759 134 6,554,558.22 16.65
760 to779 112 4,969,921.25 12.63
780 to799 60 2,886,658.74 7.33
800 to819 6 225,379.81 0.57
N/A 1 17,986.76 0.05
- --------- ----
Total 783 $39,360,462.76 100.00%
Of the Initial Group II HELOCs with available credit scores, the weighted
average credit score of the Initial Group II HELOCs as of the Cut-Off Date is
719.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 30
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
COLLATERAL SUMMARY
Initial Group I - (HELs)
Cut-Off Date 11/1/00
Total Outstanding Balance: $57,191,784.07
Number of Loans: 2,359
Average Remaining Balance: $24,244.08 (range: $10,500.00
- $150,000.00)
WA Loan Rate: 11.016% (range: 6.990% -
14.125%)
Original Weighted Average 207 months
Term:
Remaining Weighted Average 207 months
Term:
Lien Position: 5.15% first, 94.85% second
WA CLTV Ratio: 80.02% (range: 5.59% - 100.00%)
WA Junior Ratio: 23.51%
WA FICO Score: 688
WA DTI Ratio: 39.36%
Documentation: 100.00% standard.
Loan Purpose: 100.00% debt consolidation.
Property Type: 91.21% single family,
6.36% condo,
2.43% PUD.
Owner Occupancy: 99.56% owner occupied
Geographic Distribution: CA (30.94%),
all states >= 5.00%) NY (5.86%).
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 31
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Initial Group I Characteristics - Conforming HELs
Set forth below is a description of certain characteristics of the Initial
Group I HELs as of the Cut-Off Date. Unless otherwise specified, all principal
balances of the Initial Group I HELs 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).
Property Type
------------------------------ ---------------
Percent of
Initial Group
Number of Cut-Off Date I HELs by
Property Type Initial Balance Cut-Off Date
Group I HELs Balance
Single Family 2,137 $52,163,657.29 91.21%
Condo 163 3,638,823.42 6.36
PUD 59 1,389,303.36 2.43
-- ------------ ----
Total 2,359 $57,191,784.07 100.00%
Occupancy Types
------------------------------ --------------
Percent of
Initial Group
Occupancy Number of Cut-Off Date I HELs by
(as indicated by Borrower) Initial Balance Cut-Off Date
Group I HELs Balance
Owner Occupied 2,349 $56,940,259.07 99.56%
Second Home 10 251,525.00 0.44
-- ---------- ----
Total 2,359 $57,191,784.07 100.00%
<PAGE>
Principal Balances
------------------------------ --------------
Percent of
Initial Group
Number of Cut-Off Date I HELs by
Range of Principal Balances Initial Balance Cut-Off Date
($) Group I HELs Balance
$1 to $25,000 1,775 $30,755,291.47 53.78%
$25,001 to $50,000 447 16,238,292.60 28.39
$50,001 to $75,000 85 5,197,700.00 9.09
$75,001 to $100,000 44 4,019,500.00 7.03
$100,001 to $125,000 6 688,000.00 1.20
$125,001 to $150,000 2 293,000.00 0.51
- ---------- ----
Total 2,359 $57,191,784.07 100.00%
The average principal balance of the Initial Group I HELs as of the Cut-Off Date
is approximately $24,244.08.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 32
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Combined Loan-to-Value Ratios
---------------------- ---------------
Percent of
Initial Group
Range of Combined Number of Cut-Off Date I HELs by
Loan-to-Value Initial Balance Cut-Off Date
Ratios(%) Group I HELs Balance
0.01% to 40.00% 100 $2,317,131.93 4.05%
40.01% to 50.00% 57 1,403,392.14 2.45
50.01% to 60.00% 99 2,567,902.10 4.49
60.01% to 70.00% 176 4,255,918.94 7.44
70.01% to 80.00% 525 13,435,395.43 23.49
80.01% to 90.00% 816 19,767,914.36 34.56
90.01% to 100.00% 586 13,444,129.17 23.51
--- ------------- -----
Total 2,359 $57,191,784.07 100.00%
The minimum and maximum combined loan-to-value ratios of the Initial Group I
HELs as of the Cut-Off Date are approximately 5.59% and 100.00%, respectively,
and the weighted average combined loan-to-value ratio of the Initial Group I
HELs as of the Cut-Off Date is approximately 80.02%.
Geographical Distributions
Number of Cut-Off Date Percent of
Location Initial Balance Initial Group
Group I HELs I HELs by
Cut-Off Date
Balance
California 606 $17,697,647.87 30.94%
New York 117 3,352,897.04 5.86
Texas 123 2,692,224.30 4.71
Florida 126 2,519,093.86 4.40
New Jersey 96 2,353,792.84 4.12
Michigan 92 1,929,637.29 3.37
Pennsylvania 77 1,810,359.93 3.17
Georgia 70 1,606,588.21 2.81
Massachusetts 40 1,242,998.36 2.17
Virginia 55 1,203,154.84 2.10
Washington 45 1,183,069.63 2.07
Illinois 57 1,167,649.61 2.04
Colorado 47 1,163,633.18 2.03
Other 808 17,269,037.11 30.19
--- ------------- -----
Total 2,359 $57,191,784.07 100.00%
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.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 33
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Junior Ratios(1)(2)
---------------------- ---------------
Percent of
Initial Group
Number of Cut-Off Date I HELs by
Range of Junior Initial Balance Cut-Off Date
Ratios (%) Group I HELs Balance
0.001% to 10.000% 241 $3,920,455.45 7.23%
10.001% to 20.000% 1,066 21,859,110.51 40.30
20.001% to 30.000% 608 16,135,029.40 29.75
30.001% to 40.000% 201 7,286,257.58 13.43
40.001% to 50.000% 75 2,756,895.01 5.08
50.001% to 60.000% 38 1,253,662.20 2.31
60.001% to 70.000% 11 502,335.42 0.93
70.001% to 80.000% 8 322,700.00 0.59
80.001% to 90.000% 3 168,000.00 0.31
90.001% to 100.000% 2 40,000.00 0.07
- --------- ----
Total 2,253 $54,244,445.57 100.00%
(1) The junior ratio of a HEL is the ratio (expressed as a percentage) of the
outstanding balance of such HEL to the sum of such outstanding balance limit and
the outstanding balance of any senior mortgage computed as of the date such HEL
is underwritten.
(2) The weighted average junior ratio of the Initial Group I HELs as of the
Cut-Off Date is approximately 23.51%.
Loan Rates
---------------------- ---------------
Percent of
Initial Group
Number of Cut-Off Date I HELs by
Range of Loan Rates(%) Initial Balance Cut-Off Date
Group I HELs Balance
6.000% to 6.999% 1 $20,000.00 0.03%
8.000% to 8.999% 1 18,500.00 0.03
9.000% to 9.999% 578 15,441,009.15 27.00
10.000% to 10.999% 594 14,498,693.44 25.35
11.000% to 11.999% 447 11,380,144.74 19.90
12.000% to 12.999% 457 9,726,851.17 17.01
13.000% to 13.999% 260 5,750,276.82 10.05
14.000% to 14.999% 21 356,308.75 0.62
-- ---------- ----
Total 2,359 $57,191,784.07 100.00%
The weighted average loan rate of the Initial Group I HELs as of the Cut-Off
Date is approximately 11.016%.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 34
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Months Remaining to Scheduled Maturity
---------------------- ---------------
Percent of
Initial Group
Number of Cut-Off Date I HELs by
Range of Months Initial Balance Cut-Off Date
Group I HELs Balance
0 to 60 139 $2,471,012.07 4.32%
61 to 120 373 7,363,790.79 12.88
121 to 180 1167 26,646,461.80 46.59
181 to 240 137 3,814,212.81 6.67
241 to 300 541 16,844,306.60 29.45
301 + 2 52,000.00 0.09
- ---------- ----
Total 2,359 $57,191,784.07 100.00%
The weighted average months remaining to scheduled maturity of the Initial Group
I HELs as of the Cut-Off Date is approximately 207 months.
Origination Year
-------------- ---------------
Percent of
Initial Group
Number of Cut-Off Date I HELs by
Origination Initial Balance Cut-Off Date
Year Group I HELs Balance
2000 2,359 $57,191,784.07 100.00%
----- -------------- -------
Total 2,359 $57,191,784.07 100.00%
Lien Priority
------------ ---------------
Percent of
Initial Group
Number of Cut-Off Date I HELs by
Lien Initial Balance Cut-Off Date
Position Group I HELs Balance
First 106 $2,947,338.50 5.15%
Second 2,253 54,244,445.57 94.85%
----- ------------- ------
Total 2,359 $57,191,784.07 100.00%
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 35
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Debt-to-Income Ratios
-------------------------- ------------
Percent of
Initial Group
Number of Cut-Off Date I HELs by
Range of Debt-to-Income Initial Balance Cut-Off Date
Ratios (%) Group I HELs Balance
0.000% to10.000% 4 79,200.00 0.14%
10.001% to20.000% 56 1,239,393.81 2.17
20.001% to30.000% 357 7,751,760.08 13.55
30.001% to40.000% 769 17,972,821.48 31.43
40.001% to50.000% 1,059 26,802,594.50 46.86
50.001% to60.000% 99 2,883,383.15 5.04
60.001% + 10 315,200.00 0.55
N/A 5 147,431.05 0.26
- ---------- ----
Total 2,359 $57,191,784.07 100.00%
Of the Initial Group I HELs with available debt-to-income ratios, the weighted
average debt-to-income ratio of the Initial Group I HELs as of the Cut-Off Date
is approximately 39.36% per annum.
Documentation Type
------------------------------ --------------
Percent of
Initial Group
Number of Cut-Off Date I HELs by
Documentation Initial Balance Cut-Off Date
Group I HELs Balance
Standard 2,359 $57,191,784.07 100.00%
----- -------------- -------
Total 2,359 $57,191,784.07 100.00%
Loan Purpose
Percent of
Initial Group
Number of Cut-Off Date I HELs by
Loan Purpose Initial Balance Cut-Off Date
Group I HELs Balance
Debt Consolidation 2,359 $57,191,784.07 100.00%
----- -------------- -------
Total 2,359 $57,191,784.07 100.00%
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 36
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Credit Scores as of the Date of Origination of the Home Equity Loans
Percent of
Initial Group
Number of Cut-Off Date I HELs by
Range of Credit Scores Initial Balance Cut-Off Date
Group I HELs Balance
560 to579 1 $15,500.00 0.03%
580 to599 36 991,422.38 1.73
600 to619 59 1,245,047.65 2.18
620 to639 330 6,788,913.75 11.87
640 to659 325 7,725,977.49 13.51
660 to679 324 8,119,949.21 14.20
680 to699 336 8,529,897.92 14.91
700 to719 326 8,051,810.05 14.08
720 to739 281 7,349,328.30 12.85
740 to759 186 4,417,239.05 7.72
760 to779 107 2,754,405.20 4.82
780 to799 39 976,125.18 1.71
800 to819 9 226,167.89 0.40
- ---------- ----
Total 2,359 $57,191,784.07 100.00%
The weighted average credit score of the Initial Group I HELs as of the Cut-Off
Date is approximately 688.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 37
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
COLLATERAL SUMMARY
Initial Group II - (HELs)
Cut-Off Date 11/1/00
Total Outstanding Balance: $5,111,965.29
Number of Loans: 54
Average Remaining Balance: $94,666.02 (range: $13,000.00
- $200,000.00)
WA Loan Rate: 10.008% (range: 9.500% -
13.625%)
Original Weighted Average 235 months
Term:
Remaining Weighted Average 235 months
Term:
Lien Position: 100.00% second.
WA CLTV Ratio: 74.07% (range: 50.43% - 100.00%)
WA Junior Ratio: 36.19%
WA FICO Score: 700
WA DTI Ratio: 42.72%
Documentation: 100.00% standard.
Loan Purpose: 100.00% debt consolidation.
Property Type: 90.66% single family,
6.26% PUD,
3.08% condo.
Owner Occupancy: 100.00% owner occupied
Geographic Distribution: CA (54.31%),
all states >= 5.00%) NY (10.19%).
------------------------------------------------------------------------------
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
------------------------------------------------------------------------------
BEAR STEARNS Page 38
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Initial Group II Characteristics - Non-Conforming HELs
Set forth below is a description of certain characteristics of the Initial
Group II HELs as of the Cut-Off Date. Unless otherwise specified, all principal
balances of the Initial Group II HELs 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).
Property Type
------------------------------ --------------- Percent of
Initial Group
II
Number of Cut-Off Date HELs by
Property Type Initial Balance Cut-Off Date
Group II HELs Balance
Single Family 47 4,634,583.25 90.66%
PUD 3 319,882.04 6.26
Condo 4 157,500.00 3.08
- ---------- ----
Total 54 $5,111,965.29 100.00%
Occupancy Types
------------------------------ -------------- Percent of
Initial Group
II
Occupancy Number of Cut-Off Date HELs by
(as indicated by Borrower) Initial Balance Cut-Off Date
Group II HELs Balance
Owner Occupied 54 $5,111,965.29 100.00%
-- ------------- -------
Total 54 $5,111,965.29 100.00%
Principal Balances
------------------------------ -------------- Percent of
Initial Group
II
Number of Cut-Off Date HELs by
Range of Principal Balances Initial Balance Cut-Off Date
($) Group II HELs Balance
$1 to $25,000 7 $132,700.00 2.60%
$25,001 to $50,000 8 301,000.00 5.89
$50,001 to $75,000 9 544,300.00 10.65
$75,001 to $100,000 7 643,000.00 12.58
$100,001 to $125,000 1 125,000.00 2.45
$125,001 to $150,000 19 2,838,915.29 55.53
$150,001 to $175,000 2 327,050.00 6.40
$175,001 to $200,000 1 200,000.00 3.91
- ---------- ----
Total 54 $5,111,965.29 100.00%
The average principal balance of the Initial Group II HELs as of the Cut-Off
Date is approximately $94,666.02.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 39
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Combined Loan-to-Value Ratios
---------------------- --------------- Percent of
Initial Group
II
Range of Combined Number of Cut-Off Date HELs by
Loan-to-Value Initial Balance Cut-Off Date
Ratios(%) Group II HELs Balance
50.01% to 60.00% 5 $629,868.90 12.32%
60.01% to 70.00% 9 1,124,764.08 22.00
70.01% to 80.00% 16 1,977,432.31 38.68
80.01% to 90.00% 15 1,038,300.00 20.31
90.01% to 100.00% 9 341,600.00 6.68
- ---------- ----
Total 54 $5,111,965.29 100.00%
The minimum and maximum combined loan-to-value ratios of the Initial Group II
HELs as of the Cut-Off Date are approximately 50.43% and 100.00%, respectIIely,
and the weighted average combined loan-to-value ratio of the Initial Group II
HELs as of the Cut-Off Date is approximately 74.07%.
Geographical Distributions
------------------------------- --------------- Percent of
Initial Group
II
Number of Cut-Off Date HELs by
Location Initial Balance Cut-Off Date
Group II HELs Balance
California 28 $2,776,081.38 54.31%
New York 4 520,951.87 10.19
New Jersey 5 320,700.00 6.27
Maryland 4 296,400.00 5.80
Florida 3 270,000.00 5.28
Connecticut 2 176,000.00 3.44
Texas 2 168,000.00 3.29
Massachusetts 1 164,550.00 3.22
Arizona 1 150,000.00 2.93
North Carolina 1 149,882.04 2.93
Other 3 119,400.00 2.34
- ---------- ----
Total 54 $5,111,965.29 100.00%
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.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 40
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Junior Ratios(1)(2)
---------------------- --------------- Percent of
Initial Group
II
Number of Cut-Off Date HELs by
Range of Junior Initial Balance Cut-Off Date
Ratios (%) Group II HELs Balance
0.001% to 10.000% 6 $250,200.00 4.89%
10.001% to 20.000% 13 594,000.00 11.62
20.001% to 30.000% 14 1,242,682.04 24.31
30.001% to 40.000% 7 946,512.48 18.52
40.001% to 50.000% 11 1,636,170.77 32.01
60.001% to 70.000% 1 150,000.00 2.93
70.001% to 80.000% 1 142,400.00 2.79
80.001% to 90.000% 1 150,000.00 2.93
- ---------- ----
Total 54 $5,111,965.29 100.00%
(1) The junior ratio of a HEL is the ratio (expressed as a percentage) of the
outstanding balance of such HEL to the sum of such outstanding balance limit and
the outstanding balance of any senior mortgage computed as of the date such HEL
is underwritten.
(2) The weighted average junior ratio of the Initial Group II HELs as of the
Cut-Off Date is approximately 36.19%.
Loan Rates
---------------------- --------------- Percent of
Initial Group
II
Number of Cut-Off Date HELs by
Range of Loan Rates(%) Initial Balance Cut-Off Date
Group II HELs Balance
9.000% to 9.999% 27 $3,083,115.29 60.31%
10.000% to 10.999% 14 1,498,450.00 29.31
11.000% to 11.999% 8 376,400.00 7.36
12.000% to 12.999% 2 61,500.00 1.20
13.000% to 13.999% 3 92,500.00 1.81
- --------- ----
Total 54 $5,111,965.29 100.00%
The weighted average loan rate of the Initial Group II HELs as of the Cut-Off
Date is approximately 10.008%.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 41
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Months Remaining to Scheduled Maturity
---------------------- --------------- Percent of
Initial Group
II
Number of Cut-Off Date HELs by
Range of Months Initial Balance Cut-Off Date
Group II HELs Balance
0 to 60 1 $20,000.00 0.39%
61 to 120 7 673,851.87 13.18
121 to 180 20 1,630,030.44 31.89
181 to 240 1 150,000.00 2.93
241 to 300 25 2,638,082.98 51.61
-- ------------- -----
Total 54 $5,111,965.29 100.00%
The weighted average months remaining to scheduled maturity of the Initial Group
II HELs as of the Cut-Off Date is approximately 235 months.
Origination Year
-------------- --------------- Percent of
Initial Group
II
Number of Cut-Off Date HELs by
Origination Initial Balance Cut-Off Date
Year Group II HELs Balance
2000 54 $5,111,965.29 100.00%
-- ------------- -------
Total 54 $5,111,965.29 100.00%
Lien Priority
------------ --------------- Percent of
Initial Group
II
Number of Cut-Off Date HELs by
Lien Initial Balance Cut-Off Date
Position Group II HELs Balance
Second 54 $5,111,965.29 100.00%
-- ------------- -------
Total 54 $5,111,965.29 100.00%
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 42
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
Debt-to-Income Ratios
-------------------------- ------------ Percent of
Initial Group
II
Number of Cut-Off Date HELs by
Range of Debt-to-Income Initial Balance Cut-Off Date
Ratios (%) Group II Balance
HELs
10.001% to20.000% 1 $40,000.00 0.78%
20.001% to30.000% 4 327,400.00 6.40
30.001% to40.000% 10 1,042,468.90 20.39
40.001% to50.000% 32 2,966,714.35 58.03
50.001% to60.000% 5 435,382.04 8.52
60.001% + 1 150,000.00 2.93
N/A 1 150,000.00 2.93
- ---------- ----
Total 54 $5,111,965.29 100.00%
Of the Initial Group II HELs with available debt-to-income ratios, the weighted
average debt-to-income ratio of the Initial Group II HELs as of the Cut-Off Date
is approximately 42.72% per annum.
Documentation Type
------------------------------ -------------- Percent of
Initial Group
II
Number of Cut-Off Date HELs by
Documentation Initial Balance Cut-Off Date
Group II HELs Balance
Standard 54 $5,111,965.29 100.00%
-- ------------- -------
Total 54 $5,111,965.29 100.00%
Loan Purpose
------------------------------ -------------- Percent of
Initial Group
II
Number of Cut-Off Date HELs by
Loan Purpose Initial Balance Cut-Off Date
Group II HELs Balance
Debt Consolidation 54 $5,111,965.29 100.00%
-- ------------- -------
Total 54 $5,111,965.29 100.00%
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 43
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT -
Credit Scores as of the Date of Origination of the Home Equity Loans
-------------------------- ------------ Percent of
Initial Group
II
Number of Cut-Off Date HELs by
Range of Credit Scores Initial Balance Cut-Off Date
Group II Balance
HELs
600 to619 1 $50,000.00 0.98%
640 to659 12 1,312,250.00 25.67
660 to679 4 326,500.00 6.39
680 to699 9 849,364.08 16.62
700 to719 12 917,000.00 17.94
720 to739 6 517,830.44 10.13
740 to759 6 781,620.77 15.29
760 to779 2 65,000.00 1.27
780 to799 1 150,000.00 2.93
800 to819 1 142,400.00 2.79
- ---------- ----
Total 54 $5,111,965.29 100.00%
The weighted average credit score of the Initial Group II HELs as of the Cut-Off
Date is approximately 700.
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 44
<PAGE>
SENSITIVITY TABLES*
<TABLE>
<CAPTION>
Class A-1 (to call)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
% CPR - HELOCs 10% 25% 30% 35% 40% 45% 50%
% CPR - HELs 10% 12% 17% 23% 29% 35% 40%
----------------------------------------------------------------------------------------------------------------
Average Life (years) 11.49 6.04 5.04 4.31 3.79 3.40 3.11
Modified Duration (years) 7.43 4.58 3.98 3.51 3.15 2.88 2.67
First Principal Payment 06/25/2002 06/25/2002 06/25/2002 06/25/2002 06/25/200206/25/2002 06/25/2002
Last Principal Payment 03/25/2017 06/25/2012 07/25/2010 01/25/2009 12/25/200702/25/2007 07/25/2006
Principal Lockout (months) 18 18 18 18 18 18 18
Principal Window (months) 178 121 98 80 67 57 50
Illustrative Yield @ Par (30/360) 7.03% 7.03% 7.03% 7.03% 7.02% 7.02% 7.02%
----------------------------------------------------------------------------------------------------------------
Class A-2 (to call)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
% CPR - HELOCs 10% 25% 30% 35% 40% 45% 50%
% CPR - HELs 10% 12% 17% 23% 29% 35% 40%
----------------------------------------------------------------------------------------------------------------
Average Life (years) 11.32 5.85 4.90 4.23 3.74 3.37 3.08
Modified Duration (years) 7.41 4.46 3.88 3.45 3.11 2.86 2.65
First Principal Payment 06/25/2002 06/25/2002 06/25/2002 06/25/2002 06/25/200206/25/2002 06/25/2002
Last Principal Payment 10/25/2015 03/25/2012 04/25/2010 12/25/2008 11/25/200702/25/2007 06/25/2006
Principal Lockout (months) 18 18 18 18 18 18 18
Principal Window (months) 161 118 95 79 66 57 49
Illustrative Yield @ Par (30/360) 7.06% 7.06% 7.06% 7.06% 7.06% 7.06% 7.05%
----------------------------------------------------------------------------------------------------------------
* Assumes in the case of HELOCs, a Gross CPR as disclosed above less a
constant draw rate of 10%, and in the case of the HELs, the CPR disclosed
above.
</TABLE>
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 45
<PAGE>
SENSITIVITY TABLES*
<TABLE>
<CAPTION>
Class A-1 (to maturity)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
% CPR - HELOCs 10% 25% 30% 35% 40% 45% 50%
% CPR - HELs 10% 12% 17% 23% 29% 35% 40%
----------------------------------------------------------------------------------------------------------------
Average Life (years) 11.49 6.29 5.28 4.52 3.96 3.55 3.23
Modified Duration (years) 7.43 4.68 4.08 3.61 3.25 2.96 2.74
First Principal Payment 06/25/2002 06/25/2002 06/25/2002 06/25/2002 06/25/200206/25/2002 06/25/2002
Last Principal Payment 03/25/2017 01/25/2019 03/25/2017 03/25/2017 12/25/201507/25/2013 09/25/2011
Principal Lockout (months) 18 18 18 18 18 18 18
Principal Window (months) 178 200 178 178 163 134 112
Illustrative Yield @ Par (30/360) 7.03% 7.03% 7.03% 7.03% 7.03% 7.03% 7.03%
----------------------------------------------------------------------------------------------------------------
Class A-2 (to maturity)
----------------------------------------------------------------------------------------------------------------
% CPR - HELOCs 10% 25% 30% 35% 40% 45% 50%
% CPR - HELs 10% 12% 17% 23% 29% 35% 40%
----------------------------------------------------------------------------------------------------------------
Average Life (years) 11.32 6.07 5.13 4.43 3.91 3.51 3.20
Modified Duration (years) 7.41 4.55 3.99 3.55 3.21 2.94 2.72
First Principal Payment 06/25/2002 06/25/2002 06/25/2002 06/25/2002 06/25/200206/25/2002 06/25/2002
Last Principal Payment 10/25/2015 01/25/2017 10/25/2015 10/25/2015 10/25/201506/25/2013 08/25/2011
Principal Lockout (months) 18 18 18 18 18 18 18
Principal Window (months) 161 176 161 161 161 133 111
Illustrative Yield @ Par (30/360) 7.06% 7.06% 7.06% 7.06% 7.06% 7.06% 7.06%
----------------------------------------------------------------------------------------------------------------
* Assumes in the case of HELOCs, a Gross CPR as disclosed above less a
constant draw rate of 10%, and in the case of the HELs, the CPR disclosed
above.
</TABLE>
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
BEAR STEARNS Page 46
<PAGE>
***********************************************************************
Bear Stearns is not responsible for any recommendation, solicitation,
offer or agreement or any information about any transaction, customer
account or account activity contained in this communication.
***********************************************************************
<PAGE>
