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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): March 24, 2000
RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
-----------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-91561 41-1955181
- ---------------------------- ----------- ----------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600 Minneapolis, MN 55437
-----------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (612) 832-7000
----- --------
-------------------------------------------------------------------------
<PAGE>
Items 1 through 4, Item 6 and Item 8 are not included because they are not
applicable.
Item 5. Other Events.
- ---- ------------
Filing of Computational Materials
In connection with the proposed offering of the GMACM Home Loan-Backed
Term Notes, Series 2000-HLTV1 (the "Term Notes"), Bear, Stearns & Co. Inc., as
representative of the underwriters (the "Representative"), has prepared certain
materials (the "Series Term Sheet" including the "Computational Materials") for
distribution to potential investors. Although Residential Asset Mortgage
Products, Inc. (the "Company") provided the Representative with certain
information regarding the characteristics of the home loans (the "Home Loans")
in the related portfolio, the Company did not participate in the preparation of
the Computational Materials.
For purposes of this Form 8-K, "Computational Materials" shall mean
computer generated tables and/or charts displaying, with respect to the Term
Notes, any of the following: yield; average life; duration, expected maturity;
interest rate sensitivity; loss sensitivity; cash flow characteristics;
background information regarding the Home Loans; the proposed structure;
decrement tables; or similar information (tabular or otherwise) of a
statistical, mathematical, tabular or computational nature. The Series Term
Sheet including Computational Materials listed as Exhibit 99.1 hereto is filed.
Item 7. Financial Statements and Exhibits
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Series Term Sheet including Computational Materials.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
By: /s/ Patricia C. Taylor
----------------------
Patricia C. Taylor
Vice President
Dated: March 24, 2000
<PAGE>
Exhibit Index
Exhibit Page
99.1 Series Term Sheet including Computational Materials 5
Exhibit 99.1
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GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
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[GRAPHIC OMITTED] BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO 245 Park Avenue
FRANKFORT o GENEVA o HONG KONG New York, N.Y. 10167
LONDON o PARIS o TOKYO (212) 272-2000; (212) 272-7294 fax
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GMAC Home Loan-Backed Term Notes, Series 2000-HLTV1: Computational
Materials
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STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES,
AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by an issuer, the issuer has not
participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information," please refer to this
statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Any information herein
regarding the collateral or the securities supersedes any prior information
regarding the collateral or the securities and will be superseded by information
regarding the collateral and/or the securities contained in the Offering
Documents and any subsequent information regarding the collateral or the
securities. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current and
any subsequent information regarding the collateral or the securities. Contact
your registered representative for Offering Documents, current Information or
additional materials, including other models for performance analysis, which are
likely to produce different results, and any further explanation regarding the
Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns and/or
individuals employed thereby may have positions in these securities while the
Information is circulating or during such period may engage in transactions with
the issuer or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
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[BEAR STEARNS] Page 1
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
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GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
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$155,000,000 (Approximate)
Issuer: GMAC Mortgage Corporation Loan Trust
2000-HLTV1
Seller and Servicer: GMAC Mortgage Corporation, a
Pennsylvania corporation, will be the
seller and servicer of the Home Loans.
The Servicer will be obligated to
service the Home Loans pursuant to the
servicing agreement to be dated as of
March [1], 2000, among the Servicer, the
Issuer and the Indenture Trustee
Depositor: Residential Asset Mortgage Products, Inc.
Note Insurer: Ambac Assurance Corporation (the "Note
Insurer")
Underwriters: Bear, Stearns & Co. Inc. (lead
underwriter)
PaineWebber Inc. and Deutsche Bank
(co-underwriters)
Indenture Trustee: The Bank of New York (the "Indenture
Trustee")
Owner Trustee: Wilmington Trust Company
Cut-off Date: March 1, 2000
Closing Date: March [30], 2000
March [31], 2000 (settlement with
investors)
The Notes: Approximately $155,000,000 Home
Loan-Backed Term Notes, Series
2000-HLTV1, are being offered (the
"Notes"). The Notes will be issued
pursuant to an indenture to be dated as
of March 1, 2000, between the Issuer and
the Indenture Trustee.
Characteristics of the Notes(a), (b), (c), (d)
------------------------------------------------------------------------------
Original Avg Principal Principal Final
Offered Principal Life Lockout Window Sch. Ratings
Securities Balance** Coupon to (months) (months) Maturity (Moody's/S&P)
Call Date
(years)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Class A-1 $64,570,000 (e) 1.750 None 41 11/18/15 Aaa/ AAA
Notes
------------------------------------------------------------------------------
Class A-2 $18,887,000 4.000 40 16 1/18/19 Aaa/ AAA
Notes
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Class A-3 $29,790,000 6.000 55 37 4/18/22 Aaa/ AAA
Notes
------------------------------------------------------------------------------
Class A-4 $41,753,000 10.852 91 63 3/18/25 Aaa/ AAA
Notes
------------------------------------------------------------------------------
** Bond balances subject to a 5% variance.
Note: (a) 100% Prepayment Assumption: 2.00% CPR in
month 1, and an additional 0.9286% per annum in each
month thereafter until month 15. On and after month
15, 15.00% CPR;
(b) Transaction priced to 10% clean-up call;
(c) 100% P&I guaranty by Ambac.
(d) The coupon applicable to the Class A-4 Notes will increase
by 0.50% per annum if the 10% clean-up call is not
exercised;
(e) The lesser of (i) One-Month LIBOR plus [ %] per annum and (ii)
[10.00%] per annum, based on an actual/360 day count.
Offering: The Notes will be issued publicly from
the Depositor shelf
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[BEAR STEARNS] Page 2
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
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GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
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registration.
Form of Registration: Book-entry form, same day funds through
DTC, Euroclear.
Prepayment Pricing
Speed Assumption: A constant prepayment of 2.00% per year
of the then outstanding principal
balance of the loans in the first month
of the life of the loans and an
additional 0.9286% per year in each
month thereafter until it reaches 15.00%
on the fifteenth month. Beginning in
the fifteenth month and thereafter
during the life of such loans, a
constant prepayment rate of 15.00% per
year.
Payment Date: The 18th day of each month (or the next
succeeding business day), commencing
April 18, 2000.
Payment Delay: With respect to the Class A-1 Term
Notes, 0 days. With respect to the
Class A-2, Class A-3 and Class A-4 Term
Notes, 17 days.
Note Rate: The Class A-1 Note Rate will be equal
to the lesser of (a) 1-month LIBOR + [ ]%
per annum and (b) [10.00]% per annum,
payable monthly.
Interest will accrue on the Class A-1
Term Notes from and including the
preceding Payment Date (or from the
Closing Date in the case of the first
Payment Date) to and including the day
prior to the then current Payment Date at
the Class A-1 Note Rate based on the
actual number of days elapsed during the
Accrual Period and an assumed year of 360
days.
Interest will accrue on the Class A-2,
Class A-3 and Class A-4 Term Notes at a
fixed rate during the month prior to the
month of the related Payment Date (or
from the Cut-off Date to the end of such
month in the case of the first Payment
Date) based on an assumed year of 360
days, consisting of 12 30-day months.
Priority of Payments: On each Payment Date, principal and
interest collections, minus the servicing
fees and the fees and expenses of the
trust, will be allocated from the payment
account in the following order of
priority:
(1) To pay accrued and unpaid interest due on the
Notes;
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[BEAR STEARNS] Page 3
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
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GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
- --------------------------------------------------------------------------------
(2) To pay principal in an amount equal to the
principal collection distribution amount for
such Payment Date on the Notes;
(3) To pay as principal on the Notes, an amount
equal to the liquidation loss amounts on such
Payment Date plus any such liquidation loss
amounts remaining undistributed from any
preceding Payment Date;
(4) To pay the Note Insurer the accrued and unpaid
premium for the Policy, and any payments in
connection with the limited reimbursement
agreement;
(5) To reimburse the Note Insurer for any prior
draws on the Policy;
(6) To pay as additional principal on the Notes, an
amount necessary to bring the amount of overcol-
lateralization up to the required overcollateral-
ization amount;
(7) To pay the Note Insurer any other amounts
owed pursuant to the insurance Agreement; and
(8) Any remaining amounts to the holders of the
Certificates.
Assets of the Trust: The assets of the Trust will primarily consist of a
pool of conventional, closed-end, fixed-rate Home
Loans (the "Home Loans"). Substantially all of
the Home Loans will have a combined loan-to-value
ratio in excess of 100%.
In addition to the home loans conveyed to the trust on
the closing date, the property of the trust will
include cash on deposit in certain accounts, including
the pre-funding account and other collections on the
home loans.
Pre-funding Feature: On the Closing Date, an amount, (the "Original
Pre-funded Amount") equal to the excess, if any, of
(i) the aggregate Term Note principal balance plus
the initial overcollateralization over (ii) the Home
Loan principal balance as of the Cut-off Date will
be deposited from proceeds from the sale of the Notes
with the Indenture Trustee in a segregated account
(the "Pre-funding Account") and used by the Trust
to purchase the subsequent Home Loans during
the Pre-funding Period defined in the Prospectus
Supplement.
Servicing Fee: The primary compensation to be paid to the Servicer in
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[BEAR STEARNS] Page 4
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
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GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
- --------------------------------------------------------------------------------
respect of its servicing activities will be 0.50%
per annum, payable monthly.
Advancing: There is no required advancing of delinquent
principal or interest by the Servicer, the Trustees,
the Note Insurer or any other entity.
Credit Enhancement: Credit enhancement with respect to the Notes will be
provided by (1) excess spread, (2) overcollaterali-
zation and (3) the Note Insurance Policy.
Excess Spread. The weighted average Home Loan Rate
is generally expected to be higher than the sum
of (a) the servicing fee, (b) the weighted average
Note Rate and (c) the Note Insurer premium. On each
Payment Date, excess spread generated during the
related collection period will be available to
cover losses and build overcollateralization on such
Payment Date.
Overcollateralization: Excess spread will be applied,
to the extent available, to make accelerated payments
of principal to the securities then entitled to
receive payments of principal; such application will
cause the aggregate principal balance of the Notes to
amortize more rapidly than the Home Loans, resulting
in overcollateralization. On the Closing Date, an
amount, (the "Original Overcollateralization Amount")
equal to 1.15% of the original Pool Principal Balance
of the Loans will be retained as overcollateralization
and thereafter excess spread will be used to pay down
the Notes such that, prior to the Stepdown Date, the
"Required Overcollateralization Amount" will be equal
to 3.75% of the Pool Principal Balance. On or after
the Stepdown Date, the "Required Overcollateralization
Amount" will be permitted to decrease proportionately,
subject to a floor of 0.50% of the original Pool
Principal Balance.
Note Insurance Policy: The Note Insurer will
unconditionally and irrevocably guarantee: (a) timely
payment of interest, (b) the amount of any losses not
covered by excess spread or overcollateralization, and
(c) the payment of principal on the Notes by no later
than their respective final scheduled maturity dates.
The
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[BEAR STEARNS] Page 5
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
Insurance Policy is not cancelable for any reason.
Stepdown Date: The Stepdown Date is the Payment Date occurring on
the later of:
(1) the Payment Date in April 2003 (i.e. on the 37th
Payment Date); and
(2) the first Payment Date on which the current Pool
Principal Balance has been reduced to an amount
equal 50% of the original Pool Principal Balance.
Optional Redemption: The Servicer may, at its option, effect an early
redemption or termination of the Notes on or after
any Payment Date when the current Pool Principal
Balance declines to 10% or less of the sum of (x)
the original Pool Principal Balance of the Home Loans
as of the cut-off date and (y) the amount on deposit
in the prefunding account as of the closing date (the
"Step-up Date").
Tax Status: For federal income tax purposes, the Notes will
be characterized as indebtedness of the Issuer.
ERISA Eligibility: The Notes may be purchased by employee benefit plans
that are subject to ERISA.
SMMEA Treatment: The Notes will not constitute "mortgage related
securities" for purposes of SMMEA.
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[BEAR STEARNS] Page 6
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
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GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
- --------------------------------------------------------------------------------
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
COLLATERAL SUMMARY
Home Loan Collateral
Cut-Off Date 3/1/00
Total Outstanding $118,551,296.73
Balance:
Number of Loans: 2,482
Average Remaining $47,764.42 (range:
Balance: $12,000.00 - $150,000.00)
WA Home Loan Rate: 14.641% (range: 9.500% -
19.000%)
Original Weighted 270 months
Average Term:
Remaining Weighted 269 months
Average Term:
Lien Position: 0.34% first, 99.66% second.
WA CLTV Ratio: 113.23% (range: 41.63% -
125.00%)
WA FICO Score: 685
WA DTI Ratio: 41.46% (14.99% - 56.58%)
WA Junior Ratio: 32.10% (6.09% - 100.00%)
Documentation: 100.00% full documentation
Property Type: 88.93% single family,
7.12% condo,
2.34% townhouse,
1.61% PUD.
Owner Occupancy: 100.00% owner occupied
Geographic Distribution: CA (34.00%), FL (7.34%).
(all states >= 5.00%)
Delinquency Status 100.00% current
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[BEAR STEARNS] Page 7
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
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GMACM Home Loan-Backed Term Notes, Series 2000-HLTV1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
Initial Home Loan Characteristics
- ---------------------------------
Set forth below is a description of certain characteristics of the Initial Home
Loans as of the Cut-Off Date. Unless otherwise specified, all principal balances
of the Initial Home Loans are as of the Cut-Off Date and are rounded to the
nearest dollar. All percentages are approximate percentages by aggregate
principal balance as of the Cut-Off Date (except as indicated otherwise).
Property Type
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Initial Principal Principal
Property Type Home Loans Balance Balance
- -------------------------- ------------ -------------- ----------
Condo 198 $8,435,287.11 7.12%
PUD 41 1,911,024.44 1.61%
Single Famliy 2,181 105,432,951.65 88.93%
Townhouse 62 2,772,033.53 2.34%
-------- -------------- ----------
Total 2,482 $118,551,296.73 100.00%
Principal Balances
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Range of Principal Initial Principal Principal
Balances ($) Home Loans Balance Balance
- -------------------------- ----------- --------------- ---------
$0.00 to $ 25,000.00 378 $7,715,743.57 6.51%
$25,000.01 to $ 50,000.00 1,234 45,449,078.52 38.34%
$50,000.01 to $ 75,000.00 529 32,427,844.25 27.35%
$75,000.01 to $100,000.00 234 19,693,162.93 16.61%
$100,000.01 to $125,000.00 75 8,626,477.36 7.28%
$125,000.01 to $150,000.00 32 4,638,990.10 3.91%
-------- --------------- -------
Total 2,482 $118,551,296.73 100.00%
The average Principal Balance of the Initial Home Loans as of the Cut-Off Date
is approximately $47,764.42.
- --------------------------------------------------------------------------------
[BEAR STEARNS] Page 8
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
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GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
Original Balances
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Range of Initial Principal Principal
Original Balances ($) Home Loans Balance Balance
- -------------------------- ---------- -------------- ----------
$0.00 to $ 25,000.00 375 $ 7,641,130.65 6.45%
$25,000.01 to $ 50,000.00 1,236 45,474,050.01 38.36%
$50,000.01 to $ 75,000.00 528 32,329,114.34 27.27%
$75,000.01 to $100,000.00 236 19,841,534.27 16.74%
$100,000.01 to $125,000.00 75 8,626,477.36 7.28%
$125,000.01 to $150,000.00 32 4,638,990.10 3.91%
-------- -------------- ----------
Total 2,482 $118,551,296.73 100.00%
The average Original Balance of the Initial Home Loans is approximately
$47,867.92.
Combined Loan-to-Value Ratios
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Range of Combined Initial Principal Principal
Loan-to-Value Ratios (%) Home Loans Balance Balance
- -------------------------- ---------- -------------- ----------
40.01% to 45.00% 1 $33,189.30 0.03%
45.01% to 50.00% 1 28,700.00 0.02%
50.01% to 55.00% 2 85,706.24 0.07%
55.01% to 60.00% 4 303,681.22 0.26%
60.01% to 65.00% 4 218,330.77 0.18%
70.01% to 75.00% 1 35,775.84 0.03%
75.01% to 80.00% 9 362,777.49 0.31%
80.01% to 85.00% 18 758,641.04 0.64%
85.01% to 90.00% 31 1,251,106.48 1.06%
90.01% to 95.00% 59 2,357,000.09 1.99%
95.01% to 100.00% 146 6,197,105.26 5.23%
100.01% to 105.00% 247 10,166,154.64 8.58%
105.01% to 110.00% 363 15,663,653.97 13.21%
110.01% to 115.00% 446 20,876,295.92 17.61%
115.01% to 120.00% 493 24,607,734.17 20.76%
120.01% to 125.00% 657 35,605,444.30 30.03%
--------- --------------- --------
Total 2,482 $118,551,296.73 100.00%
The minimum and maximum Combined Loan-to-Value Ratios of the Initial Home Loans
as of the Cut-Off Date are approximately 41.63% and 125.00%, respectively, and
the weighted average Combined Loan-to-Value Ratio of the Initial Home Loans as
of the Cut-Off Date is approximately 113.23%.
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[BEAR STEARNS] Page 9
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
- --------------------------------------------------------------------------------
GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
Geographical Distributions
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Initial Principal Principal
Location Home Loans Balance Balance
- -------------------------- ---------- -------------- ----------
California 758 $ 40,312,056.71 34.00%
Florida 201 8,696,543.35 7.34%
Georgia 122 5,425,127.90 4.58%
Alabama 100 4,165,419.75 3.51%
Virginia 87 3,846,247.48 3.24%
Washington 79 3,659,977.40 3.09%
New York 62 3,182,467.44 2.68%
Ohio 70 3,067,814.55 2.59%
Illinois 61 3,034,647.94 2.56%
Pennsylvania 62 2,905,388.76 2.45%
Michigan 59 2,844,233.55 2.40%
Colorado 55 2,629,981.46 2.22%
Maryland 53 2,481,274.17 2.09%
Oregon 56 2,405,885.25 2.03%
Other 657 29,894,231.02 25.22%
--------- --------------- --------
Total 2,482 $118,551,296.73 100.00%
The reference to "Other" in the preceding table includes states and the District
of Columbia that contain mortgaged properties for less than 2.00% of the Home
Loan pool.
- --------------------------------------------------------------------------------
[BEAR STEARNS] Page 10
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
- --------------------------------------------------------------------------------
GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
Junior Ratios(1)(2)
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Initial Principal Principal
Range of Junior Ratios (%) Home Loans Balance Balance
- -------------------------- ---------- -------------- ---------
5.0001% to 10.0000% 31 $571,743.80 0.48%
10.0001% to 15.0000% 177 4,402,793.24 3.71%
15.0001% to 20.0000% 347 11,031,763.53 9.31%
20.0001% to 25.0000% 489 19,265,327.12 16.25%
25.0001% to 30.0000% 449 21,512,894.12 18.15%
30.0001% to 35.0000% 345 18,893,602.49 15.94%
35.0001% to 40.0000% 272 16,752,912.65 14.13%
40.0001% to 45.0000% 152 10,579,573.98 8.92%
45.0001% to 50.0000% 128 8,904,172.00 7.51%
50.0001% to 55.0000% 36 2,630,890.19 2.22%
55.0001% to 60.0000% 27 1,927,964.05 1.63%
60.0001% to 65.0000% 12 831,777.86 0.70%
65.0001% to 70.0000% 4 255,011.80 0.22%
70.0001% to 75.0000% 3 277,858.89 0.23%
75.0001% to 80.0000% 2 204,827.18 0.17%
85.0001% to 90.0000% 1 100,014.75 0.08%
95.0001% to 100.0000% 7 408,169.08 0.34%
--------- -------------- -------
Total 2,482 $118,551,296.73 100.00%
(1) The Junior Ratio of a Home Loan is the ratio (expressed as a percentage) of
the outstanding balance of such Home Loan to the sum of such outstanding balance
and the outstanding balance of any senior mortgage computed as of the date such
Home Loan is underwritten.
(2) The weighted average Junior Ratio of the Initial Home Loans as of the
Cut-Off Date is approximately 32.10%.
- --------------------------------------------------------------------------------
[BEAR STEARNS] Page 11
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
- --------------------------------------------------------------------------------
GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
Loan Rates
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Initial Principal Principal
Range of Loan Rates (%) Home Loans Balance Balance
- -------------------------- ---------- ------------- ----------
9.0001% to 9.5000% 1 $52,739.10 0.04%
9.5001% to 10.0000% 8 473,740.20 0.40%
10.0001% to 10.5000% 26 1,570,726.68 1.32%
10.5001% to 11.0000% 22 1,104,569.40 0.93%
11.0001% to 11.5000% 21 986,883.01 0.83%
11.5001% to 12.0000% 62 2,772,752.62 2.34%
12.0001% to 12.5000% 44 2,119,615.73 1.79%
12.5001% to 13.0000% 114 5,701,998.70 4.81%
13.0001% to 13.5000% 225 11,337,442.84 9.56%
13.5001% to 14.0000% 291 14,411,294.13 12.16%
14.0001% to 14.5000% 156 7,459,985.55 6.29%
14.5001% to 15.0000% 634 30,545,169.21 25.77%
15.0001% to 15.5000% 232 10,752,440.28 9.07%
15.5001% to 16.0000% 228 10,464,982.73 8.83%
16.0001% to 16.5000% 247 11,875,235.15 10.02%
16.5001% to 17.0000% 147 5,746,641.98 4.85%
17.0001% to 17.5000% 22 1,053,079.42 0.89%
17.5001% to 18.0000% 1 40,000.00 0.03%
18.5001% to 19.0000% 1 82,000.00 0.07%
--------- ------------- --------
Total 2,482 $118,551,296.73 100.00%
The weighted average Loan Rate of the Initial Home Loans as of the Cut-Off Date
is approximately 14.641%.
Months Remaining to Scheduled Maturity
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Initial Principal Principal
Range of Remaining Term Home Loans Balance Balance
- -------------------------- ---------- ---------------- ---------
0 to 60 1 $27,019.27 0.02%
61 to 120 11 438,807.93 0.37%
121 to 180 701 27,501,920.74 23.20%
181 to 240 83 3,476,257.91 2.93%
241 to 300 1,686 87,107,290.88 73.48%
---------- --------------- ---------
Total 2,482 $118,551,296.73 100.00%
The weighted average months remaining to scheduled maturity of the Initial Home
Loans as of the Cut-Off Date is approximately 269 months.
- --------------------------------------------------------------------------------
[BEAR STEARNS] Page 12
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
- --------------------------------------------------------------------------------
GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
Lien Priority
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Initial Principal Principal
Range of Loan Rates (%) Home Loans Balance Balance
- -------------------------- ---------- ------------- ----------
First 7 $408,169.08 0.34%
Second 2,475 118,143,127.65 99.66%
---------- --------------- ----------
Total 2,482 $118,551,296.73 100.00%
Debt-to-Income Ratios
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Range of Debt-to- Initial Principal Principal
Income Ratios (%) Home Loans Balance Balance
- -------------------------- ---------- ------------- ----------
10.001% to 15.000% 1 $74,951.25 0.06%
15.001% to 20.000% 18 584,018.97 0.49%
20.001% to 25.000% 54 2,016,448.19 1.70%
25.001% to 30.000% 163 6,702,096.92 5.65%
30.001% to 35.000% 329 13,866,303.80 11.70%
35.001% to 40.000% 508 22,634,269.13 19.09%
40.001% to 45.000% 551 25,991,270.50 21.92%
45.001% to 50.000% 781 41,547,286.60 35.05%
50.001% to 55.000% 72 4,661,060.16 3.93%
55.001% to 60.000% 5 473,591.21 0.40%
---------- -------------- -------
Total 2,482 $118,551,296.73 100.00%
The weighted average Debt-to-Income Ratio of the Initial Home Loans as of the
Cut-Off Date is approximately 41.46%.
Documentation Type
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Initial Principal Principal
Documentation Level Home Loans Balance Balance
- -------------------------- ---------- --------------- ----------
Full Documentation 2,482 $118,551,296.73 100.00%
---------- -------------- ----------
Total 2,482 $118,551,296.73 100.00%
- --------------------------------------------------------------------------------
[BEAR STEARNS] Page 13
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
- --------------------------------------------------------------------------------
GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
Occupancy Types
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Occupancy Initial Principal Principal
(as indicated by Borrower) Home Loans Balance Balance
- -------------------------- ---------- --------------- ----------
Owner Occupied 2,482 $118,551,296.73 100.00%
---------- --------------- ----------
Total 2,482 $118,551,296.73 100.00%
Loan Purpose
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Initial Principal Principal
Loan Purpose Home Loans Balance Balance
- -------------------------- ---------- ------------- ----------
Cash Out 389 $16,494,110.73 13.91%
Cash Out & Debt Consolidation 259 11,806,031.75 9.96%
Cash Out & Refinance (rate & term) 3 207,733.03 0.18%
Debt Consolidation 1,354 68,633,947.07 57.89%
Debt Consolidation & Cash Out 451 20,105,816.36 16.96%
Debt Consolidation & 14 778,907.81 0.66%
Refinance (rate & term)
Refinance (rate & term) 12 524,749.98 0.44%
-------- --------------- -------
2,482 $118,551,296.73 100.00%
Total
- --------------------------------------------------------------------------------
[BEAR STEARNS] Page 14
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
- --------------------------------------------------------------------------------
GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
Disposable Income of Borrowers(1)(2)
Percentage
of
Cut-Off
Aggregate Date
Number of Unpaid Aggregate
Range of Disposable Initial Principal Principal
Monthly Income of Borrower($) Home Loans Balance Balance
- -------------------------- ---------- ------------- ----------
$1,500.00 to $ 2,000.00 263 $8,862,449.50 7.48%
$2,000.01 to $ 3,000.00 916 37,589,105.62 31.71%
$3,000.01 to $ 4,000.00 617 30,358,561.75 25.61%
$4,000.01 to $ 5,000.00 357 19,250,575.38 16.24%
$5,000.01 to $ 6,000.00 153 9,660,276.02 8.15%
$6,000.01 to $ 7,000.00 88 5,703,609.36 4.81%
$7,000.01 to $ 8,000.00 38 3,070,692.72 2.59%
$8,000.01 to $ 9,000.00 13 835,923.37 0.71%
$9,000.01 to $10,000.00 14 999,727.40 0.84%
$10,000.01 & greater 23 2,220,375.61 1.87%
---------- ---------------- ----------
Total 2,482 $118,551,296.73 100.00%
(1) Determined on a pretax basis by subtracting the borrower's monthly debt
service on outstanding debt from the borrower's monthly income.
(2) The average Disposable Monthly Income of the Borrower of the Initial Home
Loans as of the Cut-Off Date is approximately $3,504.47.
Credit Scores as of the Date of Origination of the Home Loans
Percentage
of
Cut-Off
Aggregate Date
Range of Credit Scores Number of Unpaid Aggregate
the Date of Origination Initial Principal Principal
of the Loans Home Loans Balance Balance
- -------------------------- ---------- --------------- ----------
620 to 639 8 $414,100.98 0.35%
640 to 659 404 18,487,529.06 15.59%
660 to 679 827 38,678,696.50 32.63%
680 to 699 575 28,291,097.07 23.86%
700 to 719 377 18,733,819.32 15.80%
720 to 739 186 8,837,080.33 7.45%
740 to 759 83 4,176,630.56 3.52%
760 to 779 20 858,676.12 0.72%
780 to 799 2 73,666.79 0.06%
--------- --------------- ----------
Total 2,482 $118,551,296.73 100.00%
The weighted average Credit Score of the Borrower of the Initial Home Loans as
of the Cut-Off Date is approximately 685.
The information set forth in the preceding sections is based upon information
provided by the Seller and tabulated by the Depositor. The Depositor makes no
representation as to the accuracy or completeness of such information.
- --------------------------------------------------------------------------------
[BEAR STEARNS] Page 15
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
- --------------------------------------------------------------------------------
GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
- --------------------------------------------------------------------------------
SENSITIVITY TABLES
- --------------------------------------------------------------------------------
Class A -I (to call)
PPC 0% 50% 75% 100% 125% 150%
Average Life (years) 9.19 2.87 2.15 1.75 1.50 1.33
Modified Duration (years) 6.44 2.48 1.91 1.59 1.37 1.23
First Principal Payment 4/18/00 4/18/00 4/18/00 4/18/00 4/18/00 4/18/00
Last Principal Payment 12/18/14 2/18/06 7/18/04 8/18/03 1/18/03 9/18/02
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 177 71 52 41 34 30
Illustrative Yield @ Par 6.37% 6.38% 6.38% 6.38% 6.38% 6.38%
30/360)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Class A-2 (to call)
PPC 0% 50% 75% 100% 125% 150%
Average Life (years) 16.31 6.97 5.08 4.00 3.31 2.84
Modified Duration (years) 8.91 5.18 4.04 3.31 2.81 2.45
First Principal Payment 12/18/14 2/18/06 7/18/04 8/18/03 1/18/03 9/18/02
Last Principal Payment 3/18/18 4/18/08 2/18/06 11/18/04 1/18/04 7/18/03
Principal Lockout (months) 176 70 51 40 33 29
Principal Window (months) 40 27 20 16 13 11
Illustrative Yield @ Par 7.87% 7.84% 7.82% 7.80% 7.78% 7.76%
30/360
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Class A-3 (to call)
PPC 0% 50% 75% 100% 125% 150%
Average Life (years) 19.98 10.23 7.63 6.00 4.93 4.18
Modified Duration (years) 9.61 6.70 5.48 4.57 3.91 3.41
First Principal Payment 3/18/18 4/18/08 2/18/06 11/18/04 1/18/04 7/18/03
Last Principal Payment 12/18/21 10/18/12 11/18/09 11/18/07 6/18/06 7/18/05
Principal Lockout (months) 215 96 70 55 45 39
Principal Window (months) 46 55 46 37 30 25
Illustrative Yield @ Par 8.11% 8.09% 8.08% 8.06% 8.05% 8.03%
30/360)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Class A-4 (to call)
PPC 0% 50% 75% 100% 125% 150%
Average Life (years) 23.35 16.77 13.28 10.85 9.01 7.61
Modified Duration (years) 9.95 8.67 7.69 6.83 6.06 5.39
First Principal Payment 12/18/21 10/18/12 11/18/09 11/18/07 6/18/06 7/18/05
Last Principal Payment 4/18/24 7/18/19 8/18/15 1/18/13 12/18/10 4/18/09
Principal Lockout (months) 260 150 1 15 91 74 63
Principal Window (months) 29 82 70 63 55 46
Illustrative Yield @ Par 8.41% 8.40% 8.39% 8.39% 8.38% 8.37%
30/360
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[BEAR STEARNS] Page 16
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
<PAGE>
- --------------------------------------------------------------------------------
GMACM Home Loan-Backed Term Notes, Series 2000-
HLTV1
- --------------------------------------------------------------------------------
SENSITIVITY TABLES
- --------------------------------------------------------------------------------
Class A-1 (to maturity)
PPC 0% 50% 75% 100% 125% 150%
Average Life (years) 9.19 2.87 2.15 1.75 1.50 1.33
Modified Duration (years) 6.44 2.48 1.91 1.59 1.37 1.23
First Principal Payment 4/18/00 4/18/00 4/18/00 4/18/00 4/18/00 4/18/00
Last Principal Payment 12/18/14 2/18/06 7/18/04 8/18/03 1/18/03 9/18/02
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 177 71 52 41 34 30
Illustrative Yield @ Par 6.37% 6.38% 6.38% 6.38% 6.38% 6.38%
30/360
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Class A-2 (to maturity)
PPC 0% 50% 75% 100% 125% 150%
Average Life (years) 16.31 6.97 5.08 4.00 3.31 2.84
Modified Duration (years) 8.91 5.18 4.04 3.31 2.81 2.45
First Principal Payment 12/18/14 2/18/06 7/18/04 8/18/03 1/18/03 9/18/02
Last Principal Payment 3/18/18 4/18/08 2/18/06 11/18/04 1/18/04 7/18/03
Principal Lockout (months) 176 70 51 40 33 29
Principal Window (months) 40 27 20 16 13 11
Illustrative Yield @ Par 7.87% 7.84% 7.82% 7.80% 7.78% 7.76%
30/360
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Class A-3 (to maturity)
PPC 0% 50% 75% 100% 125% 150%
Average Life (years) 19.98 10.23 7.63 6.00 4.93 4.18
Modified Duration (years) 9.61 6.70 5.48 4.57 3.91 3.41
First Principal Payment 3/18/18 4/18/08 2/18/06 11/18/04 1/18/04 7/18/03
Last Principal Payment 12/18/21 10/18/12 11/18/09 11/18/07 6/18/06 7/18/05
Principal Lockout (months) 215 96 70 55 45 39
Principal Window (months) 46 55 46 37 30 25
Illustrative Yield @ Par 8.11% 8.09% 8.08% 8.06% 8.05% 8.03%
30/360
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Class A-4 (to maturity)
PPC 0% 50% 75% 100% 125% 150%
Average Life (years) 23.52 17.70 14.59 12.05 10.09 8.59
Modified Duration (years) 9.97 8.83 7.99 7.16 6.42 5.77
First Principal Payment 12/18/21 10/18/12 11/18/09 11/18/07 6/18/06 7/18/05
Last Principal Payment 3/18/25 12/18/24 6/18/24 4/18/23 3/18/21 9/18/18
Principal Lockout (months) 260 150 115 91 74 63
Principal Window (months) 40 147 176 186 178 159
Illustrative Yield Par 8.41% 8.41% 8.41% 8.41% 8.41% 8.41%
30/360
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[BEAR STEARNS] Page 17
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
