___________________________________________________________________________
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): October 18, 1996
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated
as of September 26, 1996, providing for the issuance of
the Vanderbilt Mortgage and Finance, Inc., Manufactured
Housing Contract Senior/Subordinate Pass-Through Certificates,
Series 1996C).
CLAYTON HOMES, INC.
VANDERBILT MORTGAGE AND FINANCE, INC.
--------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
333-14033
Tennessee 33-88238 62-0997810
- ---------------------------- ------------ -------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
4726 Airport Highway
Louisville, Tennessee 37777
- ---------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (423) 970-7200
-----------------
- ---------------------------------------------------------------------------
(Former Address:
- ---------------------------------------------------------------------------
Item 5. Other Events
------------
Filing of Computational Materials.*
- ---------------------------------
Pursuant to Rule 424(b) under the Securities Act of 1933, subsequent to
the filing of this Current Report on Form 8-K (the "Form 8-K), Vanderbilt
Mortgage and Finance, Inc. and Clayton Homes, Inc. (collectively, the
"Company") are filing a prospectus and prospectus supplement with the
Securities and Exchange Commission relating to its Manufactured Housing
Contract Senior/Subordinate Pass-Through Certificates, Series 1996C.
In connection with the offering of the Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1996C, Prudential
Securities Incorporated, as one of the underwriters of the Certificates (the
"Underwriter"), has prepared certain materials (the "Computational
Materials") for distribution to its potential investors. Although the
Company provided the Underwriter with certain information regarding the
characteristics of the Contracts in the related portfolio, it 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 any Class
or Classes of Certificates, any of the following: yield; average life;
duration; expected maturity; interest rate sensitivity; loss sensitivity;
cash flow characteristics; background information regarding the Contracts;
the proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature.
The Computational Materials are attached hereto as Exhibit 1.
In preparation of the Computational Materials, the assumptions set forth
in the Prospectus Supplement were used.
_________________
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated October 18, 1996, and
Prospectus Supplement dated October 18, 1996, of Vanderbilt Mortgage and
Finance, Inc. and Clayton Homes, Inc. relating to Vanderbilt Mortgage and
Finance, Inc. Manufactured Housing Contract Senior/Subordinate Pass-Through
Certificates, Series 1996C.
Item 7. Financial Statements, Pro Forma Financial
-----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
1. Computational Materials.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.
By: /s/ David R. Jordan
----------------------
Name: David R. Jordan
Title: Vice President
CLAYTON HOMES, INC.
By: /s/ Joseph H. Stegmayer
------------------------------
Name: Joseph H. Stegmayer
Title: President
Dated: October 18, 1996
Exhibit Index
-------------
Exhibit Page
- ------- ----
1. Computational Materials 6
Marketing Memorandum for
Vanderbilt Mortgage and Finance, Inc.,
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 1996C
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Vanderbilt Mortgage and Finance,
Series 1996C transaction, and not by or as agent for Vanderbilt Mortgage and
Finance, Inc. or any of its affiliates (the "Sponsor"). The Sponsor has not
prepared, reviewed or participated in the preparation hereof, is not
responsible for the accuracy hereof and has not authorized the disemination
hereof. The analysis in this report is accurate to the best of PSI's knowledge
and is based on information provided by the Sponsor. PSI makes no
representations as to the accuracy of such information provided to it by the
Sponsor. All assumptions and information in this report reflect PSI's
judgment as of this date and are subject to change. All analyses are based on
certain assumptions noted herein and different assumptions could yield
substantially different results. You are cautioned that there is no
universally accepted method for analyzing financial instruments.
You should review the assumptions; there may be differences between these
assumptions and your actual business practices. Further, PSI does not
guarantee any results and there is no guarantee as to the liquidity of the
instruments involved in this analysis. The decision to adopt any strategy
remains your responsibility. PSI (or any of its affiliates) or their officers,
directors, analysts or employees may have positions in securities, commodities
or derivative instruments thereon referred to here, and may, as principal or
agent, buy or sell such securities, commodities or derivative instruments.
In addition, PSI may make a market in the securities referred to herein.
Neither the information nor the assumptions reflected herein shall be construed
to be, or constitute, an offer to sell or buy or a solicitation of an offer to
sell or buy any securities, commodities or derivative instruments mentioned
herein. No sale of any securities, commodities or derivative instruments
should be consumated without the purchaser first having received a prospectus
and, if required, prospectus supplement. Finally, PSI has not addressed the
legal, accounting and tax implications of the analysis with respect to you,
and PSI strongly urges you to seek advice from your counsel, accountant and
tax advisor. The Certificates are being offered pursuant to a Prospectus which
includes a Prospectus Supplement (together, the "Prospectus"). The information
contained herein will be superseded by the final Prospectus.
Vanderbilt Mortgage and Finance, Inc., Series 1996C
Title of Securities: Vanderbilt Mortgage and Finance, Inc., Manufactured
Housing Contract Senior/Subordinate Pass-Through
Certificates, Series 1996C.
<TABLE>
<CAPTION>
Class Class Class Class Class Class Class Class
A1 A2 A3 A4 A5 A6 B1 B2
<S> <C> <C> <C> <C> <C> <C>
Amount(000): 28,800 27,300 19,100 11,800 15,481 9,938 6,833 4,969
Coupon: [1ML+__bps]
Approx. Price:
Yield:
Spread:
Avg Life: 1.051 3.051 5.052 7.060 9.767 13.766 6.869 14.389
Avg Life: 1.051 3.051 5.052 7.060 9.767 11.953 6.869 11.220
To Call
1st Prin Pymt: 11/07/96 11/07/98 12/07/00 12/07/02 11/07/04 10/07/08 11/07/01 01/07/06
Exp Mat: 11/07/98 12/07/00 12/07/02 11/07/04 10/07/08 02/07/13 01/07/06 10/07/21
To 10% Call: 11/07/98 12/07/00 12/07/02 11/07/04 10/07/08 10/07/08 01/07/06 10/07/08
Stated Mat: 03/07/02 10/07/05 11/07/08 08/07/10 06/07/13 11/07/27 09/07/10 11/07/27
Expected
Settlement: [10/24/96] [10/24/96] [10/24/96] [10/24/96] [10/24/96] [10/24/96] [10/24/96] [10/24/96]
Pymt Delay: 0 Days 6 Days 6 Days 6 Days 6 Days 6 Days 6 Days 6 Days
Dated Date: 10/01/96 10/01/96 10/01/96 10/01/96 10/01/96 10/01/96 10/01/96 10/01/96
1st Pymt Date: [11/7/96] [11/7/96] [11/7/96] [11/7/96] [11/7/96] [11/7/96] [11/7/96] [11/7/96]
Rating: Aaa Aaa Aaa Aaa Aaa Aa3 Baa2 Baa2
</TABLE>
Pricing Date: [10/17/96]
Prepayment Speed: [175% MHP]
Class A1 Pass
Through Rate: The Class A1 Pass Through Rate will equal the lesser
of i) One Month LIBOR plus[ ____%] and ii) the
weighted average gross coupon of the contracts less
the 1.25% servicing fee.
Credit Enhancement: Subordination: Expected subordination levels are as
follows: (subject to change)
Class A1-A5: AAA [17.5%]
Class A6: Aa3 [ 9.5%]
Class B1: Baa2 [4.0%]
Corporate Guarantee: The Class B-2
Certificateholders will have the benefit
of a limited guarantee of Clayton Homes, Inc.
("CHI") to protect against losses that would
otherwise be absorbed by the Class B-2
Certificateholders.
Servicing Fee and Excess Servicing:
The servicing fee and excess servicing of the
Contracts are subordinate to the Offered
Certificates on a monthly basis. Such rate is
calculated as follows:
Gross WAC - WA Bond Coupon
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
Vanderbilt Mortgage and Finance, Inc., Series 1996B
Cashflow Priority:
PRICING
BASE CASE CLASS B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Classes A1-A5 Certificates;
2) Senior percentage of principal payments
sequentially to Classes A-1, A-2, A-3, A-4, and A-5
until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Clas A6 Certificates;
4) Class A-6 percentage of principal payments to
Class A-6 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class B1 Certificates;
6) Class B percentage of principal payments to
Class B1 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class B2 Certificates;
8) Class B percentage of principal payments to
Class B2 until such class is reduced to zero;
9) So long as Vanderbilt is the Servicer, any remainder
up to the amount equal to 1/12th of the product of
1.25% and the pool scheduled principal balance to
the Servicer;
10) Clayton Homes for any unreimbursed guaranteed
payments with respect to Class B2;
11) any remainder to the Class R Certificates.
__________________________________________________
| | | | | | |
| | | | A4 | A5 | A6 |
| A1 | A2 | A3 ____|________|_______|________|
| | | | B1 | B2 |
|_____|_____|______|_______________|_____________|
5 yrs
CLASS B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes A1-A5 Certificates;
2) 100% of principal payments sequentially to Classes
A-1, A-2, A-3, A-4, and A-5 until such class is
reduced to zero;
3) Current interest and any previously unreimbursed
interest to Clas A6 Certificates;
4) 100% of principal payments to Class A-6 until such
Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class B1 Certificates;
6) 100% of principal payments to Class B1 until such
Class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class B2 Certificates;
8) 100% of principal payments to Class B2 until such
Class is reduced to zero;
9) So long as Vanderbilt is the Servicer, any
remainder up to the amount equal to 1/12th of the
product of 1.25% and the pool scheduled principal
balance to the Servicer;
10) Clayton Homes for any unreimbursed guaranteed
payments with respect to Class B2;
11) any remainder to the Class R Certificates.
_____________________________________________________
| | | | | | | | |
| | | | | | | | |
| A1 | A2 | A3 | A4 | A5 | A6 | B1 | B2 |
| | | | | | | | |
|_____|_____|______|______|______|______|______|______|
Class B Distribution
Test: The Class B Distribution Test is met if
1) Remittance Date is on or after [Nov 2001]
2) Class B Percentage is at least [16.625%]
(which is [1.75] times the original Class B
Percentage)
3) Cumulative Realized Losses do not exceed [7%] for
year [2001], [8%] for year [2002], and [9%] for
year [2003] and beyond of the Original Principal
Balance of the Contracts
4) Current Realized Loss Ratio does not exceed [2.75%]
5) Average 60 Day Delinquency Ratio does not exceed [5%]
6) Average 30 Day Delinquency Ratio does not exceed [7%]
7) Class B-2 Principal Balance must not be less than
[$2,484,000]
(which represents approximately [2%] of the Total
Original Contract Pool Principal Balance).
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER.
IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
Vanderbilt Mortgage and Finance, Inc., Series 1996B
Cleanup Call: The Servicer may call the Certificates at par plus
accrued interest after the remaining pool balance of the
Certificates is less than 10% of its original balance.
Payment Date: The 7th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning in November, 1996.
Interest
Accrual: Interest will accrue from the 1st day of the preceding
month until the 30th day of the preceding month for
the Class A2, A3, A4, A5, A6, B1 and B2 certificates.
For the Class A1 certificates, interest will accrue
from the 7th day of the preceeding month until the
6th day of the current month. For the first payment date,
interest will accrue from the closing date to the first
Payment Date for the class A1 certificates. For the Class A1
certificates, interest is calculated using an actual/360
day count. For the remainder of the certificate classes,
interest is calculated using a 30/360 day count.
ERISA
Considerations: The Class A1, A2, A3, A4, and A5 Certificates will be
ERISA eligible. The Class A6, B1 and B2 Certificates
are not ERISA eligible. However, investors should
consult with their counsel with respect to the
consequences under ERISA and the Code of the Plan's
acquisition and ownership of such Certificates.
SMMEA
Considerations: The Class A1, A2, A3, A4, A5, and A6 Certificates will
constitute "mortgage related securities" under the
Secondary Mortgage Market Enhancement Act of 1984 "SMMEA".
The Class B Certificates are not SMMEA eligible.
Type of Collateral: 15-30 Year Fixed Rate Manufactured Housing Contracts
Number: 4,293
Amount: $ 124,221,906.53
Avg Unpaid Balance: $ 28,935.92
Max Orig Balance: $ 124,666.49
WAC: 11.513%
WAC Range: 7.750%-18.000%
WAM: 182.168
WA Orig Term: 184.158
WALTV: 86.172%
New: 76.57%
Used: 23.43%
Park: 29.42%
Non-Park: 70.58%
Single Wide: 51.52%
Double Wide: 48.48%
Prospectus: The Certificates are being offered pursuant to a Prospectus
which includes a Prospectus Supplement (together, the
"Prospectus")Complete information with respect to the
Certificates and the Collateral is contained in the
Prospectus. The foregoing is qualified in its entirety
by the information appearing in the Prospectus. To the
extent that the foregoing is inconsistent with the
Prospectus, the Prospectus shall govern in all respects.
Sales of the Certificates may not be consumated unless the
purchaser has received the Prospectus.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<TABLE>
<CAPTION>
CURRENT BALANCE: $28,800,000.00 DATED DATE: 10/24/96
CURRENT COUPON: 5.495% vmf6c FIRST PAYMENT: 11/07/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $28,800,000.00 BOND A1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 10/24/96
ASSUMED CONSTANT LIBOR-1M 5.3750
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
175.0% 100.00% 125.00% 150.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
99-24 36.451 29.857 32.062 34.261 38.644 43.056
99-24+ 34.920 28.739 30.806 32.867 36.976 41.111
99-25 33.390 27.622 29.551 31.474 35.309 39.167
99-25+ 31.860 26.504 28.295 30.081 33.641 37.224
99-26 30.330 25.387 27.040 28.688 31.974 35.281
99-26+ 28.801 24.270 25.785 27.296 30.308 33.339
99-27 27.272 23.153 24.531 25.904 28.642 31.397
99-27+ 25.743 22.037 23.276 24.512 26.976 29.455
99-28 24.215 20.921 22.022 23.121 25.310 27.514
99-28+ 22.687 19.805 20.769 21.729 23.645 25.573
99-29 21.159 18.689 19.515 20.339 21.981 23.633
99-29+ 19.632 17.574 18.262 18.948 20.316 21.693
99-30 18.105 16.458 17.009 17.558 18.652 19.753
99-30+ 16.578 15.343 15.756 16.168 16.989 17.814
99-31 15.052 14.229 14.504 14.778 15.325 15.876
99-31+ 13.526 13.114 13.252 13.389 13.662 13.938
100-00 12.000 12.000 12.000 12.000 12.000 12.000
100-00+ 10.475 10.886 10.748 10.611 10.338 10.063
100-01 8.950 9.772 9.497 9.223 8.676 8.126
100-01+ 7.425 8.659 8.246 7.835 7.015 6.190
100-02 5.901 7.545 6.995 6.447 5.354 4.254
100-02+ 4.377 6.432 5.745 5.060 3.693 2.318
100-03 2.853 5.320 4.495 3.672 2.033 0.383
100-03+ 1.330 4.207 3.245 2.286 0.373 -1.552
100-04 -0.193 3.095 1.995 0.899 -1.287 -3.486
100-04+ -1.716 1.983 0.746 -0.487 -2.946 -5.420
100-05 -3.238 0.871 -0.503 -1.873 -4.605 -7.353
100-05+ -4.760 -0.241 -1.752 -3.259 -6.263 -9.286
100-06 -6.281 -1.352 -3.001 -4.644 -7.921 -11.218
100-06+ -7.803 -2.463 -4.249 -6.029 -9.579 -13.150
100-07 -9.324 -3.574 -5.497 -7.414 -11.236 -15.082
100-07+ -10.844 -4.685 -6.745 -8.798 -12.893 -17.013
First Payment 0.036 0.036 0.036 0.036 0.036 0.036
Average Life 1.051 1.460 1.292 1.159 0.962 0.821
Last Payment 2.036 2.869 2.536 2.286 1.869 1.619
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $27,300,000.00 DATED DATE: 10/01/96
COUPON: 6.420% vmf6c FIRST PAYMENT: 11/07/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $27,300,000.00 BOND A2 PRICE-YIELD TABLE YIELD TABLE DATE: 10/24/96
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
175.0% 100.00% 125.00% 150.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
99-24 6.560 6.547 6.551 6.555 6.564 6.573
99-24+ 6.554 6.542 6.546 6.550 6.558 6.566
99-25 6.548 6.538 6.541 6.545 6.551 6.558
99-25+ 6.542 6.534 6.536 6.539 6.545 6.551
99-26 6.536 6.529 6.531 6.534 6.539 6.544
99-26+ 6.531 6.525 6.527 6.529 6.533 6.537
99-27 6.525 6.520 6.522 6.523 6.526 6.529
99-27+ 6.519 6.516 6.517 6.518 6.520 6.522
99-28 6.513 6.511 6.512 6.513 6.514 6.515
99-28+ 6.507 6.507 6.507 6.507 6.507 6.507
99-29 6.501 6.503 6.502 6.502 6.501 6.500
99-29+ 6.496 6.498 6.497 6.496 6.495 6.493
99-30 6.490 6.494 6.492 6.491 6.488 6.486
99-30+ 6.484 6.489 6.488 6.486 6.482 6.478
99-31 6.478 6.485 6.483 6.480 6.476 6.471
99-31+ 6.472 6.481 6.478 6.475 6.469 6.464
100-00 6.466 6.476 6.473 6.470 6.463 6.456
100-00+ 6.461 6.472 6.468 6.464 6.457 6.449
100-01 6.455 6.467 6.463 6.459 6.451 6.442
100-01+ 6.449 6.463 6.458 6.454 6.444 6.435
100-02 6.443 6.459 6.454 6.448 6.438 6.427
100-02+ 6.437 6.454 6.449 6.443 6.432 6.420
100-03 6.432 6.450 6.444 6.438 6.425 6.413
100-03+ 6.426 6.445 6.439 6.432 6.419 6.406
100-04 6.420 6.441 6.434 6.427 6.413 6.398
100-04+ 6.414 6.437 6.429 6.422 6.407 6.391
100-05 6.408 6.432 6.424 6.416 6.400 6.384
100-05+ 6.403 6.428 6.420 6.411 6.394 6.377
100-06 6.397 6.423 6.415 6.406 6.388 6.369
100-06+ 6.391 6.419 6.410 6.400 6.381 6.362
100-07 6.385 6.415 6.405 6.395 6.375 6.355
100-07+ 6.379 6.410 6.400 6.390 6.369 6.348
First Payment 2.036 2.869 2.536 2.286 1.869 1.619
Average Life 3.051 4.171 3.725 3.358 2.794 2.389
Last Payment 4.119 5.619 4.953 4.536 3.786 3.203
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $19,100,000.00 DATED DATE: 10/01/96
COUPON: 6.750% vmf6c FIRST PAYMENT: 11/07/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $19,100,000.00 BOND A3 PRICE-YIELD TABLE YIELD TABLE DATE: 10/24/96
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
175.0% 100.00% 125.00% 150.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
99-24 6.879 6.871 6.874 6.876 6.881 6.887
99-24+ 6.875 6.868 6.870 6.873 6.877 6.882
99-25 6.871 6.866 6.867 6.869 6.873 6.877
99-25+ 6.867 6.863 6.864 6.866 6.869 6.873
99-26 6.864 6.860 6.861 6.862 6.865 6.868
99-26+ 6.860 6.857 6.858 6.859 6.861 6.863
99-27 6.856 6.854 6.854 6.855 6.857 6.859
99-27+ 6.852 6.851 6.851 6.852 6.853 6.854
99-28 6.849 6.848 6.848 6.848 6.849 6.849
99-28+ 6.845 6.845 6.845 6.845 6.845 6.845
99-29 6.841 6.842 6.842 6.841 6.841 6.840
99-29+ 6.837 6.839 6.839 6.838 6.837 6.835
99-30 6.833 6.836 6.835 6.834 6.833 6.831
99-30+ 6.830 6.833 6.832 6.831 6.828 6.826
99-31 6.826 6.830 6.829 6.827 6.824 6.821
99-31+ 6.822 6.827 6.826 6.824 6.820 6.817
100-00 6.818 6.824 6.823 6.821 6.816 6.812
100-00+ 6.815 6.822 6.819 6.817 6.812 6.807
100-01 6.811 6.819 6.816 6.814 6.808 6.803
100-01+ 6.807 6.816 6.813 6.810 6.804 6.798
100-02 6.803 6.813 6.810 6.807 6.800 6.793
100-02+ 6.800 6.810 6.807 6.803 6.796 6.789
100-03 6.796 6.807 6.804 6.800 6.792 6.784
100-03+ 6.792 6.804 6.800 6.796 6.788 6.780
100-04 6.788 6.801 6.797 6.793 6.784 6.775
100-04+ 6.785 6.798 6.794 6.789 6.780 6.770
100-05 6.781 6.795 6.791 6.786 6.776 6.766
100-05+ 6.777 6.792 6.788 6.782 6.772 6.761
100-06 6.773 6.789 6.784 6.779 6.768 6.756
100-06+ 6.770 6.786 6.781 6.775 6.764 6.752
100-07 6.766 6.784 6.778 6.772 6.759 6.747
100-07+ 6.762 6.781 6.775 6.769 6.755 6.742
First Payment 4.119 5.619 4.953 4.536 3.786 3.203
Average Life 5.052 6.881 6.196 5.571 4.616 3.949
Last Payment 6.119 8.286 7.536 6.786 5.619 4.703
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
</TABLE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $11,800,000.00 DATED DATE: 10/01/96
COUPON: 7.055% vmf6c FIRST PAYMENT: 11/07/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $11,800,000.00 BOND A4 PRICE-YIELD TABLE YIELD TABLE DATE: 10/24/96
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
175.0% 100.00% 125.00% 150.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
99-24 7.184 7.180 7.181 7.182 7.186 7.190
99-24+ 7.181 7.177 7.178 7.180 7.183 7.186
99-25 7.178 7.175 7.176 7.177 7.180 7.183
99-25+ 7.175 7.172 7.173 7.174 7.177 7.179
99-26 7.172 7.170 7.171 7.172 7.173 7.176
99-26+ 7.170 7.168 7.168 7.169 7.170 7.172
99-27 7.167 7.165 7.166 7.166 7.167 7.168
99-27+ 7.164 7.163 7.163 7.163 7.164 7.165
99-28 7.161 7.161 7.161 7.161 7.161 7.161
99-28+ 7.158 7.158 7.158 7.158 7.158 7.158
99-29 7.155 7.156 7.156 7.155 7.155 7.154
99-29+ 7.152 7.153 7.153 7.153 7.152 7.150
99-30 7.149 7.151 7.151 7.150 7.148 7.147
99-30+ 7.146 7.149 7.148 7.147 7.145 7.143
99-31 7.143 7.146 7.145 7.145 7.142 7.140
99-31+ 7.140 7.144 7.143 7.142 7.139 7.136
100-00 7.138 7.142 7.140 7.139 7.136 7.132
100-00+ 7.135 7.139 7.138 7.136 7.133 7.129
100-01 7.132 7.137 7.135 7.134 7.130 7.125
100-01+ 7.129 7.135 7.133 7.131 7.127 7.122
100-02 7.126 7.132 7.130 7.128 7.124 7.118
100-02+ 7.123 7.130 7.128 7.126 7.120 7.114
100-03 7.120 7.127 7.125 7.123 7.117 7.111
100-03+ 7.117 7.125 7.123 7.120 7.114 7.107
100-04 7.114 7.123 7.120 7.118 7.111 7.104
100-04+ 7.112 7.120 7.118 7.115 7.108 7.100
100-05 7.109 7.118 7.115 7.112 7.105 7.096
100-05+ 7.106 7.116 7.113 7.109 7.102 7.093
100-06 7.103 7.113 7.110 7.107 7.099 7.089
100-06+ 7.100 7.111 7.108 7.104 7.096 7.086
100-07 7.097 7.109 7.105 7.101 7.092 7.082
100-07+ 7.094 7.106 7.103 7.099 7.089 7.078
First Payment 6.119 8.286 7.536 6.786 5.619 4.703
Average Life 7.060 9.281 8.491 7.750 6.438 5.389
Last Payment 8.036 10.453 9.536 8.786 7.369 6.203
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $15,481,000.00 DATED DATE: 10/01/96
COUPON: 7.310% vmf6c FIRST PAYMENT: 11/07/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $15,481,000.00 BOND A5 PRICE-YIELD TABLE YIELD TABLE DATE: 10/24/96
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
175.0% 100.00% 125.00% 150.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
99-24 7.441 7.439 7.439 7.440 7.442 7.445
99-24+ 7.439 7.437 7.437 7.438 7.440 7.442
99-25 7.437 7.435 7.435 7.436 7.437 7.439
99-25+ 7.434 7.433 7.433 7.434 7.435 7.436
99-26 7.432 7.431 7.431 7.431 7.432 7.434
99-26+ 7.430 7.429 7.429 7.429 7.430 7.431
99-27 7.427 7.427 7.427 7.427 7.428 7.428
99-27+ 7.425 7.425 7.425 7.425 7.425 7.425
99-28 7.423 7.423 7.423 7.423 7.423 7.423
99-28+ 7.420 7.421 7.421 7.420 7.420 7.420
99-29 7.418 7.419 7.418 7.418 7.418 7.417
99-29+ 7.416 7.417 7.416 7.416 7.415 7.414
99-30 7.413 7.415 7.414 7.414 7.413 7.412
99-30+ 7.411 7.413 7.412 7.412 7.410 7.409
99-31 7.409 7.411 7.410 7.409 7.408 7.406
99-31+ 7.406 7.409 7.408 7.407 7.406 7.404
100-00 7.404 7.407 7.406 7.405 7.403 7.401
100-00+ 7.402 7.405 7.404 7.403 7.401 7.398
100-01 7.399 7.403 7.402 7.401 7.398 7.395
100-01+ 7.397 7.401 7.400 7.398 7.396 7.393
100-02 7.395 7.399 7.397 7.396 7.393 7.390
100-02+ 7.393 7.397 7.395 7.394 7.391 7.387
100-03 7.390 7.395 7.393 7.392 7.388 7.384
100-03+ 7.388 7.393 7.391 7.390 7.386 7.382
100-04 7.386 7.391 7.389 7.387 7.384 7.379
100-04+ 7.383 7.389 7.387 7.385 7.381 7.376
100-05 7.381 7.387 7.385 7.383 7.379 7.373
100-05+ 7.379 7.385 7.383 7.381 7.376 7.371
100-06 7.376 7.383 7.381 7.379 7.374 7.368
100-06+ 7.374 7.381 7.379 7.376 7.371 7.365
100-07 7.372 7.379 7.377 7.374 7.369 7.363
100-07+ 7.369 7.377 7.374 7.372 7.367 7.360
First Payment 8.036 10.453 9.536 8.786 7.369 6.203
Average Life 9.767 12.162 11.362 10.541 9.046 7.744
Last Payment 11.953 13.953 13.369 12.703 11.203 9.703
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $9,938,000.00 DATED DATE: 10/01/96
COUPON: 7.630% vmf6c FIRST PAYMENT: 11/07/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $9,938,000.00 BOND A6 PRICE-YIELD TABLE YIELD TABLE DATE: 10/24/96
PREPAYMENT SPEED
****** MATURITY *******
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
175.0% 100.00% 125.00% 150.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
99-24 7.767 7.766 7.767 7.767 7.768 7.769
99-24+ 7.765 7.764 7.765 7.765 7.766 7.767
99-25 7.763 7.763 7.763 7.763 7.764 7.764
99-25+ 7.762 7.761 7.761 7.761 7.762 7.762
99-26 7.760 7.759 7.759 7.759 7.760 7.760
99-26+ 7.758 7.757 7.757 7.758 7.758 7.758
99-27 7.756 7.756 7.756 7.756 7.756 7.756
99-27+ 7.754 7.754 7.754 7.754 7.754 7.754
99-28 7.752 7.752 7.752 7.752 7.752 7.752
99-28+ 7.750 7.750 7.750 7.750 7.750 7.750
99-29 7.748 7.748 7.748 7.748 7.748 7.748
99-29+ 7.746 7.747 7.747 7.746 7.746 7.746
99-30 7.744 7.745 7.745 7.745 7.744 7.744
99-30+ 7.742 7.743 7.743 7.743 7.742 7.742
99-31 7.741 7.741 7.741 7.741 7.740 7.739
99-31+ 7.739 7.740 7.739 7.739 7.738 7.737
100-00 7.737 7.738 7.738 7.737 7.736 7.735
100-00+ 7.735 7.736 7.736 7.735 7.734 7.733
100-01 7.733 7.734 7.734 7.733 7.732 7.731
100-01+ 7.731 7.733 7.732 7.732 7.731 7.729
100-02 7.729 7.731 7.730 7.730 7.729 7.727
100-02+ 7.727 7.729 7.729 7.728 7.727 7.725
100-03 7.725 7.727 7.727 7.726 7.725 7.723
100-03+ 7.724 7.725 7.725 7.724 7.723 7.721
100-04 7.722 7.724 7.723 7.722 7.721 7.719
100-04+ 7.720 7.722 7.721 7.721 7.719 7.717
100-05 7.718 7.720 7.719 7.719 7.717 7.715
100-05+ 7.716 7.718 7.718 7.717 7.715 7.713
100-06 7.714 7.717 7.716 7.715 7.713 7.710
100-06+ 7.712 7.715 7.714 7.713 7.711 7.708
100-07 7.710 7.713 7.712 7.711 7.709 7.706
100-07+ 7.708 7.711 7.710 7.710 7.707 7.704
First Payment 11.953 13.953 13.369 12.703 11.203 9.703
Average Life 13.766 15.629 15.018 14.400 13.118 11.836
Last Payment 16.286 17.536 17.203 16.786 15.786 14.536
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $6,833,000.00 DATED DATE: 10/01/96
COUPON: 7.530% vmf6c FIRST PAYMENT: 11/07/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $6,833,000.00 BOND B1 PRICE-YIELD TABLE YIELD TABLE DATE: 10/24/96
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
175.0% 100.00% 125.00% 150.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
99-24 7.673 7.671 7.672 7.673 7.674 7.674
99-24+ 7.670 7.669 7.669 7.670 7.670 7.671
99-25 7.667 7.666 7.667 7.667 7.667 7.668
99-25+ 7.664 7.663 7.664 7.664 7.664 7.665
99-26 7.661 7.660 7.661 7.661 7.661 7.662
99-26+ 7.658 7.657 7.658 7.658 7.658 7.658
99-27 7.655 7.655 7.655 7.655 7.655 7.655
99-27+ 7.652 7.652 7.652 7.652 7.652 7.652
99-28 7.649 7.649 7.649 7.649 7.649 7.649
99-28+ 7.646 7.646 7.646 7.646 7.646 7.646
99-29 7.643 7.643 7.643 7.643 7.643 7.643
99-29+ 7.640 7.641 7.640 7.640 7.640 7.639
99-30 7.637 7.638 7.637 7.637 7.637 7.636
99-30+ 7.634 7.635 7.634 7.634 7.634 7.633
99-31 7.631 7.632 7.631 7.631 7.630 7.630
99-31+ 7.628 7.629 7.628 7.628 7.627 7.627
100-00 7.625 7.627 7.626 7.625 7.624 7.624
100-00+ 7.622 7.624 7.623 7.622 7.621 7.621
100-01 7.619 7.621 7.620 7.619 7.618 7.617
100-01+ 7.616 7.618 7.617 7.616 7.615 7.614
100-02 7.613 7.615 7.614 7.613 7.612 7.611
100-02+ 7.610 7.613 7.611 7.610 7.609 7.608
100-03 7.607 7.610 7.608 7.607 7.606 7.605
100-03+ 7.604 7.607 7.605 7.604 7.603 7.602
100-04 7.601 7.604 7.602 7.601 7.600 7.598
100-04+ 7.597 7.601 7.599 7.598 7.597 7.595
100-05 7.594 7.599 7.596 7.595 7.594 7.592
100-05+ 7.591 7.596 7.593 7.592 7.591 7.589
100-06 7.588 7.593 7.591 7.589 7.588 7.586
100-06+ 7.585 7.590 7.588 7.586 7.584 7.583
100-07 7.582 7.587 7.585 7.583 7.581 7.580
100-07+ 7.579 7.585 7.582 7.581 7.578 7.576
First Payment 5.036 5.286 5.036 5.036 5.036 5.036
Average Life 6.869 7.640 7.211 7.027 6.730 6.497
Last Payment 9.203 10.536 9.869 9.536 8.869 8.453
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
/TABLE
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $4,969,000.00 DATED DATE: 10/01/96
COUPON: 8.045% vmf6c FIRST PAYMENT: 11/07/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $4,969,000.00 BOND B2 PRICE-YIELD TABLE YIELD TABLE DATE: 10/24/96
PREPAYMENT SPEED
****** MATURITY *******
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
175.0% 100.00% 125.00% 150.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP
99-24 8.195 8.195 8.195 8.195 8.196 8.196
99-24+ 8.193 8.193 8.193 8.193 8.194 8.194
99-25 8.192 8.191 8.191 8.191 8.192 8.192
99-25+ 8.190 8.189 8.189 8.189 8.190 8.190
99-26 8.188 8.187 8.187 8.188 8.188 8.188
99-26+ 8.186 8.185 8.186 8.186 8.186 8.186
99-27 8.184 8.184 8.184 8.184 8.184 8.184
99-27+ 8.182 8.182 8.182 8.182 8.182 8.182
99-28 8.180 8.180 8.180 8.180 8.180 8.180
99-28+ 8.178 8.178 8.178 8.178 8.178 8.178
99-29 8.176 8.176 8.176 8.176 8.176 8.176
99-29+ 8.174 8.174 8.174 8.174 8.174 8.174
99-30 8.172 8.173 8.172 8.172 8.172 8.172
99-30+ 8.170 8.171 8.171 8.170 8.170 8.170
99-31 8.168 8.169 8.169 8.168 8.168 8.167
99-31+ 8.166 8.167 8.167 8.166 8.166 8.165
100-00 8.164 8.165 8.165 8.165 8.164 8.163
100-00+ 8.162 8.163 8.163 8.163 8.162 8.161
100-01 8.160 8.162 8.161 8.161 8.160 8.159
100-01+ 8.158 8.160 8.159 8.159 8.158 8.157
100-02 8.156 8.158 8.157 8.157 8.156 8.155
100-02+ 8.155 8.156 8.156 8.155 8.154 8.153
100-03 8.153 8.154 8.154 8.153 8.152 8.151
100-03+ 8.151 8.152 8.152 8.151 8.150 8.149
100-04 8.149 8.151 8.150 8.149 8.148 8.147
100-04+ 8.147 8.149 8.148 8.147 8.146 8.145
100-05 8.145 8.147 8.146 8.145 8.144 8.143
100-05+ 8.143 8.145 8.144 8.144 8.142 8.141
100-06 8.141 8.143 8.142 8.142 8.140 8.139
100-06+ 8.139 8.142 8.141 8.140 8.138 8.137
100-07 8.137 8.140 8.139 8.138 8.136 8.135
100-07+ 8.135 8.138 8.137 8.136 8.134 8.133
First Payment 9.203 10.536 9.869 9.536 8.869 8.453
Average Life 14.389 16.192 15.473 14.902 13.918 13.043
Last Payment 24.953 24.953 24.953 24.953 24.953 24.953
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
</TABLE>
<TABLE>
<CAPTION>
_____________________________________________________________________________
- VANDERBILT 6C
- $124,221,906.53
- Asset Backed Collateral
_____________________________________________________________________________
<S> <C>
Cut-off Date: 9/25/96
Product: Man. House
Number of Mortgage Loans: 4,293
Aggregate Unpaid Principal Balance: $124,221,906.53
Aggregate Original Principal Balance: $125,055,921.58
Weighted Average Gross Coupon: 11.513%
Gross Coupon Range: 7.750% - 18.000%
_____________________________________________________________________________
Average Unpaid Principal Balance: $28,935.92
Average Original Principal Balance: $29,130.19
Maximum Unpaid Principal Balance: $124,583.88
Minimum Unpaid Principal Balance: $4,074.00
Maximum Original Principal Balance: $124,666.49
Minimum Original Principal Balance: $4,074.00
Weighted Avg. Stated Rem. Term
(LPD to Mat Date): 182.168
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age
(Original-term - Rem Term): 1.990
Age Range: 0.000 - 127.000
Weighted Average Original Term: 184.158
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 86.172
Original LTV Range: 21.266% - 100.000%
_____________________________________________________________________________
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
_____________________________________________________________________________
</TABLE>
<TABLE>
<CAPTION>
GEOGRAPHIC DISTRIBUTION
_____________________________________________________________________
Current
State # Loans Balance % Pool
<S> <C> <C> <C>
Alabama 28 $695,546 .56
Arkansas 11 $325,899 .26
Arizona 49 $1,665,447 1.34
California 2 $55,328 .04
Colorado 45 $1,647,529 1.33
Dist of Col 1 $30,674 .02
Delaware 14 $435,547 .35
Florida 174 $4,743,545 3.82
Georgia 78 $1,838,972 1.48
Iowa 11 $312,490 .25
Illinois 10 $271,699 .22
Indiana 31 $841,081 .68
Kansas 2 $83,712 .07
Kentucky 229 $6,023,376 4.85
Louisiana 82 $2,554,313 2.06
Maryland 10 $324,623 .26
Michigan 5 $158,353 .13
Missouri 35 $1,240,042 1.00
Mississippi 37 $959,270 .77
Montana 2 $45,652 .04
North Carolina 851 $24,720,198 19.90
New Jersey 4 $105,100 .08
New Mexico 34 $1,190,429 .96
Nevada 7 $201,999 .16
New York 15 $403,305 .32
Ohio 52 $1,422,329 1.14
Oklahoma 57 $2,195,611 1.77
Pennsylvania 12 $259,199 .21
South Carolina 452 $12,617,366 10.16
South Dakota 1 $8,127 .01
Tennessee 690 $19,016,447 15.31
Texas 942 $28,201,040 22.70
Virginia 313 $9,433,021 7.59
West Virgina 7 $194,641 .16
_____________________________________________________________
Total..... 4,293 $124,221,907 100.00%
=============================================================
</TABLE>
<TABLE>
<CAPTION>
YEAR OF ORIGINATION
_____________________________________________________________________________
Year of Origination # of Loans Current Balance % of Pool
<S> <C> <C> <C>
1986 4 $57,990 .05
1987 1 $13,200 .01
1988 4 $69,479 .06
1989 6 $116,109 .09
1990 27 $545,319 .44
1991 22 $467,423 .38
1992 5 $122,494 .10
1993 1 $27,676 .02
1994 24 $660,938 .53
1995 23 $710,737 .57
1996 4,176 $121,430,541 97.75
_____________________________________________________________________________
Total... 4,293 $124,221,907 100.00%
=============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL MORTGAGE BALANCES
_______________________________________________________________________
Total
# of Current
Original Loan Amount Loans Balance
<S> <C> <C>
Balance <= 5,000 3 13,307 0.01
5,000 < Balance <= 10,000 176 1,441,939 1.16
10,000 < Balance <= 15,000 446 5,595,769 4.50
15,000 < Balance <= 20,000 574 9,981,631 8.04
20,000 < Balance <= 25,000 697 15,580,291 12.54
25,000 < Balance <= 30,000 646 17,482,137 14.07
30,000 < Balance <= 35,000 550 17,634,251 14.20
35,000 < Balance <= 40,000 395 14,666,295 11.81
40,000 < Balance <= 45,000 247 10,433,928 8.40
45,000 < Balance <= 50,000 188 8,908,232 7.17
50,000 < Balance <= 55,000 135 7,062,673 5.69
55,000 < Balance <= 60,000 96 5,499,642 4.43
60,000 < Balance <= 65,000 50 3,101,845 2.50
65,000 < Balance <= 70,000 35 2,351,427 1.89
70,000 < Balance <= 75,000 15 1,086,178 0.87
75,000 < Balance <= 80,000 18 1,385,684 1.12
80,000 < Balance <= 85,000 10 821,294 0.66
85,000 < Balance <= 90,000 5 436,151 0.35
90,000 < Balance <= 95,000 1 91,370 0.07
95,000 < Balance <= 100,000 1 96,151 0.08
100,000 < Balance <= 105,000 1 104,839 0.08
105,000 < Balance <= 110,000 3 322,291 0.26
120,000 < Balance <= 125,000 1 124,584 0.10
_______________________________________________________________________
Total... 4,293 $124,221,907 100.00%
=======================================================================
</TABLE>
<TABLE>
<CAPTION>
LTV RANGE
______________________________________________________________
LTV Current %
RANGE # Loans Balance Pool
<S> <C> <C> <C>
0.000 < LTV <= 60.000 168 $3,910,989 3.15
60.000 < LTV <= 65.000 119 $2,708,194 2.18
65.000 < LTV <= 70.000 146 $4,105,540 3.31
70.000 < LTV <= 75.000 205 $6,296,557 5.07
75.000 < LTV <= 80.000 303 $9,297,879 7.48
80.000 < LTV <= 85.000 525 $14,651,881 11.79
85.000 < LTV <= 90.000 641 $18,959,530 15.26
90.000 < LTV <= 91.000 757 $22,534,532 18.14
91.000 < LTV <= 94.000 311 $8,239,015 6.63
94.000 < LTV <= 96.000 949 $29,388,201 23.66
96.000 < LTV <= 100.000 169 $4,129,588 3.32
_______________________________________________________________
Total..... 4,293 $124,221,907 100.00%
===============================================================
</TABLE>
<TABLE>
<CAPTION>
GROSS COUPON
________________________________________________________________________
Gross Current
Coupon # Loans Balance % Pool
<S> <C> <C> <C>
7.00% < Gross Coupon <= 8.00% 3 $234,605.02 .19
8.00% < Gross Coupon <= 9.00% 48 $2,507,190.99 2.02
9.00% < Gross Coupon <= 10.00% 291 $10,614,889.55 8.55
10.00% < Gross Coupon <= 11.00% 991 $30,543,302.48 24.59
11.00% < Gross Coupon <= 12.00% 1,303 $44,042,505.92 35.45
12.00% < Gross Coupon <= 13.00% 1,061 $26,653,337.04 21.46
13.00% < Gross Coupon <= 14.00% 414 $7,022,421.00 5.65
14.00% < Gross Coupon <= 15.00% 104 $1,688,593.35 1.36
15.00% < Gross Coupon <= 16.00% 9 $136,665.87 .11
16.00% < Gross Coupon <= 17.00% 9 $107,729.21 .09
17.00% < Gross Coupon <= 18.00% 60 $670,666.10 .54
_________________________________________________________________________
Total..... 4,293 $124,221,906.53 100.00%
=========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
</TABLE>
<TABLE>
<CAPTION>
REMAINING TERM
_________________________________________________________
# of Current % of
Remaining Term Loans Balance Pool
<S> <C> <C> <C>
36 < Rem Term <= 48 18 $145,455 .12
48 < Rem Term <= 60 154 $1,710,946 1.38
60 < Rem Term <= 72 34 $433,342 .35
72 < Rem Term <= 84 381 $6,137,360 4.94
84 < Rem Term <= 96 61 $930,607 .75
96 < Rem Term <= 108 307 $7,142,666 5.75
108 < Rem Term <= 120 445 $8,370,106 6.74
120 < Rem Term <= 132 70 $1,802,794 1.45
132 < Rem Term <= 144 317 $7,518,105 6.05
144 < Rem Term <= 156 147 $4,570,956 3.68
156 < Rem Term <= 168 54 $1,454,402 1.17
168 < Rem Term <= 180 816 $23,340,325 18.79
180 < Rem Term <= 192 322 $12,249,553 9.86
192 < Rem Term <= 204 346 $13,478,612 10.85
204 < Rem Term <= 216 87 $3,761,431 3.03
216 < Rem Term <= 228 72 $2,929,912 2.36
228 < Rem Term <= 240 477 $18,187,330 14.64
240 < Rem Term <= 252 5 $254,479 .20
252 < Rem Term <= 264 9 $554,126 .45
264 < Rem Term <= 276 3 $176,084 .14
276 < Rem Term <= 288 1 $40,019 .03
288 < Rem Term <= 300 153 $8,238,101 6.63
348 < Rem Term <= 360 14 $795,197 .64
_________________________________________________________
Total..... 4,293 $124,221,907 100.00%
=========================================================
</TABLE>
