____________________________________________________________________________
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): January 30, 1997
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated
as of December 26, 1996, providing for the issuance of
the Vanderbilt Mortgage and Finance, Inc., Manufactured
Housing Contract Senior/Subordinate Pass-Through
Certificates, Series 1997A).
CLAYTON HOMES, INC.
VANDERBILT MORTGAGE AND FINANCE, INC.
--------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
333-14033
Clayton Homes, Inc.: Delaware 33-88238 62-0997810
Vanderbilt: Tennessee
- ----------------------------- ------------ _______________
(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.
- ---------------------------------
In connection with the offering of the Vanderbilt Mortgage and Finance,
Inc. (the "Company") Manufactured Housing Contract Senior/Subordinate Pass-
Through Certificates, Series 1997A, Prudential Securities Incorporated and
Goldman, Sachs & Co., as the underwriters of the Certificates (the
"Underwriters") have provided certain materials (the "Computational
Materials") for distribution to its potential investors. Although the
Company provided the Underwriters 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 provided by Prudential Securities Incorporated
are attached hereto as Exhibit 99.1 and the Computational Materials provided
by Goldman, Sachs & Co. are attached hereto as Exhibit 99.2.
Item 7. Financial Statements, Pro Forma Financial
-----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials - Prudential Securities Incorporated
99.2 Computational Materials - Goldman, Sachs & Co.
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: January 30, 1997
Exhibit Index
-------------
Exhibit Page
- ------- ----
99.1 Computational Materials, Prudential Securities Incorporated
99.2 Computational Materials, Goldman, Sachs & Co.
Marketing Memorandum for
Vanderbilt Mortgage and Finance, Inc.,
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 1997A
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Vanderbilt Mortgage and Finance,
Series 1997A 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.
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>
Vanderbilt Mortgage and Finance, Inc., Series 1997A
- -----------------------------------------------------------------------------------
Fixed-Rate Group
Class Class Class Class Class Class Class Class
I A-1 I A-2 I A-3 I A-4 I A-5 I A-6 I B-1 I B-2
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Amount(000): 28,500 24,900 18,200 10,700 12,919 9,233 6,347 4,618
Coupon: 5.518 6.525 6.800 7.075 7.300 7.600 7.500 8.125
1ML+ 8 bps
Approx. Price: 100-0 99-31 99-30 99-30+ 99-30 100-0 99-28+ 99-30
Yield(%): N/A 6.585 6.885 7.167 7.403 7.705 7.615 8.253
Spread: 8 40 53 67 80 110 112 165
Avg Life: 1.05 3.05 5.05 7.04 9.64 13.62 6.74 14.70
Avg Life 1.05 3.05 5.05 7.04 9.64 11.83 6.74 11.09
To Call:
Mod. Duration 0.985 2.659 4.101 5.322 6.609 8.086 5.038 7.946
(To Maturity)
Mod. Duration 0.985 2.659 4.101 5.322 6.609 7.463 5.038 6.971
(To 10% Call)
1st Prin Pymt: 02/97 03/99 03/01 04/03 01/05 10/08 02/97 02/06
Exp Mat: 03/99 03/01 04/03 01/05 10/08 10/13 02/06 08/25
To 10% Call: 03/99 03/01 04/03 01/05 10/08 12/08 02/06 12/08
Stated Mat: 10/07/02 04/07/06 06/07/09 07/07/11 08/07/14 12/7/28 04/07/11 12/7/28
Expected
Settlement: <----------------------------- 02/06/97 ------------------------------------->
Pymt Delay: 0 days <----------------- 6 days ------------------------------------->
Dated Date: 2/6/97 <----------------- 01/01/97 ------------------------------------->
1st Pymt Date: 2/7/97 2/7/97 2/7/97 2/7/97 2/7/97 2/7/97 2/7/97 2/7/97
Ratings: Aaa Aaa Aaa Aaa Aaa Aa3 Baa2 Baa2
(Moody's)
Pricing Date: 1/30/97
Prepayment Speed: 185% MHP
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Class A1 Pass
Through Rate: The Class I A-1 Pass Through Rate will equal the lesser of
i) One Month LIBOR plus TBD% 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 I A-1 - I A-5: Aaa 17.5%
Class I A-6: Aa3 9.5%
Class I B-1: Baa2 4.0%
Corporate Guarantee: The Class I 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 I B-2 Certificateholders.
Servicing Fee: For as long as Vanderbilt is the servicer, the servicing fee of 1.25%
per annum is subordinate to the Offered Certificates on a monthly basis.
</TABLE>
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.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
Cashflow Priority:
<TABLE>
<CAPTION>
<S> <C>
PRICING
BASE CASE CLASS I B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-5;
2) Senior percentage of principal payments
sequentially to Classes I A-1, I A-2, I A-3, I A-4, and I A-5
until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-6 Certificates;
4) Senior percentage of principal payments to
Class I A-6 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
6) Class I B percentage of principal payments to
Class I B-1 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
8) Class I B percentage of principal payments to
Class I B-2 until such class is reduced to zero;
9) Excess cashflow to fund any Available Funds shortfall
with respect to the Group II Certificates except the
Net Funds Cap Carryover Amount;
10) Excess cashflow to the Class II A-1 to build O/C for the
Group II Certificates.
11) As 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;
12) Any remainder to Clayton Homes for any unreimbursed guaranteed
payments with respect to Class I B-2;
13) Any remainder to the Class R Certificates.
__________________________________________________
| | | | | | |
|I A-1|I A-2| I A-3 | I A-4 | I A-5 | I A-6 |
| | | | | | |
|_____|_____|__________|________|_______|________|
|///////////////////| | |
|///////////////////| I B-1 | I B-2 |
|///////////////////| | |
--------------------------------------------------
5 yrs
CLASS I B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-5 Certificates;
2) 100% of principal payments sequentially to Classes
I A-1, I A-2, I A-3, I A-4, and I A-5 until such class is
reduced to zero;
3) Current interest and any previously unreimbursed
interest to Clas I A-6 Certificates;
4) 100% of principal payments to Class I A-6 until such
Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
6) 100% of principal payments to Class I B-1 until such
Class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
8) 100% of principal payments to Class I B-2 until such
Class is reduced to zero;
9) Excess cashflow to fund any Available Funds shortfall
with respect to the Group II Certificates except the
Net Funds Cap Carryover Amount;
10) Excess cashflow to the Class II A-1 to build O/C for the
Group II Certificates.
11) 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;
12) Any remainder to Clayton Homes for any unreimbursed guaranteed
payments with respect to Class I B-2;
13) Any remainder to the Class R Certificates.
_________________________________________________________________
| | | | | | | | |
| | | | | | | | |
| I A-1 | I A-2 | I A-3 | I A-4 | I A-5 | I A-6 | I B-1 | I B-2 |
| | | | | | | | |
|_______|_______|_______|_______|_______|_______|_______|_______|
</TABLE>
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.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
<TABLE>
<CAPTION>
<S> <C>
Class B Distribution
Test: The Class I B Distribution Test is met if:
1) Remittance Date is on or after Feb 2002
2) Class I B Percentage is at least %
(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 I B-2 Principal Balance must not be less than $2,308,354
(which represents approximately 2% of the Total Original Contract Pool
Principal Balance).
</TABLE>
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.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
- -----------------------------------------------------------------------------
Adjustable-Rate Certificates
<TABLE>
<CAPTION>
Class Class Class Class
II A-1 II B-1 II B-2 II B-3
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Amount(000): 58,714 9,526 4,082 5,445
Coupon: 5.638 5.888 6.287 6.487
1ML+ 20 bps 1ML+ 45 bps 1ML+ 85 bps 1ML+ 105 bps
Approx. Price: 100-00 100-00 100-00 100-00
Spread: 20 45 85 105
Avg Life: 3.75 6.73 9.88 13.52
To Call: 3.64 6.73 9.88 11.78
1st Prin Pymt: 02/97 02/02 11/05 04/08
Exp Mat: 10/12 11/05 04/08 07/13
To 10% Call: 12/08 11/05 04/08 12/08
Stated Mat: 3/7/28 10/07/11 10/07/12 3/7/28
Expected
Settlement: 2/6/97 2/6/97 2/6/97 2/6/97
Pymt Delay: 0 Days 0 Days 0 Days 0 Days
Dated Date: 2/6/97 2/6/97 2/6/97 2/6/97
1st Pymt Date: 2/7/97 2/7/97 2/7/97 2/7/97
Rating: Aaa Aa3 Baa2 Baa2
(Moody's)
Pricing Date: 1/30/97
</TABLE>
<TABLE>
<CAPTION>
Prepayment Speed: 200% MHP
<S> <C>
Group II Pass
Through Rate: The Group II Pass Through Rate will equal the lesser of
i) One Month LIBOR plus TBD% and ii) the Net Funds Cap
as described herein.
Net Funds Cap: The difference between the a) collateral WAC and b) the
the sum of i) 0.50% (spread cushion) and ii) if the Company is no longer
the Servicer, 1.25%.
Net Funds Cap
Carryover: If on any Payment Date the Group II Certificate interest distribution
amount is less than the Group II Pass-Through Rate (which is subject to a
maximum equal to the Weighted Average Life Cap of the collateral), the amount
of such shortfall and the aggregate of such shortfalls from previous payment dates
together with accrued interest at the Pass-Through Rate will be
carried forward to the next Payment Date until paid. No interest
carryforward will be paid once the Class II B-3 Certificate principal
balance has been reduced to zero.
Credit Enhancement: Subordination: Expected subordination levels are as
follows: (subject to change)
Class II A-1: Aaa 24.5%
Class II B-1: Aa3 12.25%
Class II B-2: Baa2 7.0%
Corporate Guarantee: The Class II B-3 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 II B-3 Certificateholders.
</TABLE>
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.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
<TABLE>
<S> <C>
Overcollateralization: The Certificates will be issued with no initial Overcollateralization Amount.
Excess Servicing and the Servicing Fee (while Vanderbilt is the Servicer)
will be directed to build the Overcollateralization Amount to 4.25%
(approx. $_________) of the Cut-off Date Group II Principal Balance.
On or after February 7, 2002 and as long as the Class II B Distribution
Tests are met, the Required Overcollateralization Amount steps down to 8.50%
of the current Group II Scheduled Principal Balance subject to a floor of 0.75%
(approx. $_________) of the Group II Cut-off Date Pool Principal Balance.
Servicing Fee: For as long as Vanderbilt is the Servicer, the 1.25% Servicing Fee will be
subordinated to the Offered Certificates on a monthly basis.
Excess Interest: The excess interest on the Contracts represents the first loss
piece and is subordinated to the Offered Certificates on a monthly basis.
</TABLE>
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.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
Cashflow Priority:
<TABLE>
<S> <C>
PRICING
BASE CASE CLASS II B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Class II A-1 Certificates
(subject to the Net Funds Cap);
2) Senior percentage of principal payments
to Class II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) Class II B percentage of principal payments to
Class II B-1 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) Class II B percentage of principal payments to
Class II B-2 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class II B-3 Certificates;
8) Class II B percentage of principal payments to
Class II B-3 until such class is reduced to zero;
9) Excess cashflow to fund any Available Funds shortfall
with respect to the Group I Certificates except the Net Funds Cap Carryover Amount;
10) Excess cashflow to the Class II A-1 to build O/C.
11) 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;
12) Any remainder to Clayton Homes for any unreimbursed guaranteed
payments with respect to Class II B-3;
13) Any remainder to the Class R Certificates.
______________________________________________________
| |
| II A-1 |
| |
|_____________________________________________________|
|/////////////| | | |
|/////////////| | | |
|/////////////| II B-1 | II B-2 | II B-3 |
|/////////////|________________|____________|_________|
5 yrs
CLASS B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes II A-1 Certificates;
2) 100% of principal payments sequentially to Class
II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) 100% of principal payments to Class II B-1 until such
Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) 100% of principal payments to Class II B-2 until such
Class is reduced to zero;
7) Excess cashflow to fund any Available Funds shortfall
with respect to the Group I Certificates except the Net Funds Cap Carryover Amount;
8) Excess cashflow to the Class II A-1 to build O/C.
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) Any remainder to Clayton Homes for any unreimbursed guaranteed
payments with respect to Class II B-3;
11) Any remainder to the Class R Certificates.
_________________________________________________________________
| | | | |
| | | | |
| II A-1 | II B-1| II B-2| II B-3|
| | | | |
|_______________________________________|_______|_______|_______|
</TABLE>
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.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
<TABLE>
<S> <C>
Class II B Distribution
Test: The Class II B Distribution Test is met if
1) Remittance Date is on or after Feb 2002
2) Class II B Percentage + O/C is at least 50%
(which is 2.00 times the original Class I B
Percentage + O/C + 1.0%)
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) Sum of Class I B-2 Principal Balance + O/C must not be less than $
(which represents approximately 2% of the Total Original Contract Pool
Principal Balance).
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 February, 1997.
Interest Accrual: Interest will accrue from the 1st day of the preceding
month until the 30th day of the preceding month for
the Class I A-2, I A-3, I A-4, I A-5, I A-6, I B-1 and I B-2 certificates.
For the Class I A-1 certificates and the Group II 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 I A-1 certificates and the Group II Certificates..
For the Class I A-1 certificates, and the Group II 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 I A-1, I A-2, I A-3, I A-4, and I A-5 Certificates
and the Class II A-1 will be ERISA eligible. The Class I A-6
I B-1 and I B-2 Certificates and the Class II B-1, II B-2, and II B-3
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 I A-1,I A-2, I A-3, I A-4, I A-5, and
I A-6 as well as the Class II A-1 and II B-1 Certificates will constitute
"mortgage related securities" under the Secondary Mortgage Market Enhancement Act
of 1984 "SMMEA". The Classes I B-1 and I B-2 and Class II B-2 and II B-3 Certificates are
not SMMEA eligible.
</TABLE>
<TABLE>
<CAPTION>
Group I Group II
<S> <C> <C>
Type of Collateral: FIXED ARM
Number: 3913 2479
Amount: 115,417,699.95 77,767,930.26
Avg Unpaid Balance: 29,495.96 31,370.69
Max Orig Balance: 388,912.35 86,800.40
WAC: 11.438% 9.881%
WAC Range: 8.000% - 19.950% 8.000% - 15.250%
WAM: 186 201
WA Orig Term: 188 208
WALTV: 87.629 87.790
New: 71.87% 82.80%
Used: 28.13% 17.20%
Park: 26.66% 25.43%
Non-Park: 73.34% 74.57%
Single Wide: 55.27% 46.55%
Double Wide: 44.73% 53.45%
</TABLE>
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.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <C> <C>
CURRENT BALANCE: $28,500,000.00 DATED DATE: 02/06/97
CURRENT COUPON: 5.548% VMF7AF FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $28,500,000.00 BOND IA1 SETTLEMENT DATE: 02/06/97
ASSUMED CONSTANT LIBOR-1M 5.4375
* Pricing Speed
</TABLE>
<TABLE>
<CAPTION>
125.00% 150.00% 185.00% 200.00% 250.00%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 0.003 0.003 0.003 0.003 0.003
Average Life 1.350 1.206 1.050 0.995 0.844
Last Payment 2.669 2.419 2.086 2.003 1.669
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal
offer or solicitation will be made by a prospectus (or offering memorandum)
to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <C> <C>
CURRENT BALANCE: $24,900,000.00 DATED DATE: 01/01/97
COUPON: 6.600% VMF7AF FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $24,900,000.00 BOND IA2 SETTLEMENT DATE: 02/06/97
PREPAYMENT SPEED
* Pricing Speed
</TABLE>
<TABLE>
<CAPTION>
125.00% 150.00% 185.00% 200.00% 250.00%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 2.669 2.419 2.086 2.003 1.669
Average Life 3.873 3.486 3.050 2.893 2.467
Last Payment 5.169 4.669 4.086 3.919 3.336
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal offer
or solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <C> <C>
CURRENT BALANCE: $18,200,000.00 DATED DATE: 01/01/97
COUPON: 6.900% VMF7AF FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $18,200,000.00 BOND IA3 SETTLEMENT DATE: 02/06/97
PREPAYMENT SPEED
* Pricing Speed
</TABLE>
<TABLE>
<CAPTION>
125.00% 150.00% 185.00% 200.00% 250.00%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 5.169 4.669 4.086 3.919 3.336
Average Life 6.411 5.785 5.047 4.779 4.066
Last Payment 7.669 7.086 6.169 5.836 4.919
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal offer
or solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <S> <S>
CURRENT BALANCE: $10,700,000.00 DATED DATE: 01/01/97
COUPON: 7.150% VMF7AF FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $10,700,000.00 BOND IA4 SETTLEMENT DATE: 02/06/97
PREPAYMENT SPEED
* Pricing Speed
</TABLE>
<TABLE>
<CAPTION>
125.00% 150.00% 185.00% 200.00% 250.00%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 7.669 7.086 6.169 5.836 4.919
Average Life 8.723 7.939 7.041 6.693 5.625
Last Payment 9.919 9.003 7.919 7.586 6.503
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <C> <C>
CURRENT BALANCE: $12,919,000.00 DATED DATE: 01/01/97
COUPON: 7.400% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IA5 SETTLEMENT DATE: 02/06/97
ORIGINAL BALANCE: $12,919,000.00
* Pricing Speed
</TABLE>
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 9.919 9.003 7.919 7.586 6.503
Average Life 11.564 10.761 9.639 9.189 7.862
Last Payment 13.253 12.669 11.669 11.253 9.753
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal offer
or solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <C> <C>
CURRENT BALANCE: $9,233,000.00 DATED DATE: 01/01/97
COUPON: 7.700% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IA6 SETTLEMENT DATE: 02/06/97
ORIGINAL BALANCE: $9,233,000.00 ****** TO 10 % CALL ******
* Pricing Speed
</TABLE>
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 13.253 12.669 11.669 11.253 9.753
Average Life 13.334 12.669 11.833 11.335 10.294
Last Payment 13.336 12.669 11.836 11.336 10.336
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal offer
or solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP
- --------------------------
<S> <C> <C>
CURRENT BALANCE: $9,233,000.00 DATED DATE: 01/01/97
COUPON: 7.700% VMF7A FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $9,233,000.00 BOND IA6 SETTLEMENT DATE: 02/06/97
****** TO MATURITY *******
PREPAYMENT SPEED
PRICING SPEED
</TABLE>
<TABLE>
<CAPTION>
185.0% 125.00% 150.00% 185.00% 200.00% 250.00%
MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C>
First Payment 11.669 13.253 12.669 11.669 11.253 9.753
Average Life 13.624 15.414 14.638 13.624 13.205 11.863
Last Payment 16.669 18.003 17.503 16.669 16.253 14.836
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal offer
or solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <C> <C>
CURRENT BALANCE: $6,347,000.00 DATED DATE: 01/01/97
COUPON: 7.625% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IB1 SETTLEMENT DATE: 02/06/97
ORIGINAL BALANCE: $6,347,000.00
</TABLE>
* Pricing Speed
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 5.003 5.003 5.003 5.003 5.003
Average Life 7.140 6.956 6.742 6.663 6.441
Last Payment 9.919 9.503 9.003 8.836 8.253
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal offer
or solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <C> <C>
CURRENT BALANCE: $4,618,000.00 DATED DATE: 01/01/97
COUPON: 8.185% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IB2 SETTLEMENT DATE: 02/06/97
ORIGINAL BALANCE: $4,618,000.00 ****** TO 10 % CALL ******
</TABLE>
* Pricing Speed
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 9.919 9.503 9.003 8.836 8.253
Average Life 12.323 11.779 11.088 10.724 9.880
Last Payment 13.336 12.669 11.836 11.336 10.336
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal offer
or solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <C> <C>
CURRENT BALANCE: $4,618,000.00 DATED DATE: 01/01/97
COUPON: 8.185% VMF7A FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $4,618,000.00 BOND IB2 SETTLEMENT DATE: 02/06/97
****** TO MATURITY *******
</TABLE>
PREPAYMENT SPEED
PRICING SPEED
<TABLE>
<CAPTION>
185.0% 125.00% 150.00% 185.00% 200.00% 250.00%
MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C>
First Payment 9.003 9.919 9.503 9.003 8.836 8.253
Average Life 14.698 16.221 15.542 14.698 14.365 13.336
Last Payment 28.419 28.503 28.503 28.419 28.336 28.086
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <C> <C>
CURRENT BALANCE: $58,714,000.00 DATED DATE: 02/06/97
CURRENT COUPON: 5.668% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IIA1 SETTLEMENT DATE: 02/06/97
ORIGINAL BALANCE: $58,714,000.00 ****** TO 10 % CALL ******
</TABLE>
* Pricing Speed
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 0.003 0.003 0.003 0.003 0.003
Average Life 4.602 4.095 3.641 3.267 2.907
Last Payment 13.336 12.669 11.836 11.336 10.336
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal offer
or solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <C> <C>
CURRENT BALANCE: $9,526,000.00 DATED DATE: 02/06/97
CURRENT COUPON: 5.888% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IIB1 SETTLEMENT DATE: 02/06/97
ORIGINAL BALANCE: $9,526,000.00
</TABLE> * Pricing Speed
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 5.003 5.003 5.003 5.086 5.086
Average Life 6.926 6.819 6.726 6.598 6.529
Last Payment 9.253 9.003 8.753 8.419 8.253
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <C> <C>
CURRENT BALANCE: $4,082,000.00 DATED DATE: 02/06/97
CURRENT COUPON: 6.258% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IIB2 SETTLEMENT DATE: 02/06/97
ORIGINAL BALANCE: $4,082,000.00
* Pricing Speed
</TABLE>
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 9.253 9.003 8.753 8.419 8.253
Average Life 10.553 10.200 9.875 9.541 9.274
Last Payment 11.919 11.503 11.169 10.753 10.336
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal offer
or solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
<S> <C> <C>
CURRENT BALANCE: $5,445,000.00 DATED DATE: 02/06/97
CURRENT COUPON: 6.487% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IIB3 SETTLEMENT DATE: 02/06/97
ORIGINAL BALANCE: $5,445,000.00 ****** TO 10 % CALL ******
* Pricing Speed
</TABLE>
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 11.919 11.503 11.169 10.753 10.336
Average Life 13.102 12.517 11.781 11.297 10.336
Last Payment 13.336 12.669 11.836 11.336 10.336
</TABLE>
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.
The preliminary pricing information contained herein is neither an offer to
sell nor a solicitation to buy any securities. Moreover, there is no assurance
that such information will not change prior to final pricing. Any formal offer
or solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
Revised Available Funds Cap schedule on VMF7A Group II bonds
<TABLE>
<CAPTION>
Available Funds Cap =
[ (GWAC on Group II - 50bp O/C Cushion on Group II) X Group II Pool Balance) + O/C Stepdown Amount ] divided by
Group II Bond Balance
<S> <C> <C> <C>
DATE AV FUNDS CAP 1M-LIBOR MARGIN (BP)
- --------------------------------------------------
20797 9.381 5.4375 394
30797 9.456 5.4375 402
40797 9.518 5.4375 408
50797 9.643 5.4375 421
60797 9.709 5.4375 427
70797 9.777 5.4375 434
80797 9.831 5.4375 439
90797 9.856 5.4375 442
100797 9.826 5.4375 439
110797 9.803 5.4375 437
120797 9.799 5.4375 436
10798 9.783 5.4375 435
20798 9.784 5.4375 435
30798 9.790 5.4375 435
40798 9.796 5.4375 436
50798 9.802 5.4375 436
60798 9.808 5.4375 437
70798 9.814 5.4375 438
80798 9.821 5.4375 438
90798 9.828 5.4375 439
100798 9.835 5.4375 440
110798 9.842 5.4375 440
120798 9.849 5.4375 441
10799 9.857 5.4375 442
20799 9.864 5.4375 443
30799 9.872 5.4375 443
40799 9.879 5.4375 444
50799 9.887 5.4375 445
60799 9.895 5.4375 446
70799 9.904 5.4375 447
80799 9.912 5.4375 447
90799 9.920 5.4375 448
100799 9.929 5.4375 449
110799 9.938 5.4375 450
120799 9.947 5.4375 451
10700 9.956 5.4375 452
20700 9.965 5.4375 453
30700 9.975 5.4375 454
40700 9.984 5.4375 455
50700 9.994 5.4375 456
60700 10.004 5.4375 457
70700 10.014 5.4375 458
80700 10.025 5.4375 459
90700 10.035 5.4375 460
100700 10.046 5.4375 461
110700 10.057 5.4375 462
120700 10.068 5.4375 463
10701 10.080 5.4375 464
20701 10.091 5.4375 465
30701 10.103 5.4375 467
40701 10.115 5.4375 468
50701 10.127 5.4375 469
60701 10.140 5.4375 470
70701 10.153 5.4375 472
80701 10.166 5.4375 473
90701 10.179 5.4375 474
100701 10.192 5.4375 475
110701 10.206 5.4375 477
120701 10.220 5.4375 478
10702 10.235 5.4375 480
20702 20.405 5.4375 1497
30702 11.798 5.4375 636
40702 11.803 5.4375 637
50702 11.808 5.4375 637
60702 11.814 5.4375 638
70702 11.819 5.4375 638
80702 11.824 5.4375 639
90702 11.830 5.4375 639
100702 11.835 5.4375 640
</TABLE>
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>
Revised Available Funds Cap schedule on VMF7A Group II bonds
<S> <C> <C> <C>
DATE AV FUNDS CAP 1M-LIBOR MARGIN (BP)
- ----------------------------------------------
110702 11.841 5.4375 640
120702 11.846 5.4375 641
10703 11.852 5.4375 641
20703 11.858 5.4375 642
30703 11.864 5.4375 643
40703 11.870 5.4375 643
50703 11.876 5.4375 644
60703 11.883 5.4375 645
70703 11.889 5.4375 645
80703 11.896 5.4375 646
90703 11.902 5.4375 646
100703 11.909 5.4375 647
110703 11.916 5.4375 648
120703 11.923 5.4375 649
10704 11.930 5.4375 649
20704 11.937 5.4375 650
30704 11.945 5.4375 651
40704 11.952 5.4375 651
50704 11.960 5.4375 652
60704 11.968 5.4375 653
70704 11.976 5.4375 654
80704 11.984 5.4375 655
90704 11.992 5.4375 655
100704 12.000 5.4375 656
110704 12.009 5.4375 657
120704 12.001 5.4375 656
10705 12.010 5.4375 657
20705 12.019 5.4375 658
30705 12.028 5.4375 659
40705 12.037 5.4375 660
50705 12.047 5.4375 661
60705 12.057 5.4375 662
70705 12.067 5.4375 663
80705 12.077 5.4375 664
90705 12.087 5.4375 665
100705 12.098 5.4375 666
110705 12.109 5.4375 667
120705 12.120 5.4375 668
10706 12.131 5.4375 669
20706 12.143 5.4375 671
30706 12.155 5.4375 672
40706 12.167 5.4375 673
50706 12.179 5.4375 674
60706 12.192 5.4375 675
70706 12.205 5.4375 677
80706 12.218 5.4375 678
90706 12.232 5.4375 679
100706 12.246 5.4375 681
110706 12.260 5.4375 682
120706 12.275 5.4375 684
10707 12.290 5.4375 685
20707 12.305 5.4375 687
and so on.....
</TABLE>
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.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
_____________________________________________________________________________
- VMF7A GP I (FIXED COLLATERRAL)
- $115,417,699.95
- Asset Backed Collateral
_____________________________________________________________________________
<TABLE>
<CAPTION>
<S> <C>
Cut-off Date: 12/25/96
Number of Contracts: 3,913
Aggregate Unpaid Principal Balance: $115,417,699.95
Aggregate Original Principal Balance: $116,379,582.86
Average Unpaid Principal Balance: $29,495.96
Weighted Average Gross Coupon: 11.438%
Gross Coupon Range: 8.000% - 19.950%
Weighted Average Maturity: 186.230
Weighted Average Age of Loans in Months: 1.804
Weighted Average Original Term: 188.221
Weighted Average LTV: 87.629
LTV Range: 2.888 - 100.000
Maximum Current Principal Balance: $387,853.28
Minimum Current Principal Balance: $5,084.58
Maximum Original Principal Balance: $388,912.35
Minimum Original Principal Balance: $1,888.00
Average Original Principal Balance: $29,741.78
________________________________________________________________________
</TABLE>
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.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
<TABLE>
<CAPTION>
GEOGRAPHIC DISTRIBUTION
______________________________________________________________
<S> <C> <C> <C>
Current
State # Loans % Pool Balance
Alabama 39 .88 $1,013,172
Arkansas 3 .12 $132,811
Arizona 58 2.07 $2,394,280
California 9 .36 $412,092
Colorado 49 1.65 $1,907,144
Connecticut 1 .03 $38,606
Dist of Col 1 .01 $13,827
Delaware 15 .55 $635,403
Florida 169 4.76 $5,492,059
Georgia 81 1.62 $1,868,387
Iowa 6 .16 $183,958
Idaho 2 .08 $90,818
Illinois 7 .17 $193,675
Indiana 18 .41 $474,561
Kansas 1 .02 $21,902
Kentucky 252 5.67 $6,541,638
Louisiana 47 1.19 $1,378,017
Massachsetts 1 .02 $28,211
Maryland 15 .45 $524,359
Michigan 5 .17 $198,265
Minnesota 1 .03 $36,857
Missouri 14 .43 $493,161
Mississippi 34 .74 $853,639
Montana 4 .18 $203,972
North Carolina 842 19.25 $22,217,691
Nebraska 1 .05 $55,426
New Hampshire 1 .02 $26,154
New Jersey 3 .22 $255,702
New Mexico 37 1.10 $1,273,195
Nevada 4 .08 $98,072
New York 23 .73 $841,805
Ohio 41 1.03 $1,188,102
Oklahoma 53 1.56 $1,797,181
Oregon 3 .07 $75,272
Pennsylvania 13 .32 $367,781
South Carolina 250 6.29 $7,258,735
Tennessee 542 13.04 $15,054,857
Texas 962 26.39 $30,458,524
Virginia 294 7.64 $8,819,876
Washington 4 .19 $223,301
Wisconsin 1 .10 $113,291
West Virgina 6 .13 $147,424
Canada 1 .01 $14,496
_____________________________________________________________
Total..... 3,913 100.00% $115,417,700
=============================================================
</TABLE>
<TABLE>
<CAPTION>
YEAR OF ORIGINATION
____________________________________________________
<S> <C> <C> <C>
Year of # of % of Current
Origination Loans Pool Balance
1985 6 .05 $62,022
1986 15 .13 $144,444
1987 12 .13 $148,963
1988 7 .10 $110,090
1989 10 .13 $152,329
1990 19 .27 $316,030
1991 4 .06 $66,267
1992 4 .06 $68,502
1993 5 .08 $87,382
1994 4 .05 $56,120
1995 47 1.58 $1,827,885
1996 3,780 97.37 $112,377,666
____________________________________________________
Total... 3,913 100.00% $115,417,700
====================================================
</TABLE>
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.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
<TABLE>
<CAPTION>
ORIGINAL CONTRACT BALANCES
________________________________________________________________
Total
# of Current
Original Loan Amount Contracts Balance
<S> <C> <C> <C>
Balance <= 5,000 1 0.01 12,140
5,000 < Balance <= 10,000 141 1.01 1,163,576
10,000 < Balance <= 15,000 466 5.10 5,884,603
15,000 < Balance <= 20,000 609 8.95 10,325,147
20,000 < Balance <= 25,000 532 10.25 11,825,806
25,000 < Balance <= 30,000 593 14.01 16,171,827
30,000 < Balance <= 35,000 480 13.38 15,441,508
35,000 < Balance <= 40,000 295 9.51 10,974,151
40,000 < Balance <= 45,000 201 7.35 8,479,813
45,000 < Balance <= 50,000 197 8.02 9,257,807
50,000 < Balance <= 55,000 119 5.37 6,195,204
55,000 < Balance <= 60,000 95 4.70 5,425,969
60,000 < Balance <= 65,000 58 3.12 3,605,335
65,000 < Balance <= 70,000 37 2.15 2,483,734
70,000 < Balance <= 75,000 30 1.88 2,169,534
75,000 < Balance <= 80,000 11 0.74 850,947
80,000 < Balance <= 85,000 15 1.07 1,239,255
85,000 < Balance <= 90,000 6 0.46 530,450
90,000 < Balance <= 95,000 3 0.24 276,795
95,000 < Balance <= 100,000 7 0.58 670,204
100,000 < Balance <= 105,000 4 0.35 408,859
105,000 < Balance <= 110,000 3 0.28 322,166
110,000 < Balance <= 115,000 3 0.29 338,029
115,000 < Balance <= 120,000 1 0.10 117,040
120,000 < Balance <= 125,000 1 0.11 122,107
125,000 < Balance <= 130,000 1 0.11 128,999
Balance > 135,000 4 0.86 996,693
________________________________________________________________
Total... 3,913 100.00% $115,417,700
================================================================
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL LTV RANGE - rounded to 1%
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
<S> <C> <C> <C>
Less than 61% 246 5,185,965.74 4.49
From 61% to 65.999% 106 2,530,709.54 2.19
From 66% to 70.999% 126 3,973,648.85 3.44
From 71% to 75.999% 146 4,490,888.66 3.89
From 76% to 80.999% 256 7,700,519.75 6.67
From 81% to 85.999% 416 11,867,161.32 10.28
From 86% to 90.999% 960 29,156,402.38 25.26
From 91% to 100.00% 1657 50,512,403.71 43.76
__________________________________________________________________________
Total.................... 3913 $115,417,699.95 100.00%
==========================================================================
</TABLE>
<TABLE>
<CAPTION>
GROSS COUPON
__________________________________________________________________
Gross Current
Coupon # Loans % Pool Balance
<S> <C> <C> <C>
7.00% < Gross Coupon <= 8.00% 20 .95 $1,090,755.81
8.00% < Gross Coupon <= 9.00% 110 4.11 $4,741,610.85
9.00% < Gross Coupon <= 10.00% 290 10.05 $11,602,512.30
10.00% < Gross Coupon <= 11.00% 837 23.35 $26,949,791.12
11.00% < Gross Coupon <= 12.00% 1,122 32.66 $37,695,426.28
12.00% < Gross Coupon <= 13.00% 953 20.62 $23,801,465.56
13.00% < Gross Coupon <= 14.00% 391 5.99 $6,911,953.48
14.00% < Gross Coupon <= 15.00% 146 1.76 $2,029,969.33
15.00% < Gross Coupon <= 16.00% 25 .31 $360,226.80
16.00% < Gross Coupon <= 17.00% 4 .04 $49,040.75
17.00% < Gross Coupon <= 18.00% 13 .14 $161,158.41
18.00% < Gross Coupon <= 19.00% 1 .01 $10,320.17
19.00% < Gross Coupon <= 20.00% 1 .01 $13,469.09
__________________________________________________________________
Total..... 3,913 100.00% $115,417,699.95
==================================================================
</TABLE>
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.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
<TABLE>
<CAPTION>
REMAINING TERM
__________________________________________________________
# of % of Current
Remaining Term Loans Pool Balance
<S> <C> <C> <C>
20 < Rem Term <= 72 238 2.26 $2,606,653
73 < Rem Term <= 84 375 5.07 $5,847,033
85 < Rem Term <= 120 731 13.23 $15,272,379
121 < Rem Term <= 156 566 12.76 $14,723,491
157 < Rem Term <= 180 686 17.97 $20,741,361
181 < Rem Term <= 240 1,033 35.11 $40,524,293
241 < Rem Term <= 299 158 7.36 $8,494,447
300 < Rem Term <= 360 125 6.20 $7,152,746
Rem Term > 360 1 .05 $55,297
__________________________________________________________
Total..... 3,913 100.00% $115,417,700
==========================================================
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 Mortgage and Finance, Inc., Series 1997A
_____________________________________________________________________________
- VMF7A GP II (ARMs)
- Cut Off Date of Tape is 12/25/96
- ARM
- $77,767,930.26
_____________________________________________________________________________
<S> <C>
Number of Mortgage Loans: 2,479
Aggregate Unpaid Principal Balance: $77,767,930.26
Aggregate Original Principal Balance: $79,995,810.34
_____________________________________________________________________________
Weighted Average Coupon (Gross): 9.881%
Gross Coupon Range: 8.000% - 15.250%
Weighted Average Margin (Gross): 3.477%
Gross Margin Range: 1.280% - 8.650%
Weighted Average Life Cap (Gross): 15.618%
Gross Life Cap Range: 13.250% - 21.250%
Weighted Average Life Floor (Gross): 3.477%
Gross Life Floor Range: 1.280% - 8.650%
________________________________________________________________________________
Average Unpaid Principal Balance: $31,370.69
Average Original Principal Balance: $32,269.39
Maximum Unpaid Principal Balance: $86,546.30
Minimum Unpaid Principal Balance: $4,065.01
Maximum Original Principal Balance: $86,800.40
Minimum Original Principal Balance: $6,375.99
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 201.493
Stated Rem Term Range: 48.000 - 360.000
Weighted Avg. Amortized Rem. Term: 201.197
Amortized Rem Term Range: 30.292 - 360.017
Weighted Average Age (First Pay thru Last Pay): 6.267
Age Range: 4.000 - 146.000
Weighted Average Original Term: 207.758
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 87.790
Original LTV Range: 24.597% - 100.000%
Weighted Average Periodic Interest Cap: 1.447%
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 9.513
Months to Interest Roll Range: 1 - 14
Weighted Average Months to Payment Roll: 10.438
Months to Payment Roll Range: 2 - 15
Weighted Average Interest Roll Frequency: 11.940
Interest Frequency Range: 6 - 12
Weighted Average Payment Roll Frequency: 12.000
Payment Frequency Range: 12 - 12
________________________________________________________________________________
</TABLE>
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.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
<TABLE>
GEOGRAPHIC DISTRIBUTION
____________________________________________________________
Current
State # Loans % Pool Balance
<S> <C> <C> <C>
Alabama 18 .64 $496,095
Arkansas 21 .96 $745,663
Arizona 5 .18 $140,782
California 4 .14 $111,709
Colorado 5 .29 $228,662
Connecticut 3 .18 $137,712
Dist of Col 3 .15 $116,381
Florida 137 5.25 $4,082,027
Georgia 95 2.37 $1,846,590
Indiana 13 .44 $345,920
Kentucky 220 8.00 $6,219,279
Louisiana 50 1.88 $1,460,743
Maryland 3 .16 $127,479
Michigan 2 .08 $60,808
Missouri 8 .43 $331,933
Mississippi 12 .46 $355,660
North Carolina 614 26.33 $20,478,039
New Jersey 2 .05 $39,511
New Mexico 22 1.03 $802,683
New York 9 .52 $400,884
Ohio 10 .43 $338,177
Oklahoma 8 .31 $241,178
Oregon 6 .25 $194,428
Pennsylvania 2 .09 $71,628
Puerto Rico 1 .02 $18,787
South Carolina 379 16.16 $12,570,830
Tennessee 172 6.35 $4,939,172
Texas 544 22.03 $17,132,400
Virginia 108 4.68 $3,640,384
West Virgina 3 .12 $92,384
___________________________________________________________
Total..... 2,479 100.00% $77,767,930
===========================================================
</TABLE>
<TABLE>
<CAPTION>
YEAR OF ORIGINATION
__________________________________________________
Year of # of % of Current
Origination Loans Pool Balance
<S> <C> <C> <C>
1984 1 .01 $7,228
1985 30 .41 $319,197
1986 46 .68 $528,578
1987 5 .11 $86,547
1988 9 .18 $141,904
1989 14 .24 $186,133
1990 8 .19 $149,411
1991 2 .03 $25,964
1994 5 .09 $73,118
1995 351 14.63 $11,380,686
1996 2,008 83.41 $64,869,166
__________________________________________________
Total... 2,479 100.00% $77,767,930
==================================================
</TABLE>
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>
Vanderbilt Mortgage and Finance, Inc., Series 1997A
ORIGINAL CONTRACT BALANCES
_________________________________________________________________
Total
# of Current
Original Loan Amount Contracts Balance
<S> <C> <C> <C>
5,000 < Balance <= 10,000 38 0.41 321,815
10,000 < Balance <= 15,000 157 2.52 1,963,047
15,000 < Balance <= 20,000 284 5.94 4,616,674
20,000 < Balance <= 25,000 359 9.91 7,706,740
25,000 < Balance <= 30,000 407 13.80 10,728,322
30,000 < Balance <= 35,000 346 14.05 10,928,414
35,000 < Balance <= 40,000 259 12.12 9,427,277
40,000 < Balance <= 45,000 179 9.61 7,475,727
45,000 < Balance <= 50,000 147 8.84 6,872,733
50,000 < Balance <= 55,000 108 7.24 5,630,174
55,000 < Balance <= 60,000 93 6.76 5,256,738
60,000 < Balance <= 65,000 42 3.34 2,599,158
65,000 < Balance <= 70,000 27 2.32 1,804,615
70,000 < Balance <= 75,000 24 2.22 1,724,722
75,000 < Balance <= 80,000 6 0.60 463,299
80,000 < Balance <= 85,000 2 0.21 161,929
85,000 < Balance <= 90,000 1 0.11 86,546
_________________________________________________________________
Total... 2,479 100.00% $77,767,930
=================================================================
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL LTV RANGE - rounded to 1%
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
<S> <C> <C> <C>
Less than 61% 67 1,745,390.43 2.24
From 61% to 65.999% 58 1,719,488.05 2.21
From 66% to 70.999% 61 1,982,582.70 2.55
From 71% to 75.999% 106 3,795,472.59 4.88
From 76% to 80.999% 175 6,152,805.14 7.91
From 81% to 85.999% 279 9,771,125.77 12.56
From 86% to 90.999% 667 22,012,572.77 28.31
From 91% to 100.00% 1066 30,588,492.81 39.33
__________________________________________________________________________
Total.................... 2479 $ 77,767,930.26 100.00%
==========================================================================
</TABLE>
<TABLE>
<CAPTION>
GROSS COUPON
_________________________________________________________________
Gross Current
Coupon # Loans % Pool Balance
<S> <C> <C> <C>
7.00% < Gross Coupon <= 8.00% 5 .32 $245,294.09
8.00% < Gross Coupon <= 9.00% 330 18.04 $14,031,973.79
9.00% < Gross Coupon <= 10.00% 1,036 45.84 $35,651,047.80
10.00% < Gross Coupon <= 11.00% 748 27.05 $21,039,059.89
11.00% < Gross Coupon <= 12.00% 261 6.62 $5,145,894.51
12.00% < Gross Coupon <= 13.00% 69 1.64 $1,278,558.43
13.00% < Gross Coupon <= 14.00% 29 .46 $360,087.94
15.00% < Gross Coupon <= 16.00% 1 .02 $16,013.81
_________________________________________________________________
Total..... 2,479 100.00% $77,767,930.26
=================================================================
</TABLE>
<TABLE>
<CAPTION>
INDEX CODE
_________________________________________________________________________
Total
# % Current
Loan Feature Loan Pool Balance
<S> <C> <C> <C>
1YR CMT 64 .94 $732,886.17
5YR CMT 2,394 98.75 $76,793,231.89
PRIME RATE 21 .31 $241,812.20
___________________________________________________________________
Total..... 2,479 100.00% $77,767,930.26
====================================================================
</TABLE.
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 Mortgage and Finance, Inc., Series 1997A
REMAINING TERM
__________________________________________________________
# of % of Current
Remaining Term Loans Pool Balance
<S> <C> <C> <C>
20 < Rem Term <= 72 154 2.41 $1,873,523
73 < Rem Term <= 84 114 2.30 $1,788,338
85 < Rem Term <= 120 247 6.19 $4,810,590
121 < Rem Term <= 156 229 7.18 $5,586,749
157 < Rem Term <= 180 839 32.61 $25,361,369
181 < Rem Term <= 240 739 38.71 $30,105,890
241 < Rem Term <= 299 98 6.37 $4,954,161
299 < Rem Term <= 360 59 4.23 $3,287,309
__________________________________________________________
Total..... 2,479 100.00% $77,767,930
==========================================================
</TABLE>
<TABLE>
<CAPTION>
LOAN SUMMARY STRATIFIED BY
LIFE CAP
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
<S> <C> <C> <C>
13.000 LIFE CAP <= 13.500 5 194,483.03 0.25
13.500 LIFE CAP <= 14.000 57 2,473,025.20 3.18
14.000 LIFE CAP <= 14.500 132 5,211,870.22 6.70
14.500 LIFE CAP <= 15.000 377 15,440,886.49 19.86
15.000 LIFE CAP <= 15.500 544 19,088,372.65 24.55
15.500 LIFE CAP <= 16.000 453 14,527,443.49 18.68
16.000 LIFE CAP <= 16.500 381 10,490,132.49 13.49
16.500 LIFE CAP <= 17.000 196 4,869,810.40 6.26
17.000 LIFE CAP <= 17.500 106 2,095,101.75 2.69
17.500 LIFE CAP <= 18.000 69 1,208,988.51 1.55
18.000 LIFE CAP <= 18.500 23 424,037.56 0.55
18.500 LIFE CAP <= 19.000 12 184,258.60 0.24
19.000 LIFE CAP <= 19.500 18 265,518.82 0.34
19.500 LIFE CAP <= 20.000 16 246,142.59 0.32
20.000 LIFE CAP <= 20.500 4 57,146.28 0.07
21.000 LIFE CAP <= 21.500 1 16,013.81 0.02
NO LIFE CAP 85 974,698.37 1.25
__________________________________________________________________________
Total................. 2479 $ 77,767,930.26 100.00%
==========================================================================
</TABLE>
<TABLE>
<CAPTION>
GROSS MARGIN
___________________________________________________________
Gross # of % of Current
Margin Loans Pool Balance
<S> <C> <C> <C>
1.0 < Margin <= 2.0 24 1.44 1,122,988.62
2.0 < Margin <= 3.0 612 32.63 25,376,225.16
3.0 < Margin <= 4.0 1,012 40.61 31,579,632.39
4.0 < Margin <= 5.0 583 19.66 15,291,754.69
5.0 < Margin <= 6.0 199 4.61 3,581,742.02
6.0 < Margin <= 7.0 42 0.92 715,268.32
7.0 < Margin <= 8.0 6 0.11 84,305.25
8.0 < Margin <= 9.0 1 0.02 16,013.81
___________________________________________________________
Total... 2,479 100.00% $77,767,930.26
===========================================================
</TABLE>
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.
Marketing Memorandum for
Vanderbilt Mortgage and Finance, Inc.,
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 1997A
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to
sell or the solicitation of any offer to buy any security in any jurisdiction
where such an offer or solicitation would be illegal. This material is based
on information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
not pertain to any securities that will actually be sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected therein. We make no representations
regarding the reasonableness of such assumptions or the likelihood that any
of such assumptions will coincide with actual market conditions or events,
and this material should not be relied upon for such purposes. We and our
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to
time, have long or short positions in, and buy or sell, the securities
mentioned herein or derivatives thereof (including options). This material
may be filed with the Securities and Exchange Commission (the "SEC") and
incorporated by reference into an effective registration statement previously
filed with the SEC under Rule 415 of the Securities Act of 1933, including in
cases where the material does not pertain to securities that are ultimately
offered for sale pursuant to such registration statement. Information
contained in this material is current as of the date appearing on this
material only. Information in this material regarding the assets backing any
securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information included in the final prospectus for any securities actually sold
to you. This material is furnished to you solely by Goldman, Sachs & Co. and
not by the issuer of the securities or any of its affiliates. Goldman, Sachs
& Co. is acting as underwriter and not acting as agent for the issuer or its
affiliates in connection with the proposed transaction. The issuer has not
prepared or taken part in the preparation of these materials.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
Fixed-Rate Group
<TABLE>
<CAPTION>
Class Class Class Class Class Class Class Class
I A-1 I A-2 I A-3 I A-4 I A-5 I A-6 I B-1 I B-2
<S> <C> <C> <C> <C> <C> <C>
Amount(000): (28,500 24,900 18,200 10,700 12,919 9,233 6,347 4,618)
Coupon: (TBD TBD TBD TBD TBD TBD TBD TBD)
1ML+___bps
Approx. Price: (TBD TBD TBD TBD TBD TBD TBD TBD)
Yield: (TBD TBD TBD TBD TBD TBD TBD TBD)
Spread: (TBD TBD TBD TBD TBD TBD TBD TBD)
Avg Life: (1.05 3.05 5.05 7.04 9.64 13.62 6.74 14.70)
Avg Life (1.05 3.05 5.05 7.04 9.64 11.83 6.74 11.09)
To Call:
Mod. Duration 0.985 2.659 4.101 5.322 6.609 8.086 5.038 7.946
(To Maturity)
Mod. Duration 0.985 2.659 4.101 5.322 6.609 7.463 5.038 6.971
(To 10% Call)
1st Prin Pymt: (02/97 03/99 03/01 04/03 01/05 10/08 02/97 02/06)
Exp Mat: (03/99 03/01 04/03 01/05 10/08 10/13 02/06 08/25)
To 10% Call: (03/99 03/01 04/03 01/05 10/08 12/08 02/06 12/08)
Stated Mat: (TBD TBD TBD TBD TBD TBD TBD TBD)
Expected
Settlement: (<--------------------------------------------------- 02/06/97 ---------------------
---------------------------->)
Pymt Delay: (0 days <------------------------------------ 6 days ------------------------
---------------------------->)
Dated Date: (2/6/97 <-------------------------------------- 01/01/97 ----------------------
--------------------------->)
1st Pymt Date: (2/7/97 2/7/97 2/7/97 2/7/97 2/7/97 2/7/97 2/7/97 2/7/97)
Ratings:
(Moody's) (Aaa Aaa Aaa Aaa Aaa Aa3 Baa2 Baa2)
Pricing Date: (1/30/97)
Prepayment Speed: (185% MHP)
</TABLE>
<TABLE>
<S> <C>
Class A1 Pass The Class I A-1 Pass Through Rate will equal the lesser of
Through Rate: i) One Month LIBOR plus (TBD%) 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 I A-1 - I A-5: Aaa (17.5%)
Class I A-6: Aa3 (9.5%)
Class I B-1: Baa2 (4.0%)
Corporate Guarantee: The Class I 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 I B-2 Certificateholders.
Servicing Fee: For as long as Vanderbilt is the servicer, the servicing fee of 1.25%
per annum is subordinate to the Offered Certificates on a monthly basis.
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS
& CO. FINANCIAL ADVISOR IMMEDIATELY.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
<TABLE>
<CAPTION>
Cashflow Priority:
<S> <C>
PRICING
BASE CASE CLASS I B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-5;
2) Senior percentage of principal payments
sequentially to Classes I A-1, I A-2, I A-3, I A-4, and I A-5
until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-6 Certificates;
4) Senior percentage of principal payments to
Class I A-6 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
6) Class I B percentage of principal payments to
Class I B-1 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
8) Class I B percentage of principal payments to
Class I B-2 until such class is reduced to zero;
9) Excess cashflow to fund any Available Funds shortfall
with respect to the Group II Certificates except the
Net Funds Cap Carryover Amount;
10) Excess cashflow to the Class II A-1 to build O/C for the
Group II Certificates.
11) As 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;
12) Any remainder to Clayton Homes for any unreimbursed guaranteed payments
with respect to Class I B-2;
13) Any remainder to the Class R Certificates.
</TABLE>
<TABLE>
<C> <C> <C> <C> <C> <C>
I A-1 I A-2 I A-3 I A-4 I A-5 I A-6
</TABLE>
<TABLE>
<C> <C> <C>
//////////////////////////////
////////////////////////////// I B-1 I B-2
//////////////////////////////
</TABLE>
5 yrs
CLASS I B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-5 Certificates;
2) 100% of principal payments sequentially to Classes
I A-1, I A-2, I A-3, I A-4, and I A-5 until such
class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-6 Certificates;
4) 100% of principal payments to Class I A-6 until
such Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
6) 100% of principal payments to Class I B-1 until
such Class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
8) 100% of principal payments to Class I B-2 until
such Class is reduced to zero;
9) Excess cashflow to fund any Available Funds
shortfall with respect to the Group II
Certificates except the Net Funds Cap Carryover
Amount;
10) Excess cashflow to the Class II A-1 to build O/C
for the Group II Certificates.
11) 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;
12) Any remainder to Clayton Homes for any unreimbursed
guaranteed payments with respect to Class I B-2;
13) Any remainder to the Class R Certificates.
<TABLE>
<C> <C> <C> <C> <C> <C> <C> <C>
I A-1 I A-2 I A-3 I A-4 I A-5 I A-6 I B-1 I B-2
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN SACHS & CO.
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<TABLE>
<S> <C>
Class B Distribution The Class I B Distribution Test is met if:
Test: 1) Remittance Date is on or after (Feb 2002)
2) Class I B Percentage is at least ( %)
(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 I B-2 Principal Balance must not be less than ($2,308,354)
(which represents approximately (2%) of the Total Original Contract
Pool Principal Balance).
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR GOLDMAN, SACHS & CO. FINANCIAL ADVISOR
IMMEDIATELY.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
- --------------------------------------------------------------------------
Adjustable-Rate Certificates
<TABLE>
<CAPTION>
Class Class Class Class
II A-1 II B-1 II B-2 II B-3
<S> <C> <C> <C>
Amount(000): (58,714 9,526 4,082 5,445)
Coupon: (TBD TBD TBD TBD)
1ML+(TBD)bps
+
Approx. Price:
Yield:
Spread
Avg Life: (3.75 6.73 9.88 13.52
To Call: (3.64 6.73 9.88 11.78)
1st Prin Pymt: (02/97 02/02 11/05 04/08)
Exp Mat: (10/12 11/05 04/08 07/13)
To 10% Call: (12/08 11/05 04/08 12/08)
Stated Mat:
Expected
Settlement: (2/6/97 2/6/97 2/6/97 2/6/97
Pymt Delay: 0 Days 0 Days 0 Days 0 Days
Dated Date: (2/6/97 2/6/97 2/6/97 2/6/97
1st Pymt Date: (2/7/97 2/7/97 2/7/97 2/7/97
Rating:
(Moody's) Aaa Aa3 Baa2 Baa2
Pricing Date: (1/30/97)
Prepayment Speed: (200% MHP)
Group II Pass The Group II Pass Through Rate will equal the
Through Rate lesser of i) One Month LIBOR plus TBD% and ii)
the Net Funds Cap as described herein.
Net Funds Cap: The difference between the a) collateral WAC and
b) the sum of i) 0.50% (spread cushion) and ii) if
the Company is no longer the Servicer, 1.25%.
Net Funds Cap If on any Payment Date the Group II Certificate
Carryover: interest distribution amount is less than the
Group II Pass-Through Rate (which is subject to a
maximum equal to the Weighted Average Life Cap of
the collateral), the amount of such shortfall and
the aggregate of such shortfalls from previous
payment dates together with accrued interest at
the Pass-Through Rate will be carried forward to
the next Payment Date until paid. No interest
carryforward will be paid once the Class II B-3
Certificate principal balance has been reduced to
zero.
Credit Enhancement: Subordination: Expected subordination levels are
as follows: (subject to change)
Class II A-1: Aaa (24.5%)
Class II B-1: Aa3 (12.25%)
Class II B-2: Baa2 ( 7.0%)
Corporate Guarantee: The Class II B-3 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 II B-3
Certificateholders.
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS &
CO. FINANCIAL ADVISOR IMMEDIATELY.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
<TABLE>
<CAPTION>
<S> <C>
Overcollateralization: The Certificates will be issued with no initial Overcollateralization
Amount.
Excess Servicing and the Servicing Fee (while Vanderbilt is the Servicer)
will be directed to build the Overcollateralization Amount to 4.25%
(approx. $_________) of the Cut-off Date Group II Principal Balance.
On or after February 7, 2002 and as long as the Class II B Distribution
Tests are met, the Required Overcollateralization Amount steps down to
8.50%
of the current Group II Scheduled Principal Balance subject to a floor of
0.75%
(approx. $_________) of the Group II Cut-off Date Pool Principal Balance.
Servicing Fee: For as long as Vanderbilt is the Servicer, the 1.25% Servicing Fee will be
subordinated to the Offered Certificates on a monthly basis.
Excess Interest: The excess interest on the Contracts represents the first loss
piece and is subordinated to the Offered Certificates on a monthly basis.
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER,
PLEASE CONTACT YOUR GOLDMAN, SACHS & CO. FINANCIAL ADVISOR
IMMEDIATELY.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
Cashflow Priority:
PRICING
BASE CASE CLASS II B DISTRIBUTION TEST IS MET:
<TABLE>
<CAPTION>
<S> <C>
1) Current interest and any previously unreimbursed
interest to Class II A-1 Certificates
(subject to the Net Funds Cap);
2) Senior percentage of principal payments
to Class II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) Class II B percentage of principal payments to
Class II B-1 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) Class II B percentage of principal payments to
Class II B-2 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class II B-3 Certificates;
8) Class II B percentage of principal payments to
Class II B-3 until such class is reduced to zero;
9) Excess cashflow to fund any Available Funds shortfall
with respect to the Group I Certificates except the Net Funds Cap
Carryover Amount;
10) Excess cashflow to the Class II A-1 to build O/C.
11) 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;
12) Any remainder to Clayton Homes for any unreimbursed guaranteed
payments with respect to Class II B-3;
13) Any remainder to the Class R Certificates.
</TABLE>
II A-1 II B-1 II B-2 II B-3
5 yrs
CLASS B DISTRIBUTION TEST IS NOT MET:
<TABLE>
<CAPTION>
<S> <C>
1) Current interest and any previously unreimbursed
interest to Classes II A-1 Certificates;
2) 100% of principal payments sequentially to Class
II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class II B-1 Certificates;
4) 100% of principal payments to Class II B-1 until such
Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class II B-2 Certificates;
6) 100% of principal payments to Class II B-2 until such
Class is reduced to zero;
7) Excess cashflow to fund any Available Funds shortfall
with respect to the Group I Certificates except the Net Funds Cap
Carryover Amount;
8) Excess cashflow to the Class II A-1 to build O/C.
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) Any remainder to Clayton Homes for any unreimbursed guaranteed
payments with respect to Class II B-3;
11) Any remainder to the Class R Certificates.
</TABLE>
II A-1 II B-1 II B-2 II B-3
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
Vanderbilt Mortgage and Finance, Inc., Series 1997A
<TABLE>
<CAPTION>
<S> <C>
Class II B Distribution
Test: The Class II B Distribution Test is met if
1) Remittance Date is on or after (Feb 2002)
2) Class II B Percentage + O/C is at least (50%)
(which is (2.00) times the original Class I B
Percentage + O/C + 1.0%)
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) Sum of Class I B-2 Principal Balance + O/C must not be less than ($ )
(which represents approximately (2%) of the Total Original Contract
Pool Principal Balance).
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 February, 1997.
Interest Accrual: Interest will accrue from the 1st day of the preceding
month until the 30th day of the preceding month for
the Class I A-2, I A-3, I A-4, I A-5, I A-6, I B-1 and I B-2 certificates.
For the Class I A-1 certificates and the Group II Certificates,
interest will accrue from the 7th day of the preceding 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 I A-1 certificates and the Group II Certificates..
For the Class I A-1 certificates, and the Group II 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 I A-1, I A-2, I A-3, I A-4, and I A-5 Certificates
and the Class II A-1 will be ERISA eligible. The Class I A-6
I B-1 and I B-2 Certificates and the Class II B-1, II B-2, and II B-3
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 I A-1,I A-2, I A-3, I A-4, I A-5, and
I A-6 as well as the Class II A-1 and II B-1 Certificates will constitute
"mortgage related securities" under the Secondary Mortgage Market
Enhancement Act of 1984 "SMMEA". The Classes I B-1 and I B-2 and Class II B-2 and II B-3
Certificates are not SMMEA eligible.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Group I Group II
Type of Collateral: FIXED ARM
Number: 3913 2479
Amount: 115,417,699.95 77,767,930.26
Avg Unpaid Balance: 29,495.96 31,370.69
Max Orig Balance: 388,912.35 86,800.40
WAC: 11.438% 9.881%
WAC Range: 8.000% - 19.950% 8.000% - 15.250%
WAM: 186 201
WA Orig Term: 188 208
WALTV: 87.629 87.790
New: 71.87% 82.80%
Used: 28.13% 17.20%
Park: 26.66% 25.43%
Non-Park: 73.34% 74.57%
Single Wide: 55.27% 46.55%
Double Wide: 44.73% 53.45%
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
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 consummated unless the purchaser has received the Prospectus.
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
<S> <C> <C>
CURRENT BALANCE:$28,500,000.00 DATED DATE: 02/06/97
COUPON: 5.548% VMF7AF FIRST PAYMENT: 02/07/97
FACTOR:1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE:$28,500,000.00 BOND IA1 SETTLEMENT DATE: 02/06/97
</TABLE>
ASSUMED CONSTANT LIBOR-1M 5.4375
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
125.00% 150.00% 185.00% 200.00% 250.00%
MHP MHP MHP MHP MHP
First Payment 0.003 0.003 0.003 0.003 0.003
Average Life 1.350 1.206 1.050 0.995 0.844
Last Payment 2.669 2.419 2.086 2.003 1.669
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing.
Any formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
CURRENT BALANCE: $24,900,000.00 DATED DATE: 01/01/97
COUPON: 6.600% VMF7AF FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $24,900,000.00 BOND IA2 SETTLEMENT DATE: 02/06/97
</TABLE>
PREPAYMENT SPEED
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
125.00% 150.00% 185.00% 200.00% 250.00%
MHP MHP MHP MHP MHP
First Payment 2.669 2.419 2.086 2.003 1.669
Average Life 3.873 3.486 3.050 2.893 2.467
Last Payment 5.169 4.669 4.086 3.919 3.336
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing.
Any formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
CURRENT BALANCE: $18,200,000.00 DATED DATE: 01/01/97
COUPON: 6.900% VMF7AF FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $18,200,000.00 BOND IA3 SETTLEMENT DATE: 02/06/97
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
<S> <C> <C> <C> <C> <C>
125.00% 150.00% 185.00% 200.00% 250.00%
MHP MHP MHP MHP MHP
First Payment 5.169 4.669 4.086 3.919 3.336
Average Life 6.411 5.785 5.047 4.779 4.066
Last Payment 7.669 7.086 6.169 5.836 4.919
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
<S> <C>
CURRENT BALANCE: $10,700,000.00 DATED DATE: 01/01/97
COUPON: 7.150% VMF7AF FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $10,700,000.00 BOND IA4 SETTLEMENT DATE: 02/06/97
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
125.00% 150.00% 185.00% 200.00% 250.00%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 7.669 7.086 6.169 5.836 4.919
Average Life 8.723 7.939 7.041 6.693 5.625
Last Payment 9.919 9.003 7.919 7.586 6.503
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
<S> <C> <C>
CURRENT BALANCE: $12,919,000.00 DATED DATE: 01/01/97
COUPON: 7.400% VMF7AF FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 TOTAL CLASSES: 9
ORIGINAL BALANCE: $12,919,000.00 BOND IA5 SETTLEMENT DATE: 02/06/97
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 9.919 9.003 7.919 7.586 6.503
Average Life 11.564 10.761 9.639 9.189 7.862
Last Payment 13.253 12.669 11.669 11.253 9.753
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS &
CO. FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any Securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
<S> <C> <C>
CURRENT BALANCE: $9,233,000.00 VMF7A DATED DATE: 01/01/97
COUPON: 7.700% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IA6 TOTAL CLASSES: 8
ORIGINAL BALANCE: $9,233,000.00 ****** TO 10 % CALL ****** SETTLEMENT DATE: 02/06/97
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 13.253 12.669 11.669 11.253 9.753
Average Life 13.334 12.669 11.833 11.335 10.294
Last Payment 13.336 12.669 11.836 11.336 10.336
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
<S> <C> <C>
CURRENT BALANCE: $9,233,000.00 VMF7A DATED DATE: 01/01/97
COUPON: 7.700% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IA6 TOTAL CLASSES: 8
ORIGINAL BALANCE: $9,233,000.00 ****** TO MATURITY ****** SETTLEMENT DATE:02/06/97
</TABLE>
PREPAYMENT SPEED
PRICING SPEED
<TABLE>
<CAPTION>
185.00% 125.00% 150.00% 185.00% 200.00% 250.00%
MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C>
First Payment 11.669 13.253 12.669 11.669 11.253 9.753
Average Life 13.624 15.414 14.638 13.624 13.205 11.863
Last Payment 16.669 18.003 17.503 16.669 16.253 14.836
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
<S> <C> <C>
CURRENT BALANCE: $6,347,000.00 DATED DATE: 01/01/97
COUPON: 7.625% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IB1
ORIGINAL BALANCE: $6,347,000.00 SETTLEMENT DATE: 02/06/97
</TABLE>
PREPAYMENT SPEED
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 5.003 5.003 5.003 5.003 5.003
Average Life 7.140 6.956 6.742 6.663 6.441
Last Payment 9.919 9.503 9.003 8.836 8.253
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS &
CO. FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing.
Any formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
<S> <C> <C>
CURRENT BALANCE: $4,618,000.00 DATED DATE: 01/01/97
COUPON: 8.185% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IB2
ORIGINAL BALANCE: $4,618,000.00 ****** TO 10 % CALL ****** SETTLEMENT DATE:02/06/97
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 9.919 9.503 9.003 8.836 8.253
Average Life 12.323 11.779 11.088 10.724 9.880
Last Payment 13.336 12.669 11.836 11.336 10.336
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
<S> <C> <C>
CURRENT BALANCE: $4,618,000.00 VMF7A DATED DATE: 01/01/97
COUPON: 8.185% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IB2 TOTAL CLASSES: 8
ORIGINAL BALANCE: $4,618,000.00 ****** TO MATURITY ****** SETTLEMENT DATE: 02/06/97
</TABLE>
PREPAYMENT SPEED
PRICING SPEED
<TABLE>
<CAPTION>
185.00% 125.00% 150.00% 185.00% 200.00% 250.00%
MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C>
First Payment 9.003 9.919 9.503 9.003 8.836 8.253
Average Life 14.698 16.221 15.542 14.698 14.365 13.336
Last Payment 28.419 28.503 28.503 28.419 28.336 28.086
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
<S> <C> <C>
CURRENT BALANCE: $58,714,000.00 DATED DATE: 02/06/97
COUPON: 5.668% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IIA1
ORIGINAL BALANCE: $58,714,000.00 ****** TO 10 % CALL ****** SETTLEMENT DATE:02/06/97
</TABLE>
PREPAYMENT SPEED
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 0.003 0.003 0.003 0.003 0.003
Average Life 4.602 4.095 3.641 3.267 2.907
Last Payment 13.336 12.669 11.836 11.336 10.336
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
<S> <C> <C>
CURRENT BALANCE: $9,526,000.00 DATED DATE: 02/06/97
COUPON: 5.888% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IIB1
ORIGINAL BALANCE: $9,526,000.00 SETTLEMENT DATE: 02/06/97
</TABLE>
PREPAYMENT SPEED
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 5.003 5.003 5.003 5.086 5.086
Average Life 6.926 6.819 6.726 6.598 6.529
Last Payment 9.253 9.003 8.753 8.419 8.253
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
<S> <C> <C>
CURRENT BALANCE: $4,082,000.00 DATED DATE: 02/06/97
COUPON: 6.258% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IIB2
ORIGINAL BALANCE: $4,082,000.00 SETTLEMENT DATE: 02/06/97
</TABLE>
PREPAYMENT SPEED
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 9.253 9.003 8.753 8.419 8.253
Average Life 10.553 10.200 9.875 9.541 9.274
Last Payment 11.919 11.503 11.169 10.753 10.336
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS &
CO. FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
********** PRELIMINARY MARKETING INFORMATION **********
<TABLE>
<CAPTION>
FINANCIAL STRATEGIES GROUP GOLDMAN, SACHS & CO.
<S> <C> <C> <C>
CURRENT BALANCE: $5,445,000.00 DATED DATE: 02/06/97
COUPON: 6.487% FIRST PAYMENT: 02/07/97
FACTOR: 1.0000000000 BOND IIB3
ORIGINAL BALANCE: $5,445,000.00 ****** TO 10 % CALL ****** SETTLEMENT DATE: 02/06/97
</TABLE>
PREPAYMENT SPEED
<TABLE>
<CAPTION>
GP I 125% GP I 150% GP I 185% GP I 200% GP I 250%
GP II 150% GP II 175% GP II 200% GP II 225% GP II 250%
MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C>
First Payment 11.919 11.503 11.169 10.753 10.336
Average Life 13.102 12.517 11.781 11.297 10.336
Last Payment 13.336 12.669 11.836 11.336 10.336
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
The preliminary pricing information contained herein is neither an offer
to sell nor a solicitation to buy any securities. Moreover, there is no
assurance that such information will not change prior to final pricing. Any
formal offer or solicitation will be made by a prospectus (or offering
memorandum) to be accompanied or followed by a written confirmation.
AVAILABLE FUNDS CAP =
((GROSS WAC ON GROUP II - 50BP O/C CUSHION ON GROUP II) X GROUP II POOL
BALANCE + O/C STEPDOWN AMOUNT)
- -------------------------------------------
GROUP II TOTAL BOND BALANCE
ASSUMING 30/360 DAY COUNT
<TABLE>
<CAPTION>
DATE AV FUNDS CAP 1M-LIBOR MARGIN (BP)
<S> <C> <C> <C>
2/07/97 9.381 5.4375 394
3/07/97 9.456 5.4375 402
4/07/97 9.518 5.4375 408
5/07/97 9.643 5.4375 421
6/07/97 9.709 5.4375 427
7/07/97 9.777 5.4375 434
8/07/97 9.831 5.4375 439
9/07/97 9.856 5.4375 442
10/07/97 9.826 5.4375 439
11/07/97 9.803 5.4375 437
12/07/97 9.799 5.4375 436
1/07/98 9.783 5.4375 435
2/07/98 9.784 5.4375 435
3/07/98 9.790 5.4375 435
4/07/98 9.796 5.4375 436
5/07/98 9.802 5.4375 436
6/07/98 9.808 5.4375 437
7/07/98 9.814 5.4375 438
8/07/98 9.821 5.4375 438
9/07/98 9.828 5.4375 439
10/07/98 9.835 5.4375 440
11/07/98 9.842 5.4375 440
12/07/98 9.849 5.4375 441
1/07/99 9.857 5.4375 442
2/07/99 9.864 5.4375 443
3/07/99 9.872 5.4375 443
4/07/99 9.879 5.4375 444
5/07/99 9.887 5.4375 445
6/07/99 9.895 5.4375 446
7/07/99 9.904 5.4375 447
8/07/99 9.912 5.4375 447
9/07/99 9.920 5.4375 448
10/07/99 9.929 5.4375 449
11/07/99 9.938 5.4375 450
12/07/99 9.947 5.4375 451
1/07/00 9.956 5.4375 452
2/07/00 9.965 5.4375 453
3/07/00 9.975 5.4375 454
4/07/00 9.984 5.4375 455
5/07/00 9.994 5.4375 456
6/07/00 10.004 5.4375 457
7/07/00 10.014 5.4375 458
8/07/00 10.025 5.4375 459
9/07/00 10.035 5.4375 460
10/07/00 10.046 5.4375 461
11/07/00 10.057 5.4375 462
12/07/00 10.068 5.4375 463
1/07/01 10.080 5.4375 464
2/07/01 10.091 5.4375 465
3/07/01 10.103 5.4375 467
4/07/01 10.115 5.4375 468
5/07/01 10.127 5.4375 469
6/07/01 10.140 5.4375 470
7/07/01 10.153 5.4375 472
8/07/01 10.166 5.4375 473
9/07/01 10.179 5.4375 474
10/07/01 10.192 5.4375 475
11/07/01 10.206 5.4375 477
12/07/01 10.220 5.4375 478
1/07/02 10.235 5.4375 480
2/07/02 20.405 5.4375 1497
3/07/02 11.798 5.4375 636
4/07/02 11.803 5.4375 637
5/07/02 11.808 5.4375 637
6/07/02 11.814 5.4375 638
7/07/02 11.819 5.4375 638
8/07/02 11.824 5.4375 639
9/07/02 11.830 5.4375 639
10/07/02 11.835 5.4375 640
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
__________________________________________________________________________
- VMF7A GP I (FIXED COLLATERRAL)
- $115,417,699.95
- Asset Backed Collateral
__________________________________________________________________________
Cut-off Date: 12/25/96
Number of Contracts: 3,913
Aggregate Unpaid Principal Balance: $115,417,699.95
Aggregate Original Principal Balance: $116,379,582.86
Average Unpaid Principal Balance: $29,495.96
Weighted Average Gross Coupon: 11.438%
Gross Coupon Range: 8.000% - 19.950%
Weighted Average Maturity: 186.416
Weighted Average Age of Loans in Months: 1.804
Weighted Average Original Term: 188.221
Weighted Average LTV: 87.629
LTV Range: 2.888 - 100.000
Maximum Current Principal Balance: $387,853.28
Minimum Current Principal Balance: $5,084.58
Maximum Original Principal Balance: $388,912.35
Minimum Original Principal Balance: $1,888.00
Average Original Principal Balance: $29,741.78
_______________________________________________________________________
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
GEOGRAPHIC DISTRIBUTION
<TABLE>
<CAPTION>
State # of Loans % Pool Current Balance
<S> <C> <C> <C>
Alabama 39 .88 $1,013,172
Arkansas 3 .12 $132,811
Arizona 58 2.07 $2,394,280
California 9 .36 $412,092
Unknown 1 .01 $14,496
Colorado 49 1.65 $1,907,144
Connecticut 1 .03 $38,606
Dist of Col 1 .01 $13,827
Delaware 15 .55 $635,403
Florida 169 4.76 $5,492,059
Georgia 81 1.62 $1,868,387
Iowa 6 .16 $183,958
Idaho 2 .08 $90,818
Illinois 7 .17 $193,675
Indiana 18 .41 $474,561
Kansas 1 .02 $21,902
Kentucky 252 5.67 $6,541,638
Louisiana 47 1.19 $1,378,017
Massachusetts 1 .02 $28,211
Maryland 15 .45 $524,359
Michigan 5 .17 $198,265
Minnesota 1 .03 $36,857
Missouri 14 .43 $493,161
Mississippi 34 .74 $853,639
Montana 4 .18 $203,972
North Carolina 842 19.25 $22,217,691
Nebraska 1 .05 $55,426
New Hampshire 1 .02 $26,154
New Jersey 3 .22 $255,702
New Mexico 37 1.10 $1,273,195
Nevada 4 .08 $98,072
New York 23 .73 $841,805
Ohio 41 1.03 $1,188,102
Oklahoma 53 1.56 $1,797,181
Oregon 3 .07 $75,272
Pennsylvania 13 .32 $367,781
South Carolina 250 6.29 $7,258,735
Tennessee 542 13.04 $15,054,857
Texas 962 26.39 $30,458,524
Virginia 294 7.64 $8,819,876
Washington 4 .19 $223,301
Wisconsin 1 .10 $113,291
West Virginia 6 .13 $147,424
Total 3,913 100.00% $115,417,700
</TABLE>
YEAR OF ORIGINATION
<TABLE>
<CAPTION>
Year of
Origination # of Loans % of Pool Current Balance
<S> <C> <C> <C>
1985 6 .05 $62,022
1986 15 .13 $144,444
1987 12 .13 $148,963
1988 7 .10 $110,090
1989 10 .13 $152,329
1990 19 .27 $316,030
1991 4 .06 $66,267
1992 4 .06 $68,502
1993 5 .08 $87,382
1994 4 .05 $56,120
1995 47 1.58 $1,827,885
1996 3,780 97.37 $112,377,666
Total 3,913 100.00% $115,417,700
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
ORIGINAL CONTRACT BALANCES
- ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Total
# of Current
Original Loan Amount Contracts Balance
<S> <C> <C> <C>
Balance <= 5,000 1 0.01 12,140
5,000 < Balance <= 10,000 141 1.01 1,163,576
10,000 < Balance <= 15,000 466 5.10 5,884,603
15,000 < Balance <= 20,000 609 8.95 10,325,147
20,000 < Balance <= 25,000 532 10.25 11,825,806
25,000 < Balance <= 30,000 593 14.01 16,171,827
30,000 < Balance <= 35,000 480 13.38 15,441,508
35,000 < Balance <= 40,000 295 9.51 10,974,151
40,000 < Balance <= 45,000 201 7.35 8,479,813
45,000 < Balance <= 50,000 197 8.02 9,257,807
50,000 < Balance <= 55,000 119 5.37 6,195,204
55,000 < Balance <= 60,000 95 4.70 5,425,969
60,000 < Balance <= 65,000 58 3.12 3,605,335
65,000 < Balance <= 70,000 37 2.15 2,483,734
70,000 < Balance <= 75,000 30 1.88 2,169,534
75,000 < Balance <= 80,000 11 0.74 850,947
80,000 < Balance <= 85,000 15 1.07 1,239,255
85,000 < Balance <= 90,000 6 0.46 530,450
90,000 < Balance <= 95,000 3 0.24 276,795
95,000 < Balance <= 100,000 7 0.58 670,204
100,000 < Balance <= 105,000 4 0.35 408,859
105,000 < Balance <= 110,000 3 0.28 322,166
110,000 < Balance <= 115,000 3 0.29 338,029
115,000 < Balance <= 120,000 1 0.10 117,040
120,000 < Balance <= 125,000 1 0.11 122,107
125,000 < Balance <= 130,000 1 0.11 128,999
Balance > 135,000 4 0.86 996,693
Total 3,913 100.00% $115,417,700
</TABLE>
ORIGINAL LTV RANGE - rounded to 1%
<TABLE>
<CAPTION>
Percentage of
Original Number of Aggregate Cut-Off
Loan-To-Value Mortgage Unpaid Principal Principal
Ratio Loans Balance Balance
<S> <C> <C> <C>
Less than 61% 246 5,185,965.74 4.49
From 61% to 65.999% 106 2,530,709.54 2.19
From 66% to 70.999% 126 3,973,648.85 3.44
From 71% to 75.999% 146 4,490,888.66 3.89
From 76% to 80.999% 256 7,700,519.75 6.67
From 81% to 85.999% 416 11,867,161.32 10.28
From 86% to 90.999% 960 29,156,402.38 25.26
From 91% to 100.00% 1657 50,512,403.71 43.76
Total 3913 $115,417,699.95 100.00%
</TABLE>
GROSS COUPON
<TABLE>
<CAPTION>
Gross Current
Coupon # Loans % Pool Balance
<S> <C> <C> <C>
7.00% < Gross Coupon <= 8.00% 20 .95 $1,090,755.81
8.00% < Gross Coupon <= 9.00% 110 4.11 $4,741,610.85
9.00% < Gross Coupon <= 10.00% 290 10.05 $11,602,512.30
10.00% < Gross Coupon <= 11.00% 837 23.35 $26,949,791.12
11.00% < Gross Coupon <= 12.00% 1,122 32.66 $37,695,426.28
12.00% < Gross Coupon <= 13.00% 953 20.62 $23,801,465.56
13.00% < Gross Coupon <= 14.00% 391 5.99 $6,911,953.48
14.00% < Gross Coupon <= 15.00% 146 1.76 $2,029,969.33
15.00% < Gross Coupon <= 16.00% 25 .31 $360,226.80
16.00% < Gross Coupon <= 17.00% 4 .04 $49,040.75
17.00% < Gross Coupon <= 18.00% 13 .14 $161,158.41
18.00% < Gross Coupon <= 19.00% 1 .01 $10,320.17
19.00% < Gross Coupon <= 20.00% 1 .01 $13,469.09
Total..... 3,913 100.00% $115,417,699.95
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS &
CO. FINANCIAL ADVISOR IMMEDIATELY.
REMAINING TERM
<TABLE>
<CAPTION> # of % of Current
Remaining Term Loans Pool Balance
<S> <C> <C> <C>
20 < Rem Term <= 72 241 2.29 $2,644,065
73 < Rem Term <= 84 372 5.03 $5,809,621
85 < Rem Term <= 120 782 14.61 $16,867,976
121 < Rem Term <= 156 513 11.34 $13,089,821
157 < Rem Term <= 180 784 20.88 $24,094,742
181 < Rem Term <= 240 935 32.21 $37,170,912
241 < Rem Term <= 299 159 7.37 $8,509,706
299 < Rem Term <= 360 126 6.22 $7,175,560
Rem Term > 360 1 .05 $55,297
Total..... 3,913 100.00% $115,417,700
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS &
CO. FINANCIAL ADVISOR IMMEDIATELY.
<TABLE>
<CAPTION>
DATE AV FUNDS CAP 1M-LIBOR MARGIN (BP)
<S> <C> <C> <C>
2/07/03 9.808 5.4375 437
3/07/03 9.821 5.4375 438
4/07/03 9.833 5.4375 440
5/07/03 9.846 5.4375 441
6/07/03 9.859 5.4375 442
7/07/03 9.873 5.4375 444
8/07/03 9.886 5.4375 445
9/07/03 9.900 5.4375 446
10/07/03 9.914 5.4375 448
11/07/03 9.929 5.4375 449
12/07/03 9.944 5.4375 451
1/07/04 9.959 5.4375 452
2/07/04 9.975 5.4375 454
3/07/04 9.990 5.4375 455
4/07/04 10.007 5.4375 457
5/07/04 10.023 5.4375 459
6/07/04 10.040 5.4375 460
7/07/04 10.058 5.4375 462
8/07/04 10.075 5.4375 464
9/07/04 10.093 5.4375 466
10/07/04 10.112 5.4375 467
11/07/04 10.131 5.4375 469
12/07/04 10.151 5.4375 471
1/07/05 11.930 5.4375 649
2/07/05 12.019 5.4375 658
3/07/05 12.028 5.4375 659
4/07/05 12.037 5.4375 660
5/07/05 12.047 5.4375 661
6/07/05 12.057 5.4375 662
7/07/05 12.067 5.4375 663
8/07/05 12.077 5.4375 664
9/07/05 12.087 5.4375 665
10/07/05 12.098 5.4375 666
11/07/05 12.109 5.4375 667
12/07/05 12.120 5.4375 668
1/07/06 12.131 5.4375 669
2/07/06 12.143 5.4375 671
3/07/06 12.155 5.4375 672
4/07/06 12.167 5.4375 673
5/07/06 12.179 5.4375 674
6/07/06 12.192 5.4375 675
7/07/06 12.205 5.4375 677
8/07/06 12.218 5.4375 678
9/07/06 12.232 5.4375 679
10/07/06 12.246 5.4375 681
11/07/06 12.260 5.4375 682
12/07/06 12.275 5.4375 684
1/07/07 12.290 5.4375 685
2/07/07 12.305 5.4375 687
</TABLE>
AND SO ON.........
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
__________________________________________________________________________
- VMF7A GP II (ARMs)
- Cut Off Date of Tape is 12/25/96
- ARM
- $77,767,930.26
__________________________________________________________________________
<TABLE>
<CAPTION>
<S> <C>
Number of Mortgage Loans: 2,479
Aggregate Unpaid Principal Balance: $77,767,930.26
Aggregate Original Principal Balance: $79,995,810.34
Weighted Average Coupon (Gross): 9.881%
Gross Coupon Range: 8.000% - 15.250%
Weighted Average Margin (Gross): 3.477%
Gross Margin Range: 1.280% - 8.650%
Weighted Average Life Cap (Gross): 15.422%
Gross Life Cap Range: 13.250% - 21.250%
Weighted Average Life Floor (Gross): 3.477%
Gross Life Floor Range: 1.280% - 8.650%
Average Unpaid Principal Balance: $31,370.69
Average Original Principal Balance: $32,269.39
Maximum Unpaid Principal Balance $86,546.30
Minimum Unpaid Principal Balance: $4,065.01
Maximum Original Principal Balance: $86,800.40
Minimum Original Principal Balance: $6,375.99
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 201.491
Stated Rem Term Range: 48.000 - 360.000
Weighted Avg. Amortized Rem. Term: 201.197
Amortized Rem Term Range: 30.292 - 360.017
Weighted Average Age (First Pay thru Last Pay): 6.267
Age Range: 4.000 - 146.000
Weighted Average Original Term: 207.758
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 87.790
Original LTV Range: 24.597% - 100.000%
Weighted Average Periodic Interest Cap: 1.429%
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 9.513
Months to Interest Roll Range: 1 - 14
Weighted Average Months to Payment Roll: 10.438
Months to Payment Roll Range: 2 - 15
Weighted Average Interest Roll Frequency: 11.940
Interest Frequency Range: 6 - 12
Weighted Average Payment Roll Frequency: 12.000
Payment Frequency Range: 12 - 12
</TABLE>
___________________________________________________________________________
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
ORIGINAL CONTRACT BALANCES
<TABLE>
<CAPTION>
# of Total
Original Loan Amount Contracts Current Balance
<S> <C> <C> <C>
5,000 < Balance <= 10,000 38 0.41 321,815
10,000 < Balance <= 15,000 157 2.52 1,963,047
15,000 < Balance <= 20,000 284 5.94 4,616,674
20,000 < Balance <= 25,000 359 9.91 7,706,740
25,000 < Balance <= 30,000 407 13.80 10,728,322
30,000 < Balance <= 35,000 346 14.05 10,928,414
35,000 < Balance <= 40,000 259 12.12 9,427,277
40,000 < Balance <= 45,000 179 9.61 7,475,727
45,000 < Balance <= 50,000 147 8.84 6,872,733
50,000 < Balance <= 55,000 108 7.24 5,630,174
55,000 < Balance <= 60,000 93 6.76 5,256,738
60,000 < Balance <= 65,000 42 3.34 2,599,158
65,000 < Balance <= 70,000 27 2.32 1,804,615
70,000 < Balance <= 75,000 24 2.22 1,724,722
75,000 < Balance <= 80,000 6 0.60 463,299
80,000 < Balance <= 85,000 2 0.21 161,929
85,000 < Balance <= 90,000 1 0.11 86,546
Total.... 2,479 100.00% $77,767,930
</TABLE>
ORIGINAL LTV RANGE - rounded to 1%
<TABLE>
<CAPTION>
Percentage of
Cut-Off Date
Original Number of Aggregate Aggregate
Loan-To-Value Mortgage Unpaid Principal Principal
Ratio Loans Balance Balance
<S> <C> <C> <C>
Less than 61% 67 1,745,390.43 2.24
From 61% to 65.999% 58 1,719,488.05 2.21
From 66% to 70.999% 61 1,982,582.70 2.55
From 71% to 75.999% 106 3,795,472.59 4.88
From 76% to 80.999% 175 6,152,805.14 7.91
From 81% to 85.999% 279 9,771,125.77 12.56
From 86% to 90.999% 667 22,012,572.77 28.31
From 91% to 100.00% 1,066 30,588,492.81 39.33
Total.... 2,479 $77,767,930.26 100.00%
</TABLE>
GROSS COUPON
<TABLE>
<CAPTION>
Gross Current
Coupon # Loans % Pool Balance
<S> <C> <C> <C>
7.00% < Gross Coupon <= 8.00% 5 .32 $245,294.09
8.00% < Gross Coupon <= 9.00% 330 18.04 $14,031,973.79
9.00% < Gross Coupon <= 10.00% 1,036 45.84 $35,651,047.80
10.00% < Gross Coupon <= 11.00% 748 27.05 $21,039,059.89
11.00% < Gross Coupon <= 12.00% 261 6.62 $5,145,894.51
12.00% < Gross Coupon <= 13.00% 69 1.64 $1,278,558.43
13.00% < Gross Coupon <= 14.00% 29 .46 $360,087.94
15.00% < Gross Coupon <= 16.00% 1 .02 $16,013.81
Total..... 2,479 100.00% $77,767,930.26
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS & CO.
FINANCIAL ADVISOR IMMEDIATELY.
GEOGRAPHIC DISTRIBUTION
<TABLE>
<CAPTION> Current
State # Loans % Pool Balance
<S> <C> <C> <C>
Alabama 18 .64 $496,095
Arkansas 21 .96 $745,663
Arizona 5 .18 $140,782
California 4 .14 $111,709
Colorado 5 .29 $228,662
Connecticut 3 .18 $137,712
Dist of Col 3 .15 $116,381
Florida 137 5.25 $4,082,027
Georgia 95 2.37 $1,846,590
Indiana 13 .44 $345,920
Kentucky 220 8.00 $6,219,279
Louisiana 50 1.88 $1,460,743
Maryland 3 .16 $127,479
Michigan 2 .08 $60,808
Missouri 8 .43 $331,933
Mississippi 12 .46 $355,660
North Carolina 614 26.33 $20,478,039
New Jersey 2 .05 $39,511
New Mexico 22 1.03 $802,683
New York 9 .52 $400,884
Ohio 10 .43 $338,177
Oklahoma 8 .31 $241,178
Oregon 6 .25 $194,428
Pennsylvania 2 .09 $71,628
Puerto Rico 1 .02 $18,787
South Carolina 379 16.16 $12,570,830
Tennessee 172 6.35 $4,939,172
Texas 544 22.03 $17,132,400
Virginia 108 4.68 $3,640,384
West Virginia 3 .12 $92,384
Total 2,479 100.00% $77,767,930
</TABLE>
YEAR OF ORIGINATION
<TABLE>
<CAPTION>
Year of Current
Origination # of Loans % of Pool Balance
<S> <C> <C> <C>
1984 1 .01 $7,228
1985 30 .41 $319,197
1986 46 .68 $528,578
1987 5 .11 $86,547
1988 9 .18 $141,904
1989 14 .24 $186,133
1990 8 .19 $149,411
1991 2 .03 $25,964
1994 5 .09 $73,118
1995 351 14.63 $11,380,686
1996 2,008 83.41 $64,869,166
Total.... 2,479 100.00% $77,767,930
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS &
CO. FINANCIAL ADVISOR IMMEDIATELY.
REMAINING TERM
<TABLE>
<CAPTION>
# of % of Current
Remaining Term Loans Pool Balance
<S> <C> <C> <C>
20 < Rem Term <= 72 154 2.41 $1,873,523
73 < Rem Term <= 84 114 2.30 $1,788,338
85 < Rem Term <= 120 247 6.19 $4,810,590
121 < Rem Term <= 156 229 7.18 $5,586,749
157 < Rem Term <= 180 839 32.61 $25,361,369
181 < Rem Term <= 240 739 38.71 $30,105,890
241 < Rem Term <= 299 98 6.37 $4,954,161
299 < Rem Term <= 360 59 4.23 $3,287,309
Total..... 2,479 100.00% $77,767,930
</TABLE>
LOAN SUMMARY STRATIFIED BY
LIFE CAP
<TABLE>
<CAPTION>
Percentage of
Cut-Off Date
Original Number of Aggregate Aggregate
Loan-To-Value Mortgage Unpaid Principal Principal
Ratio Loans Balance Balance
<S> <C> <C> <C>
LIFE CAP = 0.000 85 974,698.37 1.25
13.000 LIFE CAP <= 13.500 5 194,483.03 0.25
13.500 LIFE CAP <= 14.000 57 2,473,025.20 3.18
14.000 LIFE CAP <= 14.500 132 5,211,870.22 6.70
14.500 LIFE CAP <= 15.000 377 15,440,886.49 19.86
15.000 LIFE CAP <= 15.500 544 19,088,372.65 24.55
15.500 LIFE CAP <= 16.000 453 14,527,443.49 18.68
16.000 LIFE CAP <= 16.500 381 10,490,132.49 13.49
16.500 LIFE CAP <= 17.000 196 4,869,810.40 6.26
17.000 LIFE CAP <= 17.500 106 2,095,101.75 2.69
17.500 LIFE CAP <= 18.000 69 1,208,988.51 1.55
18.000 LIFE CAP <= 18.500 23 424,037.56 0.55
18.500 LIFE CAP <= 19.000 12 184,258.60 0.24
19.000 LIFE CAP <= 19.500 18 265,518.82 0.34
19.500 LIFE CAP <= 20.000 16 246,142.59 0.32
20.000 LIFE CAP <= 20.500 4 57,146.28 0.07
21.000 LIFE CAP <= 21.500 1 16,013.81 0.02
Total................. 2,479 $77,767,930.26 100.00%
</TABLE>
GROSS MARGIN
<TABLE>
<CAPTION> # of % of Current
Gross Margin Loans Pool Balance
<S> <C> <C> <C>
1.0 < Margin <= 2.0 24 1.44 1,122,988.62
2.0 < Margin <= 3.0 612 32.63 25,376,225.16
3.0 < Margin <= 4.0 1,012 40.61 31,579,632.39
4.0 < Margin <= 5.0 582 19.64 15,277,441.84
5.0 < Margin <= 6.0 199 4.61 3,581,742.02
6.0 < Margin <= 7.0 42 0.92 715,268.32
7.0 < Margin <= 8.0 7 0.13 98,618.10
8.0 < Margin <= 9.0 1 0.02 16,013.81
Total... 2,479 100.00% $77,767,930.26
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR GOLDMAN, SACHS &
CO. FINANCIAL ADVISOR IMMEDIATELY
