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): November 15, 1999
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated as
of October 26, 1999, providing for the issuance of the
Vanderbilt Mortgage and Finance, Inc., Manufactured Housing
Contract Senior/Subordinate Pass-Through Certificates,
Series 1999D).
CLAYTON HOMES, INC.
VANDERBILT MORTGAGE AND FINANCE, INC.
(Exact name of registrant as specified in its charter)
Clayton Homes, Inc. - Del.
Vanderbilt - Tennessee 333-75405 62-0997810
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
500 Alcoa Trail
Maryville, Tennessee 37804
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (423) 380-3000
Former Address:
Item 5. Other Events
Filing of Computational Materials.
In connection with the offering of the Vanderbilt Mortgage and
Finance, Inc. ("Vanderbilt") Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1999D, Prudential Securities Incorporated
and Banc of America Securities LLC, 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.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits:
99.1 Computational Materials - Prudential Securities Incorporated
<PAGE>
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 Jordan
Name: David Jordan
Title: Secretary
CLAYTON HOMES, INC.
By /s/ Carl Koella
Name: Carl Koella
Title: Secretary
Dated: November 15, 1999
<PAGE>
Exhibit Index
Exhibit Page
99.1 Computational Materials, Prudential Securities Incorporated
******************** PRELIMINARY INFORMATION ONLY **************************
Marketing Memorandum for
Vanderbilt Mortgage and Finance, Inc.,
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 1999-D
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GROUP I CERTIFICATES:
$ [ 43,000,000] Class IA-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 31,000,000] Class IA-2 Fixed Rate Group Certificates - [TBD%]
$ [ 26,000,000] Class IA-3 Fixed Rate Group Certificates - [TBD%]
$ [ 25,483,000] Class IA-4 Fixed Rate Group Certificates - [TBD%]
$ [ 6,972,000] Class IA-5 Fixed Rate Group Certificates - [TBD%]
$ [ 6,197,000] Class IM-1 Fixed Rate Group Certificates - [TBD%]
$ [ 6,197,000] Class IB-1 Fixed Rate Group Certificates - [TBD%]
$ [ 10,070,000] Class IB-2 Fixed Rate Group Certificates - [TBD%]
GROUP II CERTIFICATES:
$ [100,522,000] Class IIA-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 13,227,000] Class IIB-1 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 3,969,000] Class IIB-2 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 5,291,000] Class IIB-3 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
$ [ 9,259,000] Class IIB-4 Adjustable Rate Group Certificates - [1M LIBOR + TBD bps]
- -------------------------------------------------------------------------------
</TABLE>
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Vanderbilt Mortgage and Finance,
Series 1999-D 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 dissemination
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.
<PAGE>
******************** PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-D
Preliminary Marketing Memo
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Title of Securities: VMF 1999-D, Class IA-1, Class IA-2, Class IA-3, Class IA-4, Class IA-5,
Class IM-1, Class IB-1 and Class IB-2 Fixed Rate Group Certificates and
Class IIA-1, Class IIB-1, Class IIB-2, Class IIB-3, and Class IIB-4 Adjustable Rate Group Certificates
Seller: Vanderbilt Mortgage and Finance, Inc.
Servicer: Vanderbilt Mortgage and Finance, Inc.
Trustee: The Bank of New York
CREDIT ENHANCEMENT
------------------
1) Excess interest
2) Over-Collateralization
3) Cross-Collateralization
4) Subordination
5) Limited Guarantee of Clayton Homes, Inc. (Class I B-2
and Class II B-4 only)
Excess Interest: Excess interest cashflows from each group will be available
as credit enhancement for the related group.
Overcollateralization: The credit enhancement provisions of the Trust are intended to provide for
the limited acceleration of the senior Certificates relative to the amortization of the
related collateral, generally in the early months of the transaction. Accelerated
amortization is achieved by applying excess servicing and the servicing fee (while VMF
is the servicer) collected on the collateral to the payment of principal on the Senior
Certificates, resulting in the build up of overcollateralization ("O/C"). By paying
down the principal balance of the certificates faster than the principal amortization
of the respective collateral pool, an O/C amount equal to the excess of the aggregate principal
balance of the collateral pool over the principal balance of the related Certificates
is created. Excess cashflow will be directed to build the O/C amount until the pool
reaches its required O/C target. Upon this event the acceleration feature will cease,
unless it is once again necessary to maintain the required O/C level.
FIXED RATE CERTIFICATES
N/A
ADJUSTABLE RATE CERTIFICATES
Initial Deposit: [0.00%] Target: [3.50%]
These O/C percentages are subject to step-downs beginning
in month [61] if the Subordinate Class Principal distribution tests are met.
Cross-
Collateralization: Excess spread from each of the two collateral groups, if not needed to credit enhance its
own group will be available to credit enhance the other group.
Subordination: GROUP I (Fixed) GROUP II (Adjustable)
------- --------
Class IA-1 - IA-4 + IIA-1 (Aaa/AAA) [19.00]% [24.00]%
Class IA-5 + IIB-1 (Aa3/AA-) [14.50]% [14.00]%
Class IM-1 + IIB-2 (A2/A) [10.50]% [11.00]%
Class IB-1 + IIB-3 (Baa2/BBB) [ 6.50]% [ 7.00]%
Class IB-2 + IIB-4 (Baa2/BBB) [ 3.50]%
Class Sizes: GROUP I GROUP II
------- --------
Class IA-1 - IA-4 + IIA-1 (Aaa/AAA) [81.00]% [76.00]%
Class IA-5 + IIB-1 (Aa3/AA-) [ 4.50]% [10.00]%
Class IM-1 + IIB-2 (A2/A) [ 4.00]% [ 3.00]%
Class IB-1 + IIB-3 (Baa2/BBB) [ 4.00]% [ 4.00]%
Class 1B-2 + IIB-4 (Baa2/BBB) [ 6.50]% [ 7.00]%
O/C [ 3.50]%
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
************************** PRELIMINARY INFORMATION ONLY ************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-D
Preliminary Marketing Memo
- --------------------------------------------------------------------------------
Fixed-Rate Group
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class Class Class Class Class Class Class Class
I A-1 I A-2 I A-3 I A-4 I A-5 I M-1 I B-1 I B-2
Amount: [43,000,000 31,000,000 26,000,000 25,483,000 6,972,000 6,197,000 6,197,000 10,070,000]
Coupon: 1ML+[TBD] bps[-----------------------------------TBD------------------------------------------]
Approx. Price: [-------------------------------------------TBD------------------------------------------------]
Yield(%): [-------------------------------------------TBD------------------------------------------------]
Spread (bps): [-------------------------------------------TBD------------------------------------------------]
Avg Life
To Call: [1.088 3.013 5.043 9.231 11.853 8.708 6.116 10.303]
Avg Life
To Mat.: [1.088 3.013 5.043 9.338 15.331 9.316 6.116 13.205]
1st Prin Pymt:
To 10% Call: [12/07/1999 02/07/2002 11/07/2003 07/07/2006 10/07/2011 12/07/2004 12/07/2004 05/07/2007]
Last Prin Pmt
To 10% Call: [02/07/2002 11/07/2003 07/07/2006 10/07/2011 10/07/2011 10/07/2011 05/07/2007 10/07/2011]
Last Prin Pmt
To Mat.: [02/07/2002 11/07/2003 07/07/2006 04/07/2013 02/07/2018 02/07/2018 05/07/2007 01/07/2029]
Stated Mat: [01/07/2008 08/07/2012 10/07/2017 01/07/2030 01/07/2030 01/07/2030 01/07/2016 01/07/2030]
Expected
Settlement: [----------------------------------[11/30/99] ------------------------------------------]
Pymt Delay: 0 days [---------------------------------6 days ----------------------------------]
Interest Pmt Act/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360
Basis:
Dated Date: [11/30/99] [------------------------------[11/01/99]-----------------------------------]
Ratings: [Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- A2/A Baa2/BBB Baa2/BBB]
(Moody's/Fitch)
Pricing Date: [-------------------------------------------TBD-----------------------------------]
Prepayment Speed: 225% MHP
Total Group Size: [$154,919,226.84]
Class IA-1
Remittance 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 (if Vanderbilt is no longer the servicer).
Maximum Rate: Remittance rates on the Group I Certificates are subject to a maximum rate equal to (a) the weighted average
contract rate of the Group I contracts less (b) if Vanderbilt is no longer the servicer, the servicing fee of
[1.25%].
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.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS
TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE
FINAL PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS.
</TABLE>
<PAGE>
************************** PRELIMINARY INFORMATION ONLY ***********************
Vanderbilt Mortgage and Finance, Inc., Series 1999-D
Preliminary Marketing Memo
Cashflow Priority:
<TABLE>
<CAPTION>
<S> <C>
PRICING
BASE CASE CLASS I M-1 AND CLASS B DISTRIBUTION TEST IS MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-4;
2) Senior percentage of principal payments
sequentially to Classes I A-1, I A-2, I A-3, and I A-4
until such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-5 Certificates;
4) Senior percentage of principal payments to
Class I A-5 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I M-1 Certificates;
6) Mezzanine percentage of principal payments to
Class I M-1 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
8) Class I B percentage of principal payments to
Class I B-1 until such class is reduced to zero;
9) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
10) Class I B percentage of principal payments to
Class I B-2 until such class is reduced to zero;
11) Excess cashflow to fund any Available Funds shortfall
with respect to the Group II Certificates except the
Net Funds Cap Carryover Amount;
12) Excess cashflow to the Class II A-1 to build O/C for the
Group II Certificates.
13) 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;
14) Any remainder to the Class R Certificates.
__________________________________________________________
| | | | | |
| I A-1 | I A-2 | I A-3 | I A-4 | I A-5 |
| | | | | |
|__________|___________|___________|__________|__________|
|///////////////////| |
|///////////////////| I M-1 |
|///////////////////|----------------------------------- |
|///////////////////| I B-1 | I B-2 |
----------------------------------------------------------
5 yrs
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
************************** PRELIMINARY INFORMATION ONLY ***********************
Vanderbilt Mortgage and Finance, Inc., Series 1999-D
Preliminary Marketing Memo
<TABLE>
<CAPTION>
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Cashflow Priority:
CLASS I M-1 AND CLASS I B DISTRIBUTION TEST IS NOT MET:
1) Current interest and any previously unreimbursed
interest to Classes I A-1 - I A-4 Certificates;
2) 100% of principal payments sequentially to Classes
I A-1, I A-2, I A-3, and I A-4 until
such class is reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class I A-5 Certificates;
4) 100% of principal payments to Class I A-5 until such
Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class I M-1 Certificates;
6) 100% of principal payments to Class I M-1 until such
Class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class I B-1 Certificates;
8) 100% of principal payments to Class I B-1 until such
Class is reduced to zero;
9) Current interest and any previously unreimbursed
interest to Class I B-2 Certificates;
10) 100% of principal payments to Class I B-2 until such
Class is reduced to zero;
11) Excess cashflow to fund any Available Funds shortfall
with respect to the Group II Certificates except the
Net Funds Cap Carryover Amount;
12) Excess cashflow to the Class II A-1 to build O/C for the
Group II Certificates.
13) 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;
14) Any remainder to the Class R Certificates.
_________________________________________________________________
| | | | | | | | |
| | | | | | | | |
| I A-1 | I A-2 | I A-3 | I A-4 | I A-5 | I M-1 | I B-1 | I B-2 |
| | | | | | | | |
|_______|_______|_______|_______|_______|_______|_______|_______|
Class I B Distribution
Test: THE CLASS I M-1 AND CLASS I B DISTRIBUTION IS MET IF:
1) Remittance Date is on or after December 2004
2) Class I M-1 Percentage plus Class I B Percentage is at least [25.375] %
(which is 1.75 times the sum of the original Class I M-1 Percentage
and the original Class I B Percentage).
3) Cumulative Realized Losses do not exceed [7]% for
year 2004, [8]% for year 2005, and [9]% for year 2006
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 [$3,098,384.54]
(which represents approximately 2% of the Total Original Group I Pool
Principal Balance).
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
************************** PRELIMINARY INFORMATION ONLY ***********************
Vanderbilt Mortgage and Finance, Inc., Series 1999-D
Preliminary Marketing Memo
<TABLE>
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<S> <C> <C> <C> <C> <C>
Adjustable-Rate Certificates
Class Class Class Class Class
II A-1 II B-1 II B-2 II B-3 II B-4
- -----------------------------------------------------------------------------------------------------------------
Amount: [100,522,000.00 13,227,000.00 3,969,000.00 5,291,000.00 9,259,000.00]
Coupon: 1ML+[TBD] bp 1ML+[TBD] bp 1ML+[TBD] bp 1ML+[TBD] bp 1ML+[TBD] bp
Approx. Price: [--------------------------------TBD----------------------------------------]
Avg Life
To Call: [3.708 5.777 6.984 8.581 11.415 ]
Avg Life
To Mat: [3.875 5.777 6.984 8.581 13.088 ]
1st Prin Pymt:
To 10% Call: [12/07/1999 12/07/2004 07/07/2006 07/07/2007 08/07/2009 ]
Last Prin Pmt
To 10% Call: [10/07/2011 07/07/2006 07/07/2007 08/07/2009 10/07/2011 ]
Last Prin Pmt
To Mat.: [11/07/2016 07/07/2006 07/07/2007 08/07/2009 06/07/2018
Stated Maturity: [01/07/2030 11/07/2016 07/07/2017 05/07/2018 01/07/2030]
Expected Settlement: [---------------------------------11/30/99-----------------------]
Pymt Delay: 0 Days 0 Days 0 Days 0 Days 0 Days]
Dated Date: [11/30/99] [11/30/99] [11/30/99] [11/30/99] [11/30/99]
Rating: (Moody's/Fitch) [Aaa/AAA Aa3/AA- A2/A Baa2/BBB Baa2/BBB]
Pricing Date: [----------------------------------TBD-----------------------------------]
Prepayment Speed: 250% MHP
Total Group Size: [$132,268,899.79]
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.
Coupon Step up: If the 10% Clean-Up Call is not exercised, the coupon
on the Class Adjustable Rate Certificates :
IIA-1 - shall increase to [2x] the respective margin
IIB-1 - shall increase by an additional [50 BP]
IIB-2 - shall increase by an additional [50 BP]
IIB-3 - shall increase by an additional [50 BP]
IIB-4 - shall increase by an additional [50 BP]
Net Funds Cap: The difference between the a) collateral WAC and b) the
the sum of i) if the OC is less than its target,
[0.75]% 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.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
************************** PRELIMINARY INFORMATION ONLY ***********************
Vanderbilt Mortgage and Finance, Inc., Series 1999-D
Preliminary Marketing Memo
Cashflow Priority:
<TABLE>
<CAPTION>
<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) Current interest and any previously unreimbursed
interest to Class II B-4 Certificates;
10) Class II B percentage of principal payments to
Class II B-4 until such class is reduced to zero;
11) Excess cashflow to fund any Available Funds shortfall
with respect to the Group I Certificates except the Net Funds Cap Carryover Amount;
12) Excess cashflow to the Class II A-1 to build O/C.
13) 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;
14) Any remainder to the Class R Certificates.
____________________________________________________________________
| |
| II A-1 |
| |
|__________________________________________________________________|
|/////////////| | | | |
|/////////////| | | | |
|/////////////| II B-1 | II B-2 | II B-3 | II B-4 |
|/////////////|________________|____________|_________|____________|
5 yrs
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
************************ PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-D
Preliminary Marketing Memo
<TABLE>
<CAPTION>
<S> <C>
CLASS II 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) Current interest and any previously unreimbursed
interest to Class II B-3 Certificates;
8) 100% of principal payments to Class II B-3 until such
Class is reduced to zero;
9) Current interest and any previously unreimbursed
interest to Class II B-4 Certificates;
10) 100% of principal payments to Class II B-4 until such
Class is reduced to zero;
11) Excess cashflow to fund any Available Funds shortfall
with respect to the Group I Certificates except the
Net Funds Cap Carryover Amount;
12) Excess cashflow to the Class II A-1 to build O/C.
13) 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;
14) Any remainder to the Class R Certificates.
_________________________________________________________________________
| | | | | |
| | | | | |
| II A-1 | II B-1| II B-2| II B-3| II B-4|
| | | | | |
|_______________________________________|_______|_______|_______|_______|
Class II B Distribution
Test: The Class II B Distribution Test is met if
1) Remittance Date is on or after December 2004
2) Class II B Percentage + O/C is at least [50.0%]
3) Cumulative Realized Losses do not exceed [7]% for
year 2004 , [8]% for year 2005 , and [9]% for
year 2006 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 II B-4 Principal Balance + O/C must not be less than [$2,645,378.00]
(which represents approximately 2% of the Total Original Group II Pool
Principal Balance).
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
************************ PRELIMINARY INFORMATION ONLY **************************
Vanderbilt Mortgage and Finance, Inc., Series 1999-D
Preliminary Marketing Memo
<TABLE>
<CAPTION>
<S> <C>
Cleanup Call: The Servicer may call the Certificates at par plus
accrued interest after the aggregate remaining pool balance of both Groups
is less than 10% of the Cut-off Date pool principal 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 December, 1999.
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 M-1,
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, and I A-4 Certificates and the Class II A-1
will be ERISA eligible. The Class I A-5, Class I M-1, I B-1 and I B-2 Certificates
and the Class II B-1, II B-2, II B-3 and II B-4 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 II A-1 and II B-1 Certificates will constitute "mortgage related securities"
under the Secondary Mortgage Market Enhancement Act of 1984 "SMMEA".
Group I Group II
Type of Collateral: [ FIXED ARM ]
Amount [ $154,919,226.84 $132,268,899.79 ]
Avg Unpaid Balance: [ $35,483.10 $40,461.58 ]
Max Original Balance: [ $149,922.24 $131,900.00 ]
WAC: [ 10.452% 10.180% ]
Coupon Range: [ 7.750% - 18.000% 7.990% - 15.500% ]
WAM: [ 238 238 ]
WA Orig Term [ 241 239 ]
WALTV: [ 85.339% 85.766% ]
New [ 58.74% 80.68% ]
Used [ 41.26% 19.32% ]
Single [ 43.54% 41.94% ]
Multi [ 51.84% 58.06% ]
Site Built [ 4.61% 0.00% ]
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.
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Projected Available Funds Cap of GROUP II:
=========================================
(GROSS COUPON - [75] bp CARVE-OUT, Using 30/360 Day Count)
* Assuming VMF is the servicer
DATE COUPON
- -------------
12/99 9.430
01/00 9.430
02/00 9.430
03/00 9.430
04/00 9.430
05/00 9.430
06/00 9.430
07/00 9.448
08/00 9.448
09/00 9.568
10/00 9.686
11/00 9.797
12/00 9.821
01/01 9.827
02/01 9.827
03/01 9.827
04/01 9.827
05/01 9.827
06/01 9.828
07/01 9.828
08/01 9.828
09/01 9.828
10/01 9.828
11/01 9.828
12/01 9.828
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C>
DATED DATE: 11/30/99
CURRENT COUPON: TBD vmf99df FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $43,000,000.00 BOND IA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/30/99
ASSUMED CONSTANT LIBOR-1M 5.4275
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 43.66 39.81 41.73 45.59 47.53 49.50
99-24+ 42.18 38.57 40.37 43.99 45.80 47.65
99-25 40.70 37.33 39.01 42.39 44.08 45.81
99-25+ 39.22 36.09 37.65 40.79 42.36 43.96
99-26 37.74 34.85 36.29 39.19 40.64 42.11
99-26+ 36.26 33.61 34.93 37.59 38.91 40.27
99-27 34.78 32.37 33.57 35.98 37.19 38.42
99-27+ 33.30 31.13 32.21 34.38 35.47 36.58
99-28 31.82 29.89 30.86 32.79 33.75 34.74
99-28+ 30.34 28.66 29.50 31.19 32.03 32.89
99-29 28.86 27.42 28.14 29.59 30.31 31.05
99-29+ 27.38 26.18 26.78 27.99 28.59 29.21
99-30 25.91 24.94 25.43 26.39 26.87 27.36
99-30+ 24.43 23.71 24.07 24.79 25.15 25.52
99-31 22.95 22.47 22.71 23.19 23.44 23.68
99-31+ 21.48 21.24 21.36 21.60 21.72 21.84
100-00 20.00 20.00 20.00 20.00 20.00 20.00
100-00+ 18.52 18.76 18.64 18.40 18.28 18.16
100-01 17.05 17.53 17.29 16.81 16.57 16.32
100-01+ 15.57 16.29 15.93 15.21 14.85 14.48
100-02 14.10 15.06 14.58 13.62 13.13 12.64
100-02+ 12.62 13.83 13.23 12.02 11.42 10.80
100-03 11.15 12.59 11.87 10.43 9.70 8.97
100-03+ 9.68 11.36 10.52 8.83 7.99 7.13
100-04 8.20 10.12 9.16 7.24 6.27 5.29
100-04+ 6.73 8.89 7.81 5.64 4.56 3.45
100-05 5.26 7.66 6.46 4.05 2.85 1.62
First Payment 0.019 0.019 0.019 0.019 0.019 0.019
Average Life 1.088 1.311 1.189 1.003 0.930 0.866
Last Payment 2.186 2.603 2.353 2.019 1.853 1.686
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C>
COUPON: TBD vmf99df FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $31,000,000.00 BOND IA2 BE-YIELD TABLE YIELD TABLE DATE: 11/30/99
PREPAYMENT SPEED
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 6.99 6.98 6.99 6.99 7.00 7.00
99-24+ 6.98 6.98 6.98 6.99 6.99 7.00
99-25 6.98 6.97 6.98 6.98 6.99 6.99
99-25+ 6.97 6.97 6.97 6.98 6.98 6.98
99-26 6.97 6.96 6.96 6.97 6.97 6.97
99-26+ 6.96 6.96 6.96 6.96 6.96 6.97
99-27 6.96 6.95 6.95 6.96 6.96 6.96
99-27+ 6.95 6.95 6.95 6.95 6.95 6.95
99-28 6.94 6.94 6.94 6.94 6.94 6.94
99-28+ 6.94 6.94 6.94 6.94 6.94 6.94
99-29 6.93 6.93 6.93 6.93 6.93 6.93
99-29+ 6.93 6.93 6.93 6.92 6.92 6.92
99-30 6.92 6.92 6.92 6.92 6.92 6.92
99-30+ 6.91 6.92 6.92 6.91 6.91 6.91
99-31 6.91 6.91 6.91 6.91 6.90 6.90
99-31+ 6.90 6.91 6.90 6.90 6.90 6.89
100-00 6.90 6.90 6.90 6.89 6.89 6.89
100-00+ 6.89 6.90 6.89 6.89 6.88 6.88
100-01 6.88 6.89 6.89 6.88 6.88 6.87
100-01+ 6.88 6.89 6.88 6.87 6.87 6.86
100-02 6.87 6.88 6.88 6.87 6.86 6.86
100-02+ 6.87 6.88 6.87 6.86 6.85 6.85
100-03 6.86 6.87 6.87 6.85 6.85 6.84
100-03+ 6.85 6.87 6.86 6.85 6.84 6.83
100-04 6.85 6.86 6.86 6.84 6.83 6.83
100-04+ 6.84 6.86 6.85 6.84 6.83 6.82
100-05 6.84 6.85 6.84 6.83 6.82 6.81
100-05+ 6.83 6.85 6.84 6.82 6.81 6.81
100-06 6.82 6.84 6.83 6.82 6.81 6.80
100-06+ 6.82 6.84 6.83 6.81 6.80 6.79
100-07 6.81 6.83 6.82 6.80 6.79 6.78
100-07+ 6.81 6.83 6.82 6.80 6.79 6.78
First Payment 2.186 2.603 2.353 2.019 1.853 1.686
Average Life 3.013 3.636 3.296 2.774 2.570 2.395
Last Payment 3.936 4.769 4.353 3.603 3.353 3.103
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C>
COUPON: TBD vmf99df FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $26,000,000.00 BOND IA3 BE-YIELD TABLE YIELD TABLE DATE: 11/30/99
PREPAYMENT SPEED
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 7.28 7.27 7.28 7.28 7.28 7.29
99-24+ 7.27 7.27 7.27 7.28 7.28 7.28
99-25 7.27 7.27 7.27 7.27 7.27 7.28
99-25+ 7.27 7.26 7.26 7.27 7.27 7.27
99-26 7.26 7.26 7.26 7.26 7.27 7.27
99-26+ 7.26 7.26 7.26 7.26 7.26 7.26
99-27 7.26 7.25 7.25 7.26 7.26 7.26
99-27+ 7.25 7.25 7.25 7.25 7.25 7.25
99-28 7.25 7.25 7.25 7.25 7.25 7.25
99-28+ 7.24 7.24 7.24 7.24 7.24 7.24
99-29 7.24 7.24 7.24 7.24 7.24 7.24
99-29+ 7.24 7.24 7.24 7.24 7.23 7.23
99-30 7.23 7.23 7.23 7.23 7.23 7.23
99-30+ 7.23 7.23 7.23 7.23 7.23 7.22
99-31 7.22 7.23 7.23 7.22 7.22 7.22
99-31+ 7.22 7.22 7.22 7.22 7.22 7.21
100-00 7.22 7.22 7.22 7.21 7.21 7.21
100-00+ 7.21 7.22 7.22 7.21 7.21 7.21
100-01 7.21 7.22 7.21 7.21 7.20 7.20
100-01+ 7.21 7.21 7.21 7.20 7.20 7.20
100-02 7.20 7.21 7.21 7.20 7.19 7.19
100-02+ 7.20 7.21 7.20 7.19 7.19 7.19
100-03 7.19 7.20 7.20 7.19 7.19 7.18
100-03+ 7.19 7.20 7.19 7.19 7.18 7.18
100-04 7.19 7.20 7.19 7.18 7.18 7.17
100-04+ 7.18 7.19 7.19 7.18 7.17 7.17
100-05 7.18 7.19 7.18 7.17 7.17 7.16
100-05+ 7.17 7.19 7.18 7.17 7.16 7.16
100-06 7.17 7.18 7.18 7.16 7.16 7.15
100-06+ 7.17 7.18 7.17 7.16 7.15 7.15
100-07 7.16 7.18 7.17 7.16 7.15 7.14
100-07+ 7.16 7.17 7.17 7.15 7.15 7.14
First Payment 3.936 4.769 4.353 3.603 3.353 3.103
Average Life 5.043 6.349 5.629 4.572 4.197 3.901
Last Payment 6.603 8.269 7.436 5.853 5.186 4.769
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C>
COUPON: TBD vmf99df FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $25,483,000.00 BOND IA4 BE-YIELD TABLE YIELD TABLE DATE: 11/30/99
PREPAYMENT SPEED
*** TO CALL ***
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 7.59 7.58 7.59 7.59 7.59 7.59
99-24+ 7.58 7.58 7.58 7.58 7.59 7.59
99-25 7.58 7.58 7.58 7.58 7.58 7.58
99-25+ 7.58 7.58 7.58 7.58 7.58 7.58
99-26 7.58 7.58 7.58 7.58 7.58 7.58
99-26+ 7.57 7.57 7.57 7.57 7.58 7.58
99-27 7.57 7.57 7.57 7.57 7.57 7.57
99-27+ 7.57 7.57 7.57 7.57 7.57 7.57
99-28 7.57 7.57 7.57 7.57 7.57 7.57
99-28+ 7.56 7.56 7.56 7.56 7.56 7.56
99-29 7.56 7.56 7.56 7.56 7.56 7.56
99-29+ 7.56 7.56 7.56 7.56 7.56 7.56
99-30 7.56 7.56 7.56 7.56 7.56 7.55
99-30+ 7.55 7.56 7.56 7.55 7.55 7.55
99-31 7.55 7.55 7.55 7.55 7.55 7.55
99-31+ 7.55 7.55 7.55 7.55 7.55 7.55
100-00 7.55 7.55 7.55 7.55 7.54 7.54
100-00+ 7.54 7.55 7.55 7.54 7.54 7.54
100-01 7.54 7.55 7.54 7.54 7.54 7.54
100-01+ 7.54 7.54 7.54 7.54 7.54 7.53
100-02 7.54 7.54 7.54 7.54 7.53 7.53
100-02+ 7.53 7.54 7.54 7.53 7.53 7.53
100-03 7.53 7.54 7.53 7.53 7.53 7.52
100-03+ 7.53 7.53 7.53 7.53 7.52 7.52
100-04 7.53 7.53 7.53 7.53 7.52 7.52
100-04+ 7.53 7.53 7.53 7.52 7.52 7.52
100-05 7.52 7.53 7.53 7.52 7.52 7.51
100-05+ 7.52 7.53 7.52 7.52 7.51 7.51
100-06 7.52 7.52 7.52 7.51 7.51 7.51
100-06+ 7.52 7.52 7.52 7.51 7.51 7.50
100-07 7.51 7.52 7.52 7.51 7.51 7.50
100-07+ 7.51 7.52 7.51 7.51 7.50 7.50
First Payment 6.603 8.269 7.436 5.853 5.186 4.769
Average Life 9.231 10.997 10.083 8.426 7.658 6.925
Last Payment 11.853 12.936 12.353 11.436 11.103 10.603
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C>
COUPON: TBD vmf99df FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $6,972,000.00 BOND IA5 BE-YIELD TABLE YIELD TABLE DATE: 11/30/99
PREPAYMENT SPEED
*** TO CALL ***
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 8.03 8.03 8.03 8.03 8.03 8.03
99-24+ 8.03 8.03 8.03 8.03 8.03 8.03
99-25 8.03 8.03 8.03 8.03 8.03 8.03
99-25+ 8.02 8.02 8.02 8.02 8.02 8.02
99-26 8.02 8.02 8.02 8.02 8.02 8.02
99-26+ 8.02 8.02 8.02 8.02 8.02 8.02
99-27 8.02 8.02 8.02 8.02 8.02 8.02
99-27+ 8.02 8.02 8.02 8.02 8.02 8.02
99-28 8.01 8.01 8.01 8.01 8.01 8.01
99-28+ 8.01 8.01 8.01 8.01 8.01 8.01
99-29 8.01 8.01 8.01 8.01 8.01 8.01
99-29+ 8.01 8.01 8.01 8.01 8.01 8.01
99-30 8.01 8.01 8.01 8.01 8.00 8.00
99-30+ 8.00 8.00 8.00 8.00 8.00 8.00
99-31 8.00 8.00 8.00 8.00 8.00 8.00
99-31+ 8.00 8.00 8.00 8.00 8.00 8.00
100-00 8.00 8.00 8.00 8.00 8.00 8.00
100-00+ 7.99 8.00 8.00 7.99 7.99 7.99
100-01 7.99 7.99 7.99 7.99 7.99 7.99
100-01+ 7.99 7.99 7.99 7.99 7.99 7.99
100-02 7.99 7.99 7.99 7.99 7.99 7.99
100-02+ 7.99 7.99 7.99 7.99 7.99 7.98
100-03 7.98 7.99 7.99 7.98 7.98 7.98
100-03+ 7.98 7.98 7.98 7.98 7.98 7.98
100-04 7.98 7.98 7.98 7.98 7.98 7.98
100-04+ 7.98 7.98 7.98 7.98 7.98 7.98
100-05 7.98 7.98 7.98 7.98 7.97 7.97
100-05+ 7.97 7.98 7.97 7.97 7.97 7.97
100-06 7.97 7.97 7.97 7.97 7.97 7.97
100-06+ 7.97 7.97 7.97 7.97 7.97 7.97
100-07 7.97 7.97 7.97 7.97 7.97 7.96
100-07+ 7.97 7.97 7.97 7.96 7.96 7.96
First Payment 11.853 12.936 12.353 11.436 11.103 10.603
Average Life 11.853 12.936 12.353 11.436 11.103 10.764
Last Payment 11.853 12.936 12.353 11.436 11.103 10.769
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C>
COUPON: TBD vmf99df FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $6,197,000.00 BOND IM1 BE-YIELD TABLE YIELD TABLE DATE: 11/30/99
PREPAYMENT SPEED
*** TO CALL ***
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
99-24 8.24 8.24 8.24 8.24 8.24 8.24
99-24+ 8.24 8.24 8.24 8.24 8.24 8.24
99-25 8.23 8.23 8.23 8.23 8.23 8.23
99-25+ 8.23 8.23 8.23 8.23 8.23 8.23
99-26 8.23 8.23 8.23 8.23 8.23 8.23
99-26+ 8.23 8.23 8.23 8.23 8.23 8.23
99-27 8.22 8.22 8.22 8.22 8.22 8.22
99-27+ 8.22 8.22 8.22 8.22 8.22 8.22
99-28 8.22 8.22 8.22 8.22 8.22 8.22
99-28+ 8.21 8.22 8.22 8.21 8.21 8.21
99-29 8.21 8.21 8.21 8.21 8.21 8.21
99-29+ 8.21 8.21 8.21 8.21 8.21 8.21
99-30 8.21 8.21 8.21 8.21 8.21 8.21
99-30+ 8.20 8.21 8.20 8.20 8.20 8.20
99-31 8.20 8.20 8.20 8.20 8.20 8.20
99-31+ 8.20 8.20 8.20 8.20 8.20 8.20
100-00 8.20 8.20 8.20 8.20 8.20 8.20
100-00+ 8.19 8.19 8.19 8.19 8.19 8.19
100-01 8.19 8.19 8.19 8.19 8.19 8.19
100-01+ 8.19 8.19 8.19 8.19 8.19 8.19
100-02 8.19 8.19 8.19 8.19 8.18 8.18
100-02+ 8.18 8.18 8.18 8.18 8.18 8.18
100-03 8.18 8.18 8.18 8.18 8.18 8.18
100-03+ 8.18 8.18 8.18 8.18 8.18 8.18
100-04 8.18 8.18 8.18 8.17 8.17 8.17
100-04+ 8.17 8.17 8.17 8.17 8.17 8.17
100-05 8.17 8.17 8.17 8.17 8.17 8.17
100-05+ 8.17 8.17 8.17 8.17 8.17 8.16
100-06 8.16 8.17 8.17 8.16 8.16 8.16
100-06+ 8.16 8.16 8.16 8.16 8.16 8.16
100-07 8.16 8.16 8.16 8.16 8.16 8.16
100-07+ 8.16 8.16 8.16 8.16 8.15 8.15
First Payment 5.019 5.019 5.019 5.019 5.019 5.019
Average Life 8.708 9.361 9.010 8.448 8.227 8.023
Last Payment 11.853 12.936 12.353 11.436 11.103 10.769
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C>
COUPON: TBD vmf99df FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $6,197,000.00 BOND IB1 BE-YIELD TABLE YIELD TABLE DATE: 11/30/99
PREPAYMENT SPEED
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
97-24 9.38 9.37 9.37 9.39 9.39 9.39
97-24+ 9.38 9.36 9.37 9.38 9.39 9.39
97-25 9.37 9.36 9.37 9.38 9.38 9.39
97-25+ 9.37 9.36 9.36 9.38 9.38 9.38
97-26 9.37 9.35 9.36 9.37 9.38 9.38
97-26+ 9.36 9.35 9.36 9.37 9.37 9.38
97-27 9.36 9.35 9.35 9.36 9.37 9.37
97-27+ 9.36 9.34 9.35 9.36 9.37 9.37
97-28 9.35 9.34 9.35 9.36 9.36 9.37
97-28+ 9.35 9.34 9.34 9.35 9.36 9.36
97-29 9.35 9.33 9.34 9.35 9.35 9.36
97-29+ 9.34 9.33 9.34 9.35 9.35 9.35
97-30 9.34 9.33 9.33 9.34 9.35 9.35
97-30+ 9.33 9.32 9.33 9.34 9.34 9.35
97-31 9.33 9.32 9.33 9.34 9.34 9.34
97-31+ 9.33 9.32 9.32 9.33 9.34 9.34
98-00 9.32 9.31 9.32 9.33 9.33 9.34
98-00+ 9.32 9.31 9.32 9.33 9.33 9.33
98-01 9.32 9.31 9.31 9.32 9.33 9.33
98-01+ 9.31 9.30 9.31 9.32 9.32 9.33
98-02 9.31 9.30 9.30 9.31 9.32 9.32
98-02+ 9.31 9.30 9.30 9.31 9.32 9.32
98-03 9.30 9.29 9.30 9.31 9.31 9.31
98-03+ 9.30 9.29 9.29 9.30 9.31 9.31
98-04 9.30 9.29 9.29 9.30 9.30 9.31
98-04+ 9.29 9.28 9.29 9.30 9.30 9.30
98-05 9.29 9.28 9.28 9.29 9.30 9.30
98-05+ 9.29 9.28 9.28 9.29 9.29 9.30
98-06 9.28 9.27 9.28 9.29 9.29 9.29
98-06+ 9.28 9.27 9.27 9.28 9.29 9.29
98-07 9.27 9.26 9.27 9.28 9.28 9.29
98-07+ 9.27 9.26 9.27 9.28 9.28 9.28
First Payment 5.019 5.019 5.019 5.019 5.019 5.019
Average Life 6.116 6.354 6.225 6.022 5.941 5.871
Last Payment 7.436 7.936 7.686 7.269 7.103 6.936
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C>
COUPON: TBD vmf99df FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $10,070,000.00 BOND IB2 BE-YIELD TABLE YIELD TABLE DATE: 11/30/99
PREPAYMENT SPEED
*** TO CALL ***
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 175.00%/ 200.00%/ 250.00%/ 275.00%/ 300.00%/
PRICE GP II 250.0%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/ 250.00%/
93-04 10.00 9.95 9.97 10.02 10.04 10.07
93-04+ 10.00 9.94 9.97 10.02 10.04 10.06
93-05 9.99 9.94 9.97 10.02 10.04 10.06
93-05+ 9.99 9.94 9.97 10.01 10.04 10.06
93-06 9.99 9.94 9.96 10.01 10.03 10.06
93-06+ 9.99 9.93 9.96 10.01 10.03 10.05
93-07 9.98 9.93 9.96 10.01 10.03 10.05
93-07+ 9.98 9.93 9.96 10.00 10.03 10.05
93-08 9.98 9.93 9.95 10.00 10.02 10.04
93-08+ 9.98 9.92 9.95 10.00 10.02 10.04
93-09 9.97 9.92 9.95 10.00 10.02 10.04
93-09+ 9.97 9.92 9.95 9.99 10.01 10.04
93-10 9.97 9.92 9.94 9.99 10.01 10.03
93-10+ 9.96 9.91 9.94 9.99 10.01 10.03
93-11 9.96 9.91 9.94 9.98 10.01 10.03
93-11+ 9.96 9.91 9.93 9.98 10.00 10.02
93-12 9.96 9.91 9.93 9.98 10.00 10.02
93-12+ 9.95 9.90 9.93 9.98 10.00 10.02
93-13 9.95 9.90 9.93 9.97 10.00 10.02
93-13+ 9.95 9.90 9.92 9.97 9.99 10.01
93-14 9.95 9.90 9.92 9.97 9.99 10.01
93-14+ 9.94 9.89 9.92 9.97 9.99 10.01
93-15 9.94 9.89 9.92 9.96 9.98 10.00
93-15+ 9.94 9.89 9.91 9.96 9.98 10.00
93-16 9.94 9.89 9.91 9.96 9.98 10.00
93-16+ 9.93 9.88 9.91 9.96 9.98 10.00
93-17 9.93 9.88 9.91 9.95 9.97 9.99
93-17+ 9.93 9.88 9.90 9.95 9.97 9.99
93-18 9.93 9.88 9.90 9.95 9.97 9.99
93-18+ 9.92 9.87 9.90 9.94 9.96 9.98
93-19 9.92 9.87 9.90 9.94 9.96 9.98
93-19+ 9.92 9.87 9.89 9.94 9.96 9.98
First Payment 7.436 7.936 7.686 7.269 7.103 6.936
Average Life 10.303 11.211 10.723 9.941 9.634 9.347
Last Payment 11.853 12.936 12.353 11.436 11.103 10.769
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C>
CURRENT COUPON: TBD vmf99da FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $100,522,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/30/99
ASSUMED CONSTANT LIBOR-1M 5.4275
*** TO CALL ***
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 45.05 43.89 44.44 45.73 46.52 47.44
99-24+ 44.55 43.46 43.97 45.19 45.92 46.78
99-25 44.04 43.03 43.50 44.64 45.33 46.13
99-25+ 43.54 42.60 43.04 44.09 44.73 45.48
99-26 43.04 42.16 42.57 43.55 44.13 44.82
99-26+ 42.53 41.73 42.11 43.00 43.54 44.17
99-27 42.03 41.30 41.64 42.45 42.94 43.52
99-27+ 41.53 40.87 41.18 41.91 42.35 42.86
99-28 41.02 40.44 40.71 41.36 41.75 42.21
99-28+ 40.52 40.01 40.25 40.82 41.16 41.56
99-29 40.02 39.58 39.78 40.27 40.56 40.91
99-29+ 39.51 39.15 39.32 39.72 39.97 40.26
99-30 39.01 38.72 38.86 39.18 39.38 39.60
99-30+ 38.51 38.29 38.39 38.63 38.78 38.95
99-31 38.00 37.86 37.93 38.09 38.19 38.30
99-31+ 37.50 37.43 37.46 37.54 37.59 37.65
100-00 37.00 37.00 37.00 37.00 37.00 37.00
100-00+ 36.50 36.57 36.54 36.46 36.41 36.35
100-01 36.00 36.14 36.07 35.91 35.81 35.70
100-01+ 35.49 35.71 35.61 35.37 35.22 35.05
100-02 34.99 35.28 35.15 34.82 34.63 34.40
100-02+ 34.49 34.85 34.68 34.28 34.04 33.75
100-03 33.99 34.42 34.22 33.74 33.44 33.10
100-03+ 33.49 34.00 33.76 33.19 32.85 32.45
100-04 32.99 33.57 33.30 32.65 32.26 31.80
100-04+ 32.49 33.14 32.83 32.11 31.67 31.15
100-05 31.99 32.71 32.37 31.56 31.07 30.50
100-05+ 31.49 32.28 31.91 31.02 30.48 29.85
100-06 30.99 31.85 31.45 30.48 29.89 29.21
100-06+ 30.49 31.43 30.98 29.93 29.30 28.56
100-07 29.99 31.00 30.52 29.39 28.71 27.91
100-07+ 29.49 30.57 30.06 28.85 28.12 27.26
First Payment 0.019 0.019 0.019 0.019 0.019 0.019
Average Life 3.708 4.449 4.070 3.374 3.052 2.736
Last Payment 11.853 12.769 12.353 11.519 11.186 10.936
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C>
CURRENT COUPON: TBD vmf99da FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $13,227,000.00 BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/30/99
ASSUMED CONSTANT LIBOR-1M 5.4275
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 63.08 62.94 63.08 63.05 63.02 62.99
99-24+ 62.76 62.63 62.76 62.74 62.71 62.68
99-25 62.45 62.32 62.44 62.42 62.39 62.36
99-25+ 62.13 62.01 62.12 62.11 62.08 62.05
99-26 61.81 61.70 61.81 61.79 61.77 61.74
99-26+ 61.49 61.39 61.49 61.47 61.45 61.43
99-27 61.17 61.08 61.17 61.16 61.14 61.12
99-27+ 60.86 60.78 60.85 60.84 60.82 60.80
99-28 60.54 60.47 60.54 60.53 60.51 60.49
99-28+ 60.22 60.16 60.22 60.21 60.20 60.18
99-29 59.90 59.85 59.90 59.89 59.88 59.87
99-29+ 59.59 59.54 59.59 59.58 59.57 59.56
99-30 59.27 59.23 59.27 59.26 59.25 59.25
99-30+ 58.95 58.92 58.95 58.95 58.94 58.93
99-31 58.63 58.62 58.63 58.63 58.63 58.62
99-31+ 58.32 58.31 58.32 58.32 58.31 58.31
100-00 58.00 58.00 58.00 58.00 58.00 58.00
100-00+ 57.68 57.69 57.68 57.68 57.69 57.69
100-01 57.37 57.38 57.37 57.37 57.37 57.38
100-01+ 57.05 57.08 57.05 57.05 57.06 57.07
100-02 56.73 56.77 56.73 56.74 56.75 56.76
100-02+ 56.41 56.46 56.42 56.42 56.43 56.44
100-03 56.10 56.15 56.10 56.11 56.12 56.13
100-03+ 55.78 55.84 55.78 55.79 55.81 55.82
100-04 55.46 55.54 55.47 55.48 55.49 55.51
100-04+ 55.15 55.23 55.15 55.16 55.18 55.20
100-05 54.83 54.92 54.83 54.85 54.87 54.89
100-05+ 54.51 54.61 54.52 54.53 54.55 54.58
100-06 54.20 54.31 54.20 54.22 54.24 54.27
100-06+ 53.88 54.00 53.88 53.90 53.93 53.96
100-07 53.56 53.69 53.57 53.59 53.62 53.65
100-07+ 53.25 53.38 53.25 53.27 53.30 53.34
First Payment 5.019 5.019 5.019 5.103 5.103 5.103
Average Life 5.777 5.993 5.784 5.815 5.859 5.910
Last Payment 6.603 7.603 6.936 6.603 6.686 6.769
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
CURRENT COUPON: TBD vmf99da FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $3,969,000.00 BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/30/99
ASSUMED CONSTANT LIBOR-1M 5.4275
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 124.44 123.89 124.17 124.48 124.43 124.38
99-24+ 124.16 123.65 123.91 124.19 124.15 124.10
99-25 123.88 123.40 123.65 123.91 123.88 123.83
99-25+ 123.61 123.16 123.39 123.63 123.60 123.56
99-26 123.33 122.92 123.13 123.36 123.32 123.28
99-26+ 123.05 122.67 122.87 123.08 123.05 123.01
99-27 122.77 122.43 122.60 122.80 122.77 122.74
99-27+ 122.50 122.19 122.34 122.52 122.49 122.46
99-28 122.22 121.94 122.08 122.24 122.21 122.19
99-28+ 121.94 121.70 121.82 121.96 121.94 121.91
99-29 121.66 121.46 121.56 121.68 121.66 121.64
99-29+ 121.39 121.21 121.30 121.40 121.38 121.37
99-30 121.11 120.97 121.04 121.12 121.11 121.09
99-30+ 120.83 120.73 120.78 120.84 120.83 120.82
99-31 120.55 120.49 120.52 120.56 120.55 120.55
99-31+ 120.28 120.24 120.26 120.28 120.28 120.27
100-00 120.00 120.00 120.00 120.00 120.00 120.00
100-00+ 119.72 119.76 119.74 119.72 119.72 119.73
100-01 119.45 119.51 119.48 119.44 119.45 119.45
100-01+ 119.17 119.27 119.22 119.16 119.17 119.18
100-02 118.89 119.03 118.96 118.88 118.89 118.91
100-02+ 118.62 118.79 118.70 118.60 118.62 118.63
100-03 118.34 118.54 118.44 118.33 118.34 118.36
100-03+ 118.06 118.30 118.18 118.05 118.06 118.09
100-04 117.79 118.06 117.92 117.77 117.79 117.82
100-04+ 117.51 117.82 117.66 117.49 117.51 117.54
100-05 117.23 117.57 117.40 117.21 117.24 117.27
100-05+ 116.96 117.33 117.14 116.93 116.96 117.00
100-06 116.68 117.09 116.88 116.65 116.68 116.72
100-06+ 116.40 116.85 116.62 116.37 116.41 116.45
100-07 116.13 116.61 116.36 116.10 116.13 116.18
100-07+ 115.85 116.36 116.10 115.82 115.86 115.91
First Payment 6.603 7.603 6.936 6.603 6.686 6.769
Average Life 6.984 8.298 7.572 6.909 6.995 7.105
Last Payment 7.603 9.019 8.269 7.186 7.269 7.436
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C>
CURRENT COUPON: TBD vmf99da FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $5,291,000.00 BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/30/99
ASSUMED CONSTANT LIBOR-1M 5.4275
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 304.07 303.65 303.86 304.29 304.36 304.29
99-24+ 303.82 303.42 303.62 304.02 304.09 304.02
99-25 303.56 303.19 303.37 303.75 303.81 303.75
99-25+ 303.31 302.96 303.13 303.49 303.54 303.49
99-26 303.05 302.74 302.89 303.22 303.27 303.22
99-26+ 302.80 302.51 302.65 302.95 303.00 302.95
99-27 302.54 302.28 302.41 302.68 302.72 302.68
99-27+ 302.29 302.05 302.17 302.41 302.45 302.41
99-28 302.04 301.82 301.93 302.14 302.18 302.14
99-28+ 301.78 301.60 301.69 301.88 301.91 301.88
99-29 301.53 301.37 301.44 301.61 301.63 301.61
99-29+ 301.27 301.14 301.20 301.34 301.36 301.34
99-30 301.02 300.91 300.96 301.07 301.09 301.07
99-30+ 300.76 300.68 300.72 300.80 300.82 300.80
99-31 300.51 300.46 300.48 300.54 300.54 300.54
99-31+ 300.25 300.23 300.24 300.27 300.27 300.27
100-00 300.00 300.00 300.00 300.00 300.00 300.00
100-00+ 299.75 299.77 299.76 299.73 299.73 299.73
100-01 299.49 299.54 299.52 299.46 299.46 299.46
100-01+ 299.24 299.32 299.28 299.20 299.18 299.20
100-02 298.98 299.09 299.04 298.93 298.91 298.93
100-02+ 298.73 298.86 298.80 298.66 298.64 298.66
100-03 298.48 298.63 298.56 298.39 298.37 298.39
100-03+ 298.22 298.41 298.32 298.13 298.10 298.13
100-04 297.97 298.18 298.08 297.86 297.83 297.86
100-04+ 297.71 297.95 297.84 297.59 297.55 297.59
100-05 297.46 297.72 297.60 297.33 297.28 297.32
100-05+ 297.21 297.50 297.36 297.06 297.01 297.06
100-06 296.95 297.27 297.12 296.79 296.74 296.79
100-06+ 296.70 297.04 296.88 296.52 296.47 296.52
100-07 296.45 296.82 296.64 296.26 296.20 296.26
100-07+ 296.19 296.59 296.40 295.99 295.93 295.99
First Payment 7.603 9.019 8.269 7.186 7.269 7.436
Average Life 8.581 10.149 9.317 7.958 7.770 7.945
Last Payment 9.686 11.436 10.519 9.019 8.353 8.519
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
<S> <C> <C>
CURRENT COUPON: TBD vmf99da FIRST PAYMENT: 12/07/99
ORIGINAL BALANCE: $9,259,000.00 BOND IIB4 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/30/99
ASSUMED CONSTANT LIBOR-1M 5.4275
*** TO CALL ***
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
PRICING SPEED
GP I 225.0%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/ 225.00%/
PRICE GP II 250.0%/ 200.00%/ 225.00%/ 275.00%/ 300.00%/ 325.00%/
99-24 343.46 343.28 343.36 343.56 343.67 343.75
99-24+ 343.25 343.07 343.15 343.34 343.44 343.51
99-25 343.03 342.87 342.94 343.12 343.21 343.28
99-25+ 342.81 342.66 342.73 342.89 342.98 343.05
99-26 342.60 342.46 342.52 342.67 342.75 342.81
99-26+ 342.38 342.25 342.31 342.45 342.52 342.58
99-27 342.16 342.05 342.10 342.22 342.29 342.34
99-27+ 341.95 341.84 341.89 342.00 342.06 342.11
99-28 341.73 341.64 341.68 341.78 341.83 341.87
99-28+ 341.51 341.43 341.47 341.56 341.60 341.64
99-29 341.30 341.23 341.26 341.33 341.37 341.40
99-29+ 341.08 341.02 341.05 341.11 341.15 341.17
99-30 340.86 340.82 340.84 340.89 340.92 340.94
99-30+ 340.65 340.61 340.63 340.67 340.69 340.70
99-31 340.43 340.41 340.42 340.44 340.46 340.47
99-31+ 340.22 340.20 340.21 340.22 340.23 340.23
100-00 340.00 340.00 340.00 340.00 340.00 340.00
100-00+ 339.78 339.80 339.79 339.78 339.77 339.77
100-01 339.57 339.59 339.58 339.56 339.54 339.53
100-01+ 339.35 339.39 339.37 339.33 339.31 339.30
100-02 339.14 339.18 339.16 339.11 339.08 339.06
100-02+ 338.92 338.98 338.95 338.89 338.86 338.83
100-03 338.70 338.77 338.74 338.67 338.63 338.60
100-03+ 338.49 338.57 338.53 338.45 338.40 338.36
100-04 338.27 338.37 338.32 338.22 338.17 338.13
100-04+ 338.06 338.16 338.11 338.00 337.94 337.90
100-05 337.84 337.96 337.91 337.78 337.71 337.66
100-05+ 337.63 337.75 337.70 337.56 337.48 337.43
100-06 337.41 337.55 337.49 337.34 337.26 337.20
100-06+ 337.19 337.35 337.28 337.11 337.03 336.96
100-07 336.98 337.14 337.07 336.89 336.80 336.73
100-07+ 336.76 336.94 336.86 336.67 336.57 336.50
First Payment 9.686 11.436 10.519 9.019 8.353 8.519
Average Life 11.415 12.594 12.035 10.895 10.377 10.017
Last Payment 11.853 12.769 12.353 11.519 11.186 10.936
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
________________________________________________________________________________
- Vanderbilt
- Cut Off Date of Tape is 10/26/99
- Fixed
- $154,919,226.84
- Mortgage Summary Report
________________________________________________________________________________
Number of Mortgage Loans: 4,366
Aggregate Unpaid Principal Balance: $154,919,226.84
Aggregate Original Principal Balance: $155,677,661.69
Weighted Average Gross Coupon: 10.452%
Gross Coupon Range: 7.750% - 18.000%
________________________________________________________________________________
Average Unpaid Principal Balance: $35,483.10
Average Original Principal Balance: $35,656.82
Maximum Unpaid Principal Balance: $149,026.29
Minimum Unpaid Principal Balance: $5,025.00
Maximum Original Principal Balance: $149,922.24
Minimum Original Principal Balance: $5,025.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 238.392
Stated Rem Term Range: 35.000 - 360.000
Weighted Average Age : 2.414
Age Range: 0.000 - 121.000
Weighted Average Original Term: 240.806
Original Term Range: 36.000 - 361.000
Weighted Average Original LTV: 85.339
Original LTV Range: 8.885% - 100.000%
________________________________________________________________________________
Greatest Zip Code Concentration
ZIP 48044 20 loans $727,473.94 .47
New 58.74 $90,998,691
Repossessed 2.27 $3,515,487
Used 38.99 $60,405,048
Multi-section 51.84 $80,315,216
Single-section 43.54 $67,459,062
Site Built 4.61 $7,144,948
Not Parked 46.11 $71,434,982
Not available (21C) 14.85 $23,006,964
Parked 34.43 $53,332,332
Site Built 4.61 $7,144,948
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Geographical Distribution of Manufactured Homes as of
Origination - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Alabama 69 2,096,504 1.35
Arkansas 50 1,770,055 1.14
Arizona 136 5,460,718 3.52
California 15 891,690 0.58
Colorado 110 4,059,301 2.62
Connecticut 1 21,570 0.01
Delaware 22 819,034 0.53
Florida 172 7,524,031 4.86
Georgia 98 3,512,776 2.27
Iowa 66 2,126,232 1.37
Idaho 16 673,530 0.43
Illinois 35 1,296,104 0.84
Indiana 72 2,081,362 1.34
Kansas 21 670,909 0.43
Kentucky 139 4,119,050 2.66
Louisiana 127 4,210,726 2.72
Massachusetts 4 227,177 0.15
Maryland 33 1,013,237 0.65
Michigan 302 10,759,455 6.95
Minnesota 95 3,225,697 2.08
Missouri 144 4,741,097 3.06
Mississippi 52 1,843,235 1.19
Montana 10 276,665 0.18
North Carolina 400 13,965,195 9.01
North Dakota 8 229,385 0.15
Nebraska 3 103,562 0.07
New Jersey 5 305,902 0.20
New Mexico 63 2,361,109 1.52
Nevada 3 122,830 0.08
New York 52 2,082,676 1.34
Ohio 125 3,699,199 2.39
Oklahoma 45 1,538,275 0.99
Oregon 28 1,082,959 0.70
Pennsylvania 32 1,064,092 0.69
South Carolina 247 8,587,199 5.54
South Dakota 2 64,573 0.04
Tennessee 479 15,972,868 10.31
Texas 788 29,379,577 18.96
Utah 3 230,218 0.15
Virginia 232 8,542,097 5.51
Washington 4 286,670 0.19
Wisconsin 52 1,747,385 1.13
West Virginia 5 112,350 0.07
Wyoming 1 20,950 0.01
__________________________________________________________________________
Total............... 4366 $ 154,919,227 100.00%
==========================================================================
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Years of Origination of Contracts - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1989 1 17,610 0.01
1991 2 55,023 0.04
1992 2 62,486 0.04
1993 6 120,603 0.08
1994 3 81,369 0.05
1995 6 192,194 0.12
1996 15 464,560 0.30
1997 4 152,328 0.10
1998 305 16,332,772 10.54
1999 4022 137,440,283 88.72
__________________________________________________________________________
Total................. 4366 $154,919,227 100.00%
==========================================================================
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Distribution of Original Amounts - Group I Contracts
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
$ 5,000.01 < Balance <= $ 10,000.00 99 798,000 0.52
$ 10,000.01 < Balance <= $ 15,000.00 297 3,770,498 2.43
$ 15,000.01 < Balance <= $ 20,000.00 424 7,434,346 4.80
$ 20,000.01 < Balance <= $ 25,000.00 560 12,612,703 8.14
$ 25,000.01 < Balance <= $ 30,000.00 591 16,201,974 10.46
$ 30,000.01 < Balance <= $ 35,000.00 532 17,247,719 11.13
$ 35,000.01 < Balance <= $ 40,000.00 402 14,978,427 9.67
$ 40,000.01 < Balance <= $ 45,000.00 375 15,871,168 10.24
$ 45,000.01 < Balance <= $ 50,000.00 291 13,717,346 8.85
$ 50,000.01 < Balance <= $ 55,000.00 217 11,336,159 7.32
$ 55,000.01 < Balance <= $ 60,000.00 152 8,686,377 5.61
$ 60,000.01 < Balance <= $ 65,000.00 117 7,247,127 4.68
$ 65,000.01 < Balance <= $ 70,000.00 83 5,573,525 3.60
$ 70,000.01 < Balance <= $ 75,000.00 57 4,107,177 2.65
$ 75,000.01 < Balance <= $ 80,000.00 38 2,921,331 1.89
$ 80,000.01 < Balance <= $ 85,000.00 38 3,137,085 2.02
$ 85,000.01 < Balance <= $ 90,000.00 23 1,995,694 1.29
$ 90,000.01 < Balance <= $ 95,000.00 24 2,145,742 1.39
$ 95,000.01 < Balance <= $100,000.00 14 1,354,295 0.87
$100,000.01 < Balance <= $105,000.00 8 822,090 0.53
$105,000.01 < Balance <= $110,000.00 4 430,398 0.28
$110,000.01 < Balance <= $115,000.00 3 339,669 0.22
$115,000.01 < Balance <= $120,000.00 5 589,442 0.38
$120,000.01 < Balance <= $125,000.00 1 120,815 0.08
$125,000.01 < Balance <= $130,000.00 3 379,102 0.24
$130,000.01 < Balance <= $135,000.00 4 520,629 0.34
$140,000.01 < Balance <= $145,000.00 2 283,281 0.18
$145,000.01 < Balance <= $150,000.00 2 297,107 0.19
_______________________________________________________________________________
Total.................... 4366 $154,919,227 100.00%
===============================================================================
</TABLE>
Distribution of Original Loan-to-Value Ratios - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
Less than 61.000% 285 6,575,727 4.24
From 61.000% to 65.999% 155 4,868,351 3.14
From 66.000% to 70.999% 203 6,860,107 4.43
From 71.000% to 75.999% 284 9,540,979 6.16
From 76.000% to 80.999% 396 14,516,328 9.37
From 81.000% to 85.999% 609 20,619,069 13.31
From 86.000% to 90.999% 1191 40,968,840 26.45
From 91.000% to 100.000% 1243 50,969,826 32.90
__________________________________________________________________________
Total.................... 4366 $154,919,227 100.00%
==========================================================================
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Cut-off Date Contract Rate - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.000% < Gross Coupon <= 8.000 31 1,859,169 1.20
8.000% < Gross Coupon <= 9.000 318 15,290,275 9.87
9.000% < Gross Coupon <= 10.000 1374 57,121,107 36.87
10.000% < Gross Coupon <= 11.000 1149 38,808,150 25.05
11.000% < Gross Coupon <= 12.000 772 22,756,569 14.69
12.000% < Gross Coupon <= 13.000 405 11,463,441 7.40
13.000% < Gross Coupon <= 14.000 258 6,364,544 4.11
14.000% < Gross Coupon <= 15.000 46 1,023,688 0.66
15.000% < Gross Coupon <= 16.000 11 215,471 0.14
16.000% < Gross Coupon <= 17.000 1 11,745 0.01
17.000% < Gross Coupon <= 18.000 1 5,069 0.00
____________________________________________________________________________
Total.......... 4366 $154,919,227 100.00%
============================================================================
Remaining Months to Maturity - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
12 < Rem Term <= 72 201 2,523,103 1.63%
72 < Rem Term <= 84 165 2,579,952 1.67%
84 < Rem Term <= 120 506 10,669,023 6.89%
120 < Rem Term <= 156 459 12,117,275 7.82%
156 < Rem Term <= 180 687 20,184,303 13.03%
180 < Rem Term <= 240 1,220 45,849,855 29.60%
240 < Rem Term <= 300 486 24,587,184 15.87%
300 < Rem Term <= 360 642 36,408,532 23.50%
___________________________________________________________________
Total............ 4,366 154,919,227 100.00%
===================================================================
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Distribution of Model Years - Group I Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Model Year Loans Balance Balance
1954 1 29,950 0.02
1967 1 19,050 0.01
1968 1 9,604 0.01
1969 2 73,540 0.05
1970 7 86,803 0.06
1971 14 168,896 0.11
1972 15 260,302 0.17
1973 7 127,226 0.08
1974 14 212,817 0.14
1975 8 321,519 0.21
1976 11 223,646 0.14
1977 17 323,647 0.21
1978 25 467,945 0.30
1979 26 462,480 0.30
1980 22 509,913 0.33
1981 20 396,837 0.26
1982 26 506,874 0.33
1983 41 800,622 0.52
1984 58 957,168 0.62
1985 61 1,157,732 0.75
1986 79 1,695,332 1.09
1987 71 1,458,643 0.94
1988 70 1,612,792 1.04
1989 82 1,831,035 1.18
1990 87 1,981,180 1.28
1991 110 2,967,352 1.92
1992 112 2,929,112 1.89
1993 181 5,221,159 3.37
1994 221 6,552,312 4.23
1995 324 10,677,356 6.89
1996 454 15,906,532 10.27
1997 462 18,801,704 12.14
1998 485 22,062,953 14.24
1999 689 29,613,278 19.12
2000 562 24,491,916 15.81
__________________________________________________________________________
Total................. 4366 $154,919,227 100.00%
==========================================================================
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
________________________________________________________________________________
- Vanderbilt
- Cut Off Date of Tape is 10/26/99
- Adjustable - rate
- $132,268,899.79
________________________________________________________________________________
Number of Mortgage Loans: 3,269
Index: 1 Yr. CMT, 5 Yr. CMT
Aggregate Unpaid Principal Balance: $132,268,899.79
Aggregate Original Principal Balance: $132,747,531.92
________________________________________________________________________________
Weighted Average Coupon (Gross): 10.180%
Gross Coupon Range: 7.990% - 15.500%
Weighted Average Margin (Gross): 4.487%
Gross Margin Range: 2.150% - 9.820%
Weighted Average Life Cap (Gross): 15.970% * Excludes 2 capless loans
Gross Life Cap Range: 12.990% - 21.500%
Weighted Average Life Floor (Gross): 4.487%
Gross Life Floor Range: 2.150% - 9.820%
________________________________________________________________________________
Average Unpaid Principal Balance: $40,461.58
Average Original Principal Balance: $40,607.99
Maximum Unpaid Principal Balance: $131,730.87
Minimum Unpaid Principal Balance: $5,489.00
Maximum Original Principal Balance: $131,900.00
Minimum Original Principal Balance: $5,489.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 237.743
Stated Rem Term Range: 48.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.760
Age Range: 0.000 - 39.000
Weighted Average Original Term: 238.504
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 85.766
Original LTV Range: 8.462% - 100.000%
Weighted Average Periodic Interest Cap: 1.585% * Excludes 2 capless loans
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 10.197
Months to Interest Roll Range: 1 - 13
Weighted Average Interest Roll Frequency: 12.000
Interest Frequency Range: 12 - 12
________________________________________________________________________________
Greatest Zip Code Concentration
ZIP 76208 25 loans $878,887.32 .66
New 80.68 $106,708,618
Repossessed .05 $72,648
Used 19.27 $25,487,634
Multi-section 58.06 $76,798,803
Single-section 41.94 $55,470,097
Not Parked 70.66 $93,459,728
Parked 29.34 $38,809,172
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Geographical Distribution of Manufactured Homes as of
Origination - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Alabama 32 1,348,929 1.02
Arkansas 25 942,128 0.71
Arizona 17 679,662 0.51
Colorado 33 1,434,504 1.08
Delaware 5 205,834 0.16
Florida 145 5,392,771 4.08
Georgia 53 1,908,660 1.44
Iowa 2 58,149 0.04
Illinois 3 101,647 0.08
Indiana 14 471,027 0.36
Kansas 1 57,444 0.04
Kentucky 285 10,538,803 7.97
Louisiana 118 4,479,316 3.39
Maryland 4 173,974 0.13
Michigan 1 41,587 0.03
Missouri 28 1,098,959 0.83
Mississippi 36 1,516,550 1.15
North Carolina 577 26,196,343 19.81
Nebraska 2 65,089 0.05
New Jersey 1 13,723 0.01
New Mexico 21 764,814 0.58
New York 4 147,493 0.11
Ohio 25 939,242 0.71
Oklahoma 22 807,518 0.61
Pennsylvania 6 286,881 0.22
South Carolina 313 14,170,550 10.71
Tennessee 637 24,837,643 18.78
Texas 599 22,008,378 16.64
Virginia 248 11,039,522 8.35
West Virginia 12 541,760 0.41
_____________________________________________________________________________
Total............... 3269 $ 132,268,900 100.00%
=============================================================================
Years of Origination of Contracts - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1996 3 119,938 0.09
1997 8 270,626 0.20
1998 23 875,226 0.66
1999 3235 131,003,110 99.04
__________________________________________________________________________
Total................. 3269 $132,268,900 100.00%
==========================================================================
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Distribution of Original Amounts - Group II Contracts
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
$ 5,000.01 < Balance <= $ 10,000.00 34 268,965 0.20
$ 10,000.01 < Balance <= $ 15,000.00 86 1,104,394 0.83
$ 15,000.01 < Balance <= $ 20,000.00 174 3,045,229 2.30
$ 20,000.01 < Balance <= $ 25,000.00 224 5,060,249 3.83
$ 25,000.01 < Balance <= $ 30,000.00 442 12,137,914 9.18
$ 30,000.01 < Balance <= $ 35,000.00 512 16,638,329 12.58
$ 35,000.01 < Balance <= $ 40,000.00 388 14,410,718 10.90
$ 40,000.01 < Balance <= $ 45,000.00 280 11,811,254 8.93
$ 45,000.01 < Balance <= $ 50,000.00 242 11,470,596 8.67
$ 50,000.01 < Balance <= $ 55,000.00 217 11,347,352 8.58
$ 55,000.01 < Balance <= $ 60,000.00 213 12,199,202 9.22
$ 60,000.01 < Balance <= $ 65,000.00 145 9,027,536 6.83
$ 65,000.01 < Balance <= $ 70,000.00 108 7,269,018 5.50
$ 70,000.01 < Balance <= $ 75,000.00 72 5,187,525 3.92
$ 75,000.01 < Balance <= $ 80,000.00 51 3,920,946 2.96
$ 80,000.01 < Balance <= $ 85,000.00 29 2,329,701 1.76
$ 85,000.01 < Balance <= $ 90,000.00 15 1,302,833 0.98
$ 90,000.01 < Balance <= $ 95,000.00 14 1,286,902 0.97
$ 95,000.01 < Balance <= $100,000.00 6 583,095 0.44
$100,000.01 < Balance <= $105,000.00 5 510,795 0.39
$105,000.01 < Balance <= $110,000.00 4 427,980 0.32
$110,000.01 < Balance <= $115,000.00 5 560,130 0.42
$115,000.01 < Balance <= $120,000.00 1 117,137 0.09
$120,000.01 < Balance <= $125,000.00 1 119,368 0.09
$130,000.01 < Balance <= $135,000.00 1 131,731 0.10
_________________________________________________________________________________________
Total.................... 3269 $132,268,900 100.00%
=========================================================================================
</TABLE>
Distribution of Original Loan-to-Value Ratios - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
Less than 61.000% 107 3,313,763 2.51
From 61.000% to 65.999% 90 3,401,416 2.57
From 66.000% to 70.999% 120 5,008,928 3.79
From 71.000% to 75.999% 213 9,070,391 6.86
From 76.000% to 80.999% 257 11,655,075 8.81
From 81.000% to 85.999% 424 17,478,380 13.21
From 86.000% to 90.999% 1103 45,749,817 34.59
From 91.000% to 100.000% 955 36,591,129 27.66
__________________________________________________________________________
Total.................... 3269 $132,268,900 100.00%
==========================================================================
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Cut-off Date Contract Rate - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.000% < Gross Coupon <= 8.000 284 14,592,489 11.03
8.000% < Gross Coupon <= 9.000 378 19,686,951 14.88
9.000% < Gross Coupon <= 10.000 647 27,690,644 20.94
10.000% < Gross Coupon <= 11.000 903 34,186,248 25.85
11.000% < Gross Coupon <= 12.000 703 25,272,307 19.11
12.000% < Gross Coupon <= 13.000 272 8,739,175 6.61
13.000% < Gross Coupon <= 14.000 76 1,980,782 1.50
14.000% < Gross Coupon <= 15.000 5 92,037 0.07
15.000% < Gross Coupon <= 16.000 1 28,267 0.02
____________________________________________________________________________
Total.......... 3269 $132,268,900 100.00%
============================================================================
Remaining Months to Maturity - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
12 < Rem Term <= 72 45 524,352 0.40%
72 < Rem Term <= 84 50 762,209 0.58%
84 < Rem Term <= 120 147 3,153,041 2.38%
120 < Rem Term <= 156 334 8,780,107 6.64%
156 < Rem Term <= 180 468 14,813,078 11.20%
180 < Rem Term <= 240 1,379 55,518,451 41.97%
240 < Rem Term <= 300 587 32,668,636 24.70%
300 < Rem Term <= 360 259 16,049,025 12.13%
___________________________________________________________________
Total............ 3,269 132,268,900 100.00%
=====================================================================
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Distribution of Lifetime Cap - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life CAP Loans Balance Balance
Life CAP = 0.000 2 90,936 0.07
12.501 Life CAP <= 13.000 64 2,944,985 2.23
13.001 Life CAP <= 13.500 67 3,038,511 2.30
13.501 Life CAP <= 14.000 230 12,039,421 9.10
14.001 Life CAP <= 14.500 233 12,157,986 9.19
14.501 Life CAP <= 15.000 171 7,966,512 6.02
15.001 Life CAP <= 15.500 293 11,978,993 9.06
15.501 Life CAP <= 16.000 462 19,041,860 14.40
16.001 Life CAP <= 16.500 566 22,193,761 16.78
16.501 Life CAP <= 17.000 314 11,725,172 8.86
17.001 Life CAP <= 17.500 295 10,399,171 7.86
17.501 Life CAP <= 18.000 306 10,525,261 7.96
18.001 Life CAP <= 18.500 161 5,426,004 4.10
18.501 Life CAP <= 19.000 40 1,166,762 0.88
19.001 Life CAP <= 19.500 35 948,165 0.72
19.501 Life CAP <= 20.000 25 530,520 0.40
20.001 Life CAP <= 20.500 3 60,925 0.05
20.501 Life CAP <= 21.000 1 5,688 0.00
21.001 Life CAP <= 21.500 1 28,267 0.02
__________________________________________________________________________
Total................. 3269 $132,268,900 100.00%
==========================================================================
Distribution of Gross Margin - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Gross Margin Loans Balance Balance
2.001 Gross Margin <= 2.500 249 13,172,956 9.96
2.501 Gross Margin <= 3.000 328 16,581,202 12.54
3.001 Gross Margin <= 3.500 103 4,841,758 3.66
3.501 Gross Margin <= 4.000 194 8,564,099 6.47
4.001 Gross Margin <= 4.500 475 20,314,303 15.36
4.501 Gross Margin <= 5.000 581 22,468,383 16.99
5.001 Gross Margin <= 5.500 343 12,513,931 9.46
5.501 Gross Margin <= 6.000 307 11,252,657 8.51
6.001 Gross Margin <= 6.500 360 12,670,762 9.58
6.501 Gross Margin <= 7.000 198 6,298,864 4.76
7.001 Gross Margin <= 7.500 56 1,671,721 1.26
7.501 Gross Margin <= 8.000 40 1,080,990 0.82
8.001 Gross Margin <= 8.500 28 701,061 0.53
8.501 Gross Margin <= 9.000 4 76,832 0.06
9.001 Gross Margin <= 9.500 1 25,424 0.02
9.501 Gross Margin <= 10.000 2 33,955 0.03
__________________________________________________________________________
Total................. 3269 $132,268,900 100.00%
==========================================================================
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Distribution of Lifetime Floor - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
2.001 Life Floor <= 2.500 249 13,172,956 9.96
2.501 Life Floor <= 3.000 328 16,581,202 12.54
3.001 Life Floor <= 3.500 103 4,841,758 3.66
3.501 Life Floor <= 4.000 194 8,564,099 6.47
4.001 Life Floor <= 4.500 475 20,314,303 15.36
4.501 Life Floor <= 5.000 581 22,468,383 16.99
5.001 Life Floor <= 5.500 343 12,513,931 9.46
5.501 Life Floor <= 6.000 307 11,252,657 8.51
6.001 Life Floor <= 6.500 360 12,670,762 9.58
6.501 Life Floor <= 7.000 198 6,298,864 4.76
7.001 Life Floor <= 7.500 56 1,671,721 1.26
7.501 Life Floor <= 8.000 40 1,080,990 0.82
8.001 Life Floor <= 8.500 28 701,061 0.53
8.501 Life Floor <= 9.000 4 76,832 0.06
9.001 Life Floor <= 9.500 1 25,424 0.02
9.501 Life Floor <= 10.000 2 33,955 0.03
__________________________________________________________________________
Total................. 3269 $132,268,900 100.00%
==========================================================================
NEXT INTEREST ROLLDATE DATE
Percentage
of Cut-Off
Aggregate Date
Next Number of Unpaid Aggregate Weighted Weighted
Roll Mortgage Principal Principal Average Average
Date Loans Balance Balance Coupon Maturity
01/01/00 1 $33,855 00.03 9.750 193.00
02/01/00 3 $142,526 00.11 9.872 285.46
03/01/00 1 $27,744 00.02 12.125 161.00
05/01/00 3 $128,764 00.10 9.989 210.97
06/01/00 6 $280,020 00.21 9.593 261.10
07/01/00 51 $2,130,273 01.61 10.037 233.77
08/01/00 815 $32,172,971 24.32 10.118 231.53
09/01/00 1116 $44,650,537 33.76 10.057 238.41
10/01/00 997 $40,911,915 30.93 10.279 239.62
11/01/00 206 $8,692,646 06.57 10.463 243.98
12/01/00 66 $2,910,505 02.20 10.697 250.77
12/01/99 4 $187,142 00.14 9.911 256.28
__________________________________________________________________________
Total........ 3269 $132,268,900 100.00% 10.180 237.74
==========================================================================
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Distribution of Periodic Cap - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
No Periodic Cap 2 90,936 0.07
1.000 1355 54,808,376 41.44
2.000 1912 77,369,589 58.49
__________________________________________________________________________
Total................. 3269 $132,268,900 100.00%
==========================================================================
<TABLE>
<CAPTION>
LOAN FEATURE
___________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
WA WA Max. Orig Total
# % Rem WA Orig Loan Current
Loan Feature Loan Pool WAC Term Age LTV Amount Balance
1 Yr. CMT 2 .07 9.133 346.49 13.51 86.43 $46,879 $90,936
5 Yr. CMT 3,267 99.93 10.181 237.67 0.75 85.77 $131,900 $132,177,964
___________________________________________________________________________________________________________________
Total..... 3,269 100.00% 10.180 237.74 0.76 85.77 $131,900 $132,268,900
===================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
<PAGE>
Distribution of Model Years - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Model Year Loans Balance Balance
1964 1 19,437 0.01
1967 1 8,250 0.01
1968 1 12,076 0.01
1972 1 5,688 0.00
1973 3 21,349 0.02
1974 1 10,055 0.01
1975 3 39,678 0.03
1976 1 15,908 0.01
1977 2 24,380 0.02
1978 11 179,460 0.14
1979 7 70,794 0.05
1980 7 117,380 0.09
1981 7 123,863 0.09
1982 9 103,983 0.08
1983 20 338,903 0.26
1984 21 366,615 0.28
1985 20 405,904 0.31
1986 21 409,200 0.31
1987 10 208,883 0.16
1988 16 308,998 0.23
1989 14 284,280 0.21
1990 22 454,628 0.34
1991 22 457,501 0.35
1992 27 693,886 0.52
1993 42 1,117,047 0.84
1994 59 1,716,431 1.30
1995 114 3,500,684 2.65
1996 185 5,830,317 4.41
1997 151 5,336,602 4.03
1998 254 10,091,258 7.63
1999 940 40,524,927 30.64
2000 1276 59,470,535 44.96
__________________________________________________________________________
Total................. 3269 $132,268,900 100.00%
==========================================================================
<TABLE>
<CAPTION>
<S> <C>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR SOLICITATION OF
AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION CONTAINED
HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT PURPORT TO BE
COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY DECISION TO PURCHASE
THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE
DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION CONTAINED
IN THE FINAL PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO
BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
</TABLE>
