- -------------------------------------------------------------------------------
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): May 18, 2000
VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and
servicer under the Pooling and Servicing Agreement, dated as
of March 25, 2000, providing for the issuance of the Vanderbilt
Mortgage and Finance, Inc., Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 2000B).
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 2000B, Credit Suisse First Boston
Corporation and Prudential Securities Incorporated, 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 Credit Suisse First Boston Corporation
and Prudential Securities Incorporated are attached hereto as Exhibits 99.1,
respectively.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits:
99.1 Computational Materials - Credit Suisse First Boston
Corporation and 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/ Amber Krupacs
----------------------------------
Name: Amber Krupacs
Title: Vice President
Dated: May 18, 2000
<PAGE>
Exhibit Index
Exhibit
99.1 Computational Materials - Credit Suisse First Boston Corporation and
Prudential Securities Incorporated
<PAGE>
SUBJECT TO REVISION
- -------------------
SERIES TERM SHEET DATED MAY 16, 2000
- ------------------------------------
$345,519,981
Vanderbilt Mortgage and Finance, Inc.
Seller and Servicer
Manufactured Housing Contract
Senior/Subordinated Pass-Through Certificates, Series 2000-B
Attached is a preliminary Series Term Sheet describing the structure,
collateral pool and certain aspects of the Vanderbilt Mortgage and Finance,
Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 2000-B. The Series Term Sheet has been prepared by
Vanderbilt Mortgage and Finance, Inc. for informational purposes only and is
subject to modification or change. The information and assumptions contained
therein are preliminary and will be superseded by a prospectus, prospectus
supplement and by any other additional information subsequently filed with the
Securities and Exchange Commission or incorporated by reference in the
Registration Statement.
Neither Credit Suisse First Boston Corporation, Prudential Securities
Incorporated nor any of their respective affiliates makes any representation
as to the accuracy or completeness of any of the information set forth in the
attached Series Term Sheet. This cover sheet is not part of the Series Term
Sheet.
A Registration Statement (including a base prospectus) relating to the
Pass-Through Certificates has been filed with the Securities and Exchange
Commission and declared effective. The final Prospectus and Prospectus
Supplement relating to the securities will be filed after the securities have
been priced and all of the terms and information are finalized. This
communication is not an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. Interested persons
are referred to the final Prospectus and Prospectus Supplement to which the
securities relate. Any investment decision should be based only upon the
information in the final Prospectus and Prospectus Supplement as of their
publication dates.
Credit Suisse First Boston Prudential Securities
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
PRELIMINARY INFORMATION ONLY
Group I Offered Certificates
Class IA-1 Class IA-2 Class IA-3 Class IA-4 Class IA-5 Class IM-1 Class IB-1 Class IB-2
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Amount: $81,000,000 $50,000,000 $50,000,000 $47,722,000 $14,295,000 $11,437,000 $11,437,000 $20,015,411
Type: Adjustable Fixed Fixed Fixed Fixed Fixed Fixed Fixed
Coupon: [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
Approx. Price [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
Yield (%): [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
Spread (bps): TBD TBD TBD TBD TBD TBD TBD TBD
Avg Life
(To Call): 1.09 3.08 5.23 9.71 12.60 9.06 6.17 10.71
Avg Life
(To Mat): 1.09 3.08 5.23 9.77 15.80 9.61 6.17 13.33
1st Prin Pymt
(To Call): 6/00 9/02 6/04 5/07 1/13 6/05 6/05 12/07
Last Prin Pymt
(To Call): 9/02 6/04 5/07 1/13 1/13 1/13 12/07 1/13
Last Prin Pymt
(To Mat): 9/02 6/04 5/07 2/14 11/18 11/18 12/07 10/28
Stated Mat: 8/08 7/12 5/17 3/25 12/27 12/27 12/15 10/28
Expected
Settlement: 5/31/00 5/31/00 5/31/00 5/31/00 5/31/00 5/31/00 5/31/00 5/31/00
Payment Delay: 0 days 6 days 6 days 6 days 6 days 6 days 6 days 6 days
Interest Payment
Basis: ACT/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360
Dated Date: 5/31/00 5/1/00 5/1/00 5/1/00 5/1/00 5/1/00 5/1/00 5/1/00
Ratings
(Moody's/S&P): Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- A2/A Baa2/BBB Baa2/BBB
Pricing Date: TBD TBD TBD TBD TBD TBD TBD TBD
Prepayment Speed:
200% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 2
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Group II Offered Certificates
Class IIA-1 Class IIB-1 Class IIB-2 Class IIB-3
<S> <C> <C> <C> <C>
Amount: $48,286,000 $4,471,000 $3,577,000 $3,279,570
Type: Adjustable Adjustable Adjustable Adjustable
Coupon: [TBD]% [TBD]% [TBD]% [TBD]%
Approx. Price [TBD]% [TBD]% [TBD]% [TBD]%
Yield (%): [TBD]% [TBD]% [TBD]% [TBD]%
Spread (bps): TBD TBD TBD TBD
Avg Life (To Call):
4.02 6.23 9.38 12.47
Avg Life
(To Mat): 4.19 6.23 9.38 14.87
1st Prin Pymt
(To Call): 6/00 6/05 2/08 11/11
Last Prin Pymt
(To Call): 1/13 2/08 11/11 1/13
Last Prin Pymt
(To Mat): 10/18 2/08 11/11 8/20
Stated Mat: 1/22 4/20 4/21 6/22
Expected Settlement:
5/31/00 5/31/00 5/31/00 5/31/00
Payment Delay: 0 days 0 days 0 days 0 days
Interest Payment
Basis: ACT/360 ACT/360 ACT/360 ACT/360
Dated Date: 5/31/00 5/31/00 5/31/00 5/31/00
Ratings
(Moody's/S&P): Aaa/AAA Aa3/AA- Baa2/BBB Baa2/BBB
Pricing Date: TBD TBD TBD TBD
Prepayment Speed: 250% MHP 250% MHP 250% MHP 250% MHP
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 3
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C>
Title of Securities: Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate
Pass-Through Certificates, Series 2000-B
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 and Class IIB-3
Adjustable-Rate Group Certificates
Seller: Vanderbilt Mortgage and Finance, Inc.
Servicer: Vanderbilt Mortgage and Finance, Inc.
Underwriters: Credit Suisse First Boston Corporation (lead)
Prudential Securities Incorporated (co)
Trustee: The Chase Manhattan Bank
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-3 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 GROUP CERTIFICATES
N/A
ADJUSTABLE RATE GROUP CERTIFICATES
Initial Deposit: [ 0.0%] Target: [3.5%]
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.
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 4
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Subordination:
<S> <C> <C> <C> <C>
Class IA-1 - IA-4
Class IIA-1 Aaa/AAA 20.00% 22.50%
Class IA-5
Class IIB-1 Aa3/AA- 15.00% 15.00%
Class IM-1 A2/A 11.00% N/A
Class IB-1
Class IIB-2 Baa2/BBB 7.00% 9.00%
Class IB-2 Baa2/BBB
Class IIB-3 (Corp. GTY) 3.50%
Class Sizes:
Class IA-1 - IA-4
Class IIA-1 Aaa/AAA 80.00% 81.00%
Class IA-5
Class IIB-1 Aa3/AA- 5.00% 7.50%
Class IM-1 A2/A 4.00% N/A
Class IB-1
Class IIB-2 Baa2/BBB 4.00% 6.00%
Class IB-2 Baa2/BBB
Class IIB-3 (Corp. GTY) 7.00% 5.50%
O/C 0.00% 0.00%-3.50%
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 5
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
GROUP I CERTIFICATES
<S> <C>
Total Group Size: $285,906,411 (approximate)
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.
Cashflow Priority: 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 through 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) Remainder 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 |
| 5 YEARS --------------------------------------------------------------------------
| | I B-1 | I B-2 |
-----------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 6
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Cashflow Priority: CLASS I M-1 AND CLASS I B DISTRIBUTION TEST IS NOT MET:
<S> <C>
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 |
| | | | | | | | |
-----------------------------------------------------------------------------------------------
THE CLASS I M-1 AND CLASS I B DISTRIBUTION TEST IS MET IF:
1) Remittance Date is on or after June 2005
2) Class I M-1 Percentage plus Class I B Percentage is at least 26.25% (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 2005, [8]% for year 2006, and [9]% for year 2007 and
beyond of the Original Principal Balance of the Group IContracts
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 [$5,718,128] (which represents approximately 2% of the
Total Original Group I Pool Principal Balance).
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 7
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
GROUP II CERTIFICATES:
<S> <C>
Group II
Total Group Size: $59,613,570 (approximate)
Group II Remittance
Rate: The Group II Remittance Rates 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]
Net Funds Cap: The a) collateral WAC plus the O/C reduction amount less 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 Formula Rate (i.e. one-month LIBOR plus [TBD%], 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 Formula Rate will be carried
forward to the next Payment Date until paid.
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 8
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Cashflow Priority: PRICING BASE CASE CLASS II B DISTRIBUTION TEST IS MET:
<S> <C>
1) Current interest and any previously unreimbursed interest to Class II A-1 Certificates;
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) The remainder of the 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) The remainder of the principal payments to Class II B-3 until such class is reduced to zero;
9) Excess cashflow to the Class II A-1 to build O/C;
10) Excess cashflow to fund any Available Funds shortfall with respect to the Group I Certificates;
11) Excess cashflow up to the Net Funds Cap Carryover Amount to the applicable Certificateholders;
12) 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;
13) Any remainder to the Class R Certificates.
-------------------------------------------------------
| |
| II A-1 |
| |
-------------------------------------------------------
| | | | |
| 5 YEARS | II B-1 | II B-2 | II B-3 |
| | | | |
-------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 9
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
CLASS II B DISTRIBUTION TEST IS NOT MET:
<S> <C>
1) Current interest and any previously unreimbursed interest to Classes II A-1 Certificates;
2) 100% of principal payments sequentially to Class II A-1 until such class is reduced to zero;
3) Current interest and any previously unreimbursed interest to Class II B-1 Certificates;
4) 100% of principal payments to Class II B-1 until such Class is reduced to zero;
5) Current interest and any previously unreimbursed interest to Class II B-2 Certificates;
6) 100% of principal payments to Class II B-2 until such Class is reduced to zero;
7) 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) Excess cashflow to the Class II A-1 to build O/C;
10) Excess cashflow to fund any Available Funds shortfall with respect to the Group I Certificates;
11) Excess cashflow up the New Funds Cap Carryover Amount to the applicable Certificateholders;
12) 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;
13) Any remainder to the Class R Certificates.
---------------------------------------------------------------------------------
| | | | |
| II A-1 | II B-1 | II B-2 | II B-3 |
| | | | |
---------------------------------------------------------------------------------
Class II B Distribution
Test: The Class II B Distribution Test is met if
1) Remittance Date is on or after June 2005
2) Class II B Percentage + O/C is at least [50.0%]
3) Cumulative Realized Losses do not exceed [7]% for year 2005 , [8]% for year 2006, and [9]%
for year 2007 and beyond of the Original Principal Balance of the Group II 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-3 Principal Balance + O/C must not be less than [$1,192,271] (which
represents approximately 2% of the Total Original Group II Pool Principal Balance).
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 June 2000.
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 preceding month until the 6th day of the current month. For
the first payment date, interest will accrue from the closing date to the first Payment
Date for the class I A-1 certificates and the Group II Certificates. For the Class I A-1
certificates, and the Group II Certificates, interest is calculated using an actual/360 day
count. For the remainder of the certificate classes, interest is calculated using a 30/360
day count.
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 10
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C>
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, and II B-3 are not ERISA eligible. However, investors should consult with their counsel with
respect to the consequences under ERISA and the Code of the Plan's acquisition and ownership of
such Certificates.
SMMEA Considerations: The Class II A-1 and II B-1 Certificates will constitute "mortgage related
securities" under the Secondary Mortgage Market Enhancement Act of 1984 "SMMEA".
Prospectus: The Certificates are being offered pursuant to a Prospectus which includes a Prospectus
Supplement (together, the "Prospectus"). Complete information with respect to the
Certificates and the Collateral is contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the Prospectus. To the extent that the
foregoing is inconsistent with the Prospectus, the Prospectus shall govern in all
respects. Sales of the Certificates may not be consummated unless the purchaser has
received the Prospectus.
Further Information: Call the ABS trading desk at (212)325-2747, John Herbert at (212)325-2412, Susan Menkhaus
at (212)325-3475 or Mimi Huang at (212)325-1251 with questions.
Group I Group II
<S> <C> <C>
Type of Collateral: FIXED ARM
Amount: $285,906,411.28 $59,613,570.25
Average Unpaid Prin. Balance: $33,462.83 $45,786.15
Maximum Original Balance: $250,000.00 $133,656.00
WAC: 11.353% 10.008%
Coupon Range: 7.990% - 18.000% 7.990% - 16.490%
WAM: 231 261
Weighted Average Original Term: 244 262
WA LTV: 85.738% 85.144%
New: 64.60% 97.72%
Used: 35.40% 2.28%
Single: 51.14% 34.46%
Multi: 39.32% 65.54%
Site Built: 9.54% 0.00%
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 11
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- -------------------------------------------------------------------------------
Projected Available Funds Cap of GROUP II:
(GROSS COUPON - [75]bp CARVE-OUT, using 30/360 Day Count)
* Assuming VMF is the servicer
Bond Bond
Period Date Coupon Paid
<S> <C> <C>
1 6/7/2000 9.258
2 7/7/2000 9.258
3 8/7/2000 10.008
4 9/7/2000 10.008
5 10/7/2000 10.008
6 11/7/2000 10.008
7 12/7/2000 10.008
8 1/7/2001 10.008
9 2/7/2001 10.008
10 3/7/2001 10.008
11 4/7/2001 10.334
12 5/7/2001 10.792
13 6/7/2001 11.545
14 7/7/2001 11.545
15 8/7/2001 11.545
16 9/7/2001 11.545
17 10/7/2001 11.545
18 11/7/2001 11.545
19 12/7/2001 11.545
20 1/7/2002 11.545
21 2/7/2002 11.545
22 3/7/2002 11.545
23 4/7/2002 11.779
24 5/7/2002 12.178
25 6/7/2002 12.934
26 7/7/2002 12.934
27 8/7/2002 12.934
28 9/7/2002 12.934
29 10/7/2002 12.934
30 11/7/2002 12.934
31 12/7/2002 12.934
32 1/7/2003 12.934
33 2/7/2003 12.934
34 3/7/2003 12.934
35 4/7/2003 12.934
36 5/7/2003 12.934
37 6/7/2003 13.118
38 7/7/2003 13.118
39 8/7/2003 13.118
40 9/7/2003 13.118
41 10/7/2003 13.118
42 11/7/2003 13.118
43 12/7/2003 13.118
44 1/7/2004 13.118
45 2/7/2004 13.118
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 12
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- -------------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-B
FIRST PAYMENT: 06/07/00
ORIGINAL BALANCE: $81,000,000.00 BOND IA1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 05/31/00
ASSUMED CONSTANT LIBOR-1M 6.5700
PRICING SPEED
<S> <C> <C> <C> <C> <C
GP I 150 175 200 250 275
GP II 250 250 250 250 250
99-24 31.1 33.5 35.8 40.6 43.1
99-24+ 29.9 32.1 34.3 38.8 41.1
99-25 28.7 30.8 32.8 37.1 39.2
99-25+ 27.5 29.4 31.4 35.3 37.3
99-26 26.3 28.1 29.9 33.5 35.3
99-26+ 25.1 26.7 28.4 31.7 33.4
99-27 23.9 25.4 26.9 29.9 31.4
99-27+ 22.7 24.1 25.4 28.1 29.5
99-28 21.6 22.7 23.9 26.3 27.5
99-28+ 20.4 21.4 22.4 24.5 25.6
99-29 19.2 20.0 20.9 22.7 23.6
99-29+ 18.0 18.7 19.4 20.9 21.7
99-30 16.8 17.4 17.9 19.1 19.8
99-30+ 15.6 16.0 16.5 17.4 17.8
99-31 14.4 14.7 15.0 15.6 15.9
99-31+ 13.2 13.3 13.5 13.8 13.9
100-00 12.0 12.0 12.0 12.0 12.0
100-00+ 10.8 10.7 10.5 10.2 10.1
100-01 9.6 9.3 9.0 8.4 8.1
100-01+ 8.4 8.0 7.5 6.6 6.2
Avg Life 1.38 1.22 1.09 0.90 0.83
First Pay Jun-00 Jun-00 Jun-00 Jun-00 Jun-00
Last Pay Apr-03 Dec-02 Sep-02 Apr-02 Feb-02
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 13
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- -------------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-B
FIRST PAYMENT: 06/07/00
ORIGINAL BALANCE: $50,000,000.00 BOND IA2 YIELD TABLE
YIELD TABLE DATE: 05/31/00
ASSUMED CONSTANT LIBOR-1M 6.5700
PRICING SPEED
<S> <C> <C> <C> <C> <C>
GP I 150 175 200 250 275
GP II 250 250 250 250 250
99-24 8.133 8.136 8.140 8.146 8.150
99-24+ 8.128 8.131 8.134 8.139 8.142
99-25 8.123 8.125 8.128 8.132 8.134
99-25+ 8.118 8.120 8.122 8.125 8.127
99-26 8.114 8.115 8.116 8.118 8.119
99-26+ 8.109 8.109 8.110 8.111 8.112
99-27 8.104 8.104 8.104 8.104 8.104
99-27+ 8.099 8.098 8.098 8.097 8.096
99-28 8.094 8.093 8.092 8.090 8.089
99-28+ 8.089 8.088 8.086 8.083 8.081
99-29 8.084 8.082 8.080 8.076 8.074
99-29+ 8.079 8.077 8.074 8.069 8.066
99-30 8.074 8.071 8.068 8.062 8.058
99-30+ 8.070 8.066 8.062 8.055 8.051
99-31 8.065 8.061 8.056 8.048 8.043
99-31+ 8.060 8.055 8.050 8.041 8.036
100-00 8.055 8.050 8.044 8.034 8.028
100-00+ 8.050 8.044 8.039 8.027 8.021
100-01 8.045 8.039 8.033 8.020 8.013
100-01+ 8.040 8.034 8.027 8.013 8.005
100-02 8.035 8.028 8.021 8.006 7.998
100-02+ 8.030 8.023 8.015 7.999 7.990
100-03 8.026 8.017 8.009 7.992 7.983
100-03+ 8.021 8.012 8.003 7.985 7.975
Avg Life 3.85 3.43 3.08 2.55 2.34
First Pay Apr-03 Dec-02 Sep-02 Apr-02 Feb-02
Last Pay May-05 Nov-04 Jun-04 Sep-03 Jun-03
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 14
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- -------------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-B
FIRST PAYMENT: 06/07/00
ORIGINAL BALANCE: $50,000,000.00 BOND IA3 YIELD TABLE
YIELD TABLE DATE: 05/31/00
ASSUMED CONSTANT LIBOR-1M 6.5700
PRICING SPEED
<S> <C> <C> <C> <C> <C>
GP I 150 175 200 250 275
GP II 250 250 250 250 250
99-24 8.318 8.320 8.322 8.326 8.328
99-24+ 8.315 8.317 8.318 8.322 8.324
99-25 8.312 8.313 8.315 8.317 8.319
99-25+ 8.309 8.310 8.311 8.313 8.314
99-26 8.306 8.306 8.307 8.308 8.309
99-26+ 8.303 8.303 8.303 8.304 8.304
99-27 8.299 8.299 8.299 8.299 8.299
99-27+ 8.296 8.296 8.295 8.295 8.294
99-28 8.293 8.292 8.292 8.290 8.289
99-28+ 8.290 8.289 8.288 8.286 8.284
99-29 8.287 8.285 8.284 8.281 8.280
99-29+ 8.284 8.282 8.280 8.276 8.275
99-30 8.281 8.279 8.276 8.272 8.270
99-30+ 8.278 8.275 8.273 8.267 8.265
99-31 8.274 8.272 8.269 8.263 8.260
99-31+ 8.271 8.268 8.265 8.258 8.255
100-00 8.268 8.265 8.261 8.254 8.250
100-00+ 8.265 8.261 8.257 8.249 8.245
100-01 8.262 8.258 8.253 8.245 8.241
100-01+ 8.259 8.254 8.250 8.240 8.236
100-02 8.256 8.251 8.246 8.236 8.231
100-02+ 8.252 8.247 8.242 8.231 8.226
100-03 8.249 8.244 8.238 8.226 8.221
100-03+ 8.246 8.240 8.234 8.222 8.216
Avg Life 6.77 5.92 5.23 4.22 3.88
First Pay May-05 Nov-04 Jun-04 Sep-03 Jun-03
Last Pay Apr-09 Apr-08 May-07 Nov-05 Apr-05
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 15
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- -------------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-B
FIRST PAYMENT: 06/07/00
ORIGINAL BALANCE: $47,722,000.00 BOND IA4 YIELD TABLE
YIELD TABLE DATE: 05/31/00
ASSUMED CONSTANT LIBOR-1M 6.5700%
PRICING SPEED
<S> <C> <C> <C> <C> <C>
GP I 150 175 200 250 275
GP II 250 250 250 250 250
99-24 8.343 8.344 8.345 8.347 8.349
99-24+ 8.341 8.342 8.343 8.344 8.346
99-25 8.339 8.340 8.340 8.342 8.343
99-25+ 8.337 8.337 8.338 8.339 8.339
99-26 8.335 8.335 8.335 8.336 8.336
99-26+ 8.333 8.333 8.333 8.333 8.333
99-27 8.331 8.331 8.330 8.330 8.330
99-27+ 8.328 8.328 8.328 8.328 8.327
99-28 8.326 8.326 8.326 8.325 8.324
99-28+ 8.324 8.324 8.323 8.322 8.321
99-29 8.322 8.321 8.321 8.319 8.318
99-29+ 8.320 8.319 8.318 8.316 8.315
99-30 8.318 8.317 8.316 8.314 8.312
99-30+ 8.315 8.314 8.313 8.311 8.309
99-31 8.313 8.312 8.311 8.308 8.306
99-31+ 8.311 8.310 8.309 8.305 8.303
100-00 8.309 8.308 8.306 8.302 8.300
100-00+ 8.307 8.305 8.304 8.300 8.297
100-01 8.305 8.303 8.301 8.297 8.294
100-01+ 8.303 8.301 8.299 8.294 8.291
100-02 8.300 8.298 8.296 8.291 8.288
100-02+ 8.298 8.296 8.294 8.288 8.285
100-03 8.296 8.294 8.291 8.286 8.282
100-03+ 8.294 8.292 8.289 8.283 8.279
Avg Life 11.79 10.69 9.71 7.93 7.12
First Pay Apr-09 Apr-08 May-07 Nov-05 Apr-05
Last Pay Oct-14 Oct-13 Jan-13 Sep-11 Feb-11
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 16
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- -------------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-B
FIRST PAYMENT: 06/07/00
ORIGINAL BALANCE: $14,295,000.00 BOND IA5 YIELD TABLE
YIELD TABLE DATE: 05/31/00
ASSUMED CONSTANT LIBOR-1M 6.5700
PRICING SPEED
<S> <C> <C> <C> <C> <C>
GP I 150 175 200 250 275
GP II 250 250 250 250 250
99-24 8.590 8.591 8.591 8.592 8.592
99-24+ 8.588 8.589 8.589 8.589 8.590
99-25 8.586 8.586 8.587 8.587 8.587
99-25+ 8.584 8.584 8.585 8.585 8.585
99-26 8.582 8.582 8.583 8.583 8.583
99-26+ 8.580 8.580 8.580 8.581 8.581
99-27 8.578 8.578 8.578 8.578 8.578
99-27+ 8.576 8.576 8.576 8.576 8.576
99-28 8.575 8.574 8.574 8.574 8.574
99-28+ 8.573 8.572 8.572 8.572 8.571
99-29 8.571 8.570 8.570 8.569 8.569
99-29+ 8.569 8.568 8.568 8.567 8.567
99-30 8.567 8.566 8.566 8.565 8.564
99-30+ 8.565 8.564 8.564 8.563 8.562
99-31 8.563 8.562 8.562 8.560 8.560
99-31+ 8.561 8.560 8.560 8.558 8.558
100-00 8.559 8.558 8.558 8.556 8.555
100-00+ 8.557 8.556 8.555 8.554 8.553
100-01 8.555 8.554 8.553 8.552 8.551
100-01+ 8.553 8.552 8.551 8.549 8.548
100-02 8.551 8.550 8.549 8.547 8.546
100-02+ 8.549 8.548 8.547 8.545 8.544
100-03 8.547 8.546 8.545 8.543 8.541
100-03+ 8.545 8.544 8.543 8.540 8.539
Avg Life 14.35 13.35 12.60 11.27 10.69
First Pay Oct-14 Oct-13 Jan-13 Jun-11 Feb-11
Last Pay Oct-14 Oct-13 Jan-13 Jun-11 Feb-11
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 17
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- -------------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-B
FIRST PAYMENT: 06/07/00
ORIGINAL BALANCE: $11,437,000.00 BOND IM1 YIELD TABLE
YIELD TABLE DATE: 05/31/00
ASSUMED CONSTANT LIBOR-1M 6.5700
PRICING SPEED
<S> <C> <C> <C> <C> <C>
GP I 150 175 200 250 275
GP II 250 250 250 250 250
99-24 9.100 9.100 9.100 9.101 9.101
99-24+ 9.097 9.098 9.098 9.098 9.098
99-25 9.095 9.095 9.095 9.095 9.095
99-25+ 9.092 9.092 9.092 9.093 9.093
99-26 9.090 9.090 9.090 9.090 9.090
99-26+ 9.087 9.087 9.087 9.087 9.087
99-27 9.085 9.084 9.084 9.084 9.084
99-27+ 9.082 9.082 9.082 9.082 9.081
99-28 9.079 9.079 9.079 9.079 9.079
99-28+ 9.077 9.077 9.076 9.076 9.076
99-29 9.074 9.074 9.074 9.073 9.073
99-29+ 9.072 9.071 9.071 9.070 9.070
99-30 9.069 9.069 9.068 9.068 9.067
99-30+ 9.067 9.066 9.066 9.065 9.065
99-31 9.064 9.064 9.063 9.062 9.062
99-31+ 9.062 9.061 9.060 9.059 9.059
100-00 9.059 9.058 9.058 9.057 9.056
100-00+ 9.057 9.056 9.055 9.054 9.053
100-01 9.054 9.053 9.052 9.051 9.051
100-01+ 9.052 9.051 9.050 9.048 9.048
100-02 9.049 9.048 9.047 9.046 9.045
100-02+ 9.046 9.045 9.044 9.043 9.042
100-03 9.044 9.043 9.042 9.040 9.039
100-03+ 9.041 9.040 9.039 9.037 9.037
Avg Life 9.90 9.44 9.06 8.40 8.12
First Pay Jun-05 Jun-05 Jun-05 Jun-05 Jun-05
Last Pay Oct-14 Oct-13 Jan-13 Sep-11 Feb-11
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 18
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- ----------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-B
FIRST PAYMENT: 06/07/00
ORIGINAL BALANCE: $11,437,000.00 BOND IB1 YIELD TABLE
YIELD TABLE DATE: 05/31/00
ASSUMED CONSTANT LIBOR-1M 6.5700
PRICING SPEED
GP I 150 175 200 250 275
GP II 250 250 250 250 250
<S> <C> <C> <C> <C> <C>
99-00 9.608 9.611 9.613 9.618 9.619
99-00+ 9.605 9.607 9.610 9.614 9.616
99-01 9.601 9.604 9.606 9.610 9.612
99-01+ 9.598 9.600 9.603 9.607 9.608
99-02 9.594 9.597 9.599 9.603 9.605
99-02+ 9.591 9.593 9.596 9.600 9.601
99-03 9.587 9.590 9.592 9.596 9.598
99-03+ 9.584 9.587 9.589 9.592 9.594
99-04 9.581 9.583 9.585 9.589 9.590
99-04+ 9.577 9.580 9.582 9.585 9.587
99-05 9.574 9.576 9.578 9.582 9.583
99-05+ 9.570 9.573 9.575 9.578 9.579
99-06 9.567 9.569 9.571 9.574 9.576
99-06+ 9.564 9.566 9.568 9.571 9.572
99-07 9.560 9.562 9.564 9.567 9.569
99-07+ 9.557 9.559 9.561 9.564 9.565
99-08 9.553 9.555 9.557 9.560 9.561
99-08+ 9.550 9.552 9.554 9.557 9.558
99-09 9.547 9.549 9.550 9.553 9.554
99-09+ 9.543 9.545 9.547 9.549 9.551
99-10 9.540 9.542 9.543 9.546 9.547
99-10+ 9.536 9.538 9.540 9.542 9.543
99-11 9.533 9.535 9.536 9.539 9.540
99-11+ 9.530 9.531 9.533 9.535 9.536
Avg Life 6.43 6.29 6.17 5.98 5.90
First Pay Jun-05 Jun-05 Jun-05 Jun-05 Jun-05
Last Pay Jun-08 Mar-08 Dec-07 Jul-07 May-07
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 19
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- ----------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-B
FIRST PAYMENT: 06/07/00
ORIGINAL BALANCE: $20,015,411.00 BOND IB2 YIELD TABLE
YIELD TABLE DATE: 05/31/00
ASSUMED CONSTANT LIBOR-1M 6.5700
PRICING SPEED
GP I 150 175 200 250 275
GP II 250 250 250 250 250
<S> <C> <C> <C> <C> <C>
95-08 10.120 10.141 10.160 10.198 10.218
95-08+ 10.118 10.138 10.157 10.196 10.215
95-09 10.115 10.136 10.155 10.193 10.212
95-09+ 10.113 10.133 10.152 10.190 10.209
95-10 10.111 10.131 10.150 10.188 10.206
95-10+ 10.108 10.128 10.147 10.185 10.204
95-11 10.106 10.126 10.145 10.182 10.201
95-11+ 10.103 10.123 10.142 10.179 10.198
95-12 10.101 10.121 10.139 10.177 10.195
95-12+ 10.098 10.118 10.137 10.174 10.193
95-13 10.096 10.116 10.134 10.171 10.190
95-13+ 10.093 10.113 10.132 10.169 10.187
95-14 10.091 10.111 10.129 10.166 10.184
95-14+ 10.089 10.108 10.127 10.163 10.181
95-15 10.086 10.106 10.124 10.161 10.179
95-15+ 10.084 10.103 10.121 10.158 10.176
95-16 10.081 10.101 10.119 10.155 10.173
95-16+ 10.079 10.098 10.116 10.152 10.170
95-17 10.076 10.096 10.114 10.150 10.168
95-17+ 10.074 10.093 10.111 10.147 10.165
95-18 10.072 10.091 10.109 10.144 10.162
95-18+ 10.069 10.088 10.106 10.142 10.159
95-19 10.067 10.086 10.103 10.139 10.156
95-19+ 10.064 10.083 10.101 10.136 10.154
First Payment 11.88 11.24 10.71 9.79 9.40
Average Life Jun-08 Mar-08 Dec-07 Jul-07 May-07
Last Payment Oct-14 Oct-13 Jan-13 Sep-11 Feb-11
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 20
<PAGE>
</TABLE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- ----------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-B
FIRST PAYMENT: 06/07/00
ORIGINAL BALANCE: $48,286,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 05/31/00
ASSUMED CONSTANT LIBOR-1M 6.5700, 5 YEAR CMT 6.7600
PRICING SPEED
GP I 200 200 200 200 200
GP II 175 200 250 275 300
<S> <C> <C> <C> <C> <C>
99-24 36.3 36.8 37.8 38.3 38.8
99-24+ 35.9 36.4 37.3 37.7 38.3
99-25 35.5 36.0 36.8 37.2 37.7
99-25+ 35.1 35.5 36.3 36.7 37.2
99-26 34.7 35.1 35.8 36.2 36.6
99-26+ 34.4 34.7 35.3 35.7 36.1
99-27 34.0 34.2 34.8 35.2 35.5
99-27+ 33.6 33.8 34.4 34.6 35.0
99-28 33.2 33.4 33.9 34.1 34.4
99-28+ 32.8 33.0 33.4 33.6 33.9
99-29 32.4 32.5 32.9 33.1 33.3
99-29+ 32.0 32.1 32.4 32.6 32.8
99-30 31.6 31.7 31.9 32.1 32.2
99-30+ 31.2 31.3 31.4 31.5 31.6
99-31 30.8 30.8 31.0 31.0 31.1
99-31+ 30.4 30.4 30.5 30.5 30.5
100-00 30.0 30.0 30.0 30.0 30.0
100-00+ 29.6 29.6 29.5 29.5 29.4
100-01 29.2 29.1 29.0 29.0 28.9
100-01+ 28.8 28.7 28.5 28.5 28.3
100-02 28.4 28.3 28.1 27.9 27.8
100-02+ 28.0 27.9 27.6 27.4 27.2
100-03 27.6 27.5 27.1 26.9 26.7
100-03+ 27.2 27.0 26.6 26.4 26.2
Average Life 5.11 4.70 4.02 3.73 3.45
First Payment Jun-00 Jun-00 Jun-00 Jun-00 Jun-00
Last Payment Aug-13 Jun-13 Jan-13 Dec-12 Oct-12
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 21
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- ----------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-B
FIRST PAYMENT: 06/07/00
ORIGINAL BALANCE: $4,471,000.00 BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 05/31/00
ASSUMED CONSTANT LIBOR-1M 6.5700, 5 YEAR CMT 6.7600
PRICING SPEED
GP I 200 200 200 200 200
GP II 175 200 250 275 300
<S> <C> <C> <C> <C> <C>
99-24 58.9 59.3 59.9 60.2 60.3
99-24+ 58.7 59.0 59.6 59.9 60.0
99-25 58.4 58.7 59.3 59.6 59.7
99-25+ 58.2 58.5 59.0 59.2 59.3
99-26 57.9 58.2 58.7 58.9 59.0
99-26+ 57.7 57.9 58.4 58.6 58.7
99-27 57.4 57.7 58.1 58.3 58.3
99-27+ 57.2 57.4 57.8 57.9 58.0
99-28 57.0 57.1 57.5 57.6 57.7
99-28+ 56.7 56.9 57.2 57.3 57.3
99-29 56.5 56.6 56.9 57.0 57.0
99-29+ 56.2 56.3 56.5 56.6 56.7
99-30 56.0 56.1 56.2 56.3 56.3
99-30+ 55.7 55.8 55.9 56.0 56.0
99-31 55.5 55.5 55.6 55.6 55.7
99-31+ 55.2 55.3 55.3 55.3 55.3
100-00 55.0 55.0 55.0 55.0 55.0
100-00+ 54.8 54.7 54.7 54.7 54.7
100-01 54.5 54.5 54.4 54.4 54.3
100-01+ 54.3 54.2 54.1 54.0 54.0
100-02 54.0 53.9 53.8 53.7 53.7
100-02+ 53.8 53.7 53.5 53.4 53.3
100-03 53.5 53.4 53.2 53.1 53.0
100-03+ 53.3 53.1 52.8 52.7 52.7
Average Life 8.47 7.58 6.23 5.83 5.67
First Payment Apr-07 Jul-06 Jun-05 Jul-05 Jul-05
Last Payment Oct-10 Oct-09 Feb-08 Jul-07 Dec-06
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 22
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- ----------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-B
FIRST PAYMENT: 06/07/00
ORIGINAL BALANCE: $3,577,000.00 BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 05/31/00
ASSUMED CONSTANT LIBOR-1M 6.5700, 5 YEAR CMT 6.7600
PRICING SPEED
GP I 200 200 200 200 200
GP II 175 200 250 275 300
<S> <C> <C> <C> <C> <C>
99-24 213.3 213.5 213.9 214.1 214.3
99-24+ 213.1 213.3 213.6 213.8 214.1
99-25 212.9 213.0 213.4 213.6 213.8
99-25+ 212.7 212.8 213.2 213.3 213.5
99-26 212.5 212.6 212.9 213.1 213.2
99-26+ 212.3 212.4 212.7 212.8 213.0
99-27 212.1 212.2 212.4 212.6 212.7
99-27+ 211.9 212.0 212.2 212.3 212.4
99-28 211.7 211.7 211.9 212.1 212.2
99-28+ 211.5 211.5 211.7 211.8 211.9
99-29 211.2 211.3 211.5 211.5 211.6
99-29+ 211.0 211.1 211.2 211.3 211.4
99-30 210.8 210.9 211.0 211.0 211.1
99-30+ 210.6 210.7 210.7 210.8 210.8
99-31 210.4 210.4 210.5 210.5 210.5
99-31+ 210.2 210.2 210.2 210.3 210.3
100-00 210.0 210.0 210.0 210.0 210.0
100-00+ 209.8 209.8 209.8 209.7 209.7
100-01 209.6 209.6 209.5 209.5 209.5
100-01+ 209.4 209.3 209.3 209.2 209.2
100-02 209.2 209.1 209.0 209.0 208.9
100-02+ 209.0 208.9 208.8 208.7 208.6
100-03 208.8 208.7 208.5 208.5 208.4
100-03+ 208.6 208.5 208.3 208.2 208.1
Average Life 12.16 11.23 9.38 8.63 7.97
First Payment Oct-10 Oct-09 Feb-08 Jul-07 Dec-06
Last Payment Aug-13 Jun-13 Nov-11 Jan-11 Mar-10
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 23
<TABLE>
<CAPTION>
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------------------
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates,
Series 2000B $345,519,981 (approximate)
- ----------------------------------------------------------------------------
DATED DATE: 05/31/00
CURRENT COUPON: TBD VMF 00-B
FIRST PAYMENT: 06/07/00
ORIGINAL BALANCE: $3,279,570.00 BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 05/31/00
ASSUMED CONSTANT LIBOR-1M 6.5700, 5 YEAR CMT 6.7600
PRICING SPEED
GP I 200 200 200 200 200
GP II 175 200 250 275 300
<S> <C> <C> <C> <C> <C>
99-24 243.2 243.2 243.3 243.4 243.4
99-24+ 243.0 243.0 243.1 243.2 243.2
99-25 242.8 242.8 242.9 242.9 243.0
99-25+ 242.6 242.6 242.7 242.7 242.8
99-26 242.4 242.4 242.5 242.5 242.6
99-26+ 242.2 242.2 242.3 242.3 242.4
99-27 242.0 242.0 242.1 242.1 242.2
99-27+ 241.8 241.8 241.9 241.9 241.9
99-28 241.6 241.6 241.7 241.7 241.7
99-28+ 241.4 241.4 241.4 241.5 241.5
99-29 241.2 241.2 241.2 241.3 241.3
99-29+ 241.0 241.0 241.0 241.1 241.1
99-30 240.8 240.8 240.8 240.8 240.9
99-30+ 240.6 240.6 240.6 240.6 240.6
99-31 240.4 240.4 240.4 240.4 240.4
99-31+ 240.2 240.2 240.2 240.2 240.2
100-00 240.0 240.0 240.0 240.0 240.0
100-00+ 239.8 239.8 239.8 239.8 239.8
100-01 239.6 239.6 239.6 239.6 239.6
100-01+ 239.4 239.4 239.4 239.4 239.4
100-02 239.2 239.2 239.2 239.2 239.1
100-02+ 239.0 239.0 239.0 238.9 238.9
100-03 238.8 238.8 238.8 238.7 238.7
100-03+ 238.6 238.6 238.6 238.5 238.5
Average Life 13.19 13.02 12.47 12.13 11.66
First Payment Aug-13 Jun-13 Nov-11 Jan-11 Mar-10
Last Payment Aug-13 Jun-13 Jan-13 Dec-12 Oct-12
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 24
<TABLE>
<CAPTION>
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------------------
Group I Loan Group (Fixed) $285,906,411.28
Cut Off Date of Tape: 4/25/00
- -----------------------------------------------------------------------------
<S> <C>
Number of Mortgage Loans: 8,544
Aggregate Unpaid Principal Balance: $285,906,411.28
Aggregate Original Principal Balance: $289,930,272.92
Weighted Average Gross Coupon: 11.353%
Gross Coupon Range: 7.990% - 18.000%
- -----------------------------------------------------------------------------
Average Unpaid Principal Balance: $33,462.83
Average Original Principal Balance: $33,933.79
Maximum Unpaid Principal Balance: $248,049.58
Minimum Unpaid Principal Balance: $4,086.81
Maximum Original Principal Balance: $250,000.00
Minimum Original Principal Balance: $4,996.98
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 231.433
Stated Rem Term Range: 25.000 - 360.000
Weighted Average Age : 12.384
Age Range: 0.000 - 264.000
Weighted Average Original Term: 243.818
Original Term Range: 27.000 - 360.000
Weighted Average Original LTV: 85.738
Original LTV Range: 10.058% - 100.000%
- --------------------------------------------------------------------
</TABLE>
Greatest Zip Code Concentration
ZIP 76208 33 Loans 0.37 $1,052,836
New 64.60 $184,699,944
Used 35.40 $101,206,467
Multi-section 39.32 $112,420,216
Single-section 51.14 $146,221,900
Site Built 9.54 $27,264,296
Not Parked 57.46 $164,284,289
Parked 33.00 $94,357,827
Site Built 9.54 $27,264,296
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 25
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------------------
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
<S> <C> <C> <C>
Alabama 269 $ 7,707,758 2.70%
Arizona 151 5,876,738 2.06
Arkansas 132 4,565,609 1.60
California 20 885,406 0.31
Colorado 85 3,204,890 1.12
Connecticut 4 377,991 0.13
Delaware 28 784,182 0.27
Florida 354 15,112,101 5.29
Georgia 268 8,979,969 3.14
Idaho 3 119,096 0.04
Illinois 30 850,679 0.30
Indiana 88 2,751,858 0.96
Iowa 76 2,494,366 0.87
Kansas 35 1,217,803 0.43
Kentucky 371 11,395,948 3.99
Louisiana 363 10,999,023 3.85
Maine 23 684,083 0.24
Maryland 18 885,997 0.31
Massachusetts 8 720,253 0.25
Michigan 142 5,044,603 1.76
Minnesota 71 2,441,536 0.85
Mississippi 285 7,727,579 2.70
Missouri 153 4,647,232 1.63
Montana 19 697,389 0.24
Nebraska 14 395,205 0.14
Nevada 5 256,836 0.09
New Hampshire 12 369,917 0.13
New Jersey 20 1,976,811 0.69
New Mexico 148 4,874,045 1.70
New York 126 8,495,095 2.97
North Carolina 1,203 39,967,300 13.98
North Dakota 10 308,389 0.11
Ohio 197 6,341,698 2.22
Oklahoma 81 2,561,305 0.90
Oregon 18 757,542 0.26
Pennsylvania 61 2,223,627 0.78
South Carolina 751 23,637,837 8.27
South Dakota 4 116,617 0.04
Tennessee 987 30,524,572 10.68
Texas 1,422 47,872,260 16.74
Utah 3 102,268 0.04
Vermont 3 84,023 0.03
Virginia 336 10,773,402 3.77
Washington 11 417,302 0.15
West Virginia 97 2,488,641 0.87
Wisconsin 21 625,066 0.22
Wyoming 18 564,567 0.20
- -----------------------------------------------------------------------------
TOTAL 8,544 $285,906,411 100.00%
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 26
<TABLE>
<CAPTION>
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------------------
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
<S> <C> <C> <C>
1978 1 $ 17,061 0.01%
1986 1 34,464 0.01
1990 43 501,043 0.18
1991 55 713,144 0.25
1992 11 243,963 0.09
1993 5 91,071 0.03
1994 8 315,584 0.11
1995 20 840,804 0.29
1996 1,621 47,248,470 16.53
1997 385 11,709,994 4.10
1998 369 22,977,580 8.04
1999 242 12,864,348 4.50
2000 5,783 188,348,885 65.88
- --------------------------------------------------------------------------
TOTAL 8,544 $285,906,411 100.00%
==========================================================================
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 27
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------------------
Distribution of Original Amounts - Group I Contracts
Percentage of
Original Aggregate Cut-Off Date
Mortgage Number of Unpaid Aggregate
Loan Mortgage Principal Principal
Balance Loans Balance Balance
<S> <C> <C> <C>
$ 0.00 - $ 5,000.00 1 $ 4,960 0.00%
$ 5,000.01 - $ 10,000.00 158 1,304,646 0.46
$ 10,000.01 - $ 15,000.00 510 6,341,070 2.22
$ 15,000.01 - $ 20,000.00 992 16,747,818 5.86
$ 20,000.01 - $ 25,000.00 1,189 26,162,827 9.15
$ 25,000.01 - $ 30,000.00 1,532 41,396,930 14.48
$ 30,000.01 - $ 35,000.00 1,309 41,790,288 14.62
$ 35,000.01 - $ 40,000.00 803 29,585,537 10.35
$ 40,000.01 - $ 45,000.00 529 22,187,768 7.76
$ 45,000.01 - $ 50,000.00 398 18,700,518 6.54
$ 50,000.01 - $ 55,000.00 271 14,251,140 4.98
$ 55,000.01 - $ 60,000.00 208 11,899,462 4.16
$ 60,000.01 - $ 65,000.00 158 9,826,521 3.44
$ 65,000.01 - $ 70,000.00 118 7,936,612 2.78
$ 70,000.01 - $ 75,000.00 74 5,356,654 1.87
$ 75,000.01 - $ 80,000.00 56 4,309,456 1.51
$ 80,000.01 - $ 85,000.00 32 2,629,459 0.92
$ 85,000.01 - $ 90,000.00 32 2,783,426 0.97
$ 90,000.01 - $ 95,000.00 18 1,659,886 0.58
$ 95,000.01 - $ 100,000.00 22 2,142,174 0.75
$ 100,000.01 - $ 105,000.00 15 1,471,070 0.51
$ 105,000.01 - $ 110,000.00 13 1,390,226 0.49
$ 110,000.01 - $ 115,000.00 19 2,095,865 0.73
$ 115,000.01 - $ 120,000.00 9 1,053,999 0.37
$ 120,000.01 - $ 125,000.00 5 614,468 0.21
$ 125,000.01 - $ 130,000.00 10 1,242,824 0.43
$ 130,000.01 - $ 135,000.00 7 920,534 0.32
$ 135,000.01 - $ 140,000.00 4 542,795 0.19
$ 140,000.01 - $ 145,000.00 8 1,134,260 0.40
$ 145,000.01 - $ 150,000.00 3 442,328 0.15
$ 150,000.01 - $ 155,000.00 3 454,613 0.16
$ 155,000.01 - $ 160,000.00 3 471,624 0.16
$ 160,000.01 - $ 165,000.00 3 484,596 0.17
$ 165,000.01 - $ 170,000.00 4 664,714 0.23
$ 170,000.01 or greater 28 5,905,344 2.07
- -------------------------------------------------------------------------------
TOTAL 8,544 $285,906,411 100.00%
===============================================================================
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 28
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------------------
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
<S> <C> <C> <C>
Less than 61.000% 349 $ 8,965,884 3.14%
61.000% - 65.999% 189 5,516,766 1.93
66.000% - 70.999% 271 9,137,336 3.20
71.000% - 75.999% 452 15,707,861 5.49
76.000% - 80.999% 749 29,277,212 10.24
81.000% - 85.999% 1,280 43,091,519 15.07
86.000% - 90.999% 2,783 97,756,207 34.19
91.000% - 100.000% 2,471 76,453,628 26.74
- ----------------------------------------------------------------------------
TOTAL 8,544 $285,906,411 100.00%
============================================================================
</TABLE>
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
0.000% - 8.000% 44 $ 2,244,706 0.79%
8.001% - 9.000% 238 12,509,447 4.38
9.001% - 10.000% 1,374 64,153,172 22.44
10.001% - 11.000% 1,784 61,641,776 21.56
11.001% - 12.000% 1,420 45,044,461 15.75
12.001% - 13.000% 2,109 61,264,497 21.43
13.001% - 14.000% 850 23,016,362 8.05
14.001% - 15.000% 603 13,649,431 4.77
15.001% - 16.000% 87 1,828,907 0.64
16.001% - 17.000% 16 332,306 0.12
17.001% - 18.000% 19 221,346 0.08
- ----------------------------------------------------------------------------
TOTAL 8,544 $285,906,411 100.00%
============================================================================
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 29
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------------------
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
<S> <C> <C> <C>
1 - 72 334 $ 4,413,586 1.54%
73 - 84 383 5,777,610 2.02
85 - 120 794 16,818,558 5.88
121 - 156 1,079 26,041,395 9.11
157 - 180 1,246 35,816,656 12.53
181 - 240 2,557 90,274,237 31.57
241 - 300 1,006 41,448,452 14.50
301 - 360 1,145 65,315,916 22.85
- -------------------------------------------------------------------
TOTAL 8,544 $285,906,411 100.00%
===================================================================
</TABLE>
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
N/A 14 $ 478,412 0.17%
1968 1 18,784 0.01
1969 3 22,341 0.01
1970 6 67,963 0.02
1971 4 42,831 0.01
1972 12 135,920 0.05
1973 8 117,369 0.04
1974 9 206,991 0.07
1975 10 143,666 0.05
1976 10 150,276 0.05
1977 19 334,134 0.12
1978 25 362,748 0.13
1979 25 445,862 0.16
1980 34 620,572 0.22
1981 25 394,774 0.14
1982 40 614,484 0.21
1983 52 824,329 0.29
1984 103 1,729,880 0.61
1985 105 1,761,172 0.62
1986 109 1,902,465 0.67
1987 111 2,006,370 0.70
1988 96 1,885,631 0.66
1989 115 1,968,465 0.69
1990 134 2,506,923 0.88
1991 192 3,615,110 1.26
1992 189 3,949,490 1.38
1993 222 5,421,203 1.90
1994 271 7,485,024 2.62
1995 536 15,536,647 5.43
1996 1,556 46,608,099 16.30
1997 1,311 47,102,442 16.47
1998 645 28,091,080 9.83
1999 818 39,345,317 13.76
2000 1,734 70,009,639 24.49
- -----------------------------------------------------------------------
TOTAL 8,544 $285,906,411 100.00%
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 30
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- ------------------------------------------------------------------------------------------
Group II Loan Group (ARMs) $59,613,570.25
Cut Off Date of Tape: 4/25/00
- -------------------------------------------------------------------------------
<S> <C>
Number of Mortgage Loans: 1,302
Index: 5 Yr. CMT
Aggregate Unpaid Principal Balance: $59,613,570.25
Aggregate Original Principal Balance: $59,799,754.66
- -------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 10.008%
Gross Coupon Range: 7.990% - 16.490%
- -------------------------------------------------------------------------------
Weighted Average Margin (Gross): 6.354%
Gross Margin Range: 4.180% - 16.040%
Weighted Average Life Cap (Gross): 15.754%
Gross Life Cap Range: 12.740% - 22.490%
Weighted Average Life Floor (Gross): 6.354%
Gross Life Floor Range: 4.180% - 16.040%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $45,786.15
Average Original Principal Balance: $45,929.15
Maximum Unpaid Principal Balance: $132,293.52
Minimum Unpaid Principal Balance: $5,477.60
Maximum Original Principal Balance: $133,656.00
Minimum Original Principal Balance: $5,918.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 260.891
Stated Rem Term Range: 54.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 1.382
Age Range: 0.000 - 112.000
Weighted Average Original Term: 262.273
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 85.144
Original LTV Range: 29.864% - 100.000%
Weighted Average Periodic Interest Cap: 1.537%
Periodic Interest Cap Range: 1.000% - 2.000%
Weighted Average Months to Interest Roll: 11.278
Months to Interest Roll Range: 1 - 14
Weighted Average Interest Roll Frequency: 11.997
Interest Frequency Range: 6 - 12
- ---------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 31
<TABLE>
<CAPTION>
<PAGE>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Greatest Zip Code Concentration
ZIP 75098 26 loans 1.69 $1,005,881
<S> <C> <C>
New 97.72 $58,255,594
Used 2.28 $1,357,976
Multi-section 65.54 $39,069,757
Single-section 34.46 $20,543,813
Not Parked 73.27 $43,677,201
Parked 26.73 $15,936,369
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 32
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
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
<S> <C> <C> <C>
Alabama 8 $ 273,556 0.46%
Arizona 15 741,795 1.24
Arkansas 9 375,081 0.63
California 1 53,157 0.09
Colorado 21 1,136,872 1.91
Delaware 2 120,140 0.20
Florida 52 2,118,168 3.55
Georgia 19 671,142 1.13
Indiana 7 289,229 0.49
Kentucky 77 3,277,634 5.50
Louisiana 44 1,838,601 3.08
Maryland 2 91,469 0.15
Mississippi 10 437,112 0.73
Missouri 8 331,402 0.56
New Mexico 13 691,751 1.16
New York 1 48,408 0.08
North Carolina 298 15,013,875 25.19
Ohio 7 251,977 0.42
Oklahoma 14 524,141 0.88
Pennsylvania 4 292,049 0.49
South Carolina 122 6,097,070 10.23
Tennessee 221 9,746,204 16.35
Texas 244 10,051,967 16.86
Virginia 96 4,853,098 8.14
West Virginia 7 287,671 0.48
- -------------------------------------------------------------------------
TOTAL 1,302 $59,613,570 100.00%
==========================================================================
</TABLE>
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
1990 3 $ 33,418 0.06%
1997 4 174,175 0.29
1998 21 826,507 1.39
1999 46 2,350,283 3.94
2000 1,228 56,229,187 94.32
- -------------------------------------------------------------------------
TOTAL 1,302 $59,613,570 100.00%
==========================================================================
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 33
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Distribution of Original Amounts - Group II Contracts
Percentage of
Original Aggregate Cut-Off Date
Mortgage Number of Unpaid Aggregate
Loan Mortgage Principal Principal
Balance Loans Balance Balance
<S> <C> <C> <C>
$ 5,000.01 - $ 10,000.00 2 $ 11,770 0.02%
$ 10,000.01 - $ 15,000.00 6 73,829 0.12
$ 15,000.01 - $ 20,000.00 22 378,681 0.64
$ 20,000.01 - $ 25,000.00 37 854,424 1.43
$ 25,000.01 - $ 30,000.00 164 4,551,843 7.64
$ 30,000.01 - $ 35,000.00 199 6,443,310 10.81
$ 35,000.01 - $ 40,000.00 159 5,907,199 9.91
$ 40,000.01 - $ 45,000.00 95 4,015,636 6.74
$ 45,000.01 - $ 50,000.00 93 4,406,636 7.39
$ 50,000.01 - $ 55,000.00 115 6,036,844 10.13
$ 55,000.01 - $ 60,000.00 135 7,744,265 12.99
$ 60,000.01 - $ 65,000.00 120 7,474,584 12.54
$ 65,000.01 - $ 70,000.00 66 4,433,597 7.44
$ 70,000.01 - $ 75,000.00 32 2,301,118 3.86
$ 75,000.01 - $ 80,000.00 23 1,770,337 2.97
$ 80,000.01 - $ 85,000.00 12 991,792 1.66
$ 85,000.01 - $ 90,000.00 5 441,775 0.74
$ 90,000.01 - $ 95,000.00 4 372,963 0.63
$ 95,000.01 - $ 100,000.00 4 384,982 0.65
$ 100,000.01 - $ 105,000.00 3 309,059 0.52
$ 105,000.01 - $ 110,000.00 1 105,858 0.18
$ 110,000.01 - $ 115,000.00 1 109,584 0.18
$ 115,000.01 - $ 120,000.00 2 236,370 0.40
$ 120,000.01 - $ 125,000.00 1 124,822 0.21
$ 130,000.01 - $ 135,000.00 1 132,294 0.22
- -------------------------------------------------------------------------
TOTAL 1,302 $59,613,570 100.00%
=========================================================================================
</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% 42 $ 1,464,279 2.46%
61.000% - 65.999% 24 1,000,697 1.68
66.000% - 70.999% 53 2,322,271 3.90
71.000% - 75.999% 76 3,573,828 5.99
76.000% - 80.999% 107 5,553,715 9.32
81.000% - 85.999% 202 10,147,515 17.02
86.000% - 90.999% 574 26,208,225 43.96
91.000% - 100.000% 224 9,343,039 15.67
- -------------------------------------------------------------------------
TOTAL 1,302 $59,613,570 100.00%
==========================================================================
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 34
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
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
<S> <C> <C> <C>
0.000% - 8.000% 9 $ 686,349 1.15%
8.001% - 9.000% 452 26,215,380 43.98
9.001% - 10.000% 420 15,597,178 26.16
10.001% - 11.000% 104 4,629,033 7.77
11.001% - 12.000% 154 6,561,191 11.01
12.001% - 13.000% 109 4,036,950 6.77
13.001% - 14.000% 46 1,611,095 2.70
14.001% - 15.000% 5 163,693 0.27
15.001% - 16.000% 2 43,210 0.07
16.001% - 17.000% 1 69,493 0.12
- ----------------------------------------------------------------------------
TOTAL 1,302 $59,613,570 100.00%
============================================================================
</TABLE>
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
1 - 72 8 $ 85,953 0.14%
73 - 84 5 137,197 0.23
85 - 120 31 903,926 1.52
121 - 156 30 1,072,489 1.80
157 - 180 113 3,711,052 6.23
181 - 240 626 25,374,320 42.56
241 - 300 293 15,818,688 26.54
301 - 360 196 12,509,945 20.99
- -------------------------------------------------------------------------
TOTAL 1,302 $59,613,570 100.00%
===================================================================
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 35
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
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
<S> <C> <C> <C>
12.501% - 13.000% 6 $ 505,696 0.85%
13.001% - 13.500% 12 789,766 1.32
13.501% - 14.000% 89 4,913,433 8.24
14.001% - 14.500% 9 533,780 0.90
14.501% - 15.000% 475 24,645,342 41.34
15.001% - 15.500% 47 2,849,083 4.78
15.501% - 16.000% 268 9,365,242 15.71
16.001% - 16.500% 55 2,306,628 3.87
16.501% - 17.000% 60 2,742,073 4.60
17.001% - 17.500% 69 2,813,710 4.72
17.501% - 18.000% 84 3,527,939 5.92
18.001% - 18.500% 64 2,381,128 3.99
18.501% - 19.000% 23 885,793 1.49
19.001% - 19.500% 24 780,203 1.31
19.501% - 20.000% 14 444,479 0.75
20.001% - 20.500% 2 59,782 0.10
22.001% - 22.500% 1 69,493 0.12
- -------------------------------------------------------------------------
TOTAL 1,302 $59,613,570 100.00%
==========================================================================
</TABLE>
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
4.001% - 4.500% 19 $ 999,679 1.68%
4.501% - 5.000% 16 927,859 1.56
5.001% - 5.500% 12 400,874 0.67
5.501% - 6.000% 185 8,664,038 14.53
6.001% - 6.500% 439 19,808,268 33.23
6.501% - 7.000% 628 28,779,435 48.28
8.001% - 8.500% 2 19,890 0.03
11.001% +++ 1 13,528 0.02
- -------------------------------------------------------------------------
TOTAL 1,302 $59,613,570 100.00%
==========================================================================
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 36
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
Next Interest Roll Date - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Month Number of Unpaid Aggregate
Of Next Mortgage Principal Principal
Adjustment Loans Balance Balance
---------- ----- ----------- -----
<S> <C> <C> <C>
May 2000 1 $ 34,431 0.06%
June 2000 3 39,429 0.07
July 2000 3 104,316 0.17
August 2000 1 13,289 0.02
September 2000 1 40,240 0.07
October 2000 2 20,268 0.03
November 2000 3 131,672 0.22
December 2000 6 228,122 0.38
January 2001 21 1,201,848 2.02
February 2001 282 12,660,025 21.24
March 2001 420 18,795,277 31.53
April 2001 409 19,062,510 31.98
May 2001 126 6,104,605 10.24
June 2001 24 1,177,537 1.98
----------------------------------------------------------------------
TOTAL 1,302 $59,613,570 100.00%
====================================================================
</TABLE>
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
1.00 606 $ 27,624,316 46.34%
2.00 696 31,989,254 53.66
- --------------------------------------------------------------------
TOTAL 1,302 $ 59,613,570 100.00%
=====================================================================
Index Code - Group II Contracts
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Index Mortgage Principal Principal
Code Loans Balance Balance
5 yr. CMT 1,302 $59,613,570 100.00%
- ---------------------------------------------------------------------
TOTAL 1,302 $59,613,570 100.00%
=====================================================================
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented.
PAGE 37
<PAGE>
<TABLE>
<CAPTION>
Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-B
$345,519,981 (approximate)
- -----------------------------------------------------------------------------------------------------------------------
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
<S> <C> <C> <C>
N/A 1 $ 49,115 0.08%
1980 1 6,293 0.01
1984 3 50,727 0.09
1985 1 41,245 0.07
1986 1 5,478 0.01
1987 1 14,790 0.02
1989 1 24,991 0.04
1990 1 13,289 0.02
1991 4 52,536 0.09
1992 1 15,293 0.03
1993 3 70,564 0.12
1995 9 255,696 0.43
1996 8 261,678 0.44
1997 10 438,362 0.74
1998 32 1,497,805 2.51
1999 167 8,437,937 14.15
2000 1,058 48,377,771 81.15
- ----------------------------------------------------------------------
TOTAL 1,302 $59,613,570 100.00%
==========================================================================
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction. The securities may not be sold nor may an offer to buy
be accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston or Prudential Securities. All information described above
is preliminary, limited in nature and subject to completion or amendment.
Credit Suisse First Boston and Prudential Securities make no representations
that the above referenced security will actually perform as described in any
scenario presented. PAGE 38
