<PAGE>
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 report): June 6, 1996
------------
BANK OF AMERICA BANK OF AMERICA, FSB
NATIONAL TRUST AND
SAVINGS ASSOCIATION
- --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANTS AS SPECIFIED IN CHARTER)
United States United States
- --------------------------------------------------------------------------------
(STATE OF OTHER JURISDICTION OF INCORPORATION)
333-3200
--------
(COMMISSION FILE NUMBER)
94-1687665 91-0221850
- --------------------------------------------------------------------------------
(I.R.S. EMPLOYER IDENTIFICATION NUMBER)
555 California Street 555 California Street
San Francisco, CA 94104 San Francisco, CA 94104
(415) 622-3530 (415) 622-2220
- --------------------------------------------------------------------------------
(ADDRESS AND TELEPHONE NUMBER OF REGISTRANTS' PRINCIPAL EXECUTIVE OFFICES)
<PAGE>
Item 5. OTHER EVENTS
FILING OF COMPUTATIONAL MATERIALS.*
In connection with the offering of BankAmerica Manufactured Housing
Contract Trust Senior/Subordinate Pass-Through Certificates, Series 1996-1
(the "Publicly Offered Certificates"), each of BA Securities, Inc., Morgan
Stanley & Co. Incorporated and Greenwich Capital Markets, Inc., as
underwriters of the Publicly Offered Certificates, has prepared certain
materials (the "Computational Materials") for distribution to potential
investors in the offering.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated materials or charts displaying, with respect to the
Publicly Offered Certificates, any of the following: yield, average life,
duration, expected maturity, interest rate sensitivity, loss sensitivity,
cash flow characteristics, background information regarding the loans, the
proposed structure, decrement tables, or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature.
Certain of the Computational Materials prepared by BA Securities, Inc., Morgan
Stanley & Co. Incorporated and Greenwich Capital Markets, Inc., are attached
hereto as Exhibits 99.1, 99.2 and 99.3 respectively. Certain other
Computational Materials are being filed concurrently in paper format, pursuant
to a continuing hardship exemption under Rule 202 of Regulation S-T.
- ----------------
* Capitalized terms used herein without definition shall have the meanings
assigned to them in the Preliminary Prospectus Supplement and related
Prospectus, both dated June 3, 1995, of the Registrants relating to the
Publicly Offered Certificates.
2
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials prepared by BA Securities, Inc.
99.2 Computational Materials prepared by Morgan Stanley & Co.
Incorporated.
99.3 Computational Materials prepared by Greenwich Capital
Markets, Inc.
3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrants duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
BANK OF AMERICA, FSB
By: /s/ John W. Wheeler
-----------------------------------------
John W. Wheeler*
Dated: June 6, 1996.
San Diego, California
* Mr. Wheeler is an Executive Vice President of Bank of America National Trust
and Savings Association and President and Division Chief Executive Officer of
Bank of America, FSB.
4
<PAGE>
EXHIBIT INDEX
(ENTRIES FOLLOWED BY (P) ARE BEING FILED IN PAPER FORMAT PURSUANT TO A
CONTINUING HARDSHIP EXEMPTION GRANTED UNDER RULE 202 OF REGULATION S-T)
Exhibit Page
- ------- -----
99.1 Computational Materials prepared by BA Securities Inc. 8
(a) BA Securities Cover Page
(b) Transaction Highlights
(c) BankAmerica Manufactured Housing Contract Trust 1996-1
Pool Assets Description
(d) Geographic Distribution of Manufactured Homes
as of Origination
(e) Distribution of Original Loan-to-Value Ratios and
Distribution of Contract Rates tables
(f) Years of Origination of Contracts and Distribution of
Original Principal Balances of Contracts tables
(g) Remaining Months to Maturity table
(h) Computational Materials Defined Terms
(i) Percent of the Initial Certificate Balance at the Respective
Percentages of the Prepayment Model for the Class A-1, A-2,
A-3, A-4, A-5, A-6, A-7 and B-1 Certificates
(j) Pre-Pricing Marketing Structure for Class A-1, A-2, A-3,
A-4, A-5, A-6, A-7 and B-1 Certificates (P)
(k) Decrement Tables for Class A-1, A-2, A-3,
A-4, A-5, A-6, A-7 and B-1 Certificates (P)
5
<PAGE>
Exhibit Page
- ------- -----
99.2 Computational Materials prepared by Morgan Stanley & Co.
Incorporated 24
(a) Morgan Stanley & Co. Incorporated Cover Page
(b) Transaction Highlights
(c) BankAmerica Manufactured Housing Contract Trust 1996-1
Pool Assets Description
(d) Geographic Distribution of Manufactured Homes
as of Origination
(e) Distribution of Original Loan-to-Value Ratios and
Distribution of Contract Rates tables
(f) Years of Origination of Contracts and Distribution of
Original Principal Balances of Contracts tables
(g) Remaining Months to Maturity table
(h) Computational Materials Defined Terms
(i) Pre-Pricing Marketing Structure for Class A-1, A-2, A-3,
A-4, A-5, A-6, A-7 and B-1 Certificates (P)
(j) Decrement Tables for Class A-1, A-2, A-3,
A-4, A-5, A-6, A-7 and B-1 Certificates (P)
6
<PAGE>
Exhibit Page
- ------- -----
99.3 Computational Materials prepared by Greenwich Capital
Markets, Inc. 33
(a) Greenwich Capital Markets, Inc. Cover Page
(b) Transaction Highlights
(c) BankAmerica Manufactured Housing Contract Trust 1996-1
Pool Assets Description
(d) Geographic Distribution of Manufactured Homes
as of Origination
(e) Distribution of Original Loan-to-Value Ratios and
Distribution of Contract Rates tables
(f) Years of Origination of Contracts and Distribution of
Original Principal Balances of Contracts tables
(g) Remaining Months to Maturity table
(h) Computational Materials Defined Terms
(i) Pre-Pricing Marketing Structure for Class A-1, A-2, A-3,
A-4, A-5, A-6, A-7 and B-1 Certificates (P)
(j) Decrement Tables for Class A-1, A-2, A-3,
A-4, A-5, A-6, A-7 and B-1 Certificates (P)
7
<PAGE>
Exhibit 99.1
$239,940,000 (APPROXIMATE)
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST
SENIOR/SUBORDINATE PASS THROUGH CERTIFICATES, SERIES 1996-1
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
BANKAMERICA HOUSING SERVICES, AN UNINCORPORATED DIVISION OF BANK OF AMERICA, FSB
SELLERS
BANKAMERICA HOUSING SERVICES, AN UNINCORPORATED DIVISION OF BANK OF AMERICA, FSB
SERVICER
<TABLE>
<CAPTION>
<S> <C> <C> <C>
$49,272,000 (Approximate) [ ]% A-1
$50,310,000 (Approximate) [ ]% A-2
$21,817,000 (Approximate) [ ]% A-3
$25,120,000 (Approximate) [ ]% A-4
$29,396,000 (Approximate) [ ]% A-5
$27,351,000 (Approximate) [ ]% A-6
$21,134,000 (Approximate) [ ]% A-7
$15,540,000 (Approximate) [ ]% B-1
</TABLE>
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by BankAmerica Housing Services, an unincorporated division of Bank of
America, FSB, with respect to the expected characteristics of the pool of
manufactured housing contracts in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the manufactured housing contracts will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that manufactured
housing contracts will prepay at a constant rate or following a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER, OR SOLICITATION OF AN OFFER, TO
BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND
PROSPECTUS SUPPLEMENT PREPARED BY THE SELLERS WHICH WOULD CONTAIN MATERIAL
INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS
SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY
OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE
SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY
CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering,
these materials, including any description of the manufactured housing contracts
contained herein, shall be deemed superseded in their entirety by such
Prospectus and Prospectus Supplement. NOTE TO RECIPIENTS: In addition, please
note that this information has been provided by BA Securities, Inc. We
recommend that investors obtain the advice of their BA Securities, Inc.
representative about the investment concerned. BA Securities, Inc. is an
affiliate of BankAmerica Housing Services, Bank of America, FSB and Bank of
America National Trust and Savings Association.
FOR THE PURPOSES OF THE COMPUTATIONAL MATERIALS, THE CUT-OFF DATE IS ASSUMED AND
DEEMED TO BE MAY 1, 1996, AND ALL INFORMATION CONTAINED HEREIN IS BASED ON SUCH
ASSUMPTION. HOWEVER, THE CERTIFICATES ARE EXPECTED TO BE ISSUED IN JUNE 1996.
THE ACTUAL CUT-OFF DATE FOR THE CREATION OF THE CONTRACT POOL WILL BE JUNE 1,
1996 AND THE CONTRACT POOL CONVEYED TO THE TRUST FUND WILL REFLECT THE CONTRACT
POOL ACTIVITY IN MAY 1996. THE FINAL PROSPECTUS SUPPLEMENT WILL CONTAIN
INFORMATION REGARDING THE CONTRACT POOL AS OF JUNE 1, 1996.
[LOGO]
<PAGE>
$239,940,000 (APPROXIMATE)
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST
SENIOR/SUBORDINATE PASS THROUGH CERTIFICATES, SERIES 1996-1
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
BANKAMERICA HOUSING SERVICES, AN UNINCORPORATED DIVISION OF BANK OF AMERICA, FSB
SELLERS
BANKAMERICA HOUSING SERVICES, AN UNINCORPORATED DIVISION OF BANK OF AMERICA, FSB
SERVICER
TRANSACTION HIGHLIGHTS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Scheduled Payment Expected Final
Average Life Modified Duration Window assuming Maturity assuming
assuming 10% assuming 10% 10% 10% Termination
Class Ratings Termination Auction Termination Auction Termination Auction Auction
Class Size (Moody's/Fitch) (170% MHP) (170% MHP) (170% MHP) (170% MHP)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 $49,272,000 Aaa/AAA 1.00 0.93 6/96-5/98 - 24 mos. 5/98
A-2 $50,310,000 Aaa/AAA 3.00 2.62 5/98-8/00 - 28 mos. 8/00
A-3 $21,817,000 Aaa/AAA 5.00 4.07 8/00-4/02 - 21 mos. 4/02
A-4 $25,120,000 Aaa/AAA 7.00 5.28 4/02-9/04 - 30 mos. 9/04
A-5 $29,396,000 Aaa/AAA 10.26 6.86 9/04-1/09 - 53 mos. 1/09
A-6 $27,351,000 Aaa/AAA 14.63 8.25 1/09-8/11 - 32 mos. 8/11
A-7 $21,134,000 Aa3/AA- 9.37 6.11 6/00-8/11 -135 mos. 8/11
B-1 $15,540,000 Baa2/BBB 6.89 5.03 6/00-3/07 - 82 mos. 3/07
- ------------------------------------------------------------------------------------------------------------------------
<S> <C>
Sellers Bank of America National Trust and Savings Association
BankAmerica Housing Services, an unincorporated division of Bank of America, FSB
Servicer BankAmerica Housing Services, an unincorporated division of Bank of America, FSB
Trustee The First National Bank of Chicago
Pricing Prepayment Speed 170% MHP (equates to 10.2% CPR after 24-month ramp-up period).
Pricing Priced to 10% Termination Auction date.
Distribution Dates The 10th of each month, or if such day is not a business day, the next succeeding business day.
Day Count Basis 30/360 interest accrual.
Legal Final Maturity October 2026
Termination Auction Fourth Distribution Date after Distribution Date when outstanding pool balance is less than 10%
of the original pool balance.
Credit Enhancement Aaa/AAA Classes: Class A-1/A-2/A-3/A-4/A-5/A-6: 18.25% subordination.
Aa3/AA- Class A-7: 9.75% subordination
Baa2/BBB Class B-1: 3.5% subordination
All classes of certificates will have the benefit of a reserve account which shall have an initial
balance of zero on the closing date. The reserve account will be funded with excess interest, if any,
up to $1,243,218 or 0.50% of the original pool balance beginning on the earlier of the distribution
date in June 2006 (approximately 10 years from the closing date) or when the outstanding pool balance
represents 25% or less of the original pool balance. The balance in the reserve account will never
exceed the outstanding B-2 balance once the publicly offered certificates are paid in full.
Trust Tax Status REMIC.
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST 1996-1 POOL ASSETS DESCRIPTION
<TABLE>
<S> <C>
Pool Assets Conventional fixed rate actuarial manufactured housing installment sales contracts and
installment loan agreements secured by manufactured homes (the "Contracts").
Aggregate Cut-off Date $248,643,516
Pool Principal Balance
Number of Contracts 9,168
Cut-off Date FOR PURPOSES OF THE COMPUTATIONAL MATERIALS, THE CUT-OFF DATE IS ASSUMED AND DEEMED TO BE
MAY 1, 1996, AND ALL INFORMATION CONTAINED HEREIN IS BASED ON SUCH ASSUMPTION. HOWEVER, THE
CERTIFICATES ARE EXPECTED TO BE ISSUED IN JUNE 1996. THE ACTUAL CUT-OFF DATE FOR THE CREATION
OF THE CONTRACT POOL WILL BE JUNE 1, 1996 AND THE CONTRACT POOL CONVEYED TO THE TRUST FUND
WILL REFLECT THE CONTRACT POOL ACTIVITY IN MAY 1996. THE FINAL PROSPECTUS SUPPLEMENT WILL
CONTAIN INFORMATION REGARDING THE CONTRACT POOL AS OF JUNE 1, 1996.
Average Outstanding Balance $27,121 (Range: $859 to $73,593)
(As of Cut-Off Date)
Weighted Average LTV Ratio 90.24% as of Cut-Off Date (Range at origination: 21% to 95%)
New/Used Breakdown 84%/16%
(As of Cut-Off Date)
Weighted Average Coupon 10.63% (Range: 10% to 12.50%)
(As of Cut-Off Date)
Weighted Average Original
Maturity 260 months (Range: 18 months to 360 months)
(As of Cut-Off Date)
Weighted Average Remaining
Maturity 256 months (Range: 5 months to 360 months)
(As of Cut-Off Date)
Weighted Average Seasoning 4 months
(As of Cut-Off Date)
Geographic Distribution NC (6.95%), GA (6.74%), SC (5.58%), SC (5.58%), TX (5.40%), FL (5.22%), AZ (5.16%)
(By outstanding principal with each of the remaining states under 5.0% (No CA or AL loans)
balance as of Cut-off Date)
Origination Dates Each contract was originated between November 1, 1995 and March 31, 1996
(As of Cut-Off Date)
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
Set forth below is a description of certain additional characteristics of
the Contracts:
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES AS OF ORIGINATION
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
NUMBER OF AGGREGATE PRINCIPAL PRINCIPAL BALANCE
CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
STATE AS OF CUT-OFF DATE AS OF CUT-OFF DATE (1)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
Arizona......................................... 423 $ 12,831,619.84 5.16%
Arkansas........................................ 294 7,787,297.27 3.13
Colorado........................................ 147 4,165,263.64 1.68
Delaware........................................ 35 911,499.51 0.37
District of Columbia............................ 1 33,130.78 0.01
Florida......................................... 480 12,987,071.96 5.22
Georgia......................................... 555 16,768,432.05 6.74
Idaho........................................... 50 1,470,023.30 0.59
Illinois........................................ 95 2,358,956.76 0.95
Indiana......................................... 278 7,574,949.58 3.05
Iowa............................................ 92 2,203,507.17 0.89
Kansas.......................................... 72 1,881,117.98 0.76
Kentucky........................................ 455 11,546,529.01 4.64
Louisiana....................................... 396 11,412,244.43 4.59
Maine........................................... 52 1,532,346.87 0.62
Maryland........................................ 56 1,683,466.53 0.68
Michigan........................................ 337 9,611,139.09 3.87
Minnesota....................................... 85 2,080,403.63 0.84
Mississippi..................................... 214 5,531,084.70 2.22
Missouri........................................ 403 10,422,144.80 4.19
Montana......................................... 65 1,898,061.06 0.76
Nebraska........................................ 65 1,634,342.45 0.66
Nevada.......................................... 72 2,084,481.77 0.84
New Hampshire................................... 7 217,085.78 0.09
New Jersey...................................... 6 209,741.61 0.08
New Mexico...................................... 196 5,779,332.33 2.32
New York........................................ 235 6,064,574.09 2.44
North Carolina.................................. 706 17,285,452.98 6.95
North Dakota.................................... 23 574,848.09 0.23
Ohio............................................ 353 8,748,156.08 3.52
Oklahoma........................................ 134 3,629,478.77 1.46
Oregon.......................................... 199 6,643,537.93 2.67
Pennsylvania.................................... 342 9,000,759.87 3.62
Rhode Island.................................... 1 28,036.73 0.01
South Carolina.................................. 460 13,877,437.57 5.58
South Dakota.................................... 34 1,002,241.20 0.40
Tennessee....................................... 469 12,207,237.34 4.91
Texas........................................... 544 13,418,777.48 5.40
Utah............................................ 46 1,801,201.63 0.72
Vermont......................................... 17 516,566.43 0.21
Virginia........................................ 173 4,212,838.18 1.69
Washington...................................... 102 3,479,996.49 1.40
West Virginia................................... 273 6,514,358.29 2.62
Wisconsin....................................... 74 1,775,676.30 0.71
Wyoming......................................... 52 1,247,067.10 0.50
----- -------------------- -------
Totals...................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- ------------------------
(1) Entries may not add to 100.00% due to rounding.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
AGGREGATE PRINCIPAL PRINCIPAL BALANCE
NUMBER OF CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
LOAN-TO-VALUE RATIO (1) AS OF CUT-OFF DATE AS OF CUT-OFF DATE (2)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
Less than or equal to 50%....................... 69 $ 842,670.36 0.34%
51-60%.......................................... 81 1,291,702.74 0.52
61-70%.......................................... 170 3,131,893.28 1.26
71-80%.......................................... 645 12,742,692.40 5.12
81-85%.......................................... 800 18,166,971.19 7.31
86-90%.......................................... 3,770 93,702,780.32 37.69
91-95%.......................................... 3,633 118,764,806.16 47.77
----- -------------------- -------
Totals...................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- --------------------------
(1) Rounded to the nearest 1%. The definition of "Value" is set forth under "The
Contract Pool" above. Manufactured Homes, unlike site-built homes, generally
depreciate in value, and it should generally be expected, especially with
Contracts with high loan-to-value ratios at origination, that at any time
after the origination of a Contract, the market value of the Manufactured
Home securing such Contract may be lower than the outstanding principal
balance of such Contract.
(2) Entries may not add to 100.00% due to rounding.
DISTRIBUTION OF CONTRACT RATES
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
AGGREGATE PRINCIPAL PRINCIPAL BALANCE
NUMBER OF CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
CONTRACT RATE AS OF CUT-OFF DATE AS OF CUT-OFF DATE (1)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
10.00........................................... 768 $ 24,901,051.33 10.01%
10.25........................................... 2,051 68,605,524.84 27.59
10.50........................................... 1,726 51,378,253.44 20.66
10.75........................................... 1,672 46,882,717.16 18.86
11.00........................................... 785 18,079,993.45 7.27
11.25........................................... 893 16,351,896.69 6.58
11.50........................................... 514 9,524,318.06 3.83
11.75........................................... 287 6,434,302.49 2.59
12.00........................................... 187 2,654,220.38 1.07
12.25........................................... 206 2,883,940.14 1.16
12.50........................................... 79 947,298.47 0.38
----- -------------------- -------
Totals...................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- ------------------------
(1) Entries may not add to 100.00% due to rounding.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
YEARS OF ORIGINATION OF CONTRACTS
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
AGGREGATE PRINCIPAL PRINCIPAL BALANCE
NUMBER OF CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
YEAR OF ORIGINATION AS OF CUT-OFF DATE AS OF CUT-OFF DATE (1)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
1995............................................ 4,135 $ 118,375,450.45 47.61%
1996............................................ 5,033 130,268,066.00 52.39
----- -------------------- -------
Total....................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- ------------------------
(1) Entries may not add to 100.00% due to rounding.
DISTRIBUTION OF ORIGINAL PRINCIPAL BALANCES OF CONTRACTS
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
AGGREGATE PRINCIPAL PRINCIPAL BALANCE
NUMBER OF CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
ORIGINAL PRINCIPAL BALANCES OF CONTRACTS (1) AS OF CUT-OFF DATE AS OF CUT-OFF DATE (2)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
$0 - 5,000...................................... 13 $ 52,945.87 0.02%
$5,001 - 7,500.................................. 127 784,236.11 0.32
$7,501 - 10,000................................. 332 2,868,285.38 1.15
$10,001 - 12,500................................ 391 4,355,037.13 1.75
$12,501 - 15,000................................ 482 6,551,416.52 2.63
$15,001 - 17,500................................ 429 6,902,612.89 2.78
$17,501 - 20,000................................ 465 8,670,716.54 3.49
$20,001 - 22,500................................ 793 16,767,946.20 6.74
$22,501 - 25,000................................ 945 22,342,720.66 8.99
$25,001 - 27,500................................ 1,051 27,412,713.89 11.02
$27,501 - 30,000................................ 921 26,266,111.47 10.56
$30,001 - 32,500................................ 762 23,679,556.63 9.52
$32,501 - 35,000................................ 562 18,837,364.86 7.58
$35,001 - 40,000................................ 734 27,227,685.92 10.95
$40,001 - 45,000................................ 469 19,801,726.67 7.96
$45,001 - 50,000................................ 317 14,990,523.05 6.03
$50,001 - 55,000................................ 175 9,128,801.11 3.67
$55,001 - 60,000................................ 126 7,198,136.30 2.89
$60,001 - 65,000................................ 37 2,295,484.33 0.92
$65,001 - 70,000................................ 25 1,646,741.26 0.66
$70,001 - 75,000................................ 12 862,753.66 0.35
----- -------------------- -------
Totals...................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- --------------------------
(1) The greatest original Contract principal balance is $73,717, which
represents 0.030% of the outstanding principal balance of the Contracts as
of the Cut-off Date.
(2) Entries may not add to 100.00% due to rounding.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
REMAINING MONTHS TO MATURITY
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
NUMBER OF AGGREGATE PRINCIPAL PRINCIPAL BALANCE
CONTRACTS AS OF BALANCE OUTSTANDING AS OF CUT-OFF DATE
MONTHS REMAINING AS OF CUT-OFF DATE CUT-OFF DATE AS OF CUT-OFF DATE (1)
- --------------------------------------------------- ----------------- -------------------- ---------------------
<S> <C> <C> <C>
Less than or equal to 30........................... 13 $ 48,275.93 0.02%
Greater than 31 and less than or equal to 60....... 238 2,101,477.52 0.85
Greater than 61 and less than or equal to 90....... 275 2,800,762.01 1.13
Greater than 91 and less than or equal to 120...... 698 10,009,289.18 4.03
Greater than 121 and less than or equal to 150..... 268 4,437,348.60 1.78
Greater than 151 and less than or equal to 180..... 1,770 38,352,122.05 15.42
Greater than 181 and less than or equal to 210..... 11 244,901.02 0.10
Greater than 211 and less than or equal to 240..... 3,132 87,471,905.33 35.18
Greater than 241 and less than or equal to 270..... 5 140,343.91 0.06
Greater than 271 and less than or equal to 300..... 1,295 45,584,983.50 18.33
Greater than 301 and less than or equal to 360..... 1,463 57,452,107.40 23.11
----- -------------------- -------
Totals......................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- --------------------------
(1) Entries may not add to 100.00% due to rounding.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST
SENIOR/SUBORDINATE PASS THROUGH CERTIFICATES, SERIES 1996-1
The defined terms used and not otherwise defined in the attached BankAmerica
Manufactured Housing Contract, Series 1996-1 Computational Materials for Classes
A-1, A-2, A-3, A-4, A-5, A-6, A-7, and B-1 Certificates of such Series 1996-1,
shall have the meanings ascribed to them, as follows:
"CPR" a constant prepayment rate, is utilized to project prepayments, and is the
rate at which, on an annual basis, the outstanding principal balance of
contracts declines due to liquidations, unscheduled principal payments and
repurchases.
"MHP" is known as the Manufactured Housing Prepayment curve and is the
prepayment pricing convention for manufactured housing contracts. The basic
curve is 100% MHP and equates to a ramped CPR which starts at 3.7% CPR in the
first month after origination and rises 0.1% CPR monthly to 6.0% CPR in
month 24, and remains at 6.0% CPR beyond month 24. 170% MHP represents the
factor by which each monthly CPR is multiplied in order to arrive at the monthly
CPR speed for a given pool. For example, the CPR rate in month 1 assuming
170% MHP is 3.7%*170%=6.29% CPR, increasing by 0.17% CPR each month until the
24th month when it reaches 10.2% CPR. The CPR rate in month 1 assuming 200% MHP
is 3.7%*200%=7.40% CPR, increasing by 0.20% CPR each month until the 24th month
when it reaches 12.0% CPR.
"PRICE" are "flat prices" and are quoted as a percentage of par, with fractions
expressed in 32nds.
"AVG LIFE" (Weighted Average Life) refers to the average amount of time from the
date of issuance of a security until each dollar of principal of such security
is expected to be repaid to the investor. The weighted average life of a
Certificate is determined by (i) multiplying the amount of cash distributions
in reduction of the principal balance of such Certificate by the number of
years from the date of issuance of such Certificate to the stated Distribution
Date, (ii) adding the results, and (iii) dividing the sum by the sum of the
principal cash flow (which equals the initial principal balance in a scenario
in the absence of losses) of such certificate.
"EXPECTED FINAL MATURITY" is the maturity date on which an investor is expected
to receive the final distribution of principal.
"MOD DUR" (Modified Duration), is computed by calculating Macaulay Duration
and dividing the result by (1+one half the yield to maturity). Modified Duration
can be used to approximate the price volatility of a bond. For example, for a
100-basis point change in yield, a certificate with a Modified Duration of 6
would theoretically have its price change by approximately 6%. Macaulay Duration
is a measure of the weighted average term-to-maturity of a bond's cash flows.
The weights in this weighted average are the present value of each cash flow
as a percent of all the bond's cash flows (i.e., the weights are the present
value of each cash flow as a percent of the bond's price).
"WAM" (Weighted Average Maturity) is calculated as a weighted average of the
remaining term to maturity of a pool's underlying manufactured home contracts,
using the balance of each manufactured home contract as the weighting factor.
"WINDOW MNTHS" is the range, in months, during which the security is expected to
receive principal distributions.
"*" in the decrement tables represents a pool factor which is less than 0.5 but
greater than 0.
"EXCESS INTEREST" is the amount of interest collected on nondefaulted contracts
during a collection period which exceeds the interest distribution due to the
holders of the Certificates and the Monthly Servicing Fee for the related
distribution date.
"FACTOR" is the fraction of principal outstanding as of the closing date.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
PERCENT OF THE INITIAL CLASS A-1 CERTIFICATE BALANCE AT THE
RESPECTIVE PERCENTAGES OF THE PREPAYMENT MODEL
(ASSUMING TERMINATION PURSUANT TO A TERMINATION AUCTION)
<TABLE>
<CAPTION>
PREPAYMENTS (% OF PREPAYMENT MODEL)
------------------------------------------------------
DATE 0% 100% 150% 170% 200% 250% 300%
- ------------------------------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage............ 100 100 100 100 100 100 100
May 10, 1996.................. 100 100 100 100 100 100 100
May 10, 1997.................. 91 68 56 52 45 33 22
May 10, 1998.................. 80 31 7 0 0 0 0
May 10, 1999.................. 69 0 0 0 0 0 0
May 10, 2000.................. 56 0 0 0 0 0 0
May 10, 2001.................. 42 0 0 0 0 0 0
May 10, 2002.................. 26 0 0 0 0 0 0
May 10, 2003.................. 8 0 0 0 0 0 0
May 10, 2004.................. 0 0 0 0 0 0 0
Weighted Average Life
(years)...................... 4.1888 1.4587 1.0978 1.0000 0.8816 0.7357 0.6288
</TABLE>
PERCENT OF THE INITIAL CLASS A-2 CERTIFICATE BALANCE AT THE
RESPECTIVE PERCENTAGES OF THE PREPAYMENT MODEL (1)
(ASSUMING TERMINATION PURSUANT TO A TERMINATION AUCTION)
<TABLE>
<CAPTION>
PREPAYMENTS (% OF PREPAYMENT MODEL)
-----------------------------------------------------
DATE 0% 100% 150% 170% 200% 250% 300%
- ------------------------------ ------ ------ ------ ----- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage............ 100 100 100 100 100 100 100
May 10, 1996.................. 100 100 100 100 100 100 100
May 10, 1997.................. 100 100 100 100 100 100 100
May 10, 1998.................. 100 100 100 98 85 63 42
May 10, 1999.................. 100 95 62 50 31 2 0
May 10, 2000.................. 100 62 21 6 0 0 0
May 10, 2001.................. 100 31 0 0 0 0 0
May 10, 2002.................. 100 9 0 0 0 0 0
May 10, 2003.................. 100 0 0 0 0 0 0
May 10, 2004.................. 89 0 0 0 0 0 0
May 10, 2005.................. 71 0 0 0 0 0 0
May 10, 2006.................. 54 0 0 0 0 0 0
May 10, 2007.................. 34 0 0 0 0 0 0
May 10, 2008.................. 18 0 0 0 0 0 0
May 10, 2009.................. * 0 0 0 0 0 0
May 10, 2010.................. 0 0 0 0 0 0 0
Weighted Average Life
(years)...................... 10.1730 4.4379 3.3208 3.0000 2.6392 2.2009 1.8896
</TABLE>
- ------------------------
(1) Any entry with an asterisk (*) is equal to 0 due to rounding to the nearest
1%.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
PERCENT OF THE INITIAL CLASS A-3 CERTIFICATE BALANCE AT THE
RESPECTIVE PERCENTAGES OF THE PREPAYMENT MODEL
(ASSUMING TERMINATION PURSUANT TO A TERMINATION AUCTION)
<TABLE>
<CAPTION>
PREPAYMENTS (% OF PREPAYMENT MODEL)
-----------------------------------------------------
DATE 0% 100% 150% 170% 200% 250% 300%
- ------------------------------ ------ ------ ------ ----- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage............ 100 100 100 100 100 100 100
May 10, 1996.................. 100 100 100 100 100 100 100
May 10, 1997.................. 100 100 100 100 100 100 100
May 10, 1998.................. 100 100 100 100 100 100 100
May 10, 1999.................. 100 100 100 100 100 100 41
May 10, 2000.................. 100 100 100 100 63 0 0
May 10, 2001.................. 100 100 87 50 0 0 0
May 10, 2002.................. 100 100 30 0 0 0 0
May 10, 2003.................. 100 71 0 0 0 0 0
May 10, 2004.................. 100 24 0 0 0 0 0
May 10, 2005.................. 100 0 0 0 0 0 0
May 10, 2006.................. 100 0 0 0 0 0 0
May 10, 2007.................. 100 0 0 0 0 0 0
May 10, 2008.................. 100 0 0 0 0 0 0
May 10, 2009.................. 100 0 0 0 0 0 0
May 10, 2010.................. 55 0 0 0 0 0 0
May 10, 2011.................. 17 0 0 0 0 0 0
May 10, 2012.................. 0 0 0 0 0 0 0
Weighted Average Life
(years)...................... 14.1546 7.4360 5.6387 5.0000 4.2214 3.4249 2.9245
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
PERCENT OF THE INITIAL CLASS A-4 CERTIFICATE BALANCE AT THE
RESPECTIVE PERCENTAGES OF THE PREPAYMENT MODEL
(ASSUMING TERMINATION PURSUANT TO A TERMINATION AUCTION)
<TABLE>
<CAPTION>
PREPAYMENTS (% OF PREPAYMENT MODEL)
-----------------------------------------------------
DATE 0% 100% 150% 170% 200% 250% 300%
- ------------------------------ ------ ------ ------ ----- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage............ 100 100 100 100 100 100 100
May 10, 1996.................. 100 100 100 100 100 100 100
May 10, 1997.................. 100 100 100 100 100 100 100
May 10, 1998.................. 100 100 100 100 100 100 100
May 10, 1999.................. 100 100 100 100 100 100 100
May 10, 2000.................. 100 100 100 100 100 87 26
May 10, 2001.................. 100 100 100 100 99 32 0
May 10, 2002.................. 100 100 100 94 50 0 0
May 10, 2003.................. 100 100 81 50 7 0 0
May 10, 2004.................. 100 100 40 10 0 0 0
May 10, 2005.................. 100 85 6 0 0 0 0
May 10, 2006.................. 100 53 0 0 0 0 0
May 10, 2007.................. 100 21 0 0 0 0 0
May 10, 2008.................. 100 0 0 0 0 0 0
May 10, 2009.................. 100 0 0 0 0 0 0
May 10, 2010.................. 100 0 0 0 0 0 0
May 10, 2011.................. 100 0 0 0 0 0 0
May 10, 2012.................. 85 0 0 0 0 0 0
May 10, 2013.................. 52 0 0 0 0 0 0
May 10, 2014.................. 15 0 0 0 0 0 0
May 10, 2015.................. 0 0 0 0 0 0 0
Weighted Average Life
(years)...................... 17.0046 10.0880 7.7800 7.0000 6.0030 4.6681 3.7785
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
PERCENT OF THE INITIAL CLASS A-5 CERTIFICATE BALANCE AT THE
RESPECTIVE PERCENTAGES OF THE PREPAYMENT MODEL (1)
(ASSUMING TERMINATION PURSUANT TO A TERMINATION AUCTION)
<TABLE>
<CAPTION>
PREPAYMENTS (% OF PREPAYMENT MODEL)
-----------------------------------------------------
DATE 0% 100% 150% 170% 200% 250% 300%
- ------------------------------ ------ ------ ------ ----- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage............ 100 100 100 100 100 100 100
May 10, 1996.................. 100 100 100 100 100 100 100
May 10, 1997.................. 100 100 100 100 100 100 100
May 10, 1998.................. 100 100 100 100 100 100 100
May 10, 1999.................. 100 100 100 100 100 100 100
May 10, 2000.................. 100 100 100 100 100 100 100
May 10, 2001.................. 100 100 100 100 100 100 78
May 10, 2002.................. 100 100 100 100 100 88 42
May 10, 2003.................. 100 100 100 100 100 54 13
May 10, 2004.................. 100 100 100 100 73 26 0
May 10, 2005.................. 100 100 100 80 47 4 0
May 10, 2006.................. 100 100 78 55 24 0 0
May 10, 2007.................. 100 100 54 32 4 0 0
May 10, 2008.................. 100 92 32 12 0 0 0
May 10, 2009.................. 100 68 12 0 0 0 0
May 10, 2010.................. 100 44 0 0 0 0 0
May 10, 2011.................. 100 24 0 0 0 0 0
May 10, 2012.................. 100 7 0 0 0 0 0
May 10, 2013.................. 100 0 0 0 0 0 0
May 10, 2014.................. 100 0 0 0 0 0 0
May 10, 2015.................. 78 0 0 0 0 0 0
May 10, 2016.................. 48 0 0 0 0 0 0
May 10, 2017.................. 34 0 0 0 0 0 0
May 10, 2018.................. 18 0 0 0 0 0 0
May 10, 2019.................. * 0 0 0 0 0 0
May 10, 2020.................. 0 0 0 0 0 0 0
Weighted Average Life
(years)...................... 20.2916 13.8294 11.2388 10.2637 8.9665 7.2124 5.8240
</TABLE>
- ------------------------
(1) Any entry with an asterisk (*) is equal to 0 due to rounding to the nearest
1%.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
PERCENT OF THE INITIAL CLASS A-6 CERTIFICATE BALANCE AT THE
RESPECTIVE PERCENTAGES OF THE PREPAYMENT MODEL
(ASSUMING TERMINATION PURSUANT TO A TERMINATION AUCTION)
<TABLE>
<CAPTION>
PREPAYMENTS (% OF PREPAYMENT MODEL)
-----------------------------------------------------
DATE 0% 100% 150% 170% 200% 250% 300%
- ------------------------------ ------ ------ ------ ----- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage............ 100 100 100 100 100 100 100
May 10, 1996.................. 100 100 100 100 100 100 100
May 10, 1997.................. 100 100 100 100 100 100 100
May 10, 1998.................. 100 100 100 100 100 100 100
May 10, 1999.................. 100 100 100 100 100 100 100
May 10, 2000.................. 100 100 100 100 100 100 100
May 10, 2001.................. 100 100 100 100 100 100 100
May 10, 2002.................. 100 100 100 100 100 100 100
May 10, 2003.................. 100 100 100 100 100 100 100
May 10, 2004.................. 100 100 100 100 100 100 89
May 10, 2005.................. 100 100 100 100 100 100 70
May 10, 2006.................. 100 100 100 100 100 84 54
May 10, 2007.................. 100 100 100 100 100 67 0
May 10, 2008.................. 100 100 100 100 86 54 0
May 10, 2009.................. 100 100 100 93 70 0 0
May 10, 2010.................. 100 100 93 76 0 0 0
May 10, 2011.................. 100 100 77 62 0 0 0
May 10, 2012.................. 100 100 64 0 0 0 0
May 10, 2013.................. 100 91 0 0 0 0 0
May 10, 2014.................. 100 74 0 0 0 0 0
May 10, 2015.................. 100 0 0 0 0 0 0
May 10, 2016.................. 100 0 0 0 0 0 0
May 10, 2017.................. 100 0 0 0 0 0 0
May 10, 2018.................. 100 0 0 0 0 0 0
May 10, 2019.................. 100 0 0 0 0 0 0
May 10, 2020.................. 79 0 0 0 0 0 0
May 10, 2021.................. 0 0 0 0 0 0 0
Weighted Average Life
(years)...................... 24.4921 18.3136 15.6471 14.6276 13.2619 11.3000 9.6044
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
PERCENT OF THE INITIAL CLASS A-7 CERTIFICATE BALANCE AT THE
RESPECTIVE PERCENTAGES OF THE PREPAYMENT MODEL
(ASSUMING TERMINATION PURSUANT TO A TERMINATION AUCTION)
<TABLE>
<CAPTION>
PREPAYMENTS (% OF PREPAYMENT MODEL)
-----------------------------------------------------
DATE 0% 100% 150% 170% 200% 250% 300%
- ------------------------------ ------ ------ ------ ----- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage............ 100 100 100 100 100 100 100
May 10, 1996.................. 100 100 100 100 100 100 100
May 10, 1997.................. 100 100 100 100 100 100 100
May 10, 1998.................. 100 100 100 100 100 100 100
May 10, 1999.................. 100 100 100 100 100 100 100
May 10, 2000.................. 100 100 100 100 100 100 100
May 10, 2001.................. 100 99 88 87 85 82 79
May 10, 2002.................. 100 90 77 75 72 68 63
May 10, 2003.................. 100 81 68 65 61 55 49
May 10, 2004.................. 100 73 59 55 51 45 39
May 10, 2005.................. 100 65 51 48 43 36 30
May 10, 2006.................. 100 58 44 41 36 29 24
May 10, 2007.................. 100 52 38 34 30 23 0
May 10, 2008.................. 94 45 32 29 25 19 0
May 10, 2009.................. 87 39 27 24 20 0 0
May 10, 2010.................. 78 33 22 19 0 0 0
May 10, 2011.................. 71 29 18 16 0 0 0
May 10, 2012.................. 65 25 15 0 0 0 0
May 10, 2013.................. 58 21 0 0 0 0 0
May 10, 2014.................. 50 17 0 0 0 0 0
May 10, 2015.................. 42 0 0 0 0 0 0
May 10, 2016.................. 35 0 0 0 0 0 0
May 10, 2017.................. 31 0 0 0 0 0 0
May 10, 2018.................. 27 0 0 0 0 0 0
May 10, 2019.................. 23 0 0 0 0 0 0
May 10, 2020.................. 18 0 0 0 0 0 0
May 10, 2021.................. 0 0 0 0 0 0 0
Weighted Average Life
(years)...................... 18.3262 11.7886 9.8254 9.3660 8.7683 7.9574 7.2963
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
PERCENT OF THE INITIAL CLASS B-1 CERTIFICATE BALANCE AT THE
RESPECTIVE PERCENTAGES OF THE PREPAYMENT MODEL (1)
(ASSUMING TERMINATION PURSUANT TO A TERMINATION AUCTION)
<TABLE>
<CAPTION>
PREPAYMENTS (% OF PREPAYMENT MODEL)
-----------------------------------------------------
DATE 0% 100% 150% 170% 200% 250% 300%
- ------------------------------ ------ ------ ------ ----- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage............ 100 100 100 100 100 100 100
May 10, 1996.................. 100 100 100 100 100 100 100
May 10, 1997.................. 100 100 100 100 100 100 100
May 10, 1998.................. 100 100 100 100 100 100 100
May 10, 1999.................. 100 100 100 100 100 100 100
May 10, 2000.................. 100 100 100 100 100 100 100
May 10, 2001.................. 100 99 82 80 77 72 68
May 10, 2002.................. 100 84 65 62 57 49 42
May 10, 2003.................. 100 70 49 45 39 30 21
May 10, 2004.................. 100 57 35 31 24 13 4
May 10, 2005.................. 100 46 23 18 11 * 0
May 10, 2006.................. 100 35 13 7 * 0 0
May 10, 2007.................. 100 25 3 0 0 0 0
May 10, 2008.................. 90 15 0 0 0 0 0
May 10, 2009.................. 79 5 0 0 0 0 0
May 10, 2010.................. 66 0 0 0 0 0 0
May 10, 2011.................. 55 0 0 0 0 0 0
May 10, 2012.................. 45 0 0 0 0 0 0
May 10, 2013.................. 35 0 0 0 0 0 0
May 10, 2014.................. 23 0 0 0 0 0 0
May 10, 2015.................. 9 0 0 0 0 0 0
May 10, 2016.................. 0 0 0 0 0 0 0
Weighted Average Life
(years)...................... 15.5058 8.8367 7.1666 6.8945 6.5552 6.1236 5.8057
</TABLE>
- ------------------------
(1) Any entry with an asterisk (*) is equal to 0 due to rounding to the nearest
1%.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. BA Securities, Inc. and/or affiliates may
have positions in, and affect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers
of such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by BA Securities, Inc. We recommend that investors obtain
the advice of their BA Securities, Inc. representative about the investment
concerned. BA Securities, Inc. is an affiliate of BankAmerica Housing
Services, Bank of America, FSB and Bank of America National Trust and Savings
Association.
<PAGE>
Exhibit 99.2
$239,940,000 (Approximate)
BankAmerica Manufactured Housing Contract Trust
Senior/Subordinate Pass-Through Certificates, Series 1996-1
Bank of America National Trust and Savings Association
BankAmerica Housing Services, an unincorporated division of Bank of America, FSB
Sellers
BankAmerica Housing Services, an unincorporated division of Bank of America, FSB
Servicer
<TABLE>
<CAPTION>
<S> <C> <C> <C>
$49,272,000 (Approximate) [ ]% A-1
$50,310,000 (Approximate) [ ]% A-2
$21,817,000 (Approximate) [ ]% A-3
$25,120,000 (Approximate) [ ]% A-4
$29,396,000 (Approximate) [ ]% A-5
$27,351,000 (Approximate) [ ]% A-6
$21,134,000 (Approximate) [ ]% A-7
$15,540,000 (Approximate) [ ]% B-1
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by BankAmerica Housing Services, an unincorporated division
of Bank of America, FSB, with respect to the expected characteristics of the
pool of manufactured housing contracts in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the manufactured housing contracts will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that manufactured
housing contracts will prepay at a constant rate or following a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER, OR SOLICITATION OF AN OFFER, TO
BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND
PROSPECTUS SUPPLEMENT PREPARED BY THE SELLERS WHICH WOULD CONTAIN MATERIAL
INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS
SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY
OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE
SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY
CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering,
these materials, including any description of the manufactured housing contracts
contained herein, shall be deemed superseded in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd.
We recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
FOR PURPOSES OF THE COMPUTATIONAL MATERIALS, THE CUT-OFF DATE IS ASSUMED AND
DEEMED TO BE MAY 1, 1996, AND ALL INFORMATION CONTAINED HEREIN IS BASED ON SUCH
ASSUMPTION. HOWEVER, THE CERTIFICATES ARE EXPECTED TO BE ISSUED IN JUNE 1996.
THE ACTUAL CUT-OFF DATE FOR THE CREATION OF THE CONTRACT POOL WILL BE JUNE 1,
1996 AND THE CONTRACT POOL CONVEYED TO THE TRUST FUND WILL REFLECT THE CONTRACT
POOL ACTIVITY IN MAY 1996. THE FINAL PROSPECTUS SUPPLEMENT WILL CONTAIN
INFORMATION REGARDING THE CONTRACT POOL AS OF JUNE 1, 1996.
<PAGE>
$239,940,000 (APPROXIMATE)
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 1996-1
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
BANKAMERICA HOUSING SERVICES, AN UNINCORPORATED DIVISION OF BANK OF AMERICA, FSB
SELLERS
BANKAMERICA HOUSING SERVICES, AN UNINCORPORATED DIVISION OF BANK OF AMERICA, FSB
SERVICER
TRANSACTION HIGHLIGHTS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Scheduled Payment Expected Final
Average Life Modified Duration Window assuming Maturity assuming
assuming 10% assuming 10% 10% 10% Termination
Class Ratings Termination Auction Termination Auction Termination Auction Auction
Class Size (Moody's/Fitch) (170% MHP) (170% MHP) (170% MHP) (170% MHP)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 $49,272,000 Aaa/AAA 1.00 0.93 6/96-5/98 - 24 mos. 5/98
A-2 $50,310,000 Aaa/AAA 3.00 2.62 5/98-8/00 - 28 mos. 8/00
A-3 $21,817,000 Aaa/AAA 5.00 4.07 8/00-4/02 - 21 mos. 4/02
A-4 $25,120,000 Aaa/AAA 7.00 5.28 4/02-9/04 - 30 mos. 9/04
A-5 $29,396,000 Aaa/AAA 10.26 6.86 9/04-1/09 - 53 mos. 1/09
A-6 $27,351,000 Aaa/AAA 14.63 8.25 1/09-8/11 - 32 mos. 8/11
A-7 $21,134,000 Aa3/AA- 9.37 6.11 6/00-8/11 - 35 mos. 8/11
B-1 $15,540,000 Baa2/BBB 6.89 5.03 6/00-3/07 - 82 mos. 3/07
- ------------------------------------------------------------------------------------------------------------------------
<S> <C>
Sellers Bank of America National Trust and Savings Association
BankAmerica Housing Services, an unincorporated division of Bank of America, FSB
Servicer BankAmerica Housing Services, an unincorporated division of Bank of America, FSB
Trustee The First National Bank of Chicago
Pricing Prepayment Speed 170% MHP (equates to 10.2% CPR after 24-month ramp-up period).
Pricing Priced to 10% Termination Auction date.
Distribution Dates The 10th of each month, or if such day is not a business day, the next succeeding business day.
Day Counts Basis 30/360 interest accrual.
Legal Final Maturity October 2026
Termination Auction Fourth Distribution Date after Distribution Date when outstanding pool balance is less than 10%
of the original pool balance.
Credit Enhancement Aaa/AAA Classes: Class A-1/A-2/A-3/A-4/A-5/A-6: 18.25% subordination.
Aa3/AA- Class A-7: 9.75% subordination
Baa2/BBB Class B-1: 3.5% subordination
All classes of certificates will have the benefit of a reserve account which shall have an initial
balance of zero on the closing date. The reserve account will be funded with excess interest, if any,
up to $1,243,218 or 0.50% of the original pool balance beginning on the earlier of the distribution
date in June 2006 (approximately 10 years from the closing date) or when the outstanding pool balance
represents 2.5% or less of the original pool balance. The balance in the reserve account will never
exceed the outstanding B-2 balance once the publicly offered certificates are paid in full.
Trust Tax Status REMIC.
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future concerns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Morgan Stanley & Co. Incorporated, Morgan
Stanley & Co. International Limited, Morgan Stanley Japan LTD and/or their
affiliates may have positions on, and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request. To Our Readers Worldwide: In addition
please note that this publication has been issued by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of The Securities and Futures Authority and Morgan Stanley Japan, Ltd.
We recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan, Ltd. representative about the
investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE UK SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST 1996-1 POOL ASSETS DESCRIPTION
<TABLE>
<S> <C>
Pool Assets Conventional fixed rate actuarial manufactured housing installment sales contracts and
installment loan agreements secured by manufactured homes (the "Contracts").
Aggregate Cut-off Date $248,643,516
Pool Principal Balance
Number of Contracts 9,168
Cut-off Date FOR PURPOSES OF THE COMPUTATIONAL MATERIALS, THE CUT-OFF DATE IS ASSUMED AND DEEMED TO BE
MAY 1, 1996, AND ALL INFORMATION CONTAINED HEREIN IS BASED ON SUCH ASSUMPTION. HOWEVER, THE
CERTIFICATES ARE EXPECTED TO BE ISSUED IN JUNE 1996. THE ACTUAL CUT-OFF DATE FOR THE CREATION
OF THE CONTRACT POOL WILL BE JUNE 1, 1996 AND THE CONTRACT POOL CONVEYED TO THE TRUST FUND
WILL REFLECT THE CONTRACT POOL ACTIVITY IN MAY 1996. THE FINAL PROSPECTUS SUPPLEMENT WILL
CONTAIN INFORMATION REGARDING THE CONTRACT POOL AS OF JUNE 1, 1996.
Average Outstanding Balance $27,121 (Range: $859 to $73,593)
(As of Cut-Off Date)
Weighted Average LTV Ratio 90.24% as of Cut-Off Date (Range at origination: 21% to 95%)
New/Used Breakdown 84%/16%
(As of Cut-Off Date)
Weighted Average Coupon 10.63% (Range: 10% to 12.50%)
(As of Cut-Off Date)
Weighted Average Original
Maturity 260 months (Range: 18 months to 360 months)
(As of Cut-Off Date)
Weighted Average Remaining
Maturity 256 months (Range: 5 months to 360 months)
(As of Cut-Off Date)
Weighted Average Seasoning 4 months
(As of Cut-Off Date)
Geographic Distribution NC(6.95%), GA(6.74%), SC (5.58%), SC (5.58%), TX(5.40%), FL(5.22%), AZ(5.16%)
(By outstanding principal with each of the remaining states under 5.0% (No CA or AL loans)
balance as of Cut-off Date)
Origination Dates Each contract was originated between November 1, 1995 and March 31, 1996
(As of Cut-Off Date)
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future concerns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Morgan Stanley & Co. Incorporated, Morgan
Stanley & Co. International Limited, Morgan Stanley Japan LTD and/or their
affiliates may have positions on, and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request. To Our Readers Worldwide: In addition
please note that this publication has been issued by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of The Securities and Futures Authority and Morgan Stanley Japan, Ltd.
We recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan, Ltd. representative about the
investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE UK SECURITIES AND FUTURES AUTHORITY.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES AS OF ORIGINATION
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
NUMBER OF AGGREGATE PRINCIPAL PRINCIPAL BALANCE
CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
STATE AS OF CUT-OFF DATE AS OF CUT-OFF DATE (1)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
Arizona......................................... 423 $ 12,831,619.84 5.16%
Arkansas........................................ 294 7,787,297.27 3.13
Colorado........................................ 147 4,165,263.64 1.68
Delaware........................................ 35 911,499.51 0.37
District of Columbia............................ 1 33,130.78 0.01
Florida......................................... 480 12,987,071.96 5.22
Georgia......................................... 555 16,768,432.05 6.74
Idaho........................................... 50 1,470,023.30 0.59
Illinois........................................ 95 2,358,956.76 0.95
Indiana......................................... 278 7,574,949.58 3.05
Iowa............................................ 92 2,203,507.17 0.89
Kansas.......................................... 72 1,881,117.98 0.76
Kentucky........................................ 455 11,546,529.01 4.64
Louisiana....................................... 396 11,412,244.43 4.59
Maine........................................... 52 1,532,346.87 0.62
Maryland........................................ 56 1,683,466.53 0.68
Michigan........................................ 337 9,611,139.09 3.87
Minnesota....................................... 85 2,080,403.63 0.84
Mississippi..................................... 214 5,531,084.70 2.22
Missouri........................................ 403 10,422,144.80 4.19
Montana......................................... 65 1,898,061.06 0.76
Nebraska........................................ 65 1,634,342.45 0.66
Nevada.......................................... 72 2,084,481.77 0.84
New Hampshire................................... 7 217,085.78 0.09
New Jersey...................................... 6 209,741.61 0.08
New Mexico...................................... 196 5,779,332.33 2.32
New York........................................ 235 6,064,574.09 2.44
North Carolina.................................. 706 17,285,452.98 6.95
North Dakota.................................... 23 574,848.09 0.23
Ohio............................................ 353 8,748,156.08 3.52
Oklahoma........................................ 134 3,629,478.77 1.46
Oregon.......................................... 199 6,643,537.93 2.67
Pennsylvania.................................... 342 9,000,759.87 3.62
Rhode Island.................................... 1 28,036.73 0.01
South Carolina.................................. 460 13,877,437.57 5.58
South Dakota.................................... 34 1,002,241.20 0.40
Tennessee....................................... 469 12,207,237.34 4.91
Texas........................................... 544 13,418,777.48 5.40
Utah............................................ 46 1,801,201.63 0.72
Vermont......................................... 17 516,566.43 0.21
Virginia........................................ 173 4,212,838.18 1.69
Washington...................................... 102 3,479,996.49 1.40
West Virginia................................... 273 6,514,358.29 2.62
Wisconsin....................................... 74 1,775,676.30 0.71
Wyoming......................................... 52 1,247,067.10 0.50
----- -------------------- -------
Totals...................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- ------------------------
(1) Entries may not add to 100.00% due to rounding.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future concerns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Morgan Stanley & Co. Incorporated, Morgan
Stanley & Co. International Limited, Morgan Stanley Japan LTD and/or their
affiliates may have positions on, and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request. To Our Readers Worldwide: In addition
please note that this publication has been issued by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of The Securities and Futures Authority and Morgan Stanley Japan, Ltd.
We recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan, Ltd. representative about the
investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE UK SECURITIES AND FUTURES AUTHORITY.
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
AGGREGATE PRINCIPAL PRINCIPAL BALANCE
NUMBER OF CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
LOAN-TO-VALUE RATIO (1) AS OF CUT-OFF DATE AS OF CUT-OFF DATE (2)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
Less than or equal to 50%....................... 69 $ 842,670.36 0.34%
51-60%.......................................... 81 1,291,702.74 0.52
61-70%.......................................... 170 3,131,893.28 1.26
71-80%.......................................... 645 12,742,692.40 5.12
81-85%.......................................... 800 18,166,971.19 7.31
86-90%.......................................... 3,770 93,702,780.32 37.69
91-95%.......................................... 3,633 118,764,806.16 47.77
----- -------------------- -------
Totals...................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- --------------------------
(1) Rounded to the nearest 1%. The definition of "Value" is set forth under "The
Contract Pool" above. Manufactured Homes, unlike site-built homes, generally
depreciate in value, and it should generally be expected, especially with
Contracts with high loan-to-value ratios at origination, that at any time
after the origination of a Contract, the market value of the Manufactured
Home securing such Contract may be lower than the outstanding principal
balance of such Contract.
(2) Entries may not add to 100.00% due to rounding.
DISTRIBUTION OF CONTRACT RATES
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
AGGREGATE PRINCIPAL PRINCIPAL BALANCE
NUMBER OF CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
CONTRACT RATE AS OF CUT-OFF DATE AS OF CUT-OFF DATE (1)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
10.00........................................... 768 $ 24,901,051.33 10.01%
10.25........................................... 2,051 68,605,524.84 27.59
10.50........................................... 1,726 51,378,253.44 20.66
10.75........................................... 1,672 46,882,717.16 18.86
11.00........................................... 785 18,079,993.45 7.27
11.25........................................... 893 16,351,896.69 6.58
11.50........................................... 514 9,524,318.06 3.83
11.75........................................... 287 6,434,302.49 2.59
12.00........................................... 187 2,654,220.38 1.07
12.25........................................... 206 2,883,940.14 1.16
12.50........................................... 79 947,298.47 0.38
----- -------------------- -------
Totals...................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- ------------------------
(1) Entries may not add to 100.00% due to rounding.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future concerns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Morgan Stanley & Co. Incorporated, Morgan
Stanley & Co. International Limited, Morgan Stanley Japan LTD and/or their
affiliates may have positions on, and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request. To Our Readers Worldwide: In addition
please note that this publication has been issued by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of The Securities and Futures Authority and Morgan Stanley Japan, Ltd.
We recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan, Ltd. representative about the
investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE UK SECURITIES AND FUTURES AUTHORITY.
<PAGE>
YEARS OF ORIGINATION OF CONTRACTS
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
AGGREGATE PRINCIPAL PRINCIPAL BALANCE
NUMBER OF CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
YEAR OF ORIGINATION AS OF CUT-OFF DATE AS OF CUT-OFF DATE (1)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
1995............................................ 4,135 $ 118,375,450.45 47.61%
1996............................................ 5,033 130,268,066.00 52.39
----- -------------------- -------
Total....................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- ------------------------
(1) Entries may not add to 100.00% due to rounding.
DISTRIBUTION OF ORIGINAL PRINCIPAL BALANCES OF CONTRACTS
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
AGGREGATE PRINCIPAL PRINCIPAL BALANCE
NUMBER OF CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
ORIGINAL PRINCIPAL BALANCES OF CONTRACTS (1) AS OF CUT-OFF DATE AS OF CUT-OFF DATE (2)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
$0 - 5,000...................................... 13 $ 52,945.87 0.02%
$5,001 - 7,500.................................. 127 784,236.11 0.32
$7,501 - 10,000................................. 332 2,868,285.38 1.15
$10,001 - 12,500................................ 391 4,355,037.13 1.75
$12,501 - 15,000................................ 482 6,551,416.52 2.63
$15,001 - 17,500................................ 429 6,902,612.89 2.78
$17,501 - 20,000................................ 465 8,670,716.54 3.49
$20,001 - 22,500................................ 793 16,767,946.20 6.74
$22,501 - 25,000................................ 945 22,342,720.66 8.99
$25,001 - 27,500................................ 1,051 27,412,713.89 11.02
$27,501 - 30,000................................ 921 26,266,111.47 10.56
$30,001 - 32,500................................ 762 23,679,556.63 9.52
$32,501 - 35,000................................ 562 18,837,364.86 7.58
$35,001 - 40,000................................ 734 27,227,685.92 10.95
$40,001 - 45,000................................ 469 19,801,726.67 7.96
$45,001 - 50,000................................ 317 14,990,523.05 6.03
$50,001 - 55,000................................ 175 9,128,801.11 3.67
$55,001 - 60,000................................ 126 7,198,136.30 2.89
$60,001 - 65,000................................ 37 2,295,484.33 0.92
$65,001 - 70,000................................ 25 1,646,741.26 0.66
$70,001 - 75,000................................ 12 862,753.66 0.35
----- -------------------- -------
Totals...................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- --------------------------
(1) The greatest original Contract principal balance is $73,717, which
represents 0.030% of the outstanding principal balance of the Contracts as
of the Cut-off Date.
(2) Entries may not add to 100.00% due to rounding.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future concerns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Morgan Stanley & Co. Incorporated, Morgan
Stanley & Co. International Limited, Morgan Stanley Japan LTD and/or their
affiliates may have positions on, and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request. To Our Readers Worldwide: In addition
please note that this publication has been issued by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of The Securities and Futures Authority and Morgan Stanley Japan, Ltd.
We recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan, Ltd. representative about the
investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE UK SECURITIES AND FUTURES AUTHORITY.
<PAGE>
REMAINING MONTHS TO MATURITY
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
NUMBER OF AGGREGATE PRINCIPAL PRINCIPAL BALANCE
CONTRACTS AS OF BALANCE OUTSTANDING AS OF CUT-OFF DATE
MONTHS REMAINING AS OF CUT-OFF DATE CUT-OFF DATE AS OF CUT-OFF DATE (1)
- --------------------------------------------------- ----------------- -------------------- ---------------------
<S> <C> <C> <C>
Less than or equal to 30........................... 13 $ 48,275.93 0.02%
Greater than 31 and less than or equal to 60....... 238 2,101,477.52 0.85
Greater than 61 and less than or equal to 90....... 275 2,800,762.01 1.13
Greater than 91 and less than or equal to 120...... 698 10,009,289.18 4.03
Greater than 121 and less than or equal to 150..... 268 4,437,348.60 1.78
Greater than 151 and less than or equal to 180..... 1,770 38,352,122.05 15.42
Greater than 181 and less than or equal to 210..... 11 244,901.02 0.10
Greater than 211 and less than or equal to 240..... 3,132 87,471,905.33 35.18
Greater than 241 and less than or equal to 270..... 5 140,343.91 0.06
Greater than 271 and less than or equal to 300..... 1,295 45,584,983.50 18.33
Greater than 301 and less than or equal to 360..... 1,463 57,452,107.40 23.11
----- -------------------- -------
Totals......................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- --------------------------
(1) Entries may not add to 100.00% due to rounding.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future concerns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Morgan Stanley & Co. Incorporated, Morgan
Stanley & Co. International Limited, Morgan Stanley Japan LTD and/or their
affiliates may have positions on, and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request. To Our Readers Worldwide: In addition
please note that this publication has been issued by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of The Securities and Futures Authority and Morgan Stanley Japan, Ltd.
We recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan, Ltd. representative about the
investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE UK SECURITIES AND FUTURES AUTHORITY.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 1996-1
The defined terms used and not otherwise defined in the attached BankAmerica
Manufactured Housing Contract, Series 1996-1 Computational Materials for Classes
A-1, A-2, A-3, A-4, A-5, A-6, A-7, and B-1 Certificates of such Series 1996-1,
shall have the meanings ascribed to them, as follows:
"CPR" a constant prepayment rate, is utilized to project prepayments, and is the
rate at which, on an annual basis, the outstanding principal balance of
contracts declines due to liquidations, unscheduled principal payments and
repurchases.
"MHP" is known as the Manufactured Housing Prepayment curve and is the
prepayment pricing convention for manufactured housing contracts. The basic
curve is 100% MHP and equates to a ramped CPR which starts at 3.7% CPR in the
first month after origination and rises 0.1% CPR monthly to 6.0% CPR in
month 24, and remains at 6.0% CPR beyond month 24. 170% MHP represents the
factor by which each monthly CPR is multiplied in order to arrive at the monthly
CPR speed for a given pool. For example, the CPR rate in month 1 assuming
170% MHP is 3.7%*170%=6.29% CPR increasing by 0.17% CPR each month until the
24th month when it reaches 10.2% CPR. The CPR rate in month 1 assuming 200% MHP
is 3.7%*200%=7.40% CPR, increasing by 0.20% CPR each month until the 24th month
when it reaches 12.0% CPR.
"Price" are "flat prices" and are quoted as a percentage of par, with fractions
expressed in 32nds.
"AVG LIFE" (Weighted Average Life) refers to the average amount of time from the
date of issuance of a security until each dollar of principal of such security
is expected to be repaid to the investor. The weighted average life of a
Certificate is determined by (i) multiplying the amount of cash distributions
in reduction of the principal balance of such Certificate by the number of
years from the date of issuance of such Certificate to the Stated Distribution
Date, (ii) adding the results, and (iii) dividing the sum by the sum of the
principal cash flow (which equals the initial principal balance in a scenario
in the absence of losses) of such certificate.
"EXPECTED FINAL MATURITY" is the maturity date on which an investor is expected
to receive the final distribution of principal.
"MOD DUR" (Modified Duration), is computed by calculating Macaulay Duration
and dividing the result by (1+one half the yield to maturity). Modified Duration
can be used to approximate the price volatility of a bond. For example, for a
100-basis point change in yield, a certificate with a Modified Duration of 6
would theoretically have its price change by approximately 6%. Macaulay Duration
is a measure of the weighted average term-to-maturity of a bond's cash flows.
The weights in this weighted average are the present value of each cash flow
as a percent of all the bond's cash flows (i.e., the weights are the present
value of each cash flow as a percent of the bond's price).
"WAM" (Weighted Average Maturity) is calculated as a weighted average of the
remaining term to maturity of a pool's underlying manufactured home contracts,
using the balance of each manufactured home contract as the weighting factor.
"WINDOW MNTHS" is the range, in months, during which the security is expected to
receive principal distributions.
"*" in the decrement tables represents a pool factor which is less than 0.5 but
greater than 0.
"EXCESS INTEREST" is the amount of interest collected on nondefaulted contracts
during a collection period which exceeds the interest distribution due to the
holders of the Certificates and the Monthly Servicing Fee for the related
distribution date.
"FACTOR" is the fraction of principal outstanding as of the closing date.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future concerns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Morgan Stanley & Co. Incorporated, Morgan
Stanley & Co. International Limited, Morgan Stanley Japan LTD and/or their
affiliates may have positions on, and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request. To Our Readers Worldwide: In addition
please note that this publication has been issued by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of The Securities and Futures Authority and Morgan Stanley Japan, Ltd.
We recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan, Ltd. representative about the
investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE UK SECURITIES AND FUTURES AUTHORITY.
<PAGE>
Exhibit 99.3
$239,940,000 (APPROXIMATE)
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 1996-1
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
BANKAMERICA HOUSING SERVICES, AN UNINCORPORATED DIVISION OF BANK OF AMERICA, FSB
SELLERS
BANKAMERICA HOUSING SERVICES, AN UNINCORPORATED DIVISION OF BANK OF AMERICA, FSB
SERVICER
<TABLE>
<CAPTION>
<S> <C> <C> <C>
$49,272,000 (Approximate) [ ]% A-1
$50,310,000 (Approximate) [ ]% A-2
$21,817,000 (Approximate) [ ]% A-3
$25,120,000 (Approximate) [ ]% A-4
$29,396,000 (Approximate) [ ]% A-5
$27,351,000 (Approximate) [ ]% A-6
$21,134,000 (Approximate) [ ]% A-7
$15,540,000 (Approximate) [ ]% B-1
</TABLE>
The attached information (the "Computational Materials") is privileged and
confidential and is being provided by Greenwich Capital Markets, Inc. for use by
the addressee only. These Computational Materials have been prepared in
connection with the issuance of the securities described therein which represent
undivided beneficial interests in a certain pool of manufactured housing
contracts (the "Pool"). These Computational Materials are based in part on
information provided by BankAmerica Housing Services, a division of Bank of
America, FSB, with respect to the expected characteristics of the Pool. These
materials may not be provided to any third party other than the addressee's
legal, tax, financial and/or accounting advisors for the purposes of evaluating
said material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be reflected therein. NO ASSURANCE CAN BE GIVEN AND NO
REPRESENTATION IS MADE AS TO THE ACCURACY, APPROPRIATENESS OR COMPLETENESS OF
THESE MATERIALS IN ANY PARTICULAR CONTEXT, NOR AS TO WHETHER THE COMPUTATIONAL
MATERIALS AND/OR THE ASSUMPTIONS UPON WHICH THEY ARE BASED REFLECT PRESENT
MARKET CONDITIONS OR FUTURE MARKET PERFORMANCE. These Computational Materials
should not be construed as either projections or predictions or as legal, tax,
financial or accounting advice.
Any weighted average lives and principal payment periods shown in the
Computational Materials are based on prepayment assumptions, and changes in such
prepayment assumptions may dramatically affect such weighted average lives or
principal payment periods. In addition, it is possible that prepayments on the
underlying assets will occur at rates slower or faster than the rates shown in
the attached Computational Materials. Furthermore, unless otherwise provided,
the Computational Materials assume no losses on the underlying assets and no
interest shortfall. The actual characteristics and performance of the
manufactured housing contracts will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. The principal amount and designation of any security described in
the Computational Materials are subject to change prior to issuance.
Although a registration statement (including the prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not yet been
filed with the Securities and Exchange Commission. These materials do not
constitute an offer to sell or the solicitation of an offer to buy any security
or instrument or to participate in any particular trading strategy, nor shall
there be any sale of the securities discussed in this communication 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.
Prospective purchasers are referred to the final prospectus supplement relating
to the securities discussed in this communication for definitive Computational
Materials and any matter discussed in this communication. In the event of any
such offering, these Computational Materials, including any description of the
manufactured housing contracts contained herein, shall be deemed superseded, in
their entirety, by the final prospectus supplement. A final prospectus and
prospectus supplement may be obtained by contacting the Greenwich Capital
Markets, Inc. Trading Desk at (203) 625-6160.
FOR THE PURPOSES OF THE COMPUTATIONAL MATERIALS, THE CUT-OFF DATE IS ASSUMED AND
DEEMED TO BE MAY 1, 1996, AND ALL INFORMATION CONTAINED HEREIN IS BASED ON SUCH
ASSUMPTION. HOWEVER, THE CERTIFICATES ARE EXPECTED TO BE ISSUED IN JUNE 1996.
THE ACTUAL CUT-OFF DATE FOR THE CREATION OF THE CONTRACT POOL WILL BE JUNE 1,
1996, AND THE CONTRACT POOL CONVEYED TO THE TRUST FUND WILL REFLECT THE CONTRACT
POOL ACTIVITY IN MAY 1996. THE FINAL PROSPECTUS SUPPLEMENT WILL CONTAIN
INFORMATION REGRADING THE CONTRACT POOL AS OF JUNE 1, 1996.
Please be advised that asset-backed securities may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risks.
Investors should make every effort to consider the risks of these securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
<PAGE>
$239,940,000 (APPROXIMATE)
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 1996-1
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
BANKAMERICA HOUSING SERVICES, AN UNINCORPORATED DIVISION OF BANK OF AMERICA, FSB
SELLERS
BANKAMERICA HOUSING SERVICES, AN UNINCORPORATED DIVISION OF BANK OF AMERICA, FSB
SERVICER
TRANSACTION HIGHLIGHTS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Scheduled Payment Expected Final
Average Life Modified Duration Window assuming Maturity assuming
assuming 10% assuming 10% 10% 10% Termination
Class Ratings Termination Auction Termination Auction Termination Auction Auction
Class Size (Moody's/Fitch) (170% MHP) (170% MHP) (170% MHP) (170% MHP)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 $49,272,000 Aaa/AAA 1.00 0.93 6/96-5/98 - 24 mos. 5/98
A-2 $50,310,000 Aaa/AAA 3.00 2.62 5/98-8/00 - 28 mos. 8/00
A-3 $21,817,000 Aaa/AAA 5.00 4.07 8/00-4/02 - 21 mos. 4/02
A-4 $25,120,000 Aaa/AAA 7.00 5.28 4/02-9/04 - 30 mos. 9/04
A-5 $29,396,000 Aaa/AAA 10.26 6.86 9/04-1/09 - 53 mos. 1/09
A-6 $27,351,000 Aaa/AAA 14.63 8.25 1/09-8/11 - 32 mos. 8/11
A-7 $21,134,000 Aa3/AA- 9.37 6.11 6/00-8/11 - 35 mos. 8/11
B-1 $15,540,000 Baa2/BBB 6.89 5.03 6/00-3/07 - 82 mos. 3/07
- ------------------------------------------------------------------------------------------------------------------------
<S> <C>
Sellers Bank of America National Trust and Savings Association
BankAmerica Housing Services, an unincorporated division of Bank of America, FSB
Servicer BankAmerica Housing Services, an unincorporated division of Bank of America, FSB
Trustee The First National Bank of Chicago
Pricing Prepayment Speed 170% MHP (equates to 10.2% CPR after 24-month ramp-up period).
Pricing Priced to 10% Termination Auction date.
Distribution Dates The 10th of each month, or if such day is not a business day, the next succeeding business day.
Day Counts Basis 30/360 interest accrual.
Legal Final Maturity October 2026
Termination Auction Fourth Distribution Date after Distribution Date when outstanding pool balance is less than 10%
of the original pool balance.
Credit Enhancement Aaa/AAA Classes: Class A-1/A-2/A-3/A-4/A-5/A-6: 18.25% subordination.
Aa3/AA- Class A-7: 9.75% subordination
Baa2/BBB Class B-1: 3.5% subordination
All classes of certificates will have the benefit of a reserve account which shall have an initial
balance of zero on the closing date. The reserve account will be funded with excess interest, if any,
up to $1,243,218 or 0.50% of the original pool balance beginning on the earlier of the distribution
date in June 2006 (approximately 10 years from the closing date) or when the outstanding pool balance
represents 2.5% or less of the original pool balance. The balance in the reserve account will never
exceed the outstanding B-2 balance once the publicly offered certificates are paid in full.
Trust Tax Status REMIC.
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Greenwich Capital markets, Inc. and/or its
affiliates may have positions in , and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request by calling the Greenwich Capital
Markets, Inc. Trading Desk at (203) 625-6160.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST 1996-1 POOL ASSETS DESCRIPTION
<TABLE>
<S> <C>
Pool Assets Conventional fixed rate actuarial manufactured housing installment sales contracts and
installment loan agreements secured by manufactured homes (the "Contracts").
Aggregate Cut-off Date $248,643,516
Pool Principal Balance
Number of Contracts 9,168
Cut-off Date FOR PURPOSES OF THE COMPUTATIONAL MATERIALS, THE CUT-OFF DATE IS ASSUMED AND DEEMED TO BE
MAY 1, 1996, AND ALL INFORMATION CONTAINED HEREIN IS BASED ON SUCH ASSUMPTION. HOWEVER, THE
CERTIFICATES ARE EXPECTED TO BE ISSUED IN JUNE 1996. THE ACTUAL CUT-OFF DATE FOR THE CREATION
OF THE CONTRACT POOL WILL BE JUNE 1, 1996 AND THE CONTRACT POOL CONVEYED TO THE TRUST FUND
WILL REFLECT THE CONTRACT POOL ACTIVITY IN MAY 1996. THE FINAL PROSPECTUS SUPPLEMENT WILL
CONTAIN INFORMATION REGARDING THE CONTRACT POOL AS OF JUNE 1, 1996.
Average Outstanding Balance $27,121 (Range: $859 to $73,593)
(As of Cut-Off Date)
Weighted Average LTV Ratio 90.24% as of Cut-Off Date (Range at origination: 21% to 95%)
New/Used Breakdown 84%/16%
(As of Cut-Off Date)
Weighted Average Coupon 10.63% (Range: 10% to 12.50%)
(As of Cut-Off Date)
Weighted Average Original
Maturity 260 months (Range: 18 months to 360 months)
(As of Cut-Off Date)
Weighted Average Remaining
Maturity 256 months (Range: 5 months to 360 months)
(As of Cut-Off Date)
Weighted Average Seasoning 4 months
(As of Cut-Off Date)
Geographic Distribution NC(6.95%), GA(6.74%), SC (5.58%), SC (5.58%), TX(5.40%), FL(5.22%), AZ(5.16%)
(By outstanding principal with each of the remaining states under 5.0% (No CA or AL loans)
balance as of Cut-off Date)
Origination Dates Each contract was originated between November 1, 1995 and March 31, 1996
(As of Cut-Off Date)
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Greenwich Capital markets, Inc. and/or its
affiliates may have positions in , and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request by calling the Greenwich Capital
Markets, Inc. Trading Desk at (203) 625-6160.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES AS OF ORIGINATION
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
NUMBER OF AGGREGATE PRINCIPAL PRINCIPAL BALANCE
CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
STATE AS OF CUT-OFF DATE AS OF CUT-OFF DATE (1)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
Arizona......................................... 423 $ 12,831,619.84 5.16%
Arkansas........................................ 294 7,787,297.27 3.13
Colorado........................................ 147 4,165,263.64 1.68
Delaware........................................ 35 911,499.51 0.37
District of Columbia............................ 1 33,130.78 0.01
Florida......................................... 480 12,987,071.96 5.22
Georgia......................................... 555 16,768,432.05 6.74
Idaho........................................... 50 1,470,023.30 0.59
Illinois........................................ 95 2,358,956.76 0.95
Indiana......................................... 278 7,574,949.58 3.05
Iowa............................................ 92 2,203,507.17 0.89
Kansas.......................................... 72 1,881,117.98 0.76
Kentucky........................................ 455 11,546,529.01 4.64
Louisiana....................................... 396 11,412,244.43 4.59
Maine........................................... 52 1,532,346.87 0.62
Maryland........................................ 56 1,683,466.53 0.68
Michigan........................................ 337 9,611,139.09 3.87
Minnesota....................................... 85 2,080,403.63 0.84
Mississippi..................................... 214 5,531,084.70 2.22
Missouri........................................ 403 10,422,144.80 4.19
Montana......................................... 65 1,898,061.06 0.76
Nebraska........................................ 65 1,634,342.45 0.66
Nevada.......................................... 72 2,084,481.77 0.84
New Hampshire................................... 7 217,085.78 0.09
New Jersey...................................... 6 209,741.61 0.08
New Mexico...................................... 196 5,779,332.33 2.32
New York........................................ 235 6,064,574.09 2.44
North Carolina.................................. 706 17,285,452.98 6.95
North Dakota.................................... 23 574,848.09 0.23
Ohio............................................ 353 8,748,156.08 3.52
Oklahoma........................................ 134 3,629,478.77 1.46
Oregon.......................................... 199 6,643,537.93 2.67
Pennsylvania.................................... 342 9,000,759.87 3.62
Rhode Island.................................... 1 28,036.73 0.01
South Carolina.................................. 460 13,877,437.57 5.58
South Dakota.................................... 34 1,002,241.20 0.40
Tennessee....................................... 469 12,207,237.34 4.91
Texas........................................... 544 13,418,777.48 5.40
Utah............................................ 46 1,801,201.63 0.72
Vermont......................................... 17 516,566.43 0.21
Virginia........................................ 173 4,212,838.18 1.69
Washington...................................... 102 3,479,996.49 1.40
West Virginia................................... 273 6,514,358.29 2.62
Wisconsin....................................... 74 1,775,676.30 0.71
Wyoming......................................... 52 1,247,067.10 0.50
----- -------------------- -------
Totals...................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- ------------------------
(1) Entries may not add to 100.00% due to rounding.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Greenwich Capital Markets, Inc. and/or its
affiliates may have positions in , and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request by calling the Greenwich Capital
Markets, Inc. Trading Desk at (203) 625-6160.
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
AGGREGATE PRINCIPAL PRINCIPAL BALANCE
NUMBER OF CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
LOAN-TO-VALUE RATIO (1) AS OF CUT-OFF DATE AS OF CUT-OFF DATE (2)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
Less than or equal to 50%....................... 69 $ 842,670.36 0.34%
51-60%.......................................... 81 1,291,702.74 0.52
61-70%.......................................... 170 3,131,893.28 1.26
71-80%.......................................... 645 12,742,692.40 5.12
81-85%.......................................... 800 18,166,971.19 7.31
86-90%.......................................... 3,770 93,702,780.32 37.69
91-95%.......................................... 3,633 118,764,806.16 47.77
----- -------------------- -------
Totals...................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- --------------------------
(1) Rounded to the nearest 1%. The definition of "Value" is set forth under "The
Contract Pool" above. Manufactured Homes, unlike site-built homes, generally
depreciate in value, and it should generally be expected, especially with
Contracts with high loan-to-value ratios at origination, that at any time
after the origination of a Contract, the market value of the Manufactured
Home securing such Contract may be lower than the outstanding principal
balance of such Contract.
(2) Entries may not add to 100.00% due to rounding.
DISTRIBUTION OF CONTRACT RATES
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
AGGREGATE PRINCIPAL PRINCIPAL BALANCE
NUMBER OF CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
CONTRACT RATE AS OF CUT-OFF DATE AS OF CUT-OFF DATE (1)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
10.00........................................... 768 $ 24,901,051.33 10.01%
10.25........................................... 2,051 68,605,524.84 27.59
10.50........................................... 1,726 51,378,253.44 20.66
10.75........................................... 1,672 46,882,717.16 18.86
11.00........................................... 785 18,079,993.45 7.27
11.25........................................... 893 16,351,896.69 6.58
11.50........................................... 514 9,524,318.06 3.83
11.75........................................... 287 6,434,302.49 2.59
12.00........................................... 187 2,654,220.38 1.07
12.25........................................... 206 2,883,940.14 1.16
12.50........................................... 79 947,298.47 0.38
----- -------------------- -------
Totals...................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- ------------------------
(1) Entries may not add to 100.00% due to rounding.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Greenwich Capital Markets, Inc. and/or its
affiliates may have positions in , and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request by calling the Greenwich Capital
Markets, Inc. Trading Desk at (203) 625-6160.
<PAGE>
YEARS OF ORIGINATION OF CONTRACTS
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
AGGREGATE PRINCIPAL PRINCIPAL BALANCE
NUMBER OF CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
YEAR OF ORIGINATION AS OF CUT-OFF DATE AS OF CUT-OFF DATE (1)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
1995............................................ 4,135 $ 118,375,450.45 47.61%
1996............................................ 5,033 130,268,066.00 52.39
----- -------------------- -------
Total....................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- ------------------------
(1) Entries may not add to 100.00% due to rounding.
DISTRIBUTION OF ORIGINAL PRINCIPAL BALANCES OF CONTRACTS
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
AGGREGATE PRINCIPAL PRINCIPAL BALANCE
NUMBER OF CONTRACTS BALANCE OUTSTANDING AS OF CUT-OFF DATE
ORIGINAL PRINCIPAL BALANCES OF CONTRACTS (1) AS OF CUT-OFF DATE AS OF CUT-OFF DATE (2)
- ------------------------------------------------ ------------------- -------------------- ---------------------
<S> <C> <C> <C>
$0 - 5,000...................................... 13 $ 52,945.87 0.02%
$5,001 - 7,500.................................. 127 784,236.11 0.32
$7,501 - 10,000................................. 332 2,868,285.38 1.15
$10,001 - 12,500................................ 391 4,355,037.13 1.75
$12,501 - 15,000................................ 482 6,551,416.52 2.63
$15,001 - 17,500................................ 429 6,902,612.89 2.78
$17,501 - 20,000................................ 465 8,670,716.54 3.49
$20,001 - 22,500................................ 793 16,767,946.20 6.74
$22,501 - 25,000................................ 945 22,342,720.66 8.99
$25,001 - 27,500................................ 1,051 27,412,713.89 11.02
$27,501 - 30,000................................ 921 26,266,111.47 10.56
$30,001 - 32,500................................ 762 23,679,556.63 9.52
$32,501 - 35,000................................ 562 18,837,364.86 7.58
$35,001 - 40,000................................ 734 27,227,685.92 10.95
$40,001 - 45,000................................ 469 19,801,726.67 7.96
$45,001 - 50,000................................ 317 14,990,523.05 6.03
$50,001 - 55,000................................ 175 9,128,801.11 3.67
$55,001 - 60,000................................ 126 7,198,136.30 2.89
$60,001 - 65,000................................ 37 2,295,484.33 0.92
$65,001 - 70,000................................ 25 1,646,741.26 0.66
$70,001 - 75,000................................ 12 862,753.66 0.35
----- -------------------- -------
Totals...................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- --------------------------
(1) The greatest original Contract principal balance is $73,717, which
represents 0.030% of the outstanding principal balance of the Contracts as
of the Cut-off Date.
(2) Entries may not add to 100.00% due to rounding.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Greenwich Capital Markets, Inc. and/or its
affiliates may have positions in , and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request by calling the Greenwich Capital
Markets, Inc. Trading Desk at (203) 625-6160.
<PAGE>
REMAINING MONTHS TO MATURITY
<TABLE>
<CAPTION>
% OF CONTRACT POOL
BY OUTSTANDING
NUMBER OF AGGREGATE PRINCIPAL PRINCIPAL BALANCE
CONTRACTS AS OF BALANCE OUTSTANDING AS OF CUT-OFF DATE
MONTHS REMAINING AS OF CUT-OFF DATE CUT-OFF DATE AS OF CUT-OFF DATE (1)
- --------------------------------------------------- ----------------- -------------------- ---------------------
<S> <C> <C> <C>
Less than or equal to 30........................... 13 $ 48,275.93 0.02%
Greater than 31 and less than or equal to 60....... 238 2,101,477.52 0.85
Greater than 61 and less than or equal to 90....... 275 2,800,762.01 1.13
Greater than 91 and less than or equal to 120...... 698 10,009,289.18 4.03
Greater than 121 and less than or equal to 150..... 268 4,437,348.60 1.78
Greater than 151 and less than or equal to 180..... 1,770 38,352,122.05 15.42
Greater than 181 and less than or equal to 210..... 11 244,901.02 0.10
Greater than 211 and less than or equal to 240..... 3,132 87,471,905.33 35.18
Greater than 241 and less than or equal to 270..... 5 140,343.91 0.06
Greater than 271 and less than or equal to 300..... 1,295 45,584,983.50 18.33
Greater than 301 and less than or equal to 360..... 1,463 57,452,107.40 23.11
----- -------------------- -------
Totals......................................... 9,168 $ 248,643,516.45 100.00%
----- -------------------- -------
----- -------------------- -------
</TABLE>
- --------------------------
(1) Entries may not add to 100.00% due to rounding.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Greenwich Capital Markets, Inc. and/or its
affiliates may have positions in , and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request by calling the Greenwich Capital
Markets, Inc. Trading Desk at (203) 625-6160.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 1996-1
The defined terms used and not otherwise defined in the attached BankAmerica
Manufactured Housing Contract, Series 1996-1 Computational Materials for Classes
A-1, A-2, A-3, A-4, A-5, A-6, A-7, and B-1 Certificates of such Series 1996-1,
shall have the meanings ascribed to them, as follows:
"CPR" a constant prepayment rate, is utilized to project prepayments, and is the
rate at which, on an annual basis, the outstanding principal balance of
contracts declines due to liquidations, unscheduled principal payments and
repurchases.
"MHP" is known as the Manufactured Housing Prepayment curve and is the
prepayment pricing convention for manufactured housing contracts. The basic
curve is 100% MHP and equates to a ramped CPR which starts at 3.7% CPR in the
first month after origination and rises 0.1% CPR monthly to 6.0% CPR in
month 24, and remains at 6.0% CPR beyond month 24. 170% MHP represents the
factor by which each monthly CPR is multiplied in order to arrive at the monthly
CPR speed for a given pool. For example, the CPR rate in month 1 assuming
170% MHP is 3.7%*170%=6.29% CPR increasing by 0.17% CPR each month until the
24th month when it reaches 10.2% CPR. The CPR rate in month 1 assuming 200% MHP
is 3.7%*200%=7.40% CPR, increasing by 0.20% CPR each month until the 24th month
when it reaches 12.0% CPR.
"PRICE" are "flat prices" and are quoted as a percentage of par, with fractions
expressed in 32nds.
"AVG LIFE" (Weighted Average Life) refers to the average amount of time from the
date of issuance of a security until each dollar of principal of such security
is expected to be repaid to the investor. The weighted average life of a
Certificate is determined by (i) multiplying the amount of cash distributions
in reduction of the principal balance of such Certificate by the number of
years from the date of issuance of such Certificate to the Stated Distribution
Date, (ii) adding the results, and (iii) dividing the sum by the sum of the
principal cash flow (which equals the initial principal balance in a scenario
in the absence of losses) of such certificate.
"EXPECTED FINAL MATURITY" is the maturity date on which an investor is expected
to receive the final distribution of principal.
"MOD DUR" (Modified Duration), is computed by calculating Macaulay Duration
and dividing the result by (1+one half the yield to maturity). Modified Duration
can be used to approximate the price volatility of a bond. For example, for a
100-basis point change in yield, a certificate with a Modified Duration of 6
would theoretically have its price change by approximately 6%. Macaulay Duration
is a measure of the weighted average term-to-maturity of a bond's cash flows.
The weights in this weighted average are the present value of each cash flow
as a percent of all the bond's cash flows (i.e., the weights are the present
value of each cash flow as a percent of the bond's price).
"WAM" (Weighted Average Maturity) is calculated as a weighted average of the
remaining term to maturity of a pool's underlying manufactured home contracts,
using the balance of each manufactured home contract as the weighting factor.
"WINDOW MNTHS" is the range, in months, during which the security is expected to
receive principal distributions.
"*" in the decrement tables represents a pool factor which is less than 0.5 but
greater than 0.
"EXCESS INTEREST" is the amount of interest collected on nondefaulted contracts
during a collection period which exceeds the interest distribution due to the
holders of the Certificates and the Monthly Servicing Fee for the related
distribution date.
"FACTOR" is the fraction of principal outstanding as of the closing date.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public
from sources believed to be reliable. No representation is made that it is
accurate or complete. Certain assumptions may have been made in this analysis
which have resulted in any returns detailed herein. No representation is made
that any returns indicated will be achieved. Changes to the assumptions may
have a material impact on any returns detailed. Past performance is not
necessarily indicative of future returns. Price and availability are subject
to change without notice. The foregoing has been prepared solely for
informational purposes, and is not an offer to buy or sell or a solicitation
of an offer to buy or sell any security or instrument or to participate in
any particular trading strategy. Greenwich Capital Markets, Inc. and/or its
affiliates may have positions in , and effect transactions in securities and
instruments of issuers mentioned herein and may also provide or seek to
provide significant advice or investment services, including investment
banking, for the issuers of such securities and instruments. Additional
information is available upon request by calling the Greenwich Capital
Markets, Inc. Trading Desk at (203) 625-6160.
