- -----------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
Reported): September 20, 1996
CS FIRST BOSTON MORTGAGE SECURITIES CORP., (as depositor under the
Pooling and Servicing Agreement, dated as of September 1, 1996
which provides for the issuance of Associates Manufactured Housing
Contract Pass-Through Certificates, Series 1996-1).
CS FIRST BOSTON MORTGAGE SECURITIES CORP.
- -------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-11623
- ---------------------------- ------------ -------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
Park Avenue Plaza
55 East 52nd Street
New York, New York 10055
- -----------------------------------------------------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 909-2000
----- --------
- -----------------------------------------------------------------
Item 5. Other Events.
- ---- ------------
Filing of Computational Materials.
- ---------------------------------
Pursuant to Rule 424(b) under the Securities Act of 1933, concurrently
with, or subsequent to, the filing of this Current Report on Form 8-K ("the
Form 8-K"), CS First Boston Mortgage Securities Corp. (the "Company") is
filing a prospectus and prospectus supplement with the Securities and
Exchange Commission in relation to its Associates Manufactured Housing
Contract Pass-Through Certificates, Series 1996-1.
In connection with the offering of the Associates Manufactured Housing
Contract Pass-Through Certificates, Series 1996-1, CS First Boston
Corporation ("CS First Boston") and Goldman, Sachs & Co. ("Goldman" and,
together with CS First Boston, the "Underwriters") as Underwriters of the
Certificates, each have prepared certain materials (the "Computational
Materials") for distribution to its potential investors. Although the
Company provided the Underwriters with certain information regarding the
characteristics of the Contracts Mortgage Loans in the related portfolio, it
did not participate in the preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to the
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. The
Computational Materials of CS First Boston are attached hereto as Exhibit 1.
The Computational Materials of Goldman are attached hereto as Exhibit 2.
- ---------------
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated September 18, 1996, and
the Prospectus Supplement dated September 20, 1996, of CS First Boston
Mortgage Securities Corp., relating to its Associates Manufactured Housing
Contract Pass-Through Certificates, Series 1996-1).
Item 7. Financial Statements, Pro Forma Financial
- ---- -----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
1. The Computational Materials of CS First Boston.
2. The Computational Materials of Goldman.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CS FIRST BOSTON MORTGAGE SECURITIES
CORP.
By: /s/ Joy E. Margolies
---------------------
Dated: September 26, 1996
Exhibit Index
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Exhibit Page
- ------- ----
1. The Computational Materials of CS First Boston
2. The Computational Materials of Goldman
EXHIBIT 1
---------
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates, Series 1996-1
Computational Materials
<CAPTION>
BOND PROFILE SUMMARY
Class Original Coupon Avg. CBE 1st Last Pay Mod.
Name Type Par % Life Yield Pay Dur.
<S> <C> <C> <C> <C> <C> <C> <C> <C>
To Call
A1 SENIOR 215,000,000 6.25 1.10 6.378 10/96 12/98 1.02
A2 SENIOR 147,000,000 6.70 3.10 6.817 12/98 10/00 2.70
A3 SENIOR 137,000,000 7.00 5.09 7.110 10/00 2/03 4.13
A4 SENIOR 72,000,000 7.25 7.10 7.410 2/03 8/04 5.35
A5 SENIOR 183,573,000 7.50 10.62 7.665 8/04 6/10 7.01
A6 AA MEZZ 64,414,000 7.95 13.72 8.094 6/10 6/10 8.04
B1 BBB SUB 69,015,000 8.05 7.45 8.195 4/01 12/07 5.31
B2 BB SUB 32,209,764 9.00 13.11 (3) 12/07 6/10 7.10
To Maturity
A5 SENIOR 183,573,000 7.50 10.63 7.665 8/04 12/10 7.01
A6 AA MEZZ 64,414,000 7.95 16.24 8.095 12/10 11/15 8.77
B1 BBB SUB 69,015,000 8.05 7.45 8.195 4/01 12/07 5.31
B2 BB SUB 32,209,764 9.00 17.95 (3) 12/07 6/26 7.85
</TABLE>
(1) Data assumes a prepayment speed of 150% MHP.
(2) Coupon and price are assumed for computational materials.
(c) Class B-2 Certificates are not offered.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may not be sold nor may an offer
to buy be accepted prior to the delivery of a final prospectus relating to
the securities. The above preliminary description of the underlying assets
has been provided by the issuer and has not been independently verified by
CS First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. CS First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates, Series 1996-1
Computational Materials
<CAPTION>
BOND PROFILE SUMMARY
Percent of MHP: 0 50 100 150 200 250 300
A1 SENIOR
Price: 99-30+ Coupon: 6.25 Original Par: 215,000,000
<S> <C> <C> <C> <C> <C> <C> <C>
TO CALL
Bond Yield: 6.35 6.36 6.37 6.38 6.39 6.40 6.41
Average Life: 3.73 2.16 1.47 1.10 0.87 0.72 0.61
Duration: 3.14 1.92 1.34 1.02 0.81 0.68 0.58
First Prin Pay: 10/96 10/96 10/96 10/96 10/96 10/96 10/96
Last Prin Pay: 5/03 12/00 9/99 12/98 7/98 3/98 12/97
A2 SENIOR
Price: 99-30 Coupon: 6.70 Original Par: 147,000,000
TO CALL
Bond Yield: 6.80 6.81 6.81 6.82 6.82 6.83 6.83
Average Life: 8.16 5.63 4.06 3.10 2.47 2.05 1.74
Duration: 6.07 4.53 3.43 2.70 2.20 1.85 1.58
First Prin Pay: 5/03 12/00 9/99 12/98 7/98 3/98 12/97
Last Prin Pay: 5/06 9/03 12/01 10/00 12/99 5/99 1/99
A3 SENIOR
Price: 99-31 Coupon: 7.00 Original Par: 137,000,000
TO CALL
Bond Yield: 7.11 7.11 7.11 7.11 7.11 7.11 7.12
Average Life: 11.05 8.43 6.47 5.09 4.03 3.34 2.84
Duration: 7.43 6.14 5.01 4.13 3.39 2.88 2.49
First Prin Pay: 5/06 9/03 12/01 10/00 12/99 5/99 1/99
Last Prin Pay: 4/09 10/06 8/04 2/03 9/01 10/00 3/00
A4 SENIOR
Price: 99-23+ Coupon: 7.25 Original Par: 72,000,000
TO CALL
Bond Yield: 7.39 7.40 7.40 7.41 7.42 7.43 7.44
Average Life: 13.39 10.91 8.77 7.10 5.68 4.57 3.85
Duration: 8.27 7.27 6.26 5.35 4.49 3.75 3.24
First Prin Pay: 4/09 10/06 8/04 2/03 9/01 10/00 3/00
Last Prin Pay: 2/11 6/08 6/06 8/04 2/03 12/01 12/00
A5 SENIOR
Price: 99-21+ Coupon: 7.50 Original Par: 183,573,000
TO CALL
Bond Yield: 7.65 7.66 7.66 7.66 7.67 7.68 7.69
Average Life: 16.99 14.65 12.51 10.62 8.92 7.48 6.26
Duration: 9.23 8.53 7.78 7.01 6.22 5.47 4.77
First Prin Pay: 2/11 6/08 6/06 8/04 2/03 12/01 12/00
Last Prin Pay: 2/17 4/14 8/12 6/10 10/08 5/07 1/06
TO MATURITY
7.66 7.66 7.66 7.67 7.68 7.69
Bond Yield: 7.65
Average Life: 17.01 14.65 12.52 10.63 8.93 7.48 6.26
Duration: 9.24 8.53 7.78 7.01 6.22 5.47 4.77
First Prin Pay: 2/11 6/08 6/06 8/04 2/03 12/01 12/00
Last Prin Pay: 10/17 7/14 1/13 12/10 3/09 7/07 1/06
A6 AA METZ
Price: 99-29 Coupon: 7.95 Original Par: 64,414,000
TO CALL
Bond Yield: 8.09 8.09 8.09 8.09 8.10 8.10 8.10
Average Life: 20.38 17.55 15.88 13.72 12.05 10.63 9.30
Duration: 9.72 9.11 8.69 8.04 7.46 6.91 6.33
First Prin Pay: 2/17 4/14 8/12 6/10 10/08 5/07 1/06
Last Prin Pay: 2/17 4/14 8/12 6/10 10/08 5/07 1/06
TO MATURITY
Bond Yield 8.09 8.09 8.09 8.10 8.10 8.10 8.10
Average Life: 22.89 20.36 18.12 16.24 14.51 12.89 11.43
Duration: 10.15 9.69 9.23 8.77 8.27 7.74 7.20
First Prin Pay: 10/17 7/14 1/13 12/10 3/09 7/07 1/06
Last Prin Pay: 6/22 4/20 7/18 11/15 2/14 9/12 1/11
B1 BBB SUB
Price: 99-30+ Coupon: 8.05 Original Par: 69,015,000
TO CALL
Bond Yield: 8.19 8.19 8.19 8.19 8.20 8.20 8.20
Average Life: 13.72 11.15 9.06 7.45 6.90 6.54 6.25
Duration: 7.94 7.01 6.11 5.31 5.04 4.84 4.69
First Prin Pay: 2/07 5/04 7/02 4/01 3/01 3/01 3/01
Last Prin Pay: 2/14 2/12 10/09 12/07 12/06 3/06 7/05
TO MATURITY
Bond Yield: 8.19 8.19 8.19 8.19 8.20 8.20 8.20
Average Life: 13.72 11.15 9.06 7.45 6.90 6.54 6.25
Duration: 7.94 7.01 6.11 5.31 5.04 4.84 4.69
First Prin Pay: 2/07 5/04 7/02 4/01 3/01 3/01 3/01
Last Prin Pay: 2/14 2/12 10/09 12/07 12/06 3/06 7/05
B2 BB SUB
Price: Not Offered Coupon: 9.00 Original Par: 32,209,764
TO CALL
Average Life: 19.49 17.08 15.20 13.11 11.69 10.47 9.27
Duration: 8.38 7.99 7.61 7.10 6.69 6.29 5.85
First Prin Pay: 2/14 2/12 10/09 12/07 3/06 3/06 7/05
Last Prin Pay: 2/17 4/14 8/12 6/10 5/07 5/07 1/06
TO MATURITY
Average Life: 23.77 21.82 19.92 17.95 16.31 14.98 13.79
Duration: 8.71 8.48 8.20 7.85 7.30 7.30 7.04
First Prin Pay: 2/14 2/12 10/09 12/07 3/06 3/06 7/05
Last Prin Pay: 6/26 6/26 6/26 6/26 6/26 6/26 6/26
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may not be sold nor may an offer
to buy be accepted prior to the delivery of a final prospectus relating to
the securities. The above preliminary description of the underlying assets
has been provided by the issuer and has not been independently verified by
CS First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. CS First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates, Series 1996-1
Computational Materials
<CAPTION>
Percent of Principal Outstanding of Class A-1
Percent of MHP: 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 89 65 53 18 0
September 1998 77 31 9 0 0
September 1999 64 0 0 0 0
September 2000 49 0 0 0 0
September 2001 32 0 0 0 0
September 2002 13 0 0 0 0
September 2003 0 0 0 0 0
September 2004 0 0 0 0 0
September 2005 0 0 0 0 0
September 2006 0 0 0 0 0
September 2007 0 0 0 0 0
September 2008 0 0 0 0 0
September 2009 0 0 0 0 0
September 2010 0 0 0 0 0
September 2011 0 0 0 0 0
September 2012 0 0 0 0 0
September 2013 0 0 0 0 0
September 2014 0 0 0 0 0
September 2015 0 0 0 0 0
September 2016 0 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life In Years: 3.7 1.5 1.1 0.6 0.4
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may not be sold nor may an offer
to buy be accepted prior to the delivery of a final prospectus relating to
the securities. The above preliminary description of the underlying assets
has been provided by the issuer and has not been independently verified by
CS First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. CS First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates, Series 1996-1
Computational Materials
<CAPTION>
Percent of Principal Outstanding of Class A-2
Percent of MHP: 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 100 100 100 100 56
September 1998 100 100 100 23 0
September 1999 100 98 54 0 0
September 2000 100 52 0 0 0
September 2001 100 8 0 0 0
September 2002 100 0 0 0 0
September 2003 88 0 0 0 0
September 2004 54 0 0 0 0
September 2005 22 0 0 0 0
September 2006 0 0 0 0 0
September 2007 0 0 0 0 0
September 2008 0 0 0 0 0
September 2009 0 0 0 0 0
September 2010 0 0 0 0 0
September 2011 0 0 0 0 0
September 2012 0 0 0 0 0
September 2013 0 0 0 0 0
September 2014 0 0 0 0 0
September 2015 0 0 0 0 0
September 2016 0 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life In Years: 8.2 4.1 3.1 1.7 1.1
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may not be sold nor may an offer
to buy be accepted prior to the delivery of a final prospectus relating to
the securities. The above preliminary description of the underlying assets
has been provided by the issuer and has not been independently verified by
CS First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. CS First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates, Series 1996-1
Computational Materials
<CAPTION>
Percent of Principal Outstanding of Class A-3
Percent of MHP: 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 100 100 100 100 100
September 1998 100 100 100 100 11
September 1999 100 100 100 35 0
September 2000 100 100 100 0 0
September 2001 100 100 52 0 0
September 2002 100 65 13 0 0
September 2003 100 30 0 0 0
September 2004 100 0 0 0 0
September 2005 100 0 0 0 0
September 2006 87 0 0 0 0
September 2007 51 0 0 0 0
September 2008 16 0 0 0 0
September 2009 0 0 0 0 0
September 2010 0 0 0 0 0
September 2011 0 0 0 0 0
September 2012 0 0 0 0 0
September 2013 0 0 0 0 0
September 2014 0 0 0 0 0
September 2015 0 0 0 0 0
September 2016 0 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life In Years: 11.0 6.5 5.1 2.8 1.7
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may not be sold nor may an offer
to buy be accepted prior to the delivery of a final prospectus relating to
the securities. The above preliminary description of the underlying assets
has been provided by the issuer and has not been independently verified by
CS First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. CS First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates, Series 1996-1
Computational Materials
<CAPTION>
Percent of Principal Outstanding of Class A-4
Percent of MHP: 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 100 100 100 100 100
September 1998 100 100 100 100 100
September 1999 100 100 100 100 0
September 2000 100 100 100 30 0
September 2001 100 100 100 0 0
September 2002 100 100 100 0 0
September 2003 100 100 56 0 0
September 2004 100 92 0 0 0
September 2005 100 37 0 0 0
September 2006 100 0 0 0 0
September 2007 100 0 0 0 0
September 2008 100 0 0 0 0
September 2009 71 0 0 0 0
September 2010 17 0 0 0 0
September 2011 0 0 0 0 0
September 2012 0 0 0 0 0
September 2013 0 0 0 0 0
September 2014 0 0 0 0 0
September 2015 0 0 0 0 0
September 2016 0 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life In Years: 13.4 8.8 7.1 3.9 2.3
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may not be sold nor may an offer
to buy be accepted prior to the delivery of a final prospectus relating to
the securities. The above preliminary description of the underlying assets
has been provided by the issuer and has not been independently verified by
CS First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. CS First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates, Series 1996-1
Computational Materials
<CAPTION>
Percent of Principal Outstanding of Class A-5
Percent of MHP: 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 100 100 100 100 100
September 1998 100 100 100 100 100
September 1999 100 100 100 100 71
September 2000 100 100 100 100 18
September 2001 100 100 100 75 0
September 2002 100 100 100 51 0
September 2003 100 100 100 31 0
September 2004 100 100 97 15 0
September 2005 100 100 77 3 0
September 2006 100 93 58 0 0
September 2007 100 73 41 0 0
September 2008 100 54 25 0 0
September 2009 100 38 13 0 0
September 2010 100 25 0 0 0
September 2011 89 14 0 0 0
September 2012 69 0 0 0 0
September 2013 47 0 0 0 0
September 2014 22 0 0 0 0
September 2015 14 0 0 0 0
September 2016 8 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life In Years: 17.0 12.5 10.6 6.3 3.4
</TABLE>
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates, Series 1996-1
Computational Materials
<CAPTION>
Percent of Principal Outstanding of Class M
Percent of MHP: 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 100 100 100 100 100
September 1998 100 100 100 100 100
September 1999 100 100 100 100 100
September 2000 100 100 100 100 100
September 2001 100 100 100 100 82
September 2002 100 100 100 100 0
September 2003 100 100 100 100 0
September 2004 100 100 100 100 0
September 2005 100 100 100 100 0
September 2006 100 100 100 0 0
September 2007 100 100 100 0 0
September 2008 100 100 100 0 0
September 2009 100 100 100 0 0
September 2010 100 100 0 0 0
September 2011 100 100 0 0 0
September 2012 100 0 0 0 0
September 2013 100 0 0 0 0
September 2014 100 0 0 0 0
September 2015 100 0 0 0 0
September 2016 0 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life In Years: 20.4 15.9 13.7 9.3 5.6
</TABLE>
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates, Series 1996-1
Computational Materials
<CAPTION>
Percent of Principal Outstanding of Class B-1
Percent of MHP: 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 100 100 100 100 100
September 1998 100 100 100 100 100
September 1999 100 100 100 100 100
September 2000 100 100 100 100 100
September 2001 100 100 90 80 69
September 2002 100 96 71 52 0
September 2003 100 79 54 29 0
September 2004 100 63 38 11 0
September 2005 100 49 25 0 0
September 2006 100 35 13 0 0
September 2007 89 22 2 0 0
September 2008 72 10 0 0 0
September 2009 58 0 0 0 0
September 2010 44 0 0 0 0
September 2011 33 0 0 0 0
September 2012 20 0 0 0 0
September 2013 6 0 0 0 0
September 2014 0 0 0 0 0
September 2015 0 0 0 0 0
September 2016 0 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life In Years: 13.7 9.1 7.5 6.3 5.4
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may not be sold nor may an offer
to buy be accepted prior to the delivery of a final prospectus relating to
the securities. The above preliminary description of the underlying assets
has been provided by the issuer and has not been independently verified by
CS First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. CS First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
EXHIBIT 2
---------
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates,
Series 1996-1
Computational Materials
Bond Profile Summary
<CAPTION>
Class Original Coupon Avg. CBE 1st Last Mod.
Name Type Par % Life Yield Pay Pay Dur.
<S> <C> <C> <C> <C> <C> <C> <C>
TO CALLA1 SENIOR 215,000,000 6.25 1.10 6.378 10/96 12/98 1.02
A2 SENIOR 147,000,000 6.70 3.10 6.817 12/98 10/00 2.70
A3 SENIOR 137,000,000 7.00 5.09 7.110 10/00 2/03 4.13
A4 SENIOR 72,000,000 7.25 7.10 7.410 2/03 8/04 5.35
A5 SENIOR 183,573,000 7.50 10.62 7.665 8/04 6/10 7.01
A6 AA MEZZ 64,414,000 7.95 13.72 8.094 12/10 6/10 8.04
B1 BBB SUB 69,015,000 8.05 7.45 8.195 4/01 12/07 5.31
B2 BB SUB 32,209,764 9.00 13.11 10.296 12/07 6/10 7.10
TO MATURITY
A5 SENIOR 183,573,000 7.50 10.63 7.665 8/04 12/10 7.01
A6 AA MEZZ 64,414,000 7.95 16.24 8.095 12/10 11/15 8.77
B1 BBB SUB 69,015,000 8.05 7.45 8.195 4/01 12/07 5.31
B2 BB SUB 32,209,764 9.00 17.95 10.295 12/07 6/26 7.85
</TABLE>
(1) Data assumes a prepayment speed of 150% MHP.
(2) Coupon and price are assumed for computational materials.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to
sell or the solicitation of any offer to buy any security in any jurisdiction
where such an offer or solicitation would be illegal. This material is
based on information that we consider reliable, but we do not represent that
it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may not pertain to any securities that will actually be sold. The
information contained in this material may be based on assumptions regarding
market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material
may, from time to time, have long or short positions in, and buy and sell,
the securities mentioned therein or derviatives thereof (including options).
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing
on this material only. Information in this material regarding any assets
backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material whether regarding
the assets backing any securities discussed herein or the otherwise, will
be superseded by the information contained in any final prospectus for any
securities actually sold to you.
This material is furnished solely by Goldman, Sachs & Co. and not by the
issuer of the securities or any of its affiliates. Goldman, Sachs & Co.
is acting as underwriter and not acting as agent for the issuer or its
affiliates in connection with the proposed transaction. The issuer has
not prepared or taken part in the preparation of these materials.
Goldman, Sachs & Co.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates,
Series 1996-1
Computational Materials
Bond Profile Summary
<CAPTION>
Percent of MHP: 0 50 100 150 200 250 300
<S> <C> <C> <C> <C> <C> <C> <C>
A1 Senior
Price: 99-30+ Coupon 6.25 Original Par: 215,000,000
To Call
Bond Yield: 6.35 6.36 6.37 6.38 6.39 6.40 6.41
Average Life: 3.73 2.16 1.47 1.10 0.87 0.72 0.61
Duration: 3.14 1.92 1.34 1.02 0.81 0.68 0.58
First Prin Pay: 10/96 10/96 10/96 10/96 10/96 10/96 10/96
Last Prin Pay: 5/03 12/00 9.99 12/98 7/98 3/98 12/97
A2 Senior
Price: 99-30 Coupon 6.70 Original Par: 147,000,000
To Call
Bond Yield: 6.80 6.81 6.81 6.82 6.82 6.83 6.83
Average Life: 8.16 5.63 4.06 3.10 2.47 2.05 1.74
Duration: 6.07 4.53 3.43 2.70 2.20 1.85 1.58
First Prin Pay: 5/03 12/00 9/99 12/98 7/98 3/98 12/97
Last Prin Pay: 5/06 9/03 12/01 10/00 12/99 5/99 1/99
A3 Senior
Price: 99-31 Coupon 7.00 Original Par: 137,000,000
To Call
Bond Yield: 7.11 7.11 7.11 7.11 7.11 7.11 7.12
Average Life: 11.05 8.43 6.47 5.09 4.03 3.34 2.84
Duration: 7.43 6.14 5.01 4.13 3.39 2.88 2.49
First Prin Pay: 5/06 9/03 12/01 10/00 12/99 5/99 1/99
Last Prin Pay: 4/09 10/06 8/04 2/03 9/01 10/00 3/00
A4 Senior
Price: 99-23+ Coupon 7.25 Original Par: 72,000,000
To Call
Bond Yield: 7.39 7.40 7.40 7.41 7.42 7.43 7.44
Average Life: 13.39 10.91 8.77 7.10 5.68 4.57 3.85
Duration: 8.27 7.27 6.26 5.35 4.49 3.75 3.24
First Prin Pay: 4/09 10/06 8/04 2/03 9/01 10/00 3/00
Last Prin Pay: 2/11 6/08 6/06 8/04 2/03 12/01 12/00
A5 Senior
Price: 99-21+ Coupon 7.50 Original Par: 183,573,000
To Call
Bond Yield: 7.65 7.66 7.66 7.66 7.67 7.68 7.69
Average Life: 16.99 14.65 12.51 10.62 8.92 7.48 6.26
Duration: 9.23 8.53 7.78 7.01 6.22 5.47 4.77
First Prin Pay: 2/11 6/08 6/06 8/04 2/03 12/01 12/00
Last Prin Pay: 2/17 4/14 8/12 6/10 10/08 5/07 1/06
To Maturity
Bond Yield: 7.65 7.66 7.66 7.66 7.67 7.68 7.69
Average Life: 17.01 14.65 12.52 10.63 8.93 7.48 6.26
Duration: 9.24 8.53 7.78 7.01 6.22 5.47 4.77
First Prin Pay: 2/11 6/08 6/06 8/04 2/03 12/01 12/00
Last Prin Pay: 10/17 7/14 1/13 12/10 3/09 7/07 1/06
A6 AA MEZZ
Price: 99-29 Coupon 7.95 Original Par: 64,414,000
To Call
Bond Yield: 8.09 8.09 8.09 8.09 8.10 8.10 8.10
Average Life: 20.38 17.55 15.88 13.72 12.05 10.63 9.30
Duration: 9.72 9.11 8.69 8.04 7.46 6.91 6.33
First Prin Pay: 10/17 7/14 1/13 12/10 3/09 7/07 1/06
Last Prin Pay: 2/17 4/14 8/12 6/10 10/08 5/07 1/06
To Maturity
Bond Yield: 8.09 8.09 8.09 8.10 8.10 8.10 8.10
Average Life: 22.89 20.36 18.12 16.24 14.51 12.89 11.43
Duration: 10.15 9.69 9.23 8.77 8.27 7.74 7.20
First Prin Pay: 10/17 7/14 1/13 12/10 3/09 7/07 1/06
Last Prin Pay: 6/22 4/20 7/18 11/15 2/14 9/12 1/11
B1 BBB SUB
Price: 99-30+ Coupon 8.05 Original Par: 69,015,000
To Call
Bond Yield: 8.19 8.19 8.19 8.19 8.20 8.20 8.20
Average Life: 13.72 11.15 9.06 7.45 6.90 6.54 6.25
Duration: 7.94 7.01 6.11 5.31 5.04 4.84 4.69
First Prin Pay: 2/07 5/04 7/02 4/01 3/01 3/01 3/01
Last Prin Pay: 2/14 2/12 10/09 12/07 12/06 3/06 7/05
To Maturity
Bond Yield: 8.19 8.19 8.19 8.19 8.20 8.20 8.20
Average Life: 13.72 11.15 9.06 7.45 6.90 6.54 6.25
Duration: 7.94 7.01 6.11 5.31 5.04 4.84 4.69
First Prin Pay: 2/07 5/04 7/02 4/01 3/01 3/01 3/01
Last Prin Pay: 2/14 2/12 10/09 12/07 12/06 3/06 7/05
B2 BBB SUB
Price: 92-05 Coupon 9.00 Original Par: 32,209,764
To Call
Bond Yield: 10.12 10.17 10.22 10.30 10.37 10.44 10.54
Average Life: 19.49 17.08 15.20 13.11 11.69 10.47 9.27
Duration: 8.38 7.99 7.61 7.10 6.69 6.29 5.85
First Prin Pay: 2/14 2/12 10/09 12/07 12/06 3/06 7/05
Last Prin Pay: 2/17 4/14 8/12 6/10 10/08 5/07 1/06
To Maturity
Bond Yield: 10.18 10.21 10.25 10.29 10.34 10.38 10.43
Average Life: 23.77 21.82 19.92 17.95 16.31 14.98 13.79
Duration: 8.71 8.48 8.20 7.85 7.56 7.30 7.04
First Prin Pay: 2/14 2/12 10/09 12/07 12/06 3/06 7/05
Last Prin Pay: 6/26 6/26 6/26 6/26 6/26 6/26 6/26
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to
sell or the solicitation of any offer to buy any security in any jurisdiction
where such an offer or solicitation would be illegal. This material is
based on information that we consider reliable, but we do not represent that
it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may not pertain to any securities that will actually be sold. The
information contained in this material may be based on assumptions regarding
market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material
may, from time to time, have long or short positions in, and buy and sell,
the securities mentioned therein or derviatives thereof (including options).
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing
on this material only. Information in this material regarding any assets
backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material whether regarding
the assets backing any securities discussed herein or the otherwise, will
be superseded by the information contained in any final prospectus for any
securities actually sold to you.
This material is furnished solely by Goldman, Sachs & Co. and not by the
issuer of the securities or any of its affiliates. Goldman, Sachs & Co.
is acting as underwriter and not acting as agent for the issuer or its
affiliates in connection with the proposed transaction. The issuer has
not prepared or taken part in the preparation of these materials.
Goldman, Sachs & Co.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates,
Series 1996-1
Computational Materials
Bond Profile Summary Version 2
<CAPTION>
Class Original Coupon Avg. CBE 1st Last Mod.
Name Type Par % Life Yield Pay Pay Dur.
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TO CALLA1 SENIOR 215,000,000 6.25 1.10 6.378 10/96 12/98 1.02
A2 SENIOR 147,000,000 6.70 3.10 6.817 12/98 10/00 2.70
A3 SENIOR 137,000,000 7.00 5.09 7.110 10/00 2/03 4.13
A4 SENIOR 72,000,000 7.25 7.10 7.410 2/03 8/04 5.35
A5 SENIOR 183,573,000 7.50 10.62 7.665 8/04 6/10 7.01
A6 AA MEZZ 64,414,000 7.95 13.72 8.094 6/10 6/10 8.04
B1 BBB SUB 69,015,000 8.05 7.45 8.195 4/01 12/07 5.31
B2 BB SUB 32,209,764 9.00 13.11 (3) 12/07 6/10 7.10
TO MATURITY
A5 SENIOR 183,573,000 7.50 10.63 7.665 8/04 12/10 7.01
A6 AA MEZZ 64,414,000 7.95 16.24 8.095 12/10 11/15 8.77
B1 BBB SUB 69,015,000 8.05 7.45 8.195 4/01 12/07 5.31
B2 BB SUB 32,209,764 9.00 17.95 (3) 12/07 6/26 7.85
</TABLE>
(1) Data assumes a prepayment speed of 150% MHP.
(2) Coupon and price are assumed for computational materials.
(3) Class B-2 Certificates are not offered.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to
sell or the solicitation of any offer to buy any security in any jurisdiction
where such an offer or solicitation would be illegal. This material is
based on information that we consider reliable, but we do not represent that
it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may not pertain to any securities that will actually be sold. The
information contained in this material may be based on assumptions regarding
market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material
may, from time to time, have long or short positions in, and buy and sell,
the securities mentioned therein or derviatives thereof (including options).
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing
on this material only. Information in this material regarding any assets
backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material whether regarding
the assets backing any securities discussed herein or the otherwise, will
be superseded by the information contained in any final prospectus for any
securities actually sold to you.
This material is furnished solely by Goldman, Sachs & Co. and not by the
issuer of the securities or any of its affiliates. Goldman, Sachs & Co.
is acting as underwriter and not acting as agent for the issuer or its
affiliates in connection with the proposed transaction. The issuer has
not prepared or taken part in the preparation of these materials.
Goldman, Sachs & Co.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates,
Series 1996-1
Computational Materials
Bond Profile Summary Version 2
<CAPTION>
Percent of MHP: 0 50 100 150 200 250 300
<S> <C> <C> <C> <C> <C> <C> <C>
A1 Senior
Price: 99-30+ Coupon 6.25 Original Par: 215,000,000
To Call
Bond Yield: 6.35 6.36 6.37 6.38 6.39 6.40 6.41
Average Life: 3.73 2.16 1.47 1.10 0.87 0.72 0.61
Duration: 3.14 1.92 1.34 1.02 0.81 0.68 0.58
First Prin Pay: 10/96 10/96 10/96 10/96 10/96 10/96 10/96
Last Prin Pay: 5/03 12/00 9.99 12/98 7/98 3/98 12/97
A2 Senior
Price: 99-30 Coupon 6.70 Original Par: 147,000,000
To Call
Bond Yield: 6.80 6.81 6.81 6.82 6.82 6.83 6.83
Average Life: 8.16 5.63 4.06 3.10 2.47 2.05 1.74
Duration: 6.07 4.53 3.43 2.70 2.20 1.85 1.58
First Prin Pay: 5/03 12/00 9/99 12/98 7/98 3/98 12/97
Last Prin Pay: 5/06 9/03 12/01 10/00 12/99 5/99 1/99
A3 Senior
Price: 99-31 Coupon 7.00 Original Par: 137,000,000
To Call
Bond Yield: 7.11 7.11 7.11 7.11 7.11 7.11 7.12
Average Life: 11.05 8.43 6.47 5.09 4.03 3.34 2.84
Duration: 7.43 6.14 5.01 4.13 3.39 2.88 2.49
First Prin Pay: 5/06 9/03 12/01 10/00 12/99 5/99 1/99
Last Prin Pay: 4/09 10/06 8/04 2/03 9/01 10/00 3/00
A4 Senior
Price: 99-23+ Coupon 7.25 Original Par: 72,000,000
To Call
Bond Yield: 7.39 7.40 7.40 7.41 7.42 7.43 7.44
Average Life: 13.39 10.91 8.77 7.10 5.68 4.57 3.85
Duration: 8.27 7.27 6.26 5.35 4.49 3.75 3.24
First Prin Pay: 4/09 10/06 8/04 2/03 9/01 10/00 3/00
Last Prin Pay: 2/11 6/08 6/06 8/04 2/03 12/01 12/00
A5 Senior
Price: 99-21+ Coupon 7.50 Original Par: 183,573,000
To Call
Bond Yield: 7.65 7.66 7.66 7.66 7.67 7.68 7.69
Average Life: 16.99 14.65 12.51 10.62 8.92 7.48 6.26
Duration: 9.23 8.53 7.78 7.01 6.22 5.47 4.77
First Prin Pay: 2/11 6/08 6/06 8/04 2/03 12/01 12/00
Last Prin Pay: 2/17 4/14 8/12 6/10 10/08 5/07 1/06
To Maturity
Bond Yield: 7.65 7.66 7.66 7.66 7.67 7.68 7.69
Average Life: 17.01 14.65 12.52 10.63 8.93 7.48 6.26
Duration: 9.24 8.53 7.78 7.01 6.22 5.47 4.77
First Prin Pay: 2/11 6/08 6/06 8/04 2/03 12/01 12/00
Last Prin Pay: 10/17 7/14 1/13 12/10 3/09 7/07 1/06
A6 AA MEZZ
Price: 99-29 Coupon 7.95 Original Par: 64,414,000
To Call
Bond Yield: 8.09 8.09 8.09 8.09 8.10 8.10 8.10
Average Life: 20.38 17.55 15.88 13.72 12.05 10.63 9.30
Duration: 9.72 9.11 8.69 8.04 7.46 6.91 6.33
First Prin Pay: 2/17 4/14 8/12 6/10 10/08 5/07 1/06
Last Prin Pay: 2/17 4/14 8/12 6/10 10/08 5/07 1/06
To Maturity
Bond Yield: 8.09 8.09 8.09 8.10 8.10 8.10 8.10
Average Life: 22.89 20.36 18.12 16.24 14.51 12.89 11.43
Duration: 10.15 9.69 9.23 8.77 8.27 7.74 7.20
First Prin Pay: 10/17 7/14 1/13 12/10 3/09 7/07 1/06
Last Prin Pay: 6/22 4/20 7/18 11/15 2/14 9/12 1/11
B1 BBB SUB
Price: 99-30+ Coupon 8.05 Original Par: 69,015,000
To Call
Bond Yield: 8.19 8.19 8.19 8.19 8.20 8.20 8.20
Average Life: 13.72 11.15 9.06 7.45 6.90 6.54 6.25
Duration: 7.94 7.01 6.11 5.31 5.04 4.84 4.69
First Prin Pay: 2/07 5/04 7/02 4/01 3/01 3/01 3/01
Last Prin Pay: 2/14 2/12 10/09 12/07 12/06 3/06 7/05
To Maturity
Bond Yield: 8.19 8.19 8.19 8.19 8.20 8.20 8.20
Average Life: 13.72 11.15 9.06 7.45 6.90 6.54 6.25
Duration: 7.94 7.01 6.11 5.31 5.04 4.84 4.69
First Prin Pay: 2/07 5/04 7/02 4/01 3/01 3/01 3/01
Last Prin Pay: 2/14 2/12 10/09 12/07 12/06 3/06 7/05
B2 BBB SUB
Price: Not
Offered Coupon 9.00 Original Par: 32,209,764
To Call
Bond Yield: 10.12 10.17 10.22 10.30 10.37 10.44 10.54
Average Life: 19.49 17.08 15.20 13.11 11.69 10.47 9.27
Duration: 8.38 7.99 7.61 7.10 6.69 6.29 5.85
First Prin Pay: 2/14 2/12 10/09 12/07 12/06 3/06 7/05
Last Prin Pay: 2/17 4/14 8/12 6/10 10/08 5/07 1/06
To Maturity
Bond Yield: 10.18 10.21 10.25 10.29 10.34 10.38 10.43
Average Life: 23.77 21.82 19.92 17.95 16.31 14.98 13.79
Duration: 8.71 8.48 8.20 7.85 7.56 7.30 7.04
First Prin Pay: 2/14 2/12 10/09 12/07 12/06 3/06 7/05
Last Prin Pay: 6/26 6/26 6/26 6/26 6/26 6/26 6/26
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to
sell or the solicitation of any offer to buy any security in any jurisdiction
where such an offer or solicitation would be illegal. This material is
based on information that we consider reliable, but we do not represent that
it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may not pertain to any securities that will actually be sold. The
information contained in this material may be based on assumptions regarding
market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material
may, from time to time, have long or short positions in, and buy and sell,
the securities mentioned therein or derviatives thereof (including options).
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing
on this material only. Information in this material regarding any assets
backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material whether regarding
the assets backing any securities discussed herein or the otherwise, will
be superseded by the information contained in any final prospectus for any
securities actually sold to you.
This material is furnished solely by Goldman, Sachs & Co. and not by the
issuer of the securities or any of its affiliates. Goldman, Sachs & Co.
is acting as underwriter and not acting as agent for the issuer or its
affiliates in connection with the proposed transaction. The issuer has
not prepared or taken part in the preparation of these materials.
Goldman, Sachs & Co.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates,
Series 1996-1
Computational Materials
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS A-1
<CAPTION>
Percent of MHP 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 89 65 53 18 0
September 1998 77 31 9 0 0
September 1999 64 0 0 0 0
September 2000 49 0 0 0 0
September 2001 32 0 0 0 0
September 2002 13 0 0 0 0
September 2003 0 0 0 0 0
September 2004 0 0 0 0 0
September 2005 0 0 0 0 0
September 2006 0 0 0 0 0
September 2007 0 0 0 0 0
September 2008 0 0 0 0 0
September 2009 0 0 0 0 0
September 2010 0 0 0 0 0
September 2011 0 0 0 0 0
September 2012 0 0 0 0 0
September 2013 0 0 0 0 0
September 2014 0 0 0 0 0
September 2015 0 0 0 0 0
September 2016 0 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life in Years: 3.7 1.5 1.1 0.6 0.4
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to
sell or the solicitation of any offer to buy any security in any jurisdiction
where such an offer or solicitation would be illegal. This material is
based on information that we consider reliable, but we do not represent that
it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may not pertain to any securities that will actually be sold. The
information contained in this material may be based on assumptions regarding
market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material
may, from time to time, have long or short positions in, and buy and sell,
the securities mentioned therein or derviatives thereof (including options).
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing
on this material only. Information in this material regarding any assets
backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material whether regarding
the assets backing any securities discussed herein or the otherwise, will
be superseded by the information contained in any final prospectus for any
securities actually sold to you.
This material is furnished solely by Goldman, Sachs & Co. and not by the
issuer of the securities or any of its affiliates. Goldman, Sachs & Co.
is acting as underwriter and not acting as agent for the issuer or its
affiliates in connection with the proposed transaction. The issuer has
not prepared or taken part in the preparation of these materials.
Goldman, Sachs & Co.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates,
Series 1996-1
Computational Materials
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS A-2
<CAPTION>
Percent of MHP 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 100 100 100 100 56
September 1998 100 100 100 23 0
September 1999 100 98 54 0 0
September 2000 100 52 0 0 0
September 2001 100 8 0 0 0
September 2002 100 0 0 0 0
September 2003 88 0 0 0 0
September 2004 54 0 0 0 0
September 2005 22 0 0 0 0
September 2006 0 0 0 0 0
September 2007 0 0 0 0 0
September 2008 0 0 0 0 0
September 2009 0 0 0 0 0
September 2010 0 0 0 0 0
September 2011 0 0 0 0 0
September 2012 0 0 0 0 0
September 2013 0 0 0 0 0
September 2014 0 0 0 0 0
September 2015 0 0 0 0 0
September 2016 0 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life in Years: 8.2 4.1 3.1 1.7 1.1
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to
sell or the solicitation of any offer to buy any security in any jurisdiction
where such an offer or solicitation would be illegal. This material is
based on information that we consider reliable, but we do not represent that
it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may not pertain to any securities that will actually be sold. The
information contained in this material may be based on assumptions regarding
market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material
may, from time to time, have long or short positions in, and buy and sell,
the securities mentioned therein or derviatives thereof (including options).
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing
on this material only. Information in this material regarding any assets
backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material whether regarding
the assets backing any securities discussed herein or the otherwise, will
be superseded by the information contained in any final prospectus for any
securities actually sold to you.
This material is furnished solely by Goldman, Sachs & Co. and not by the
issuer of the securities or any of its affiliates. Goldman, Sachs & Co.
is acting as underwriter and not acting as agent for the issuer or its
affiliates in connection with the proposed transaction. The issuer has
not prepared or taken part in the preparation of these materials.
Goldman, Sachs & Co.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates,
Series 1996-1
Computational Materials
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS A-3
<CAPTION>
Percent of MHP 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 100 100 100 100 100
September 1998 100 100 100 100 11
September 1999 100 100 100 35 0
September 2000 100 100 100 0 0
September 2001 100 100 52 0 0
September 2002 100 65 13 0 0
September 2003 100 30 0 0 0
September 2004 100 0 0 0 0
September 2005 100 0 0 0 0
September 2006 87 0 0 0 0
September 2007 51 0 0 0 0
September 2008 16 0 0 0 0
September 2009 0 0 0 0 0
September 2010 0 0 0 0 0
September 2011 0 0 0 0 0
September 2012 0 0 0 0 0
September 2013 0 0 0 0 0
September 2014 0 0 0 0 0
September 2015 0 0 0 0 0
September 2016 0 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life in Years: 11.0 6.5 5.1 2.8 1.7
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to
sell or the solicitation of any offer to buy any security in any jurisdiction
where such an offer or solicitation would be illegal. This material is
based on information that we consider reliable, but we do not represent that
it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may not pertain to any securities that will actually be sold. The
information contained in this material may be based on assumptions regarding
market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material
may, from time to time, have long or short positions in, and buy and sell,
the securities mentioned therein or derviatives thereof (including options).
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing
on this material only. Information in this material regarding any assets
backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material whether regarding
the assets backing any securities discussed herein or the otherwise, will
be superseded by the information contained in any final prospectus for any
securities actually sold to you.
This material is furnished solely by Goldman, Sachs & Co. and not by the
issuer of the securities or any of its affiliates. Goldman, Sachs & Co.
is acting as underwriter and not acting as agent for the issuer or its
affiliates in connection with the proposed transaction. The issuer has
not prepared or taken part in the preparation of these materials.
Goldman, Sachs & Co.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates,
Series 1996-1
Computational Materials
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS A-4
<CAPTION>
Percent of MHP 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 100 100 100 100 100
September 1998 100 100 100 100 100
September 1999 100 100 100 100 0
September 2000 100 100 100 30 0
September 2001 100 100 100 0 0
September 2002 100 100 100 0 0
September 2003 100 100 56 0 0
September 2004 100 92 0 0 0
September 2005 100 37 0 0 0
September 2006 100 0 0 0 0
September 2007 100 0 0 0 0
September 2008 100 0 0 0 0
September 2009 71 0 0 0 0
September 2010 17 0 0 0 0
September 2011 0 0 0 0 0
September 2012 0 0 0 0 0
September 2013 0 0 0 0 0
September 2014 0 0 0 0 0
September 2015 0 0 0 0 0
September 2016 0 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life in Years: 13.4 8.8 7.1 3.9 2.3
</TABLE>
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates,
Series 1996-1
Computational Materials
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS A-5
<CAPTION>
Percent of MHP 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 100 100 100 100 100
September 1998 100 100 100 100 100
September 1999 100 100 100 100 71
September 2000 100 100 100 100 18
September 2001 100 100 100 75 0
September 2002 100 100 100 51 0
September 2003 100 100 100 31 0
September 2004 100 100 97 15 0
September 2005 100 100 77 3 0
September 2006 100 93 58 0 0
September 2007 100 73 41 0 0
September 2008 100 54 25 0 0
September 2009 100 38 13 0 0
September 2010 100 25 0 0 0
September 2011 89 14 0 0 0
September 2012 69 0 0 0 0
September 2013 47 0 0 0 0
September 2014 22 0 0 0 0
September 2015 14 0 0 0 0
September 2016 8 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life in Years: 17.0 12.5 10.6 6.3 3.4
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to
sell or the solicitation of any offer to buy any security in any jurisdiction
where such an offer or solicitation would be illegal. This material is
based on information that we consider reliable, but we do not represent that
it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may not pertain to any securities that will actually be sold. The
information contained in this material may be based on assumptions regarding
market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material
may, from time to time, have long or short positions in, and buy and sell,
the securities mentioned therein or derviatives thereof (including options).
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing
on this material only. Information in this material regarding any assets
backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material whether regarding
the assets backing any securities discussed herein or the otherwise, will
be superseded by the information contained in any final prospectus for any
securities actually sold to you.
This material is furnished solely by Goldman, Sachs & Co. and not by the
issuer of the securities or any of its affiliates. Goldman, Sachs & Co.
is acting as underwriter and not acting as agent for the issuer or its
affiliates in connection with the proposed transaction. The issuer has
not prepared or taken part in the preparation of these materials.
Goldman, Sachs & Co.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates,
Series 1996-1
Computational Materials
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS M
<CAPTION>
Percent of MHP 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 100 100 100 100 100
September 1998 100 100 100 100 100
September 1999 100 100 100 100 100
September 2000 100 100 100 100 100
September 2001 100 100 100 100 82
September 2002 100 100 100 100 0
September 2003 100 100 100 100 0
September 2004 100 100 100 100 0
September 2005 100 100 100 100 0
September 2006 100 100 100 0 0
September 2007 100 100 100 0 0
September 2008 100 100 100 0 0
September 2009 100 100 100 0 0
September 2010 100 100 0 0 0
September 2011 100 100 0 0 0
September 2012 100 0 0 0 0
September 2013 100 0 0 0 0
September 2014 100 0 0 0 0
September 2015 100 0 0 0 0
September 2016 100 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life in Years: 20.4 15.9 13.7 9.3 5.6
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to
sell or the solicitation of any offer to buy any security in any jurisdiction
where such an offer or solicitation would be illegal. This material is
based on information that we consider reliable, but we do not represent that
it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may not pertain to any securities that will actually be sold. The
information contained in this material may be based on assumptions regarding
market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material
may, from time to time, have long or short positions in, and buy and sell,
the securities mentioned therein or derviatives thereof (including options).
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing
on this material only. Information in this material regarding any assets
backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material whether regarding
the assets backing any securities discussed herein or the otherwise, will
be superseded by the information contained in any final prospectus for any
securities actually sold to you.
This material is furnished solely by Goldman, Sachs & Co. and not by the
issuer of the securities or any of its affiliates. Goldman, Sachs & Co.
is acting as underwriter and not acting as agent for the issuer or its
affiliates in connection with the proposed transaction. The issuer has
not prepared or taken part in the preparation of these materials.
Goldman, Sachs & Co.
<TABLE>
Associates Manufactured Housing Contract Pass-Through Certificates,
Series 1996-1
Computational Materials
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS B-1
<CAPTION>
Percent of MHP 0 100 150 300 500
<S> <C> <C> <C> <C> <C>
INITIAL PERCENT 100 100 100 100 100
September 1997 100 100 100 100 100
September 1998 100 100 100 100 100
September 1999 100 100 100 100 100
September 2000 100 100 100 100 100
September 2001 100 100 90 80 69
September 2002 100 96 71 52 0
September 2003 100 79 54 29 0
September 2004 100 63 38 11 0
September 2005 100 49 25 0 0
September 2006 100 35 13 0 0
September 2007 89 22 2 0 0
September 2008 72 10 0 0 0
September 2009 58 0 0 0 0
September 2010 44 0 0 0 0
September 2011 33 0 0 0 0
September 2012 20 0 0 0 0
September 2013 6 0 0 0 0
September 2014 0 0 0 0 0
September 2015 0 0 0 0 0
September 2016 0 0 0 0 0
September 2017 0 0 0 0 0
September 2018 0 0 0 0 0
September 2019 0 0 0 0 0
September 2020 0 0 0 0 0
September 2021 0 0 0 0 0
September 2022 0 0 0 0 0
September 2023 0 0 0 0 0
September 2024 0 0 0 0 0
September 2025 0 0 0 0 0
September 2026 0 0 0 0 0
Avg Life in Years: 13.7 9.1 7.5 6.3 5.4
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to
sell or the solicitation of any offer to buy any security in any jurisdiction
where such an offer or solicitation would be illegal. This material is
based on information that we consider reliable, but we do not represent that
it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may not pertain to any securities that will actually be sold. The
information contained in this material may be based on assumptions regarding
market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material
may, from time to time, have long or short positions in, and buy and sell,
the securities mentioned therein or derviatives thereof (including options).
This material may be filed with the Securities and Exchange Commission (the
"SEC") and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing
on this material only. Information in this material regarding any assets
backing any securities discussed herein supersedes all prior information
regarding such assets. Any information in the material whether regarding
the assets backing any securities discussed herein or the otherwise, will
be superseded by the information contained in any final prospectus for any
securities actually sold to you.
This material is furnished solely by Goldman, Sachs & Co. and not by the
issuer of the securities or any of its affiliates. Goldman, Sachs & Co.
is acting as underwriter and not acting as agent for the issuer or its
affiliates in connection with the proposed transaction. The issuer has
not prepared or taken part in the preparation of these materials.
Goldman, Sachs & Co.
