<PAGE> 1
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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): March 13, 1997
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., (as depositor
under the Pooling and Servicing Agreement, dated as of March 1, 1997
which provides for the issuance of Associates Manufactured Housing
Contract Pass-Through Certificates, Series 1997-1).
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
----------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-21329 13-3320910
----------------- ------------ -------------------
(State or Other (Commission (I.R.S. Employer
Jurisdiction File Number) Identification No.)
of Incorporation)
11 Madison Avenue
New York, New York 10010
-------------------- ----------
Address of Principal (Zip Code)
Executive Offices
Registrant's telephone number, including area code (212) 325-2000
--------------
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<PAGE> 2
Item 5. Other Events.
Filing of Computational Materials.
In connection with the offering of the Associates Manufactured Housing Contract
Pass-Through Certificates, Series 1997-1, Credit Suisse First Boston
Corporation and Goldman, Sachs & Co. ("Goldman" and, together with Credit
Suisse First Boston, the "Underwriters") as Underwriters of the Certificates,
each have prepared certain materials (the "Series Term Sheet" including the
"Computational Materials") for distribution to its potential investors.
Although the Company provided the Underwriters with certain information
regarding the characteristics of the Contracts in the related portfolio, it did
not participate in the preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to 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 Series Term
Sheet including Computational Materials is attached hereto as Exhibit 1.
<PAGE> 3
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not Applicable.
(c) Exhibits.
1. The Series Term Sheet including Computational Materials.
<PAGE> 4
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.
CREDIT SUISSE FIRST BOSTON MORTGAGE
SECURITIES CORP.
/s/ Joy E. Margolies
By: ________________________________
Joy E. Margolies
Dated: March 14, 1997
<PAGE> 5
Exhibit Index
Exhibit Page
- ------- ----
1. The Series Term Sheet including Computational Materials
<PAGE> 1
EXHIBIT 1
<PAGE> 2
SUBJECT TO REVISION
SERIES TERM SHEET DATED MARCH 13, 1997
$392,795,000
Credit Suisse First Boston Mortgage Securities Corp.,
Depositor
Associates Housing Finance Services, Inc.,
Seller and Servicer
[LOGO] and a Wholly Owned Subsidiary of
Associates First Capital Corporation
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES, SERIES
1997-1
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Associates Manufactured Housing Contract
Pass-Through Certificates, Series 1997-1. The Series Term Sheet has been
prepared by Associates Housing Finance Services, Inc. for informational purposes
only and is subject to modification or change. The information and assumptions
contained therein are preliminary and will be superseded by a prospectus
supplement and by any other additional information subsequently filed with the
Securities and Exchange Commission or incorporated by reference in the
Registration Statement.
Neither Credit Suisse First Boston, Goldman, Sachs & Co. nor any of their
respective affiliates makes any representation as to the accuracy or
completeness of any of the information set forth in the attached Series Term
Sheet. This cover sheet is not part of the Series Term Sheet.
A REGISTRATION STATEMENT (INCLUDING A BASE PROSPECTUS) RELATING TO CERTAIN ABS
MORTGAGE AND MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES, INCLUDING
THE ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES, SERIES
1997-1, HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AND HAS BEEN
DECLARED EFFECTIVE. THE FINAL PROSPECTUS SUPPLEMENT RELATING TO THE SECURITIES
WILL BE FILED AFTER THE SECURITIES HAVE BEEN PRICED AND ALL OF THE TERMS AND
INFORMATION ARE FINALIZED. THIS COMMUNICATION IS NOT AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN
ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO
REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.
INTERESTED PERSONS ARE REFERRED TO THE FINAL PROSPECTUS AND PROSPECTUS
SUPPLEMENT TO WHICH THE SECURITIES RELATE. ANY INVESTMENT DECISION SHOULD BE
BASED ONLY UPON THE INFORMATION IN THE FINAL PROSPECTUS AND PROSPECTUS
SUPPLEMENT AS OF THEIR PUBLICATION DATES.
Credit Suisse First Boston Goldman, Sachs & Co.
<PAGE> 3
This Series Term Sheet will be superseded in its entirety by the
information appearing in the Prospectus Supplement, the Prospectus and the
Series 1997-1 Pooling and Servicing Agreement to be dated as of March 1, 1997,
among Credit Suisse First Boston Mortgage Securities Corp., as Depositor,
Associates Housing Finance Services, Inc., as Seller and Servicer, and The First
National Bank of Chicago, as Trustee.
The Securities.............The Certificates will consist of seven classes (each,
a "Class") of senior Certificates (collectively, the
"Class A Certificates" or the "Senior Certificates")
and four Classes of subordinate Certificates
(respectively, the "Class M Certificates," the "Class
B-1 Certificates," the "Class B-2 Certificates" and
the "Class R Certificates," and collectively, the
"Subordinate Certificates"), as follows:
<TABLE>
<CAPTION>
Initial Certificate Pass-Through
Class Principal Balance(1) Rate
----- -------------------- ------------
<S> <C> <C>
Class A-1 Certificates ..................... $22,679,000 . %(2)
Class A-2 Certificates ..................... $70,624,000 . %(3)
Class A-3 Certificates ..................... $67,613,000 . %(3)
Class A-4 Certificates ..................... $63,247,000 . %(3)
Class A-5 Certificates ..................... $28,451,000 . %(3)
Class A-6 Certificates ..................... $54,932,000 . %(3)
Class A-7 Certificates ..................... $30,299,000 . %(3)
Class M Certificates ....................... $27,475,000 . %(4)
Class B-1 Certificates ..................... $27,475,000 . %(4)
Class B-2 Certificates ..................... $14,247,292 . %(4)
Class R Certificates (5)
</TABLE>
(1) The aggregate initial principal balance of
the Certificates may be increased or
decreased by up to 5%. Any such increase or
decrease may be allocated disproportionately
among the Classes of Certificates.
Accordingly, any investor's commitments with
respect to the Certificates may be increased
or decreased correspondingly.
(2) Computed on the basis of a 360-day year and
the actual number of days in each interest
accrual period.
(3) Computed on the basis of a 360-day year of
twelve 30-day months.
(4) The lesser of (i) the specified rate per
annum, computed on the basis of a 360-day
year of twelve 30-day months, or (ii) the
Weighted Average Net Contract Rate for the
related Distribution Date.
(5) The Class R Certificates will have no
Certificate Principal Balance and will not
bear interest.
Distribution Dates.........Generally, the fifteenth day of each month,
commencing April 15, 1997 (each, a "Distribution
Date").
Distributions..............Distributions to Certificateholders generally will be
applied first to the payment of interest, second to
the payment of any unpaid principal and third, if any
principal is then due, to the payment of principal of
the related Class of Certificates. The principal
amounts generally will be distributed to the extent
of the Available Distribution Amount after payment of
interest and interest shortfalls on the Certificates,
first to the Senior Certificateholders and then to
each Class of Subordinate Certificates based on their
respective priorities (i.e., first to the Class M
Certificateholders, then to the Class B-1
Certificateholders, then to the Class B-2
Certificateholders and, after any remaining amounts
have been paid as described in the Prospectus
Supplement, to the Class R Certificateholders).
1
<PAGE> 4
Subordination of the
Subordinate Certificates..The rights of the Class M Certificateholders to
receive distributions of amounts collected on or in
respect of the Contracts will be subordinated to such
rights of the Senior Certificateholders. Interest and
interest shortfalls on the Class M Certificates will
not be subordinated to principal payments on the
Senior Certificates.
The rights of holders of the Class B Certificates and
Class R Certificates to receive distributions of
amounts collected on or in respect of the Contracts
similarly will be subordinated to such rights of the
holders of the Class A and the Class M Certificates.
Interest and interest shortfalls on the Class B
Certificates will not be subordinated to principal
payments on either the Senior Certificates or the
Class M Certificates.
Reserve Fund...............On the date of initial issuance (the "Closing Date"),
a reserve fund (the "Reserve Fund") will be
established with the Trustee for the exclusive
benefit of the Certificateholders. The Reserve Fund
will not be funded with any money on the Closing
Date, but on each Distribution Date the Reserve Fund
will be funded by certain excess interest collections
on or in respect of the Contracts until the amount on
deposit in the Reserve Fund equals 0.50% of the
Cut-off Date Pool Balance (the "Reserve Fund
Requirement").
Liquidity Accounts.........On the Closing Date, the Class M Liquidity Account,
the Class B-1 Liquidity Account and the Class B-2
Liquidity Account will be established with the
Trustee for the Class M, Class B-1 and Class B-2
Certificateholders, respectively. The Liquidity
Accounts will not be funded on the Closing Date and
will be funded on each Distribution Date by certain
excess interest collections on or in respect of the
Contracts.
Class A-1 Final
Distribution Account......On the Closing Date, an account (the "Class A-1 Final
Distribution Account") will be established with the
Trustee for the exclusive benefit of the Class A-1
Certificateholders. If the Class A-1 Certificate
Principal Balance has not been reduced to zero by the
April 1998 Distribution Date, monies on deposit in
the Class A-1 Final Distribution Account will be
distributed to the Class A-1 Certificateholders. The
Class A-1 Final Distribution Account will not be
funded with any money on the Closing Date, but on
each Distribution Date it will be funded by certain
excess interest collections on or in respect of the
Contracts until the amount on deposit therein equals
the amount specified in the Series 1997-1 Pooling and
Servicing Agreement.
Losses on Liquidated
Contracts.................If the Available Distribution Amount (as defined in
the Prospectus Supplement) for any Distribution Date
is not sufficient to distribute an amount equal to
the full Formula Principal Distribution Amount (as
defined in the
2
<PAGE> 5
Prospectus Supplement) for such Distribution Date to
the Certificateholders, in addition to interest and
interest shortfalls distributable to the
Certificateholders, the aggregate Certificate
Principal Balance will be greater than the Pool
Balance. In such event, the amount of such deficiency
(the "Liquidation Loss Amount") will be allocated
first to the Class B-2 Certificates (the "Class B-2
Liquidation Loss Amount") to reduce the Class B-2
Adjusted Certificate Principal Balance. After the
Class B-2 Adjusted Certificate Principal Balance has
been reduced to zero, no additional Liquidation Loss
Amounts will be allocated to the Class B-2
Certificates and any further Liquidation Loss Amounts
will be allocated to reduce the Class B-1 Adjusted
Certificate Principal Balance (a "Class B-1
Liquidation Loss Amount"). After the Class B-1
Adjusted Certificate Principal Balance has been
reduced to zero, any further Liquidation Loss Amounts
will be allocated to reduce the Class M Adjusted
Certificate Principal Balance (a "Class M Liquidation
Loss Amount"). Any such Liquidation Loss Amounts will
be reduced on subsequent Distribution Dates to the
extent that the related Available Distribution
Amounts are sufficient to permit the distribution of
principal due on the Certificates on prior
Distribution Dates but not paid. In the event the
Adjusted Certificate Principal Balance of a Class of
Subordinate Certificates were to be reduced by a
Liquidation Loss Amount, interest accruing on such
Class will be calculated on such reduced Adjusted
Certificate Principal Balance. On each Distribution
Date, holders of Class M, Class B-1 and Class B-2
Certificates will be entitled to receive from the
Available Distribution Amount for such Distribution
Date (and with respect to interest, from amounts on
deposit in the related Liquidity Account), one
month's interest at the related Pass-Through Rate on
the Adjusted Certificate Principal Balance of such
Class. Additionally, such holders will be entitled to
receive, prior to any distribution of principal on
the related Class of Certificates, one month's
interest at the related Pass-Through Rate on the
Liquidation Loss Amount for such Class as of the
immediately preceding Distribution Date (each, a
"Liquidation Loss Interest Amount") and one month's
interest at such Pass-Through Rate on any Liquidation
Loss Interest Amount due on one or more prior
Distribution Dates but not paid. The "Adjusted
Certificate Principal Balance" of any Class of
Subordinate Certificates on any Distribution Date
will be its Certificate Principal Balance, less any
Liquidation Loss Amount allocated to such Class on
such Distribution Date. With respect to any
Distribution Date and the Class M, Class B-1 or Class
B-2 Certificates, such Class' Certificate Principal
Balance for such Distribution Date shall equal the
sum of such Class' Adjusted Certificate Principal
Balance and such Class' Liquidation Loss Amount for
such Distribution Date.
3
<PAGE> 6
Advances...................For each Distribution Date, the Servicer will be
obligated to make Advances in respect of the related
Due Period to the extent of delinquent interest
payments in respect of the Contracts. The Servicer
will not advance the principal portion of any Monthly
Payment that is not timely made. The Servicer will be
required to make an Advance only to the extent that
it determines such Advance will be recoverable from
future payments and collections on or in respect of
the related Contracts.
Final Scheduled
Distribution Dates........To the extent not previously paid prior to such
dates, the outstanding principal amount of (i) the
Class A-1 Certificates will be payable on the April
1998 Distribution Date and (ii) each other Class of
Certificates will be payable on the June 2028
Distribution Date (with respect to each Class of
Certificates, the "Final Distribution Date").
Optional Termination.......The Depositor and the Servicer will each have the
option to purchase from the Trust Fund all Contracts
then outstanding and all other property in the Trust
Fund on any Distribution Date after the first
Distribution Date as of which the Pool Balance was
less than 10% of the Cut-off Date Pool Balance.
If neither the Depositor nor the Servicer exercises
its optional termination right within 90 days after
such right can first be exercised, the Trustee shall
solicit bids for the purchase of all Contracts then
outstanding and all other property in the Trust Fund.
In the event that satisfactory bids are received, the
sale proceeds will be distributed to
Certificateholders.
The Contracts..............The assets of the Trust will primarily consist of a
pool (the "Pool") of fixed rate manufactured housing
installment sales contracts and installment loan
agreements (collectively, the "Contracts") secured by
security interests in manufactured homes (the
"Manufactured Homes"), financed or refinanced with
the proceeds of the Contracts and, with respect to
certain of the Contracts (the "Land-and-Home
Contracts"), secured by liens on the real estate on
which the related Manufactured Homes are located. The
Contract Pool will consist of approximately 13,849
Contracts having an aggregate unpaid principal
balance as of the Cut-off Date of approximately
$407,042,292.37 (the "Cut-off Date Pool Balance").
Based on Cut-off Date Pool Balance, 86.66% of the
Contracts are secured by Manufactured Homes which
were new and 13.34% of the Contracts are secured by
Manufactured Homes which were used. Based on Cut-off
Date Pool Balance, approximately 26.90% of the
Contracts as of the Cut-off Date are Actuarial
Contracts and the remainder are Simple Interest
Contracts. Each Contract bears interest at an annual
percentage rate (an "APR") of at least 7.00% and not
more than 16.00%. The weighted averaged APR of the
Contracts as of the Cut-off
4
<PAGE> 7
Date is approximately 11.33%. The Contracts have
remaining terms to maturity as of the Cut-off Date of
at least 16 months but not more than 360 months and
original terms to maturity of at least 24 months but
not more than 360 months. As of the Cut-off Date, the
Contracts had a weighted average remaining term to
maturity of approximately 254.95 months and a
weighted average seasoning (calculated as the number
of months from the contract date to the Cut-off Date)
of approximately 26.69 months. The average
outstanding principal balance of the Contracts as of
the Cut-off Date was approximately $29,391.46. The
Obligors under the Contracts had mailing addresses as
of the Cut-off Date in 49 states, the District of
Columbia and the territory of Puerto Rico. Based on
Cut-off Date Pool Balance, approximately 9.05%,
8.43%, 8.16%, 7.75%, 6.89%, 6.54%, and 5.40% of such
mailing addresses are located in Florida, North
Carolina, Georgia, Texas, Oregon, California, and
Nevada respectively. No other state represented more
than 5.00% of the Cut-off Date Pool Balance. The
final scheduled payment date on the Contract with the
latest maturity is November 1, 2027. No Contract has
an original loan-to-value ratio in excess of 100%.
The Servicer will be required to cause to be
maintained one or more standard hazard insurance
policies with respect to each Manufactured Home
(other than a Manufactured Home in repossession).
Certain Federal Income
Tax Consequences..........For federal income tax purposes, the Trust Fund will
be treated as a real estate mortgage investment
conduit ("REMIC"). The Class A, Class M and Class B
Certificates will constitute "regular interests" in
the REMIC for federal income tax purposes. The Class
R Certificates will be treated as the sole class of
"residual interests" in the REMIC for federal income
tax purposes.
ERISA Considerations.......A fiduciary of an employee benefit plan subject to
the Employee Retirement Income Security Act of 1974,
as amended ("ERISA"), or Section 4975 of the Internal
Revenue Code of 1986, as amended (the "Code"), should
carefully review with its legal advisors whether the
purchase or holding of Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5, Class A-6 or Class A-7
Certificates could give rise to a transaction
prohibited or not otherwise permissible under ERISA
or the Code.
AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN SUBJECT TO
ERISA AND/OR SECTION 4975 OF THE CODE WILL NOT BE
PERMITTED TO PURCHASE OR HOLD CLASS M OR CLASS B-1
CERTIFICATES UNLESS AN OPINION OF COUNSEL ACCEPTABLE
TO THE TRUSTEE IS DELIVERED TO THE TRUSTEE.
5
<PAGE> 8
Legal Investment
Considerations............THE CERTIFICATES WILL NOT CONSTITUTE "MORTGAGE
RELATED SECURITIES" UNDER THE SECONDARY MORTGAGE
MARKET ENHANCEMENT ACT OF 1984 ("SMMEA").
The Class A-1 Certificates have been structured to be
eligible securities for purchase by money market
funds under Rule 2a-7 under the Investment Company
Act of 1940, as amended. Money market funds should
consult their legal advisors regarding an investment
in the Class A-1 Certificates.
Rating.....................It is a condition to issuance that Moody's Investors
Service, Inc. ("Moody's"), Fitch Investors Service,
L.P. ("Fitch") and Standard & Poor's Ratings
Services, a division of The McGraw-Hill Companies,
Inc. ("Standard & Poor's" and, together with Moody's
and Fitch, the Rating Agencies") respectively rate
(i) the Class A-1 Certificates "P-1," "F-1" and
"A-1+", (ii) the Class A-2, Class A-3, Class A-4,
Class A-5, Class A-6 and Class A-7 Certificates
"Aaa," "AAA" and "AAA", (iii) the Class M
Certificates at least "Aa3," "AA" and "AA" and (iv)
the Class B-1 Certificates at least "Baa2," "BBB" and
"BBB."
6
<PAGE> 9
DELINQUENCY, LOAN LOSS AND REPOSSESSION EXPERIENCE
The following table sets forth the delinquency experience for the
periods indicated of the portfolio of conventional manufactured housing
contracts serviced by Associates Housing Finance Services, Inc ("AHFS") and,
prior to March 1, 1997, Ford Consumer Finance Company, Inc. ("FCFC"). Effective
March 1, 1997, FCFC, a wholly owned subsidiary of Associates Corporation of
North America ("ACONA"), transferred all of the manufactured home related loans
in its portfolio, including the servicing thereof, to AHFS. Both AHFS and ACONA
are wholly owned subsidiaries of Associates First Capital Corporation ("AFCC").
All of the Contracts in the Trust will be conventional Contracts, meaning that
they are not insured or guaranteed by any governmental agency.
DELINQUENCY EXPERIENCE
<TABLE>
<CAPTION>
AT DECEMBER 31, AT
------------------------------------------------------- JAN. 31,
1992 1993 1994 1995 1996 1997
------ ------ ------ ------ ------ --------
<S> <C> <C> <C> <C> <C> <C>
Number of Contracts Outstanding (1)...... 41,324 49,795 58,685 65,482 74,816 75,512
Number of Contracts Delinquent (2):
30-59 Days.......................... 416 415 610 802 1,000 845
60-89 Days.......................... 161 141 168 207 286 267
90 Days or More..................... 252 240 263 306 437 431
Total Contracts Delinquent 829 796 1,041 1,315 1,723 1,543
Delinquencies as a Percentage of
Contracts Outstanding .............. 2.01% 1.60% 1.77% 2.01% 2.30% 2.04%
</TABLE>
(1) Includes contracts previously sold in connection with securitization which
are being serviced by AHFS, but excludes contracts already in repossession.
(2) The period of delinquency is based on the number of days payments are
contractually past due (assuming 30-day months). Consequently, a contract
due on the first day of a month is not 30 days delinquent until the first
day of the next month.
The following table sets forth the loan loss and repossession
experience for the periods indicated of the portfolio of conventional
manufactured housing contracts serviced by AHFS (or, prior to March 1, 1997, by
FCFC).
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
ONE
MONTH
YEAR ENDED DECEMBER 31, ENDED
------------------------------------------------------------------------ JAN. 31,
1992 1993 1994 1995 1996 1997
-------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Number of Contracts Serviced (1) . 41,579 50,060 58,979 65,746 75,128 75,846
Principal Balance of Contracts
Serviced (1) ................ $796,401 $1,025,554 $1,318,191 $1,592,868 $2,045,777 $2,081,023
Contract Liquidations (2) ........ 2.21% 2.10% 2.17% 2.46% 2.78% 0.24%
Net Losses:
Dollars (3) ................. $ 6,454 $ 7,655 $ 9,512 $ 14,293 $ 20,090 $ 1,970
Percentage (4) .............. 0.81% 0.75% 0.72% 0.90% 0.98% 0.09%
</TABLE>
- ----------
(1) As of period end. Includes contracts previously sold in connection with
securitization which are being serviced by AHFS and contracts already in
repossession.
(2) As a percentage of the total number of contracts being serviced as of period
end.
(3) The calculation of net loss includes unpaid interest to the date of
repossession and all expenses of repossession and liquidation.
(4) As a percentage of the principal balance of contracts being serviced as of
period end.
The data presented in the foregoing tables are for illustrative
purposes only and there is no assurance that the delinquency, loan loss or
repossession experience of the Contracts will be similar to that set forth
above. The delinquency, loan loss and repossession experience of manufactured
housing contracts historically has been sharply affected by a downturn in
regional or local economic conditions. These regional or local economic
conditions are often volatile, and no predictions can be made regarding future
economic conditions in any particular area. These downturns have tended to
increase the severity of loss on repossession because of the increased supply of
used manufactured homes, which in turn may affect the supply in other regions.
7
<PAGE> 10
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
<TABLE>
<CAPTION>
NUMBER PERCENTAGE OF AGGREGATE PERCENTAGE OF
OF NUMBER OF PRINCIPAL BALANCE CUT-OFF DATE POOL
GEOGRAPHIC LOCATION CONTRACTS CONTRACTS OUTSTANDING PRINCIPAL BALANCE
- ------------------- --------- ------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Alabama ............ 1,070 7.73% $ 15,111,104.61 3.71%
Alaska ............. 14 0.10 469,057.66 0.12
Arizona ............ 121 0.87 6,519,023.54 1.60
Arkansas ........... 54 0.39 1,563,677.01 0.38
California ......... 561 4.05 26,623,169.70 6.54
Colorado ........... 45 0.32 2,545,884.01 0.63
Connecticut ........ 2 0.01 26,067.54 0.01
Delaware ........... 17 0.12 867,016.53 0.21
Florida ............ 1,468 10.60 36,827,389.62 9.05
Georgia ............ 1,740 12.56 33,200,565.35 8.16
Hawaii ............. 1 0.01 12,162.43 0.00
Idaho .............. 121 0.87 5,774,083.97 1.42
Illinois ........... 34 0.25 1,049,043.42 0.26
Indiana ............ 279 2.01 6,809,148.89 1.67
Iowa ............... 9 0.06 245,900.19 0.06
Kansas ............. 70 0.51 2,558,174.27 0.63
Kentucky ........... 511 3.69 12,628,757.91 3.10
Louisiana .......... 348 2.51 12,065,603.24 2.96
Maine .............. 1 0.01 50,107.09 0.01
Maryland ........... 29 0.21 815,295.84 0.20
Massachusetts ...... 2 0.01 36,012.90 0.01
Michigan ........... 516 3.73 14,730,639.74 3.62
Minnesota .......... 7 0.05 312,420.04 0.08
Mississippi ........ 227 1.64 5,420,367.27 1.33
Missouri ........... 164 1.18 6,508,951.58 1.60
Montana ............ 17 0.12 797,029.54 0.20
Nebraska ........... 1 0.01 23,767.00 0.01
Nevada ............. 390 2.82 21,970,870.35 5.40
New Hampshire ...... 2 0.01 94,805.29 0.02
New Jersey ......... 11 0.08 274,505.47 0.06
New Mexico ......... 176 1.27 8,749,318.27 2.15
New York ........... 98 0.71 5,181,595.68 1.27
North Carolina ..... 1,549 11.18 34,333,847.27 8.43
Ohio ............... 670 4.84 14,740,222.93 3.62
Oklahoma ........... 283 2.04 10,027,367.67 2.46
Oregon ............. 497 3.59 28,045,491.66 6.89
Pennsylvania ....... 90 0.65 3,187,233.94 0.78
Puerto Rico ........ 1 0.01 7,107.07 0.00
Rhode Island ....... 1 0.01 17,318.64 0.00
South Carolina ..... 1,007 7.27 20,340,680.39 5.00
South Dakota ....... 7 0.05 314,488.18 0.08
Tennessee .......... 194 1.40 4,729,424.21 1.16
Texas .............. 771 5.57 31,536,841.71 7.75
Utah ............... 43 0.31 2,004,282.63 0.49
Vermont ............ 3 0.02 237,596.63 0.06
Virginia ........... 229 1.65 5,210,019.26 1.28
Washington ......... 306 2.21 18,622,482.96 4.58
Washington DC ...... 1 0.01 12,296.66 0.00
West Virginia ...... 37 0.27 927,698.28 0.23
Wisconsin .......... 22 0.16 1,041,078.82 0.26
Wyoming ............ 17 0.12 1,065,584.44 0.26
Other .............. 15 0.11 806,713.07 0.20
------ ------ --------------- ------
Total ......... 13,849 100.00% $407,042,292.37 100.00%
====== ====== =============== ======
</TABLE>
- ----------
(1) Based on the mailing address of the Obligors under the related Contracts as
of the Cut-off Date.
8
<PAGE> 11
YEARS OF ORIGINATION OF CONTRACTS (1)
<TABLE>
<CAPTION>
PERCENTAGE OF AGGREGATE PRINCIPAL PERCENTAGE OF
NUMBER OF NUMBER OF BALANCE CUT-OFF DATE POOL
YEAR OF ORIGINATION CONTRACTS CONTRACTS OUTSTANDING PRINCIPAL BALANCE
- ------------------- --------- ------------- ------------------- -----------------
<S> <C> <C> <C> <C>
1985 .......... 749 5.41% $ 6,508,264.70 1.60%
1986 .......... 711 5.13 6,922,159.22 1.70
1987 .......... 420 3.03 4,963,519.94 1.22
1988 .......... 720 5.20 9,649,807.46 2.37
1989 .......... 1,863 13.45 27,425,607.79 6.74
1990 .......... 1,533 11.07 24,821,124.91 6.10
1991 .......... 926 6.69 15,056,459.74 3.70
1992 .......... 158 1.14 2,644,207.73 0.65
1993 .......... 20 0.14 389,791.39 0.10
1994 .......... 48 0.35 1,393,519.52 0.34
1995 .......... 775 5.60 37,683,191.33 9.26
1996 .......... 5,008 36.16 230,746,381.32 56.69
1997 .......... 918 6.63 38,838,257.32 9.54
------ ------ --------------- ------
Total .... 13,849 100.00% $407,042,292.37 100.00%
====== ====== =============== ======
</TABLE>
- ----------
(1) Based on the date on which interest begins to accrue on the Contract.
ORIGINAL CONTRACT AMOUNTS
<TABLE>
<CAPTION>
PERCENTAGE OF AGGREGATE PRINCIPAL PERCENTAGE OF
NUMBER OF NUMBER OF BALANCE CUT-OFF DATE POOL
ORIGINAL CONTRACT AMOUNT CONTRACTS CONTRACTS OUTSTANDING PRINCIPAL BALANCE
- --------------------------- --------- ------------- ------------------- -----------------
<S> <C> <C> <C> <C>
$ 5,000.01 - $ 10,000.00 61 0.44% $ 467,538.64 0.11%
$ 10,000.01 - $ 15,000.00 1,561 11.27 14,219,223.65 3.49
$ 15,000.01 - $ 20,000.00 3,247 23.45 40,090,092.19 9.85
$ 20,000.01 - $ 25,000.00 1,952 14.09 33,204,242.20 8.16
$ 25,000.01 - $ 30,000.00 1,380 9.96 31,895,628.44 7.84
$ 30,000.01 - $ 35,000.00 1,144 8.26 34,120,367.07 8.38
$ 35,000.01 - $ 40,000.00 831 6.00 29,993,636.50 7.37
$ 40,000.01 - $ 45,000.00 610 4.40 25,473,241.94 6.26
$ 45,000.01 - $ 50,000.00 614 4.43 28,976,870.01 7.12
$ 50,000.01 - $ 55,000.00 533 3.85 27,785,699.61 6.83
$ 55,000.01 - $ 60,000.00 479 3.46 27,361,195.83 6.72
$ 60,000.01 - $ 65,000.00 335 2.42 20,841,898.81 5.12
$ 65,000.01 - $ 70,000.00 245 1.77 16,451,278.60 4.04
$ 70,000.01 - $ 75,000.00 196 1.42 14,152,216.22 3.48
$ 75,000.01 - $ 80,000.00 138 1.00 10,632,462.01 2.61
$ 80,000.01 - $ 85,000.00 114 0.82 9,330,992.56 2.29
$ 85,000.01 - $ 90,000.00 87 0.63 7,584,367.26 1.86
$ 90,000.01 - $ 95,000.00 65 0.47 5,992,728.39 1.47
$ 95,000.01 - $ 100,000.00 55 0.40 5,354,210.09 1.32
$100,000.01 and above........ 202 1.46 23,114,402.35 5.68
------ ------ --------------- ------
Total................... 13,849 100.00% $407,042,292.37 100.00%
====== ====== =============== ======
</TABLE>
9
<PAGE> 12
APRs
<TABLE>
<CAPTION>
PERCENTAGE OF PERCENTAGE OF
NUMBER OF NUMBER OF AGGREGATE PRINCIPAL CUT-OFF DATE POOL
APR CONTRACTS CONTRACTS BALANCE OUTSTANDING PRINCIPAL BALANCE
--- --------- ------------- ------------------- -----------------
<S> <C> <C> <C> <C>
7.000% - 8.000%........... 39 0.28% $ 2,805,621.82 0.69%
8.001% - 9.000%.......... 334 2.41 23,078,309.31 5.67
9.001% - 10.000%........... 1,289 9.31 77,487,248.93 19.04
10.001% - 11.000%.......... 2,296 16.58 105,217,353.22 25.85
11.001% - 12.000%.......... 1,894 13.68 73,284,796.55 18.00
12.001% - 13.000%.......... 776 5.60 22,407,819.94 5.51
13.001% - 14.000%.......... 5,298 38.26 80,004,430.93 19.66
14.001% - 15.000%.......... 1,783 12.87 21,399,053.22 5.26
15.001% - 16.000%.......... 140 1.01 1,357,658.45 0.34
------ ------ --------------- ------
Total................. 13,849 100.00% $407,042,292.37 100.00%
====== ====== =============== ======
</TABLE>
REMAINING TERMS TO MATURITY
<TABLE>
<CAPTION>
PERCENTAGE OF PERCENTAGE OF
NUMBER OF NUMBER OF AGGREGATE PRINCIPAL CUT-OFF DATE POOL
REMAINING TERM CONTRACTS CONTRACTS BALANCE OUTSTANDING PRINCIPAL BALANCE
- -------------- --------- ------------- ------------------- -----------------
<S> <C> <C> <C> <C>
14 - 72 months........... 2,457 17.74% $ 23,403,732.58 5.75%
73 - 84 months........... 852 6.15 11,431,256.17 2.81
85 - 120 months........... 3,699 26.71 58,254,014.61 14.31
121 - 156 months........... 314 2.27 6,509,993.07 1.60
157 - 180 months........... 873 6.30 24,204,675.96 5.95
181 - 240 months........... 1,071 7.73 35,396,049.14 8.70
241 - 300 months........... 2,052 14.82 90,016,206.77 22.11
301 - 360 months........... 2,531 18.28 157,826,364.07 38.77
------ ------ --------------- ------
Total.................... 13,849 100.00% $407,042,292.37 100.00%
====== ====== =============== ======
</TABLE>
10
<PAGE> 13
Certain information concerning the original loan-to-value ratios for
the Contracts is not maintained by AHFS in its computer systems. As a result, in
order to compile the data contained in the following table, information was
manually collected from 519 Contract files constituting a random sample from
which 500 files were examined (after excluding Contracts relating to
refinancings) (the "Sample Pool"). All amounts set forth in the following table
have been calculated based upon the Sample Pool Contracts (as defined below) as
of the Cut-off Date. No assurance can be given that the characteristics of the
Sample Pool Contracts are representative of the Contracts in the aggregate.
The Contracts in the Sample Pool (the "Sample Pool Contracts") consist
of 500 loans with an aggregate unpaid principal balance as of the Cut-off Date
of $14,720,510.26. The weighted average loan-to-value ratio at the time of
origination of the Sample Pool Contracts was approximately 90.33%. "Value" in
such calculation will be equal to the sum of the down payment (which includes
the value of any trade-in unit), the original amount financed on the related
Contract, which may include sales and other taxes, and, in the case of a
Land-and-Home Contract, the value of the land securing the Contract as appraised
by an independent appraiser.
ORIGINAL LOAN-TO-VALUE RATIOS(1)
<TABLE>
<CAPTION>
PERCENTAGE OF PERCENTAGE OF
ORIGINAL NUMBER OF NUMBER OF AGGREGATE PRINCIPAL CUT-OFF DATE POOL
LOAN-TO-VALUE RATIO CONTRACTS CONTRACTS BALANCE OUTSTANDING PRINCIPAL BALANCE
- ------------------- --------- ------------- ------------------- -----------------
<S> <C> <C> <C> <C>
Less than 65.499%............ 8 1.60% $ 208,751.37 1.42%
65.500% - 70.499%............ 1 0.20 6,228.70 0.04
70.500% - 75.499%............ 11 2.20 249,312.49 1.69
75.500% - 80.499%............ 39 7.80 962,128.49 6.54
80.500% - 85.499%............ 58 11.60 1,387,770.57 9.43
85.500% - 90.499%............ 202 40.40 4,142,539.48 28.14
90.500% - 95.499%............ 149 29.80 6,513,330.69 44.25
95.500% or greater........... 32 6.40 1,250,448.47 8.49
--- ------ -------------- ------
Total................... 500 100.00% $14,720,510.26 100.00%
=== ====== ============== ======
</TABLE>
(1) The definition of "Value" is set forth 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 any time after the origination of a Contract, the market
value of the related Manufactured Home may be lower than the outstanding
principal balance of such Contract.
11
<PAGE> 14
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
<TABLE>
<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 CALL
A1 SENIOR 22,679,000 5.595 0.28 5.789 4/97 10/97 0.27
A2 SENIOR 70,624,000 6.225 1.35 6.319 10/97 5/99 1.25
A3 SENIOR 67,613,000 6.525 3.00 6.620 5/99 2/01 2.64
A4 SENIOR 63,247,000 6.800 5.00 6.909 2/01 7/03 4.10
A5 SENIOR 28,451,000 7.050 7.00 7.169 7/03 12/04 5.35
A6 SENIOR 54,932,000 7.225 10.00 7.351 12/04 12/09 6.86
A7 SENIOR 30,299,000 7.500 14.84 7.640 12/09 9/13 8.64
M AA MEZZ 27,475,000 7.600 16.48 7.740 9/13 9/13 9.08
B1 BBB SUB 27,475,000 7.575 7.58 7.701 10/01 6/09 5.48
B2 BB SUB 14,247,292 8.750 15.38 (3) 6/09 9/13 8.11
- -----------------------------
TO MATURITY
A7 SENIOR 30,299,000 7.500 14.91 7.640 12/09 7/14 8.66
M AA MEZZ 27,475,000 7.600 20.20 7.740 7/14 3/21 9.95
B1 BBB SUB 27,475,000 7.575 7.58 7.701 10/01 6/09 5.48
B2 BB SUB 14,247,292 8.750 21.07 (3) 6/09 10/26 8.97
- ----------------------------------------------------------------------------------------------
</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.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 15
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 150 200 300
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
A1 SENIOR
Price: 100-00 Coupon: 5.595 Original Par: 22,679,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TO CALL
Bond Yield: 5.76 5.78 5.79 5.79 5.79 5.80
Average Life: 0.92 0.43 0.37 0.28 0.23 0.17
Duration: 0.87 0.42 0.35 0.27 0.22 0.16
First Prin Pay: 4/97 4/97 4/97 4/97 4/97 4/97
Last Prin Pay: 12/98 1/98 12/97 10/97 9/97 7/97
-----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
A2 SENIOR
Price: 99-31+ Coupon: 6.225 Original Par: 70,624,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TO CALL
Bond Yield: 6.31 6.31 6.32 6.32 6.32 6.33
Average Life: 3.92 2.03 1.74 1.35 1.10 0.80
Duration: 3.35 1.84 1.59 1.25 1.03 0.75
First Prin Pay: 12/98 1/98 12/97 10/97 9/97 7/97
Last Prin Pay: 4/03 6/00 1/00 5/99 12/98 7/98
-----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
A3 SENIOR
Price: 99-31+ Coupon: 6.525 Original Par: 67,613,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TO CALL
Bond Yield: 6.62 6.62 6.62 6.62 6.62 6.62
Average Life: 8.24 4.45 3.84 3.00 2.45 1.78
Duration: 6.15 3.74 3.28 2.64 2.20 1.63
First Prin Pay: 4/03 6/00 1/00 5/99 12/98 7/98
Last Prin Pay: 8/08 1/03 3/02 2/01 6/00 7/99
-----------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 16
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 150 200 300
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
A4 SENIOR
Price: 99-30+ Coupon: 6.800 Original Par: 63,247,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TO CALL
Bond Yield: 6.90 6.91 6.91 6.91 6.91 6.92
Average Life: 14.55 7.34 6.37 5.00 4.00 2.90
Duration: 8.92 5.58 5.00 4.10 3.39 2.55
First Prin Pay: 8/08 1/03 3/02 2/01 6/00 7/99
Last Prin Pay: 1/15 9/06 2/05 7/03 3/02 10/00
-----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
A5 SENIOR
Price: 99-29+ Coupon: 7.050 Original Par: 28,451,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TO CALL
Bond Yield: 7.16 7.17 7.17 7.17 7.17 7.18
Average Life: 18.95 10.83 9.09 7.00 5.60 3.87
Duration: 10.13 7.33 6.49 5.35 4.48 3.28
First Prin Pay: 1/15 9/06 2/05 7/03 3/02 10/00
Last Prin Pay: 5/17 5/09 7/07 12/04 6/03 6/01
-----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
A6 SENIOR
Price: 99-28+ Coupon: 7.225 Original Par: 54,932,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TO CALL
Bond Yield: 7.34 7.35 7.35 7.35 7.35 7.36
Average Life: 22.36 15.11 13.08 10.00 7.85 5.33
Duration: 10.73 8.87 8.15 6.86 5.78 4.27
First Prin Pay: 5/17 5/09 7/07 12/04 6/03 6/01
Last Prin Pay: 6/21 8/15 7/13 12/09 4/07 1/04
-----------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 17
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 150 200 300
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
A7 SENIOR
Price: 99-26 Coupon: 7.500 Original Par: 30,299,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TO CALL
Bond Yield: 7.64 7.64 7.64 7.64 7.64 7.65
Average Life: 25.81 20.48 18.49 14.84 11.93 8.07
Duration: 11.03 10.11 9.66 8.64 7.60 5.83
First Prin Pay: 6/21 8/15 7/13 12/09 4/07 1/04
Last Prin Pay: 1/24 3/19 4/17 9/13 9/10 11/06
---------------------------
TO MATURITY
Bond Yield: 7.64 7.64 7.64 7.64 7.64 7.65
Average Life: 25.85 20.54 18.55 14.91 11.99 8.07
Duration: 11.04 10.12 9.67 8.66 7.62 5.84
First Prin Pay: 6/21 8/15 7/13 12/09 4/07 1/04
Last Prin Pay: 6/24 11/19 2/18 7/14 6/11 1/07
-----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
M AA MEZZ
Price: 99-26+ Coupon: 7.600 Original Par: 27,475,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TO CALL
Bond Yield: 7.74 7.74 7.74 7.74 7.74 7.75
Average Life: 26.81 21.98 20.06 16.48 13.47 9.64
Duration: 11.06 10.33 9.95 9.08 8.15 6.60
First Prin Pay: 1/24 3/19 4/17 9/13 9/10 11/06
Last Prin Pay: 1/24 3/19 4/17 9/13 9/10 11/06
---------------------------
TO MATURITY
Bond Yield: 7.74 7.74 7.74 7.74 7.74 7.75
Average Life: 28.20 24.85 23.37 20.20 17.16 12.47
Duration: 11.23 10.78 10.55 9.95 9.23 7.75
First Prin Pay: 6/24 11/19 2/18 7/14 6/11 1/07
Last Prin Pay: 5/26 12/24 12/23 3/21 8/18 6/13
-----------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 18
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 150 200 300
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
B1 BBB SUB
Price: 99-31 Coupon: 7.575 Original Par: 27,475,000
-----------------------------------------------------------------------------
TO CALL
<S> <C> <C> <C> <C> <C> <C>
Bond Yield: 7.70 7.70 7.70 7.70 7.70 7.70
Average Life: 18.72 11.06 9.50 7.58 6.98 6.28
Duration: 9.58 7.08 6.41 5.48 5.18 4.80
First Prin Pay: 12/09 8/03 10/02 10/01 10/01 10/01
Last Prin Pay: 1/21 10/14 7/12 6/09 11/07 1/06
---------------------------
TO MATURITY
Bond Yield: 7.70 7.70 7.70 7.70 7.70 7.70
Average Life: 18.72 11.06 9.50 7.58 6.98 6.28
Duration: 9.58 7.08 6.41 5.48 5.18 4.80
First Prin Pay: 12/09 8/03 10/02 10/01 10/01 10/01
Last Prin Pay: 1/21 10/14 7/12 6/09 11/07 1/06
-----------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 19
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-1
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 150 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
March 15, 1998 45 0 0 0 0 0
March 15, 1999 0 0 0 0 0 0
March 15, 2000 0 0 0 0 0 0
March 15, 2001 0 0 0 0 0 0
March 15, 2002 0 0 0 0 0 0
March 15, 2003 0 0 0 0 0 0
March 15, 2004 0 0 0 0 0 0
March 15, 2005 0 0 0 0 0 0
March 15, 2006 0 0 0 0 0 0
March 15, 2007 0 0 0 0 0 0
March 15, 2008 0 0 0 0 0 0
March 15, 2009 0 0 0 0 0 0
March 15, 2010 0 0 0 0 0 0
March 15, 2011 0 0 0 0 0 0
March 15, 2012 0 0 0 0 0 0
March 15, 2013 0 0 0 0 0 0
March 15, 2014 0 0 0 0 0 0
March 15, 2015 0 0 0 0 0 0
March 15, 2016 0 0 0 0 0 0
March 15, 2017 0 0 0 0 0 0
March 15, 2018 0 0 0 0 0 0
March 15, 2019 0 0 0 0 0 0
March 15, 2020 0 0 0 0 0 0
March 15, 2021 0 0 0 0 0 0
March 15, 2022 0 0 0 0 0 0
March 15, 2023 0 0 0 0 0 0
March 15, 2024 0 0 0 0 0 0
March 15, 2025 0 0 0 0 0 0
March 15, 2026 0 0 0 0 0 0
March 15, 2027 0 0 0 0 0 0
Avg Life In Years: 0.9 0.4 0.4 0.3 0.2 0.2
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 20
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-2
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 150 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
March 15, 1998 100 93 85 71 56 27
March 15, 1999 95 51 36 9 0 0
March 15, 2000 72 9 0 0 0 0
March 15, 2001 46 0 0 0 0 0
March 15, 2002 25 0 0 0 0 0
March 15, 2003 1 0 0 0 0 0
March 15, 2004 0 0 0 0 0 0
March 15, 2005 0 0 0 0 0 0
March 15, 2006 0 0 0 0 0 0
March 15, 2007 0 0 0 0 0 0
March 15, 2008 0 0 0 0 0 0
March 15, 2009 0 0 0 0 0 0
March 15, 2010 0 0 0 0 0 0
March 15, 2011 0 0 0 0 0 0
March 15, 2012 0 0 0 0 0 0
March 15, 2013 0 0 0 0 0 0
March 15, 2014 0 0 0 0 0 0
March 15, 2015 0 0 0 0 0 0
March 15, 2016 0 0 0 0 0 0
March 15, 2017 0 0 0 0 0 0
March 15, 2018 0 0 0 0 0 0
March 15, 2019 0 0 0 0 0 0
March 15, 2020 0 0 0 0 0 0
March 15, 2021 0 0 0 0 0 0
March 15, 2022 0 0 0 0 0 0
March 15, 2023 0 0 0 0 0 0
March 15, 2024 0 0 0 0 0 0
March 15, 2025 0 0 0 0 0 0
March 15, 2026 0 0 0 0 0 0
March 15, 2027 0 0 0 0 0 0
Avg Life In Years: 3.9 2.0 1.7 1.3 1.1 0.8
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 21
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-3
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 150 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
March 15, 1998 100 100 100 100 100 100
March 15, 1999 100 100 100 100 81 27
March 15, 2000 100 100 88 48 11 0
March 15, 2001 100 65 40 0 0 0
March 15, 2002 100 28 0 0 0 0
March 15, 2003 100 0 0 0 0 0
March 15, 2004 72 0 0 0 0 0
March 15, 2005 44 0 0 0 0 0
March 15, 2006 33 0 0 0 0 0
March 15, 2007 20 0 0 0 0 0
March 15, 2008 6 0 0 0 0 0
March 15, 2009 0 0 0 0 0 0
March 15, 2010 0 0 0 0 0 0
March 15, 2011 0 0 0 0 0 0
March 15, 2012 0 0 0 0 0 0
March 15, 2013 0 0 0 0 0 0
March 15, 2014 0 0 0 0 0 0
March 15, 2015 0 0 0 0 0 0
March 15, 2016 0 0 0 0 0 0
March 15, 2017 0 0 0 0 0 0
March 15, 2018 0 0 0 0 0 0
March 15, 2019 0 0 0 0 0 0
March 15, 2020 0 0 0 0 0 0
March 15, 2021 0 0 0 0 0 0
March 15, 2022 0 0 0 0 0 0
March 15, 2023 0 0 0 0 0 0
March 15, 2024 0 0 0 0 0 0
March 15, 2025 0 0 0 0 0 0
March 15, 2026 0 0 0 0 0 0
March 15, 2027 0 0 0 0 0 0
Avg Life In Years: 8.2 4.5 3.8 3.0 2.5 1.8
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 22
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-4
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 150 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
March 15, 1998 100 100 100 100 100 100
March 15, 1999 100 100 100 100 100 100
March 15, 2000 100 100 100 100 100 39
March 15, 2001 100 100 100 92 46 0
March 15, 2002 100 100 99 48 0 0
March 15, 2003 100 91 61 11 0 0
March 15, 2004 100 56 28 0 0 0
March 15, 2005 100 27 0 0 0 0
March 15, 2006 100 9 0 0 0 0
March 15, 2007 100 0 0 0 0 0
March 15, 2008 100 0 0 0 0 0
March 15, 2009 90 0 0 0 0 0
March 15, 2010 72 0 0 0 0 0
March 15, 2011 56 0 0 0 0 0
March 15, 2012 43 0 0 0 0 0
March 15, 2013 29 0 0 0 0 0
March 15, 2014 13 0 0 0 0 0
March 15, 2015 0 0 0 0 0 0
March 15, 2016 0 0 0 0 0 0
March 15, 2017 0 0 0 0 0 0
March 15, 2018 0 0 0 0 0 0
March 15, 2019 0 0 0 0 0 0
March 15, 2020 0 0 0 0 0 0
March 15, 2021 0 0 0 0 0 0
March 15, 2022 0 0 0 0 0 0
March 15, 2023 0 0 0 0 0 0
March 15, 2024 0 0 0 0 0 0
March 15, 2025 0 0 0 0 0 0
March 15, 2026 0 0 0 0 0 0
March 15, 2027 0 0 0 0 0 0
Avg Life In Years: 14.6 7.3 6.4 5.0 4.0 2.9
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 23
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-5
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 150 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
March 15, 1998 100 100 100 100 100 100
March 15, 1999 100 100 100 100 100 100
March 15, 2000 100 100 100 100 100 100
March 15, 2001 100 100 100 100 100 27
March 15, 2002 100 100 100 100 98 0
March 15, 2003 100 100 100 100 17 0
March 15, 2004 100 100 100 48 0 0
March 15, 2005 100 100 95 0 0 0
March 15, 2006 100 100 52 0 0 0
March 15, 2007 100 81 12 0 0 0
March 15, 2008 100 43 0 0 0 0
March 15, 2009 100 5 0 0 0 0
March 15, 2010 100 0 0 0 0 0
March 15, 2011 100 0 0 0 0 0
March 15, 2012 100 0 0 0 0 0
March 15, 2013 100 0 0 0 0 0
March 15, 2014 100 0 0 0 0 0
March 15, 2015 90 0 0 0 0 0
March 15, 2016 47 0 0 0 0 0
March 15, 2017 5 0 0 0 0 0
March 15, 2018 0 0 0 0 0 0
March 15, 2019 0 0 0 0 0 0
March 15, 2020 0 0 0 0 0 0
March 15, 2021 0 0 0 0 0 0
March 15, 2022 0 0 0 0 0 0
March 15, 2023 0 0 0 0 0 0
March 15, 2024 0 0 0 0 0 0
March 15, 2025 0 0 0 0 0 0
March 15, 2026 0 0 0 0 0 0
March 15, 2027 0 0 0 0 0 0
Avg Life In Years: 18.9 10.8 9.1 7.0 5.6 3.9
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 24
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-6
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 150 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
March 15, 1998 100 100 100 100 100 100
March 15, 1999 100 100 100 100 100 100
March 15, 2000 100 100 100 100 100 100
March 15, 2001 100 100 100 100 100 100
March 15, 2002 100 100 100 100 100 59
March 15, 2003 100 100 100 100 100 23
March 15, 2004 100 100 100 100 72 0
March 15, 2005 100 100 100 91 40 0
March 15, 2006 100 100 100 68 19 0
March 15, 2007 100 100 100 48 1 0
March 15, 2008 100 100 86 29 0 0
March 15, 2009 100 100 67 12 0 0
March 15, 2010 100 84 49 0 0 0
March 15, 2011 100 65 32 0 0 0
March 15, 2012 100 50 18 0 0 0
March 15, 2013 100 35 4 0 0 0
March 15, 2014 100 21 0 0 0 0
March 15, 2015 100 6 0 0 0 0
March 15, 2016 100 0 0 0 0 0
March 15, 2017 100 0 0 0 0 0
March 15, 2018 83 0 0 0 0 0
March 15, 2019 60 0 0 0 0 0
March 15, 2020 35 0 0 0 0 0
March 15, 2021 7 0 0 0 0 0
March 15, 2022 0 0 0 0 0 0
March 15, 2023 0 0 0 0 0 0
March 15, 2024 0 0 0 0 0 0
March 15, 2025 0 0 0 0 0 0
March 15, 2026 0 0 0 0 0 0
March 15, 2027 0 0 0 0 0 0
Avg Life In Years: 22.4 15.1 13.1 10.0 7.9 5.3
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 25
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-7
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 150 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
March 15, 1998 100 100 100 100 100 100
March 15, 1999 100 100 100 100 100 100
March 15, 2000 100 100 100 100 100 100
March 15, 2001 100 100 100 100 100 100
March 15, 2002 100 100 100 100 100 100
March 15, 2003 100 100 100 100 100 100
March 15, 2004 100 100 100 100 100 89
March 15, 2005 100 100 100 100 100 47
March 15, 2006 100 100 100 100 100 19
March 15, 2007 100 100 100 100 100 0
March 15, 2008 100 100 100 100 73 0
March 15, 2009 100 100 100 100 47 0
March 15, 2010 100 100 100 93 25 0
March 15, 2011 100 100 100 67 0 0
March 15, 2012 100 100 100 46 0 0
March 15, 2013 100 100 100 27 0 0
March 15, 2014 100 100 84 0 0 0
March 15, 2015 100 100 61 0 0 0
March 15, 2016 100 85 40 0 0 0
March 15, 2017 100 61 18 0 0 0
March 15, 2018 100 40 0 0 0 0
March 15, 2019 100 0 0 0 0 0
March 15, 2020 100 0 0 0 0 0
March 15, 2021 100 0 0 0 0 0
March 15, 2022 77 0 0 0 0 0
March 15, 2023 47 0 0 0 0 0
March 15, 2024 0 0 0 0 0 0
March 15, 2025 0 0 0 0 0 0
March 15, 2026 0 0 0 0 0 0
March 15, 2027 0 0 0 0 0 0
Avg Life In Years: 25.8 20.5 18.5 14.8 11.9 8.1
- ---------------------------------------------------------------------------------------------
</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 Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 26
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class M
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 150 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
March 15, 1998 100 100 100 100 100 100
March 15, 1999 100 100 100 100 100 100
March 15, 2000 100 100 100 100 100 100
March 15, 2001 100 100 100 100 100 100
March 15, 2002 100 100 100 100 100 100
March 15, 2003 100 100 100 100 100 100
March 15, 2004 100 100 100 100 100 100
March 15, 2005 100 100 100 100 100 100
March 15, 2006 100 100 100 100 100 100
March 15, 2007 100 100 100 100 100 0
March 15, 2008 100 100 100 100 100 0
March 15, 2009 100 100 100 100 100 0
March 15, 2010 100 100 100 100 100 0
March 15, 2011 100 100 100 100 0 0
March 15, 2012 100 100 100 100 0 0
March 15, 2013 100 100 100 100 0 0
March 15, 2014 100 100 100 0 0 0
March 15, 2015 100 100 100 0 0 0
March 15, 2016 100 100 100 0 0 0
March 15, 2017 100 100 100 0 0 0
March 15, 2018 100 100 0 0 0 0
March 15, 2019 100 0 0 0 0 0
March 15, 2020 100 0 0 0 0 0
March 15, 2021 100 0 0 0 0 0
March 15, 2022 100 0 0 0 0 0
March 15, 2023 100 0 0 0 0 0
March 15, 2024 0 0 0 0 0 0
March 15, 2025 0 0 0 0 0 0
March 15, 2026 0 0 0 0 0 0
March 15, 2027 0 0 0 0 0 0
Avg Life In Years: 26.8 22.0 20.1 16.5 13.5 9.6
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE> 27
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
REVISED COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class B-1
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 150 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
March 15, 1998 100 100 100 100 100 100
March 15, 1999 100 100 100 100 100 100
March 15, 2000 100 100 100 100 100 100
March 15, 2001 100 100 100 100 100 100
March 15, 2002 100 100 100 90 87 83
March 15, 2003 100 100 91 70 65 53
March 15, 2004 100 89 75 53 44 29
March 15, 2005 100 74 59 37 27 10
March 15, 2006 100 65 50 27 16 0
March 15, 2007 100 56 41 18 6 0
March 15, 2008 100 48 32 9 0 0
March 15, 2009 100 39 24 1 0 0
March 15, 2010 97 31 16 0 0 0
March 15, 2011 89 23 8 0 0 0
March 15, 2012 83 16 2 0 0 0
March 15, 2013 76 10 0 0 0 0
March 15, 2014 68 3 0 0 0 0
March 15, 2015 59 0 0 0 0 0
March 15, 2016 49 0 0 0 0 0
March 15, 2017 39 0 0 0 0 0
March 15, 2018 30 0 0 0 0 0
March 15, 2019 21 0 0 0 0 0
March 15, 2020 10 0 0 0 0 0
March 15, 2021 0 0 0 0 0 0
March 15, 2022 0 0 0 0 0 0
March 15, 2023 0 0 0 0 0 0
March 15, 2024 0 0 0 0 0 0
March 15, 2025 0 0 0 0 0 0
March 15, 2026 0 0 0 0 0 0
March 15, 2027 0 0 0 0 0 0
Avg Life In Years: 18.7 11.1 9.5 7.6 7.0 6.3
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
