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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): July 25, 1997
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., (as depositor
under the Pooling and Servicing Agreement, dated as of July 1, 1997
which provides for the issuance of IndyMac 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 Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
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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Item 5. Other Events.
Filing of Computational Materials.
In connection with the offering of the IndyMac Manufactured Housing
Contract Pass-Through Certificates, Series 1997-1, Credit Suisse First Boston
Corporation, as Underwriter of the Certificates, has 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
for 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.
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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.
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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.
By: /s/ FIACHRA O'DRISCOLL
Dated: July 25, 1997
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Exhibit Index
Exhibit Page
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1. The Series Term Sheet including Computational Materials
<PAGE>
<PAGE>
EXHIBIT 1
SUBJECT TO REVISION
SERIES TERM SHEET DATED JULY 23, 1997
$142,421,100 (Approximate)
Credit Suisse First Boston Mortgage Securities Corp.,
Depositor
[INDYMAC LOGO]
Seller & Servicer
INDYMAC 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 IndyMac Manufactured Housing Contract
Pass-Through Certificates, Series 1997-1. The Series Term Sheet has been
prepared 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.
Credit Suisse First Boston does not make any representation as to the accuracy
or completeness of any of the information set forth in the attached Series Term
Sheet. This cover sheet is not part of the Series Term Sheet.
A REGISTRATION STATEMENT (INCLUDING A BASE PROSPECTUS) RELATING TO THE ABS
MORTGAGE AND MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES, INCLUDING
INDYMAC 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
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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 July 1, 1997,
among Credit Suisse First Boston Mortgage Securities Corp., as Depositor,
IndyMac, Inc., as Seller and Servicer, and The Bank of New York, as Trustee.
<TABLE>
<S> <C>
Class Designations
Class A Certificates................ Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6 and Class A-R Certificates.
Class M Certificates................ The Class M Certificates.
Class B Certificates................ Class B-1 and Class B-2 Certificates.
Subordinate Certificates............ Class M and Class B Certificates.
Offered Certificates................ Class A, Class M and Class B-1 Certificates.
Offered Subordinate Certificates.... Class M and Class B-1 Certificates.
The Certificates......................
</TABLE>
<TABLE>
<CAPTION>
Approximate
Initial Certificate Pass-Through
Title of Class Principal Balance(1) Rate
-------------- -------------------- ------------
<S> <C> <C>
Class A-1 Certificates... $ 32,010,000 . %(2)
Class A-2 Certificates... $ 22,170,000 . %(2)
Class A-3 Certificates... $ 18,580,000 . %(2)
Class A-4 Certificates... $ 5,960,000 . %(2)
Class A-5 Certificates... $ 19,060,000 . %(2)
Class A-6 Certificates... $ 20,034,000 . %(2)
Class A-R Certificates... $ 100 . %(2)
Class M Certificates... $ 11,931,000 . %(3)
Class B-1 Certificates... $ 12,676,000 . %(3)
Class B-2 Certificates... $ 6,711,298 . %(3)
Class X Certificates(4)
(1) The aggregate initial Certificate Principal Balance 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
commitment with respect to the Certificates may be
increased or decreased correspondingly.
(2) Computed on the basis of a 360-day year of twelve 30-day
months.
(3) The lesser of (i) the Pass-Through Rate, 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.
(4) The Class X Certificates are interest-only securities that
have no stated Certificate Principal Balance or
Pass-Through Rate, but will represent the right to receive
a distribution on each Distribution Date of certain
interest amounts.
</TABLE>
<TABLE>
<S> <C>
Denominations....................... The Offered Certificates (other than the Class A-R
Certificates) will be Book-Entry Certificates only, in
minimum denominations of $1,000 and integral multiples
of $1 in excess thereof.
Cut-off Date........................ July 1, 1997.
Due Period.......................... With respect to each Distribution Date, the period
commencing on the second day of the month preceding the
month in which the Distribution Date occurs and ending
at the close of business on the first day of the month
in which the Distribution Date occurs.
Prepayment Period................... With respect to each Distribution Date, the calendar
month preceding the month in which the Distribution
Date occurs.
Distribution Dates.................. Generally, the twenty-fifth day of each month,
commencing August 25, 1997 (each, a "Distribution
Date").
Interest Accrual Period............. With respect to each Distribution Date the calendar
month preceding the month in which the Distribution
Date occurs (each, an "Interest Accrual Period").
</TABLE>
1
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<TABLE>
<S> <C>
Distributions....................... The "Available Distribution Amount" with respect to any
Distribution Date will be an amount equal to (i) the
sum of (a) Monthly Payments of principal and interest
due on Contracts during related Due Period, regardless
of whether such payments were made by the related
Obligor or advanced by the Servicer, and (b)
unscheduled payments received with respect to the
Contracts during the related Prepayment Period,
including principal prepayments, Liquidation Proceeds
(net of Liquidation Expenses) and net insurance
proceeds, less (ii) the sum of (a) the Trustee Fee, (b)
the Servicing Fee and other servicing compensation, (c)
payments on Contracts that have been repurchased by
IndyMac as a result of a breach of a representation or
warranty and any other payments not required to be
deposited in the Certificate Account, (d)
reimbursements to the Servicer for Liquidation Expenses
incurred in respect of the Manufactured Homes, (e)
reimbursements to the Servicer for Advances in respect
of delinquent Contracts as to which the related late
Monthly Payments have been made, Nonrecoverable
Advances and Advances in respect of Liquidated
Contracts, in each case to the extent as will be
permitted in Agreement, and (f) certain expenses
reimbursable to the Depositor as will be permitted by
the Agreement.
Distributions will be made on each Distribution Date to
holders of record on the preceding Record Date.
Distributions on a Class of Certificates will be
allocated among the Certificates of such Class in
proportion to their respective percentage interests.
Certificate Structure Considerations . The primary credit support for the Class A Certificates
is the subordination of the Subordinate and Class X
Certificates; for the Class M Certificates is the
subordination of the Class B and Class X, Certificates;
for the Class B-1 Certificates is the subordination of
the Class B-2 and Class X Certificates.
Subordination of the Offered Subordinate
Certificates...................... The rights of the Class M Certificateholders to receive
distributions of principal will be subordinated to such
rights of the Class A Certificateholders to receive
distributions of principal and interest. Interest and
interest shortfalls on the Class M Certificates will
not be subordinated to principal payments on the Class
A Certificates.
The rights of holders of the Class B-1 Certificates to
receive distributions of principal similarly will be
subordinated to the rights of the holders of the Class
A and Class M Certificates to receive distributions of
principal and interest. Interest and interest
shortfalls on the Class B-1 Certificates will not be
subordinated to principal payments on the Class A and
Class M Certificates.
</TABLE>
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<TABLE>
<S> <C>
Overcollateralization............... Excess interest collections will be applied as an
Accelerated Principal Distribution Amount to create
overcollateralization until the Target
Overcollateralization Amount is reached. The Target
Overcollateralization Amount will mean (i) for any
Distribution Date prior to the Cross-over Date, 1.25%
of the Cut-off Date Pool Balance and (ii) for any
Distribution Date on or after the Cross-over Date, the
lesser of (a) 1.25% of the Cut-off Date Pool Balance
and (b) 2.25% of the then outstanding Pool Balance,
provided, however, that in no event shall the Target
Overcollateralization Amount be less than 0.50% of the
Cut-off Date Pool Balance.
Losses on Liquidated Contracts...... On each Distribution Date the aggregate distribution of
principal to the holders of Certificates is intended to
include the Contract Principal Balance of each Contract
that became a Liquidated Contract during the related
Prepayment Period. If the Liquidation Proceeds, net of
related Liquidation Expenses, from such Liquidated
Contract are less than the Contract Principal Balance
of such Liquidated Contract, and accrued and unpaid
interest thereon, then to the extent such deficiency is
not covered by any excess interest collections on
nondefaulted Contracts, the deficiency may, in effect,
be absorbed first by the Class B-2 Certificateholders,
then by the Class B-1 Certificateholders and then by
the Class M Certificateholders because a portion of
future Available Distribution Amount funded by future
principal collections on or in respect of the
Contracts, up to the aggregate amount of such
deficiencies, that would otherwise have been
distributable to the Subordinate Certificateholders may
instead be paid to the Class A Certificateholders. To
the extent that the Liquidation Loss Amount is not
covered by interest collected on the nondefaulted
Contracts in excess of certain Interest Distribution
Amounts and Carryover Interest Distribution Amounts
required to be distributed on the Class A, M and B
Certificates and any portion of such interest required
to be paid to a Servicer and Trustee, such Liquidation
Loss Amounts will be allocated to the Subordinate
Certificates in reduction of their Certificate
Principal Balance as described below.
Allocation of Liquidation
Loss Amounts............................The "Liquidation Loss Amount" for any Distribution Date
will be the amount, if any, by which the aggregate
Certificate Principal Balance of all Certificates
(after giving effect to distributions made on such
Distribution Date) exceeds the Pool Balance for such
Distribution Date. The Liquidation Loss Amount will be
allocated among the Classes of Subordinate Certificates
in the following order of priority:
(1) first, to the Class B-2 Certificates, to be
applied in reduction of the Adjusted Certificate
Principal Balance of such Class until it has been
reduced to zero;
</TABLE>
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<TABLE>
<S> <C>
(1) second, to the Class B-1 Certificates, to be
applied in reduction of the Adjusted Certificate
Principal Balance of such Class until it has been
reduced to zero; and
(2) third, to the Class M Certificates, to be applied
in reduction of the Adjusted Certificate Principal
Balance of such Class until it has been reduced to
zero.
Servicer............................ IndyMac, Inc. ("IndyMac") will act as the Servicer of
the Contracts. Formerly known as Independent National
Mortgage Corporation, IndyMac operates a nationwide
mortgage conduit business established in 1993 to
purchase mortgage loans that do not typically qualify
for sale to the U.S. government sponsored mortgage
agencies. IndyMac formed its manufactured housing
division in December 1995 to both originate directly to
consumers and to purchase manufactured housing retail
installment sales contracts and mortgages from
retailers, brokers and other loan originators.
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 and
principal payments in respect of the Contracts. 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 each Class of
Offered Certificates will be payable on the February
2028 Distribution Date (the "Final Scheduled
Distribution Date"). The Final Scheduled Distribution
Date has been determined by adding seven months to the
maturity date of the Contract with latest stated
maturity as of the Cut-off Date.
Termination......................... The Depositor and the Servicer will each have the
option to purchase from the Trust Fund all the
Contracts then outstanding and all the property in the
Trust Fund on any Distribution Date after the first
Distribution Date as of which the Pool Balance is 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 it
first becomes eligible to do so, 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 "Contract 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
</TABLE>
4
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<TABLE>
<S> <C>
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
consists of approximately 3,553 Contracts having an
aggregate Contract Principal Balance as of the Cut-off
Date of approximately $149,132,399. Based on the
Cut-off Date Pool Balance, 74.36% of the Contracts are
secured by Manufactured Homes which were new, 25.64% of
the Contracts are secured by Manufactured Homes which
were used. Based on Cut-off Date Pool Balance 37.03% of
the Contracts were Land-and-Home Contracts. The
properties underlying the Contracts as of the Cut-off
Date were located in 37 states. Based on Cut-off Date
Pool Balance, 18.14%, 11.68%, 10.85%, 8.73%, 7.74% and
5.12% of such properties are located in Texas, Nevada,
Michigan, Oregon, California and Arizona, respectively.
Substantially all of the Contracts bear interest at an
annual percentage rate (each, an "APR") which will be
equal to or higher than the sum of the Class A-1, Class
A-2, Class A-3, Class A-4, Class A-5, Class A-6 or
Class A-R Pass-Through Rate, as the case may be, and
the rate at which the Servicing Fee is calculated. Each
Contract bears interest at an annual percentage rate
(an "APR") of at least 7.24% and not more than 14.99%.
The weighted averaged APR of the Contracts as of the
Cut-off Date is approximately 10.56%. The Contracts
have remaining terms to maturity as of the Cut-off Date
of at least 10 months but not more than 360 months and
original terms to stated maturity of at least 36 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 315 months, a weighted
average seasoning of approximately 7 months and a
weighted average original loan-to-value ratio of
88.17%. The average outstanding principal balance of
the Contracts as of the Cut-off Date was approximately
$41,974. The Servicer will be required to cause to be
maintained one or more standard hazard insurance
policies with respect to each Manufactured Home.
Certain Federal Income Tax
Consequences...................... An election will be made to treat the Contract Pool and
certain other assets of the Trust as a REMIC for
federal income tax purposes (the "Pooling REMIC"). An
election will also be made to treat the "regular
interests" in the Pooling REMIC and certain other
assets of the Trust as another REMIC for federal income
tax purposes (the "Issuing REMIC"). The Class A
Certificates (other than the Class A-R Certificates),
the Class M Certificates, the Class B Certificates and
the Class X Certificates will be designated as "regular
interests" in the Issuing REMIC.
The Class A-R Certificates will represent the
beneficial ownership of the "residual interest" in each
of the Pooling REMIC and the Issuing REMIC.
</TABLE>
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<TABLE>
<S> <C>
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
purchasing or holding of Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5 or Class A-6 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, OR AN ENTITY
PURCHASING CLASS A-R, CLASS M OR CLASS B-1 CERTIFICATES
ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT OR OTHER PLAN,
WILL NOT BE PERMITTED TO PURCHASE OR HOLD SUCH
CERTIFICATES UNLESS THE OPINION OF COUNSEL DESCRIBED
UNDER "ERISA CONSIDERATIONS" IS DELIVERED TO THE
TRUSTEE.
Legal Investment Considerations..... The Offered Certificates will not constitute "mortgage
related securities" under the Secondary Mortgage Market
Enhancement Act of 1984 ("SMMEA").
Ratings............................. It is a condition to issuance that Moody's Investors
Service, Inc. ("Moody's"), and Fitch Investors Service,
L.P. ("Fitch") respectively rate (i) the each Class of
the Class A Certificates "Aaa" and "AAA," (ii) Class M
Certificates at least "Aa3" and "AA" and (iii) the
Class B-1 Certificates at least "Baa2" and "BBB."
</TABLE>
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DELINQUENCY, LOAN LOSS AND REPOSSESSION EXPERIENCE
The following tables set forth certain information concerning
delinquency, repossession, and loss experience for the portfolio of manufactured
housing contracts originated or purchased through IndyMac's Manufactured Housing
Division's Region Service Centers.
DELINQUENCY EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT
-----------------------------------
DECEMBER 31, MARCH 31, JUNE 30,
1996 1997 1997
------------ --------- ---------
<S> <C> <C> <C>
Principal Balance of Contracts Outstanding(1) .................... $ 73,271 $108,512 $154,446
Principal Balance of Contracts Delinquent(2)
30-59 Days ..................................................... $ 924 $ 607 $ 1,465
60-89 Days ..................................................... $ 90 $ 307 $ 351
90 Days or More ................................................ $ 161 $ 635 $ 756
Total Delinquency
Dollars ........................................................ $ 1,175 $ 1,549 $ 2,572
Percentage(3) .................................................. 1.60% 1.43% 1.67%
</TABLE>
(1) 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 the month is not 30 days delinquent
until the first day of the next month.
(3) As a percentage of the principal balance of contracts outstanding at
period end.
LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
QUARTER ENDED
-----------------------------------------
DECEMBER 31, MARCH 31, JUNE 31,
1996 1997 1997
------------ --------- ----------
<S> <C> <C> <C>
Number of Contracts Serviced(1) ............................ 1,624 2,486 3,636
Principal Balance of Contracts Serviced(1) ................. $ 73,355 $108,783 $155,103
Contract Repossessions ..................................... $ 0 $ 218 $ 740
Contract Liquidations ...................................... $ 54 $ 32 $ 354
Ending Balance of Contracts in Dollars ..................... $ 84 $ 271 $ 657
Percentage(2) ............................................ 0.12% 0.25% 0.42%
Net Losses
Dollars .................................................. $ 5 $ 7 $ 20
Percentage(2) ............................................ 0.01% 0.01% 0.01%
</TABLE>
(1) As of period end. Includes contracts in repossession.
(2) As a percentage of 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. IndyMac
only recently began purchasing and originating manufactured housing installment
sale contracts and installment loans. Consequently, such contracts and loans
have not yet exhibited a loss and delinquency experience that is representative
of the losses and delinquencies that may be experienced over a longer period of
time. In addition, 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
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Appearing below is some additional information regarding the
characteristics of the Contracts. Unless otherwise indicated, all such
information is as of the Cut-off Date. Percentages may not add to 100.00% due to
rounding.
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
<TABLE>
<CAPTION>
AGGREGATE
NUMBER PERCENTAGE OF CUT-OFF DATE PERCENTAGE OF
OF NUMBER OF CONTRACT CUT-OFF DATE
GEOGRAPHIC LOCATION CONTRACTS CONTRACTS PRINCIPAL BALANCE POOL BALANCE
- ------------------- --------- --------- ----------------- ------------
<S> <C> <C> <C> <C>
Alabama............... 7 0.20% $ 252,817 0.17%
Arizona............... 192 5.40 7,639,920 5.12
Arkansas.............. 36 1.01 1,217,059 0.82
California............ 236 6.64 11,540,847 7.74
Colorado.............. 34 0.96 1,819,446 1.22
Florida............... 73 2.05 2,409,116 1.62
Georgia............... 133 3.74 5,327,434 3.57
Idaho................. 40 1.13 2,162,347 1.45
Illinois.............. 26 0.73 863,737 0.58
Indiana............... 33 0.93 964,362 0.65
Iowa.................. 17 0.48 791,837 0.53
Kansas................ 21 0.59 865,009 0.58
Kentucky.............. 12 0.34 351,437 0.24
Louisiana............. 1 0.03 23,407 0.02
Michigan.............. 456 12.83 16,185,229 10.85
Minnesota............. 35 0.99 1,008,985 0.68
Mississippi........... 4 0.11 165,589 0.11
Missouri.............. 201 5.66 6,977,360 4.68
Montana............... 5 0.14 406,183 0.27
Nebraska.............. 26 0.73 898,265 0.60
Nevada................ 286 8.05 17,415,975 11.68
New Mexico............ 32 0.90 1,438,863 0.96
New York.............. 1 0.03 30,915 0.02
North Carolina........ 184 5.18 6,784,611 4.55
Ohio.................. 102 2.87 2,312,245 1.55
Oklahoma.............. 50 1.41 1,942,131 1.30
Oregon................ 216 6.08 13,012,059 8.73
Pennsylvania.......... 43 1.21 1,047,418 0.70
South Carolina........ 135 3.80 5,867,650 3.93
South Dakota.......... 20 0.56 935,998 0.63
Tennessee............. 76 2.14 3,149,573 2.11
Texas................. 704 19.81 27,057,671 18.14
Utah.................. 22 0.62 960,305 0.64
Virginia.............. 9 0.25 401,532 0.27
Washington............ 73 2.05 4,340,119 2.91
West Virginia......... 2 0.06 96,314 0.06
Wyoming............... 10 0.28 468,635 0.31
----- ------ ------------- ------
Total............ 3,553 100.00% $ 149,132,399 100.00%
===== ====== ============= ======
</TABLE>
- ---------------
(1) Based on the location of the properties underlying the Contracts as of the
Cut-off Date.
8
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ORIGINAL CONTRACT AMOUNTS
<TABLE>
<CAPTION>
AGGREGATE
PERCENTAGE OF CUT-OFF DATE PERCENTAGE OF
NUMBER OF NUMBER OF CONTRACT CUT-OFF DATE
ORIGINAL CONTRACT AMOUNT CONTRACTS CONTRACTS PRINCIPAL BALANCE POOL BALANCE
- ------------------------ --------- --------- ----------------- ------------
<S> <C> <C> <C> <C>
$ 5,000 - $ 9,999 ... 65 1.83% $ 494,878 0.33%
$ 10,000 - $ 14,999 ... 198 5.57 2,433,210 1.63
$ 15,000 - $ 19,999 ... 194 5.46 3,345,504 2.24
$ 20,000 - $ 24,999 ... 267 7.51 5,957,307 3.99
$ 25,000 - $ 29,999 ... 412 11.60 11,296,909 7.58
$ 30,000 - $ 34,999 ... 486 13.68 15,678,972 10.51
$ 35,000 - $ 39,999 ... 367 10.33 13,593,844 9.12
$ 40,000 - $ 44,999 ... 282 7.94 11,905,477 7.98
$ 45,000 - $ 49,999 ... 253 7.12 11,936,519 8.00
$ 50,000 - $ 54,999 ... 215 6.05 11,201,090 7.51
$ 55,000 - $ 59,999 ... 191 5.38 10,925,555 7.33
$ 60,000 - $ 64,999 ... 119 3.35 7,387,101 4.95
$ 65,000 - $ 69,999 ... 117 3.29 7,844,717 5.26
$ 70,000 - $ 74,999 ... 85 2.39 6,147,447 4.12
$ 75,000 - $ 79,999 ... 56 1.58 4,308,084 2.89
$ 80,000 - $ 84,999 ... 37 1.04 3,032,827 2.03
$ 85,000 - $ 89,999 ... 45 1.27 3,912,074 2.62
$ 90,000 - $ 94,999 ... 44 1.24 4,042,998 2.71
$ 95,000 - $ 99,999 ... 26 0.73 2,518,990 1.69
$100,000 and above....... 94 2.65 11,168,895 7.49
------ ------ ------------ ------
Total............... 3,553 100.00% $149,132,399 100.00%
====== ====== ============ ======
</TABLE>
APRS
<TABLE>
<CAPTION>
AGGREGATE
NUMBER PERCENTAGE OF CUT-OFF DATE PERCENTAGE OF
OF NUMBER OF CONTRACT CUT-OFF DATE
APR CONTRACTS CONTRACTS PRINCIPAL BALANCE POOL BALANCE
- --- --------- --------- ----------------- ------------
<S> <C> <C> <C> <C>
7.01% - 8.00% ....... 37 1.04% $ 2,642,829 1.77%
8.01% - 9.00%........ 234 6.59 16,839,942 11.29
9.01% - 10.00%........ 608 17.11 32,488,095 21.78
10.01% - 11.00%........ 1,182 33.27 51,826,536 34.75
11.01% - 12.00%........ 1,017 28.62 35,195,318 23.60
12.01% - 13.00%........ 332 9.34 8,036,736 5.39
13.01% - 14.00%........ 99 2.79 1,583,533 1.06
14.01% - 15.00%........ 44 1.24 519,409 0.35
----- ------ ------------ ------
Total............ 3,553 100.00% $149,132,399 100.00%
===== ====== ============ ======
</TABLE>
9
<PAGE>
<PAGE>
REMAINING TERMS TO MATURITY
<TABLE>
<CAPTION>
AGGREGATE
NUMBER PERCENTAGE OF CUT-OFF DATE PERCENTAGE OF
OF NUMBER OF CONTRACT CUT-OFF DATE
REMAINING TERM CONTRACTS CONTRACTS PRINCIPAL BALANCE POOL BALANCE
- -------------- --------- --------- ----------------- ------------
<S> <C> <C> <C> <C>
Less Than 121 months...... 244 6.87% $ 3,587,831 2.41%
121 - 180 months.......... 432 12.16 10,093,972 6.77
181 - 240 months.......... 489 13.76 14,879,370 9.98
241 - 300 months.......... 505 14.21 19,593,012 13.14
301 - 360 months.......... 1,883 53.00 100,978,215 67.71
----- ----- ----------- -----
Total 3,553 100.00% $149,132,399 100.00%
===== ====== ============ ======
</TABLE>
ORIGINAL LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
AGGREGATE
NUMBER PERCENTAGE OF CUT-OFF DATE PERCENTAGE OF
ORIGINAL OF NUMBER OF CONTRACT CUT-OFF DATE
LOAN-TO-VALUE RATIO CONTRACTS CONTRACTS PRINCIPAL BALANCE POOL BALANCE
- ------------------- --------- --------- ----------------- ------------
<S> <C> <C> <C> <C>
Less than 61%.......... 94 2.65% $ 3,095,067 2.08%
61% - 65%............... 42 1.18 1,377,700 0.92
66% - 70%............... 41 1.15 1,872,221 1.26
71% - 75%............... 107 3.01 4,180,701 2.80
76% - 80%............... 233 6.56 9,976,309 6.69
81% - 85%............... 399 11.23 17,341,762 11.63
86% - 90%............... 1,397 39.32 58,115,249 38.97
91% - 95%............... 1,194 33.61 50,299,933 33.73
96% or greater.......... 46 1.29 2,873,458 1.93
----- ------ ------------ ------
Total.............. 3,553 100.00% $149,132,399 100.00%
===== ====== ============ ======
</TABLE>
10
<PAGE>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Price Pay Pay Dur.
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TO CALL:
A1 SENIOR 32,010,000 6.4500 1.10 6.130 99-31 8/97 10/99 1.02
A2 SENIOR 22,170,000 6.4000 3.10 6.352 99-29+ 10/99 7/01 2.72
A3 SENIOR 18,580,000 6.6000 5.10 6.590 99-31 7/01 2/04 4.19
A4 SENIOR 5,960,000 6.7000 7.10 6.741 99-26+ 2/04 3/05 5.48
A5 SENIOR 19,060,000 6.9000 10.00 6.949 99-28 3/05 4/10 6.97
A6 SENIOR 20,034,000 7.2000 16.30 7.270 99-27+ 4/10 5/15 9.27
M AA MEZZ 11,931,000 7.1250 11.01 7.171 99-30 4/02 5/15 7.10
B1 BBB SUB 12,676,000 7.3750 10.00 7.420 99-30+ 4/02 2/14 6.66
B2 BB SUB 6,711,298 ------ 13.10 ----- ----- 4/02 5/15 ----
------------------------------
TO MATURITY:
A6 SENIOR 20,034,000 7.2000 17.58 7.270 99-28 4/10 4/21 9.57
M AA MEZZ 11,931,000 7.1250 11.08 7.171 99-30 4/02 10/16 7.12
B1 BBB SUB 12,676,000 7.3750 10.00 7.420 99-30+ 4/02 2/14 6.66
B2 BB SUB 6,711,298 ------ 17.65 ----- ----- 4/02 11/25 ----
-------------------------------------------------------------------------------------
</TABLE>
(1) Data assumes a prepayment speed of 160% MHP.
(2) Coupon and price assumed for computational material.
(3) B2 Certificates are not being 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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
- -----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A1 SENIOR
Price: 99-31 Coupon: 6.4500 Original Par: 32,010,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.45 6.30 6.25 6.13 6.05 5.87
Average Life: 6.26 1.96 1.59 1.10 0.92 0.66
Duration: 4.76 1.75 1.44 1.02 0.86 0.62
First Prin Pay: 8/97 8/97 8/97 8/97 8/97 8/97
Last Prin Pay: 12/08 8/01 10/00 10/99 5/99 11/98
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-29+ Coupon: 6.4000 Original Par: 22,170,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.44 6.41 6.39 6.35 6.33 6.26
Average Life: 13.83 5.61 4.54 3.10 2.56 1.79
Duration: 8.90 4.56 3.82 2.72 2.29 1.64
First Prin Pay: 12/08 8/01 10/00 10/99 5/99 11/98
Last Prin Pay: 9/13 10/04 6/03 7/01 11/00 11/99
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-31 Coupon: 6.6000 Original Par: 18,580,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.65 6.63 6.62 6.59 6.57 6.52
Average Life: 18.16 9.02 7.41 5.10 4.05 2.78
Duration: 10.28 6.58 5.67 4.19 3.44 2.46
First Prin Pay: 9/13 10/04 6/03 7/01 11/00 11/99
Last Prin Pay: 1/18 12/08 12/06 2/04 7/02 11/00
-----------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. 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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
- -----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A4 SENIOR
Price: 99-26+ Coupon: 6.7000 Original Par: 5,960,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.77 6.76 6.75 6.74 6.73 6.70
Average Life: 21.25 12.20 10.19 7.10 5.47 3.49
Duration: 11.01 8.09 7.16 5.48 4.44 3.02
First Prin Pay: 1/18 12/08 12/06 2/04 7/02 11/00
Last Prin Pay: 7/19 8/10 7/08 3/05 7/03 3/01
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-28 Coupon: 6.9000 Original Par: 19,060,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.97 6.96 6.96 6.95 6.94 6.91
Average Life: 24.00 16.14 13.88 10.00 7.93 4.53
Duration: 11.39 9.41 8.62 6.97 5.89 3.76
First Prin Pay: 7/19 8/10 7/08 3/05 7/03 3/01
Last Prin Pay: 8/23 1/17 10/14 4/10 11/07 7/03
-----------------------------------------------------------------------------
A6 SENIOR
Price: 99-27+ Coupon: 7.2000 Original Par: 20,034,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.28 7.28 7.27 7.27 7.27 7.25
Average Life: 27.53 22.93 20.90 16.30 13.67 8.93
Duration: 11.62 10.87 10.46 9.27 8.39 6.33
First Prin Pay: 8/23 1/17 10/14 4/10 11/07 7/03
Last Prin Pay: 8/25 10/21 12/19 5/15 10/12 5/08
---------------------------
TO MATURITY:
Price: 99-28
Bond Yield: 7.28 7.27 7.27 7.27 7.27 7.25
Average Life: 27.78 23.82 21.96 17.58 14.89 9.74
Duration: 11.66 11.01 10.64 9.57 8.74 6.65
First Prin Pay: 8/23 1/17 10/14 4/10 11/07 7/03
Last Prin Pay: 8/26 6/25 7/24 4/21 10/18 4/13
-----------------------------------------------------------------------------
</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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
- -----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
M AA MEZZ
Price: 99-30 Coupon: 7.1250 Original Par: 11,931,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.19 7.18 7.18 7.17 7.17 7.16
Average Life: 23.89 16.73 14.73 11.01 9.80 7.93
Duration: 11.07 9.19 8.53 7.10 6.61 5.77
First Prin Pay: 1/15 10/05 5/04 4/02 2/02 2/02
Last Prin Pay: 8/25 10/21 12/19 5/15 10/12 5/08
---------------------------
TO MATURITY:
Price: 99-30
Bond Yield: 7.19 7.18 7.18 7.17 7.17 7.16
Average Life: 23.91 16.78 14.80 11.08 9.93 8.27
Duration: 11.08 9.20 8.54 7.12 6.65 5.92
First Prin Pay: 1/15 10/05 5/04 4/02 2/02 2/02
Last Prin Pay: 12/25 11/22 3/21 10/16 9/14 1/11
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-30+ Coupon: 7.3750 Original Par: 12,676,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.45 7.44 7.43 7.42 7.41 7.41
Average Life: 23.42 15.73 13.65 10.00 8.97 7.55
Duration: 10.76 8.81 8.12 6.66 6.21 5.53
First Prin Pay: 1/15 10/05 5/04 4/02 2/02 2/02
Last Prin Pay: 3/25 10/20 10/18 2/14 3/12 5/08
---------------------------
TO MATURITY:
Price: 99-30+
Bond Yield: 7.45 7.44 7.43 7.42 7.41 7.41
Average Life: 23.42 15.73 13.65 10.00 8.97 7.58
Duration: 10.76 8.81 8.12 6.66 6.21 5.54
First Prin Pay: 1/15 10/05 5/04 4/02 2/02 2/02
Last Prin Pay: 3/25 10/20 10/18 2/14 3/12 2/09
-----------------------------------------------------------------------------
</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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
B2 BB SUB
Price: Not Offered Original Par: 6,711,298
-----------------------------------------------------------------------------
TO CALL:
Average Life: 24.84 18.78 16.95 13.10 11.40 8.63
First Prin Pay: 1/15 10/05 5/04 4/02 2/02 2/02
Last Prin Pay: 8/25 10/21 12/19 5/15 10/12 5/08
---------------------------
TO MATURITY:
Average Life: 25.54 21.27 20.19 17.65 16.22 12.85
First Prin Pay: 1/15 10/05 5/04 4/02 2/02 2/02
Last Prin Pay: 1/27 10/26 8/26 11/25 9/24 11/19
-----------------------------------------------------------------------------
</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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 25, 1998 89 72 67 53 44 21
July 25, 1999 84 48 36 9 0 0
July 25, 2000 78 24 7 0 0 0
July 25, 2001 72 1 0 0 0 0
July 25, 2002 64 0 0 0 0 0
July 25, 2003 56 0 0 0 0 0
July 25, 2004 47 0 0 0 0 0
July 25, 2005 37 0 0 0 0 0
July 25, 2006 27 0 0 0 0 0
July 25, 2007 16 0 0 0 0 0
July 25, 2008 5 0 0 0 0 0
July 25, 2009 0 0 0 0 0 0
July 25, 2010 0 0 0 0 0 0
July 25, 2011 0 0 0 0 0 0
July 25, 2012 0 0 0 0 0 0
July 25, 2013 0 0 0 0 0 0
July 25, 2014 0 0 0 0 0 0
July 25, 2015 0 0 0 0 0 0
July 25, 2016 0 0 0 0 0 0
July 25, 2017 0 0 0 0 0 0
July 25, 2018 0 0 0 0 0 0
July 25, 2019 0 0 0 0 0 0
July 25, 2020 0 0 0 0 0 0
July 25, 2021 0 0 0 0 0 0
July 25, 2022 0 0 0 0 0 0
July 25, 2023 0 0 0 0 0 0
July 25, 2024 0 0 0 0 0 0
July 25, 2025 0 0 0 0 0 0
July 25, 2026 0 0 0 0 0 0
July 25, 2027 0 0 0 0 0 0
Avg Life In Years: 6.3 2.0 1.6 1.1 0.9 0.7
</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 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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 25, 1998 100 100 100 100 100 100
July 25, 1999 100 100 100 100 87 25
July 25, 2000 100 100 100 53 18 0
July 25, 2001 100 100 69 0 0 0
July 25, 2002 100 68 31 0 0 0
July 25, 2003 100 36 0 0 0 0
July 25, 2004 100 5 0 0 0 0
July 25, 2005 100 0 0 0 0 0
July 25, 2006 100 0 0 0 0 0
July 25, 2007 100 0 0 0 0 0
July 25, 2008 100 0 0 0 0 0
July 25, 2009 89 0 0 0 0 0
July 25, 2010 68 0 0 0 0 0
July 25, 2011 45 0 0 0 0 0
July 25, 2012 24 0 0 0 0 0
July 25, 2013 3 0 0 0 0 0
July 25, 2014 0 0 0 0 0 0
July 25, 2015 0 0 0 0 0 0
July 25, 2016 0 0 0 0 0 0
July 25, 2017 0 0 0 0 0 0
July 25, 2018 0 0 0 0 0 0
July 25, 2019 0 0 0 0 0 0
July 25, 2020 0 0 0 0 0 0
July 25, 2021 0 0 0 0 0 0
July 25, 2022 0 0 0 0 0 0
July 25, 2023 0 0 0 0 0 0
July 25, 2024 0 0 0 0 0 0
July 25, 2025 0 0 0 0 0 0
July 25, 2026 0 0 0 0 0 0
July 25, 2027 0 0 0 0 0 0
Avg Life In Years: 13.8 5.6 4.5 3.1 2.6 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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-3
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 25, 1998 100 100 100 100 100 100
July 25, 1999 100 100 100 100 100 100
July 25, 2000 100 100 100 100 100 25
July 25, 2001 100 100 100 100 49 0
July 25, 2002 100 100 100 49 0 0
July 25, 2003 100 100 94 16 0 0
July 25, 2004 100 100 56 0 0 0
July 25, 2005 100 71 31 0 0 0
July 25, 2006 100 47 8 0 0 0
July 25, 2007 100 26 0 0 0 0
July 25, 2008 100 7 0 0 0 0
July 25, 2009 100 0 0 0 0 0
July 25, 2010 100 0 0 0 0 0
July 25, 2011 100 0 0 0 0 0
July 25, 2012 100 0 0 0 0 0
July 25, 2013 100 0 0 0 0 0
July 25, 2014 76 0 0 0 0 0
July 25, 2015 52 0 0 0 0 0
July 25, 2016 29 0 0 0 0 0
July 25, 2017 9 0 0 0 0 0
July 25, 2018 0 0 0 0 0 0
July 25, 2019 0 0 0 0 0 0
July 25, 2020 0 0 0 0 0 0
July 25, 2021 0 0 0 0 0 0
July 25, 2022 0 0 0 0 0 0
July 25, 2023 0 0 0 0 0 0
July 25, 2024 0 0 0 0 0 0
July 25, 2025 0 0 0 0 0 0
July 25, 2026 0 0 0 0 0 0
July 25, 2027 0 0 0 0 0 0
Avg Life In Years: 18.2 9.0 7.4 5.1 4.0 2.8
</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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-4
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 25, 1998 100 100 100 100 100 100
July 25, 1999 100 100 100 100 100 100
July 25, 2000 100 100 100 100 100 100
July 25, 2001 100 100 100 100 100 0
July 25, 2002 100 100 100 100 96 0
July 25, 2003 100 100 100 100 0 0
July 25, 2004 100 100 100 56 0 0
July 25, 2005 100 100 100 0 0 0
July 25, 2006 100 100 100 0 0 0
July 25, 2007 100 100 60 0 0 0
July 25, 2008 100 100 0 0 0 0
July 25, 2009 100 60 0 0 0 0
July 25, 2010 100 1 0 0 0 0
July 25, 2011 100 0 0 0 0 0
July 25, 2012 100 0 0 0 0 0
July 25, 2013 100 0 0 0 0 0
July 25, 2014 100 0 0 0 0 0
July 25, 2015 100 0 0 0 0 0
July 25, 2016 100 0 0 0 0 0
July 25, 2017 100 0 0 0 0 0
July 25, 2018 65 0 0 0 0 0
July 25, 2019 0 0 0 0 0 0
July 25, 2020 0 0 0 0 0 0
July 25, 2021 0 0 0 0 0 0
July 25, 2022 0 0 0 0 0 0
July 25, 2023 0 0 0 0 0 0
July 25, 2024 0 0 0 0 0 0
July 25, 2025 0 0 0 0 0 0
July 25, 2026 0 0 0 0 0 0
July 25, 2027 0 0 0 0 0 0
Avg Life In Years: 21.2 12.2 10.2 7.1 5.5 3.5
</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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-5
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 25, 1998 100 100 100 100 100 100
July 25, 1999 100 100 100 100 100 100
July 25, 2000 100 100 100 100 100 100
July 25, 2001 100 100 100 100 100 74
July 25, 2002 100 100 100 100 100 24
July 25, 2003 100 100 100 100 98 0
July 25, 2004 100 100 100 100 70 0
July 25, 2005 100 100 100 91 45 0
July 25, 2006 100 100 100 68 24 0
July 25, 2007 100 100 100 47 5 0
July 25, 2008 100 100 99 29 0 0
July 25, 2009 100 100 80 12 0 0
July 25, 2010 100 100 62 0 0 0
July 25, 2011 100 82 45 0 0 0
July 25, 2012 100 66 30 0 0 0
July 25, 2013 100 51 16 0 0 0
July 25, 2014 100 36 3 0 0 0
July 25, 2015 100 21 0 0 0 0
July 25, 2016 100 7 0 0 0 0
July 25, 2017 100 0 0 0 0 0
July 25, 2018 100 0 0 0 0 0
July 25, 2019 99 0 0 0 0 0
July 25, 2020 75 0 0 0 0 0
July 25, 2021 49 0 0 0 0 0
July 25, 2022 24 0 0 0 0 0
July 25, 2023 0 0 0 0 0 0
July 25, 2024 0 0 0 0 0 0
July 25, 2025 0 0 0 0 0 0
July 25, 2026 0 0 0 0 0 0
July 25, 2027 0 0 0 0 0 0
Avg Life In Years: 24.0 16.1 13.9 10.0 7.9 4.5
</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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-6
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 25, 1998 100 100 100 100 100 100
July 25, 1999 100 100 100 100 100 100
July 25, 2000 100 100 100 100 100 100
July 25, 2001 100 100 100 100 100 100
July 25, 2002 100 100 100 100 100 100
July 25, 2003 100 100 100 100 100 99
July 25, 2004 100 100 100 100 100 80
July 25, 2005 100 100 100 100 100 63
July 25, 2006 100 100 100 100 100 50
July 25, 2007 100 100 100 100 100 40
July 25, 2008 100 100 100 100 90 31
July 25, 2009 100 100 100 100 76 24
July 25, 2010 100 100 100 96 64 19
July 25, 2011 100 100 100 83 53 12
July 25, 2012 100 100 100 71 44 4
July 25, 2013 100 100 100 61 37 0
July 25, 2014 100 100 100 52 30 0
July 25, 2015 100 100 90 44 22 0
July 25, 2016 100 100 78 36 13 0
July 25, 2017 100 93 68 27 7 0
July 25, 2018 100 82 58 19 1 0
July 25, 2019 100 71 49 11 0 0
July 25, 2020 100 59 40 4 0 0
July 25, 2021 100 48 30 0 0 0
July 25, 2022 100 38 19 0 0 0
July 25, 2023 100 26 9 0 0 0
July 25, 2024 75 12 0 0 0 0
July 25, 2025 46 0 0 0 0 0
July 25, 2026 3 0 0 0 0 0
July 25, 2027 0 0 0 0 0 0
Avg Life In Years: 27.8 23.8 22.0 17.6 14.9 9.7
</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 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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 25, 1998 100 100 100 100 100 100
July 25, 1999 100 100 100 100 100 100
July 25, 2000 100 100 100 100 100 100
July 25, 2001 100 100 100 100 100 100
July 25, 2002 100 100 100 96 93 90
July 25, 2003 100 100 100 85 80 72
July 25, 2004 100 100 98 75 69 58
July 25, 2005 100 100 90 66 59 46
July 25, 2006 100 94 82 59 51 37
July 25, 2007 100 87 75 52 44 29
July 25, 2008 100 81 69 45 37 23
July 25, 2009 100 75 62 40 32 15
July 25, 2010 100 69 56 34 26 4
July 25, 2011 100 63 50 29 22 0
July 25, 2012 100 57 45 25 16 0
July 25, 2013 100 52 41 22 8 0
July 25, 2014 100 47 36 16 1 0
July 25, 2015 96 42 32 9 0 0
July 25, 2016 89 37 28 2 0 0
July 25, 2017 82 33 24 0 0 0
July 25, 2018 76 29 21 0 0 0
July 25, 2019 68 25 13 0 0 0
July 25, 2020 60 21 5 0 0 0
July 25, 2021 52 12 0 0 0 0
July 25, 2022 43 3 0 0 0 0
July 25, 2023 35 0 0 0 0 0
July 25, 2024 26 0 0 0 0 0
July 25, 2025 10 0 0 0 0 0
July 25, 2026 0 0 0 0 0 0
July 25, 2027 0 0 0 0 0 0
Avg Life In Years: 23.9 16.8 14.8 11.1 9.9 8.3
</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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 25, 1998 100 100 100 100 100 100
July 25, 1999 100 100 100 100 100 100
July 25, 2000 100 100 100 100 100 100
July 25, 2001 100 100 100 100 100 100
July 25, 2002 100 100 100 96 93 90
July 25, 2003 100 100 100 85 80 72
July 25, 2004 100 100 98 75 69 58
July 25, 2005 100 100 90 66 59 40
July 25, 2006 100 94 82 59 48 26
July 25, 2007 100 87 75 49 36 14
July 25, 2008 100 81 69 39 27 5
July 25, 2009 100 75 62 30 18 0
July 25, 2010 100 69 56 22 10 0
July 25, 2011 100 63 47 15 3 0
July 25, 2012 100 57 39 8 0 0
July 25, 2013 100 49 32 3 0 0
July 25, 2014 100 42 25 0 0 0
July 25, 2015 96 34 18 0 0 0
July 25, 2016 89 27 12 0 0 0
July 25, 2017 82 20 6 0 0 0
July 25, 2018 76 14 1 0 0 0
July 25, 2019 68 8 0 0 0 0
July 25, 2020 60 1 0 0 0 0
July 25, 2021 49 0 0 0 0 0
July 25, 2022 36 0 0 0 0 0
July 25, 2023 24 0 0 0 0 0
July 25, 2024 10 0 0 0 0 0
July 25, 2025 0 0 0 0 0 0
July 25, 2026 0 0 0 0 0 0
July 25, 2027 0 0 0 0 0 0
Avg Life In Years: 23.4 15.7 13.6 10.0 9.0 7.6
</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>
<PAGE>
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 25, 1998 100 100 100 100 100 100
July 25, 1999 100 100 100 100 100 100
July 25, 2000 100 100 100 100 100 100
July 25, 2001 100 100 100 100 100 100
July 25, 2002 100 100 100 96 93 90
July 25, 2003 100 100 100 85 80 72
July 25, 2004 100 100 98 75 69 58
July 25, 2005 100 100 90 66 59 57
July 25, 2006 100 94 82 59 57 57
July 25, 2007 100 87 75 57 57 57
July 25, 2008 100 81 69 57 57 57
July 25, 2009 100 75 62 57 57 57
July 25, 2010 100 69 57 57 57 57
July 25, 2011 100 63 57 57 57 57
July 25, 2012 100 57 57 57 57 57
July 25, 2013 100 57 57 57 57 52
July 25, 2014 100 57 57 57 57 38
July 25, 2015 96 57 57 57 57 27
July 25, 2016 89 57 57 57 57 18
July 25, 2017 82 57 57 57 57 11
July 25, 2018 76 57 57 57 57 5
July 25, 2019 68 57 57 57 46 1
July 25, 2020 60 57 57 57 33 0
July 25, 2021 57 57 57 52 22 0
July 25, 2022 57 57 57 37 13 0
July 25, 2023 57 57 57 24 6 0
July 25, 2024 57 57 57 13 1 0
July 25, 2025 57 51 29 2 0 0
July 25, 2026 57 10 2 0 0 0
July 25, 2027 0 0 0 0 0 0
Avg Life In Years: 25.5 21.3 20.2 17.7 16.2 12.9
</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 SUISS/FIRST BOSTON LOGO]
