<PAGE> 1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
Reported): September 15, 1997
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., (as depositor
under the Pooling and Servicing Agreement, dated as of September 1,
1997 which provides for the issuance of Associates Manufactured
Housing Contract Pass-Through Certificates, Series 1997-2).
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-29239 13-3320910
- ----------------------------- -------------- -------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
Eleven Madison Avenue
New York, New York 10010
- ---------------------------------- ------------------
Address of Principal (Zip Code)
Executive Offices
Registrant's telephone number, including area code (212) 325-2000
================================================================================
<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 1997-2, Credit Suisse First Boston
Corporation ("Credit Suisse First Boston") 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 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 Contracts; 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.
99.1. 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.
By: /s/ FIACHRA T. O'DRISCOLL
------------------------------
Fiachra T. O'Driscoll
Vice President
Dated: September 15, 1997
<PAGE> 5
Exhibit Index
<TABLE>
<CAPTION>
Exhibit
- -------
<S> <C>
99.1. The Series Term Sheet including Computational Materials
</TABLE>
<PAGE> 1
SUBJECT TO REVISION
SERIES TERM SHEET DATED SEPTEMBER 12, 1997
$389,642,000
Credit Suisse First Boston Mortgage Securities Corp.,
Depositor
Associates Housing Finance Services, Inc.,
Seller and Servicer
and a wholly owned subsidiary of
Associates First Capital Corporation
[ASSOCIATES LOGO]
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
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 1997-2. 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 Corporation, 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
1997-2, 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> 2
This Series Term Sheet will be superseded in its entirety by the
information appearing in the Prospectus Supplement, the Prospectus and the
Series 1997-2 Pooling and Servicing Agreement to be dated as of September 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 six
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 . . . . . . $ 18,345,000 . %(2)
Class A-2 Certificates . . . . . . $ 56,400,000 . %(3)
Class A-3 Certificates . . . . . . $ 65,360,000 . %(3)
Class A-4 Certificates . . . . . . $ 57,000,000 . %(3)
Class A-5 Certificates . . . . . . $ 22,310,000 . %(3)
Class A-6 Certificates . . . . . . $116,448,000 . %(4)
Class M Certificates . . . . . . . $ 27,397,000 . %(4)
Class B-1 Certificates . . . . . . $ 26,382,000 . %(4)
Class B-2 Certificates . . . . . . $ 16,235,520 . %(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 October 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).
Prior to the Cross-over Date or on any
Distribution Date as of which the
Principal Distribution Tests are not
met, principal will be allocated solely
to the Class A Certificates; otherwise
principal will be allocated pro rata
among the Class A, the Class M and the
Class B Certificates.
<PAGE> 3
The Class A Principal Distribution
Amount will in general be applied
sequentially to the Class A
Certificates in order of their
numerical designations and the Class B
Principal Distribution Amount will be
applied first to the Class B-1
Certificates until reduced to zero and
thereafter to the Class B-2
Certificates; in each case as more
fully described in the Prospectus
Supplement.
Subordination of the Subordinate
Certificate . . . . . . . . . . . The rights of the Class M Certificates
holders 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 of the
Certificates (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 1.00% of the
Cut-off Date Pool Balance (the "Reserve
Fund Requirement").
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 October
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 (before deposited into the
reserve fund) until the amount on
deposit therein equals the amount
specified in the Series 1997-2 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 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
<PAGE> 4
deficiency (the "Liquidation Loss
Amount") will be allocated first to the
Class B-2 Certificates (a "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 one or more 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, 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 Distributioon 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.
Advances . . . . . . . . . . . . . . For each Distribution Date, the
Servicer will be obligated to make
Advances in an amount equal to the
difference between 30 days' of interest
on the Contracts and the interest
received on the Contracts during the
related Due Period. The Servicer will
not advance the principal portion of
any Monthly Payment. 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.
<PAGE> 5
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
October 1998 Distribution Date and (ii)
each other Class of Certificates will
be payable on the March 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 10,200 Contracts having
an aggregate unpaid principal balance
as of the Cut-off Date of approximately
$405,877,520.96 (the "Cut-off Date Pool
Balance"). Based on Cut-off Date Pool
Balance, 79.43% of the Contracts are
secured by Manufactured Homes which
were new and 20.57% of the Contracts
are secured by Manufactured Homes which
were used. Based on Cut-off Date Pool
Balance, approximately 99.79% of the
Contracts as of the Cut-off Date are
Simple Interest Contracts and the
remainder are Actuarial Contracts. Each
Contract bears interest at an annual
percentage rate (an "APR") of at least
7.50% and not more than 16.74%. The
weighted averaged APR of the Contracts
as of the Cut-off Date is approximately
10.73%. The Contracts have remaining
terms to maturity as of the Cut-off
Date of at least 20 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 299.80 months and a
weighted average seasoning of
approximately 2.98 months. The average
outstanding principal balance of the
Contracts as of the Cut-off Date was
approximately $39,791.91. The Obligors
under the Contracts had mailing
addresses as of the Cut-off Date in 46
states, the territory of Puerto Rico
and District of Columbia. Based on
Cut-off Date Pool Balance,
approximately 16.82%, 9.11%, 7.05%,
6.70% and 5.34% of such mailing
addresses are located in Texas,
California, Florida, Oregon and
Oklahoma, respectively. No other
geographical location 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 August 15, 2027. The
Servicer will be required to cause to
be
<PAGE> 6
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 hold- ing of Class A
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.
Legal Investment Considerations. . . . For as long as the Class A and Class M
Considerations Certificates are rated
in one of the two highest rating
categories by at least one nationally
recognized statistical rating
organization, such Certificates will
constitute "mortgage related
securities" under the Secondary
Mortgage Market Enhancement Act of 1984
("SMMEA") and, as such, will be "legal
investments" for certain types of
institutional investors to the extent
provided in SMMEA.
BECAUSE THE CLASS B-1 CERTIFICATES WILL
NOT BE RATED BY A NATIONALLY RECOGNIZED
STATISTICAL RATING ORGANIZATION IN ONE
OF ITS TWO HIGHEST CATEGORIES, THE
CLASS B-1 CERTIFICATES WILL NOT
CONSTITUTE "MORTGAGE RELATED
SECURITIES" UNDER SMMEA. NO
REPRESENTATION IS MADE AS TO THE
APPROPRIATE CHARACTERIZATION OF THE
CLASS B-1 CERTIFICATES UNDER ANY LAWS
RELATING TO INVESTMENTS RESTRICTIONS
AND INVESTORS SHOULD CONSULT THEIR
LEGAL ADVISORS.
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, and Class A-6
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."
<PAGE> 7
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"). 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
---------------------------------------------- July 31,
1992 1993 1994 1995 1996(3) 1997(3)
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Number of Contracts
Outstanding (1).................. 41,324 49,795 58,685 65,563 74,815 83,880
Number of Contracts Delinquent (2):
30-59 Days.................... 416 415 610 805 1,000 1,028
60-89 Days.................... 161 141 168 207 286 339
90 Days or More............... 252 240 263 306 437 552
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% 2.10% 2.30% 1.84%
</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.
(3) Managed portfolio.
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.
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, Month
Ended
-------------------------------------------------------------------- July 31,
1992 1993 1994 1995 1996(5) 1997(5)
----------- ----------- ---------- ---------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Number of Contracts
Serviced (1)................... 41,579 50,060 58,979 65,827 75,128 84,259
Principal Balance of Contracts
Serviced (1)................... $796,401 $ 1,025,554 $ 1,318,191 $ 1,596,012 $ 2,045,777 $ 2,479,487
Contract Liquidations (2)......... 2.21% 2.10% 2.17% 2.46% 2.78% 1.72%
Net Losses:
Dollars (3).................... $ 6,454 $ 7,655 $ 9,512 $ 14,293 $ 20,090 $ 16,727
Percentage (4)................. 0.81% 0.75% 0.72% 0.89% 0.98% 0.67%
</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.
(5) Managed portfolio.
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.
<PAGE> 8
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
<TABLE>
<CAPTION>
AGGREGATE
PERCENTAGE PRINCIPAL PERCENTAGE OF
GEOGRAPHIC NUMBER OF NUMBER OF BALANCE CUT-OFF DATE POOL
LOCATION CONTRACTS CONTRACTS OUTSTANDING BALANCE
- ---------- --------- ---------- ----------- -----------------
<S> <C> <C> <C> <C>
Alabama.......... 213 2.09% $ 6,255,292.83 1.54%
Alaska........... 22 0.22 709,852.44 0.17
Arizona.......... 151 1.48 7,467,374.88 1.84
Arkansas......... 180 1.76 5,721,187.10 1.41
California....... 794 7.78 36,994,010.27 9.11
Colorado......... 79 0.77 3,518,957.37 0.87
Delaware......... 24 0.24 773,981.71 0.19
Florida.......... 732 7.18 28,612,930.31 7.05
Georgia.......... 521 5.11 17,799,643.48 4.39
Idaho............ 155 1.52 7,523,422.27 1.85
Illinois......... 43 0.42 1,589,827.23 0.39
Indiana.......... 127 1.25 4,097,392.73 1.01
Iowa............. 11 0.11 331,980.79 0.08
Kansas........... 149 1.46 5,365,000.74 1.32
Kentucky......... 258 2.53 8,795,432.12 2.17
Louisiana........ 386 3.78 13,127,183.64 3.23
Maryland......... 10 0.10 379,453.11 0.09
Massachusetts.... 3 0.03 65,228.55 0.02
Michigan......... 528 5.18 18,121,633.38 4.46
Minnesota........ 9 0.09 363,249.05 0.09
Mississippi...... 215 2.11 6,953,257.50 1.71
Missouri......... 315 3.09 9,702,459.17 2.39
Montana.......... 15 0.15 690,792.83 0.17
Nebraska......... 12 0.12 544,212.71 0.13
Nevada........... 424 4.16 19,788,322.01 4.88
New Hampshire.... 2 0.02 77,131.18 0.02
New Jersey....... 6 0.06 247,386.84 0.06
New Mexico....... 301 2.95 12,429,440.76 3.06
New York......... 88 0.86 3,132,863.90 0.77
North Carolina... 409 4.01 15,317,484.20 3.77
North Dakota..... 3 0.03 87,812.77 0.02
Ohio............. 197 1.93 7,718,404.29 1.90
Oklahoma......... 615 6.03 21,668,525.32 5.34
Oregon........... 450 4.41 27,176,215.36 6.70
Pennsylvania..... 60 0.59 1,907,543.57 0.47
Puerto Rico...... 1 0.01 46,371.97 0.01
South Carolina... 255 2.50 9,310,968.19 2.29
South Dakota..... 9 0.09 287,291.87 0.07
Tennessee........ 73 0.72 2,658,539.54 0.66
Texas............ 1,740 17.06 68,256,220.20 16.82
Utah............. 103 1.01 4,756,628.51 1.17
Vermont.......... 11 0.11 330,779.10 0.08
Virginia......... 144 1.41 4,615,705.25 1.14
Washington....... 289 2.83 17,943,555.60 4.42
West Virginia.... 26 0.25 659,786.05 0.16
Wisconsin........ 9 0.09 412,314.22 0.10
Wyoming.......... 32 0.31 1,481,355.92 0.36
Other............ 1 0.01 63,118.13 0.02
------ ------ --------------- ------
Total.......... 10,200 100.00% $405,877,520.96 100.00%
====== ====== =============== ======
</TABLE>
- ---------
(1) Based on the mailing address of the Obligors under the related Contracts
as of the Cut-off Date.
<PAGE> 9
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 BALANCE
- ------------------- --------- --------- ----------- -------
<S> <C> <C> <C> <C>
1997................... 10,200 100.00% $405,877,520.96 100.00%
------ ------ --------------- ------
Total............. 10,200 100.00% $405,877,520.96 100.00%
====== ====== =============== ======
</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 BALANCE
- ------------------------ --------- --------- ----------- -------
<S> <C> <C> <C> <C>
$ 10,000.00 - $ 14,999.99 402 3.94% $ 5,073,046.42 1.25%
$ 15,000.00 - $ 19,999.99 614 6.02 10,671,640.99 2.63
$ 20,000.00 - $ 24,999.99 974 9.55 22,043,144.56 5.43
$ 25,000.00 - $ 29,999.99 1,373 13.46 37,693,530.23 9.29
$ 30,000.00 - $ 34,999.99 1,551 15.21 50,249,660.07 12.38
$ 35,000.00 - $ 39,999.99 1,183 11.60 44,131,373.84 10.87
$ 40,000.00 - $ 44,999.99 908 8.90 38,441,955.94 9.47
$ 45,000.00 - $ 49,999.99 738 7.24 34,959,255.77 8.61
$ 50,000.00 - $ 54,999.99 631 6.19 32,993,149.35 8.13
$ 55,000.00 - $ 59,999.99 514 5.04 29,469,151.98 7.26
$ 60,000.00 - $ 64,999.99 361 3.54 22,466,723.78 5.54
$ 65,000.00 - $ 69,999.99 256 2.51 17,218,705.36 4.24
$ 70,000.00 - $ 74,999.99 192 1.88 13,893,322.31 3.42
$ 75,000.00 - $ 79,999.99 135 1.32 10,412,089.16 2.57
$ 80,000.00 - $ 84,999.99 85 0.83 6,975,791.72 1.72
$ 85,000.00 - $ 89,999.99 68 0.67 5,918,239.77 1.46
$ 90,000.00 - $ 94,999.99 66 0.65 6,096,071.16 1.50
$ 95,000.00 - $ 99,999.99 39 0.38 3,804,729.81 0.94
$ 100,000.00 and above........ 110 1.08 13,365,938.74 3.29
------ ------ ---------------- ------
Total.................... 10,200 100.00% $ 405,877,520.96 100.00%
====== ====== ================ ======
</TABLE>
APRS
<TABLE>
<CAPTION>
NUMBER PERCENTAGE OF AGGREGATE PRINCIPAL PERCENTAGE OF
OF NUMBER OF BALANCE CUT-OFF DATE POOL
APR CONTRACTS CONTRACTS OUTSTANDING BALANCE
--- --------- --------- ----------- -------
<S> <C> <C> <C> <C>
7.001% - 8.000% ........ 194 1.90% $ 13,164,904.73 3.24%
8.001% - 9.000% ........ 845 8.28 45,515,320.73 11.21
9.001% - 10.000% ........ 1,312 12.86 59,133,096.84 14.57
10.001% - 11.000% ........ 2,733 26.79 112,626,002.82 27.75
11.001% - 12.000% ........ 3,546 34.76 128,605,759.91 31.69
12.001% - 13.000% ........ 1,384 13.57 42,110,232.87 10.38
13.001% - 14.000% ........ 169 1.66 4,334,472.33 1.07
14.001% - 15.000% ........ 14 0.14 333,016.10 0.08
15.001% - 16.000% ........ 2 0.02 32,562.77 0.01
16.001% - 17.000% ........ 1 0.01 22,151.86 0.01
------ ------ --------------- ------
Total ............... 10,200 100.00% $ 405,877,520.96 100.00%
====== ====== =============== ======
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
NUMBER OF PERCENTAGE OF AGGREGATE PRINCIPAL PERCENTAGE OF
REMAINING CONTRACTS NUMBER OF BALANCE OUTSTANDING CUT-OFF DATE POOL
TERM CONTRACTS BALANCE
- ---------- --------- ------------ ------------------ -----------------
<S> <C> <C> <C> <C>
14 - 72 months ............ 59 0.58% $ 953,145.77 0.23%
73 - 84 months ............ 98 0.96 1,475,569.67 0.36
85 - 120 months ............ 450 4.41 8,489,028.38 2.09
121 - 156 months ............ 157 1.54 3,267,941.27 0.81
157 - 180 months ............ 1,200 11.76 30,718,537.17 7.57
181 - 240 months ............ 2,311 22.66 71,982,438.18 17.74
241 - 300 months ............ 2,518 24.69 92,148,414.97 22.70
301 - 360 months ............ 3,407 33.40 196,842,445.55 48.50
------- ------- --------------- ------
Total ..................... 10,200 100.00% $ 405,877,520.96 100.00%
====== ====== ============== ======
</TABLE>
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 530 Contract files constituting a random sample from
which 504 files were examined (after removing Contracts excluded from the Pool)
(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 504 loans with an aggregate unpaid principal balance as of the Cut-off Date
of $19,486,711.68. The weighted average loan-to-value ratio at the time of
origination of the Sample Pool Contracts was approximately 91.69%. "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 AGGREGATE PRINCIPAL PERCENTAGE OF
ORIGINAL NUMBER OF NUMBER OF BALANCE CUT-OFF DATE POOL
LOAN-TO-VALUE RATIO CONTRACTS CONTRACTS OUTSTANDING BALANCE
- ------------------- --------- ------------ ------------------ -----------------
<S> <C> <C> <C> <C>
Less than 65.499% .......... 6 1.19% $ 243,876.78 1.25%
65.500% - 70.499% .......... 3 0.60 187,703.27 0.96
70.500% - 75.499% .......... 3 0.60 175,984.20 0.90
75.500% - 80.499% .......... 17 3.37 617,717.72 3.17
80.500% - 85.499% .......... 38 7.54 1,351,194.25 6.93
85.500% - 90.499% .......... 129 25.60 5,122,558.80 26.29
90.500% - 95.499% .......... 209 41.47 8,256,516.95 42.37
95.500% or greater .......... 99 19.64 3,531,159.71 18.12
---- ------ --------------- ------
Total................... 504 100.00% $ 19,486,711.68 100.00%
==== ====== =============== ======
</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.
<PAGE> 11
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
---------------------------------------------------------------------------
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 18,345,000 5.6611 0.31 5.804 10/97 4/98 0.30
A2 SENIOR 56,400,000 6.2500 1.35 6.345 4/98 10/99 1.25
A3 SENIOR 65,360,000 6.4500 3.00 6.579 10/99 9/01 2.64
A4 SENIOR 57,000,000 6.7000 5.00 6.840 9/01 1/04 4.11
A5 SENIOR 22,310,000 6.9500 7.00 7.060 1/04 6/05 5.37
A6 SENIOR 116,448,000 7.3500 12.98 7.469 6/05 12/14 7.94
M AA MEZZ 27,397,000 7.3000 11.19 7.429 12/02 12/14 7.14
B1 BBB SUB 26,382,000 7.4000 8.35 7.531 12/02 3/10 5.94
B2 BB SUB 16,235,520 8.6000 15.83 (3) 3/10 12/14 8.29
-------------------------------
TO MATURITY
A6 SENIOR 116,448,000 7.3500 13.77 7.469 6/05 2/22 8.13
M AA MEZZ 27,397,000 7.3000 11.36 7.429 12/02 2/17 7.18
B1 BBB SUB 26,382,000 7.4000 8.35 7.531 12/02 3/10 5.94
B2 BB SUB 16,235,520 8.6000 20.58 (3) 3/10 6/27 9.00
---------------------------------------------------------------------------
</TABLE>
(1) Data assumes a prepayment speed of 160% 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> 12
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
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: 100-00 Coupon: 5.6611 Original Par: 18,345,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 5.81 5.80 5.80 5.80 5.82 5.82
Average Life: 1.84 0.53 0.44 0.31 0.26 0.18
Duration: 1.68 0.51 0.42 0.30 0.25 0.18
First Prin Pay: 10/97 10/97 10/97 10/97 10/97 10/97
Last Prin Pay: 3/01 9/98 7/98 4/98 3/98 1/98
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-31+ Coupon: 6.2500 Original Par: 56,400,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 6.33 6.34 6.34 6.34 6.35 6.35
Average Life: 6.89 2.34 1.91 1.35 1.13 0.81
Duration: 5.38 2.10 1.74 1.25 1.06 0.76
First Prin Pay: 3/01 9/98 7/98 4/98 3/98 1/98
Last Prin Pay: 7/07 5/01 9/00 10/99 6/99 12/98
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-28+ Coupon: 6.4500 Original Par: 65,360,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 6.55 6.56 6.57 6.58 6.59 6.60
Average Life: 12.33 5.27 4.32 3.00 2.50 1.78
Duration: 8.24 4.32 3.64 2.64 2.24 1.63
First Prin Pay: 7/07 5/01 9/00 10/99 6/99 12/98
Last Prin Pay: 3/12 8/04 6/03 9/01 1/01 1/00
-----------------------------------------------------------------------------
</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> 13
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
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: 57,000,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 6.81 6.82 6.83 6.84 6.85 6.87
Average Life: 16.50 8.59 7.14 5.00 4.12 2.86
Duration: 9.67 6.31 5.49 4.11 3.48 2.52
First Prin Pay: 3/12 8/04 6/03 9/01 1/01 1/00
Last Prin Pay: 4/16 6/08 9/06 1/04 11/02 3/01
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-30+ Coupon: 6.9500 Original Par: 22,310,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 7.06 7.06 7.06 7.06 7.06 7.07
Average Life: 19.35 11.68 9.85 7.00 5.73 3.71
Duration: 10.32 7.75 6.91 5.37 4.58 3.17
First Prin Pay: 4/16 6/08 9/06 1/04 11/02 3/01
Last Prin Pay: 12/17 5/10 7/08 6/05 1/04 9/01
-----------------------------------------------------------------------------
A6 SENIOR
Price: 99-30+ Coupon: 7.3500 Original Par: 116,448,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 7.47 7.47 7.47 7.47 7.47 7.47
Average Life: 24.80 18.79 16.83 12.98 10.99 7.24
Duration: 11.02 9.74 9.21 7.94 7.15 5.31
First Prin Pay: 12/17 5/10 7/08 6/05 1/04 9/01
Last Prin Pay: 5/25 12/20 2/19 12/14 8/12 6/08
---------------------------
TO MATURITY
Bond Yield: 7.47 7.47 7.47 7.47 7.47 7.47
Average Life: 25.03 19.38 17.53 13.77 11.76 7.81
Duration: 11.04 9.84 9.33 8.13 7.37 5.53
First Prin Pay: 12/17 5/10 7/08 6/05 1/04 9/01
Last Prin Pay: 2/27 1/26 3/25 2/22 1/20 11/14
-----------------------------------------------------------------------------
</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> 14
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
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: 99-28 Coupon: 7.3000 Original Par: 27,397,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 7.42 7.43 7.43 7.43 7.43 7.43
Average Life: 23.07 16.53 14.68 11.19 9.67 7.88
Duration: 10.72 9.05 8.45 7.14 6.49 5.70
First Prin Pay: 8/14 7/06 2/05 12/02 4/02 4/02
Last Prin Pay: 5/25 12/20 2/19 12/14 8/12 6/08
---------------------------
TO MATURITY
Bond Yield: 7.42 7.43 7.43 7.43 7.43 7.43
Average Life: 23.13 16.65 14.83 11.36 9.85 8.29
Duration: 10.73 9.07 8.48 7.18 6.55 5.87
First Prin Pay: 8/14 7/06 2/05 12/02 4/02 4/02
Last Prin Pay: 2/26 7/22 3/21 2/17 12/14 7/11
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-29 Coupon: 7.4000 Original Par: 26,382,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 7.52 7.53 7.53 7.53 7.53 7.53
Average Life: 20.78 13.29 11.45 8.35 7.19 6.36
Duration: 10.23 8.08 7.37 5.94 5.33 4.87
First Prin Pay: 8/14 7/06 2/05 12/02 4/02 4/02
Last Prin Pay: 4/22 2/16 2/14 3/10 6/08 7/06
---------------------------
TO MATURITY
Bond Yield: 7.52 7.53 7.53 7.53 7.53 7.53
Average Life: 20.78 13.29 11.45 8.35 7.19 6.36
Duration: 10.23 8.08 7.37 5.94 5.33 4.87
First Prin Pay: 8/14 7/06 2/05 12/02 4/02 4/02
Last Prin Pay: 4/22 2/16 2/14 3/10 6/08 7/06
-----------------------------------------------------------------------------
</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> 15
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
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
September 15, 1998 75 0 0 0 0 0
September 15, 1999 46 0 0 0 0 0
September 15, 2000 15 0 0 0 0 0
September 15, 2001 0 0 0 0 0 0
September 15, 2002 0 0 0 0 0 0
September 15, 2003 0 0 0 0 0 0
September 15, 2004 0 0 0 0 0 0
September 15, 2005 0 0 0 0 0 0
September 15, 2006 0 0 0 0 0 0
September 15, 2007 0 0 0 0 0 0
September 15, 2008 0 0 0 0 0 0
September 15, 2009 0 0 0 0 0 0
September 15, 2010 0 0 0 0 0 0
September 15, 2011 0 0 0 0 0 0
September 15, 2012 0 0 0 0 0 0
September 15, 2013 0 0 0 0 0 0
September 15, 2014 0 0 0 0 0 0
September 15, 2015 0 0 0 0 0 0
September 15, 2016 0 0 0 0 0 0
September 15, 2017 0 0 0 0 0 0
September 15, 2018 0 0 0 0 0 0
September 15, 2019 0 0 0 0 0 0
September 15, 2020 0 0 0 0 0 0
September 15, 2021 0 0 0 0 0 0
September 15, 2022 0 0 0 0 0 0
September 15, 2023 0 0 0 0 0 0
September 15, 2024 0 0 0 0 0 0
September 15, 2025 0 0 0 0 0 0
September 15, 2026 0 0 0 0 0 0
September 15, 2027 0 0 0 0 0 0
Avg Life In Years: 1.8 0.5 0.4 0.3 0.3 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> 16
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
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
September 15, 1998 100 100 92 72 60 27
September 15, 1999 100 62 45 5 0 0
September 15, 2000 100 24 0 0 0 0
September 15, 2001 93 0 0 0 0 0
September 15, 2002 81 0 0 0 0 0
September 15, 2003 66 0 0 0 0 0
September 15, 2004 50 0 0 0 0 0
September 15, 2005 33 0 0 0 0 0
September 15, 2006 14 0 0 0 0 0
September 15, 2007 0 0 0 0 0 0
September 15, 2008 0 0 0 0 0 0
September 15, 2009 0 0 0 0 0 0
September 15, 2010 0 0 0 0 0 0
September 15, 2011 0 0 0 0 0 0
September 15, 2012 0 0 0 0 0 0
September 15, 2013 0 0 0 0 0 0
September 15, 2014 0 0 0 0 0 0
September 15, 2015 0 0 0 0 0 0
September 15, 2016 0 0 0 0 0 0
September 15, 2017 0 0 0 0 0 0
September 15, 2018 0 0 0 0 0 0
September 15, 2019 0 0 0 0 0 0
September 15, 2020 0 0 0 0 0 0
September 15, 2021 0 0 0 0 0 0
September 15, 2022 0 0 0 0 0 0
September 15, 2023 0 0 0 0 0 0
September 15, 2024 0 0 0 0 0 0
September 15, 2025 0 0 0 0 0 0
September 15, 2026 0 0 0 0 0 0
September 15, 2027 0 0 0 0 0 0
Avg Life In Years: 6.9 2.3 1.9 1.4 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> 17
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
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
September 15, 1998 100 100 100 100 100 100
September 15, 1999 100 100 100 100 81 27
September 15, 2000 100 100 99 48 17 0
September 15, 2001 100 89 60 0 0 0
September 15, 2002 100 57 24 0 0 0
September 15, 2003 100 27 0 0 0 0
September 15, 2004 100 0 0 0 0 0
September 15, 2005 100 0 0 0 0 0
September 15, 2006 100 0 0 0 0 0
September 15, 2007 96 0 0 0 0 0
September 15, 2008 78 0 0 0 0 0
September 15, 2009 59 0 0 0 0 0
September 15, 2010 37 0 0 0 0 0
September 15, 2011 12 0 0 0 0 0
September 15, 2012 0 0 0 0 0 0
September 15, 2013 0 0 0 0 0 0
September 15, 2014 0 0 0 0 0 0
September 15, 2015 0 0 0 0 0 0
September 15, 2016 0 0 0 0 0 0
September 15, 2017 0 0 0 0 0 0
September 15, 2018 0 0 0 0 0 0
September 15, 2019 0 0 0 0 0 0
September 15, 2020 0 0 0 0 0 0
September 15, 2021 0 0 0 0 0 0
September 15, 2022 0 0 0 0 0 0
September 15, 2023 0 0 0 0 0 0
September 15, 2024 0 0 0 0 0 0
September 15, 2025 0 0 0 0 0 0
September 15, 2026 0 0 0 0 0 0
September 15, 2027 0 0 0 0 0 0
Avg Life In Years: 12.3 5.3 4.3 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> 18
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
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
September 15, 1998 100 100 100 100 100 100
September 15, 1999 100 100 100 100 100 100
September 15, 2000 100 100 100 100 100 36
September 15, 2001 100 100 100 97 54 0
September 15, 2002 100 100 100 45 5 0
September 15, 2003 100 100 88 10 0 0
September 15, 2004 100 97 50 0 0 0
September 15, 2005 100 64 22 0 0 0
September 15, 2006 100 34 0 0 0 0
September 15, 2007 100 14 0 0 0 0
September 15, 2008 100 0 0 0 0 0
September 15, 2009 100 0 0 0 0 0
September 15, 2010 100 0 0 0 0 0
September 15, 2011 100 0 0 0 0 0
September 15, 2012 88 0 0 0 0 0
September 15, 2013 62 0 0 0 0 0
September 15, 2014 35 0 0 0 0 0
September 15, 2015 13 0 0 0 0 0
September 15, 2016 0 0 0 0 0 0
September 15, 2017 0 0 0 0 0 0
September 15, 2018 0 0 0 0 0 0
September 15, 2019 0 0 0 0 0 0
September 15, 2020 0 0 0 0 0 0
September 15, 2021 0 0 0 0 0 0
September 15, 2022 0 0 0 0 0 0
September 15, 2023 0 0 0 0 0 0
September 15, 2024 0 0 0 0 0 0
September 15, 2025 0 0 0 0 0 0
September 15, 2026 0 0 0 0 0 0
September 15, 2027 0 0 0 0 0 0
Avg Life In Years: 16.5 8.6 7.1 5.0 4.1 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> 19
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
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
September 15, 1998 100 100 100 100 100 100
September 15, 1999 100 100 100 100 100 100
September 15, 2000 100 100 100 100 100 100
September 15, 2001 100 100 100 100 100 0
September 15, 2002 100 100 100 100 100 0
September 15, 2003 100 100 100 100 25 0
September 15, 2004 100 100 100 48 0 0
September 15, 2005 100 100 100 0 0 0
September 15, 2006 100 100 95 0 0 0
September 15, 2007 100 100 41 0 0 0
September 15, 2008 100 83 0 0 0 0
September 15, 2009 100 33 0 0 0 0
September 15, 2010 100 0 0 0 0 0
September 15, 2011 100 0 0 0 0 0
September 15, 2012 100 0 0 0 0 0
September 15, 2013 100 0 0 0 0 0
September 15, 2014 100 0 0 0 0 0
September 15, 2015 100 0 0 0 0 0
September 15, 2016 71 0 0 0 0 0
September 15, 2017 11 0 0 0 0 0
September 15, 2018 0 0 0 0 0 0
September 15, 2019 0 0 0 0 0 0
September 15, 2020 0 0 0 0 0 0
September 15, 2021 0 0 0 0 0 0
September 15, 2022 0 0 0 0 0 0
September 15, 2023 0 0 0 0 0 0
September 15, 2024 0 0 0 0 0 0
September 15, 2025 0 0 0 0 0 0
September 15, 2026 0 0 0 0 0 0
September 15, 2027 0 0 0 0 0 0
Avg Life In Years: 19.3 11.7 9.9 7.0 5.7 3.7
- ---------------------------------------------------------------------------------------------
</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> 20
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
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
September 15, 1998 100 100 100 100 100 100
September 15, 1999 100 100 100 100 100 100
September 15, 2000 100 100 100 100 100 100
September 15, 2001 100 100 100 100 100 98
September 15, 2002 100 100 100 100 100 74
September 15, 2003 100 100 100 100 100 59
September 15, 2004 100 100 100 100 90 47
September 15, 2005 100 100 100 96 77 38
September 15, 2006 100 100 100 84 66 30
September 15, 2007 100 100 100 74 56 24
September 15, 2008 100 100 98 64 48 0
September 15, 2009 100 100 88 56 40 0
September 15, 2010 100 97 79 48 34 0
September 15, 2011 100 87 70 41 28 0
September 15, 2012 100 79 62 35 0 0
September 15, 2013 100 71 55 30 0 0
September 15, 2014 100 63 49 25 0 0
September 15, 2015 100 56 42 0 0 0
September 15, 2016 100 48 36 0 0 0
September 15, 2017 100 41 30 0 0 0
September 15, 2018 93 36 26 0 0 0
September 15, 2019 83 31 0 0 0 0
September 15, 2020 72 25 0 0 0 0
September 15, 2021 60 0 0 0 0 0
September 15, 2022 48 0 0 0 0 0
September 15, 2023 39 0 0 0 0 0
September 15, 2024 30 0 0 0 0 0
September 15, 2025 0 0 0 0 0 0
September 15, 2026 0 0 0 0 0 0
September 15, 2027 0 0 0 0 0 0
Avg Life In Years: 24.8 18.8 16.8 13.0 11.0 7.2
- ---------------------------------------------------------------------------------------------
</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> 21
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
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
September 15, 1998 100 100 100 100 100 100
September 15, 1999 100 100 100 100 100 100
September 15, 2000 100 100 100 100 100 100
September 15, 2001 100 100 100 100 100 100
September 15, 2002 100 100 100 100 93 90
September 15, 2003 100 100 100 90 80 72
September 15, 2004 100 100 100 80 69 58
September 15, 2005 100 100 94 70 59 46
September 15, 2006 100 98 86 61 50 36
September 15, 2007 100 91 78 54 43 29
September 15, 2008 100 84 71 47 36 0
September 15, 2009 100 77 64 41 31 0
September 15, 2010 100 70 57 35 26 0
September 15, 2011 100 63 51 30 21 0
September 15, 2012 100 57 45 26 0 0
September 15, 2013 100 51 40 22 0 0
September 15, 2014 99 46 35 17 0 0
September 15, 2015 91 40 30 0 0 0
September 15, 2016 82 35 26 0 0 0
September 15, 2017 74 30 22 0 0 0
September 15, 2018 67 26 18 0 0 0
September 15, 2019 60 22 0 0 0 0
September 15, 2020 52 17 0 0 0 0
September 15, 2021 43 0 0 0 0 0
September 15, 2022 35 0 0 0 0 0
September 15, 2023 29 0 0 0 0 0
September 15, 2024 22 0 0 0 0 0
September 15, 2025 0 0 0 0 0 0
September 15, 2026 0 0 0 0 0 0
September 15, 2027 0 0 0 0 0 0
Avg Life In Years: 23.1 16.5 14.7 11.2 9.7 7.9
- ---------------------------------------------------------------------------------------------
</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> 22
ASSOCIATES MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1997-2
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
September 15, 1998 100 100 100 100 100 100
September 15, 1999 100 100 100 100 100 100
September 15, 2000 100 100 100 100 100 100
September 15, 2001 100 100 100 100 100 100
September 15, 2002 100 100 100 100 89 83
September 15, 2003 100 100 100 84 68 55
September 15, 2004 100 100 100 67 49 31
September 15, 2005 100 100 91 51 33 13
September 15, 2006 100 97 77 38 19 0
September 15, 2007 100 85 65 25 8 0
September 15, 2008 100 74 53 14 0 0
September 15, 2009 100 62 42 4 0 0
September 15, 2010 100 51 31 0 0 0
September 15, 2011 100 40 21 0 0 0
September 15, 2012 100 30 11 0 0 0
September 15, 2013 100 21 3 0 0 0
September 15, 2014 98 12 0 0 0 0
September 15, 2015 85 3 0 0 0 0
September 15, 2016 71 0 0 0 0 0
September 15, 2017 58 0 0 0 0 0
September 15, 2018 47 0 0 0 0 0
September 15, 2019 36 0 0 0 0 0
September 15, 2020 23 0 0 0 0 0
September 15, 2021 8 0 0 0 0 0
September 15, 2022 0 0 0 0 0 0
September 15, 2023 0 0 0 0 0 0
September 15, 2024 0 0 0 0 0 0
September 15, 2025 0 0 0 0 0 0
September 15, 2026 0 0 0 0 0 0
September 15, 2027 0 0 0 0 0 0
Avg Life In Years: 20.8 13.3 11.5 8.4 7.2 6.4
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
such jurisdiction. The securities may not be sold nor may an offer to buy be
accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has been
provided by the issuer and has not been independently verified by 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]
