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: August 18, 1997
(Date of earliest event reported)
The WMC Mortgage Loan Pass-Through Certificates,
Series 1997-1 issued pursuant to a Pooling and
Servicing Agreement dated as of
August 1, 1997 among Credit Suisse First Boston Mortgage
Securities Corp.,
WMC Mortgage Corp., as services and The First National Bank
of Chicago, as Trustee
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
(Exact name of Registrant as specified in its charter)
Delaware 333-29239
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
11 Madison Avenue
New York, New York 10010-3629
(Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 325-2000
<PAGE>
Item 5. OTHER EVENTS
FILING OF COMPUTATIONAL MATERIALS.
Pursuant to Rule 424(b) under the Securities Act of 1933, as amended,
Credit Suisse First Boston Mortgage Securities Corp. (the "Depositor") is filing
a prospectus and prospectus supplement with the Securities and Exchange
Commission relating to WMC Mortgage Loan Pass-Through Certificates, Series
1997-1.
In connection with the offering of the WMC Mortgage Loan Pass-Through
Certificates, Series 1997-1, Credit Suisse First Boston Corporation prepared
certain materials (the "Computational Materials") which were distributed by
Credit Suisse First Boston Corporation and Bear, Stearns & Co. Inc. (the
"Underwriters") to their potential investors. WMC Mortgage Corp. provided the
Depositor and the Underwriters with certain information regarding the
characteristics of the mortgage loans in the related portfolio, and the
Depositor did not participate in the preparation of the Computational Materials.
The Computational Materials are attached hereto as Exhibit 99.1.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.
(c) Exhibits:
EXHIBIT NO.
99.1 Computational Materials of Credit
Suisse First Boston Corporation and
Bear, Stearns & Co. Inc.
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
CREDIT SUISSE FIRST BOSTON
MORTGAGE SECURITIES CORP.
By: /S/ NITA S. CHERRY
Name: Nita S. Cherry
Title: Vice President
August 20,1997
<PAGE>
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
99.1 Computational Materials of Credit Suisse
First Boston Corporation and Bear,
Stearns & Co. Inc.
EXHIBIT 99.1
WMC 1997-1 CREDIT SUISSE FIRST BOSTON PRELIMINARY COMPUTATION MATERIALS
SUBJECT TO CHANGE
$200,000,000
WMC HOME EQUITY LOAN TRUST 1997-1
ADJUSTABLE RATE CERTIFICATES
WMC MORTGAGE CORP.
(SELLER AND SERVICER)
<TABLE>
<CAPTION>
=======================================================================================================================
PRINCIPAL MOODY'S/FITCH/ AVERAGE MODIFIED
CLASS AMOUNT PRIORITY S&P RATINGS LIFE DURATION FIRST PAY LAST PAY
- -----------------------------------------------------------------------------------------------------------------------
(TO CALL)
<S> <C> <C> <C> <C> <C> <C> <C>
A $156,564,000 Senior Aaa/AAA/AAA 2.25 1.93 9/97 7/05
M-1 $15,657,000 Mezzanine Aa2/AA/AA 5.35 4.35 2/01 7/05
M-2 $14,142,000 Mezzanine A2/A/A 5.26 4.26 11/00 7/05
B $13,637,000 Subordinate Baa3/BBB/BBB 5.22 4.16 9/00 7/05
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
* This deal is expected to price late next week.
* CSFB is lead underwriter. Bear Stearns is co-manager.
* Pricing speed is 25% CPR. Pricing is to call.
NOTE: Percentages may not add to 100.00% due to rounding. CREDIT SUISSE FIRST
BOSTON
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 or 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.
<PAGE>
WMC 1997-1 CREDIT SUISSE FIRST BOSTON PRELIMINARY COMPUTATION MATERIALS
SUBJECT TO CHANGE
DEAL FACTS
EXPECTED PRICING DATE: Thursday, August 21 or Friday, August 22
- ----------------------
EXPECTED CLOSING DATE: Thursday, August 28, 1997
CUT-OFF DATE: Close of business July 31, 1997
===============================================
EXPECTED RATINGS: CLASS MOODY'S FITCH S&P
-----------------------------------------------
A Aaa AAA AAA
M-1 Aa2 AA AA
M-2 A2 A A
B Baa3 BBB BBB
-----------------------------------------------
=============================================
ERISA/SMMEA ELIGIBILITY: CLASS ERISA SMMEA
---------------------------------------------
A Yes Yes
M-1 No Yes
M-2 No No
B No No
---------------------------------------------
OPTIONAL CALL: When the Pool Balance has declined to
less than 10% of the Original Pool
Balance, WMC may purchase all of the
outstanding Certificates in the
following month.
FLOATING RATE COUPON If WMC does not exercise the 10%
STEP-UP: optional clean-up call, the margins
on the bonds will adjust as follows:
A doubles
M-1 50% increase
M-2 50% increase
B 50% increase
DISTRIBUTION DATE: On the [20]th day of each month
beginning September 20, 1997.
NOTE: Percentages may not add to 100.00% due to rounding.
CREDIT SUISSE FIRST BOSTON
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 or 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.
<PAGE>
WMC 1997-1 CREDIT SUISSE FIRST BOSTON PRELIMINARY COMPUTATION MATERIALS
SUBJECT TO CHANGE
CASHFLOWS
* Interest cashflows are applied in the following priority
* pay Trustee Fee
* pay senior bonds (Class A) current interest for the
month plus any unpaid interest shortfalls from prior
months
* pay M-1 current interest
* pay M-2 current interest
* pay Class B-1 current interest
* any extra interest collections will be used to build
overcollateralization to the target level, and, at a later point
in the cashflows, pay unpaid interest and principal shortfalls on
mezzanine and subordinate bonds
* Principal cashflows prior to the Stepdown Date of if Trigger
Event is in effect
* pay Class A
* pay M-1, M-2, then Class B
* Principal cashflows after Stepdown Date (assuming no Trigger
Event)
* pay Class A bonds, Class M, Class M and Class B pro rata in
accordance with enhancement targets equal to 2.0 times the initial
enhancement for each class:
TARGETED % OF TARGET CREDIT
POOL ENHANCEMENT
Class A 45.0% 55.0%
Class M-1 16.0 39.0
Class M-2 13.5 25.5
Class B 15.5 10.0
Overcollateralization 10.0
100%
* Stepdown Date occurs the later of 3 years or when credit enhancement
increases to 2.0 times the initial level.
* Trigger Event - No principal is paid to the Class M-1, M-2 or B if 60+ day
delinquencies equal or exceed 50% of the subordination/overcolateralization
available to Class A bonds.
NOTE: Percentages may not add to 100.00% due to rounding.
CREDIT SUISSE FIRST BOSTON
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 or 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.
<PAGE>
WMC 1997-1 CREDIT SUISSE FIRST BOSTON PRELIMINARY COMPUTATION MATERIALS
SUBJECT TO CHANGE
Assumes constant LIBOR (1M LIBOR = 5.625%, 6M LIBOR = 5.875%)
===========================================================================
AVAILABLE FUNDS
CAP
- ------------------------------------------------------------------
1 9/20/97 9.69
2 10/20/97 9.69
3 11/20/97 9.69
4 12/20/97 9.69
5 1/20/98 9.69
6 2/20/98 9.69
7 3/20/98 9.77
8 4/20/98 9.93
9 5/20/98 9.93
10 6/20/98 9.93
11 7/20/98 9.93
12 8/20/98 9.93
13 9/20/98 10.01
14 10/20/98 10.16
15 11/20/98 10.16
16 12/20/98 10.16
17 1/20/99 10.16
18 2/20/99 10.16
19 3/20/99 10.24
20 4/20/99 10.35
21 5/20/99 10.35
22 6/20/99 10.35
23 7/20/99 10.38
24 8/20/99 10.42
25 9/20/99 11.06
26 10/20/99 11.88
27 11/20/99 11.88
28 12/20/99 11.88
29 1/20/00 11.88
30 2/20/00 11.88
31 3/20/00 11.88
32 4/20/00 11.88
33 5/20/00 11.88
34 6/20/00 11.88
35 7/20/00 11.88
36 8/20/00 11.88
37 9/20/00 11.88
38 10/20/00 11.88
39 11/20/00 11.88
40 12/20/00 11.88
NOTE: Percentages may not add to 100.00% due to rounding.
CREDIT SUISSE FIRST BOSTON
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 or 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.
<PAGE>
WMC 1997-1 CREDIT SUISSE FIRST BOSTON PRELIMINARY COMPUTATION MATERIALS
SUBJECT TO CHANGE
WMC Mortgage Corporation - Adjustable Rate Loans
State Distribution by Mailing Address
CURRENT PCT. OF
STATE OUTSTANDING TOTAL (2) COUNT PCT. OF
BALANCE (1) LOANS
Alaska 1,055,411.18 .52 11 .59
Arizona 14,969,882.12 7.41 119 6.40
Arkansas 839,452.47 .42 15 .81
California 45,229,297.14 22.39 276 14.85
Colorado 8,978,662.33 4.44 80 4.31
Connecticut 1,939,637.39 .96 18 .97
Delaware 292,425.00 .14 4 .22
Florida 6,724,570.25 3.33 79 4.25
Georgia 3,355,583.99 1.66 29 1.56
Hawaii 1,155,300.00 .57 4 .22
Idaho 2,954,785.33 1.46 36 1.94
Illinois 20,393,143.43 10.09 184 9.90
Indiana 888,271.59 .44 14 .75
Iowa 775,383.98 .38 16 .86
Kansas 1,764,887.94 .87 26 1.40
Kentucky 496,170.00 .25 6 .32
Louisiana 2,099,135.97 1.04 28 1.51
Maine 544,385.06 .27 5 .27
Maryland 5,944,129.94 2.94 63 3.39
Massachusetts 1,271,543.59 .60 10 .54
Michigan 4,568,207.45 2.26 60 3.23
Minnesota 11,301,977.68 5.59 134 7.21
Mississippi 1,027,169.26 .51 19 1.02
Missouri 2,945,122.37 1.46 39 2.10
Montana 708,135.00 .35 7 .38
Nebraska 1,227,781.22 .61 11 .59
Nevada 7,078,682.58 3.50 57 3.07
New Hampshire 357,783.52 .18 6 .32
New Jersey 3,837,064.61 1.90 29 1.56
New Mexico 3,227,663.50 1.60 30 1.61
New York 4,786,507.85 2.37 28 1.51
North Carolina 1,189,181.43 .59 14 .75
Ohio 1,237,965.03 .61 22 1.18
Oklahoma 1,180,078.60 .58 21 1.13
Oregon 5,871,426.48 2.91 51 2.74
Pennsylvania 3,822,657.00 1.89 52 2.80
Rhode Island 73,450.00 .04 1 .05
South Carolina 217,242.56 .11 3 .16
South Dakota 206,700.00 .10 4 .22
Tennessee 1,437,922.69 .71 20 1.08
Texas 2,345,684.65 1.16 20 1.08
Utah 2,216,903.89 1.10 20 1.08
Vermont 548,050.00 .27 5 .27
Virginia 3,914,070.01 1.94 27 1.45
Washington 10,321,631.68 5.11 103 5.54
Washington, D.C. 1,643,535.30 .81 12 .65
West Virginia 778,000.69 .39 12 .65
Wisconsin 2,345,968.41 1.16 28 1.51
TOTAL 202,034,622.16 100.00 1,858 100.00
NOTE: Percentages may not add to 100.00% due to rounding.
CREDIT SUISSE FIRST BOSTON
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 or 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.
<PAGE>
WMC 1997-1 CREDIT SUISSE FIRST BOSTON PRELIMINARY COMPUTATION MATERIALS
SUBJECT TO CHANGE
WMC Mortgage Corporation - Adjustable Rate Loans
Combined Loan-to-Value Ratio Distribution
Current
Combined Outstanding Pct. of Pct. of
RANGE OF LTV BALANCE (1) TOTAL (2) COUNT LOANS
- ----- -- --- ----------- --------- ----- -----
5.60 to 8.00 157,942.55 .08 2 .11
24.20 to 24.20 75,000.00 .04 1 .05
25.00 to 28.90 47,000.00 .02 2 .11
33.10 to 34.40 253,892.76 .13 4 .22
36.00 to 38.90 620,500.00 .31 6 .32
40.00 to 44.90 1,230,000.00 .61 8 .43
45.70 to 48.90 285,500.00 .14 7 .38
50.00 to 54.70 1,887,362.35 .93 21 1.13
55.00 to 59.90 3,351,060.30 1.66 34 1.83
60.00 to 64.90 13,082,831.87 6.48 141 7.59
65.00 to 69.90 8,526,318.93 4.22 75 4.04
70.00 to 74.90 27,928,497.27 13.82 275 14.80
75.00 to 79.90 42,679,422.51 21.12 417 22.44
80.00 to 84.90 54,173,250.53 26.81 475 25.57
85.00 to 89.90 27,804,578.76 13.76 249 13.40
90.00 to 94.70 19,931,464.33 9.87 141 7.59
TOTAL 202,034,622.16 100.00 1,858 100.00
NOTE: Percentages may not add to 100.00% due to rounding.
CREDIT SUISSE FIRST BOSTON
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 or 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.
<PAGE>
WMC 1997-1 CREDIT SUISSE FIRST BOSTON PRELIMINARY COMPUTATION MATERIALS
SUBJECT TO CHANGE
WMC Mortgage Corporation - Adjustable Rate Loans
Interest Rate Distribution
Current
Outstanding Pct. of Pct. of
RANGE OF COUPONS BALANCE (1) TOTAL (2) COUNT LOANS
- ----- -- ------- ----------- --------- ----- -----
6.520 to 6.520 108,750.00 .05 1 .05
7.200 to 7.990 4,299,505.15 2.13 37 1.99
8.000 to 8.990 27,547,753.37 13.64 194 10.44
9.000 to 9.999 61,137,899.30 30.26 526 28.31
10.000 to 10.990 67,467,303.18 33.39 647 34.82
11.000 to 11.990 31,578,833.56 15.63 335 16.03
12.000 to 12.990 5,626,756.21 2.79 62 3.34
13.000 to 13.990 2,403,905.12 1.19 36 1.94
14.000 to 14.750 1,695,940.54 .84 19 1.02
15.000 to 15.000 167,975.73 .08 1 .05
TOTAL 202,034,622.16 100.00 1,858 100.00
NOTE: Percentages may not add to 100.00% due to rounding.
CREDIT SUISSE FIRST BOSTON
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 or 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.
<PAGE>
WMC 1997-1 CREDIT SUISSE FIRST BOSTON PRELIMINARY COMPUTATION MATERIALS
SUBJECT TO CHANGE
WMC Mortgage Corporation - Adjustable Rate Loans
Remaining Principal Balance Distribution
Remaining Current
Principal Outstanding Pct. of Pct. of
RANGE OF BALANCE BALANCE (1) TOTAL (2) COUNT LOANS
- ----- -- ------- ----------- --------- ----- -----
16,100 to 19,987 221,695.05 .11 12 .65
20,000 to 39,882 6,520,219.71 3.23 203 10.93
40,000 to 59,979 18,528,065.94 8.18 330 17.76
60,000 to 79,971 21,641,079.47 10.71 310 16.68
80,000 to 99,956 22,940,949.23 11.35 255 13.72
100,000 to 119,925 23,715,827.65 11.74 217 11.68
120,000 to 139,958 15,907,397.86 7.87 124 6.67
140,000 to 159,999 12,804,071.47 6.34 86 4.63
160,000 to 179,100 14,327,070.86 7.09 85 4.57
180,000 to 199,920 9,936,301.14 4.92 52 2.80
202,500 to 219,000 7,418,481.09 3.67 35 1.88
220,000 to 238,000 4,129,225.61 2.04 18 .97
240,000 to 259,200 4,721,308.12 2.34 19 1.02
260,000 to 274,125 4,511,138.40 2.23 17 .91
280,000 to 297,500 4,007,198.61 1.98 14 .75
300,000 to 318,835 3,719,136.61 1.84 12 .65
320,000 to 337,500 2,631,800.00 1.30 8 .43
340,000 to 356,250 4,189,661.59 2.07 12 .65
360,000 to 379,800 4,046,400.00 2.00 11 .59
382,400 to 399,793 2,366,692.62 1.17 6 .32
400,000 to 412,500 4,464,936.08 2.21 11 .59
420,000 to 437,000 1,277,000.00 .63 3 .16
440,000 to 457,600 2,252,600.00 1.11 5 .27
465,000 to 476,250 1,409,250.00 .70 3 .16
504,609 to 504,609 504,609.24 .25 1 .05
560,000 to 569,500 1,129,500.00 .56 2 .11
595,000 to 595,000 595,000.00 .29 1 .05
615,000 to 615,000 615,000.00 .30 1 .05
626,000 to 626,000 626,000.00 .31 1 .05
652,500 to 652,500 652,500.00 .32 1 .05
700,000 to 700,000 700,000.00 .35 1 .05
750,000 to 750,000 750,000.00 .37 1 .05
774,506 to 774,506 774,505.81 .38 1 .05
TOTAL 202,034,622.16 100.00 1,858 100.00
NOTE: Percentages may not add to 100.00% due to rounding.
CREDIT SUISSE FIRST BOSTON
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 or 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.
<PAGE>
WMC 1997-1 CREDIT SUISSE FIRST BOSTON PRELIMINARY COMPUTATION MATERIALS
SUBJECT TO CHANGE
WMC Mortgage Corporation - Adjustable Rate Loans
Property-Type Distribution
CURRENT PCT. OF PCT. OF
PROPERTY TYPE OUTSTANDING TOTAL (2) COUNT LOANS
BALANCE (1)
Condominium 6,260,584.82 3.10 70 3.77
Duplex 7,880,388.39 3.90 97 5.22
Manufactured Home 433,410.04 .21 6 .32
PUD Single Family 18,221,654.55 9.02 115 6.19
SF 4 Unit 2,277,678.29 1.13 20 1.08
SF Detached 164,808,670.98 81.57 1,530 82.35
Triplex 2,152,235.09 1.07 20 1.08
TOTAL 202,034,622.16 100.00 1,858 100.00
NOTE: Percentages may not add to 100.00% due to rounding.
CREDIT SUISSE FIRST BOSTON
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 or 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.
<PAGE>
WMC 1997-1 CREDIT SUISSE FIRST BOSTON PRELIMINARY COMPUTATION MATERIALS
SUBJECT TO CHANGE
WMC Mortgage Corporation - Adjustable Rate Loans
Months of Seasoning Distribution
Current
Outstanding Pct. of Pct. of
RANGE OF SEASONING BALANCE (1) TOTAL (2) COUNT LOANS
- ----- -- --------- ----------- --------- ----- -----
0 to 0 173,695,280.67 85.97 1,595 85.84
1 to 1 21,909,767.08 10.84 213 11.46
2 to 2 3,310,866.56 1.64 30 1.61
3 to 3 877,793.40 .43 8 .43
4 to 4 253,926.95 .13 3 .16
5 5 707,124.17 .35 4 .22
6 6 166,151.93 .08 1 .05
7 7 978,418.29 .48 3 .16
9 9 135,293.11 .07 1 .05
TOTAL 202,034,622.16 100.00 1,858 100.00
NOTE: Percentages may not add to 100.00% due to rounding.
CREDIT SUISSE FIRST BOSTON
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 or 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.
<PAGE>
WMC 1997-1 CREDIT SUISSE FIRST BOSTON PRELIMINARY COMPUTATION MATERIALS
SUBJECT TO CHANGE
WMC Mortgage Corporation - Adjustable Rate Loans
Remaining Term Distribution
Current
Remaining Outstanding Pct. of Pct. of
RANGE OF TERMS BALANCE (1) TOTAL (2) COUNT LOANS
- ----- -- ----- ----------- --------- ----- -----
180 to 180 87,550.00 .04 1 .05
351 to 359 28,339,341.49 14.03 263 14.16
360 to 360 173,607,730.67 85.93 1,594 85.79
TOTAL 202,034,622.16 100.00 1,858 100.00
WMC Mortgage Corporation - Adjustable Rate Loans
Occupancy Status Distribution
CURRENT PCT. OF PCT. OF
OCCUPANCY STATUS OUTSTANDING TOTAL (2) COUNT LOANS
BALANCE (1)
Investment 16,765,436.49 8.30 251 13.51
Primary Residence 183,030,742.73 90.59 1,592 85.68
Secondary Home 2,238,442.94 1.11 15 .81
TOTAL 202,034,622.16 100.00 1,858 100.00
NOTE: Percentages may not add to 100.00% due to rounding.
CREDIT SUISSE FIRST BOSTON
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 or 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.
<PAGE>
WMC 1997-1 CREDIT SUISSE FIRST BOSTON PRELIMINARY COMPUTATION MATERIALS
SUBJECT TO CHANGE
WMC Mortgage Corporation - Adjustable Rate Loans
Margin Distribution
Current
Outstanding Pct. of Pct. of
RANGE OF MARGINS BALANCE(1) TOTAL (2) COUNT LOANS
- ----- -- ------- --------- ----- -----
4.375 to 4.375 774,505.81 .38 1 .05
5.375 to 5.990 21,874,374.66 10.83 193 10.39
6.000 to 6.990 134,532,128.11 66.59 1,249 67.22
7.000 to 7.990 42,234,532.31 20.90 383 20.61
8.000 to 8.750 2,008,981.27 .99 25 1.35
9.000 to 9.490 610,100.00 .30 7 .38
TOTAL 202,034,622.16 100.00 1,858 100.00
WMC Mortgage Corporation - Adjustable Rate Loans
Type of Loan
Current
Loan Outstanding Pct. of Pct. of
TYPE ADJUSTMENT BALANCE(1) TOTAL (2) COUNT LOANS
- ---- ---------- --------- -------- ----- -----
ARM 2/28 - LIBOR 152,566,776.29 75.52 1,449 77.99
3/27 - LIBOR 1,881,070.00 .93 15 .81
6 Month - LIBOR 47,586,775.87 23.55 394 21.21
TOTAL 202,034,622.16 100.00 1,858 100.00
NOTE: Percentages may not add to 100.00% due to rounding.
CREDIT SUISSE FIRST BOSTON
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 or 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.
<PAGE>
==============================================================
AVAILABLE FUNDS
CAP
- --------------------------------------------------------------
1 9/20/97 9.69
2 10/20/97 9.69
3 11/20/97 9.69
4 12/20/97 9.69
5 1/20/98 9.69
6 2/20/98 9.69
7 3/20/98 9.77
8 4/20/98 9.93
9 5/20/98 9.93
10 6/20/98 9.93
11 7/20/98 9.93
12 8/20/98 9.93
13 9/20/98 10.01
14 10/20/98 10.16
15 11/20/98 10.16
16 12/20/98 10.16
17 1/20/99 10.16
18 2/20/99 10.16
19 3/20/99 10.24
20 4/20/99 10.35
21 5/20/99 10.35
22 6/20/99 10.35
23 7/20/99 10.38
24 8/20/99 10.42
25 9/20/99 11.06
26 10/20/99 11.88
27 11/20/99 11.88
28 12/20/99 11.88
29 1/20/00 11.88
30 2/20/00 11.88
31 3/20/00 11.88
32 4/20/00 11.88
33 5/20/00 11.88
34 6/20/00 11.88
35 7/20/00 11.88
36 8/20/00 11.88
37 9/20/00 11.88
38 10/20/00 11.88
39 11/20/00 11.88
40 12/20/00 11.88
