_____________________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
Reported): March 5, 1998
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., (as depositor
under the Pooling and Servicing Agreement, dated as of March 1,
1998 which provides for the issuance of IndyMac Manufactured
Housing Contract Pass-Through Certificates, Series 1998-1).
CREDIT 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
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Address of Principal Zip Code
Executive Offices
Registrant's telephone number, including area code (212) 325-2000
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_____________________________________________________________________________
Item 5. Other Events.
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Filing of Computational Materials.
- ---------------------------------
In connection with the offering of the IndyMac Manufactured Housing
Contract Pass-Through Certificates, Series 1998-1, Credit Suisse First Boston
Corporation, as Underwriter of the Certificates, has prepared certain
materials (the "Series Term Sheet" including the "Computational Materials")
for distribution to its potential investors. Although the Company provided
the Underwriter with certain information regarding the characteristics of the
Contracts in the related portfolio, it did not participate in the preparation
of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to the
Certificates, any of the following: yield; average life; duration; expected
maturity; interest rate sensitivity; loss sensitivity; cash flow
characteristics; background information regarding the 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.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
- ------ ------------------------------------------------------------------
(a) Not applicable.
(b) Not Applicable.
(c) Exhibits.
(99) The Series Term Sheet including Computational Materials.
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: March 5, 1998
Exhibit Index
-------------
Exhibit Page
- ------- ----
1. The Series Term Sheet including Computational Materials
EXHIBIT 1
---------
SUBJECT TO REVISION
- -------------------
SERIES TERM SHEET DATED MARCH 3, 1998
- -------------------------------------
$139,648,100
Credit Suisse First Boston Mortgage Securities Corp.
Depositor
LOGO IndyMac
Seller and Servicer
IndyMac Manufactured Housing Contract Pass-Through Certificates, Series 1998-1
Attached is a preliminary Series Term Sheet describing the structure,
collateral pool and certain aspects of the IndyMac Manufactured Housing
Contract Pass-Through Certificates, Series 1998-1. The Series Term Sheet has
been prepared for informational purposes only and is subject to modification
or change. The information and assumptions contained therein are preliminary
and will be superseded by a prospectus supplement and by any other additional
information subsequently filed with the Securities and Exchange Commission or
incorporated by reference in the Registration Statement.
Neither Credit Suisse First Boston Corporation, Donaldson, Lufkin & Jenrette
Securities Corporation 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 Asset-Backed Certificates,
including the IndyMac Manufactured Housing Contract Pass-Through
Certificates, Series 1998-1, has been filed with the Securities and Exchange
Commission and has been declared effective. The final Prospectus Supplement
relating to the securities will be filed after the securities have been
priced and all of the terms and information are finalized. This
communication is not an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. Interested
persons are referred to the final Prospectus and Prospectus Supplement to
which the securities relate. Any investment decision should be based only
upon the information in the final Prospectus and Prospectus Supplement as of
their publication dates.
Credit Suisse First Boston Donaldson, Lufkin & Jenrette
Securities Corporation
This Series Term Sheet will be superseded in its entirety by the
information appearing in the Prospectus Supplement, the Prospectus and the
Series 1998-1 Pooling and Servicing Agreement to be dated as of March 1, 1998
among Credit Suisse First Boston Mortgage Securities Corp., as Depositor,
IndyMac, Inc., as Seller and Servicer, and The Bank of New York, as Trustee.
The Certificates . . . . . . 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 X Certificates"). The Class M, the
Class B-1 and the Class B-2 Certificates are
referred to collectively as the "Subordinate
Certificates". The Certificates will be issued
in the amounts and will bear the pass-through
rates set forth below:
Initial Certificate Pass-Through
Certificates Principal Balance(1) Rate
------------ -------------------- ------------
Class A-1......... $ 7,000,000 %(2)
Class A-2......... $26,850,000 %(3)
Class A-3......... $24,350,000 %(3)
Class A-4......... $18,300,000 %(3)
Class A-5......... $39,020,000 %(4)
Class A-R......... $ 100 %(3)
Class M........... $11,699,000 %(4)
Class B-1......... $12,429,000 %(3)
Class B-2......... $ 6,580,841 %(4)
Class X(5)
----------
(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 the
related 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 X Certificates are interest-only
securities that have no stated Certificate
Principal Balance or Pass-Through Rate.
Certificates Offered . . . . . . . The Class A, Class M and Class B-1
Certificates are the only Certificates
being offered hereby (the "Offered
Certificates").
Cut-off Date . . . . . . . . . . . March 1, 1998.
Distribution Dates . . . . . . . . Generally, the twenty-fifth day of each
month, commencing April 27, 1998 (each, a
"Distribution Date").
Interest Accrual Period . . . . . With respect to each Distribution Date (i)
for the Class A-1 Certificates, the period
commencing on the 25th day of the
preceding month through the 24th day of
the month in which such Distribution Date
occurs (except that the first Interest
Accrual Period for the Class A-1
Certificates will be the period from the
Closing Date through April 24, 1998) and
(ii) for all other Classes of Offered
Certificates, the calendar month preceding
the month in which the Distribution Date
occurs (each, an "Interest Accrual
Period").
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
Certificateholders based on their
respective priorities (i.e., first to the
Class M Certificateholders, then to the
Class B-1 Certificateholders and then to
the Class B-2 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.
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 Certificates . . . . The rights of the Class M
Certificateholders to receive
distributions of amounts collected on or
in respect of the Contracts will be
subordinated to such rights of the Senior
Certificateholders. Interest and interest
shortfalls on the Class M Certificates
will not be subordinated to principal
payments on the Senior Certificates.
The rights of holders of the Class B-1
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-1
Certificates will not be subordinated to
principal payments on either the Senior
Certificates or the Class M Certificates.
Overcollateralization . . . . . . Excess interest collections will be
applied, to the extent available, to make
accelerated payments of principal on the
Certificates. The "Target
Overcollateralization Amount" generally
shall mean, (i) for any Distribution Date
prior to the Cross-over Date, 1.25% of the
Cut-off Date Pool Balance and (ii) for any
other Distribution Date, the lesser of (x)
1.25% of the Cut-off Date Pool Balance and
(y) 2.25% of the then-outstanding Pool
Balance; provided, however, that in no
event shall the Target
Overcollateralization Amount be less than
0.50% of the Cut-off Date Pool Balance.
Losses on Liquidated Contracts . . 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
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, 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 Distribution Date and the
Class M, Class B-1 or Class B-2
Certificates, such Class' Certificate
Principal Balance for such Distribution
Date shall equal the sum of such Class'
Adjusted Certificate Principal Balance and
such Class' Liquidation Loss Amount for
such Distribution Date.
Advances . . . . . . . . . . . . . On each Deposit Date, the Servicer will be
required to make an Advance in respect of
each Due Period, in an amount equal to the
interest portion of the related Monthly
Payment that was not timely made. The
Servicer will not be required to advance
principal in respect of any Contract. The
Servicer will be required to make an
Advance only to the extent that it
determines such Advance will be
recoverable from future payments and
collections on or in respect of the
related Contracts.
Final Distribution Date . . . . . 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 March 1999
Distribution Date (the "Class A-1 Final
Distribution Date") and (ii) each other
Class of Offered Certificates will be
payable on the September 2028 Distribution
Date (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 on or 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 "Contract Pool") of
fixed rate manufactured housing
installment sales contracts and
installment loan agreements (collectively,
the Contracts") secured by security
interests in manufactured homes (the
""Manufactured Homes") financed or
refinanced with the proceeds of the
Contracts and, with respect to certain of
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 3,634 Contracts
having an aggregate unpaid principal
balance as of the Cut-off Date of
approximately $146,228,941 (the "Cut-off
Date Pool Balance"). Based on Cut-off
Date Pool Balance, 63.07% of the Contracts
are secured by Manufactured Homes which
were new and 36.93% of the Contracts are
secured by Manufactured Homes which were
used. All of the Contracts as of the Cut-
off Date are Actuarial Contracts. Each
Contract bears interest at an annual
percentage rate (an "APR") of at least
7.00% and not more than 14.99%. The
weighted averaged APR of the Contracts as
of the Cut-off Date is approximately
10.30%. The Contracts have remaining terms
to maturity as of the Cut-off Date of at
least 18 months but not more than 360
months and original terms to maturity of
at least 36 months but not more than 360
months. As of the Cut-off Date, the
Contracts had a weighted average remaining
term to maturity of approximately 305
months, a weighted average original term
to maturity of 310 months and a weighted
average seasoning of approximately 5
months. The weighted average Loan-to-
Value Ratio of the Contracts as of the
Cut-off Date does not exceed 87% and no
more than 3% of the Contracts have Loan-
to-Value Ratios greater than 95%. The
average outstanding principal balance of
the Contracts as of the Cut-off Date was
approximately $40,239. Properties
underlying the Contracts were located as
of the Cut-off Date in 47 states. Based
on Cut-off Date Pool Balance,
approximately 15.30%, 9.64%, 8.68%, 7.52%,
7.39%, 5.76%, 5.27% and 5.02% of such
properties are located in Texas, Michigan,
Arizona, California, Nevada, Florida,
Washington and Oregon, 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 February 2028. The Servicer will be
required to cause to be maintained one or
more standard hazard insurance policies
with respect to each Manufactured Home
(other than a Manufactured Home in
repossession).
Certain Federal Income Tax
Consequences . . . . . . . . . . An election will be made to treat the
Contract Pool and certain other assets of
the Trust as a REMIC for federal income
tax purposes (the "Pooling REMIC"). An
election also will be made to treat the
"regular interests" in the Pooling REMIC
and certain other assets of the Trust as
another REMIC for federal income tax
purposes (the "Issuing REMIC"). The Class
A Certificates (other than the Class A-R
Certificates), the Class M Certificates,
the Class B Certificates and the Class X
Certificates (including Class X
components) will be designated as "regular
interests" in the Issuing REMIC and the
Class A-R Certificates will represent the
beneficial ownership of the "residual
interest" in each of the Pooling REMIC and
Issuing REMIC.
ERISA Considerations . . . . . . . A fiduciary of an employee benefit plan
subject to the Employee Retirement Income
Security Act of 1974, as amended
("ERISA"), or Section 4975 of the Internal
Revenue Code of 1986, as amended (the
"Code"), should carefully review with its
legal advisors whether the purchase or
holding of Class A-1, Class A-2, Class A-
3, Class A-4, Class A-5 and Class A-5R
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 the Class A-R, 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
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. A money market fund
should consult its legal advisors
regarding the eligibility of the Class A-1
Certificates under Rule 2a-7, the fund's
investment policies and objectives and an
investment in the Class A-1 Certificates.
Rating . . . . . . . . . . . . . . It is a condition to issuance that Moody's
Investors Service, Inc. ("Moody's") and
Fitch IBCA, Inc. ("Fitch" and, together
with Moody's, the "Rating Agencies"),
respectively, rate (i) the Class A-1
Certificates "P-1" and "F-1+,", (ii) the
Class A-2, Class A-3, Class A-4, Class A-5
and Class A-R Certificates "Aaa" and
"AAA," (iii) the Class M Certificates at
least "Aa3," and "AA" and (iv) the Class
B-1 Certificates at least "Baa2" and
"BBB."
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 IndyMac. All of the Contracts in the Trust will be
conventional Contracts, meaning that they are not insured or guaranteed by
any governmental agency.
<TABLE>
<CAPTION>
Delinquency Experience
(Dollars in Thousands)
At
-----------------------------------------------------------------------------
December 31, March 31, June 30, September 30, December 31,
1996 1997 1997 1997 1997
------------ --------- -------- ------------- ------------
<S> <C> <C> <C> <C> <C>
Principal Balance of
Contracts Outstanding(1). . . . . . . $ 97,578 $ 131,368 $ 176,433 $ 243,540 $ 325,757
Principal Balance of
Contracts Delinquent(2)
30-59 Days . . . . . . . . . . . . $ 1,676 $ 912 $ 1,798 $ 2,563 $ 3,451
60-89 Days . . . . . . . . . . . . $ 162 $ 368 $ 477 $ 715 $ 1,436
90 Days or More . . . . . . . . . . $ 263 $ 675 $ 889 $ 1,412 $ 2,275
Total Delinquency
Dollars . . . . . . . . . . . . . . . $ 2,101 $ 1,954 $ 3,164 $ 4,691 $ 7,162
Percentage(3) . . . . . . . . . . . . 2.15% 1.49% 1.79% 1.93% 2.20%
</TABLE>
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(1) Excludes contracts already in repossession.
(2) The period of delinquency is based on the number of days payments are
contractually past due (assuming 30-day months). Consequently, a contract
due on the first day of the month is not 30 days delinquent until the
first day of the following month.
(3) As a percentage of the principal balance of contracts outstanding at
month end.
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 IndyMac.
<TABLE>
<CAPTION>
Loss Experience
(Dollars in Thousands)
Quarter Ended
------------------------------------------------------------------------------
December 31, March 31, June 30, September 30, December 31,
1996 1997 1997 1997 1997
------------ --------- -------- ------------- ------------
<S> <C> <C> <C> <C> <C>
Number of Contracts
Serviced(1). . . . . . . . . 3,554 4,333 5,508 7,178 9,083
Principal Balance of
Contracts Serviced(1). . . . $ 97,745 $ 131,796 $ 177,214 $ 244,798 $ 328,450
Contract Repossessions . . . . $ 32 $ 184 $ 417 $ 363 $ 1,005
Contract Liquidations. . . . . $ 0 $ 62 $ 284 $ 157 $ 170
Ending Balance of Contracts
in Repossession. . . . . . .
Dollars. . . . . . . . . . $ 167 $ 428 $ 781 $ 1,258 $ 2,692
Percentage(2). . . . . . . 0.17% 0.32% 0.44% 0.51% 0.82%
Net Losses
Dollars . . . . . . . . . . $ 5 $ 33 $ 96 $ 20 $ 164
Percentage(2) . . . . . . . 0.01% 0.03% 0.05% 0.01% 0.05%
</TABLE>
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(1) As of period end. Includes contracts in repossession.
(2) As a percentage of principal balance of contracts being serviced as
of period end.
The data presented in the foregoing tables is 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.
Appearing below is some information regarding the characteristics of the
Contracts. Unless otherwise indicated by the context, all such information
is as of the Cut-off Date. Percentages may not add to 100.00% due to
rounding.
<TABLE>
<CAPTION>
Geographical Distribution of Manufactured Homes(1)
Aggregate
Number Percentage of Cut-off Date Percentage of
of Number of Contract Cut-off Date
Geographic Location Contracts Contracts Principal Balance Pool Balance
- ------------------- --------- --------- ----------------- ------------
<S> <C> <C> <C> <C>
Alabama . . . . . . . . . . 3 0.08% $ 68,300 0.05%
Arizona . . . . . . . . . . 275 7.57 12,693,805 8.68
Arkansas . . . . . . . . . 98 2.70 3,315,616 2.27
California . . . . . . . . 228 6.27 11,000,844 7.52
Colorado . . . . . . . . . 48 1.32 2,419,264 1.65
Connecticut . . . . . . . . 1 0.03 13,606 0.01
Delaware . . . . . . . . . 1 0.03 13,358 0.01
Florida . . . . . . . . . . 273 7.51 8,420,242 5.76
Georgia . . . . . . . . . . 100 2.75 4,093,985 2.80
Idaho . . . . . . . . . . . 52 1.43 2,267,771 1.55
Illinois . . . . . . . . . 39 1.07 1,186,526 0.81
Indiana . . . . . . . . . . 51 1.40 1,736,954 1.19
Iowa . . . . . . . . . . . 19 0.52 659,118 0.45
Kansas . . . . . . . . . . 6 0.17 164,151 0.11
Kentucky . . . . . . . . . 20 0.55 640,532 0.44
Louisiana . . . . . . . . . 2 0.06 107,749 0.07
Maine . . . . . . . . . . . 1 0.03 52,020 0.04
Maryland . . . . . . . . . 4 0.11 159,646 0.11
Massachusetts . . . . . . . 2 0.06 103,445 0.07
Michigan . . . . . . . . . 389 10.70 14,101,230 9.64
Minnesota . . . . . . . . . 34 0.94 1,147,635 0.78
Mississippi . . . . . . . . 6 0.17 172,043 0.12
Missouri . . . . . . . . . 92 2.53 3,651,293 2.50
Montana . . . . . . . . . . 25 0.69 1,253,761 0.86
Nebraska . . . . . . . . . 10 0.28 424,214 0.29
Nevada . . . . . . . . . . 195 5.37 10,809,807 7.39
New Hampshire . . . . . . . 8 0.22 287,387 0.20
New Jersey . . . . . . . . 12 0.33 320,350 0.22
New Mexico . . . . . . . . 43 1.18 1,833,849 1.25
New York . . . . . . . . . 7 0.19 204,143 0.14
North Carolina . . . . . . 134 3.69 5,353,399 3.66
North Dakota . . . . . . . 3 0.08 107,282 0.07
Ohio . . . . . . . . . . . 85 2.34 2,066,695 1.41
Oklahoma . . . . . . . . . 62 1.71 2,352,539 1.61
Oregon . . . . . . . . . . 171 4.71 7,346,375 5.02
Pennsylvania . . . . . . . 102 2.81 2,479,809 1.70
Rhode Island . . . . . . . 4 0.11 103,480 0.07
South Carolina . . . . . . 104 2.86 4,233,673 2.90
South Dakota . . . . . . . 14 0.39 714,901 0.49
Tennessee . . . . . . . . . 144 3.96 5,671,175 3.88
Texas . . . . . . . . . . . 567 15.56 22,377,362 15.29
Utah . . . . . . . . . . . 25 0.69 1,045,819 0.72
Virginia . . . . . . . . . 6 0.17 243,656 0.17
Washington . . . . . . . . 142 3.91 7,704,948 5.27
West Virginia . . . . . . . 9 0.25 310,151 0.21
Wisconsin . . . . . . . . . 2 0.06 82,255 0.06
Wyoming . . . . . . . . . . 16 0.44 712,776 0.49
----- ------ ------------- ------
Total . . . . . . . . . . 3,634 100.00% $ 146,228,941 100.00%
----- ------ ------------- ------
</TABLE>
- --------------------
(1) Based on the location of the properties underlying the Contracts as of
the Cut-off Date.
Original Contract Amounts
<TABLE>
<CAPTION>
Aggregate
Percentage of Cut-off Date Percentage of
Number of Number of Contract Cut-off Date
Original Contract Amount Contracts Contracts Principal Balance Pool Balance
- ------------------------ --------- ------------- ----------------- -------------
<S> <C> <C> <C> <C>
$ 4,999 or less . . . . . . 1 0.03% $ 4,726 0.00%
$ 5,000 - $ 9,999. . . . . 70 1.93 552,860 0.38
$ 10,000 - $ 14,999. . . . . 243 6.69 3,001,719 2.05
$ 15,000 - $ 19,999. . . . . 271 7.46 4,677,701 3.20
$ 20,000 - $ 24,999. . . . . 281 7.73 6,260,493 4.28
$ 25,000 - $ 29,999. . . . . 406 11.17 11,095,597 7.59
$ 30,000 - $ 34,999. . . . . 450 12.37 14,550,528 9.95
$ 35,000 - $ 39,999. . . . . 362 9.96 13,471,144 9.21
$ 40,000 - $ 44,999. . . . . 300 8.26 12,629,781 8.64
$ 45,000 - $ 49,999. . . . . 253 6.96 11,993,282 8.20
$ 50,000 - $ 54,999. . . . . 237 6.52 12,391,573 8.47
$ 55,000 - $ 59,999. . . . . 177 4.87 10,114,517 6.92
$ 60,000 - $ 64,999. . . . . 146 4.02 9,059,578 6.20
$ 65,000 - $ 69,999. . . . . 105 2.89 6,978,340 4.77
$ 70,000 - $ 74,999. . . . . 69 1.90 4,975,062 3.40
$ 75,000 - $ 79,999. . . . . 68 1.87 5,237,077 3.58
$ 80,000 - $ 84,999. . . . . 43 1.18 3,528,983 2.41
$ 85,000 - $ 89,999. . . . . 38 1.05 3,299,991 2.26
$ 90,000 - $ 94,999. . . . . 23 0.63 2,123,127 1.45
$ 95,000 - $ 99,999. . . . . 25 0.69 2,434,207 1.67
$100,000 and above . . . . . 66 1.82 7,848,657 5.37
----- ------ ------------ ------
Total . . . . . . . . . . 3,634 100.00% $146,228,941 100.00%
----- ------ ------------ ------
</TABLE>
APRs
<TABLE>
<CAPTION>
Aggregate
Number Percentage of Cut-off Date Percentage of
of Number of Contract Cut-off Date
APR Contracts Contracts Principal Balance Pool Balance
- --- --------- ------------- ----------------- ------------
<S> <C> <C> <C> <C>
7.01% - 8.00% . . . . . . . 130 3.58% $ 8,057,185 5.51%
8.01% - 9.00% . . . . . . . 376 10.35 21,080,815 14.42
9.01% - 10.00% . . . . . . . 845 23.25 36,941,521 25.26
10.01% - 11.00% . . . . . . . 976 26.85 41,059,460 28.07
11.01% - 12.00% . . . . . . . 802 22.07 27,387,340 18.73
12.01% - 13.00% . . . . . . . 311 8.56 8,592,195 5.88
13.01% - 14.00% . . . . . . . 138 3.80 2,333,085 1.60
14.01% - 15.00% . . . . . . . 56 1.54 777,339 0.53
----- ------ ------------- ------
Total . . . . . . . . . . 3,634 100.00% $ 146,228,941 100.00%
----- ------ ------------- ------
</TABLE>
Remaining Term to Maturity
<TABLE>
<CAPTION>
Aggregate
Number Percentage of Cut-off Date Percentage of
of Number of Contract Cut-off Date
Remaining Term Contracts Contracts Principal Balance Pool Balance
- -------------- --------- ------------- ----------------- ------------
<S> <C> <C> <C> <C>
Less Than 121 months . . . . 412 11.34% $ 6,989,882 4.78%
121 - 180 months . . . . . . 539 14.83 12,990,752 8.88
181 - 240 months . . . . . . 491 13.51 15,604,576 10.67
241 - 300 months . . . . . . 523 14.39 21,516,081 14.71
301 - 360 months . . . . . . 1,669 45.93 89,127,650 60.96
----- ------ ------------- ------
Total . . . . . . . . . . 3,634 100.00% $ 146,228,941 100.00%
----- ------ ------------- ------
</TABLE>
IndyMac Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
--------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Pay Pay Dur.
--------------------------------------------------------------------------
TO CALL:
A1 SENIOR 7,000,000 5.6760 0.28 5.842 4/98 8/98 0.27
A2 SENIOR 26,850,000 6.4000 1.35 6.221 8/98 5/00 1.25
A3 SENIOR 24,350,000 6.2500 3.10 6.220 5/00 3/02 2.74
A4 SENIOR 18,300,000 6.4000 5.10 6.411 3/02 9/04 4.23
A5 SENIOR 39,020,000 6.9000 11.63 6.960 9/04 4/14 7.62
M AA MEZZ 11,699,000 7.0750 10.19 7.120 10/02 4/14 6.81
B1 BBB SUB 12,429,000 7.6250 7.67 7.670 10/02 1/10 5.55
B2 BB SUB 6,580,841 ------ 14.93 ----- 1/10 4/14 ----
-------------------------------
TO MATURITY:
A5 SENIOR 39,020,000 6.9000 12.43 6.961 9/04 1/22 7.83
M AA MEZZ 11,699,000 7.0750 10.59 7.121 10/02 7/18 6.93
B1 BBB SUB 12,429,000 7.6250 7.67 7.670 10/02 1/10 5.55
B2 BB SUB 6,580,841 ------ 18.22 ----- 1/10 11/25 ----
--------------------------------------------------------------------------
(1) Data assumes a prepayment speed of 180% MHP.
(2) Coupon and price assumed for computational materials.
(3) B2 Certificates are not being offered.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may not be sold nor may an offer
to buy be accepted prior to the delivery of a final prospectus relating to
the securities. The above preliminary description of the underlying assets
has been provided by the issuer and has not been independently verified by
Credit Suisse First Boston. All information described above is preliminary,
limited in nature and subject to completion or amendment. Credit Suisse
First Boston makes no representations that the above referenced security will
actually perform as described in any scenario presented.
CREDIT | FIRST
SUISSE | BOSTON
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-1
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
A1 SENIOR
Price: 100-00 Coupon: 5.6760 Original Par: 7,000,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 5.84 5.85 5.85 5.84 5.84 5.84
Average Life: 0.70 0.37 0.31 0.28 0.27 0.22
Duration: 0.67 0.36 0.30 0.27 0.26 0.21
First Prin Pay: 4/98 4/98 4/98 4/98 4/98 4/98
Last Prin Pay: 6/99 11/98 9/98 8/98 8/98 7/98
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-29 Coupon: 6.4000 Original Par: 26,850,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.42 6.31 6.25 6.22 6.20 6.10
Average Life: 6.98 2.08 1.55 1.35 1.25 0.91
Duration: 5.39 1.88 1.43 1.25 1.16 0.86
First Prin Pay: 10/00 11/98 9/98 8/98 8/98 7/98
Last Prin Pay: 11/08 8/01 9/00 5/00 3/00 8/99
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-28+ Coupon: 6.2500 Original Par: 24,350,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.30 6.26 6.23 6.22 6.21 6.17
Average Life: 13.34 4.88 3.59 3.10 2.84 2.02
Duration: 8.80 4.09 3.13 2.74 2.53 1.85
First Prin Pay: 11/08 8/01 9/00 5/00 3/00 8/99
Last Prin Pay: 2/14 7/04 11/02 3/02 11/01 10/00
-----------------------------------------------------------------------------
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 | FIRST
SUISSE | BOSTON
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-1
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-28+ Coupon: 6.4000 Original Par: 18,300,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.46 6.43 6.42 6.41 6.40 6.37
Average Life: 18.43 8.17 6.12 5.10 4.54 3.11
Duration: 10.54 6.18 4.92 4.23 3.83 2.74
First Prin Pay: 2/14 7/04 11/02 3/02 11/01 10/00
Last Prin Pay: 2/19 7/08 12/05 9/04 11/03 10/01
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-27 Coupon: 6.9000 Original Par: 39,020,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.97 6.97 6.96 6.96 6.96 6.94
Average Life: 25.35 16.87 13.42 11.63 10.55 6.65
Duration: 11.64 9.54 8.35 7.62 7.13 5.06
First Prin Pay: 2/19 7/08 12/05 9/04 11/03 10/01
Last Prin Pay: 2/26 2/20 4/16 4/14 2/13 11/08
---------------------------
TO MATURITY:
Bond Yield: 6.97 6.97 6.96 6.96 6.96 6.94
Average Life: 25.53 17.55 14.22 12.43 11.31 7.12
Duration: 11.67 9.67 8.54 7.83 7.35 5.25
First Prin Pay: 2/19 7/08 12/05 9/04 11/03 10/01
Last Prin Pay: 7/27 12/25 9/23 1/22 11/20 5/15
-----------------------------------------------------------------------------
M AA MEZZ
Price: 99-30 Coupon: 7.0750 Original Par: 11,699,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.14 7.13 7.12 7.12 7.12 7.11
Average Life: 23.33 14.34 11.25 10.19 9.69 7.92
Duration: 11.04 8.44 7.24 6.81 6.61 5.81
First Prin Pay: 6/14 10/04 1/03 10/02 10/02 10/02
Last Prin Pay: 2/26 2/20 4/16 4/14 2/13 11/08
---------------------------
TO MATURITY:
Bond Yield: 7.14 7.13 7.12 7.12 7.12 7.11
Average Life: 23.42 14.66 11.62 10.59 10.14 8.51
Duration: 11.05 8.50 7.33 6.93 6.75 6.05
First Prin Pay: 6/14 10/04 1/03 10/02 10/02 10/02
Last Prin Pay: 1/27 7/23 5/20 7/18 7/17 6/13
-----------------------------------------------------------------------------
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 | FIRST
SUISSE | BOSTON
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-1
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-29+ Coupon: 7.6250 Original Par: 12,429,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.70 7.69 7.67 7.67 7.67 7.66
Average Life: 21.19 11.08 8.38 7.67 7.42 6.57
Duration: 10.16 7.13 5.91 5.55 5.42 4.98
First Prin Pay: 6/14 10/04 1/03 10/02 10/02 10/02
Last Prin Pay: 11/23 1/15 4/11 1/10 6/09 6/07
---------------------------
TO MATURITY:
Bond Yield: 7.70 7.69 7.67 7.67 7.67 7.66
Average Life: 21.19 11.08 8.38 7.67 7.42 6.57
Duration: 10.16 7.13 5.91 5.55 5.42 4.98
First Prin Pay: 6/14 10/04 1/03 10/02 10/02 10/02
Last Prin Pay: 11/23 1/15 4/11 1/10 6/09 6/07
-----------------------------------------------------------------------------
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 | FIRST
SUISSE | BOSTON
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-1
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
B2 BB SUB
Price: 99-31+ Coupon: 8.9250 Original Par: 6,580,841
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 9.03 9.03 9.02 9.02 9.02 9.00
Average Life: 27.37 20.50 16.66 14.93 13.99 10.48
Duration: 9.92 9.09 8.36 7.96 7.71 6.58
First Prin Pay: 11/23 1/15 4/11 1/10 6/09 6/07
Last Prin Pay: 2/26 2/20 4/16 4/14 2/13 11/08
---------------------------
TO MATURITY:
Bond Yield: 9.03 9.03 9.03 9.02 9.02 9.02
Average Life: 27.90 22.78 19.71 18.22 17.37 13.78
Duration: 9.96 9.33 8.78 8.48 8.31 7.48
First Prin Pay: 11/23 1/15 4/11 1/10 6/09 6/07
Last Prin Pay: 10/27 5/27 8/26 11/25 2/25 4/20
-----------------------------------------------------------------------------
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 | FIRST
SUISSE | BOSTON
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-1
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percentof MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
March 25, 1999 19 0 0 0 0 0
March 25, 2000 0 0 0 0 0 0
March 25, 2001 0 0 0 0 0 0
March 25, 2002 0 0 0 0 0 0
March 25, 2003 0 0 0 0 0 0
March 25, 2004 0 0 0 0 0 0
March 25, 2005 0 0 0 0 0 0
March 25, 2006 0 0 0 0 0 0
March 25, 2007 0 0 0 0 0 0
March 25, 2008 0 0 0 0 0 0
March 25, 2009 0 0 0 0 0 0
March 25, 2010 0 0 0 0 0 0
March 25, 2011 0 0 0 0 0 0
March 25, 2012 0 0 0 0 0 0
March 25, 2013 0 0 0 0 0 0
March 25, 2014 0 0 0 0 0 0
March 25, 2015 0 0 0 0 0 0
March 25, 2016 0 0 0 0 0 0
March 25, 2017 0 0 0 0 0 0
March 25, 2018 0 0 0 0 0 0
March 25, 2019 0 0 0 0 0 0
March 25, 2020 0 0 0 0 0 0
March 25, 2021 0 0 0 0 0 0
March 25, 2022 0 0 0 0 0 0
March 25, 2023 0 0 0 0 0 0
March 25, 2024 0 0 0 0 0 0
March 25, 2025 0 0 0 0 0 0
March 25, 2026 0 0 0 0 0 0
March 25, 2027 0 0 0 0 0 0
March 25, 2028 0 0 0 0 0 0
Avg Life In Years: 0.7 0.4 0.3 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 | FIRST
SUISSE | BOSTON
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-2
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
March 25, 1999 100 87 74 66 61 35
March 25, 2000 100 50 23 8 0 0
March 25, 2001 96 14 0 0 0 0
March 25, 2002 86 0 0 0 0 0
March 25, 2003 76 0 0 0 0 0
March 25, 2004 64 0 0 0 0 0
March 25, 2005 51 0 0 0 0 0
March 25, 2006 37 0 0 0 0 0
March 25, 2007 22 0 0 0 0 0
March 25, 2008 9 0 0 0 0 0
March 25, 2009 0 0 0 0 0 0
March 25, 2010 0 0 0 0 0 0
March 25, 2011 0 0 0 0 0 0
March 25, 2012 0 0 0 0 0 0
March 25, 2013 0 0 0 0 0 0
March 25, 2014 0 0 0 0 0 0
March 25, 2015 0 0 0 0 0 0
March 25, 2016 0 0 0 0 0 0
March 25, 2017 0 0 0 0 0 0
March 25, 2018 0 0 0 0 0 0
March 25, 2019 0 0 0 0 0 0
March 25, 2020 0 0 0 0 0 0
March 25, 2021 0 0 0 0 0 0
March 25, 2022 0 0 0 0 0 0
March 25, 2023 0 0 0 0 0 0
March 25, 2024 0 0 0 0 0 0
March 25, 2025 0 0 0 0 0 0
March 25, 2026 0 0 0 0 0 0
March 25, 2027 0 0 0 0 0 0
March 25, 2028 0 0 0 0 0 0
Avg Life In Years: 7.0 2.1 1.5 1.4 1.2 0.9
</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 | FIRST
SUISSE | BOSTON
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-3
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
----------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
March 25, 1999 100 100 100 100 100 100
March 25, 2000 100 100 100 100 98 44
March 25, 2001 100 100 74 50 35 0
March 25, 2002 100 78 27 0 0 0
March 25, 2003 100 43 0 0 0 0
March 25, 2004 100 9 0 0 0 0
March 25, 2005 100 0 0 0 0 0
March 25, 2006 100 0 0 0 0 0
March 25, 2007 100 0 0 0 0 0
March 25, 2008 100 0 0 0 0 0
March 25, 2009 94 0 0 0 0 0
March 25, 2010 76 0 0 0 0 0
March 25, 2011 56 0 0 0 0 0
March 25, 2012 34 0 0 0 0 0
March 25, 2013 16 0 0 0 0 0
March 25, 2014 0 0 0 0 0 0
March 25, 2015 0 0 0 0 0 0
March 25, 2016 0 0 0 0 0 0
March 25, 2017 0 0 0 0 0 0
March 25, 2018 0 0 0 0 0 0
March 25, 2019 0 0 0 0 0 0
March 25, 2020 0 0 0 0 0 0
March 25, 2021 0 0 0 0 0 0
March 25, 2022 0 0 0 0 0 0
March 25, 2023 0 0 0 0 0 0
March 25, 2024 0 0 0 0 0 0
March 25, 2025 0 0 0 0 0 0
March 25, 2026 0 0 0 0 0 0
March 25, 2027 0 0 0 0 0 0
March 25, 2028 0 0 0 0 0 0
Avg Life In Years: 13.3 4.9 3.6 3.1 2.8 2.0
</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 | FIRST
SUISSE | BOSTON
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-4
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
---------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
March 25, 1999 100 100 100 100 100 100
March 25, 2000 100 100 100 100 100 100
March 25, 2001 100 100 100 100 100 52
March 25, 2002 100 100 100 98 73 0
March 25, 2003 100 100 83 47 22 0
March 25, 2004 100 100 50 14 0 0
March 25, 2005 100 77 20 0 0 0
March 25, 2006 100 51 0 0 0 0
March 25, 2007 100 27 0 0 0 0
March 25, 2008 100 6 0 0 0 0
March 25, 2009 100 0 0 0 0 0
March 25, 2010 100 0 0 0 0 0
March 25, 2011 100 0 0 0 0 0
March 25, 2012 100 0 0 0 0 0
March 25, 2013 100 0 0 0 0 0
March 25, 2014 96 0 0 0 0 0
March 25, 2015 77 0 0 0 0 0
March 25, 2016 58 0 0 0 0 0
March 25, 2017 37 0 0 0 0 0
March 25, 2018 17 0 0 0 0 0
March 25, 2019 0 0 0 0 0 0
March 25, 2020 0 0 0 0 0 0
March 25, 2021 0 0 0 0 0 0
March 25, 2022 0 0 0 0 0 0
March 25, 2023 0 0 0 0 0 0
March 25, 2024 0 0 0 0 0 0
March 25, 2025 0 0 0 0 0 0
March 25, 2026 0 0 0 0 0 0
March 25, 2027 0 0 0 0 0 0
March 25, 2028 0 0 0 0 0 0
Avg Life In Years: 18.4 8.2 6.1 5.1 4.5 3.1
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
such jurisdiction. The securities may not be sold nor may an offer to buy be
accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. Credit Suisse First Boston
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
CREDIT | FIRST
SUISSE | BOSTON
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-5
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
March 25, 1999 100 100 100 100 100 100
March 25, 2000 100 100 100 100 100 100
March 25, 2001 100 100 100 100 100 100
March 25, 2002 100 100 100 100 100 84
March 25, 2003 100 100 100 100 100 60
March 25, 2004 100 100 100 100 95 48
March 25, 2005 100 100 100 92 81 38
March 25, 2006 100 100 96 80 69 30
March 25, 2007 100 100 85 69 59 24
March 25, 2008 100 100 75 60 50 19
March 25, 2009 100 93 66 52 43 15
March 25, 2010 100 84 58 44 36 12
March 25, 2011 100 76 50 37 30 9
March 25, 2012 100 68 43 31 25 7
March 25, 2013 100 61 37 27 21 5
March 25, 2014 100 54 32 22 17 3
March 25, 2015 100 48 27 19 14 0
March 25, 2016 100 42 23 15 11 0
March 25, 2017 100 36 19 12 9 0
March 25, 2018 100 31 16 10 6 0
March 25, 2019 99 27 13 7 4 0
March 25, 2020 89 23 11 4 1 0
March 25, 2021 79 18 7 2 0 0
March 25, 2022 67 14 4 0 0 0
March 25, 2023 56 11 1 0 0 0
March 25, 2024 45 7 0 0 0 0
March 25, 2025 34 3 0 0 0 0
March 25, 2026 21 0 0 0 0 0
March 25, 2027 6 0 0 0 0 0
March 25, 2028 0 0 0 0 0 0
Avg Life In Years: 25.5 17.5 14.2 12.4 11.3 7.1
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
such jurisdiction. The securities may not be sold nor may an offer to buy be
accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. Credit Suisse First Boston
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
CREDIT | FIRST
SUISSE | BOSTON
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
March 25, 1999 100 100 100 100 100 100
March 25, 2000 100 100 100 100 100 100
March 25, 2001 100 100 100 100 100 100
March 25, 2002 100 100 100 100 100 100
March 25, 2003 100 100 97 93 93 90
March 25, 2004 100 100 86 81 80 72
March 25, 2005 100 96 76 71 68 58
March 25, 2006 100 87 67 61 58 46
March 25, 2007 100 79 59 53 50 36
March 25, 2008 100 72 52 46 42 28
March 25, 2009 100 66 46 39 36 22
March 25, 2010 100 59 40 34 30 17
March 25, 2011 100 53 35 29 25 13
March 25, 2012 100 48 30 24 21 8
March 25, 2013 100 43 26 20 17 1
March 25, 2014 100 38 22 17 14 0
March 25, 2015 95 34 19 14 12 0
March 25, 2016 89 30 16 12 6 0
March 25, 2017 82 26 13 6 1 0
March 25, 2018 75 22 10 1 0 0
March 25, 2019 69 19 5 0 0 0
March 25, 2020 62 16 1 0 0 0
March 25, 2021 55 13 0 0 0 0
March 25, 2022 47 8 0 0 0 0
March 25, 2023 39 2 0 0 0 0
March 25, 2024 32 0 0 0 0 0
March 25, 2025 24 0 0 0 0 0
March 25, 2026 15 0 0 0 0 0
March 25, 2027 0 0 0 0 0 0
March 25, 2028 0 0 0 0 0 0
Avg Life In Years: 23.4 14.7 11.6 10.6 10.1 8.5
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
such jurisdiction. The securities may not be sold nor may an offer to buy be
accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. Credit Suisse First Boston
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
CREDIT | FIRST
SUISSE | BOSTON
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-1
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
March 25, 1999 100 100 100 100 100 100
March 25, 2000 100 100 100 100 100 100
March 25, 2001 100 100 100 100 100 100
March 25, 2002 100 100 100 100 100 100
March 25, 2003 100 100 96 90 89 85
March 25, 2004 100 100 79 71 69 58
March 25, 2005 100 93 64 55 52 35
March 25, 2006 100 80 50 40 36 17
March 25, 2007 100 68 38 28 23 2
March 25, 2008 100 57 27 17 12 0
March 25, 2009 100 47 18 7 2 0
March 25, 2010 100 38 9 0 0 0
March 25, 2011 100 29 1 0 0 0
March 25, 2012 100 20 0 0 0 0
March 25, 2013 100 12 0 0 0 0
March 25, 2014 100 5 0 0 0 0
March 25, 2015 93 0 0 0 0 0
March 25, 2016 83 0 0 0 0 0
March 25, 2017 72 0 0 0 0 0
March 25, 2018 62 0 0 0 0 0
March 25, 2019 53 0 0 0 0 0
March 25, 2020 43 0 0 0 0 0
March 25, 2021 31 0 0 0 0 0
March 25, 2022 19 0 0 0 0 0
March 25, 2023 6 0 0 0 0 0
March 25, 2024 0 0 0 0 0 0
March 25, 2025 0 0 0 0 0 0
March 25, 2026 0 0 0 0 0 0
March 25, 2027 0 0 0 0 0 0
March 25, 2028 0 0 0 0 0 0
Avg Life In Years: 21.2 11.1 8.4 7.7 7.4 6.6
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
such jurisdiction. The securities may not be sold nor may an offer to buy be
accepted prior to the delivery of a final prospectus relating to the
securities. The above preliminary description of the underlying assets has
been provided by the issuer and has not been independently verified by Credit
Suisse First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. Credit Suisse First Boston
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
CREDIT | FIRST
SUISSE | BOSTON
INDYMAC MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-1
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-2
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
March 25, 1999 100 100 100 100 100 100
March 25, 2000 100 100 100 100 100 100
March 25, 2001 100 100 100 100 100 100
March 25, 2002 100 100 100 100 100 100
March 25, 2003 100 100 100 100 100 100
March 25, 2004 100 100 100 100 100 100
March 25, 2005 100 100 100 100 100 100
March 25, 2006 100 100 100 100 100 100
March 25, 2007 100 100 100 100 100 100
March 25, 2008 100 100 100 100 100 82
March 25, 2009 100 100 100 100 100 64
March 25, 2010 100 100 100 97 88 50
March 25, 2011 100 100 100 83 73 38
March 25, 2012 100 100 87 69 61 33
March 25, 2013 100 100 75 59 50 33
March 25, 2014 100 100 65 49 42 33
March 25, 2015 100 98 55 41 34 33
March 25, 2016 100 85 47 34 33 24
March 25, 2017 100 74 39 33 33 16
March 25, 2018 100 63 33 33 33 9
March 25, 2019 100 54 33 33 33 4
March 25, 2020 100 46 33 33 33 0
March 25, 2021 100 37 33 33 29 0
March 25, 2022 100 33 33 31 19 0
March 25, 2023 100 33 33 20 11 0
March 25, 2024 91 33 27 11 5 0
March 25, 2025 68 33 15 4 0 0
March 25, 2026 43 26 4 0 0 0
March 25, 2027 33 2 0 0 0 0
March 25, 2028 0 0 0 0 0 0
Avg Life In Years: 27.9 22.8 19.7 18.2 17.4 13.8
</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 | FIRST
SUISSE | BOSTON
