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Previous: ALTRIS SOFTWARE INC, 10-Q, 1998-06-24 |
Next: PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV, 424B5, 1998-06-24 |
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: June 23, 1998
(Date of earliest event reported)
Commission File No. 333-51375
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Sale and
Servicing Agreement, dated as of February 1, 1998, relating to the Empire
Funding Home Loan Owner Trust 1998-2, Home Loan Asset Backed Notes, Series
1998-2)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
- --------------------------------------------------------------------------------
Delaware 06-1204982
- --------------------------------------------------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
1285 Avenue of the Americas
New York, New York 10019
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Address of principal executive offices (Zip Code)
(212) 713-2000
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Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
Attached as an exhibit are the Computational Materials (as defined in
the no-action letter dated May 20, 1994 issued by the Securities and
Exchange Commission to Kidder, Peabody Acceptance Corporation-I, Kidder,
Peabody & Co. Incorporated and Kidder Structured Asset Corporation (the
"Kidder Letter") as modified by a no-action letter (the "First PSA
No-Action Letter") issued by the staff of the Commission on May 27, 1994 to
the Public Securities Association (the "PSA") and as further modified by a
no-action letter (the "Second PSA No-Action Letter,") prepared by
PaineWebber Incorporated, which are hereby filed pursuant to such letter.
<PAGE>
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(99) Computational Materials
prepared by PaineWebber
Incorporated in connection with
Empire Funding Home Loan Owner Trust 1998-2,
Home Loan Asset Backed Notes, Series 1998-2
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PAINEWEBBER MORTGAGE ACCEPTANCE
CORPORATION IV
June 23, 1998
By: /s/ Barbara Dawson
------------------
Name: Barbara Dawson
Title: Senior Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Computational Materials E
prepared by PaineWebber Incorporated
in connection with Empire Funding
Home Loan Owner Trust 1998-2, Home
Loan Asset Backed Notes, Series 1998-2
Empire 98-2 Final
Empire 98-2 Comp Mats
Yield/Loss Sensitivities
To Call To Maturity
------- -----------
B-1 B-1
0 CDR Yield 8.44674 8.46601
AL 7.94 8.50
Duration 5.49 5.67
First Pay 50 50
Last Pay 138 216
Window 89 167
Cum Losses 0.00% 0.00%
1 CDR Yield 8.44379 8.46391
AL 7.62 8.17
Duration 5.34 5.52
First Pay 48 48
Last Pay 133 210
Window 86 163
Cum Losses 4.31% 4.65%
2 CDR Yield 8.44077 8.46191
AL 7.32 7.86
Duration 5.19 5.37
First Pay 46 46
Last Pay 128 204
Window 83 159
Cum Losses 8.28% 8.96%
3 CDR Yield 8.43782 8.45937
AL 7.06 7.56
Duration 5.05 5.23
First Pay 44 44
Last Pay 124 197
Window 81 154
Cum Losses 11.97% 12.96%
4 CDR Yield 8.43465 8.45764
AL 6.78 7.29
Duration 4.91 5.10
First Pay 43 43
Last Pay 119 191
Window 77 149
Cum Losses 15.36% 16.67%
5 CDR Yield 8.43192 8.45562
AL 6.56 7.06
Duration 4.79 4.98
First Pay 44 44
Last Pay 115 184
Window 72 141
Cum Losses 18.52% 20.14%
6 CDR Yield 8.43640 8.46090
AL 6.83 7.37
Duration 4.98 5.19
First Pay 53 53
Last Pay 111 229
Window 59 177
Cum Losses 21.45% 23.37%
7 CDR Yield 6.22123 5.76929
AL 6.33 6.51
Duration 5.52 6.03
First Pay 66 66
Last Pay 107 300
Window 42 235
Cum Losses 24.17% 26.39%
8 CDR Yield -0.34853 -0.53360
AL 3.77 3.54
Duration 5.93 7.22
First Pay 91 91
Last Pay 104 300
Window 14 210
Cum Losses 26.76% 29.21%
9 CDR Yield #N/A #N/A
AL #N/A #N/A
Duration #N/A #N/A
First Pay 0 0
Last Pay 0 0
Window 1 1
Cum Losses 29.10% 31.86%
10 CDR Yield 7.87386 9.00650
AL #N/A #N/A
Duration #N/A #N/A
First Pay #N/A #N/A
Last Pay 0 0
Window 1 1
Cum Losses 31.36% 34.35%
Note: Run at 100 PPC (0-16/15)
CDRs ramp up over 12 months
B-1 purchase price: 100.0000
B-2 purchase price: 91.0000
<PAGE>
Empire 98-2 Compmats Settle Date: 06/22/1998
No Loss FPF
B-1 100 PPC 100 PPC 100 PPC 100 PPC
LIBOR 5.656 5.656 5.656 5.656
Call? Y N Y N
Defaults 0.00% VECT 0.00% VECT 100.00% VECT 100.00% VECT
Severity 100.00% 100.00% 100.00% 100.00%
Cum Losses 0.00% 0.00% 14.84% 20.36%
Stepdown 50 50 45 45
OC Target Met 12 12 15 15
99.50000 8.53811 8.55446 8.53691 6.85683
99.53125 8.53238 8.54892 8.53052 6.85017
99.56250 8.52665 8.54337 8.52413 6.84350
99.59375 8.52093 8.53783 8.51774 6.83684
99.62500 8.51521 8.53229 8.51135 6.83018
99.65625 8.50949 8.52675 8.50496 6.82353
99.68750 8.50377 8.52122 8.49858 6.81688
99.71875 8.49806 8.51569 8.49220 6.81023
99.75000 8.49234 8.51016 8.48583 6.80358
99.78125 8.48663 8.50463 8.47945 6.79694
99.81250 8.48093 8.49910 8.47308 6.79029
99.84375 8.47522 8.49358 8.46672 6.78366
99.87500 8.46952 8.48806 8.46035 6.77702
99.90625 8.46382 8.48255 8.45399 6.77039
99.93750 8.45812 8.47703 8.44763 6.76376
99.96875 8.45243 8.47152 8.44127 6.75713
100.00000 8.44674 8.46601 8.43491 6.75051
100.03125 8.44105 8.46050 8.42856 6.74388
100.06250 8.43536 8.45500 8.42221 6.73727
100.09375 8.42968 8.44949 8.41587 6.73065
100.12500 8.42399 8.44399 8.40952 6.72404
100.15625 8.41831 8.43850 8.40318 6.71743
100.18750 8.41264 8.43300 8.39684 6.71082
100.21875 8.40696 8.42751 8.39051 6.70421
100.25000 8.40129 8.42202 8.38417 6.69761
100.28125 8.39562 8.41653 8.37784 6.69101
100.31250 8.38995 8.41105 8.37152 6.68442
100.34375 8.38429 8.40557 8.36519 6.67782
100.37500 8.37862 8.40009 8.35887 6.67123
100.40625 8.37296 8.39461 8.35255 6.66464
100.43750 8.36731 8.38913 8.34623 6.65806
100.46875 8.36165 8.38366 8.33992 6.65147
100.50000 8.35600 8.37819 8.33361 6.64489
AL 7.94 8.50 6.78 4.85
Duration 5.49 5.67 4.92 4.72
Convexity 0.436 0.486 0.343 0.311
First Pay 50 50 45 45
Last Pay 138 216 115 123
Window 89 167 71 79
Break
<PAGE>
Per Fin Unsec Bnk
B-1 100 PPC 100 PPC 100 PPC 100 PPC
LIBOR 5.656 5.656 5.656 5.656
Call? Y N Y N
Defaults 100.00% VECT 100.00% VECT 100.00% VECT 100.00% VECT
Severity 100.00% 100.00% 100.00% 100.00%
Cum Losses 23.31% 30.01% 21.15% 27.65%
Stepdown 42 42 43 43
OC Target Met 24 24 21 21
99.50000 8.14905 4.04048 8.53631 5.15369
99.53125 8.14221 4.03295 8.52958 5.14640
99.56250 8.13538 4.02542 8.52286 5.13911
99.59375 8.12854 4.01790 8.51613 5.13183
99.62500 8.12171 4.01038 8.50941 5.12455
99.65625 8.11488 4.00287 8.50269 5.11727
99.68750 8.10805 3.99536 8.49598 5.11000
99.71875 8.10123 3.98785 8.48927 5.10273
99.75000 8.09441 3.98034 8.48256 5.09546
99.78125 8.08759 3.97284 8.47585 5.08820
99.81250 8.08077 3.96534 8.46914 5.08093
99.84375 8.07396 3.95784 8.46244 5.07367
99.87500 8.06715 3.95035 8.45574 5.06642
99.90625 8.06035 3.94286 8.44905 5.05917
99.93750 8.05354 3.93537 8.44235 5.05192
99.96875 8.04674 3.92789 8.43566 5.04467
100.00000 8.03995 3.92040 8.42898 5.03743
100.03125 8.03315 3.91293 8.42229 5.03018
100.06250 8.02636 3.90545 8.41561 5.02295
100.09375 8.01957 3.89798 8.40893 5.01571
100.12500 8.01278 3.89051 8.40226 5.00848
100.15625 8.00600 3.88304 8.39558 5.00125
100.18750 7.99922 3.87558 8.38891 4.99403
100.21875 7.99244 3.86812 8.38224 4.98680
100.25000 7.98567 3.86066 8.37558 4.97958
100.28125 7.97889 3.85321 8.36892 4.97237
100.31250 7.97213 3.84576 8.36226 4.96515
100.34375 7.96536 3.83831 8.35560 4.95794
100.37500 7.95860 3.83087 8.34895 4.95073
100.40625 7.95183 3.82343 8.34230 4.94353
100.43750 7.94508 3.81599 8.33565 4.93633
100.46875 7.93832 3.80855 8.32901 4.92913
100.50000 7.93157 3.80112 8.32236 4.92193
AL 5.95 3.20 6.32 3.68
Duration 4.60 4.18 4.67 4.31
Convexity 0.297 0.235 0.308 0.254
First Pay 43 43 43 43
Last Pay 102 93 105 101
Window 60 51 63 59
Break
<PAGE>
Empire 98-2 Settle Date: 06/23/1998
Final
B-1 0 PPC 50 PPC 75 PPC 100 PPC
LIBOR 5.648 5.648 5.648 5.648
Call? Y Y Y Y
Defaults 0.00% CMD 0.00% CMD 0.00% CMD 0.00% CMD
Severity 100.00% 100.00% 100.00% 100.00%
Cum Losses 0.00% 0.00% 0.00% 0.00%
Stepdown 172 85 63 50
OC Target Met 11 11 12 12
99.45329 9.19583 9.19433 9.19322 9.19202
99.48454 9.19228 9.18985 9.18806 9.18613
99.51579 9.18873 9.18538 9.18290 9.18023
99.54704 9.18518 9.18091 9.17775 9.17434
99.57829 9.18164 9.17645 9.17260 9.16845
99.60954 9.17810 9.17198 9.16745 9.16257
99.64079 9.17456 9.16752 9.16230 9.15669
99.67204 9.17102 9.16305 9.15716 9.15081
99.70329 9.16748 9.15859 9.15201 9.14493
99.73454 9.16394 9.15414 9.14687 9.13905
99.76579 9.16041 9.14968 9.14174 9.13318
99.79704 9.15688 9.14523 9.13660 9.12731
99.82829 9.15335 9.14078 9.13147 9.12144
99.85954 9.14982 9.13633 9.12634 9.11558
99.89079 9.14629 9.13188 9.12121 9.10972
99.92204 9.14277 9.12743 9.11608 9.10386
99.95329 9.13924 9.12299 9.11096 9.09800
99.98454 9.13572 9.11855 9.10584 9.09215
100.01579 9.13220 9.11411 9.10072 9.08629
100.04704 9.12868 9.10967 9.09560 9.08044
100.07829 9.12516 9.10524 9.09048 9.07460
100.10954 9.12165 9.10080 9.08537 9.06875
100.14079 9.11814 9.09637 9.08026 9.06291
100.17204 9.11463 9.09194 9.07515 9.05707
100.20329 9.11112 9.08752 9.07005 9.05124
100.23454 9.10761 9.08309 9.06494 9.04540
100.26579 9.10410 9.07867 9.05984 9.03957
100.29704 9.10060 9.07425 9.05474 9.03374
100.32829 9.09709 9.06983 9.04964 9.02792
100.35954 9.09359 9.06541 9.04455 9.02209
100.39079 9.09009 9.06100 9.03946 9.01627
100.42204 9.08660 9.05658 9.03437 9.01045
100.45329 9.08310 9.05217 9.02928 9.00464
AL 19.68 12.30 9.68 7.91
Duration 8.88 7.04 6.10 5.34
Convexity 1.301 0.758 0.554 0.419
First Pay 172 85 63 50
Last Pay 277 204 163 138
Window 106 120 101 89
Break
B-1 125 PPC 150 PPC
LIBOR 5.648 5.648
Call? Y Y
Defaults 0.00% CMD 0.00% CMD
Severity 100.00% 100.00%
Cum Losses 0.00% 0.00%
Stepdown 41 37
OC Target Met 12 12
99.45329 9.19070 9.18933
99.48454 9.18400 9.18177
99.51579 9.17729 9.17422
99.54704 9.17059 9.16667
99.57829 9.16389 9.15912
99.60954 9.15719 9.15158
99.64079 9.15050 9.14404
99.67204 9.14381 9.13651
99.70329 9.13712 9.12897
99.73454 9.13044 9.12144
99.76579 9.12376 9.11392
99.79704 9.11708 9.10639
99.82829 9.11040 9.09887
99.85954 9.10373 9.09136
99.89079 9.09706 9.08384
99.92204 9.09039 9.07633
99.95329 9.08373 9.06883
99.98454 9.07707 9.06132
100.01579 9.07041 9.05382
100.04704 9.06376 9.04633
100.07829 9.05710 9.03883
100.10954 9.05045 9.03134
100.14079 9.04381 9.02385
100.17204 9.03716 9.01637
100.20329 9.03052 9.00889
100.23454 9.02388 9.00141
100.26579 9.01725 8.99394
100.29704 9.01062 8.98646
100.32829 9.00399 8.97900
100.35954 8.99736 8.97153
100.39079 8.99074 8.96407
100.42204 8.98411 8.95661
100.45329 8.97750 8.94915
AL 6.58 5.60
Duration 4.69 4.17
Convexity 0.319 0.249
First Pay 41 37
Last Pay 116 99
Window 76 63
Break
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 CUM
FPF 1.06 1.51 2.17 2.31 1.84 1.3 10.18
Per Fin 2.00 2.67 3.70 3.91 3.11 2.21 17.59
Unsec Bnk 1.87 2.46 3.28 3.43 2.73 1.93 15.69
Sec Auto 1.33 1.78 2.39 2.5 1.99 1.41 11.39
FICO 1.41 1.69 2.46 2.71 2.2 1.58 12.04
*Apply loss curve to Orig. Bal.
*Apply yr 6 to any remaining years
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