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: May 20, 1998
(Date of earliest event reported)
Commission File No. 333-40467
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Sale and
Servicing Agreement, dated as of May 1, 1998, relating to the Master Financial
Asset Securitization 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
- --------------------------------------------------------------------------------
Address of principal executive offices (Zip Code)
(212) 713-2000
- --------------------------------------------------------------------------------
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 Deutsche Morgan Grenfell, Inc., which
are hereby filed pursuant to such letters.
<PAGE>
ITEM 7. Financial Statements and Exhibits
---------------------------------
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(99) Computational Materials
prepared by Deutsche Morgan
Grenfell, Inc. in connection with Master
Financial Asset Securitization
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
May 22, 1998
By:/s/Joseph Piscina
-----------------
Joseph Piscina
Director
<PAGE>
INDEX TO EXHIBITS
-----------------
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Computational Materials E
prepared by Deutsche Morgan
Grenfell, Inc.in connection with
Master Financial Asset Securitization
Trust 1998-2, Home Loan Asset Backed
Notes, Series 1998-2
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement and Final Prospectus. Although the information contained in the
material is based on sources the Underwriter(s) believe(s) to be reliable, the
Underwriter(s) make(s) no representation or warranty that such information is
accurate or complete. Such information should not be viewed as projections,
forecasts, predictions, or opinions with respect to value. Prior to making any
investment decision, a prospective investor shall receive and fully review the
Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may hold long
or short positions in or buy and sell Securities or related securities or
perform for or solicit investment banking services from, any company mentioned
herein.
- --------------------------------------------------------------------------------
Bond Id : MASTER FINANCIAL 1998-2 A3
Bond Name : A AAA
Original Balance : 28,084,000.00
Original Coupon : 6.660000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y
: 0.0000 0.0000 0.0000 5.5800
Report Generated : Tue May 19 13:27:19 1998
Current Balance : 28,084,000.00
Current Coupon : 6.660000 %
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels TSY03Y TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6250 5.6290 5.7580 0.0000 5.6562 5.0000
PPC_21.2 PPC_21.6 PPC_22.0
99.678862 6.764 6.490 5.859
99.710112 6.757 6.483 5.852
99.741362 6.749 6.476 5.845
99.772612 6.742 6.468 5.838
99.803862 6.735 6.461 5.831
99.835112 6.728 6.454 5.824
99.866362 6.720 6.447 5.817
99.897612 6.713 6.440 5.810
99.928862 6.706 6.433 5.803
99.960112 6.699 6.426 5.796
99.991362 6.692 6.419 5.789
100.022612 6.685 6.412 5.782
100.053862 6.677 6.405 5.775
100.085112 6.670 6.398 5.768
100.116362 6.663 6.391 5.761
100.147612 6.656 6.384 5.754
100.178862 6.649 6.377 5.747
100.210112 6.641 6.369 5.740
100.241362 6.634 6.362 5.733
100.272612 6.627 6.355 5.726
100.303862 6.620 6.348 5.719
Ave Life 5.330 5.408 5.371
Ave Cashflow 4.690 4.781 4.800
Mod Dur 4.344 4.421 4.459
Window 3/02-11/06 3/02-2/08 4/02-11/07
Sprd/Avl 105.4/av 77.9/av 15.0/av
Sprd/AvCf 106.3/av 79.0/av 16.0/av
Sprd/Tsy 105.0/5.5 77.7/5.5 14.7/5.5
Bond Loss 0.00 0.00 0.00
Coll Loss 107295076.32 108327698.44 109341151.43
PPC_21.2 : 100% FIXED RAMP 21.2% CDR FROM MO. 13 ON
PPC_21.6 : 100% FIXED RAMP 21.6% CDR FROM MO. 13 ON
PPC_22.0 : 100% FIXED RAMP 22.0% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 A4
Bond Name : A AAA
Original Balance : 17,589,000.00
Original Coupon : 7.070000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y
: 0.0000 0.0000 0.0000 5.5800
Report Generated : Tue May 19 13:29:37 1998
Current Balance : 17,589,000.00
Current Coupon : 7.070000 %
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels TSY03Y TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6250 5.6290 5.7580 0.0000 5.6562 5.0000
PPC_17.6 PPC_18.0 PPC_18.4
99.631180 7.245 7.037 6.369
99.662430 7.240 7.032 6.364
99.693680 7.235 7.027 6.359
99.724930 7.229 7.022 6.354
99.756180 7.224 7.017 6.349
99.787430 7.219 7.012 6.344
99.818680 7.214 7.007 6.339
99.849930 7.208 7.002 6.334
99.881180 7.203 6.997 6.329
99.912430 7.198 6.992 6.324
99.943680 7.193 6.986 6.319
99.974930 7.187 6.981 6.313
100.006180 7.182 6.976 6.308
100.037430 7.177 6.971 6.303
100.068680 7.171 6.966 6.298
100.099930 7.166 6.961 6.293
100.131180 7.161 6.956 6.288
100.162430 7.156 6.951 6.283
100.193680 7.150 6.946 6.278
100.224930 7.145 6.941 6.273
100.256180 7.140 6.936 6.268
Ave Life 8.060 8.331 8.207
Ave Cashflow 6.703 7.074 7.069
Mod Dur 5.926 6.151 6.217
Window 5/04-8/11 6/04-9/15 8/04-8/12
Sprd/Avl 148.5/av 127.1/av 60.7/av
Sprd/AvCf 152.0/av 130.4/av 63.6/av
Sprd/Tsy 148.6/8.0 126.7/8.5 61.2/8.0
Bond Loss 0.00 0.00 0.00
Coll Loss 97043975.75 98275642.54 99482570.48
PPC_17.6 : 100% FIXED RAMP 17.6% CDR FROM MO. 13 ON
PPC_18.0 : 100% FIXED RAMP 18% CDR FROM MO. 13 ON
PPC_18.4 : 100% FIXED RAMP 18.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 M1
Bond Name : M AA
Original Balance : 21,715,000.00
Original Coupon : 7.230000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y
: 0.0000 0.0000 0.0000 5.5800
Report Generated : Tue May 13:30:26 1998
Current Balance : 21,715,000.00
Current Coupon : 7.230000 %
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels TSY03Y TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6250 5.6290 5.7580 0.0000 5.6562 5.0000
PPC_12.6 PPC_13.0 PPC_13.4
99.651010 7.370 7.155 6.454
99.682260 7.365 7.150 6.449
99.713510 7.359 7.145 6.444
99.744760 7.354 7.139 6.438
99.776010 7.348 7.134 6.433
99.807260 7.343 7.129 6.428
99.838510 7.337 7.124 6.423
99.869760 7.332 7.119 6.418
99.901010 7.326 7.113 6.413
99.932260 7.321 7.108 6.408
99.963510 7.315 7.103 6.403
99.994760 7.310 7.098 6.398
100.026010 7.304 7.092 6.393
100.057260 7.299 7.087 6.387
100.088510 7.293 7.082 6.382
100.119760 7.288 7.077 6.377
100.151010 7.282 7.071 6.372
100.182260 7.277 7.066 6.367
100.213510 7.271 7.061 6.362
100.244760 7.266 7.056 6.357
100.276010 7.260 7.051 6.352
Ave Life 7.713 8.281 8.533
Ave Cashflow 6.465 6.955 7.036
Mod Dur 5.680 5.977 6.132
Window 2/04-1/15 5/04-6/23 9/04-6/23
Sprd/Avl 161.6/av 138.9/av 68.3/av
Sprd/AvCf 164.8/av 142.3/av 72.1/av
Sprd/Tsy 162.2/7.5 138.4/8.5 68.3/8.5
Bond Loss 0.00 860652.62 2786285.26
Coll Loss 79223488.72 80836924.02 82414021.23
PPC_12.6 : 100% FIXED RAMP 12.6% CDR FROM MO. 13 ON
PPC_13.0 : 100% FIXED RAMP 13% CDR FROM MO. 13 ON
PPC_13.4 : 100% FIXED RAMP 13.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 A3
Bond Name : A AAA
Original Balance : 28,084,000.00
Original Coupon : 6.660000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y
: 0.0000 0.0000 0.0000 5.5800
Report Generated : Tue May 19 13:27:19 1998
Current Balance : 28,084,000.00
Current Coupon : 6.660000 %
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels TSY03Y TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6250 5.6290 5.7580 0.0000 5.6562 5.0000
PPC_21.2 PPC_21.6 PPC_22.0
99.678862 6.764 6.490 5.859
99.710112 6.757 6.483 5.852
99.741362 6.749 6.476 5.845
99.772612 6.742 6.468 5.838
99.803862 6.735 6.461 5.831
99.835112 6.728 6.454 5.824
99.866362 6.720 6.447 5.817
99.897612 6.713 6.440 5.810
99.928862 6.706 6.433 5.803
99.960112 6.699 6.426 5.796
99.991362 6.692 6.419 5.789
100.022612 6.685 6.412 5.782
100.053862 6.677 6.405 5.775
100.085112 6.670 6.398 5.768
100.116362 6.663 6.391 5.761
100.147612 6.656 6.384 5.754
100.178862 6.649 6.377 5.747
100.210112 6.641 6.369 5.740
100.241362 6.634 6.362 5.733
100.272612 6.627 6.355 5.726
100.303862 6.620 6.348 5.719
Ave Life 5.330 5.408 5.371
Ave Cashflow 4.690 4.781 4.800
Mod Dur 4.344 4.421 4.459
Window 3/02-11/06 3/02-2/08 4/02-11/07
Sprd/Avl 105.4/av 77.9/av 15.0/av
Sprd/AvCf 106.3/av 79.0/av 16.0/av
Sprd/Tsy 105.0/5.5 77.7/5.5 14.7/5.5
Bond Loss 0.00 0.00 0.00
Coll Loss 107295076.32 108327698.44 109341151.43
PPC_21.2 : 100% FIXED RAMP 21.2% CDR FROM MO. 13 ON
PPC_21.6 : 100% FIXED RAMP 21.6% CDR FROM MO. 13 ON
PPC_22.0 : 100% FIXED RAMP 22.0% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 A4
Bond Name : A AAA
Original Balance : 17,589,000.00
Original Coupon : 7.070000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
: 0.0000 0.0000 0.0000 5.5800 5.6250
Report Generated : Tue May 19 13:29:37 1998
Current Balance : 17,589,000.00
Current Coupon : 7.070000 %
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6290 5.7580 0.0000 5.6562 5.0000
PPC_17.6 PPC_18.0 PPC_18.4
99.631180 7.245 7.037 6.369
99.662430 7.240 7.032 6.364
99.693680 7.235 7.027 6.359
99.724930 7.229 7.022 6.354
99.756180 7.224 7.017 6.349
99.787430 7.219 7.012 6.344
99.818680 7.214 7.007 6.339
99.849930 7.208 7.002 6.334
99.881180 7.203 6.997 6.329
99.912430 7.198 6.992 6.324
99.943680 7.193 6.986 6.319
99.974930 7.187 6.981 6.313
100.006180 7.182 6.976 6.308
100.037430 7.177 6.971 6.303
100.068680 7.171 6.966 6.298
100.099930 7.166 6.961 6.293
100.131180 7.161 6.956 6.288
100.162430 7.156 6.951 6.283
100.193680 7.150 6.946 6.278
100.224930 7.145 6.941 6.273
100.256180 7.140 6.936 6.268
Ave Life 8.060 8.331 8.207
Ave Cashflow 6.703 7.074 7.069
Mod Dur 5.926 6.151 6.217
Window 5/04-8/11 6/04-9/15 8/04-8/12
Sprd/Avl 148.5/av 127.1/av 60.7/av
Sprd/AvCf 152.0/av 130.4/av 63.6/av
Sprd/Tsy 148.6/8.0 126.7/8.5 61.2/8.0
Bond Loss 0.00 0.00 0.00
Coll Loss 97043975.75 98275642.54 99482570.48
PPC_17.6 : 100% FIXED RAMP 17.6% CDR FROM MO. 13 ON
PPC_18.0 : 100% FIXED RAMP 18% CDR FROM MO. 13 ON
PPC_18.4 : 100% FIXED RAMP 18.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 M1
Bond Name : M AA
Original Balance : 21,715,000.00
Original Coupon : 7.230000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
: 0.0000 0.0000 0.0000 5.5800 5.6250
Report Generated : Tue May 19 13:30:26 1998
Current Balance : 21,715,000.00
Current Coupon : 7.230000 %
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6290 5.7580 0.0000 5.6562 5.0000
PPC_12.6 PPC_13.0 PPC_13.4
99.651010 7.370 7.155 6.454
99.682260 7.365 7.150 6.449
99.713510 7.359 7.145 6.444
99.744760 7.354 7.139 6.438
99.776010 7.348 7.134 6.433
99.807260 7.343 7.129 6.428
99.838510 7.337 7.124 6.423
99.869760 7.332 7.119 6.418
99.901010 7.326 7.113 6.413
99.932260 7.321 7.108 6.408
99.963510 7.315 7.103 6.403
99.994760 7.310 7.098 6.398
100.026010 7.304 7.092 6.393
100.057260 7.299 7.087 6.387
100.088510 7.293 7.082 6.382
100.119760 7.288 7.077 6.377
100.151010 7.282 7.071 6.372
100.182260 7.277 7.066 6.367
100.213510 7.271 7.061 6.362
100.244760 7.266 7.056 6.357
100.276010 7.260 7.051 6.352
Ave Life 7.713 8.281 8.533
Ave Cashflow 6.465 6.955 7.036
Mod Dur 5.680 5.977 6.132
Window 2/04-1/15 5/04-6/23 9/04-6/23
Sprd/Avl 161.6/av 138.9/av 68.3/av
Sprd/AvCf 164.8/av 142.3/av 72.1/av
Sprd/Tsy 162.2/7.5 138.4/8.5 68.3/8.5
Bond Loss 0.00 860652.62 2786285.26
Coll Loss 79223488.72 80836924.02 82414021.23
PPC_12.6 : 100% FIXED RAMP 12.6% CDR FROM MO. 13 ON
PPC_13.0 : 100% FIXED RAMP 13% CDR FROM MO. 13 ON
PPC_13.4 : 100% FIXED RAMP 13.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 A3
Bond Name : A AAA
Original Balance : 28,084,000.00
Original Coupon : 6.660000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
: 0.0000 0.0000 0.0000 5.5800 5.6250
Report Generated : Tue May 19 13:27:19 1998
Current Balance : 28,084,000.00
Current Coupon : 6.660000 %
Dated Date : 5/28/98
First Payment Date: 6/20/98
Market Levels TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6290 5.7580 0.0000 5.6562 5.0000
PPC_21.2 PPC_21.6 PPC_22.0
99.678862 6.764 6.490 5.859
99.710112 6.757 6.483 5.852
99.741362 6.749 6.476 5.845
99.772612 6.742 6.468 5.838
99.803862 6.735 6.461 5.831
99.835112 6.728 6.454 5.824
99.866362 6.720 6.447 5.817
99.897612 6.713 6.440 5.810
99.928862 6.706 6.433 5.803
99.960112 6.699 6.426 5.796
99.991362 6.692 6.419 5.789
100.022612 6.685 6.412 5.782
100.053862 6.677 6.405 5.775
100.085112 6.670 6.398 5.768
100.116362 6.663 6.391 5.761
100.147612 6.656 6.384 5.754
100.178862 6.649 6.377 5.747
100.210112 6.641 6.369 5.740
100.241362 6.634 6.362 5.733
100.272612 6.627 6.355 5.726
100.303862 6.620 6.348 5.719
Ave Life 5.330 5.408 5.371
Ave Cashflow 4.690 4.781 4.800
Mod Dur 4.344 4.421 4.459
Window 3/02-11/06 3/02-2/08 4/02-11/07
Sprd/Avl 105.4/av 77.9/av 15.0/av
Sprd/AvCf 106.3/av 79.0/av 16.0/av
Sprd/Tsy 105.0/5.5 77.7/5.5 14.7/5.5
Bond Loss 0.00 0.00 0.00
Coll Loss 107295076.32 108327698.44 109341151.43
PPC_21.2 : 100% FIXED RAMP 21.2% CDR FROM MO. 13 ON
PPC_21.6 : 100% FIXED RAMP 21.6% CDR FROM MO. 13 ON
PPC_22.0 : 100% FIXED RAMP 22.0% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 A4
Bond Name : A AAA
Original Balance : 17,589,000.00
Original Coupon : 7.070000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
: 0.0000 0.0000 0.0000 5.5800 5.6250
Report Generated : Tue May 19 13:29:37 1998
Current Balance : 17,589,000.00
Current Coupon : 7.070000 %
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6290 5.7580 0.0000 5.6562 5.0000
PPC_17.6 PPC_18.0 PPC_18.4
99.631180 7.245 7.037 6.369
99.662430 7.240 7.032 6.364
99.693680 7.235 7.027 6.359
99.724930 7.229 7.022 6.354
99.756180 7.224 7.017 6.349
99.787430 7.219 7.012 6.344
99.818680 7.214 7.007 6.339
99.849930 7.208 7.002 6.334
99.881180 7.203 6.997 6.329
99.912430 7.198 6.992 6.324
99.943680 7.193 6.986 6.319
99.974930 7.187 6.981 6.313
100.006180 7.182 6.976 6.308
100.037430 7.177 6.971 6.303
100.068680 7.171 6.966 6.298
100.099930 7.166 6.961 6.293
100.131180 7.161 6.956 6.288
100.162430 7.156 6.951 6.283
100.193680 7.150 6.946 6.278
100.224930 7.145 6.941 6.273
100.256180 7.140 6.936 6.268
Ave Life 8.060 8.331 8.207
Ave Cashflow 6.703 7.074 7.069
Mod Dur 5.926 6.151 6.217
Window 5/04-8/11 6/04-9/15 8/04-8/12
Sprd/Avl 148.5/av 127.1/av 60.7/av
Sprd/AvCf 152.0/av 130.4/av 63.6/av
Sprd/Tsy 148.6/8.0 126.7/8.5 61.2/8.0
Bond Loss 0.00 0.00 0.00
Coll Loss 97043975.75 98275642.54 99482570.48
PPC_17.6 : 100% FIXED RAMP 17.6% CDR FROM MO. 13 ON
PPC_18.0 : 100% FIXED RAMP 18% CDR FROM MO. 13 ON
PPC_18.4 : 100% FIXED RAMP 18.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 M1
Bond Name : M AA
Original Balance : 21,715,000.00
Original Coupon : 7.230000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
: 0.0000 0.0000 0.0000 5.5800 5.6250
Report Generated : Tue May 19 13:30:26 1998
Current Balance : 21,715,000.00
Current Coupon : 7.230000 %
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6290 5.7580 0.0000 5.6562 5.0000
PPC_12.6 PPC_13.0 PPC_13.4
99.651010 7.370 7.155 6.454
99.682260 7.365 7.150 6.449
99.713510 7.359 7.145 6.444
99.744760 7.354 7.139 6.438
99.776010 7.348 7.134 6.433
99.807260 7.343 7.129 6.428
99.838510 7.337 7.124 6.423
99.869760 7.332 7.119 6.418
99.901010 7.326 7.113 6.413
99.932260 7.321 7.108 6.408
99.963510 7.315 7.103 6.403
99.994760 7.310 7.098 6.398
100.026010 7.304 7.092 6.393
100.057260 7.299 7.087 6.387
100.088510 7.293 7.082 6.382
100.119760 7.288 7.077 6.377
100.151010 7.282 7.071 6.372
100.182260 7.277 7.066 6.367
100.213510 7.271 7.061 6.362
100.244760 7.266 7.056 6.357
100.276010 7.260 7.051 6.352
Ave Life 7.713 8.281 8.533
Ave Cashflow 6.465 6.955 7.036
Mod Dur 5.680 5.977 6.132
Window 2/04-1/15 5/04-6/23 9/04-6/23
Sprd/Avl 161.6/av 138.9/av 68.3/av
Sprd/AvCf 164.8/av 142.3/av 72.1/av
Sprd/Tsy 162.2/7.5 138.4/8.5 68.3/8.5
Bond Loss 0.00 860652.62 2786285.26
Coll Loss 79223488.72 80836924.02 82414021.23
PPC_12.6 : 100% FIXED RAMP 12.6% CDR FROM MO. 13 ON
PPC_13.0 : 100% FIXED RAMP 13% CDR FROM MO. 13 ON
PPC_13.4 : 100% FIXED RAMP 13.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 A3
Bond Name : A AAA
Original Balance : 28,084,000.00
Original Coupon : 6.660000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
: 0.0000 0.0000 0.0000 5.5800 5.6250
Report Generated : Tue May 19 13:27:19 1998
Current Balance : 28,084,000.00
Current Coupon : 6.660000 %
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6290 5.7580 0.0000 5.6562 5.0000
PPC_21.2 PPC_21.6 PPC_22.0
99.678862 6.764 6.490 5.859
99.710112 6.757 6.483 5.852
99.741362 6.749 6.476 5.845
99.772612 6.742 6.468 5.838
99.803862 6.735 6.461 5.831
99.835112 6.728 6.454 5.824
99.866362 6.720 6.447 5.817
99.897612 6.713 6.440 5.810
99.928862 6.706 6.433 5.803
99.960112 6.699 6.426 5.796
99.991362 6.692 6.419 5.789
100.022612 6.685 6.412 5.782
100.053862 6.677 6.405 5.775
100.085112 6.670 6.398 5.768
100.116362 6.663 6.391 5.761
100.147612 6.656 6.384 5.754
100.178862 6.649 6.377 5.747
100.210112 6.641 6.369 5.740
100.241362 6.634 6.362 5.733
100.272612 6.627 6.355 5.726
100.303862 6.620 6.348 5.719
Ave Life 5.330 5.408 5.371
Ave Cashflow 4.690 4.781 4.800
Mod Dur 4.344 4.421 4.459
Window 3/02-11/06 3/02-2/08 4/02-11/07
Sprd/Avl 105.4/av 77.9/av 15.0/av
Sprd/AvCf 106.3/av 79.0/av 16.0/av
Sprd/Tsy 105.0/5.5 77.7/5.5 14.7/5.5
Bond Loss 0.00 0.00 0.00
Coll Loss 107295076.32 108327698.44 109341151.43
PPC_21.2 : 100% FIXED RAMP 21.2% CDR FROM MO. 13 ON
PPC_21.6 : 100% FIXED RAMP 21.6% CDR FROM MO. 13 ON
PPC_22.0 : 100% FIXED RAMP 22.0% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 A4
Bond Name : A AAA
Original Balance : 17,589,000.00
Original Coupon : 7.070000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
: 0.0000 0.0000 0.0000 5.5800 5.6250
Report Generated : Tue May 19 13:29:37 1998
Current Balance : 17,589,000.00
Current Coupon : 7.070000 %
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6290 5.7580 0.0000 5.6562 5.0000
PPC_17.6 PPC_18.0 PPC_18.4
99.631180 7.245 7.037 6.369
99.662430 7.240 7.032 6.364
99.693680 7.235 7.027 6.359
99.724930 7.229 7.022 6.354
99.756180 7.224 7.017 6.349
99.787430 7.219 7.012 6.344
99.818680 7.214 7.007 6.339
99.849930 7.208 7.002 6.334
99.881180 7.203 6.997 6.329
99.912430 7.198 6.992 6.324
99.943680 7.193 6.986 6.319
99.974930 7.187 6.981 6.313
100.006180 7.182 6.976 6.308
100.037430 7.177 6.971 6.303
100.068680 7.171 6.966 6.298
100.099930 7.166 6.961 6.293
100.131180 7.161 6.956 6.288
100.162430 7.156 6.951 6.283
100.193680 7.150 6.946 6.278
100.224930 7.145 6.941 6.273
100.256180 7.140 6.936 6.268
Ave Life 8.060 8.331 8.207
Ave Cashflow 6.703 7.074 7.069
Mod Dur 5.926 6.151 6.217
Window 5.04-8/11 6/04-9/15 8/04-8/12
Sprd/Avl 148.5/av 127.1/av 60.7/av
Sprd/AvCf 152.0/av 130.4/av 63.6/av
Sprd/Tsy 148.6/8.0 126.7/8.5 61.2/8.0
Bond Loss 0.00 0.00 0.00
Coll Loss 97043975.75 98275642.54 99482570.48
PPC_17.6 : 100% FIXED RAMP 17.6% CDR FROM MO. 13 ON
PPC_18.0 : 100% FIXED RAMP 18% CDR FROM MO. 13 ON
PPC_18.4 : 100% FIXED RAMP 18.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 M1
Bond Name : M AA
Original Balance : 21,715,000.00
Original Coupon : 7.230000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
: 0.0000 0.0000 0.0000 5.5800 5.6250
Report Generated : Tue May 19 13:30:26 1998
Current Balance : 21,715,000.00
Current Coupon : 7.230000 %
Dated Date : 5/28/98
First Payment Date : 6/20/98
Market Levels TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6290 5.7580 0.0000 5.6562 5.0000
PPC_12.6 PPC_13.0 PPC_13.4
99.651010 7.370 7.155 6.454
99.682260 7.365 7.150 6.449
99.713510 7.359 7.145 6.444
99.744760 7.354 7.139 6.438
99.776010 7.348 7.134 6.433
99.807260 7.343 7.129 6.428
99.838510 7.337 7.124 6.423
99.869760 7.332 7.119 6.418
99.901010 7.326 7.113 6.413
99.932260 7.321 7.108 6.408
99.963510 7.315 7.103 6.403
99.994760 7.310 7.098 6.398
100.026010 7.304 7.092 6.393
100.057260 7.299 7.087 6.387
100.088510 7.293 7.082 6.382
100.119760 7.288 7.077 6.377
100.151010 7.282 7.071 6.372
100.182260 7.277 7.066 6.367
100.213510 7.271 7.061 6.362
100.244760 7.266 7.056 6.357
100.276010 7.260 7.051 6.352
Ave Life 7.713 8.281 8.533
Ave Cashflow 6.465 6.955 7.036
Mod Dur 5.680 5.977 6.132
Window 2/04-1/15 5/04-6/23 9/04-6/23
Sprd/Avl 161.6/av 138.9/av 68.3/av
Sprd/AvCf 164.8/av 142.3/av 72.1/av
Sprd/Tsy 162.2/7.5 138.4/8.5 68.3/8.5
Bond Loss 0.00 860652.62 2786285.26
Coll Loss 79223488.72 80836924.02 82414021.23
PPC_12.6 : 100% FIXED RAMP 12.6% CDR FROM MO. 13 ON
PPC_13.0 : 100% FIXED RAMP 13% CDR FROM MO. 13 ON
PPC_13.4 : 100% FIXED RAMP 13.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 A3
Bond Name : A AAA
Original Balance : 28,084,000.00
Original Coupon : 6.660000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
: 0.0000 0.0000 0.0000 5.5800 5.6250
Report Generated : Tue May 19 13:27:19 1998
Current Balance : 28,084,000.00
Current Coupon : 6.660000 %
Dated Date : 5/28/98
First Payment Date: 6/20/98
Market Levels TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6290 5.7580 0.0000 5.6562 5.0000
PPC_21.2 PPC_21.6 PPC_22.0
99.678862 6.764 6.490 5.859
99.710112 6.757 6.483 5.852
99.741362 6.749 6.476 5.845
99.772612 6.742 6.468 5.838
99.803862 6.735 6.461 5.831
99.835112 6.728 6.454 5.824
99.866362 6.720 6.447 5.817
99.897612 6.713 6.440 5.810
99.928862 6.706 6.433 5.803
99.960112 6.699 6.426 5.796
99.991362 6.692 6.419 5.789
100.022612 6.685 6.412 5.782
100.053862 6.677 6.405 5.775
100.085112 6.670 6.398 5.768
100.116362 6.663 6.391 5.761
100.147612 6.656 6.384 5.754
100.178862 6.649 6.377 5.747
100.210112 6.641 6.369 5.740
100.241362 6.634 6.362 5.733
100.272612 6.627 6.355 5.726
100.303862 6.620 6.348 5.719
Ave Life 5.330 5.408 5.371
Ave Cashflow 4.690 4.781 4.800
Mod Dur 4.344 4.421 4.459
Window 3/02-11/06 3/02-2/08 4/02-11/07
Sprd/Avl 105.4/av 77.9/av 15.0/av
Sprd/AvCf 106.3/av 79.0/av 16.0/av
Sprd/Tsy 105.0/5.5 77.7/5.5 14.7/5.5
Bond Loss 0.00 0.00 0.00
Coll Loss 107295076.32 108327698.44 109341151.43
PPC_21.2 : 100% FIXED RAMP 21.2% CDR FROM MO. 13 ON
PPC_21.6 : 100% FIXED RAMP 21.6% CDR FROM MO. 13 ON
PPC_22.0 : 100% FIXED RAMP 22.0% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 A4
Bond Name : A AAA
Original Balance : 17,589,000.00
Original Coupon : 7.070000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
: 0.0000 0.0000 0.0000 5.5800 5.6250
Report Generated : Tue May 19 13:30:26 1998
Current Balance : 17,589,000.00
Current Coupon : 7.070000 %
Dated Date : 5/28/98
First Payment Date: 6/20/98
Market Levels TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6290 5.7580 0.0000 5.6562 5.0000
PPC_17.6 PPC_18.0 PPC_18.4
99.631180 7.245 7.037 6.369
99.662430 7.240 7.032 6.364
99.693680 7.235 7.027 6.359
99.724930 7.229 7.022 6.354
99.756180 7.224 7.017 6.349
99.787430 7.219 7.012 6.344
99.818680 7.214 7.007 6.339
99.849930 7.208 7.002 6.334
99.881180 7.203 6.997 6.329
99.912430 7.198 6.992 6.324
99.943680 7.193 6.986 6.319
99.974930 7.187 6.981 6.313
100.006180 7.182 6.976 6.308
100.037430 7.177 6.971 6.303
100.068680 7.171 6.966 6.298
100.099930 7.166 6.961 6.293
100.131180 7.161 6.956 6.288
100.162430 7.156 6.951 6.283
100.193680 7.150 6.946 6.278
100.224930 7.145 6.941 6.273
100.256180 7.140 6.936 6.268
Ave Life 8.060 8.331 8.207
Ave Cashflow 6.703 7.074 7.069
Mod Dur 5.926 6.151 6.217
Window 5/04-8/11 6/04-9/15 8/04-8/12
Sprd/Avl 148.5/av 127.1/av 60.7/av
Sprd/AvCf 152.0/av 130.4/av 63.6/av
Sprd/Tsy 148.6/8.0 126.7/8.5 61.2/8.0
Bond Loss \ 0.00 0.00 0.00
Coll Loss 97043975.75 98275642.54 99482570.48
PPC_17.6 : 100% FIXED RAMP 17.6% CDR FROM MO. 13 ON
PPC_18.0 : 100% FIXED RAMP 18% CDR FROM MO. 13 ON
PPC_18.4 : 100% FIXED RAMP 18.4% CDR FROM MO. 13 ON
<PAGE>
Deutsche Morgan Grenfell CMO Model
Price / Yield Report
Bond Id : MASTER FINANCIAL 1998-2 M1
Bond Name : M AA
Original Balance : 21,715,000.00
Original Coupon : 7.230000 %
Deal Description : MASTER FINANCIAL 05/21/98 CY
Orig. Cutoff Date : 5/1/98
Settlement Date : 5/28/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y
: 0.0000 0.0000 0.0000 5.5800 5.6250
Report Generated : Tue May 19 13:30:26 1998
Current Balance : 21,715,000.00
Current Coupon : 7.230000 %
Dated Date : 5/28/98
First Payment Date 6/20/98
Market Levels TSY05Y TSY10Y TSY30Y LIB01M SPEC
5.6290 5.7580 0.0000 5.6562 5.0000
PPC_12.6 PPC_13.0 PPC_13.4
99.651010 7.370 7.155 6.454
99.682260 7.365 7.150 6.449
99.713510 7.359 7.145 6.444
99.744760 7.354 7.139 6.438
99.776010 7.348 7.134 6.433
99.807260 7.343 7.129 6.428
99.838510 7.337 7.124 6.423
99.869760 7.332 7.119 6.418
99.901010 7.326 7.113 6.413
99.932260 7.321 7.108 6.408
99.963510 7.315 7.103 6.403
99.994760 7.310 7.098 6.398
100.026010 7.304 7.092 6.393
100.057260 7.299 7.087 6.387
100.088510 7.293 7.082 6.382
100.119760 7.288 7.077 6.377
100.151010 7.282 7.071 6.372
100.182260 7.277 7.066 6.367
100.213510 7.271 7.061 6.362
100.244760 7.266 7.056 6.357
100.276010 7.260 7.051 6.352
Ave Life 7.713 8.281 8.533
Ave Cashflow 6.465 6.955 7.036
Mod Dur 5.680 5.977 6.132
Window 2/04-1/15 5/04-6/23 9/04-6/23
Sprd/Avl 161.6/av 138.9/av 68.3/av
Sprd/AvCf 164.8/av 142.3/av 72.1/av
Sprd/Tsy 162.2/7.5 138.4/8.5 68.3/8.5
Bond Loss 0.00 860652.62 2786285.26
Coll Loss 79223488.72 80836924.02 82414021.23
PPC_12.6 : 100% FIXED RAMP 12.6% CDR FROM MO. 13 ON
PPC_13.0 : 100% FIXED RAMP 13% CDR FROM MO. 13 ON
PPC_13.4 : 100% FIXED RAMP 13.4% CDR FROM MO. 13 ON
