<PAGE> 1
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 14, 1996
Prudential Securities Secured Financing Corporation Trust 1996-1
(Exact name of registrant as specified in its charter)
New York 33-91148 Application Pending
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Prudential Securities 10292
Secured Financing
Corporation
Attention: Norman Chaleff (Zip Code)
One New York Plaza
New York, New York
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (212) 778-1000
No Change
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE> 2
Item 5. Other Events
In connection with the offering of Mortgage Pass- Through
Certificates, Series 1996-1, described in a Prospectus Supplement dated as of
March 14, 1996, certain "Computaional Materials" within the meanings of the May
20, 1994 Kidder, Peabody No-Action Letter and the February 17, 1995 Public
Securities Association No-Action Letter were furnished to certain prospective
investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computaional Materials (as
defined in Item 5 above).
1
<PAGE> 3
SIGNATURES
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.
PRUDENTIAL SECURITIES SECURED FINANCING
CORPORATION TRUST 1996-1
By: Prudential Securities Secured Financing
Corporation, as Depositor
By: /s/ Valerie H. Kay
------------------------------
Name: Valerie H. Kay
Title: Vice President
Dated: March 21, 1996
2
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION PAGE NO.
- ----------- ----------- --------
<S> <C>
99.1 Related Computational
Material (as defined
in Item 5 above).
</TABLE>
3
<PAGE> 1
EXHIBIT 99.1
4
<PAGE> 2
Home Loan and Investment Bank, F.S.B.
Prudential Securities Secured Financing Corporation Trust 1996-1
The analysis in this report is accurate to the best of PSI's knowledge and is
based on information provided by the Sponsor. PSI makes no representations as to
the accuracy of such information provided to it by the Sponsor. All assumptions
and information in this report reflect PSI's judgment as of this date and are
subject to change. All analyses are based on certain assumptions noted herein
and different assumptions could yield substantially different results. You are
cautioned that there is no universally accepted method for analyzing financial
instruments. You should review the assumptions; there may be differences between
these assumptions and your actual business practices. Further, PSI does not
guarantee any results and there is no guarantee as to the liquidity of the
instruments involved in this analysis. The decision to adopt any strategy
remains your responsibility. PSI (or any of its affiliates) or their officers,
directors, analysts or employees may have positions in securities, commodities
or derivative instruments thereon referred to here, and may, as principal or
agent, buy or sell such securities, commodities or derivative insturments. In
addition, PSI may make a market in the securities referred to herein. Neither
the information nor the assumptions reflected herein shall be construed to be,
or constitute, an offer to sell or buy or a solicitation of an offer to sell or
buy any securities, commodities, or derivative instruments mentioned herein. No
sale of any securities, commodities or derivative instruments is mentioned
herein. No sale of any securities, commodities or derivative instruments should
be consummated without the purchaser first having received a prospectus and, if
required, prospectus supplement. Finally, PSI has not addressed the legal,
accounting and tax implications of the analysis as it pertains to you, and PSI
strongly urges you to seek advice from your counsel, accounting firm, and tax
advisor.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE> 3
Preliminary Offering Information For PSSFC 1996-1
SUMMARY INFORMATION
<TABLE>
<CAPTION>
Class A1 Class A2 Class A3
<S> <C> <C> <C>
Face Amount: $ 10,373,000 $ 20,730,000 $ 23,000,000
Bond Type: Sequential Sequential P-T with A1 & A2
Coupon: 6.300% 7.225% 7.175%
+75bps after +75 bps after
5% coll bal 5% coll bal
Price: 99-31+ 100-0+ 99-31+
Yield to call: 6.149 7.266 7.201
Spread: + 65 +124 +119
Average Life To Call: 1.050 years 5.695 years 4.146 years
Stated Maturity:
Rating: AAA/Aaa AAA/Aaa AAA/Aaa
Pricing Speed: 19% HEP
Pricing Date: March 14, 1996 March 14, 1996 March 14, 1996
Settlement Date: March 20, 1996 March 20, 1996 March 20, 1996
Payment Delay: 14 days 14 days 14 days
Dated Date: March 1, 1996 March 1, 1996 March 1, 1996
Days of Accrued: 19 days 19 days 19 days
Interest Payment: 30/360 basis 30/360 basis 30/360 basis
Payment Terms: Monthly Monthly Monthly
First Payment Date: April 15, 1996 April 15, 1996 April 15, 1996
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE> 4
Preliminary Offering Information For PSSFC 1996-1
PRICING INFORMATION
CERTIFICATE INFORMATION
Title of Securities: Mortgage Pass-Through Certificates, Series 1996-1,
Class A (the "Class A Certificates").
Securities Offered: $54,103,000 Class A Certificates, which will have a
100% guaranty for principal and interest from
Financial Security Assurance ("FSA"). The Class A
Certificates also will have the benefit of the Spread
Account.
Offering: Publicly-issued.
Issuer: Prudential Securities Secured Financing Corporation.
Servicer: Home Loan & Investment Bank, F.S.B. ("HLIB"), a
federal savings bank based in Warwick, Rhode Island.
Trustee: Bankers Trust Company of CA.
Certificates' Rating: AAA by S&P and Aaa by Moody's.
Form of Certificates: The Certificates will be issued in book-entry form
through The Depository Trust Company ("DTC").
Servicing Fee: 50 basis points per annum.
Optional Termination
By Servicer: The Servicer may call the Certificates
at par plus accrued interest after the aggregate
loan balance of the Mortgage Loans is less than or
equal to 5% of the original principal balance of
the Mortgage Loans.
ERISA
Considerations: The Certificates are generally ERISA eligible.
Legal Investment
Considerations: The Certificates will not constitute "mortgage
related securities" as provided in SMMEA.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE> 5
Preliminary Offering Information For PSSFC 1996-1
CASH FLOW PRIORITY TABLE
Payments will be made to Certificate holders on the fifteenth day of each
month or, if such day is not a business day, the next succeeding business
day beginning on April 15, 1996. The Trustee will make the following
disbursements and transfers in the following order of priority from the
amounts then on deposit in the Collection Account:
First: Scheduled payments to Class A Certificateholders;
Second: Premiums to the Certificate Insurer (i.e., FSA fee);
Third: Servicer fees
Fourth: Excess spread to the Spread Account, up to the Required
Spread Account Amount; and
Fifth: Any remaining funds to the Class R Certificateholder.
In the event of a shortfall, current excess spread and then the Spread
Account will be used to make up the difference. Should any shortfall remain
once the spread account is exhausted, the Certificate Insurer will make up
the difference to guarantee timely payment of principal and interest.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE> 6
Preliminary Offering Information For PSSFC 1996-1
POOL INFORMATION - Based on Preliminary Pool Information
<TABLE>
<S> <C>
First Lien Mortgages: 73.51%
Second Lien Mortgages: 26.49%
Owner-Occupied Mortgages: 97.22%
Loans With CLTV's of 80% or Less: 98.85%
Weighted average CLTV: 66.49%
</TABLE>
DELINQUENCY, FORECLOSURE AND LOSS INFORMATION
---------------------------------------------
HLIB's Servicing Portfolio
---------------------------------------------
Y E A R E N D F I G U R E S
<TABLE>
<CAPTION>
May 30,
1992 1993 1994 1995
<S> <C> <C> <C> <C>
Outstanding ($mm) 308.5 398.6 448.8 487.5
Delinquency (% of
Outstanding Portfolio):
30-59 Days 1.88% 1.41% 1.07% 1.22%
60-89 Days 0.87% 0.38% 0.23% 0.32%
90 + Days 5.09% 3.20% 2.56% 2.25%
Total Delinquent 7.84% 4.98% 3.85% 3.79%
Net Losses (% of
Outstanding Portfolio) 0.74% 0.87% 0.38% 0.10% (1)
</TABLE>
(1) This number has not been annualized.
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DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE> 7
Preliminary Offering Information For PSSFC 1996-1
Deal ID/CUSIP PSSF61 Deal Date 03/14/96
Series 1996-1 Delivery Date 03/20/96
Underwriter PSI Dated Date 03/01/96
Issuer PSSF HOME LOAN AND INVESTMENT ASSOC Credit Support 100% FSA
Collateral 100%WL (Real) Deal Type HEL REMIC
N/GWAC (Orig) / (8.383/8.883) Pricing Speed HEP 19.00
WAM (Orig) (20.782) Rating AAA/Aaa
Size 54,103,729 Coupon Range
Trustee Modeled Y
View Summary On Page 1 of 4
<TABLE>
<CAPTION>
Class Coupon Mat Amt 000 AvLf Sprd Price Yield Description
- ----- ------ --- ------- ---- ---- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1 6.300 N/A 10,373 1.1 65 99-31+ 6.149 SEQ
A2 7.225 N/A 20,730 5.7 124 100-00+ 7.266 SEQ
A3 7.175 N/A 23,000 4.1 119 99-31+ 7.201 PASSTHROUGH
</TABLE>
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DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE> 8
Preliminary Offering Information For PSSFC 1996-1
Deal ID/CUSIP PSSF61 Coupon 6.300
Class A1 SEQ Accr 0.33250 1st Pmt 04/15/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (8.383/8.883)
WAM (Orig) (20.782) Mat N/A Settle 03/20/96
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
<TABLE>
<CAPTION>
HEP 19.00 HEP 17.00 HEP 15.00 HEP 13.00 HEP 21.00 HEP 25.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
99-22 6.452 6.447 6.441 6.436 6.457 6.467 6.474
99-22+ 6.436 6.432 6.428 6.424 6.440 6.448 6.453
99-23 6.420 6.417 6.414 6.411 6.423 6.428 6.432
99-23+ 6.404 6.403 6.401 6.399 6.406 6.409 6.411
99-24 6.388 6.388 6.387 6.387 6.389 6.389 6.390
99-24+ 6.372 6.373 6.374 6.375 6.371 6.370 6.369
99-25 6.356 6.358 6.360 6.363 6.354 6.350 6.348
99-25+ 6.340 6.344 6.347 6.351 6.337 6.331 6.326
99-26 6.324 6.329 6.334 6.338 6.320 6.311 6.305
99-26+ 6.308 6.314 6.320 6.326 6.303 6.292 6.284
99-27 6.293 6.300 6.307 6.314 6.286 6.273 6.263
99-27+ 6.277 6.285 6.293 6.302 6.269 6.253 6.242
99-28 6.261 6.270 6.280 6.290 6.251 6.234 6.221
99-28+ 6.245 6.255 6.266 6.278 6.234 6.214 6.200
99-29 6.229 6.241 6.253 6.265 6.217 6.195 6.179
99-29+ 6.213 6.226 6.240 6.253 6.200 6.175 6.158
99-30 6.197 6.211 6.226 6.241 6.183 6.156 6.137
99-30+ 6.181 6.197 6.213 6.229 6.166 6.137 6.116
99-31 6.165 6.182 6.199 6.217 6.149 6.117 6.094
99-31+ 6.149 6.167 6.186 6.205 6.132 6.098 6.073
100-00 6.133 6.153 6.172 6.193 6.115 6.078 6.052
100-00+ 6.118 6.138 6.159 6.181 6.098 6.059 6.031
100-01 6.102 6.123 6.146 6.169 6.081 6.040 6.010
100-01+ 6.086 6.109 6.132 6.156 6.063 6.020 5.989
100-02 6.070 6.094 6.119 6.144 6.046 6.001 5.968
100-02+ 6.054 6.079 6.105 6.132 6.029 5.982 5.947
100-03 6.038 6.065 6.092 6.120 6.012 5.962 5.926
100-03+ 6.022 6.050 6.079 6.108 5.995 5.943 5.905
100-04 6.007 6.036 6.065 6.096 5.978 5.924 5.884
100-04+ 5.991 6.021 6.052 6.084 5.961 5.904 5.863
100-05 5.975 6.006 6.039 6.072 5.944 5.885 5.842
100-05+ 5.959 5.992 6.025 6.060 5.927 5.866 5.821
100-06 5.943 5.977 6.012 6.048 5.910 5.846 5.800
100-06+ 5.927 5.962 5.998 6.035 5.893 5.827 5.779
100-07 5.912 5.948 5.985 6.023 5.876 5.808 5.759
100-07+ 5.896 5.933 5.972 6.011 5.859 5.788 5.738
100-08 5.880 5.919 5.958 5.999 5.842 5.769 5.717
100-08+ 5.864 5.904 5.945 5.987 5.825 5.750 5.696
100-09 5.848 5.889 5.932 5.975 5.808 5.731 5.675
Avg. Life 1.050 1.142 1.255 1.397 0.973 0.853 0.784
Mod. Dur. 0.980 1.062 1.162 1.285 0.912 0.804 0.740
1st Pmt. 0.069 0.069 0.069 0.069 0.069 0.069 0.069
Last Pmt. 1.986 2.153 2.403 2.736 1.819 1.569 1.403
</TABLE>
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DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
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<PAGE> 9
Preliminary Offering Information For PSSFC 1996-1
Deal ID/CUSIP PSSF61 Coupon 7.225
Class A2 SEQ Accr 0.38132 1st Pmt 04/15/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (8.383/8.883)
WAM (Orig) (20.782) Mat N/A Settle 03/20/96
CenterPrice 100-00+ Inc 0.5 Table Yield Roll@
* * * CLASS A2 - PRICED TO 5% CALL * * *
<TABLE>
<CAPTION>
HEP 19.00 HEP 17.00 HEP 15.00 HEP 13.00 HEP 21.00 HEP 25.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
99-23 7.335 7.335 7.335 7.335 7.335 7.335 7.335
99-23+ 7.331 7.331 7.332 7.332 7.331 7.330 7.330
99-24 7.327 7.328 7.328 7.329 7.327 7.326 7.325
99-24+ 7.324 7.325 7.325 7.326 7.323 7.321 7.320
99-25 7.320 7.321 7.322 7.323 7.319 7.317 7.315
99-25+ 7.317 7.318 7.319 7.320 7.315 7.313 7.311
99-26 7.313 7.314 7.316 7.317 7.311 7.308 7.306
99-26+ 7.309 7.311 7.313 7.314 7.308 7.304 7.301
99-27 7.306 7.308 7.310 7.311 7.304 7.299 7.296
99-27+ 7.302 7.304 7.307 7.309 7.300 7.295 7.291
99-28 7.299 7.301 7.303 7.306 7.296 7.291 7.287
99-28+ 7.295 7.298 7.300 7.303 7.292 7.286 7.282
99-29 7.291 7.294 7.297 7.300 7.288 7.282 7.277
99-29+ 7.288 7.291 7.294 7.297 7.284 7.278 7.272
99-30 7.284 7.288 7.291 7.294 7.281 7.273 7.267
99-30+ 7.280 7.284 7.288 7.291 7.277 7.269 7.262
99-31 7.277 7.281 7.285 7.288 7.273 7.264 7.258
99-31+ 7.273 7.277 7.282 7.285 7.269 7.260 7.253
100-00 7.270 7.274 7.278 7.283 7.265 7.256 7.248
100-00+ 7.266 7.271 7.275 7.280 7.261 7.251 7.243
100-01 7.262 7.267 7.272 7.277 7.257 7.247 7.239
100-01+ 7.259 7.264 7.269 7.274 7.254 7.242 7.234
100-02 7.255 7.261 7.266 7.271 7.250 7.238 7.229
100-02+ 7.252 7.257 7.263 7.268 7.246 7.234 7.224
100-03 7.248 7.254 7.260 7.265 7.242 7.229 7.219
100-03+ 7.245 7.251 7.257 7.262 7.238 7.225 7.215
100-04 7.241 7.247 7.254 7.259 7.234 7.221 7.210
100-04+ 7.237 7.244 7.250 7.257 7.230 7.216 7.205
100-05 7.234 7.241 7.247 7.254 7.227 7.212 7.200
100-05+ 7.230 7.237 7.244 7.251 7.223 7.207 7.195
100-06 7.227 7.234 7.241 7.248 7.219 7.203 7.191
100-06+ 7.223 7.231 7.238 7.245 7.215 7.199 7.186
100-07 7.219 7.227 7.235 7.242 7.211 7.194 7.181
100-07+ 7.216 7.224 7.232 7.239 7.207 7.190 7.176
100-08 7.212 7.221 7.229 7.236 7.204 7.186 7.171
100-08+ 7.209 7.217 7.226 7.234 7.200 7.181 7.167
100-09 7.205 7.214 7.222 7.231 7.196 7.177 7.162
100-09+ 7.201 7.211 7.219 7.228 7.192 7.172 7.157
100-10 7.198 7.207 7.216 7.225 7.188 7.168 7.152
Avg. Life 5.695 6.235 6.863 7.589 5.222 4.456 3.993
Mod. Dur. 4.324 4.641 4.996 5.393 4.038 3.552 3.245
1st Pmt. 1.986 2.153 2.403 2.736 1.819 1.569 1.403
Last Pmt. 02/15/08 01/15/09 01/15/10 01/15/11 03/15/07 09/15/05 09/15/04
</TABLE>
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<PAGE> 10
Preliminary Offering Information For PSSFC 1996-1
Deal ID/CUSIP PSSF61 Coupon 7.175
Class A3 PASSTHROUGH Accr 0.37868 1st Pmt 04/15/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (8.383/8.883)
WAM (Orig) (20.782) Mat N/A Settle 03/20/96
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
* * * CLASS A3 - PRICED TO 5% CALL * * *
<TABLE>
<CAPTION>
HEP 19.00 HEP 17.00 HEP 15.00 HEP 13.00 HEP 21.00 HEP 25.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
99-22 7.293 7.293 7.292 7.291 7.294 7.296 7.297
99-22+ 7.289 7.288 7.288 7.287 7.289 7.290 7.290
99-23 7.284 7.284 7.284 7.284 7.284 7.284 7.284
99-23+ 7.279 7.279 7.279 7.280 7.279 7.278 7.277
99-24 7.274 7.275 7.275 7.276 7.273 7.272 7.271
99-24+ 7.269 7.270 7.271 7.272 7.268 7.266 7.264
99-25 7.264 7.266 7.267 7.268 7.263 7.260 7.258
99-25+ 7.259 7.261 7.263 7.264 7.258 7.254 7.252
99-26 7.255 7.257 7.258 7.260 7.252 7.248 7.245
99-26+ 7.250 7.252 7.254 7.256 7.247 7.242 7.239
99-27 7.245 7.247 7.250 7.253 7.242 7.236 7.232
99-27+ 7.240 7.243 7.246 7.249 7.237 7.231 7.226
99-28 7.235 7.238 7.242 7.245 7.232 7.225 7.219
99-28+ 7.230 7.234 7.237 7.241 7.226 7.219 7.213
99-29 7.225 7.229 7.233 7.237 7.221 7.213 7.206
99-29+ 7.221 7.225 7.229 7.233 7.216 7.207 7.200
99-30 7.216 7.220 7.225 7.229 7.211 7.201 7.193
99-30+ 7.211 7.216 7.221 7.225 7.206 7.195 7.187
99-31 7.206 7.211 7.217 7.222 7.200 7.189 7.180
99-31+ 7.201 7.207 7.212 7.218 7.195 7.183 7.174
100-00 7.196 7.202 7.208 7.214 7.190 7.177 7.167
100-00+ 7.191 7.198 7.204 7.210 7.185 7.172 7.161
100-01 7.187 7.193 7.200 7.206 7.180 7.166 7.155
100-01+ 7.182 7.189 7.196 7.202 7.175 7.160 7.148
100-02 7.177 7.184 7.191 7.198 7.169 7.154 7.142
100-02+ 7.172 7.180 7.187 7.195 7.164 7.148 7.135
100-03 7.167 7.175 7.183 7.191 7.159 7.142 7.129
100-03+ 7.162 7.171 7.179 7.187 7.154 7.136 7.122
100-04 7.158 7.166 7.175 7.183 7.149 7.130 7.116
100-04+ 7.153 7.162 7.171 7.179 7.143 7.124 7.109
100-05 7.148 7.157 7.166 7.175 7.138 7.118 7.103
100-05+ 7.143 7.153 7.162 7.171 7.133 7.113 7.097
100-06 7.138 7.148 7.158 7.168 7.128 7.107 7.090
100-06+ 7.133 7.144 7.154 7.164 7.123 7.101 7.084
100-07 7.129 7.139 7.150 7.160 7.118 7.095 7.077
100-07+ 7.124 7.135 7.146 7.156 7.112 7.089 7.071
100-08 7.119 7.130 7.141 7.152 7.107 7.083 7.064
100-08+ 7.114 7.126 7.137 7.148 7.102 7.077 7.058
100-09 7.109 7.121 7.133 7.145 7.097 7.071 7.052
Avg. Life 4.146 4.537 4.992 5.524 3.805 3.254 2.923
Mod. Dur. 3.213 3.452 3.723 4.029 2.999 2.638 2.412
1st Pmt. 0.069 0.069 0.069 0.069 0.069 0.069 0.069
Last Pmt. 02/15/08 01/15/09 01/15/10 01/15/11 03/15/07 09/15/05 09/15/04
</TABLE>
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DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE> 11
Preliminary Offering Information For PSSFC 1996-1
CURRENT MORTGAGE LOAN AMOUNTS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
< Balance <= 10,000 1 9,842.98 0.02
10,000 < Balance <= 15,000 48 615,912.67 1.14
15,000 < Balance <= 20,000 61 1,079,613.64 2.00
20,000 < Balance <= 25,000 61 1,389,857.31 2.57
25,000 < Balance <= 30,000 74 2,079,477.74 3.84
30,000 < Balance <= 35,000 74 2,440,853.54 4.51
35,000 < Balance <= 40,000 61 2,310,802.14 4.27
40,000 < Balance <= 45,000 79 3,389,041.82 6.26
45,000 < Balance <= 50,000 48 2,283,020.57 4.22
50,000 < Balance <= 55,000 66 3,488,273.82 6.45
55,000 < Balance <= 60,000 54 3,122,066.72 5.77
60,000 < Balance <= 65,000 44 2,759,683.77 5.10
65,000 < Balance <= 70,000 41 2,776,939.41 5.13
70,000 < Balance <= 75,000 44 3,210,677.91 5.93
75,000 < Balance <= 80,000 30 2,337,812.93 4.32
80,000 < Balance <= 85,000 30 2,479,041.27 4.58
85,000 < Balance <= 90,000 33 2,893,090.73 5.35
90,000 < Balance <= 95,000 20 1,850,100.08 3.42
95,000 < Balance <= 100,000 27 2,641,766.77 4.88
100,000 < Balance <= 125,000 53 5,831,056.87 10.78
125,000 < Balance <= 150,000 17 2,292,871.20 4.24
150,000 < Balance <= 200,000 10 1,756,835.58 3.25
200,000 < Balance <= 250,000 1 217,969.72 0.40
250,000 < Balance <= 300,000 3 847,120.03 1.57
- ----------------------------------------------------------------------------------
Total................ 980 $54,103,729.22 100.00%
==================================================================================
</TABLE>
GEOGRAPHICAL DISTRIBUTION
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
<S> <C> <C> <C>
AZ 24 1,021,807.26 1.89
CA 36 1,895,028.15 3.50
CO 105 4,537,467.98 8.39
CT 30 1,908,820.76 3.53
DE 8 441,969.16 0.82
FL 1 44,140.35 0.08
IL 7 384,862.25 0.71
MA 58 3,085,069.13 5.70
MD 1 63,013.82 0.12
ME 11 445,601.29 0.82
NH 10 386,279.43 0.71
NJ 206 12,259,693.15 22.66
NV 38 1,690,306.44 3.12
NY 286 17,683,383.50 32.68
OR 5 238,226.00 0.44
PA 103 4,874,114.24 9.01
RI 35 2,126,109.80 3.93
VA 14 872,391.07 1.61
WA 2 145,445.44 0.27
- ---------------------------------------------------------------------
Total............... 980 $ 54,103,729.22 100.00%
=====================================================================
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE> 12
Preliminary Offering Information For PSSFC 1996-1
COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
Aggregate Percent of
Combined Unpaid Aggregate
Loan-To-Value Number of Percent of Principal Principal
Ratio Loans Loan Count Balance Balance
<S> <C> <C> <C> <C>
5.000 < CLTV <= 10.000 1 .10 11,808.00 0.02
10.000 < CLTV <= 15.000 3 .31 47,021.84 0.09
15.000 < CLTV <= 20.000 13 1.33 328,914.83 0.61
20.000 < CLTV <= 25.000 14 1.43 408,509.47 0.76
25.000 < CLTV <= 30.000 16 1.63 461,052.63 0.85
30.000 < CLTV <= 35.000 28 2.86 1,228,167.03 2.27
35.000 < CLTV <= 40.000 30 3.06 1,216,721.18 2.25
40.000 < CLTV <= 45.000 45 4.59 2,296,781.31 4.25
45.000 < CLTV <= 50.000 54 5.51 3,036,226.30 5.61
50.000 < CLTV <= 55.000 38 3.88 2,081,154.73 3.85
55.000 < CLTV <= 60.000 71 7.24 3,801,423.06 7.03
60.000 < CLTV <= 65.000 90 9.18 5,042,956.25 9.32
65.000 < CLTV <= 70.000 118 12.04 7,298,168.45 13.49
70.000 < CLTV <= 75.000 140 14.29 8,924,499.88 16.50
75.000 < CLTV <= 80.000 313 31.94 17,298,462.81 31.97
80.000 < CLTV <= 85.000 1 .10 111,709.07 0.21
85.000 < CLTV <= 90.000 5 .51 510,152.38 0.94
- ------------------------------------------------------------------------------------------
Total.................... 980 100.00% $54,103,729.22 100.00%
==========================================================================================
</TABLE>
GROSS MORTGAGE INTEREST RATE RANGE 6-Mar-1996
Page 1
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
<S> <C> <C> <C>
7.00% < Gross Coupon <= 7.50% 4 398,770.00 0.74
7.50% < Gross Coupon <= 8.00% 27 2,217,649.80 4.10
8.00% < Gross Coupon <= 8.50% 286 19,291,694.33 35.66
8.50% < Gross Coupon <= 9.00% 360 17,364,830.33 32.10
9.00% < Gross Coupon <= 9.50% 171 8,298,677.99 15.34
9.50% < Gross Coupon <= 10.00% 97 4,924,704.15 9.10
10.00% < Gross Coupon <= 10.50% 26 1,247,939.87 2.31
10.50% < Gross Coupon <= 11.00% 5 248,522.85 0.46
11.00% < Gross Coupon <= 11.50% 1 11,500.00 0.02
12.00% < Gross Coupon <= 12.50% 1 43,900.22 0.08
12.50% < Gross Coupon <= 13.00% 2 55,539.68 0.10
- ----------------------------------------------------------------------------------
Total.......... 980 $ 54,103,729.22 100.00%
==================================================================================
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE> 13
Preliminary Offering Information For PSSFC 1996-1
REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
<S> <C> <C> <C>
48 < Rem Term <= 60 10 177,929.11 0.33%
72 < Rem Term <= 84 1 36,592.51 0.07%
84 < Rem Term <= 96 1 35,750.02 0.07%
108 < Rem Term <= 120 78 2,139,317.19 3.95%
156 < Rem Term <= 168 2 95,255.42 0.18%
168 < Rem Term <= 180 397 19,678,269.17 36.37%
228 < Rem Term <= 240 432 26,802,110.71 49.54%
348 < Rem Term <= 360 59 5,138,505.09 9.50%
- ---------------------------------------------------------------------
Total............ 980 54,103,729.22 100.00%
=====================================================================
</TABLE>
Preliminary Offering Information For PSSFC 1996-1
AGE OF LOANS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Months since Mortgage Principal Principal
Origination Loans Balance Balance
<S> <C> <C> <C>
0 to 12 980 54,103,729.22 100.00%
- ---------------------------------------------------------------------
Total............ 980 54,103,729.22 100.00%
=====================================================================
</TABLE>
MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of % Pool Unpaid Aggregate
Mortgage by # Principal Principal
Loans Loans Balance Balance
<S> <C> <C> <C> <C>
Townhouses 4 0.41% 116,403.20 0.22
Condominiums 8 0.82% 440,589.59 0.81
Single Family Detached 846 86.33% 46,285,441.57 85.55
Single Family Attached 71 7.24% 3,331,549.71 6.16
2-4 Family 51 5.20% 3,929,745.15 7.26
- --------------------------------------------------------------------------------------
Total....... 980 100.00% $ 54,103,729.22 100.00%
======================================================================================
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
