- --------------------------------------------------------------------------------
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) August 26, 1997
Prudential Securities Secured Financing Corporation
---------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-27355 13-3526694
---------------------------- ------------ -------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
One New York Plaza 10292
New York, New York -------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 214-7435
No Change
---------------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
In connection with the offering of Emergent Home Equity Loan Trust 1997-3,
Emergent Home Equity Loan Pass-Through Certificates, Series 1997-3, Prudential
Securities Incorporated, as underwriter, has furnished to certain prospective
investors certain "Computational 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 (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 Computational Materials (as defined in Item 5
above).
2
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION,
as Depositor and on behalf of Emergent Home Equity
Loan Trust 1997-3
By: /s/ Norman Chaleff
--------------------------------------------
Name: Norman Chaleff
Title: Vice President
Date: August 26, 1997
3
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Related Computational Materials (as 6
defined in Item 5 above).
4
Exhibit 99.1
EMERGENT HOME EQUITY LOAN TRUST 1997-3 Home
Equity Loan Pass-Through Certificates, Series 1997-3
Class A Certificates
EMERGENT 1997-3 [$170,000,000]
---------------------------------------------
$[45,000,000] Class A-1 Fixed-Rate Certificates - [6.485]%
$[20,000,000] Class A-2 Fixed-Rate Certificates - [6.525]%
$[25,000,000] Class A-3 Fixed-Rate Certificates - [6.705]%
$[33,000,000] Class A-4 Fixed-Rate Certificates - [6.935]%
$[30,000,000] Class A-5 Fixed-Rate Certificates - [7.345]%
$[17,000,000] Class A-6 Fixed-Rate Certificates - [6.955]%
The information herein has been provided solely by Prudential Securities
Incorporated ("PSI") based on information with respect to the mortgage loans
provided by Emergent Mortgage Corp. and its affiliates ("EMERGENT"). Neither PSI
nor any of its affiliates makes any representation as to the accuracy or
completeness of the information herein. The information herein is preliminary
and will be superseded by the prospectus supplement and by any other information
subsequently filed with the Securities and Exchange Commission ("SEC"). 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 instruments. 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 should be consumated 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
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor.
<PAGE>
EMERGENT HOME EQUITY LOAN TRUST 1997-3
Home Equity Loan Pass-Through Certificates, Series 1997-3
Class A Certificates
- -------------------------------------------------------------------------------
CLASS A CERTIFICATES
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3 Class A-4 Class A-5 Class A-6
Fixed-Rate Fixed-Rate Fixed-Rate Fixed-Rate Fixed-Rate Fixed-Rate
Sequential Sequential Sequential Sequential Sequential NAS Lock-out*
---------- ---------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Approximate
Face Amount: $[45,000,000] $[20,000,000] $[25,000,000] $[33,000,000] $[30,000,000] $[17,000,000]
Avg Life: [0.91]yrs [2.03]yrs [3.03]yrs [5.02]yrs [10.93]yrs [6.94]yrs
Avg Life
to Call: [0.91]yrs [2.03]yrs [3.03]yrs [5.02]yrs [9.61]yrs [6.90]yrs
Coupon: [TBD%] [TBD%] [TBD%] [TBD%] [TBD%] [TBD%]
Price: [TBD] [TBD] [TBD] [TBD] [TBD] [TBD]
Yield (CBE): [TBD%] [TBD%] [TBD%] [TBD%] [TBD%] [TBD%]
Spread: [TBD%] [TBD%] [TBD%] [TBD%] [TBD%] [TBD%]
Pricing Spd: [17]% HEP [17]% HEP [17]% HEP [17]% HEP [17]% HEP [17]% HEP
Settlement: [9/24/97] [9/24/97] [9/24/97] [9/24/97] [9/24/97] [9/24/97]
1st Payment
(years): [0.07] [1.66] [2.41] [3.66] [6.74] [3.07]
Exp. Mat: [5/20/99] [2/20/00] [5/20/01] [6/20/04] [12/20/14] [9/20/12]
Exp. Mat
to Call: [5/20/99] [2/20/00] [5/20/01] [6/20/04] [4/20/08] [4/20/08]
Final Mat: [9/20/07] [8/20/10] [9/20/12] [10/20/12] [6/20/27] [9/20/12]
Day Count: 30/360 30/360 30/360 30/360 30/360 30/360
Pymt Delay: 19 days 19 days 19 days 19 days 19 days 19 days
Dated Date: [9/01/97] [9/01/97] [9/01/97] [9/01/97] [9/01/97] [9/01/97]
Pymt Terms: Monthly Monthly Monthly Monthly Monthly Monthly
1st Pymt Date: [10/20/97] [10/20/97] [10/20/97] [10/20/97] [10/20/97] [10/20/97]
</TABLE>
*Class A-6 Principal
Distribution Amount: Class A-6 is a Non-Accelerated Senior (NAS) class. The
Class A-6 Principal Distribution Amount is the
applicable Class A-6 Principal Percentage multiplied by
the Class A-6 Pro Rata Distribution Amount for such
Distribution Date.
Class A-6 Principal Percentage:
-------------------------------
Months 0 - 36: 0%
Months 37 - 60: 45%
Months 61 - 72: 80%
Months 73 - 84: 100%
Months 85 - end: 300%
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
EMERGENT HOME EQUITY LOAN TRUST 1997-3 Home
Equity Loan Pass-Through Certificates, Series 1997-3
Class A Certificates
Title of Securities: Emergent Home Equity Loan Trust 1997-3, Home Equity Loan
Pass-Through Certificates, Series 1997-3
Originator/
Servicer: Emergent Mortgage Corp. ("EMC").
Parent: Emergent Group, Inc. ("Emergent").
Seller: Emergent Mortgage Holdings Corporation.
Depositor: Prudential Securities Secured Financing Corp.
Servicer Fee: 50 bps per annum.
Trustee: First Union National Bank.
Aggregate
Certificate Balance: Class A: $[170,000,000.00]
Pricing Date: [August [TBD], 1997]
Settlement Date: [September [24], 1997]
Distribution Date: The 20th day of each month (or, if such date is not a
business day, the next succeeding business day)
commencing October 20, 1997.
Record Date: -Class A - The last day of the calendar month
immediately preceding the related Distribution Date.
Interest Accrual: -Class A - The calendar month preceding the related
Distribution Date, based on a 30/360 day count.
Form of Certificates: Book-entry only through the same-day funds facilities
of DTC, Euroclear and CEDEL.
Denominations: Minimum denominations of $1,000 and integral multiples
of $1,000 in excess thereof.
Prepayment
Assumption: For the Class A Certificates, [17]% HEP ([1.7]% CPR in
month 1 with monthly incremental increases of [1.7]% CPR
until the speed reaches [17]% CPR in month 10 based on
loan seasoning.)
Credit Enhancement: A combination of:
- Excess monthly cash flow
- Overcollateralization
- 100% wrap from FSA guaranteeing timely interest and
ultimate principal.
Initial
Mortgage Loans: $[64,592,606.83]
Expected Additional
Mortgage Loans: $[75,407,393.17]
Additional
Mortgage Loans: On the Closing Date, it is expected that the Additional
Mortgage Loans will be transferred to the Trust Fund. In
the event that less than such amount is transferred, an
aggregate cash amount equal to the excess of the
Expected Additional Mortgage Loans amount over the
actual Additional Mortgage Loans amount (as of their
respective Cut-Off Dates) will be deposited by the
Originator in the Prefunding Account.
The Additional Mortgage Loans will have substantially
the same characteristics as the Initial Mortgage Loans.
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
EMERGENT HOME EQUITY LOAN TRUST 1997-3 Home
Equity Loan Pass-Through Certificates, Series 1997-3
Class A Certificates
Prefunding Account: On the Closing Date, cash equal to the difference
between $170,000,000 and the sum of the principal
balances of the Initial Mortgage Loans and the
Additional Mortgage Loans will be deposited in the
Prefunding Account. This amount will not exceed
$42,500,000.00. Funds in the Prefunding Account will be
used to purchase Prefunded Mortgage Loans until the
collateral balance of all Mortgage Loans sold to the
Trust equals $170,000,000.00. The Prefunding Period will
last until [November]. Any amounts remaining in the
Prefunding Account at the end of the Prefunding Period
will be paid to Certificateholders as a principal
prepayment.
Certificate Insurer: Financial Security Assurance Inc. ("FSA"). FSA's
claims-paying ability is rated AAA/Aaa by Standard &
Poor's ("S&P") and Moody's Investors Service
("Moody's"), respectively.
Certificate Ratings: The Class A Certificates will be rated AAA by S&P and
Aaa by Moody's.
Compensating
Interest: The Servicer will be obligated to offset any Prepayment
Interest Shortfall on any Distribution Date to the
extent of the Servicing Fee for such Distribution Date.
Origination
Channels: Approximately [55.33%] direct ("Retail Mortgage Loans")
Approximately [44.67%] wholesale ("Wholesale Mortgage
Loans")
Piggy Back
Mortgage Loans: While all of the Mortgage Loans are secured by first
liens on the related Mortgaged Properties, approximately
[76.5]% of the Mortgaged Properties with respect to the
Initial Mortgage Loans are also encumbered by second
liens originated or acquired by the Originator (the
"Piggy Back Mortage Loans"). The weighted-average
Loan-to-Value Ratio of the Initial Mortgage Loans is
approximately [77.6]%. The weighted-average combined
Loan-to-Value Ratio of the Initial Mortgage Loans (when
considering the additional liens on the Piggy Back
Mortgage Loans) is approximately [95.6]%.
10% Clean-up Call: The Holder of the Subordinated Certificates has the
option to exercise a call at par plus accrued interest
when the outstanding Pool Balance equals 10% or less of
the original Pool Balance.
ERISA Consideration: The Class A Certificates will be ERISA eligible.
However, investors should consult with their counsel
with respect to the consequences under ERISA and the
Internal Revenue Code of the Plan's acquisition and
ownership of such Certificates.
SMMEA Considerations: The Class A Certificates will not be SMMEA eligible.
Taxation: REMIC.
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consumated unless the purchaser has received the
Prospectus.
Further Information: Call PSI's ABS trading desk at (212) 778-2741, Sean
Arnold (212) 778-4921, Glen Stein (212) 778-2012, Jacqui
Galdieri (212) 778-2612 with any questions.
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- Emergent - EMC73
- Cut Off Date of Tape is 08/10/97
- Fixed Rate Loans
- $64,502,306.83
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 956
Lien Status: First Lien Loans
Aggregate Unpaid Principal Balance: $64,502,306.83
Aggregate Original Principal Balance: $64,539,659.43
Weighted Average Gross Coupon: 11.109%
Gross Coupon Range: 8.500% - 14.890%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $67,471.03
Average Original Principal Balance: $67,510.10
Maximum Unpaid Principal Balance: $348,300.00
Minimum Unpaid Principal Balance: $13,000.00
Maximum Original Principal Balance: $348,300.00
Minimum Original Principal Balance: $13,000.00
Weighted Avg. Stated Rem. Term (to Mat/Amor Date): 257.832
Stated Rem Term Range: 60.000 - 361.000
Weighted Avg. Stated Rem. Term (to Mat/Bln Date): 200.679
Stated Rem Term Range: 60.000 - 360.000
Weighted Avg. Amortized Rem. Term: 257.346
Amortized Rem Term Range: 59.915 - 361.341
Weighted Average Age (First Pay thru Paid Thru Date): 0.414
Age Range: 0.000 - 2.000
Weighted Average Original Term(to Mat/Amor Date): 258.245
Original Term Range: 60.000 - 361.000
Weighted Average Original Term(to Mat/Bln Date): 201.093
Original Term Range: 60.000 - 361.000
Weighted Average Original LTV: 77.603
Original LTV Range: 18.518% - 98.008%
Weighted Average Combined LTV: 95.633 *
Combined LTV Range: 18.000% - 125.000%
- --------------------------------------------------------------------------------
Earliest Origination Date 7/1/97
Latest Maturity Date 8/8/27
* * All of the loans being securitized are 1st liens, however, 76.50% of the
1st lien loans have a 2nd lien behind them and the Combined LTV reflects
that.
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
8.25% < Gross Coupon <= 8.50% 4 250,598.47 0.39
8.75% < Gross Coupon <= 9.00% 4 175,979.56 0.27
9.00% < Gross Coupon <= 9.25% 2 206,999.77 0.32
9.25% < Gross Coupon <= 9.50% 68 4,284,917.63 6.64
9.50% < Gross Coupon <= 9.75% 20 1,849,491.92 2.87
9.75% < Gross Coupon <= 10.00% 100 6,554,895.79 10.16
10.00% < Gross Coupon <= 10.25% 43 3,129,392.47 4.85
10.25% < Gross Coupon <= 10.50% 54 4,373,805.33 6.78
10.50% < Gross Coupon <= 10.75% 37 1,917,051.41 2.97
10.75% < Gross Coupon <= 11.00% 86 6,713,631.60 10.41
11.00% < Gross Coupon <= 11.25% 140 8,632,409.76 13.38
11.25% < Gross Coupon <= 11.50% 56 4,040,295.65 6.26
11.50% < Gross Coupon <= 11.75% 71 4,418,279.25 6.85
11.75% < Gross Coupon <= 12.00% 62 4,574,107.13 7.09
12.00% < Gross Coupon <= 12.25% 52 3,773,688.69 5.85
12.25% < Gross Coupon <= 12.50% 46 2,534,023.07 3.93
12.50% < Gross Coupon <= 12.75% 41 2,630,678.97 4.08
12.75% < Gross Coupon <= 13.00% 19 1,285,696.81 1.99
13.00% < Gross Coupon <= 13.25% 14 758,134.58 1.18
13.25% < Gross Coupon <= 13.50% 9 502,281.03 0.78
13.50% < Gross Coupon <= 13.75% 8 600,819.41 0.93
13.75% < Gross Coupon <= 14.00% 6 517,543.27 0.80
14.00% < Gross Coupon <= 14.25% 6 508,142.66 0.79
14.25% < Gross Coupon <= 14.50% 4 157,848.67 0.24
14.50% < Gross Coupon <= 14.75% 2 59,507.52 0.09
14.75% < Gross Coupon <= 15.00% 2 52,086.41 0.08
- --------------------------------------------------------------------------------
Total.......... 956 $ 64,502,306.83 100.00%
================================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
48 < Rem Term <= 60 8 323,596.94 0.50%
60 < Rem Term <= 72 2 85,335.79 0.13%
72 < Rem Term <= 84 4 181,541.94 0.28%
84 < Rem Term <= 96 3 165,107.63 0.26%
96 < Rem Term <= 108 1 137,920.19 0.21%
108 < Rem Term <= 120 56 2,719,803.56 4.22%
120 < Rem Term <= 132 1 61,494.91 0.10%
132 < Rem Term <= 144 13 787,628.21 1.22%
144 < Rem Term <= 156 1 96,520.68 0.15%
156 < Rem Term <= 168 2 131,375.29 0.20%
168 < Rem Term <= 180 664 45,459,671.43 70.48%
180 < Rem Term <= 192 3 157,820.50 0.24%
192 < Rem Term <= 204 1 80,000.23 0.12%
228 < Rem Term <= 240 112 7,394,688.65 11.46%
240 < Rem Term <= 252 1 78,527.16 0.12%
288 < Rem Term <= 300 3 312,012.74 0.48%
348 < Rem Term <= 360 81 6,329,260.98 9.81%
- -------------------------------------------------------------------
Total............ 956 64,502,306.83 100.00%
===================================================================
YEARS OF ORIGINATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Year of Mortgage Principal Principal
Origination Loans Balance Balance
1997 956 64,502,306.83 100.00
- --------------------------------------------------------------------------
Total................. 956 $ 64,502,306.83 100.00%
==========================================================================
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
LOAN SUMMARY STRATIFIED BY
LAST PAYMENT DATE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
07/01/97 4 202,100.00 0.31
07/02/97 8 454,426.05 0.70
07/03/97 2 152,575.39 0.24
07/05/97 2 150,454.23 0.23
07/07/97 31 1,846,439.75 2.86
07/08/97 15 1,237,435.49 1.92
07/09/97 20 1,109,226.91 1.72
07/10/97 5 236,185.00 0.37
07/11/97 26 1,669,099.51 2.59
07/13/97 1 48,000.00 0.07
07/14/97 50 3,461,719.10 5.37
07/15/97 25 1,409,167.23 2.18
07/16/97 32 2,204,305.75 3.42
07/17/97 2 130,663.35 0.20
07/18/97 36 2,660,716.23 4.12
07/21/97 47 3,209,074.92 4.98
07/22/97 26 1,533,166.62 2.38
07/23/97 44 2,637,596.65 4.09
07/24/97 5 517,142.00 0.80
07/25/97 38 2,666,764.38 4.13
07/26/97 1 50,253.30 0.08
07/27/97 1 99,675.68 0.15
07/30/97 2 122,253.03 0.19
07/31/97 2 119,922.91 0.19
08/01/97 320 22,430,268.97 34.77
08/02/97 17 1,206,593.28 1.87
08/03/97 4 229,130.39 0.36
08/04/97 61 3,977,240.85 6.17
08/05/97 32 2,195,000.37 3.40
08/06/97 29 2,074,052.08 3.22
08/07/97 27 1,816,441.70 2.82
08/08/97 36 2,334,122.24 3.62
08/10/97 1 150,114.49 0.23
08/15/97 2 93,084.90 0.14
09/01/97 1 42,389.20 0.07
09/04/97 1 25,504.88 0.04
- --------------------------------------------------------------------------
Total.................. 956 $ 64,502,306.83 100.00%
==========================================================================
ORIGINAL LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
15.000 < LTV <= 20.000 1 34,944.24 0.05
25.000 < LTV <= 30.000 4 136,621.54 0.21
30.000 < LTV <= 35.000 1 20,520.42 0.03
35.000 < LTV <= 40.000 2 88,500.00 0.14
40.000 < LTV <= 45.000 1 24,791.52 0.04
45.000 < LTV <= 50.000 7 171,372.17 0.27
50.000 < LTV <= 55.000 11 473,841.27 0.73
55.000 < LTV <= 60.000 16 538,991.18 0.84
60.000 < LTV <= 65.000 29 1,486,946.71 2.31
65.000 < LTV <= 70.000 130 7,424,184.30 11.51
70.000 < LTV <= 75.000 259 16,150,520.50 25.04
75.000 < LTV <= 80.000 297 18,790,634.45 29.13
80.000 < LTV <= 85.000 109 9,344,318.97 14.49
85.000 < LTV <= 90.000 78 8,603,971.87 13.34
90.000 < LTV <= 95.000 10 1,153,457.55 1.79
95.000 < LTV <=100.000 1 58,690.14 0.09
- --------------------------------------------------------------------------
Total.................... 956 $ 64,502,306.83 100.00%
==========================================================================
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Cut-off Date Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
10,000 < Balance <= 15,000 5 69,019.21 0.11
15,000 < Balance <= 20,000 4 67,362.09 0.10
20,000 < Balance <= 25,000 28 641,142.05 0.99
25,000 < Balance <= 30,000 35 968,504.43 1.50
30,000 < Balance <= 35,000 45 1,476,758.31 2.29
35,000 < Balance <= 40,000 59 2,202,084.87 3.41
40,000 < Balance <= 45,000 75 3,218,143.86 4.99
45,000 < Balance <= 50,000 78 3,720,138.73 5.77
50,000 < Balance <= 55,000 80 4,187,672.89 6.49
55,000 < Balance <= 60,000 96 5,531,036.38 8.57
60,000 < Balance <= 65,000 67 4,189,515.31 6.50
65,000 < Balance <= 70,000 60 4,055,461.95 6.29
70,000 < Balance <= 75,000 55 3,982,354.23 6.17
75,000 < Balance <= 80,000 47 3,656,263.02 5.67
80,000 < Balance <= 85,000 32 2,627,842.99 4.07
85,000 < Balance <= 90,000 25 2,202,418.11 3.41
90,000 < Balance <= 95,000 19 1,754,693.94 2.72
95,000 < Balance <= 100,000 22 2,152,276.48 3.34
100,000 < Balance <= 150,000 90 10,681,507.65 16.56
150,000 < Balance <= 200,000 18 3,039,161.37 4.71
200,000 < Balance <= 250,000 8 1,800,994.49 2.79
250,000 < Balance <= 300,000 6 1,594,044.47 2.47
300,000 < Balance <= 350,000 2 683,910.00 1.06
- --------------------------------------------------------------------------
Total.................... 956 $ 64,502,306.83 100.00%
==========================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AL 1 81,750.00 0.13
AZ 23 1,633,793.21 2.53
CO 11 944,385.76 1.46
FL 87 4,877,292.74 7.56
GA 97 7,036,281.92 10.91
IA 1 35,150.22 0.05
ID 5 490,914.70 0.76
IL 15 1,692,262.43 2.62
IN 42 2,268,170.19 3.52
KY 23 1,571,373.50 2.44
LA 74 4,296,978.13 6.66
MD 21 2,634,446.05 4.08
MI 75 5,539,808.22 8.59
MS 28 1,351,538.67 2.10
MT 1 48,632.68 0.08
NC 139 8,899,178.66 13.80
NE 13 959,791.36 1.49
NM 6 315,626.96 0.49
OH 5 200,051.65 0.31
OK 9 428,076.66 0.66
OR 9 850,065.15 1.32
RI 1 102,734.88 0.16
SC 118 7,278,076.87 11.28
SD 6 397,032.48 0.62
TN 86 5,496,027.59 8.52
UT 9 901,951.18 1.40
VA 47 3,799,655.20 5.89
WI 1 114,750.00 0.18
WV 1 97,232.00 0.15
WY 2 159,277.77 0.25
- --------------------------------------------------------------------------
Total............... 956 $ 64,502,306.83 100.00%
==========================================================================
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Investor/Rental Property 21 2,053,861.40 3.18
Mobile/Manufactured Homes 139 7,413,914.56 11.49
Residential Property 796 55,034,530.87 85.32
- --------------------------------------------------------------------------
Total............... 956 $ 64,502,306.83 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 933 62,367,620.43 96.69
Non Owner Occ. 23 2,134,686.40 3.31
- -----------------------------------------------------------------------------
Total.................. 956 $64,502,306.83 100.00%
=============================================================================
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 920 62,099,334.99 96.27
Stated Documentation 12 791,626.75 1.23
Lite Documentation 24 1,611,345.09 2.50
- --------------------------------------------------------------------------------
Total.................. 956 $ 64,502,306.83 100.00%
================================================================================
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Purchase Money/No ETO 136 9,766,547.17 15.14
Purchase Money/ETO 15 1,290,523.04 2.00
Refinance/No ETO 87 5,790,687.94 8.98
Refinance/ETO 111 6,739,403.24 10.45
Home Improvement/No ETO 6 315,504.22 0.49
Home Improvement/ETO 7 282,742.94 0.44
Multipurpose Refi/No ETO 108 7,437,451.21 11.53
Multipurpose Refi/ETO 122 7,727,570.72 11.98
Debt Consolidation/No ETO 162 12,003,804.44 18.61
Debt Consolidation/ETO 202 13,148,071.91 20.38
- --------------------------------------------------------------------------
Total.................. 956 $ 64,502,306.83 100.00%
==========================================================================
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
LOAN GRADE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
AA 122 8,704,336.33 13.49
A 580 40,761,305.49 63.19
B 190 12,004,736.42 18.61
C 64 3,031,928.59 4.70
- --------------------------------------------------------------------------
Total............... 956 $ 64,502,306.83 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 684 44,021,971.05 68.25
Partially Amortizing 272 20,480,335.78 31.75
- ----------------------------------------------------------------------------
Total.................. 956 $ 64,502,306.83 100.00%
============================================================================
LOAN SUMMARY STRATIFIED BY
ORIGINATOR
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Originator Loans Balance Balance
Greenville 167 10,852,644.27 16.83
Indiana Home 198 13,552,793.72 21.01
Phoenix Home 133 8,766,169.20 13.59
Sterling 50 2,568,107.12 3.98
Wholesale 408 28,762,592.52 44.59
- --------------------------------------------------------------------------
Total.................. 956 $ 64,502,306.83 100.00%
==========================================================================
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Class A1 CUR
Settle 09/24/97
1st Pmt 10/20/97
CenterPrice 100-00
** RUN TO MATURITY **
HEP 17.00 HEP 10.00 HEP 15.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- ---------
98-00 8.547 8.059 8.421 8.718 8.872 9.098
98-04 8.396 7.945 8.280 8.554 8.696 8.905
98-08 8.245 7.832 8.139 8.390 8.521 8.712
98-12 8.095 7.719 7.998 8.227 8.346 8.520
98-16 7.945 7.606 7.858 8.064 8.171 8.328
98-20 7.796 7.494 7.718 7.902 7.997 8.137
98-24 7.646 7.381 7.578 7.740 7.823 7.946
98-28 7.497 7.269 7.439 7.578 7.650 7.755
99-00 7.349 7.157 7.300 7.416 7.477 7.565
99-04 7.201 7.046 7.161 7.255 7.304 7.376
99-08 7.053 6.935 7.023 7.095 7.132 7.187
99-12 6.905 6.823 6.884 6.934 6.960 6.998
99-16 6.758 6.713 6.747 6.774 6.789 6.810
99-20 6.611 6.602 6.609 6.615 6.618 6.622
99-24 6.465 6.492 6.472 6.456 6.447 6.435
99-28 6.319 6.382 6.335 6.297 6.277 6.248
100-00 6.173 6.272 6.198 6.138 6.107 6.062
100-04 6.027 6.162 6.062 5.980 5.938 5.876
100-08 5.882 6.053 5.926 5.822 5.769 5.690
100-12 5.737 5.943 5.790 5.665 5.600 5.505
100-16 5.593 5.835 5.655 5.508 5.432 5.320
100-20 5.449 5.726 5.520 5.351 5.264 5.136
100-24 5.305 5.617 5.385 5.195 5.097 4.952
100-28 5.161 5.509 5.250 5.039 4.929 4.769
101-00 5.018 5.401 5.116 4.883 4.763 4.586
101-04 4.875 5.293 4.982 4.728 4.596 4.404
101-08 4.732 5.186 4.848 4.573 4.430 4.222
101-12 4.590 5.078 4.715 4.418 4.265 4.040
101-16 4.448 4.971 4.582 4.264 4.100 3.859
101-20 4.306 4.864 4.449 4.110 3.935 3.678
101-24 4.165 4.758 4.317 3.957 3.770 3.498
101-28 4.024 4.651 4.185 3.803 3.606 3.318
Avg. Life 0.910 1.226 0.974 0.835 0.777 0.705
Mod. Dur. 0.854 1.134 0.912 0.786 0.734 0.669
1st Pmt. 0.072 0.072 0.072 0.072 0.072 0.072
Last Pmt. 1.656 2.406 1.822 1.489 1.322 1.156
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Class A2 CUR
Settle 09/24/97
1st Pmt 10/20/97
CenterPrice 100-00
** RUN TO MATURITY **
HEP 17.00 HEP 10.00 HEP 15.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- ---------
98-00 7.521 7.240 7.444 7.633 7.742 7.913
98-04 7.452 7.192 7.380 7.556 7.656 7.814
98-08 7.383 7.145 7.317 7.478 7.570 7.715
98-12 7.314 7.097 7.254 7.401 7.484 7.616
98-16 7.245 7.050 7.191 7.323 7.399 7.518
98-20 7.176 7.002 7.128 7.246 7.313 7.419
98-24 7.108 6.955 7.066 7.169 7.228 7.321
98-28 7.039 6.908 7.003 7.092 7.143 7.223
99-00 6.971 6.861 6.941 7.015 7.058 7.125
99-04 6.903 6.813 6.878 6.938 6.973 7.027
99-08 6.835 6.766 6.816 6.862 6.888 6.930
99-12 6.767 6.719 6.754 6.785 6.804 6.832
99-16 6.699 6.673 6.691 6.709 6.719 6.735
99-20 6.631 6.626 6.629 6.633 6.635 6.638
99-24 6.563 6.579 6.568 6.557 6.551 6.541
99-28 6.496 6.532 6.506 6.481 6.467 6.444
100-00 6.428 6.486 6.444 6.405 6.383 6.348
100-04 6.361 6.439 6.382 6.329 6.299 6.251
100-08 6.293 6.393 6.321 6.254 6.216 6.155
100-12 6.226 6.346 6.259 6.178 6.132 6.059
100-16 6.159 6.300 6.198 6.103 6.049 5.963
100-20 6.092 6.254 6.137 6.028 5.966 5.868
100-24 6.026 6.208 6.076 5.953 5.883 5.772
100-28 5.959 6.162 6.015 5.878 5.800 5.677
101-00 5.892 6.116 5.954 5.803 5.717 5.582
101-04 5.826 6.070 5.893 5.729 5.635 5.487
101-08 5.759 6.024 5.832 5.654 5.552 5.392
101-12 5.693 5.978 5.772 5.580 5.470 5.297
101-16 5.627 5.932 5.711 5.505 5.388 5.203
101-20 5.561 5.887 5.651 5.431 5.306 5.108
101-24 5.495 5.841 5.590 5.357 5.224 5.014
101-28 5.429 5.795 5.530 5.283 5.142 4.920
Avg. Life 2.032 3.040 2.236 1.794 1.613 1.390
Mod. Dur. 1.846 2.674 2.019 1.644 1.486 1.291
1st Pmt. 1.656 2.406 1.822 1.489 1.322 1.156
Last Pmt. 2.406 3.739 2.656 2.156 1.906 1.656
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Class A3 CUR
Settle 09/24/97
1st Pmt 10/20/97
CenterPrice 100-00
** RUN TO MATURITY **
HEP 17.00 HEP 10.00 HEP 15.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- ---------
98-00 7.426 7.225 7.368 7.510 7.592 7.725
98-04 7.378 7.192 7.325 7.456 7.531 7.654
98-08 7.330 7.160 7.281 7.401 7.470 7.583
98-12 7.282 7.127 7.238 7.347 7.410 7.512
98-16 7.234 7.095 7.194 7.293 7.349 7.442
98-20 7.187 7.062 7.151 7.239 7.289 7.371
98-24 7.139 7.030 7.108 7.185 7.229 7.301
98-28 7.091 6.998 7.064 7.131 7.168 7.230
99-00 7.044 6.965 7.021 7.077 7.108 7.160
99-04 6.996 6.933 6.978 7.023 7.048 7.090
99-08 6.949 6.901 6.935 6.969 6.988 7.020
99-12 6.902 6.869 6.892 6.915 6.929 6.950
99-16 6.854 6.837 6.849 6.862 6.869 6.881
99-20 6.807 6.805 6.807 6.808 6.809 6.811
99-24 6.760 6.773 6.764 6.755 6.750 6.742
99-28 6.713 6.741 6.721 6.702 6.690 6.672
100-00 6.666 6.709 6.678 6.648 6.631 6.603
100-04 6.619 6.677 6.636 6.595 6.572 6.534
100-08 6.573 6.645 6.593 6.542 6.513 6.465
100-12 6.526 6.614 6.551 6.489 6.454 6.396
100-16 6.479 6.582 6.509 6.436 6.395 6.327
100-20 6.433 6.550 6.466 6.383 6.336 6.258
100-24 6.386 6.519 6.424 6.331 6.277 6.190
100-28 6.340 6.487 6.382 6.278 6.218 6.121
101-00 6.293 6.456 6.340 6.225 6.160 6.053
101-04 6.247 6.424 6.298 6.173 6.101 5.985
101-08 6.201 6.393 6.256 6.121 6.043 5.916
101-12 6.155 6.361 6.214 6.068 5.985 5.848
101-16 6.109 6.330 6.172 6.016 5.927 5.781
101-20 6.063 6.299 6.130 5.964 5.868 5.713
101-24 6.017 6.268 6.089 5.912 5.810 5.645
101-28 5.971 6.236 6.047 5.860 5.753 5.577
Avg. Life 3.027 4.704 3.371 2.633 2.340 1.981
Mod. Dur. 2.655 3.906 2.923 2.340 2.100 1.798
1st Pmt. 2.406 3.739 2.656 2.156 1.906 1.656
Last Pmt. 3.656 5.822 4.156 3.156 2.822 2.322
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Class A4 CUR
Settle 09/24/97
1st Pmt 10/20/97
CenterPrice 100-00
** RUN TO MATURITY **
HEP 17.00 HEP 10.00 HEP 15.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- ---------
98-00 7.440 7.308 7.401 7.497 7.555 7.654
98-04 7.408 7.287 7.373 7.461 7.515 7.606
98-08 7.377 7.266 7.345 7.426 7.475 7.558
98-12 7.346 7.245 7.316 7.390 7.435 7.511
98-16 7.315 7.224 7.288 7.355 7.395 7.463
98-20 7.284 7.203 7.260 7.320 7.355 7.416
98-24 7.253 7.182 7.232 7.284 7.316 7.369
98-28 7.222 7.162 7.204 7.249 7.276 7.321
99-00 7.192 7.141 7.177 7.214 7.236 7.274
99-04 7.161 7.120 7.149 7.179 7.197 7.227
99-08 7.130 7.099 7.121 7.143 7.157 7.180
99-12 7.099 7.079 7.093 7.108 7.118 7.133
99-16 7.069 7.058 7.066 7.073 7.078 7.086
99-20 7.038 7.037 7.038 7.038 7.039 7.039
99-24 7.008 7.017 7.010 7.004 6.999 6.993
99-28 6.977 6.996 6.983 6.969 6.960 6.946
100-00 6.947 6.976 6.955 6.934 6.921 6.899
100-04 6.916 6.955 6.928 6.899 6.882 6.853
100-08 6.886 6.935 6.900 6.865 6.843 6.806
100-12 6.856 6.915 6.873 6.830 6.804 6.760
100-16 6.825 6.894 6.846 6.795 6.765 6.714
100-20 6.795 6.874 6.818 6.761 6.726 6.667
100-24 6.765 6.854 6.791 6.726 6.687 6.621
100-28 6.735 6.833 6.764 6.692 6.649 6.575
101-00 6.705 6.813 6.737 6.658 6.610 6.529
101-04 6.675 6.793 6.709 6.623 6.571 6.483
101-08 6.645 6.773 6.682 6.589 6.533 6.437
101-12 6.615 6.753 6.655 6.555 6.494 6.391
101-16 6.585 6.732 6.628 6.521 6.456 6.346
101-20 6.555 6.712 6.601 6.487 6.417 6.300
101-24 6.525 6.692 6.574 6.453 6.379 6.254
101-28 6.496 6.672 6.548 6.419 6.341 6.209
Avg. Life 5.018 8.313 5.679 4.286 3.734 3.068
Mod. Dur. 4.091 6.076 4.526 3.581 3.179 2.673
1st Pmt. 3.656 5.822 4.156 3.156 2.822 2.322
Last Pmt. 6.739 11.322 8.072 5.739 4.906 3.989
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Class A5 CUR
Settle 09/24/97
1st Pmt 10/20/97
CenterPrice 99-31+
** RUN TO MATURITY **
HEP 17.00 HEP 10.00 HEP 15.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- ---------
97-31+ 7.688 7.651 7.675 7.712 7.740 7.794
98-03+ 7.670 7.636 7.658 7.692 7.718 7.768
98-07+ 7.652 7.621 7.641 7.673 7.696 7.742
98-11+ 7.635 7.606 7.624 7.653 7.674 7.716
98-15+ 7.617 7.591 7.608 7.634 7.653 7.690
98-19+ 7.599 7.576 7.591 7.614 7.631 7.664
98-23+ 7.582 7.562 7.574 7.594 7.609 7.639
98-27+ 7.564 7.547 7.558 7.575 7.588 7.613
98-31+ 7.546 7.532 7.541 7.555 7.566 7.587
99-03+ 7.529 7.517 7.525 7.536 7.545 7.561
99-07+ 7.511 7.503 7.508 7.517 7.523 7.536
99-11+ 7.494 7.488 7.492 7.497 7.502 7.510
99-15+ 7.476 7.473 7.475 7.478 7.480 7.484
99-19+ 7.459 7.459 7.459 7.459 7.459 7.459
99-23+ 7.441 7.444 7.442 7.439 7.437 7.433
99-27+ 7.424 7.429 7.426 7.420 7.416 7.408
99-31+ 7.406 7.415 7.410 7.401 7.395 7.383
100-03+ 7.389 7.400 7.393 7.382 7.374 7.357
100-07+ 7.372 7.386 7.377 7.363 7.352 7.332
100-11+ 7.355 7.371 7.361 7.344 7.331 7.307
100-15+ 7.337 7.357 7.344 7.325 7.310 7.281
100-19+ 7.320 7.343 7.328 7.306 7.289 7.256
100-23+ 7.303 7.328 7.312 7.287 7.268 7.231
100-27+ 7.286 7.314 7.296 7.268 7.247 7.206
100-31+ 7.269 7.299 7.280 7.249 7.226 7.181
101-03+ 7.251 7.285 7.263 7.230 7.205 7.156
101-07+ 7.234 7.271 7.247 7.211 7.184 7.131
101-11+ 7.217 7.257 7.231 7.192 7.163 7.106
101-15+ 7.200 7.242 7.215 7.173 7.142 7.081
101-19+ 7.183 7.228 7.199 7.155 7.122 7.056
101-23+ 7.166 7.214 7.183 7.136 7.101 7.031
101-27+ 7.149 7.200 7.167 7.117 7.080 7.007
Avg. Life 10.934 14.390 11.932 9.522 8.279 6.551
Mod. Dur. 7.168 8.559 7.611 6.492 5.854 4.902
1st Pmt. 6.739 11.322 8.072 5.739 4.906 3.989
Last Pmt. 17.239 23.239 18.572 15.322 14.989 14.239
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Class A6 NAS
Settle 09/24/97
1st Pmt 10/20/97
CenterPrice 100-00
** RUN TO MATURITY **
HEP 17.00 HEP 10.00 HEP 15.00 HEP 20.00 HEP 23.00 HEP 28.00
Price
----- --------- --------- --------- --------- --------- ---------
98-00 7.371 7.345 7.364 7.380 7.388 7.401
98-04 7.346 7.323 7.340 7.355 7.363 7.375
98-08 7.322 7.301 7.317 7.330 7.337 7.348
98-12 7.298 7.278 7.293 7.305 7.311 7.321
98-16 7.274 7.256 7.269 7.280 7.286 7.295
98-20 7.250 7.234 7.246 7.255 7.260 7.268
98-24 7.226 7.212 7.222 7.230 7.235 7.242
98-28 7.201 7.190 7.198 7.206 7.210 7.216
99-00 7.177 7.168 7.175 7.181 7.184 7.189
99-04 7.154 7.146 7.151 7.156 7.159 7.163
99-08 7.130 7.124 7.128 7.132 7.134 7.137
99-12 7.106 7.102 7.105 7.107 7.108 7.110
99-16 7.082 7.080 7.081 7.083 7.083 7.084
99-20 7.058 7.058 7.058 7.058 7.058 7.058
99-24 7.034 7.036 7.035 7.034 7.033 7.032
99-28 7.011 7.014 7.011 7.009 7.008 7.006
100-00 6.987 6.993 6.988 6.985 6.983 6.980
100-04 6.963 6.971 6.965 6.960 6.958 6.954
100-08 6.940 6.949 6.942 6.936 6.933 6.928
100-12 6.916 6.927 6.919 6.912 6.908 6.902
100-16 6.892 6.906 6.896 6.888 6.883 6.876
100-20 6.869 6.884 6.873 6.864 6.858 6.851
100-24 6.846 6.863 6.850 6.839 6.834 6.825
100-28 6.822 6.841 6.827 6.815 6.809 6.799
101-00 6.799 6.820 6.804 6.791 6.784 6.774
101-04 6.775 6.798 6.781 6.767 6.760 6.748
101-08 6.752 6.777 6.758 6.743 6.735 6.722
101-12 6.729 6.756 6.736 6.719 6.710 6.697
101-16 6.706 6.734 6.713 6.695 6.686 6.671
101-20 6.682 6.713 6.690 6.672 6.661 6.646
101-24 6.659 6.692 6.668 6.648 6.637 6.620
101-28 6.636 6.670 6.645 6.624 6.612 6.595
Avg. Life 6.941 7.786 7.141 6.684 6.460 6.153
Mod. Dur. 5.257 5.724 5.371 5.109 4.977 4.791
1st Pmt. 3.072 3.072 3.072 3.072 3.072 3.072
Last Pmt. 14.989 14.989 14.989 14.989 14.989 14.072
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
