<PAGE> 1
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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) September 10, 1998
Prudential Securities Secured Financing Corporation.
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(Exact name of registrant as specified in its charter)
Delaware 333-61939 56-2064715
- ----------------------------- ------------------------ --------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
One New York Plaza, 14th Floor 10292
New York, New York
--------------------------------------- -----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 214-1000
--------------
No Change
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(Former name or former address, if changed since last report)
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1
<PAGE> 2
Item 5. Other Events
In connection with the offering of Goleta National Bank
Mortgage Loan Trust 1998-1, Asset Backed Notes, Series 1998-1, described in the
related Prospectus Supplement, 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 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 Computational Materials (as defined in
Item 5 above).
2
<PAGE> 3
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
Goleta National Bank Mortgage Loan Trust
1998-1 Registrant
By: /s/ Evan Mitnick
----------------------------------------
Name: Evan Mitnick
Title: Vice President
Dated: September 11, 1998
3
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
- ----------- -----------
<S> <C>
99.1 Related Computational Materials (as defined
in Item 5 above).
</TABLE>
<PAGE> 1
EXHIBIT 99.1
<PAGE> 2
Goleta National Bank Mortgage Loan Trust 1998-1
Goleta National Bank Mortgage Loan Asset-Backed Notes, Series 1998-1
Approximate Class Size
[$50,512,000] [ %] Class A Fixed Rate Notes
Preliminary Marketing Materials
The information herein has been provided solely by PSI based on information with
respect to the High LTV home equity loans provided by Goleta National Bank
("Goleta"). Neither Goleta 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
Commissions (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 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
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING
PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
<PAGE> 3
Goleta National Bank Mortgage Loan Trust 1998-1
Goleta National Bank Mortgage Loan Asset-Backed Notes, Series 1998-1
Title of Securities: Goleta National Bank Mortgage Loan Asset-Backed Notes,
Series 1998-1 [$50,512,000] [ %] Class A Fixed-Rate
Notes
Seller: Goleta National Bank
Servicer: Advanta Mortgage Corp. USA
Depositor: Prudential Securities Secured Financing Corporation
Indenture Trustee: Bankers Trust Company of California, N.A.
Owner Trustee: Wilmington Trust Company
Note Insurer: ACA Financial Guaranty Corporation ("ACA"). ACAs
financial strength is rated "A" by Standard & Poors
Rating Service ("S&P") and its claims paying ability is
rated "A" by Fitch IBCA, Inc. ("Fitch"), and Duff and
Phelps Credit Rating Co. ("DCR").
Note Insurance
Policy: The insurance policy of ACA guarantees the timely
payment of interest and the ultimate payment of
principal for the Notes.
Credit Enhancement
1. Excess Cash
2. Over-Collateralization
3. Insurance Policy
Servicing Fee: 70 bps
Trustee Fee: 3 bps
ERISA Considerations: The Notes may be purchased with assets of ERISA
accounts. Investors should consult their counsel with
respect to the consequences under ERISA and the Code of
the Plans acquisition and ownership of the Notes.
SMMEA: The Notes will not constitute "mortgage related
securities" for purposes of the Secondary Mortgage
Market Enhancement Act of 1984 ("SMMEA").
Form of Notes and Book-Entry Form, delivered through the facilities of
Certificates: DTC, Cedel, and Euroclear against payment in immediately
available funds.
Pricing Date: [September , 1998].
Settlement Date: [September 25, 1998].
Payment Date: The 25th day of each month or, if such day is not a
business day, the next succeeding business day beginning
October 26th.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING
PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
<PAGE> 4
Goleta National Bank Mortgage Loan Trust 1998-1
Goleta National Bank Mortgage Loan Asset-Backed Notes, Series 1998-1
Over-Collateralization: The credit enhancement provisions are intended to
provide for the limited acceleration of the Class A
Notes relative to the amortization of the related
collateral. Accelerated amortization is achieved by
applying excess cash collected on the related collateral
to the payment of principal of the Class A Notes,
resulting in the build up of overcollateralization
(O/C). By paying down the principal balance of the Class
A Notes faster than the principal amortization of the
respective collateral pool, an O/C amount equal to the
excess of the aggregate principal balance of the
collateral pool over the principal balance of the Note
is created. Excess cash will be directed to build the
O/C amount for each Class until the pool reaches its
required respective O/C target. Upon this event the
acceleration feature will cease, unless it is once again
necessary to maintain the required O/C level.
Cashflow priority: The Indenture Trustee will make the following
disbursements and transfers with respect to the Class A
Notes out of the Available Funds in the following order
of priority:
First: To the Indenture Trustee and Owners
Trustee, related fees and to the
Insurer, the premium amount for such
payment date.
Second: To the Note Insurer, unreimbursed
insured payments and unpaid premiums
relating to prior Payment Dates
(subject to the payment of related Note
Interest to the Noteholders and any O/C
deficit with respect to such prior
Payment Dates);
Third: To the Noteholders, Note Interest;
Fourth: To the Noteholders, Monthly Principal;
Fifth: To the Noteholders, the amount
necessary to cover any O/C deficit and
maintain required levels of O/C
(subject to the availability of excess
cash);
Sixth: To the Insurer, any amounts due and
owing that are not described above; and
Seventh: Any remaining funds to the
Certificateholders.
Available Funds: With respect to the Mortgage Loans and any Payment Date,
the sum of:
(i) all scheduled and unscheduled payments of
principal and interest received with respect to
the Mortgage Loans during the related remittance
period, including principal prepayments but not
including fees derived from prepayment
penalties;
(ii) any proceeds received by the Servicer in
connection with the liquidation of Mortgaged
Property securing a Mortgage Loan (net of
certain expenses) and any income from REO
properties received with respect to the Mortgage
Loans during the related remittance period;
(iii) any proceeds from insurance covering the
Mortgaged Property received during the related
remittance period (net of certain expenses);
(iv) the amounts deposited in the Note Account in
connection with the redemption of the Notes by
the majority Certificateholder; and
(v) the amounts received in connection with the
repurchase, release, removal or substitution of
Mortgage Loans
minus the sum of:
(vi) amounts received with respect to interest (but
not principal) due prior to the Cut-Off Date
with respect to the related Mortgage Loans;
(vii) Servicing Fee, Indenture Trustee Fee, Owner
Trustee Fee, and Note Insurer Premium, and
Unreimbursed Insured Payments;
(viii) reimbursements for certain monthly advances and
servicing advances made with respect to the
related Mortgage Loans; and
(ix) amounts that may not be withdrawn or distributed
by reason of a bankruptcy court or similar
order.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING
PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
<PAGE> 5
Goleta National Bank Mortgage Loan Trust 1998-1
Goleta National Bank Mortgage Loan Asset-Backed Notes, Series 1998-1
Optional Redemption: The Notes may be redeemed, in full but not in part, at
the option of the majority certificate holder on or
after the first Payment Date on which the Aggregate
Principal Balance of the Mortgage Loans has declined to
10% or less of the Original Pool Balance.
Coupon Step-up: If the 10% Clean-up Call is not exercised, the coupon on
the Class A Notes will step up by [50] bps.
Interest Accrual: Interest on the Notes will be calculated on the basis of
a 360 day year consisting of twelve 30 day months.
Interest will accrue during the calendar month
immediately preceding the month which the Payment Date
occurs.
Note Interest: An amount equal to interest accrued during the related
interest period at the Note Interest Rate on the Note
Balance as of the preceding Payment Date (after
application of any amounts paid in reduction of the Note
Balance on such date)
Monthly Principal: The sum of (i) principal payments actually received in
respect to the related Remittance Period, including
principal prepayments but excluding fees derived from
prepayment penalties, (ii) amounts allocable to
principal deposited in the Note Account in connection
with a repurchase, release, removal or substitution of
any Mortgage Loan, and (iii) the principal portion of
all Net Liquidation Proceeds minus (iv) the amount by
which the Overcollateralization Amount would exceed the
Required Overcollateralization Amount assuming that the
sum of (i), (ii) and (iii) above was applied as a
payment of principal to the notes.
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<TABLE>
<S> <C>
Class A
Amount: [50,512,000]
Coupon: []%
Approximate Price: [100-00]
[Spread:]
Avg. Life: [4.073]
(to maturity)
Avg. Life: [3.794]
(to 10% Call)
Interest rate basis: [30/360]
Expected maturity: [07/18]
(to maturity)
Expected maturity: [11/08]
(to 10% Call)
Stated Maturity: [07/24]
Rating (S&P/Fitch/DCR): [A/A/A]
</TABLE>
For more information contact our desk (778-2741), Mary Alice Kohs (778-1492),
Mike Mattera (778-4459), Hiram Hamilton (778-6399), Lina Hsu (778-1451), Elena
Miteva (778-7474).
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING
PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
<PAGE> 6
<TABLE>
<S> <C> <C>
FINANCIAL STRATEGIES GROUP PRUDENTIAL SECURITIES INCORPORATED
- -------------------------- ----------------------------------
CURRENT BALANCE: $50,512,000.00 DATED DATE: 09/01/98
COUPON: [TBD] % goleta981 FIRST PAYMENT: 10/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 1
ORIGINAL BALANCE: $50,512,000.00 BOND #1 BE-YIELD TABLE YIELD TABLE DATE: 09/25/98
PREPAYMENT SPEED - PPC *
(Run to Call)
</TABLE>
<TABLE>
<CAPTION>
PRICING SPEED
100.0% 75.0% 100.0% 125.0% 150.0% 175.0%
PRICE PPC PPC PPC PPC PPC PPC
<S> <C> <C> <C> <C> <C> <C>
99-24 6.900 6.912 6.900 6.887 6.873 6.858
99-24+ 6.895 6.908 6.895 6.881 6.866 6.850
99-25 6.889 6.903 6.889 6.874 6.859 6.841
99-25+ 6.884 6.899 6.884 6.868 6.851 6.833
99-26 6.879 6.895 6.879 6.862 6.844 6.825
99-26+ 6.874 6.891 6.874 6.856 6.837 6.816
99-27 6.869 6.886 6.869 6.850 6.830 6.808
99-27+ 6.863 6.882 6.863 6.844 6.823 6.800
99-28 6.858 6.878 6.858 6.837 6.815 6.791
99-28+ 6.853 6.874 6.853 6.831 6.808 6.783
99-29 6.848 6.869 6.848 6.825 6.801 6.775
99-29+ 6.843 6.865 6.843 6.819 6.794 6.766
99-30 6.838 6.861 6.838 6.813 6.787 6.758
99-30+ 6.832 6.857 6.832 6.807 6.779 6.750
99-31 6.827 6.852 6.827 6.801 6.772 6.741
99-31+ 6.822 6.848 6.822 6.794 6.765 6.733
100-00 6.817 6.844 6.817 6.788 6.758 6.725
100-00+ 6.812 6.840 6.812 6.782 6.751 6.717
100-01 6.806 6.835 6.806 6.776 6.744 6.708
100-01+ 6.801 6.831 6.801 6.770 6.736 6.700
100-02 6.796 6.827 6.796 6.764 6.729 6.692
100-02+ 6.791 6.822 6.791 6.758 6.722 6.683
100-03 6.786 6.818 6.786 6.751 6.715 6.675
100-03+ 6.781 6.814 6.781 6.745 6.708 6.667
100-04 6.775 6.810 6.775 6.739 6.701 6.659
100-04+ 6.770 6.806 6.770 6.733 6.693 6.650
100-05 6.765 6.801 6.765 6.727 6.686 6.642
100-05+ 6.760 6.797 6.760 6.721 6.679 6.634
100-06 6.755 6.793 6.755 6.715 6.672 6.626
100-06+ 6.750 6.789 6.750 6.709 6.665 6.617
100-07 6.745 6.784 6.745 6.702 6.658 6.609
100-07+ 6.739 6.780 6.739 6.696 6.651 6.601
First Payment 0.083 0.083 0.083 0.083 0.083 0.083
Average Life 3.794 4.846 3.794 3.081 2.567 2.172
Last Payment 10.167 12.750 10.167 8.333 7.000 5.917
Mod.Dur. @ 100-00 3.008 3.654 3.008 2.533 2.169 1.875
Accrued Interest 0.458 0.458 0.458 0.458 0.458 0.458
</TABLE>
* 100% PPC assumes prepayment rates of 1.8% per annum of the then outstanding
principal balance of the related mortgage loans in the first month of the life
of such mortgage loans and an additional 1.8% per annum in each month thereafter
up to and including the tenth month. Beginning in the eleventh month and each
month thereafter during the life of such mortgage loans, 100% PPC assumes a
constant prepayment rate of 18% per annum.
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEINFOR DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND
ACCOMPANYING PROSPECTUS SUPPLEMENT. OFFERS TOOFFERS TO SELL AND SOLICITATIONS OF
OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS.
<PAGE> 7
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- GOLETA 98-1
- Cut Off Date of Tape is 08/20/98
- FIXED RATE COLLATERAL
- $51,796,983.72
- Mortgage Summary Report
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Number of Mortgage Loans: 1,378
Aggregate Unpaid Principal Balance: $51,796,983.72
Aggregate Original Principal Balance: $52,149,783.78
Weighted Average Gross Coupon: 13.155%
Gross Coupon Range: 9.490% - 17.490%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $37,588.52
Average Original Principal Balance: $37,844.55
Maximum Unpaid Principal Balance: $99,783.49
Minimum Unpaid Principal Balance: $9,786.73
Maximum Original Principal Balance: $100,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term
(LPD to Mat/Bln Date):
247.940
Stated Rem Term Range: 52.000 - 300.000
Weighted Avg. Amortized Rem. Term: 245.514
Amortized Rem Term Range: 52.001 - 353.021
Weighted Average Age
(Original Term - Rem Term): 4.337
Age Range: 0.000 - 18.000
Weighted Average Original Term: 252.278
Original Term Range: 60.000 - 300.000
Weighted Average Combined LTV: 114.440
Combined LTV Range: 28.750% - 128.553%
Weighted Average FICO Score: 681.177
FICO Score Range: 619 - 788
Weighted Average DTI Ratio: 39.151
DTI Ratio Range: 15.000% - 50.000%
- --------------------------------------------------------------------------------
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEINFOR DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND
ACCOMPANYING PROSPECTUS SUPPLEMENT. OFFERS TOOFFERS TO SELL AND SOLICITATIONS OF
OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS.
<PAGE> 8
GROSS MORTGAGE INTEREST RATE RANGE
<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>
9.25% < Gross Coupon <= 9.50% 1 89,745.84 0.17
9.75% < Gross Coupon <= 10.00% 7 231,220.71 0.45
10.25% < Gross Coupon <= 10.50% 34 1,284,258.35 2.48
10.50% < Gross Coupon <= 10.75% 4 119,583.81 0.23
10.75% < Gross Coupon <= 11.00% 42 1,671,744.62 3.23
11.00% < Gross Coupon <= 11.25% 5 183,093.84 0.35
11.25% < Gross Coupon <= 11.50% 70 2,439,690.32 4.71
11.50% < Gross Coupon <= 11.75% 35 1,359,836.52 2.63
11.75% < Gross Coupon <= 12.00% 139 5,566,193.57 10.75
12.00% < Gross Coupon <= 12.25% 43 1,529,427.10 2.95
12.25% < Gross Coupon <= 12.50% 101 4,037,351.65 7.79
12.50% < Gross Coupon <= 12.75% 40 1,752,597.72 3.38
12.75% < Gross Coupon <= 13.00% 168 6,408,940.57 12.37
13.00% < Gross Coupon <= 13.25% 60 2,445,045.00 4.72
13.25% < Gross Coupon <= 13.50% 105 4,093,061.25 7.90
13.50% < Gross Coupon <= 13.75% 39 1,339,161.72 2.59
13.75% < Gross Coupon <= 14.00% 173 6,279,829.82 12.12
14.00% < Gross Coupon <= 14.25% 48 1,876,406.95 3.62
14.25% < Gross Coupon <= 14.50% 65 2,511,475.10 4.85
14.50% < Gross Coupon <= 14.75% 29 1,077,217.20 2.08
14.75% < Gross Coupon <= 15.00% 82 2,838,893.62 5.48
15.00% < Gross Coupon <= 15.25% 8 199,572.98 0.39
15.25% < Gross Coupon <= 15.50% 30 897,808.56 1.73
15.50% < Gross Coupon <= 15.75% 8 239,032.92 0.46
15.75% < Gross Coupon <= 16.00% 28 843,513.77 1.63
16.00% < Gross Coupon <= 16.25% 2 79,762.29 0.15
16.25% < Gross Coupon <= 16.50% 6 196,133.41 0.38
16.50% < Gross Coupon <= 16.75% 1 34,966.85 0.07
16.75% < Gross Coupon <= 17.00% 3 104,879.42 0.20
17.25% < Gross Coupon <= 17.50% 2 66,538.24 0.13
- ---------------------------------------------------------------------------------
Total.......... 1378 $ 51,796,983.72 100.00%
=================================================================================
</TABLE>
ORIGINAL TERM
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
<S> <C> <C> <C>
48 < Orig. Term <= 60 7 108,486.81 0.21%
72 < Orig. Term <= 84 3 83,247.95 0.16%
108 < Orig. Term <= 120 81 2,257,363.48 4.36%
132 < Orig. Term <= 144 2 39,602.69 0.08%
168 < Orig. Term <= 180 324 11,097,997.98 21.43%
228 < Orig. Term <= 240 309 11,265,042.25 21.75%
288 < Orig. Term <= 300 652 26,945,242.56 52.02%
- -------------------------------------------------------------------
Total............ 1,378 51,796,983.72 100.00%
===================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEINFOR DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND
ACCOMPANYING PROSPECTUS SUPPLEMENT. OFFERS TOOFFERS TO SELL AND SOLICITATIONS OF
OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS.
<PAGE> 9
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 7 108,486.81 0.21%
72 < Rem Term <= 84 3 83,247.95 0.16%
96 < Rem Term <= 108 1 26,164.34 0.05%
108 < Rem Term <= 120 80 2,231,199.14 4.31%
132 < Rem Term <= 144 2 39,602.69 0.08%
156 < Rem Term <= 168 5 164,026.55 0.32%
168 < Rem Term <= 180 319 10,933,971.43 21.11%
216 < Rem Term <= 228 2 56,381.14 0.11%
228 < Rem Term <= 240 307 11,208,661.11 21.64%
276 < Rem Term <= 288 3 124,199.48 0.24%
288 < Rem Term <= 300 649 26,821,043.08 51.78%
- -------------------------------------------------------------------
Total............ 1,378 51,796,983.72 100.00%
===================================================================
</TABLE>
* Calculated as of the last Payment Date on which an actual payment was received
to Maturity.
AGE OF LOAN
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Age Loans Balance Balance
<S> <C> <C> <C>
Age = 0 6 214,375.00 0.41%
0 < Age <= 12 1,363 51,292,618.49 99.03%
12 < Age <= 24 9 289,990.23 0.56%
- -------------------------------------------------------------------
Total............ 1,378 51,796,983.72 100.00%
===================================================================
</TABLE>
DELINQUENCY RANGE SUMMARY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
<S> <C> <C> <C>
Current 1201 44,896,753.31 86.68
1- 30 Days Delinquent 175 6,819,855.41 13.17
31- 60 Days Delinquent 2 80,375.00 0.16
- --------------------------------------------------------------------------
Total............... 1378 $ 51,796,983.72 100.00%
==========================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEINFOR DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND
ACCOMPANYING PROSPECTUS SUPPLEMENT. OFFERS TOOFFERS TO SELL AND SOLICITATIONS OF
OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS.
<PAGE> 10
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
<S> <C> <C> <C>
25.000 < CLTV <= 30.000 1 22,859.63 0.04
50.000 < CLTV <= 55.000 1 69,871.48 0.13
55.000 < CLTV <= 60.000 1 20,853.37 0.04
60.000 < CLTV <= 65.000 1 28,469.08 0.05
70.000 < CLTV <= 75.000 1 18,006.55 0.03
75.000 < CLTV <= 80.000 6 224,771.33 0.43
80.000 < CLTV <= 85.000 8 251,528.55 0.49
85.000 < CLTV <= 90.000 17 627,369.65 1.21
90.000 < CLTV <= 95.000 45 1,360,592.69 2.63
95.000 < CLTV <= 100.000 79 2,885,597.57 5.57
100.000 < CLTV <= 105.000 108 3,670,862.81 7.09
105.000 < CLTV <= 110.000 140 4,951,156.90 9.56
110.000 < CLTV <= 115.000 228 7,946,653.03 15.34
115.000 < CLTV <= 120.000 232 9,253,515.17 17.86
120.000 < CLTV <= 125.000 483 19,349,587.50 37.36
125.000 < CLTV <= 130.000 27 1,115,288.41 2.15
- --------------------------------------------------------------------------
Total.................... 1,378 $ 51,796,983.72 100.00%
==========================================================================
</TABLE>
DTI RANGE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Unpaid Aggregate
Number of Principal Principal
Loans Balance Balance
<S> <C> <C> <C>
11 < DTI <= 15 1 59,789.88 0.12
16 < DTI <= 20 9 269,416.81 0.52
21 < DTI <= 25 32 983,719.22 1.90
26 < DTI <= 30 100 3,615,504.10 6.98
31 < DTI <= 35 233 8,770,038.38 16.93
36 < DTI <= 40 350 12,706,201.55 24.53
41 < DTI <= 45 492 18,825,248.45 36.34
46 < DTI <= 50 161 6,567,065.33 12.68
- --------------------------------------------------------------------------
Total.................... 1378 $ 51,796,983.72 100.00%
==========================================================================
</TABLE>
FICO SCORE RANGE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Unpaid Aggregate
Number of Principal Principal
Loans Balance Balance
<S> <C> <C> <C>
600 <= FICO < 620 1 19,804.97 0.04
620 <= FICO < 640 49 1,592,670.86 3.07
640 <= FICO < 660 365 12,645,896.75 24.41
660 <= FICO < 680 329 12,823,223.61 24.76
680 <= FICO < 700 289 11,321,900.13 21.86
700 <= FICO < 720 173 6,883,569.09 13.29
720 <= FICO < 740 90 3,460,292.06 6.68
740 <= FICO < 760 64 2,448,326.14 4.73
760 <= FICO < 780 15 492,224.21 0.95
780 <= FICO < 800 3 109,075.90 0.21
- --------------------------------------------------------------------------
Total.................... 1378 $ 51,796,983.72 100.00%
==========================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEINFOR DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND
ACCOMPANYING PROSPECTUS SUPPLEMENT. OFFERS TOOFFERS TO SELL AND SOLICITATIONS OF
OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS.
<PAGE> 11
ORIGINAL MORTGAGE LOAN AMOUNTS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
Balance <= 25,000 301 6,395,963.79 12.35
25,000 < Balance <= 50,000 871 32,035,584.54 61.85
50,000 < Balance <= 75,000 173 10,537,465.52 20.34
75,000 < Balance <= 100,000 33 2,827,969.87 5.46
- -------------------------------------------------------------------------
Total.................... 1378 $ 51,796,983.72 100.00%
=========================================================================
</TABLE>
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>
5,000 < Balance <= 10,000 5 49,299.49 0.10
10,000 < Balance <= 15,000 35 507,602.10 0.98
15,000 < Balance <= 20,000 77 1,433,270.64 2.77
20,000 < Balance <= 25,000 186 4,454,918.58 8.60
25,000 < Balance <= 30,000 180 5,100,541.57 9.85
30,000 < Balance <= 35,000 315 10,731,561.30 20.72
35,000 < Balance <= 40,000 133 5,096,137.96 9.84
40,000 < Balance <= 45,000 137 5,995,727.86 11.58
45,000 < Balance <= 50,000 104 5,062,488.83 9.77
50,000 < Balance <= 55,000 69 3,715,935.46 7.17
55,000 < Balance <= 60,000 29 1,700,442.98 3.28
60,000 < Balance <= 65,000 36 2,297,613.59 4.44
65,000 < Balance <= 70,000 13 895,103.32 1.73
70,000 < Balance <= 75,000 26 1,928,370.17 3.72
75,000 < Balance <= 80,000 8 629,152.05 1.21
80,000 < Balance <= 85,000 16 1,345,517.63 2.60
85,000 < Balance <= 90,000 3 267,632.85 0.52
90,000 < Balance <= 95,000 1 90,436.67 0.17
95,000 < Balance <= 100,000 5 495,230.67 0.96
- --------------------------------------------------------------------------
Total.................... 1378 $ 51,796,983.72 100.00%
==========================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEINFOR DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND
ACCOMPANYING PROSPECTUS SUPPLEMENT. OFFERS TOOFFERS TO SELL AND SOLICITATIONS OF
OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS.
<PAGE> 12
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
<S> <C> <C> <C>
Alabama 4 151,096.78 0.29
Alaska 5 195,032.61 0.38
Arizona 36 1,373,370.24 2.65
Arkansas 5 156,446.23 0.30
California 686 26,473,579.26 51.11
Colorado 33 1,400,830.77 2.70
Connecticut 3 113,080.39 0.22
Dist of Col 1 39,846.19 0.08
Florida 135 4,512,897.92 8.71
Georgia 82 2,706,812.02 5.23
Idaho 6 220,309.29 0.43
Illinois 9 342,295.48 0.66
Indiana 17 542,810.64 1.05
Iowa 11 470,957.92 0.91
Kansas 6 197,395.84 0.38
Kentucky 3 70,371.27 0.14
Louisiana 9 371,148.43 0.72
Maryland 9 468,776.77 0.91
Massachsetts 2 54,095.97 0.10
Michigan 4 145,384.72 0.28
Minnesota 20 850,003.22 1.64
Mississippi 3 198,295.11 0.38
Missouri 19 549,306.57 1.06
Montana 1 14,412.35 0.03
Nebraska 5 204,829.62 0.40
Nevada 76 2,957,458.27 5.71
New Hampshire 3 92,761.07 0.18
New Jersey 2 79,356.85 0.15
New Mexico 3 117,290.70 0.23
New York 2 111,831.64 0.22
North Carolina 21 823,316.83 1.59
Ohio 52 1,677,075.73 3.24
Oklahoma 8 237,528.13 0.46
Oregon 23 927,758.29 1.79
Pennsylvania 3 106,222.12 0.21
Rhode Island 1 27,386.31 0.05
South Carolina 1 31,272.51 0.06
Tennessee 5 207,912.42 0.40
Utah 11 451,054.92 0.87
Virginia 13 584,208.82 1.13
Washington 32 1,287,046.81 2.48
Wisconsin 6 202,565.78 0.39
Wyoming 2 51,550.91 0.10
- --------------------------------------------------------------------------
Total............... 1378 $ 51,796,983.72 100.00%
==========================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEINFOR DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND
ACCOMPANYING PROSPECTUS SUPPLEMENT. OFFERS TOOFFERS TO SELL AND SOLICITATIONS OF
OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS.
<PAGE> 13
LOAN SUMMARY STRATIFIED BY
MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
<S> <C> <C> <C>
Manufactured Housing 4 110,839.41 0.21
SFD PUD 1287 48,752,967.97 94.12
Townhouses 3 172,800.85 0.33
Condominiums 73 2,308,010.00 4.46
3-4 units 7 268,996.65 0.52
Other 4 183,368.84 0.35
- --------------------------------------------------------------------------
Total............... 1378 $ 51,796,983.72 100.00%
==========================================================================
</TABLE>
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
<S> <C> <C> <C>
Owner Occ. 1372 51,536,106.27 99.50
Non Owner Occ. 6 260,877.45 0.50
- --------------------------------------------------------------------------
Total.................. 1378 $ 51,796,983.72 100.00%
==========================================================================
</TABLE>
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEINFOR DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT
VERSIONS INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE
UNDERLYING ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND
ACCOMPANYING PROSPECTUS SUPPLEMENT. OFFERS TOOFFERS TO SELL AND SOLICITATIONS OF
OFFERS TO BUY THE SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS.
