<PAGE>
================================================================================
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) June 29, 1999
Prudential Securities Secured Financing Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-75489 13-3526694
- ---------------------------- ------------------------ -------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
One New York Plaza
New York, New York 10292
- ---------------------------------------- -------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 778-1000
---------------------
No Change
-------------------------------------------------------------
(Former name or former address, if changed since last report)
================================================================================
<PAGE>
Item 5. Other Events
In connection with the offering of ABFS Mortgage Loan Trust 1999-2,
Mortgage Backed Notes, Series 1999-2 described in a Prospectus Supplement dated
June 25, 1999, 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).
<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 ABFS
Mortgage Loan Trust 1999-2 as Registrant
By: /s/ Evan Mitnick
--------------------------
Name: Evan Mitnick
Title: Vice President
Dated: June 29, 1999
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined
in Item 5 above).
<PAGE>
EXHIBIT 99.1
PRELIMINARY
BACKGROUND INFORMATION
American Business Financial Services
ABFS Mortgage Loan Trust 1999-2
APPROXIMATE CLASS SIZES
- --------------------------------------------------------------------------------
*********(Fixed-Rate Collateral)*********
$ [197,010,000] Class A-1 Fixed-Rate Notes (Pool A)
$ [ 21,890,000] Class A-2 Floating-Rate Notes (Pool B)
- --------------------------------------------------------------------------------
The information provided herein is provided solely to you by Prudential
Securities Incorporated ("PSI") as underwriter for the ABFS Mortgage Loan Trust
1999-2 transaction, and not by, or as agent for, American Business Financial
Services, Inc. ("ABFS" or the "Company") or any of its affiliates. The analysis
in this report is accurate to the best of PSI's knowledge and is based on
information provided by the Company. PSI makes no representations as to the
accuracy of such information provided to it by the Company. 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 its officers,
directors, analysts or employees may have positions in securities, commodities
or derivative instruments thereon referred to herein, 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. The Notes are offered by PSI when, as and if
issued, subject to delivery by the Depositor and acceptance by PSI, to prior
sale and to withdrawal, cancellation or modification of the offer without
notice. 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>
American Business Financial Services - ABFS Mortgage Loan Trust 1999-2
PRICING INFORMATION
(FIXED-RATE NOTES)
-------------------
Class: A-1*
Approximate
Face Amount: 197,010,000
Coupon: 7.130
Price: 100-00
Yield: 7.130
Spread: 125
Exp Avg Life
to Call: 3.161 yrs
Exp Avg Life
to Maturity: 3.440 yrs
Exp 1st
Prin Pmt: 07/15/1999
Exp Mat
to call: 03/15/2007
Exp Mat: 12/15/2015
Stated Mat: 09/15/2030
Exp Rating
(Moody's/S&P): Aaa/AAA
Pricing Speed: 25% HEP
Pricing Date: 06/10/1999
Investor
Settle Date: 06/29/1999
Cut-off Date
(Close of Business): 05/31/1999
Pmt Delay: 14 days
Dated Date: 06/01/1999
Int Pmt: 30/360
Pmt Terms: Monthly
1st Int.
Pmt Date: 07/15/1999
Collateral
Type: Fixed-Rate ("Pool A")
SMMEA
Eligibility: Non-SMMEA
Distribution: Public
Settlement: DTC Only
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
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>
American Business Financial Services - ABFS Mortgage Loan Trust 1999-2
*Class A-1 Coupon Step-up: Class A-1 is priced to call. If the Servicer does
not exercise the Cleanup Call, the Coupon on Class
A-1 will increase by 50 basis points.
Cashflow Priority: 1) Repayment of unreimbursed Servicer
advances;
2) Servicing fee;
3) Trustee fee;
4) Surety fee;
5) Repayment of unreimbursed Surety payments;
6) Accrued monthly interest for Class A-1
Noteholders;
7) Monthly principal to the Class A-1 Noteholders
(as described below);
8) Certain excess cashflow to build
overcollateralization ("O/C") for Class A-1
Notes;
9) To make a cross-collateralized payment for
certain shortfalls in payments on the Class A-2
Notes;
10) To make a deposit to a reserve fund for certain
shortfalls in payments on the Class A-2 Notes
if it is then underfunded;
11) To make a payment of up to 1.00% per annum of
the outstanding principal balance of Pool A
calculated for the related interest accrual
period from the excess cashflow available from
Pool A to the Class A-2 Notes should the
interest rate on the Class A-2 Notes exceed the
available funds cap on the Class A-2 Notes; and
12) Any remaining excess cashflow to the holders of
the Trust Certificates.
Class A-1 Note
Principal Paydown: All principal collected from Pool A is paid to the
Class A-1 Noteholders.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
American Business Financial Services - ABFS Mortgage Loan Trust 1999-2
PRICING INFORMATION
(FLOATING-RATE NOTES)
---------------------
Class: A-2**
Approximate
Face Amount: 21,890,000
Coupon: 1 Month LIBOR + [TBD]%
Price: [TBD]
Yield: [TBD]
Spread: [TBD]
Exp Avg Life
to Call: 3.164 yrs
Exp Avg Life
to Maturity: 3.442 yrs
Exp 1st
Prin Pmt: 07/15/1999
Exp Mat
to call: 03/15/2007
Exp Mat: 12/15/2015
Stated Mat: 09/15/2030
Exp Rating
(Moody's/S&P): Aaa/AAA
Pricing Speed: 25% HEP
Pricing Date: [TBD]
Investor
Settle Date: 06/29/1999
Cut-off Date
(Close of Business): 05/31/1999
Pmt Delay: 0 days
Dated Date: 06/01/1999
Int Pmt: Act/360
Pmt Terms: Monthly
1st Int.
Pmt Date: 07/15/1999
Collateral
Type: Fixed-Rate ("Pool B")
SMMEA
Eligibility: Non-SMMEA
Distribution: Public
Settlement: DTC Only
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
American Business Financial Services - ABFS Mortgage Loan Trust 1999-2
**Class A-2 Coupon Step-up: Class A-2 is priced to call. If the Servicer
does not exercise the Cleanup Call, the Coupon
on Class A-2 will equal One Month LIBOR + (2 x
[TBD]%).
Limited Coverage of Interest
to Class A-2 by Note
Insurance Policy: The Note Insurer will insure payment of Class
A-2 interest only up to the Available Funds Cap.
To mitigate the likelihood of any shortfall in
the funds available to pay Class A-2 interest,
certain funds will be available from the Pool A
Mortgage Loans to pay any such shortfall
provided that certain Pool A requirements have
been fulfilled. Specifically, up to 100bps of
the outstanding principal balance of Pool A will
be available to pay such shortfall from Pool A's
excess cashflow once Pool A's credit
requirements have been satisfied (as shown in
Class A-1 'Cashflow Priority'), such amount, the
"Interest Coverage Amount".
The Available Funds Cap is a rate equal to the
weighted average gross coupon rate on the Pool B
Mortgage Loans for such Distribution Date less
the Expense Fee Rate and the Credit Spread Rate.
Expense Fee Rate = 0.695% for servicing fee,
trustee fee and surety fee. Credit Spread Rate =
0.75% to provide excess spread for building
overcollateralization and for covering any
losses which may occur.
LIBOR Interest Carryforward: If, on any Distribution Date, the amount of
interest due to Class A-2 is limited to the
Available Funds Cap, it may be repaid as set
forth below. The excess of (i) the amount of
interest Class A-2 would be entitled to receive
on such Distribution Date at the then applicable
LIBOR Rate over (ii) the amount of accrued
interest for such Distribution Date at the
Available Funds Cap, together with the unpaid
portion of any such excess from prior
Distribution Dates (and interest accrued thereon
at the then applicable LIBOR Rate) is referred
to as the LIBOR Interest Carryforward. Any LIBOR
Interest Carryforward that cannot be repaid by
the Interest Coverage Amount (as described
above) will be carried forward to the next
Distribution Date until paid as set forth below.
The LIBOR Interest Carryforward will not be
insured by the FSA guarantee.
<PAGE>
Cashflow Priority: 1) Repayment of unreimbursed Servicer advances;
2) Servicing fee;
3) Trustee fee;
4) Surety fee;
5) Repayment of unreimbursed Surety payments;
6) Accrued monthly interest for Class A-2
Noteholder (limited to the Available Funds
Cap);
7) Monthly principal to the Class A-2
Noteholders (as described below);
8) Certain excess cashflow to build
overcollateralization ("O/C") for the Class
A-2 Notes;
9) To make cross-collateralized payment for
certain shortfalls in payments on the Class
A-1 Notes;
10) To make a deposit to a reserve fund for
certain shortfalls in payments on the Class
A-1 Notes if it is then underfunded;
11) To pay any outstanding LIBOR Interest
Carryforward; and
12) Any remaining excess cashflow to the holders
of the Trust Certificates.
Class A-2 Note
Principal Paydown: All principal collected from Pool B is paid to
the Class A-2 Noteholders.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
American Business Financial Services - ABFS Mortgage Loan Trust 1999-2
SUMMARY OF TERMS
--------------------------
Title of Securities: ABFS Mortgage Loan Trust 1999-2, Series 1999-2
Class A-1 and Class A-2 (the "Class A Notes").
Depositor: Prudential Securities Secured Financing Corporation
Servicer: American Business Credit, Inc.
Upland Mortgage and New Jersey Mortgage and
Investment Corp. will act as subservicers.
Originators: American Business Credit, Inc., Home American Credit,
Inc. d/b/a Upland Mortgage and New Jersey Mortgage
and Investment Corp. originated or purchased the
Mortgage Loans.
Trustee: The Bank of New York, a New York banking corporation.
Aggregate
Note Balance: $[218,900,000]
Securities Offered: 100% FSA-guaranteed notes.
Offering: Public shelf offering -- a prospectus and prospectus
supplement will be distributed after pricing.
Pricing Date: [TBD]
Investor
Settlement Date: 06/29/99
Form of Notes: Book-Entry form, same-day funds through DTC,
Euroclear and CEDEL
Coupon: [7.130]% on Class A-1 Notes
One Month LIBOR + [TBD]% on Class A-2 Notes
Prepayment
Assumption: 25% HEP (2.5% CPR in month 1 with monthly incremental
increases of 2.5% CPR until the speed reaches 25% CPR
in month 10 based on loan seasoning). This means that
seasoned loans will start further up on the
prepayment curve.
Distribution Date: The 15th day of each month (or, if any such
date is not a business day, the first business day
thereafter) commencing in July 1999. The payment
delay will be 14 days for the Class A-1 Notes.
Class A-1 Interest
Accrual Period: With respect to any Distribution Date,
interest on the Class A-1 Notes will accrue during
the prior calendar month and will be calculated based
on a 360-day year consisting of twelve 30-day months.
<PAGE>
Class A-2 Interest
Accrual Period: With respect to any Distribution Date,
interest will accrue from the Settlement Date to but
excluding the first Distribution Date in July. In
future periods, interest will accrue on the Class A-2
Notes from the preceding Distribution Date to but
excluding the current Distribution Date.
Optional
Cleanup Call: The Servicer may call the Class A-1 Notes or the
Class A-2 Notes, separately, on any Remittance Date
when the then outstanding principal balance of the
Class A-1 Notes or the Class A-2 Notes, respectively,
is less than or equal to 10% of the original
principal balance of the Class A-1 Notes or the Class
A-2 Notes, respectively. Based upon the cleanup call
described in this paragraph, there will be a coupon
step-up feature with respect to each class.
The Servicer may also call the Class A Notes on any
Remittance Date when the then-outstanding collateral
balance (Pool A & Pool B) is less than or equal to
10% of the original collateral balance (Pool A &
Pool B).
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
American Business Financial Services - ABFS Mortgage Loan Trust 1999-2
Credit Enhancement: 1) 100% wrap from FSA.
2) Overcollateralization.
3) Excess monthly cashflow from Pool A and Pool B.
Note Insurer: Financial Security Assurance Inc. ("FSA").
FSA's claims-paying ability is rated "Aaa" by Moody's
Investors Service and "AAA" by Standard & Poor's.
Note Insurance Policy: The Note Insurance Policy will provide 100% coverage
of timely interest and ultimate principal payments
due on the Class A Notes. The Note Insurance Policy
does not insure the LIBOR Interest Carryforward
amount.
Overcollateralization
and Reserve Account: The credit enhancement provisions of the Trust are
intended to provide for the acceleration of the Class
A Notes relative to the amortization of the related
collateral (i.e., Pool A for the A-1 Notes and Pool B
for the A-2 Notes), generally in the early years of
the transaction. Accelerated amortization is achieved
by applying excess interest collected on the related
collateral to the payment of principal on the related
group of Notes, resulting in the build up of
overcollateralization ("O/C"). By paying down the
principal balance of the related group of Notes
faster than the principal amortization of the related
collateral pool, an overcollateralization amount
equal to the excess of the aggregate principal
balance of the related collateral pool over the
principal balance of the related Notes is created. On
the first payment date, 0% of the excess cashflow
available from each pool will be directed to build
O/C; after the first payment date, 100% of the excess
cashflow available from the related collateral will
be directed to build O/C until the pool initially
reaches its required O/C target. After each pool
initially reaches its required O/C target, the
acceleration feature will cease, unless it is once
again necessary to maintain its required O/C level.
If the required O/C level is not maintained, 100% of
the excess cashflow will be applied to build O/C, as
necessary, to maintain the required O/C level. If
either Pool's O/C target is reached before the
other's, 100% of the excess cashflow from the
"satisfied" Pool will be directed to a reserve
account to the extent of any deficiency in the O/C
requirement for the "unsatisfied" Pool. After
initially reaching their O/C target, if either Pool's
O/C target is maintained and the other Pool becomes
deficient in its O/C requirement, 100% of the excess
cashflow from the "satisfied" Pool will be directed
to a reserve account to the extent of any deficiency
in the O/C requirement for the "unsatisfied" Pool. If
the sum of the O/C level of the "unsatisfied" Pool
and the amount on deposit in the Reserve Account
exceeds the O/C target, such excess will be
distributed to the Trust Certificateholder. Funds on
deposit in the Reserve Account will be used to pay
shortfalls of current interest or credit losses on
either Class of Notes, but only to the extent the O/C
level on such Class has been reduced to zero.
<PAGE>
Cross-
Collateralization: The two pools are cross-collateralized to a limited
extent.
Overcollateralization
Levels for Pool A &
Pool B (Approx.): Initial O/C based on original collateral balance:
[0.5%]
O/C Target based on original collateral balance:
[5.0%]
These O/C percentages are subject to step-downs
beginning in month [31] if certain tests are met.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
American Business Financial Services - ABFS Mortgage Loan Trust 1999-2
Pool A
Pre-funding Account: On the Settlement Date, an aggregate cash amount (the
"Pool A Pre-funded Amount"), which will equal
approximately $[49,500,000] will be deposited in the
Pool A Pre- funding Account. During the period ("the
Funding Period") from the Settlement Date until the
earlier of: (i) the date on which the amount in the
Pool A Pre-funding Account is less than $100,000,
(ii) the date on which any Servicer default occurs,
or (iii) September 30, 1999, the Pool A Pre-funding
Amount will remain in the Pool A Pre-funding Account.
The Pool A Pre-funding Account will be reduced during
the Funding Period by amounts used to purchase
subsequent mortgages in accordance with the
Indenture. Any Pool A Pre-funded Amount remaining at
the end of the Funding Period (net of reinvestment
income payable to the Trust Certificateholders) will
be distributed to the Class A-1 Noteholders on the
October 15, 1999 Distribution Date as a partial
prepayment of principal on such group of notes.
Pool B
Pre-funding Account: On the Settlement Date, an aggregate cash amount (the
"Pool B Pre-funded Amount"), which will equal
approximately $[5,500,000] will be deposited in the
Pool B Pre- funding Account. During the period ("the
Funding Period") from the Settlement Date until the
earlier of: (i) the date on which the amount in the
Pool B Pre-funding Account is less than $100,000,
(ii) the date on which any Servicer default occurs,
or (iii) September 30, 1999, the Pool B Pre-funding
Amount will remain in the Pool B Pre-funding Account.
The Pool B Pre-funding Account will be reduced during
the Funding Period by amounts used to purchase
subsequent mortgages in accordance with the
Indenture. Any Pool B Pre-funded Amount remaining at
the end of the Funding Period (net of reinvestment
income payable to the Trust Certificateholders) will
be distributed to the Class A-2 Noteholders on the
October 15, 1999 Distribution Date as a partial
prepayment of principal on such group of Notes.
Collateral
Information: The collateral information presented herein is based
on the collateral pool as of [May 17, 1999].
Additional collateral will be accumulated before the
Settlement Date to reach Pool A's expected closing
pool balance of $[148,500,000] and Pool B's expected
closing pool balance of $[16,500,000]. The
characteristics of such additional collateral are not
expected to be materially different from the
collateral information presented herein.
Servicing Fee: 50 basis points per annum.
ERISA Considerations: The Class A Notes will be ERISA eligible.
Investors should consult with their counsel with
respect to the consequences under ERISA and the
Internal Revenue Code of a Plan's acquisition and
ownership of such Notes.
<PAGE>
Taxation: Class A Notes: Debt for tax. The Notes will be
issued by an Owner Trust.
Legal Investment: None of the Class A Notes will be SMMEA-eligible.
Note Ratings: Moody's: "Aaa" for all Class A Notes.
S&P: "AAA" for all Class A Notes.
Prospectus: The Notes are being offered pursuant to a Prospectus
which includes a Prospectus Supplement (together, the
"Prospectus"). Complete information with respect to
the Notes 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 Notes may
not be consumated unless the purchaser has received
the Prospectus.
Further Information: Trading: Greg Richter or Rob Karr at (212) 778-2741,
Banking: Evan Mitnick (212) 778-7469,
Shelby Carvalho at (212) 778-4127 or
Kenny Rosenberg at (212) 778-2440.
FSG: Lina Hsu at (212) 778-1451,
Howard Blecher at (212) 778-4429 or
Jeff Park at (212) 778-2108.
COPIES OF PROSPECTUS: PLEASE SEND AN E-MAIL WITH CLIENT'S NAME ADDRESS AND
PHONE NUMBER TO KENNY ROSENBERG AT:
E-MAIL: [email protected]
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
Projected Available Funds Cap of Pool B:
=========================================
NET WAC - TRUSTEE FEE (1.5 bps) - SURETY FEE (18 bps) - [75] bp CARVE-OUT
+ EXCESS INTEREST AVAILABLE
FROM POOL A *
(Using 30/360 Day Count)
* Assumes that the maximum amount of excess interest (1.00%) is available from
Pool A when the Pool A required overcollateralizaton amount is satisfied
DATE CAP
7/15/99 20.123%
8/15/99 11.122%
9/15/99 11.122%
10/15/99 11.121%
11/15/99 11.120%
12/15/99 11.120%
1/15/00 11.119%
2/15/00 11.119%
3/15/00 11.118%
4/15/00 11.117%
5/15/00 11.117%
6/15/00 11.116%
7/15/00 11.115%
8/15/00 11.115%
9/15/00 11.114%
10/15/00 11.113%
11/15/00 11.113%
12/15/00 11.112%
1/15/01 11.111%
2/15/01 20.064%
3/15/01 20.062%
4/15/01 20.060%
5/15/01 20.059%
6/15/01 20.057%
7/15/01 20.055%
8/15/01 20.053%
9/15/01 20.052%
10/15/01 20.050%
11/15/01 20.048%
12/15/01 20.046%
1/15/02 20.044%
2/15/02 20.042%
3/15/02 20.041%
4/15/02 20.039%
5/15/02 20.037%
6/15/02 20.035%
7/15/02 20.033%
8/15/02 20.031%
9/15/02 20.029%
10/15/02 20.027%
11/15/02 20.025%
12/15/02 20.023%
1/15/03 20.022%
2/15/03 20.020%
3/15/03 20.018%
4/15/03 20.016%
5/15/03 20.014%
6/15/03 20.011%
7/15/03 20.009%
8/15/03 20.007%
9/15/03 20.005%
10/15/03 20.003%
11/15/03 20.001%
12/15/03 19.999%
1/15/04 19.997%
2/15/04 19.995%
3/15/04 19.993%
4/15/04 19.990%
5/15/04 19.988%
6/15/04 19.986%
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
<TABLE>
<CAPTION>
CURRENT BALANCE: $197,010,000.00 DATED DATE: 06/01/99
COUPON: 7.130% abfs992 FIRST PAYMENT: 07/15/99
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $197,010,000.00 BOND A1 BE-YIELD TABLE YIELD TABLE DATE: 06/29/99
PREPAYMENT SPEED
***TO CALL***
PRICING SPEED
25.0% 15.00% 20.00% 25.00% 30.00% 35.00%
PRICE HEP HEP HEP HEP HEP HEP
----- --- --- --- --- --- ---
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.226 7.229 7.228 7.226 7.224 7.223
99-24+ 7.220 7.225 7.223 7.220 7.217 7.215
99-25 7.214 7.221 7.218 7.214 7.210 7.207
99-25+ 7.208 7.217 7.212 7.208 7.204 7.199
99-26 7.202 7.213 7.207 7.202 7.197 7.191
99-26+ 7.196 7.209 7.202 7.196 7.190 7.183
99-27 7.190 7.204 7.197 7.190 7.183 7.175
99-27+ 7.184 7.200 7.192 7.184 7.176 7.167
99-28 7.178 7.196 7.187 7.178 7.169 7.159
99-28+ 7.172 7.192 7.182 7.172 7.162 7.151
99-29 7.166 7.188 7.177 7.166 7.155 7.144
99-29+ 7.160 7.184 7.172 7.160 7.148 7.136
99-30 7.154 7.179 7.167 7.154 7.141 7.128
99-30+ 7.148 7.175 7.162 7.148 7.134 7.120
99-31 7.142 7.171 7.157 7.142 7.127 7.112
99-31+ 7.136 7.167 7.152 7.136 7.120 7.104
100-00 7.130 7.163 7.147 7.130 7.113 7.096
100-00+ 7.124 7.159 7.141 7.124 7.106 7.088
100-01 7.118 7.154 7.136 7.118 7.099 7.080
100-01+ 7.112 7.150 7.131 7.112 7.092 7.072
100-02 7.106 7.146 7.126 7.106 7.086 7.065
100-02+ 7.100 7.142 7.121 7.100 7.079 7.057
100-03 7.094 7.138 7.116 7.094 7.072 7.049
100-03+ 7.088 7.134 7.111 7.088 7.065 7.041
100-04 7.082 7.130 7.106 7.082 7.058 7.033
100-04+ 7.076 7.125 7.101 7.076 7.051 7.025
100-05 7.070 7.121 7.096 7.070 7.044 7.017
100-05+ 7.064 7.117 7.091 7.064 7.037 7.009
100-06 7.058 7.113 7.086 7.058 7.030 7.002
100-06+ 7.052 7.109 7.081 7.052 7.023 6.994
100-07 7.046 7.105 7.076 7.046 7.016 6.986
100-07+ 7.040 7.101 7.071 7.040 7.010 6.978
First Payment 0.044 0.044 0.044 0.044 0.044 0.044
Average Life 3.161 5.022 3.891 3.161 2.658 2.287
Last Payment 7.711 12.461 9.628 7.711 6.378 5.378
Mod.Dur. @ 100-00 2.594 3.742 3.070 2.594 2.242 1.969
Accrued Interest 0.555 0.555 0.555 0.555 0.555 0.555
</TABLE>
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
<TABLE>
<CAPTION>
CURRENT BALANCE: $21,890,000.00 DATED DATE: 06/29/99
CURRENT COUPON: TBD% abfs992 FIRST PAYMENT: 07/15/99
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $21,890,000.00 BOND A2 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 06/29/99
ASSUMED CONSTANT LIBOR-1M 5.0000
***TO CALL***
PRICING SPEED
25.0% 15.00% 20.00% 25.00% 30.00% 35.00%
PRICE HEP HEP HEP HEP HEP HEP
----- --- --- --- --- --- ---
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 38.874 36.022 37.426 38.874 40.336 41.797
99-24+ 38.318 35.645 36.961 38.318 39.689 41.059
99-25 37.763 35.268 36.496 37.763 39.042 40.320
99-25+ 37.207 34.891 36.031 37.207 38.395 39.582
99-26 36.652 34.514 35.567 36.652 37.748 38.844
99-26+ 36.097 34.138 35.102 36.097 37.102 38.106
99-27 35.542 33.761 34.638 35.542 36.455 37.368
99-27+ 34.987 33.384 34.173 34.987 35.809 36.630
99-28 34.432 33.008 33.709 34.432 35.163 35.893
99-28+ 33.878 32.632 33.245 33.878 34.517 35.156
99-29 33.323 32.255 32.781 33.323 33.871 34.418
99-29+ 32.769 31.879 32.317 32.769 33.226 33.682
99-30 32.215 31.503 31.854 32.215 32.580 32.945
99-30+ 31.661 31.127 31.390 31.661 31.935 32.208
99-31 31.107 30.751 30.927 31.107 31.290 31.472
99-31+ 30.554 30.376 30.463 30.554 30.645 30.736
100-00 30.000 30.000 30.000 30.000 30.000 30.000
100-00+ 29.447 29.624 29.537 29.447 29.355 29.264
100-01 28.893 29.249 29.074 28.893 28.711 28.529
100-01+ 28.340 28.874 28.611 28.340 28.067 27.793
100-02 27.787 28.498 28.148 27.787 27.422 27.058
100-02+ 27.234 28.123 27.686 27.234 26.778 26.323
100-03 26.682 27.748 27.223 26.682 26.135 25.588
100-03+ 26.129 27.373 26.761 26.129 25.491 24.853
100-04 25.577 26.999 26.299 25.577 24.847 24.119
100-04+ 25.024 26.624 25.837 25.024 24.204 23.385
100-05 24.472 26.249 25.375 24.472 23.561 22.650
100-05+ 23.920 25.875 24.913 23.920 22.918 21.917
100-06 23.368 25.500 24.451 23.368 22.275 21.183
100-06+ 22.817 25.126 23.989 22.817 21.632 20.449
100-07 22.265 24.752 23.528 22.265 20.990 19.716
100-07+ 21.714 24.378 23.066 21.714 20.347 18.983
First Payment 0.044 0.044 0.044 0.044 0.044 0.044
Average Life 3.164 5.024 3.898 3.164 2.657 2.292
Last Payment 7.711 12.378 9.628 7.711 6.378 5.461
Mod.Dur. @ 100-00 2.718 4.007 3.249 2.718 2.333 2.044
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000
</TABLE>
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
- --------------------------------------------------------------------------------
- ABFS 99-2 INITIAL POOL
- Cut Off Date of Tape is 5/17/99
- Fixed HEL - Group 1 Conforming (1)
- $90,400,322.64
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,304
Lien Status: 1st and 2nd Lien Loans
Aggregate Unpaid Principal Balance: $90,400,322.64
Aggregate Original Principal Balance: $90,515,238.16
Weighted Average Gross Coupon: 11.061%
Gross Coupon Range: 7.500% - 17.990%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $69,325.40
Average Original Principal Balance: $69,413.53
Maximum Unpaid Principal Balance: $239,000.00
Minimum Unpaid Principal Balance: $9,851.48
Maximum Original Principal Balance: $239,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 254.310 (2)
Stated Rem Term Range: 35.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 0.526
Age Range: 0.000 - 17.000
Weighted Average Original Term: 254.836 (2)
Original Term Range: 36.000 - 360.000
Weighted Average Combined LTV: 76.275
Combined LTV Range: 4.910% - 125.000%
Weighted Average Debt to Income Ratio: 41.735
Debt to Income Ratio Range: 2.000% - 96.000%
- --------------------------------------------------------------------------------
(1) Conforming: original balance + sr lien balance <= $240,000
(2) Balloons to balloon term
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
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
------------- -------- ------------ ---------
7.00% < Gross Coupon <= 7.50% 1 140,000.00 0.15
7.75% < Gross Coupon <= 8.00% 11 771,394.62 0.85
8.00% < Gross Coupon <= 8.25% 4 451,451.42 0.50
8.25% < Gross Coupon <= 8.50% 34 2,944,983.15 3.26
8.50% < Gross Coupon <= 8.75% 12 1,447,456.45 1.60
8.75% < Gross Coupon <= 9.00% 65 6,207,042.22 6.87
9.00% < Gross Coupon <= 9.25% 21 2,078,291.59 2.30
9.25% < Gross Coupon <= 9.50% 83 6,294,891.29 6.96
9.50% < Gross Coupon <= 9.75% 20 1,695,411.77 1.88
9.75% < Gross Coupon <= 10.00% 161 11,897,427.94 13.16
10.00% < Gross Coupon <= 10.25% 23 1,834,805.67 2.03
10.25% < Gross Coupon <= 10.50% 79 6,513,117.27 7.20
10.50% < Gross Coupon <= 10.75% 67 3,966,265.68 4.39
10.75% < Gross Coupon <= 11.00% 164 11,898,741.44 13.16
11.00% < Gross Coupon <= 11.25% 30 1,797,502.35 1.99
11.25% < Gross Coupon <= 11.50% 60 4,611,408.09 5.10
11.50% < Gross Coupon <= 11.75% 18 1,078,384.20 1.19
11.75% < Gross Coupon <= 12.00% 109 6,259,669.76 6.92
12.00% < Gross Coupon <= 12.25% 23 1,329,673.80 1.47
12.25% < Gross Coupon <= 12.50% 46 2,592,729.12 2.87
12.50% < Gross Coupon <= 12.75% 15 732,427.92 0.81
12.75% < Gross Coupon <= 13.00% 52 2,785,889.13 3.08
13.00% < Gross Coupon <= 13.25% 17 775,564.65 0.86
13.25% < Gross Coupon <= 13.50% 9 199,511.45 0.22
13.50% < Gross Coupon <= 13.75% 15 592,469.22 0.66
13.75% < Gross Coupon <= 14.00% 21 1,220,649.31 1.35
14.00% < Gross Coupon <= 14.25% 4 293,341.16 0.32
14.25% < Gross Coupon <= 14.50% 9 642,557.98 0.71
14.50% < Gross Coupon <= 14.75% 11 315,705.15 0.35
14.75% < Gross Coupon <= 15.00% 6 175,427.72 0.19
15.25% < Gross Coupon <= 15.50% 2 54,658.15 0.06
15.50% < Gross Coupon <= 15.75% 10 645,452.13 0.71
15.75% < Gross Coupon <= 16.00% 97 5,812,312.79 6.43
16.00% < Gross Coupon <= 16.25% 1 21,980.88 0.02
16.75% < Gross Coupon <= 17.00% 2 238,750.00 0.26
17.50% < Gross Coupon <= 18.00% 2 82,977.17 0.09
- --------------------------------------------------------------------------------
Total.......... 1304 $90,400,322.64 100.00%
================================================================================
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
------------- -------- ------------ -------------
24 < Orig. Term <= 36 2 39,726.94 0.04%
48 < Orig. Term <= 60 30 677,798.13 0.75%
60 < Orig. Term <= 72 1 42,418.37 0.05%
72 < Orig. Term <= 84 11 336,833.95 0.37%
84 < Orig. Term <= 96 3 104,078.36 0.12%
96 < Orig. Term <= 108 1 32,333.72 0.04%
108 < Orig. Term <= 120 99 3,273,024.01 3.62%
132 < Orig. Term <= 144 3 162,716.45 0.18%
144 < Orig. Term <= 156 6 185,787.91 0.21%
168 < Orig. Term <= 180 593 38,183,909.56 42.24%
180 < Orig. Term <= 192 1 120,000.00 0.13%
228 < Orig. Term <= 240 154 9,842,609.63 10.89%
240 < Orig. Term <= 252 1 72,000.00 0.08%
288 < Orig. Term <= 300 42 3,047,859.18 3.37%
336 < Orig. Term <= 348 23 2,175,418.15 2.41%
348 < Orig. Term <= 360 334 32,103,808.28 35.51%
- -------------------------------------------------------------------
Total............ 1,304 90,400,322.64 100.00%
===================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
-------------- --------- ------------ -------------
24 < Rem Term <= 36 2 39,726.94 0.04%
48 < Rem Term <= 60 30 677,798.13 0.75%
60 < Rem Term <= 72 1 42,418.37 0.05%
72 < Rem Term <= 84 11 336,833.95 0.37%
84 < Rem Term <= 96 3 104,078.36 0.12%
96 < Rem Term <= 108 1 32,333.72 0.04%
108 < Rem Term <= 120 99 3,273,024.01 3.62%
132 < Rem Term <= 144 3 162,716.45 0.18%
144 < Rem Term <= 156 6 185,787.91 0.21%
156 < Rem Term <= 168 3 121,666.60 0.13%
168 < Rem Term <= 180 590 38,062,242.96 42.10%
180 < Rem Term <= 192 1 120,000.00 0.13%
228 < Rem Term <= 240 154 9,842,609.63 10.89%
240 < Rem Term <= 252 1 72,000.00 0.08%
276 < Rem Term <= 288 1 59,709.96 0.07%
288 < Rem Term <= 300 41 2,988,149.22 3.31%
336 < Rem Term <= 348 23 2,175,418.15 2.41%
348 < Rem Term <= 360 334 32,103,808.28 35.51%
- -------------------------------------------------------------------
Total............ 1,304 90,400,322.64 100.00%
===================================================================
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
------------------- --------- ------------ ------------
0.000 < CLTV <= 5.000 1 13,500.00 0.01
5.000 < CLTV <= 10.000 2 30,842.31 0.03
10.000 < CLTV <= 15.000 7 126,593.48 0.14
15.000 < CLTV <= 20.000 10 231,315.97 0.26
20.000 < CLTV <= 25.000 10 401,979.15 0.44
25.000 < CLTV <= 30.000 20 854,928.22 0.95
30.000 < CLTV <= 35.000 15 656,240.13 0.73
35.000 < CLTV <= 40.000 19 625,312.48 0.69
40.000 < CLTV <= 45.000 23 897,491.09 0.99
45.000 < CLTV <= 50.000 41 1,963,941.10 2.17
50.000 < CLTV <= 55.000 24 1,567,246.28 1.73
55.000 < CLTV <= 60.000 54 3,217,178.76 3.56
60.000 < CLTV <= 65.000 76 5,021,156.82 5.55
65.000 < CLTV <= 70.000 128 7,611,086.35 8.42
70.000 < CLTV <= 75.000 152 9,724,385.28 10.76
75.000 < CLTV <= 80.000 262 21,995,455.44 24.33
80.000 < CLTV <= 85.000 205 16,137,660.82 17.85
85.000 < CLTV <= 90.000 212 17,849,566.58 19.75
90.000 < CLTV <= 95.000 4 128,856.46 0.14
95.000 < CLTV <= 100.000 3 57,337.72 0.06
100.000 < CLTV <= 105.000 6 131,406.32 0.15
105.000 < CLTV <= 110.000 2 41,885.95 0.05
110.000 < CLTV <= 115.000 12 465,579.69 0.52
115.000 < CLTV <= 120.000 4 162,860.57 0.18
120.000 < CLTV <= 125.000 12 486,515.67 0.54
- --------------------------------------------------------------------------
Total.................... 1,304 $90,400,322.64 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
ORIGINAL MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
----------------- --------- --------- -------------
5,000 < Balance <= 10,000 12 119,470.06 0.13
10,000 < Balance <= 15,000 38 500,245.56 0.55
15,000 < Balance <= 20,000 65 1,207,572.23 1.34
20,000 < Balance <= 25,000 94 2,201,443.04 2.44
25,000 < Balance <= 30,000 87 2,424,279.45 2.68
30,000 < Balance <= 35,000 85 2,807,091.40 3.11
35,000 < Balance <= 40,000 84 3,215,604.36 3.56
40,000 < Balance <= 45,000 64 2,750,916.03 3.04
45,000 < Balance <= 50,000 61 2,937,388.40 3.25
50,000 < Balance <= 55,000 70 3,703,960.68 4.10
55,000 < Balance <= 60,000 57 3,315,098.98 3.67
60,000 < Balance <= 65,000 47 2,962,418.93 3.28
65,000 < Balance <= 70,000 37 2,519,669.77 2.79
70,000 < Balance <= 75,000 45 3,282,868.46 3.63
75,000 < Balance <= 80,000 42 3,263,007.86 3.61
80,000 < Balance <= 85,000 46 3,821,451.15 4.23
85,000 < Balance <= 90,000 32 2,807,221.44 3.11
90,000 < Balance <= 95,000 24 2,219,052.64 2.45
95,000 < Balance <= 100,000 31 3,050,944.27 3.37
100,000 < Balance <= 105,000 22 2,254,111.60 2.49
105,000 < Balance <= 110,000 28 3,020,943.57 3.34
110,000 < Balance <= 115,000 20 2,247,977.85 2.49
115,000 < Balance <= 120,000 22 2,596,925.10 2.87
120,000 < Balance <= 125,000 11 1,356,716.87 1.50
125,000 < Balance <= 130,000 13 1,656,526.94 1.83
130,000 < Balance <= 135,000 19 2,511,896.82 2.78
135,000 < Balance <= 140,000 11 1,525,476.41 1.69
140,000 < Balance <= 145,000 8 1,140,596.95 1.26
145,000 < Balance <= 150,000 22 3,251,813.94 3.60
150,000 < Balance <= 200,000 77 13,157,052.94 14.55
200,000 < Balance <= 250,000 30 6,570,578.94 7.27
- --------------------------------------------------------------------------
Total.................... 1304 $90,400,322.64 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
----------------- --------- ------------ -------------
5,000 < Balance <= 10,000 12 119,470.06 0.13
10,000 < Balance <= 15,000 38 500,245.56 0.55
15,000 < Balance <= 20,000 66 1,227,260.11 1.36
20,000 < Balance <= 25,000 94 2,205,692.15 2.44
25,000 < Balance <= 30,000 86 2,400,342.46 2.66
30,000 < Balance <= 35,000 85 2,807,091.40 3.11
35,000 < Balance <= 40,000 84 3,215,604.36 3.56
40,000 < Balance <= 45,000 67 2,884,561.56 3.19
45,000 < Balance <= 50,000 59 2,853,247.99 3.16
50,000 < Balance <= 55,000 69 3,654,455.56 4.04
55,000 < Balance <= 60,000 57 3,315,098.98 3.67
60,000 < Balance <= 65,000 47 2,962,418.93 3.28
65,000 < Balance <= 70,000 38 2,589,664.06 2.86
70,000 < Balance <= 75,000 45 3,287,836.88 3.64
75,000 < Balance <= 80,000 41 3,188,045.15 3.53
80,000 < Balance <= 85,000 46 3,821,451.15 4.23
85,000 < Balance <= 90,000 32 2,807,221.44 3.11
90,000 < Balance <= 95,000 24 2,219,052.64 2.45
95,000 < Balance <= 100,000 32 3,148,815.85 3.48
100,000 < Balance <= 105,000 21 2,156,240.02 2.39
105,000 < Balance <= 110,000 28 3,020,943.57 3.34
110,000 < Balance <= 115,000 21 2,362,961.49 2.61
115,000 < Balance <= 120,000 22 2,601,700.02 2.88
120,000 < Balance <= 125,000 10 1,236,958.31 1.37
125,000 < Balance <= 130,000 13 1,656,526.94 1.83
130,000 < Balance <= 135,000 19 2,511,896.82 2.78
135,000 < Balance <= 140,000 11 1,525,476.41 1.69
140,000 < Balance <= 145,000 8 1,140,596.95 1.26
145,000 < Balance <= 150,000 22 3,251,813.94 3.60
150,000 < Balance <= 200,000 77 13,157,052.94 14.55
200,000 < Balance <= 250,000 30 6,570,578.94 7.27
- --------------------------------------------------------------------------
Total.................... 1304 $90,400,322.64 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
----- --------- ----------- -------------
Connecticut 9 426,275.01 0.47
Delaware 27 1,799,312.82 1.99
Florida 112 8,368,547.73 9.26
Georgia 88 6,588,363.67 7.29
Illinois 51 3,263,141.92 3.61
Indiana 12 646,933.18 0.72
Kentucky 6 197,847.34 0.22
Maine 2 52,924.07 0.06
Maryland 24 1,877,567.20 2.08
Michigan 2 58,676.21 0.06
Mississippi 2 97,750.00 0.11
Missouri 1 45,000.00 0.05
New Hampshire 5 266,133.36 0.29
New Jersey 295 21,652,070.23 23.95
New York 216 18,020,632.84 19.93
North Carolina 35 2,471,926.56 2.73
Ohio 37 2,203,988.25 2.44
Pennsylvania 325 19,112,448.76 21.14
South Carolina 6 496,200.00 0.55
Tennessee 12 485,991.90 0.54
Virginia 32 1,957,641.59 2.17
West Virgina 5 310,950.00 0.34
- --------------------------------------------------------------------------
Total............... 1304 $90,400,322.64 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
--------- ------------ -------------
Mixed Use 34 2,396,154.63 2.65
PUD 12 1,105,163.65 1.22
Commercial 13 1,170,656.36 1.29
Townhouses 92 4,139,903.77 4.58
2-4 Family 101 8,981,500.38 9.94
Condominiums 39 2,145,608.38 2.37
Single Family Detached 1005 69,896,158.77 77.32
Mobile Home 5 247,731.48 0.27
5+ Family 3 317,445.22 0.35
- --------------------------------------------------------------------------
Total............... 1304 $90,400,322.64 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
-------- ------------- -------------
Owner Occ. 1153 81,251,030.32 89.88
Investor 93 5,017,670.34 5.55
Vacation/Second Home 11 564,810.99 0.62
Business 47 3,566,810.99 3.95
- --------------------------------------------------------------------------
Total.................. 1304 $90,400,322.64 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
-------- --------- ---------
1 1006 79,544,984.52 87.99
2 298 10,855,338.12 12.01
- --------------------------------------------------------------------------
Total............... 1304 $90,400,322.64 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Amortization Loans Balance Balance
------------ --------- ------------- -------------
Fully Amortizing 693 50,472,186.03 55.83
Partially Amortizing 611 39,928,136.61 44.17
- --------------------------------------------------------------------------
Total.................. 1304 $90,400,322.64 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
- --------------------------------------------------------------------------------
- ABFS 99-2 INITIAL POOL
- Cut Off Date of Tape is 5/17/99
- Fixed HEL - Group 2 Non-Conforming (1)
- $10,279,767.49
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 46
Lien Status: 1st and 2nd Lien Loans
Aggregate Unpaid Principal Balance: $10,279,767.49
Aggregate Original Principal Balance: $10,282,973.00
Weighted Average Gross Coupon: 12.568%
Gross Coupon Range: 7.990% - 16.990%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $223,473.21
Average Original Principal Balance: $223,542.89
Maximum Unpaid Principal Balance: $655,000.00
Minimum Unpaid Principal Balance: $20,000.00
Maximum Original Principal Balance: $655,000.00
Minimum Original Principal Balance: $20,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 228.389 (2)
Stated Rem Term Range: 119.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 0.363
Age Range: 0.000 - 1.000
Weighted Average Original Term: 228.752 (2)
Original Term Range: 120.000 - 360.000
Weighted Average Combined LTV: 70.937
Combined LTV Range: 26.330% - 90.000%
Weighted Average Debt to Income Ratio: 44.812
Debt to Income Ratio Range: 25.000% - 98.000%
- --------------------------------------------------------------------------------
(1) Non-Conforming: original balance + sr lien balance > $240,000
(2) Balloons to balloon term
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
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
------------- -------- ---------- -------------
7.75% < Gross Coupon <= 8.00% 1 410,204.00 3.99
8.00% < Gross Coupon <= 8.25% 2 635,000.00 6.18
8.25% < Gross Coupon <= 8.50% 1 315,000.00 3.06
8.50% < Gross Coupon <= 8.75% 1 250,000.00 2.43
8.75% < Gross Coupon <= 9.00% 1 244,840.74 2.38
9.00% < Gross Coupon <= 9.25% 2 448,183.23 4.36
9.25% < Gross Coupon <= 9.50% 2 112,000.00 1.09
9.50% < Gross Coupon <= 9.75% 2 120,000.00 1.17
9.75% < Gross Coupon <= 10.00% 3 766,123.00 7.45
10.25% < Gross Coupon <= 10.50% 3 639,862.96 6.22
10.50% < Gross Coupon <= 10.75% 1 300,000.00 2.92
10.75% < Gross Coupon <= 11.00% 2 411,103.52 4.00
11.25% < Gross Coupon <= 11.50% 1 300,000.00 2.92
11.50% < Gross Coupon <= 11.75% 1 57,800.00 0.56
11.75% < Gross Coupon <= 12.00% 4 446,539.00 4.34
12.25% < Gross Coupon <= 12.50% 1 150,619.47 1.47
12.50% < Gross Coupon <= 12.75% 3 191,822.57 1.87
12.75% < Gross Coupon <= 13.00% 1 60,000.00 0.58
13.75% < Gross Coupon <= 14.00% 1 217,500.00 2.12
15.50% < Gross Coupon <= 15.75% 1 49,668.09 0.48
15.75% < Gross Coupon <= 16.00% 11 3,614,022.78 35.16
16.75% < Gross Coupon <= 17.00% 1 539,478.13 5.25
- --------------------------------------------------------------------------------
Total.......... 46 $10,279,767.49 100.00%
================================================================================
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
------------- --------- ------------ -------------
108 < Orig. Term <= 120 3 559,544.55 5.44%
144 < Orig. Term <= 156 1 100,000.00 0.97%
168 < Orig. Term <= 180 21 5,551,747.92 54.01%
228 < Orig. Term <= 240 8 1,551,476.09 15.09%
288 < Orig. Term <= 300 1 86,323.00 0.84%
336 < Orig. Term <= 348 1 320,000.00 3.11%
348 < Orig. Term <= 360 11 2,110,675.93 20.53%
- -------------------------------------------------------------------
Total............ 46 10,279,767.49 100.00%
===================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
-------------- --------- ------------ -------------
108 < Rem Term <= 120 3 559,544.55 5.44%
144 < Rem Term <= 156 1 100,000.00 0.97%
168 < Rem Term <= 180 21 5,551,747.92 54.01%
228 < Rem Term <= 240 8 1,551,476.09 15.09%
288 < Rem Term <= 300 1 86,323.00 0.84%
336 < Rem Term <= 348 1 320,000.00 3.11%
348 < Rem Term <= 360 11 2,110,675.93 20.53%
- -------------------------------------------------------------------
Total............ 46 10,279,767.49 100.00%
===================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
------------------- --------- ------------ -------------
25.000 < CLTV <= 30.000 1 250,000.00 2.43
50.000 < CLTV <= 55.000 3 807,800.00 7.86
55.000 < CLTV <= 60.000 3 1,694,022.68 16.48
60.000 < CLTV <= 65.000 2 605,000.00 5.89
65.000 < CLTV <= 70.000 7 1,767,119.47 17.19
70.000 < CLTV <= 75.000 7 863,517.23 8.40
75.000 < CLTV <= 80.000 8 1,180,168.09 11.48
80.000 < CLTV <= 85.000 6 1,213,307.52 11.80
85.000 < CLTV <= 90.000 9 1,898,832.50 18.47
- --------------------------------------------------------------------------
Total.................... 46 $10,279,767.49 100.00%
==========================================================================
ORIGINAL MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
----------------- --------- ----------- -------------
15,000 < Balance <= 20,000 1 20,000.00 0.19
30,000 < Balance <= 35,000 1 35,000.00 0.34
35,000 < Balance <= 40,000 2 76,862.96 0.75
45,000 < Balance <= 50,000 2 99,668.09 0.97
50,000 < Balance <= 55,000 1 52,000.00 0.51
55,000 < Balance <= 60,000 3 177,800.00 1.73
60,000 < Balance <= 65,000 2 125,500.00 1.22
65,000 < Balance <= 70,000 1 69,039.00 0.67
85,000 < Balance <= 90,000 1 86,323.00 0.84
95,000 < Balance <= 100,000 3 299,822.57 2.92
130,000 < Balance <= 135,000 1 134,853.52 1.31
145,000 < Balance <= 150,000 1 150,000.00 1.46
150,000 < Balance <= 200,000 2 340,619.47 3.31
200,000 < Balance <= 250,000 5 1,205,340.74 11.73
250,000 < Balance <= 300,000 8 2,332,911.46 22.69
300,000 < Balance <= 350,000 4 1,255,000.00 12.21
350,000 < Balance <= 400,000 2 739,800.00 7.20
400,000 < Balance <= 450,000 2 860,204.00 8.37
450,000 < Balance <= 500,000 1 499,544.55 4.86
500,000 < Balance <= 550,000 2 1,064,478.13 10.36
650,000 < Balance <= 700,000 1 655,000.00 6.37
- --------------------------------------------------------------------------
Total.................... 46 $10,279,767.49 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
----------------- --------- --------- -------------
15,000 < Balance <= 20,000 1 20,000.00 0.19
30,000 < Balance <= 35,000 1 35,000.00 0.34
35,000 < Balance <= 40,000 2 76,862.96 0.75
45,000 < Balance <= 50,000 2 99,668.09 0.97
50,000 < Balance <= 55,000 1 52,000.00 0.51
55,000 < Balance <= 60,000 3 177,800.00 1.73
60,000 < Balance <= 65,000 2 125,500.00 1.22
65,000 < Balance <= 70,000 1 69,039.00 0.67
85,000 < Balance <= 90,000 1 86,323.00 0.84
95,000 < Balance <= 100,000 3 299,822.57 2.92
130,000 < Balance <= 135,000 1 134,853.52 1.31
145,000 < Balance <= 150,000 1 150,000.00 1.46
150,000 < Balance <= 200,000 2 340,619.47 3.31
200,000 < Balance <= 250,000 5 1,205,340.74 11.73
250,000 < Balance <= 300,000 8 2,332,911.46 22.69
300,000 < Balance <= 350,000 4 1,255,000.00 12.21
350,000 < Balance <= 400,000 2 739,800.00 7.20
400,000 < Balance <= 450,000 2 860,204.00 8.37
450,000 < Balance <= 500,000 1 499,544.55 4.86
500,000 < Balance <= 550,000 2 1,064,478.13 10.36
650,000 < Balance <= 700,000 1 655,000.00 6.37
- --------------------------------------------------------------------------
Total.................... 46 $10,279,767.49 100.00%
==========================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
----- --------- ------------ -------------
Connecticut 2 600,000.00 5.84
Georgia 4 1,656,454.00 16.11
Maine 1 100,000.00 0.97
Maryland 1 525,000.00 5.11
New Jersey 19 4,186,919.47 40.73
New York 16 2,327,394.02 22.64
Pennsylvania 3 884,000.00 8.60
- --------------------------------------------------------------------------
Total............... 46 $10,279,767.49 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
-------- ------------ ------------
Mixed Use 4 1,554,478.23 15.12
Commercial 4 1,749,478.13 17.02
2-4 Family 4 419,401.96 4.08
Single Family Detached 34 6,556,409.17 63.78
- --------------------------------------------------------------------------
Total............... 46 $10,279,767.49 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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>
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
--------- ------------ -------------
Owner Occ. 35 6,772,311.13 65.88
Investor 2 103,500.00 1.01
Vacation/Second Home 1 100,000.00 0.97
Business 8 3,303,956.36 32.14
- --------------------------------------------------------------------------
Total.................. 46 $10,279,767.49 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
--------- ------------ -------------
1 22 7,645,234.33 74.37
2 24 2,634,533.16 25.63
- --------------------------------------------------------------------------
Total............... 46 $10,279,767.49 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Amortization Loans Balance Balance
------------ -------- ------------ -------------
Fully Amortizing 25 4,846,100.38 47.14
Partially Amortizing 21 5,433,667.11 52.86
- --------------------------------------------------------------------------
Total.................. 46 $10,279,767.49 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
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.
