SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
April 11, 2000
Prudential Securities Secured Financing Corporation
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-75489 13-3526694
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
One New York Plaza
New York, New York 10292
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (212) 778-1000
No Change
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.1
In connection with the offering of Mortgage Lenders Network Home Equity
Loan Trust 2000-1, Pass-Through Certificates, Series 2000-1 to be described in
a Prospectus Supplement dated April 2000, 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").
- ---------------------
1 Capitalized terms used but not otherwise defined herein shall have the
same meanings ascribed to them in the Prospectus.
Item 7. Financial Statements; Pro Forma Financial Information and
Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Related Computational Materials (as defined in Item 5 above).
99.2 Related Structural Term Sheets.
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 hereunto duly authorized.
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
By: /s/ Evan Mitnick
------------------------------
Name: Evan Mitnick
Title: Vice President
Dated: April 11, 2000
EXHIBIT INDEX
Exhibit No. Description
99.1 Related Computational Materials (as defined in Item 5 above).
99.2 Related Structural Term Sheets.
Exhibit 99.1 Related Computational Materials --
Mortgage Loan Pool Statistical Data
COLLATERAL INFORMATION DATED April 11, 2000
$ [211,553,000] (Approximate)
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Mortgage Lenders Network Home Equity Loan Trust 2000-1
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[Graphic Omitted]
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Pass-Through Certificates, Series 2000-1
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[LOGO GRAPHIC OMITTED]PRUDENTIAL SECURITIES
- ------------------------------------------------------------------------------
The information herein has been provided solely by Prudential Securities
Incorporated ("PSI") based on information with respect to the mortgage loans
provided by Mortgage Lenders Network, USA ("MLN") and its affiliates. Neither
MLN nor any of its affiliates makes any representation as to the accuracy or
completeness of the information herein. The information herein is preliminary
and supersedes any prior information 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.
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$ [211,553,000] (approximate)
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Fixed Mortgages
$189,681,572.75
Summary Report
- ----------------------------------------------------------------------------
Number of Mortgage Loans: 2856
Aggregate Unpaid Principal Balance: $189,681,572.75
Aggregate Original Principal Balance: $191,436,389.05
Weighted Average Gross Coupon: 10.605
Gross Coupon Range: 6.95 - 15.65
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Average Unpaid Principal Balance: $66,415.12
Average Original Principal Balance: $67,029.55
Maximum Unpaid Principal Balance: $475,551.67
Minimum Unpaid Principal Balance: $7,575.25
Maximum Original Principal Balance: $480,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Rem Term: 253.94
Rem Term Range: 23 - 360
Weighted Average Age 7.87
Age Range: 0 - 30
Weighted Average Original Term: 261.81
Original Term Range: 36 - 360
Weighted Average LTV: 72.35
LTV Range: 3.62 - 100
Weighted Average Combined LTV: 74.90
Combined LTV Range: 5.11 - 100
Weighted Average DTI 38.36
DTI Range 1.82 - 84.9
WA FICO: 611.51
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* Based on loans with FICO score between 200 and 900.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS COLLATERAL INFORMATION SUPERSEDES ANY PREVIOUS
COLLATERAL INFORMATION, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES 2
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$ [211,553,000] (approximate)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution of contracts by Current Balance
- --------------------------------------------------------------------------------------------------------------------------------
% of
Number of Number of WA Rem Total Current
Current Balance loans Loans WAC WA LTV Term to Mat Balance % of Pool
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
0.00 < to <= 25,000.00 337 11.8 11.41 51.42 175.08 6,575,762.85 3.47
25,000.00 < to <= 50,000.00 889 31.13 11.06 63.4 226.47 33,196,743.80 17.5
50,000.00 < to <= 75,000.00 756 26.47 10.78 73.04 239.81 46,192,908.34 24.35
75,000.00 < to <= 100,000.00 395 13.83 10.6 75.16 252.68 34,024,932.32 17.94
100,000.00 < to <= 125,000.00 214 7.49 10.48 75.97 274.52 23,809,795.96 12.55
125,000.00 < to <= 150,000.00 109 3.82 10.09 76.16 278.6 14,870,696.67 7.84
150,000.00 < to <= 175,000.00 66 2.31 10.12 75.95 299.49 10,644,713.30 5.61
175,000.00 < to <= 200,000.00 33 1.16 9.99 78.96 304.95 6,118,064.40 3.23
200,000.00 < to <= 225,000.00 23 0.81 9.68 82.46 301.97 4,887,321.58 2.58
225,000.00 < to <= 250,000.00 16 0.56 10.31 73.24 308.1 3,764,818.82 1.98
250,000.00 < to <= 275,000.00 6 0.21 10.28 81.61 222.08 1,598,821.27 0.84
275,000.00 < to <= 300,000.00 6 0.21 10.45 82.5 288.77 1,758,282.88 0.93
300,000.00 < to <= 325,000.00 1 0.04 12 75 164 305,981.48 0.16
325,000.00 < to <= 350,000.00 2 0.07 10.53 56.63 164 692,217.19 0.36
350,000.00 < to <= 375,000.00 1 0.04 8.5 84.31 343 356,074.75 0.19
400,000.00 < to <= 425,000.00 1 0.04 8.5 79.23 348 408,885.47 0.22
475,000.00 < to <= 500,000.00 1 0.04 8.99 80 344 475,551.67 0.25
Total: 2,856.00 100 10.6 72.35 253.94 189,681,572.75 100
</TABLE>
<TABLE>
<CAPTION>
Distribution of contracts by Coupon
- ---------------------------------------------------------------------------------------------------------------------------------
% of
Number of Number of WA Rem Total Current
Coupon Range loans Loans WAC WA LTV Term to Mat Balance % of Pool
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
6.50 < to <= 7.00 1 0.04 6.95 46.39 359 89,925.49 0.05
7.00 < to <= 7.50 5 0.18 7.33 55.22 313.41 482,889.11 0.25
7.50 < to <= 8.00 32 1.12 7.84 69.38 257.68 3,096,762.72 1.63
8.00 < to <= 8.50 66 2.31 8.4 74.51 296.24 6,327,483.08 3.34
8.50 < to <= 9.00 166 5.81 8.84 75.87 274.69 14,473,899.28 7.63
9.00 < to <= 9.50 184 6.44 9.33 75.15 275.79 15,307,536.57 8.07
9.50 < to <= 10.00 420 14.71 9.86 75.06 258.48 31,272,123.13 16.49
10.00 < to <= 10.50 382 13.38 10.34 73.84 262.68 26,924,435.23 14.19
10.50 < to <= 11.00 486 17.02 10.83 72.13 256.72 30,992,148.07 16.34
11.00 < to <= 11.50 319 11.17 11.32 70.33 224.15 18,353,290.75 9.68
11.50 < to <= 12.00 309 10.82 11.82 70.48 233.88 16,880,989.53 8.9
12.00 < to <= 12.50 180 6.3 12.31 67.35 231.54 10,040,894.61 5.29
12.50 < to <= 13.00 136 4.76 12.82 67.6 221.96 7,014,124.14 3.7
13.00 < to <= 13.50 76 2.66 13.29 67.13 233.1 3,700,206.96 1.95
13.50 < to <= 14.00 57 2 13.8 65.4 244.85 2,809,104.27 1.48
14.00 < to <= 14.50 20 0.7 14.34 69.34 285.84 1,047,301.10 0.55
14.50 < to <= 15.00 11 0.39 14.77 59.67 230.19 622,420.07 0.33
Greater than 15.00 6 0.21 15.32 58.58 264.55 246,038.64 0.13
Total: 2,856.00 100 10.6 72.35 253.94 189,681,572.75 100
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS COLLATERAL INFORMATION SUPERSEDES ANY PREVIOUS
COLLATERAL INFORMATION, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES 3
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$ [211,553,000] (approximate)
- -----------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Distribution of contracts by Original Term
- ----------------------------------------------------------------------------------------------------------------------------------
% of
Number of Number of WA Rem Total Current
Original Term loans Loans WAC WA LTV Term to Mat Balance % of Pool
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
35.00 < to <= 40.00 1 0.04 10.25 62.92 23 12,621.66 0.01
55.00 < to <= 60.00 23 0.81 10.64 52.73 51.35 500,743.00 0.26
70.00 < to <= 75.00 4 0.14 10.82 55.65 65.55 79,911.43 0.04
80.00 < to <= 85.00 14 0.49 10.51 55.66 74.29 406,408.48 0.21
95.00 < to <= 100.00 5 0.18 9.55 38.31 88.48 305,682.21 0.16
105.00 < to <= 110.00 2 0.07 9.19 72.56 103.11 136,008.48 0.07
115.00 < to <= 120.00 146 5.11 10.82 57.99 110.86 4,220,246.08 2.22
130.00 < to <= 135.00 2 0.07 10.48 62.22 120.04 57,629.31 0.03
140.00 < to <= 145.00 6 0.21 10.49 65.15 135.97 285,943.49 0.15
155.00 < to <= 160.00 2 0.07 9.64 47.37 155 106,453.21 0.06
165.00 < to <= 170.00 3 0.11 10.42 38.57 156.21 121,905.57 0.06
175.00 < to <= 180.00 1,304.00 45.66 10.89 71.57 172.78 79,633,896.05 41.98
190.00 < to <= 195.00 1 0.04 8.59 75.85 191 200,509.49 0.11
215.00 < to <= 220.00 1 0.04 12.85 85 213 44,040.19 0.02
235.00 < to <= 240.00 365 12.78 10.49 64.61 232.62 20,532,838.13 10.82
250.00 < to <= 255.00 1 0.04 8.5 58.9 251 42,938.11 0.02
295.00 < to <= 300.00 58 2.03 10.52 75.27 294.08 3,890,038.28 2.05
320.00 < to <= 325.00 1 0.04 10.8 85 322 112,082.23 0.06
335.00 < to <= 340.00 1 0.04 8.99 85 328 113,278.61 0.06
345.00 < to <= 350.00 4 0.14 10.07 82.17 344.55 345,125.54 0.18
Greater than 350.00 912 31.93 10.36 76.19 351.26 78,533,273.20 41.4
Total: 2,856.00 100 10.6 72.35 253.94 189,681,572.75 100
</TABLE>
<TABLE>
<CAPTION>
Distribution of contracts by Age
- ---------------------------------------------------------------------------------------------------------------------------------
% of
Number of Number of WA Rem Total Current
Age loans Loans WAC WA LTV Term to Mat Balance % of Pool
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Equal to 0 46 1.61 10.78 67.41 242.45 2,580,891.89 1.36
0.00 < to <= 6.00 1,424.00 49.86 10.64 74 248.9 93,716,324.14 49.41
6.00 < to <= 12.00 584 20.45 10.5 69.47 262.43 34,654,531.94 18.27
12.00 < to <= 18.00 790 27.66 10.6 71.47 258.63 57,228,878.80 30.17
18.00 < to <= 24.00 11 0.39 10.78 78.01 215.93 1,445,803.52 0.76
24.00 < to <= 30.00 1 0.04 9.9 80 150 55,142.46 0.03
Total: 2,856.00 100 10.6 72.35 253.94 189,681,572.75 100
</TABLE>
- ------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS COLLATERAL INFORMATION SUPERSEDES ANY PREVIOUS
COLLATERAL INFORMATION, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES 4
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$ [211,553,000] (approximate)
- -----------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Distribution of contracts by Remaining Term
- ----------------------------------------------------------------------------------------------------------------------------------
% of
Number of Number of WA Rem Total Current
Remaining Term loans Loans WAC WA LTV Term to Mat Balance % of Pool
- -------------------------------------------------------------------------------------------------------------------------0--------
<S> <C> <C> <C> <C> <C> <C> <C>
20.00 < to <= 25.00 1 0.04 10.25 62.92 23 12,621.66 0.01
40.00 < to <= 45.00 1 0.04 9.99 33.1 43 22,954.79 0.01
45.00 < to <= 50.00 11 0.39 10.52 55.5 47.82 186,593.24 0.1
50.00 < to <= 55.00 7 0.25 10.8 63.16 52.34 168,136.34 0.09
55.00 < to <= 60.00 4 0.14 10.74 37.94 56.9 123,058.63 0.06
60.00 < to <= 65.00 3 0.11 10.6 68.72 64.44 60,499.51 0.03
65.00 < to <= 70.00 4 0.14 11 57.9 68.35 122,495.63 0.06
70.00 < to <= 75.00 5 0.18 10.66 41.7 72.5 93,190.30 0.05
75.00 < to <= 80.00 6 0.21 10.25 56.78 78.07 210,134.47 0.11
80.00 < to <= 85.00 2 0.07 9.85 28.22 82.7 97,364.18 0.05
85.00 < to <= 90.00 1 0.04 9.99 14.19 87 79,586.71 0.04
90.00 < to <= 95.00 2 0.07 9.05 60.84 93.76 128,731.32 0.07
95.00 < to <= 100.00 1 0.04 9.99 58.26 98 36,672.38 0.02
100.00 < to <= 105.00 28 0.98 10.9 62.5 103.88 840,860.06 0.44
105.00 < to <= 110.00 48 1.68 10.97 57.92 108.02 1,340,002.04 0.71
110.00 < to <= 115.00 40 1.4 11.06 58.2 112.71 1,065,850.23 0.56
115.00 < to <= 120.00 32 1.12 10.18 56.32 117.52 1,101,118.15 0.58
120.00 < to <= 125.00 1 0.04 9.99 63.6 122 29,381.01 0.02
125.00 < to <= 130.00 1 0.04 10.99 66.41 128 23,547.67 0.01
130.00 < to <= 135.00 3 0.11 10.87 49.02 132.61 135,005.08 0.07
140.00 < to <= 145.00 2 0.07 10 82.02 141 127,390.74 0.07
145.00 < to <= 150.00 1 0.04 9.9 80 150 55,142.46 0.03
150.00 < to <= 155.00 3 0.11 9.74 41.43 155 178,179.62 0.09
155.00 < to <= 160.00 5 0.18 10.51 79.43 158.7 500,517.25 0.26
160.00 < to <= 165.00 228 7.98 10.58 73.31 163.83 15,984,473.27 8.43
165.00 < to <= 170.00 248 8.68 10.84 66.29 167.72 13,126,364.68 6.92
170.00 < to <= 175.00 125 4.38 10.68 69.43 173.4 6,201,336.03 3.27
175.00 < to <= 180.00 699 24.47 11.05 72.69 177.64 43,816,241.52 23.1
190.00 < to <= 195.00 1 0.04 8.59 75.85 191 200,509.49 0.11
210.00 < to <= 215.00 1 0.04 12.85 85 213 44,040.19 0.02
215.00 < to <= 220.00 1 0.04 11.5 18.75 220 43,928.16 0.02
220.00 < to <= 225.00 54 1.89 10.25 66 224.26 2,935,456.92 1.55
225.00 < to <= 230.00 93 3.26 10.76 57.6 227.71 5,120,186.32 2.7
230.00 < to <= 235.00 55 1.93 10.72 67.84 232.98 2,854,474.78 1.5
235.00 < to <= 240.00 162 5.67 10.35 67.17 237.76 9,578,791.95 5.05
250.00 < to <= 255.00 1 0.04 8.5 58.9 251 42,938.11 0.02
280.00 < to <= 285.00 2 0.07 11.21 32.76 283.71 61,132.78 0.03
285.00 < to <= 290.00 17 0.6 10.63 68.36 288.47 1,134,400.56 0.6
290.00 < to <= 295.00 12 0.42 10.69 71.96 293.02 563,982.83 0.3
295.00 < to <= 300.00 27 0.95 10.4 81.05 297.65 2,130,522.11 1.12
320.00 < to <= 325.00 1 0.04 10.8 85 322 112,082.23 0.06
325.00 < to <= 330.00 1 0.04 8.99 85 328 113,278.61 0.06
</TABLE>
- ------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS COLLATERAL INFORMATION SUPERSEDES ANY PREVIOUS
COLLATERAL INFORMATION, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES 5
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$ [211,553,000] (approximate)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
335.00 < to <= 340.00 2 0.07 13.25 63.5 339.7 175,614.55 0.09
340.00 < to <= 345.00 179 6.27 10.44 75.51 344.1 17,914,091.77 9.44
345.00 < to <= 350.00 220 7.7 10.47 73.61 347.51 20,624,916.11 10.87
350.00 < to <= 355.00 147 5.15 10.32 79.8 353.07 11,435,634.47 6.03
Greater than 355.00 368 12.89 10.22 77.18 357.69 28,728,141.84 15.15
Total: 2,856.00 100 10.6 72.35 253.94 189,681,572.75 100
</TABLE>
- ------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS COLLATERAL INFORMATION SUPERSEDES ANY PREVIOUS
COLLATERAL INFORMATION, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES 6
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$ [211,553,000] (approximate)
- -----------------------------------------------------------------------------
<PAGE>
TOTAL ARM SUMMARY
- ---------------------------------------------------------------------
# of loans: 277
Total Balance: 24,454,440.85
Min Bal: 9,974.01
Max Bal: 403,011.64
Avg Bal: 88,283.18
Min Cpn: 8
Max Cpn: 14.6
WAC: 10.548
Min Rem Term: 341
Max Rem Term: 360
WA Rem Term: 353.56
Min LTV 22.22
Max LTV 90
WA LTV 80.35
Min CLTV 22.22
Max CLTV 95.00
WA CLTV 80.38
- ------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS COLLATERAL INFORMATION SUPERSEDES ANY PREVIOUS
COLLATERAL INFORMATION, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES 7
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$ [211,553,000] (approximate)
- -----------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Distribution of contracts by Scheduled Balance
- ----------------------------------------------------------------------------------------------------------------------------------
% of
Number of Number of WA Rem Total Current
Scheduled Balance loans Loans WAC WA LTV Term to Mat Balance % of Pool
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
0.00 < to <= 25,000.00 2 0.72 11.42 40.7 357.57 34,966.69 0.14
25,000.00 < to <= 50,000.00 52 18.77 10.92 75.15 354.28 2,036,324.48 8.33
50,000.00 < to <= 75,000.00 91 32.85 10.99 79.33 354.28 5,657,865.31 23.14
75,000.00 < to <= 100,000.00 55 19.86 10.92 79.8 355.31 4,767,844.29 19.5
100,000.00 < to <= 125,000.00 22 7.94 10.1 82.24 351.59 2,459,862.62 10.06
125,000.00 < to <= 150,000.00 23 8.3 10.37 80.98 355.12 3,076,725.08 12.58
150,000.00 < to <= 175,000.00 15 5.42 10.36 82.48 353.65 2,433,020.15 9.95
175,000.00 < to <= 200,000.00 8 2.89 10.04 81.82 353.64 1,479,143.81 6.05
200,000.00 < to <= 225,000.00 2 0.72 9.56 79.84 346.48 418,569.34 1.71
225,000.00 < to <= 250,000.00 2 0.72 11.25 78.73 355 487,118.55 1.99
250,000.00 < to <= 275,000.00 1 0.36 8.2 80 351 252,088.77 1.03
275,000.00 < to <= 300,000.00 1 0.36 8 85 344 294,141.35 1.2
300,000.00 < to <= 325,000.00 1 0.36 8.5 90 346 303,281.71 1.24
350,000.00 < to <= 375,000.00 1 0.36 9.5 78.67 343 350,477.06 1.43
400,000.00 < to <= 425,000.00 1 0.36 10.99 90 347 403,011.64 1.65
Total: 277 100 10.55 80.35 353.56 24,454,440.85 100
</TABLE>
<TABLE>
<CAPTION>
Distribution of contracts by Coupon
- -------------------------------------------------------------------------------------------------------------------------------
% of
Number of Number of WA Rem Total Current
Coupon Range loans Loans WAC WA LTV Term to Mat Balance % of Pool
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
7.50 < to <= 8.00 2 0.72 8 84.31 344 341,436.95 1.4
8.00 < to <= 8.50 8 2.89 8.35 82.44 350.42 1,104,347.26 4.52
8.50 < to <= 9.00 9 3.25 8.89 76.19 352.67 984,112.24 4.02
9.00 < to <= 9.50 24 8.66 9.35 79.93 349.08 2,645,795.11 10.82
9.50 < to <= 10.00 36 13 9.83 83.32 354.11 3,457,144.74 14.14
10.00 < to <= 10.50 45 16.25 10.32 82.28 352.22 4,065,254.83 16.62
10.50 < to <= 11.00 51 18.41 10.83 81.73 353.39 4,504,108.23 18.42
11.00 < to <= 11.50 33 11.91 11.31 79.32 356.64 2,587,658.02 10.58
11.50 < to <= 12.00 31 11.19 11.8 77.58 356.19 2,318,300.67 9.48
12.00 < to <= 12.50 15 5.42 12.24 76.16 357.78 836,278.12 3.42
12.50 < to <= 13.00 13 4.69 12.74 74.96 357.37 948,441.09 3.88
13.00 < to <= 13.50 8 2.89 13.27 73.37 357.73 546,147.54 2.23
13.50 < to <= 14.00 1 0.36 13.65 70 356 59,452.24 0.24
14.50 < to <= 15.00 1 0.36 14.6 70 356 55,963.81 0.23
Total: 277 100 10.55 80.35 353.56 24,454,440.85 100
</TABLE>
- -----------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS COLLATERAL INFORMATION SUPERSEDES ANY PREVIOUS
COLLATERAL INFORMATION, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES 8
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$ [211,553,000] (approximate)
- -----------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Distribution of contracts by Remaining Term
- --------------------------------------------------------------------------------------------------------------------------------
% of
Number of Number of WA Rem Total Current
Remaining Term loans Loans WAC WA LTV Term to Mat Balance % of Pool
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
340.00 < to <= 345.00 34 12.27 9.79 79.65 343.85 3,269,371.68 13.37
345.00 < to <= 350.00 48 17.33 10.05 83.43 347.37 5,044,030.32 20.63
350.00 < to <= 355.00 36 13 10.61 78.88 354.35 3,135,245.21 12.82
355.00 < to <= 360.00 159 57.4 10.92 79.69 358.21 13,005,793.64 53.18
Total: 277 100 10.55 80.35 353.56 24,454,440.85 100
</TABLE>
<TABLE>
<CAPTION>
Distribution of contracts by Age
- ----------------------------------------------------------------------------------------------------------------------------------
% of
Number of Number of WA Rem Total Current
Age loans Loans WAC WA LTV Term to Mat Balance % of Pool
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Less than or Equal to 0.00 9 3.25 10.99 73.73 360 544,096.86 2.22
0.00 < to <= 6.00 181 65.34 10.88 79.67 357.61 14,918,278.00 61
6.00 < to <= 12.00 30 10.83 10.23 82.66 349.82 2,520,169.27 10.31
12.00 < to <= 18.00 55 19.86 9.87 81.62 345.23 6,352,180.47 25.98
18.00 < to <= 24.00 2 0.72 9.63 79.35 341 119,716.25 0.49
Total: 277 100 10.55 80.35 353.56 24,454,440.85 100
</TABLE>
<TABLE>
<CAPTION>
Distribution of contracts by Original Term
- ----------------------------------------------------------------------------------------------------------------------------------
% of
Number of Number of WA Rem Total Current
Original Term loans Loans WAC WA LTV Term to Mat Balance % of Pool
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
355.00 < to <= 360.00 277 100 10.55 80.35 353.56 24,454,440.85 100
Total: 277 100 10.55 80.35 353.56 24,454,440.85 100
</TABLE>
- ------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS COLLATERAL INFORMATION SUPERSEDES ANY PREVIOUS
COLLATERAL INFORMATION, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES 9
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$ [211,553,000] (approximate)
- -----------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Distribution of contracts by Gross Margin
- --------------------------------------------------------------------------------------------------------------------------------
% of
Number of Number of WA Rem Total Current
Gross Margin Range loans Loans WAC WA LTV Term to Mat Balance % of Pool
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
4.00 < to <= 4.50 4 1.44 8.78 81.32 343.63 762,149.60 3.12
4.50 < to <= 5.00 2 0.72 8.18 80.56 358.23 249,010.23 1.02
5.00 < to <= 5.50 14 5.05 8.86 78.5 351.04 1,386,651.17 5.67
5.50 < to <= 6.00 19 6.86 9.38 77.79 348.59 1,866,540.56 7.63
6.00 < to <= 6.50 44 15.88 9.96 84.2 351.54 4,500,403.48 18.4
6.50 < to <= 7.00 40 14.44 10.22 82.82 352.49 3,555,552.99 14.54
7.00 < to <= 7.50 44 15.88 10.61 81.16 355.2 3,942,514.45 16.12
7.50 < to <= 8.00 29 10.47 11.15 80.8 355.14 2,234,614.57 9.14
8.00 < to <= 8.50 32 11.55 11.52 77.32 357.23 2,584,977.40 10.57
8.50 < to <= 9.00 28 10.11 11.88 76.53 357.16 1,913,453.68 7.82
9.00 < to <= 9.50 9 3.25 12.79 75.42 357.51 580,016.80 2.37
9.50 < to <= 10.00 11 3.97 13.08 74.14 357.52 822,592.11 3.36
10.00 < to <= 10.50 1 0.36 14.6 70 356 55,963.81 0.23
Total: 277 100 10.55 80.35 353.56 24,454,440.85 100
</TABLE>
<TABLE>
<CAPTION>
Distribution of contracts by Arm
- -------------------------------------------------------------------------------------------------------------------------------
% of
Number of Number of WA Rem Total Current
Arm Indicator loans Loans WAC WA LTV Term to Mat Balance % of Pool
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
2/6 LIBOR 264 95.31 10.54 80.09 353.94 23,042,717.19 94.23
3/6 LIBOR 12 4.33 10.62 84.69 347.57 1,370,074.07 5.6
6M LIBOR 1 0.36 11.75 80 341 41,649.59 0.17
Total: 277 100 10.55 80.35 353.56 24,454,440.85 100
</TABLE>
<TABLE>
<CAPTION>
Distribution of contracts by Life Ceiling
- --------------------------------------------------------------------------------------------------------------------------
Number % of Number of WA Rem Term Total Current % of
Life Ceiling of loans Loans WAC WA LTV to Mat Balance Pool
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
13.50 < to <= 14.00 1 0.36 8 85 344 294,141.35 1.2
14.00 < to <= 14.50 4 1.44 8.39 83.95 347.33 727,624.40 2.98
14.50 < to <= 15.00 4 1.44 8.83 81.35 347.26 370,744.03 1.52
15.00 < to <= 15.50 15 5.42 9.18 79.9 347.85 1,787,325.37 7.31
15.50 < to <= 16.00 12 4.33 9.36 80.27 351.34 1,353,902.61 5.54
16.00 < to <= 16.50 25 9.03 9.82 80.88 349.36 2,562,497.24 10.48
16.50 < to <= 17.00 39 14.08 10.1 82.95 353.36 3,744,025.18 15.31
17.00 < to <= 17.50 39 14.08 10.43 82.65 354.46 3,038,759.46 12.43
17.50 < to <= 18.00 45 16.25 10.86 80.64 354.85 3,698,243.80 15.12
18.00 < to <= 18.50 29 10.47 11.31 78.66 357.51 2,362,150.01 9.66
18.50 < to <= 19.00 27 9.75 11.8 77.92 357.24 2,102,396.27 8.6
19.00 < to <= 19.50 14 5.05 12.24 76.21 358.1 802,626.45 3.28
19.50 < to <= 20.00 13 4.69 12.74 74.96 357.37 948,441.09 3.88
Greater than 20.00 10 3.61 13.42 72.78 357.43 661,563.59 2.71
Total: 277 100 10.55 80.35 353.56 24,454,440.85 100
</TABLE>
- ------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS COLLATERAL INFORMATION SUPERSEDES ANY PREVIOUS
COLLATERAL INFORMATION, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES 10
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$ [211,553,000] (approximate)
- -----------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Distribution of contracts by Life Floor
- ---------------------------------------------------------------------------------------------------------------------------------
Number % of Number of WA Rem Term Total Current % of
Life Floor Range of loans Loans WAC WA LTV to Mat Balance Pool
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5.00 < to <= 5.50 4 1.44 8.31 80.15 355.51 426,245.20 1.74
5.50 < to <= 6.00 5 1.81 8.89 73.5 357.38 547,474.04 2.24
6.00 < to <= 6.50 9 3.25 9.33 77.64 358.1 802,281.39 3.28
6.50 < to <= 7.00 26 9.39 9.82 83.37 357.16 2,445,453.11 10
7.00 < to <= 7.50 28 10.11 10.31 82.56 356.99 2,323,745.63 9.5
7.50 < to <= 8.00 38 13.72 10.53 81.65 355.89 3,260,195.22 13.33
8.00 < to <= 8.50 32 11.55 10.64 79.88 355.28 3,006,600.40 12.29
8.50 < to <= 9.00 31 11.19 11.3 78.2 355.44 2,539,034.47 10.38
9.00 < to <= 9.50 29 10.47 10.28 79.22 349.1 2,616,420.36 10.7
9.50 < to <= 10.00 23 8.3 11.26 79.21 351.88 1,960,132.72 8.02
10.00 < to <= 10.50 26 9.39 10.98 80.17 348.54 2,359,026.14 9.65
10.50 < to <= 11.00 16 5.78 10.94 82.01 346.58 1,644,802.20 6.73
11.00 < to <= 11.50 5 1.81 11.44 84.74 347.83 259,159.68 1.06
11.50 < to <= 12.00 4 1.44 12.47 72.21 349.34 230,218.62 0.94
12.00 < to <= 12.50 1 0.36 12.12 75 350 33,651.67 0.14
Total: 277 100 10.55 80.35 353.56 24,454,440.85 100
</TABLE>
- ------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS COLLATERAL INFORMATION SUPERSEDES ANY PREVIOUS
COLLATERAL INFORMATION, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES 11
Exhibit 99.2 Structural Term Sheets
TERM SHEET DATED April 10, 2000
Note: The following is a preliminary Term Sheet. All terms and statements
are subject to change. All information in this preliminary term sheet will
be superceded by a final prospectus supplement delivered prior to the
purchase of the Certificates.
$[211,553,000] (Approximate)
---------------------------------------------------------------------------
Mortgage Lenders Network Home Equity Loan Trust 2000-1
---------------------------------------------------------------------------
[GRAPHIC OMITTED]
---------------------------------------------------------------------------
Pass-Through Certificates, Series 2000-1
---------------------------------------------------------------------------
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES
- -----------------------------------------------------------------------------
The information herein has been provided solely by Prudential Securities
Incorporated ("PSI") based on information with respect to the mortgage loans
provided by Mortgage Lenders Network, USA ("MLN") and its affiliates. Neither
MLN nor any of its affiliates makes any representation as to the accuracy or
completeness of the information herein. The information herein is preliminary
and supersedes any prior information 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.
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$[211,553,000] (approximate)
- ------------------------------------------------------------------------------
PRELIMINARY INFORMATION ONLY
Offered Certificates
<TABLE>
<CAPTION>
Class A-1* Class A-2 Class A-3 Class A-4* Class A-5*
<S> <C> <C> <C> <C> <C>
Amount: $[64,000,000] $[62,000,000] $[54,553,000] $[10,000,000] $[21,000,000]
Type: FLOATING-RATE FIXED-RATE FIXED-RATE FIXED-RATE SEN/SEQ FIXED-RATE
SEN/SEQ SEN/SEQ SEN/SEQ SEN/NAS
Coupon: 1ML + [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
Approx. Price [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
Yield (%): [TBD]% [TBD]% [TBD]% [TBD]% [TBD]%
Spread (bps): [TBD] [TBD] [TBD] [TBD] [TBD]
Avg Life (To Call): 0.68 2.01 4.74 7.53 6.18
Avg Life (To Mat): 0.68 2.01 4.85 11.71 6.46
1st Prin Pymt (To Call): 5/00 7/01 3/03 10/07 5/03
Last Prin Pymt (To Call): 7/01 3/03 10/07 10/07 10/07
Last Prin Pymt (To Mat): 7/01 3/03 10/09 2/15 2/15
Stated Mat: 2/14 7/21 1/27 1/29 11/28
Expected Settlement: [04/14/2000] [04/14/2000] [04/14/2000] [04/14/2000] [04/14/2000]
Payment Delay: 0 DAYS 24 DAYS 24 DAYS 24 DAYS 24 DAYS
Interest Payment Basis: ACT/360 30/360 30/360 30/360 30/360
Dated Date: 4/14/00 4/1/00 4/1/00 4/1/00 4/1/00
Ratings (S&P/Moody's): AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa
Pricing Date: [TBD] [TBD] [TBD] [TBD] [TBD]
Prepayment Speed: 25% HEP 25% HEP 25% HEP 25% HEP 25% HEP
</TABLE>
* May be subject to Available Funds Cap.
- -----------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES PAGE 2
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$[211,553,000] (approximate)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SUMMARY OF TERMS
<S> <C>
Title of Securities: Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
Offered Certificates: Classes A-1 through Class A-5 (the "Class A Certificates").
Non-Offered Certificates: Class X and Class R Certificates, which will be retained by the Seller.
Issuer: Mortgage Lenders Network Home Equity Loan Trust 2000-1.
Collateral: Fixed rate and adjustable rate mortgage loans (the "Mortgage Loans").
Seller: Mortgage Lenders Network USA, Inc. (the "Company")
Servicer: Mortgage Lenders Network USA, Inc.
Depositor: Prudential Securities Secured Financing Corporation.
Mortgage Insurer: Mortgage Guaranty Insurance Corporation ("MGIC").
Servicing Fees: [50] bps.
Underwriter: Prudential Securities Incorporated
Trustee: Norwest Bank Minnesota, National Association.
Aggregate Certificate
Balance: $[211,553,000.00].
Aggregate Collateral
Balance: $[214,231,234.22].
Securities Offered: 100% FSA-insured, pass-through Certificates
Credit Enhancement: Credit enhancement for the Offered Certificates will be provided by the following:
(a) mortgage insurance;
(b) excess spread;
(c) overcollateralization; and
(d) the Certificate Insurance Policy.
Note: The required maintenance levels of overcollateralization will be sized
by the Certificate Insurer.
</TABLE>
- -----------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES PAGE 3
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$[211,553,000] (approximate)
- ------------------------------------------------------------------------------
Mortgage Insurance: The Company has acquired on behalf of the Trust loan-
level mortgage insurance policies from Mortgage
Guaranty Insurance Corporation (the "Mortgage
Insurer") for approximately [38%] of the Mortgage
Loans. Substantially all the Mortgage Loans that are
covered by the mortgage insurance policies have
original CLTV ratios greater than 75%. Each mortgage
insurance policy will remain in place for the life of
the related mortgage loan.
Excess Spread: The interest on the Mortgage Loans is generally
expected to be higher than the sum of the interest
distributable to the Offered Certificates, the
Servicing Fee, the Trustee Fee, the premium payable
to the Certificate Insurer and the premium payable to
the Mortgage Insurer, thus generating excess spread
which will be available for distribution as principal
on the related Offered Certificates. Such amount can
vary over time based on the prepayment and default
experience of the Mortgage Loans.
Certificate Insurer: Financial Security Assurance Inc. ("FSA"). FSA's
claims-paying ability is rated "AAA" by Standard &
Poor's and "Aaa" by Moody's Investors Service.
Certificate Insurance
Policy: The Certificate Insurance Policy will provide 100%
coverage of timely interest (net of certain
shortfalls), principal portions of any allocated
realized losses, and ultimate principal payments due
on the Certificates.
Offering: Public shelf offering -- a prospectus and prospectus
supplement will be distributed after pricing.
Settlement Date: On or about [04/14/00]
Form of Certificates: Book-Entry form, same-day funds through DTC, Euroclear
or Clearstream, Luxembourg.
<TABLE>
<CAPTION>
<S> <C> <C>
Pass-Through Rate: Class A-1 Adjustable-Rate Certificates [1-Month LIBOR + TBD%]*
Class A-2 Fixed-Rate Certificates [TBD%]
Class A-3 Fixed-Rate Certificates [TBD%]
Class A-4 Fixed-Rate Certificates [TBD%]*
Class A-5 Fixed-Rate NAS Certificates [TBD%]*
</TABLE>
* May be subject to Available Funds Cap
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 and 25% CPR thereafter).
Distribution Date: The 25th day of each month (or, if any such date is
not a business day, the first business day thereafter)
commencing in May 2000. The payment delay will be 0
days for the Class A-1 Certificates and 24 days for
the Class A-2, Class A-3, Class A-4, and Class A-5
Certificates.
Principal Paydown: Amounts available for distribution as principal will
be allocated in the following priority:
1) Pay to the Class A-5 the Class A-5 Lockout
Distribution Amount
2) Pay to the Class A-1 through A-5, sequentially,
until each is reduced to zero
- -----------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES PAGE 4
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$[211,553,000] (approximate)
- ------------------------------------------------------------------------------
Class A-5 Lockout
Distribution Amount: For any Distribution Date will be the product of (i)
the Class A-5 Lockout Percentage for such Distribution
Date and (ii) the Class A-5 Pro-Rata Distribution
Amount for such Distribution Date.
The Class A-I-5
Lockout Percentage: For each Distribution Date shall be as follows:
-----------------------------------------------
May 2000 to April 2003 ==> 0%
May 2003 to April 2005 ==> 45%
May 2005 to April 2006 ==> 80%
May 2006 to April 2007 ==> 100%
May 2007 and after ==> 300%
Class A-5 Pro-Rata
Distribution Amount: For any Distribution Date will be an amount equal to
the product of (x) (i) the Class A-5 Certificate
Principal Balance (on the prior Distribution Date) as
a percentage of (ii) the aggregate principal balance
of the Class A Certificates (on the prior Distribution
Date), and (y) the amount of principal available for
distribution on the Class A Certificates on the
related Distribution Date.
Optional Termination: The Certificates may be redeemed, in full but not in
part, at the option of the Servicer or the majority
holder of Class X Certificate, on or after the Payment
Date on which the related Certificate Balance has
declined to less than 10% of the outstanding related
Certificate Balance as of the Closing Date.
Coupon Step-up: The coupon on the Class A-4 Certificates will increase
by [50] basis points after the Optional Termination
Date subject to Available Funds Cap.
Available Funds Cap: A rate equal to the weighted average net mortgage rate
on the Mortgage Loans less the certain fees, including
a Servicing Fee totaling 0.50% per annum payable
monthly, a monthly premium payable to the Mortgage
Insurer, a monthly premium payable to the Certificate
Insurer and monthly Trustee fees.
Interest Accrual
Period: On the Class A-1 Certificates, interest will accrue
from the Closing Date to but excluding the first
Distribution Date in May 2000. In future periods,
interest will accrue on the Class A-1 Certificates
from the preceding Distribution Date to but excluding
the current Distribution Date.
Interest on the Class A-2, Class A-3, Class A-4, and
Class A-5 Certificates will accrue during the calendar
month preceding the related Distribution Date assuming
a year consisting of twelve 30-day months.
- -----------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES PAGE 5
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$[211,553,000] (approximate)
- ------------------------------------------------------------------------------
ERISA Considerations: The Issuer believes that each Class Certificates are
ERISA eligible, subject to individual Plan account
restrictions. Accordingly, any Plan fiduciary
considering whether to purchase any Certificates on
behalf of a Plan should consult with its counsel
prior to purchase of such Certificates.
Taxation: REMIC election.
Legal Investment: None of the Class A Certificates will be SMMEA-
eligible.
Certificates Ratings: The Class A Certificates will be rated "AAA" by
Standard & Poor's and "Aaa" by Moody's Investors
Service
Further Information: Call the desk at (212)778-2741, Vito Lodato at (212)
778-1390, John Plum at (212)778-1492 or Kenny
Rosenberg at (212)778-2440 with questions.
- -----------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES PAGE 6
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$[211,553,000] (approximate)
- ------------------------------------------------------------------------------
Approximate Collateral Coupon less servicing, surety, mortgage insurer and
trustee fees.
5/25/00 9.49870
6/25/00 9.49940
7/25/00 9.50000
8/25/00 9.50050
9/25/00 9.50090
10/25/00 9.50110
11/25/00 9.50130
12/25/00 9.50140
1/25/01 9.50140
2/25/01 9.50130
3/25/01 9.50130
4/25/01 9.56400
5/25/01 9.56400
6/25/01 9.56400
7/25/01 9.56400
8/25/01 9.56390
9/25/01 9.56390
10/25/01 9.59400
11/25/01 9.59400
12/25/01 9.59400
1/25/02 9.59400
2/25/02 9.59410
3/25/02 9.75190
4/25/02 9.75210
5/25/02 9.75220
6/25/02 9.76480
7/25/02 9.76490
8/25/02 9.76510
9/25/02 9.84450
10/25/02 9.84470
11/25/02 9.84490
12/25/02 9.84710
1/25/03 9.84730
2/25/03 9.84760
3/25/03 9.86020
4/25/03 9.86040
5/25/03 9.86070
6/25/03 9.86090
- -----------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES PAGE 7
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$[211,553,000] (approximate)
- ------------------------------------------------------------------------------
CLASS A-1
CURRENT BALANCE: $64,000,000.00
FACTOR: 1.0000000000
ORIGINAL BALANCE: $64,000,000.00
<TABLE>
<CAPTION>
BOND A1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 04/14/00
ASSUMED CONSTANT LIBOR-1M 6.1300
PRICING SPEED
25.0% 15.00% 18.00% 30.00% 35.00% ORIGINAL
PRICE HEP HEP HEP HEP HEP CLASS SUMMARY
<S> <C> <C> <C> <C> <C> <C>
99-16 87.201 63.956 71.334 98.112 108.639 BOND A1 FLOATER
99-17 82.485 60.698 67.613 92.712 102.579 LIBOR-1M TBA
99-18 77.772 57.442 63.895 87.315 96.522 $64,000,000.00
99-19 73.061 54.187 60.177 81.920 90.467
99-20 68.351 50.933 56.462 76.527 84.415
99-21 63.644 47.681 52.748 71.137 78.366
99-22 58.939 44.430 49.035 65.749 72.319
99-23 54.236 41.181 45.325 60.364 66.275
99-24 49.535 37.933 41.615 54.981 60.234
99-25 44.836 34.686 37.908 49.600 54.196
99-26 40.139 31.441 34.202 44.221 48.160
99-27 35.444 28.197 30.498 38.845 42.126
99-28 30.751 24.955 26.795 33.472 36.096
99-29 26.060 21.714 23.094 28.100 30.068
99-30 21.371 18.475 19.394 22.731 24.043
99-31 16.685 15.237 15.696 17.364 18.020
100-00 12.000 12.000 12.000 12.000 12.000
100-01 7.317 8.765 8.305 6.638 5.983
100-02 2.637 5.531 4.612 1.278 - 0.032
100-03 -2.042 2.298 0.921 -4.079 - 6.044
100-04 -6.719 -0.933 -2.769 -9.434 -12.053
100-05 -11.393 -4.162 -6.458 -14.787 -18.060
100-06 -16.066 -7.390 -10.144 -20.137 -24.064
100-07 -20.736 -10.617 -13.830 -25.485 -30.066
100-08 -25.405 -13.843 -17.513 -30.831 -36.064
100-09 -30.071 -17.067 -21.195 -36.174 -42.061
100-10 -34.736 -20.289 -24.876 -41.515 -48.054
100-11 -39.398 -23.511 -28.554 -46.854 -54.045
100-12 -44.059 -26.730 -32.232 -52.190 -60.033
100-13 -48.717 -29.949 -35.907 -57.524 -66.019
100-14 -53.374 -33.166 -39.581 -62.856 -72.002
100-15 -58.028 -36.382 -43.254 -68.186 -77.982
First Payment 0.114 0.114 0.114 0.114 0.114
Average Life 0.677 0.993 0.865 0.589 0.523
Last Payment 1.281 1.947 1.697 1.114 0.947
</TABLE>
- -----------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES PAGE 8
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$[211,553,000] (approximate)
- ------------------------------------------------------------------------------
CLASS A-2
CURRENT BALANCE: $62,000,000.00
FACTOR: 1.0000000000
ORIGINAL BALANCE: $62,000,000.00
<TABLE>
<CAPTION>
BOND A2 BE-YIELD TABLE YIELD TABLE DATE: 04/14/00
PREPAYMENT SPEED
PRICING SPEED
25.0% 15.0% 18.0% 30.0% 35.0%
PRICE HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C>
99-16 7.731 7.732 7.732 7.730 7.730
99-17 7.713 7.721 7.719 7.710 7.706
99-18 7.696 7.710 7.706 7.689 7.682
99-19 7.679 7.699 7.693 7.668 7.658
99-20 7.661 7.688 7.680 7.648 7.635
99-21 7.644 7.677 7.667 7.627 7.611
99-22 7.626 7.666 7.654 7.607 7.587
99-23 7.609 7.655 7.641 7.586 7.564
99-24 7.592 7.644 7.628 7.566 7.540
99-25 7.574 7.633 7.615 7.545 7.516
99-26 7.557 7.622 7.602 7.525 7.493
99-27 7.539 7.611 7.589 7.504 7.469
99-28 7.522 7.600 7.576 7.483 7.445
99-29 7.505 7.589 7.564 7.463 7.422
99-30 7.487 7.578 7.551 7.442 7.398
99-31 7.470 7.567 7.538 7.422 7.375
100-00 7.453 7.556 7.525 7.402 7.351
100-01 7.435 7.545 7.512 7.381 7.327
100-02 7.418 7.534 7.499 7.361 7.304
100-03 7.401 7.523 7.486 7.340 7.280
100-04 7.383 7.512 7.473 7.320 7.257
100-05 7.366 7.501 7.460 7.299 7.233
100-06 7.349 7.490 7.448 7.279 7.210
100-07 7.332 7.479 7.435 7.258 7.186
100-08 7.314 7.468 7.422 7.238 7.163
100-09 7.297 7.457 7.409 7.218 7.139
100-10 7.280 7.446 7.396 7.197 7.116
100-11 7.263 7.435 7.383 7.177 7.092
100-12 7.245 7.424 7.370 7.156 7.069
100-13 7.228 7.413 7.358 7.136 7.045
100-14 7.211 7.402 7.345 7.116 7.022
100-15 7.194 7.391 7.332 7.095 6.999
First Payment 1.281 1.947 1.697 1.114 0.947
Average Life 2.007 3.334 2.782 1.676 1.442
Last Payment 2.947 5.114 4.197 2.364 2.031
</TABLE>
- -----------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES PAGE 9
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$[211,553,000] (approximate)
- ------------------------------------------------------------------------------
CLASS A-3
CURRENT BALANCE: $54,553,000.00
FACTOR: 1.0000000000
ORIGINAL BALANCE: $54,553,000.00
<TABLE>
<CAPTION>
BOND A3 BE-YIELD TABLE YIELD TABLE DATE: 04/14/00
PREPAYMENT SPEED
PRICING SPEED
25.0% 15.00% 18.00% 30.00% 35.00%
PRICE HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C>
99-16 7.897 7.899 7.898 7.896 7.895
99-17 7.889 7.894 7.892 7.886 7.883
99-18 7.881 7.889 7.886 7.876 7.871
99-19 7.872 7.883 7.881 7.866 7.860
99-20 7.864 7.878 7.875 7.856 7.848
99-21 7.856 7.873 7.869 7.846 7.836
99-22 7.848 7.868 7.863 7.836 7.824
99-23 7.840 7.863 7.857 7.826 7.812
99-24 7.831 7.858 7.851 7.816 7.800
99-25 7.823 7.852 7.845 7.806 7.788
99-26 7.815 7.847 7.839 7.796 7.776
99-27 7.807 7.842 7.833 7.786 7.764
99-28 7.798 7.837 7.827 7.776 7.753
99-29 7.790 7.832 7.821 7.766 7.741
99-30 7.782 7.827 7.815 7.756 7.729
99-31 7.774 7.822 7.809 7.746 7.717
100-00 7.765 7.816 7.803 7.736 7.705
100-01 7.757 7.811 7.797 7.727 7.693
100-02 7.749 7.806 7.791 7.717 7.682
100-03 7.741 7.801 7.785 7.707 7.670
100-04 7.733 7.796 7.779 7.697 7.658
100-05 7.725 7.791 7.773 7.687 7.646
100-06 7.716 7.786 7.767 7.677 7.634
100-07 7.708 7.780 7.761 7.667 7.623
100-08 7.700 7.775 7.755 7.657 7.611
100-09 7.692 7.770 7.749 7.647 7.599
100-10 7.684 7.765 7.743 7.637 7.587
100-11 7.675 7.760 7.737 7.627 7.575
100-12 7.667 7.755 7.731 7.617 7.564
100-13 7.659 7.750 7.725 7.607 7.552
100-14 7.651 7.745 7.720 7.598 7.540
100-15 7.643 7.740 7.714 7.588 7.528
First Payment 2.947 5.114 4.197 2.364 2.031
Average Life 4.742 8.799 7.166 3.758 3.075
Last Payment 7.531 12.197 10.364 6.197 4.864
</TABLE>
- -----------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES PAGE 10
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$[211,553,000] (approximate)
- ------------------------------------------------------------------------------
CLASS A-4
CURRENT BALANCE: $10,000,000.00
FACTOR: 1.0000000000
ORIGINAL BALANCE: $10,000,000.00
<TABLE>
<CAPTION>
BOND A4 BE-YIELD TABLE YIELD TABLE DATE: 04/14/00
PREPAYMENT SPEED
PRICING SPEED
25.0% 15.00% 18.00% 30.00% 35.00%
PRICE HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C>
99-16 8.178 8.180 8.179 8.177 8.176
99-17 8.172 8.175 8.174 8.170 8.168
99-18 8.166 8.171 8.170 8.163 8.160
99-19 8.161 8.167 8.165 8.157 8.153
99-20 8.155 8.163 8.161 8.150 8.145
99-21 8.149 8.159 8.156 8.144 8.137
99-22 8.143 8.155 8.151 8.137 8.130
99-23 8.138 8.150 8.147 8.130 8.122
99-24 8.132 8.146 8.142 8.124 8.114
99-25 8.126 8.142 8.138 8.117 8.107
99-26 8.121 8.138 8.133 8.110 8.099
99-27 8.115 8.134 8.128 8.104 8.091
99-28 8.109 8.130 8.124 8.097 8.084
99-29 8.103 8.126 8.119 8.091 8.076
99-30 8.098 8.121 8.115 8.084 8.068
99-31 8.092 8.117 8.110 8.077 8.061
100-00 8.086 8.113 8.106 8.071 8.053
100-01 8.081 8.109 8.101 8.064 8.045
100-02 8.075 8.105 8.096 8.058 8.038
100-03 8.069 8.101 8.092 8.051 8.030
100-04 8.064 8.097 8.087 8.045 8.023
100-05 8.058 8.092 8.083 8.038 8.015
100-06 8.052 8.088 8.078 8.031 8.007
100-07 8.046 8.084 8.074 8.025 8.000
100-08 8.041 8.080 8.069 8.018 7.992
100-09 8.035 8.076 8.065 8.012 7.985
100-10 8.029 8.072 8.060 8.005 7.977
100-11 8.024 8.068 8.055 7.998 7.969
100-12 8.018 8.064 8.051 7.992 7.962
100-13 8.012 8.059 8.046 7.985 7.954
100-14 8.007 8.055 8.042 7.979 7.947
100-15 8.001 8.051 8.037 7.972 7.939
First Payment 7.531 12.197 10.364 6.197 4.864
Average Life 7.531 12.197 10.364 6.197 5.153
Last Payment 7.531 12.197 10.364 6.197 5.197
</TABLE>
- -----------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES PAGE 11
Mortgage Lenders Network Home Equity Loan Trust 2000-1
Pass-Through Certificates, Series 2000-1
$[211,553,000] (approximate)
- ------------------------------------------------------------------------------
CLASS A-5
CURRENT BALANCE: $21,000,000.00
FACTOR: 1.0000000000
ORIGINAL BALANCE: $21,000,000.00
<TABLE>
<CAPTION>
BOND A5 BE-YIELD TABLE YIELD TABLE DATE: 04/14/00
PREPAYMENT SPEED
PRICING SPEED
25.0% 15.00% 18.00% 30.00% 35.00%
PRICE HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C>
99-16 7.764 7.764 7.764 7.763 7.763
99-17 7.757 7.758 7.758 7.756 7.755
99-18 7.750 7.752 7.752 7.749 7.747
99-19 7.744 7.746 7.746 7.742 7.739
99-20 7.737 7.741 7.740 7.734 7.731
99-21 7.731 7.735 7.734 7.727 7.723
99-22 7.724 7.729 7.727 7.720 7.715
99-23 7.717 7.723 7.721 7.713 7.707
99-24 7.711 7.717 7.715 7.705 7.699
99-25 7.704 7.711 7.709 7.698 7.691
99-26 7.697 7.706 7.703 7.691 7.683
99-27 7.691 7.700 7.697 7.683 7.675
99-28 7.684 7.694 7.691 7.676 7.667
99-29 7.678 7.688 7.685 7.669 7.659
99-30 7.671 7.682 7.679 7.662 7.651
99-31 7.664 7.677 7.673 7.654 7.643
100-00 7.658 7.671 7.667 7.647 7.635
100-01 7.651 7.665 7.661 7.640 7.627
100-02 7.645 7.659 7.655 7.633 7.619
100-03 7.638 7.653 7.649 7.626 7.611
100-04 7.632 7.648 7.643 7.618 7.603
100-05 7.625 7.642 7.637 7.611 7.595
100-06 7.618 7.636 7.631 7.604 7.587
100-07 7.612 7.630 7.625 7.597 7.579
100-08 7.605 7.624 7.619 7.589 7.571
100-09 7.599 7.619 7.613 7.582 7.563
100-10 7.592 7.613 7.607 7.575 7.555
100-11 7.586 7.607 7.601 7.568 7.547
100-12 7.579 7.601 7.595 7.561 7.539
100-13 7.572 7.595 7.589 7.553 7.531
100-14 7.566 7.590 7.583 7.546 7.523
100-15 7.559 7.584 7.577 7.539 7.515
First Payment 3.114 3.114 3.114 3.114 3.114
Average Life 6.181 7.369 6.990 5.460 4.805
Last Payment 7.531 12.197 10.364 6.197 5.197
</TABLE>
- -----------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY. THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
[LOGO GRAPHIC OMITTED] PRUDENTIAL SECURITIES PAGE 12
