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)
May 20, 1996
BEAR STEARNS MORTGAGE SECURITIES INC.
(Exact name of registrant as specified in charter)
Delaware 33-62710 13-3633241
------------------ --------------- ---------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
245 Park Avenue, New York, New York 10167
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 272-2000
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
Filing of Collateral Term Sheet.
In connection with the offering of the Bear Stearns Mortgage Securities
Inc. Mortgage Pass-Through Certificates, Series 1996-3, Bear, Stearns & Co. Inc.
as underwriter of the Certificates (the "Underwriter") has prepared a collateral
term sheet (the "Collateral Term Sheet") for distribution to its potential
investors in accordance with the position of the Securities and Exchange
Commission in its letter dated February 17, 1995 to The Public Securities
Association. The Collateral Term Sheet is attached hereto as Exhibit 1.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits:
7.1 Collateral Term Sheet.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BEAR STEARNS MORTGAGE SECURITIES INC.
(Registrant)
Date: May 22, 1996 By: /s/ Joseph T. Jurkowski, Jr.
----------------- -------------------------------
Name: Joseph T. Jurkowski, Jr.
Title: Vice President
<PAGE>
EXHIBIT INDEX
Sequentially
Exhibit Number Description Numbered Page
7.1 Collateral Term Sheet.
EXHIBIT 7.1
BEAR STEARNS COLLATERAL ANALYSIS REPORT ICI696 FX6, OVERALL,
ROLLED TO 6/96
Total Loans: 1,100[1m
Total Outstanding: 172,338,149.65[1m
Average Outstanding: 156,671.05
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY ISSUE_DATE
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1993 1 191,714.42 0.11 9.50 9.25 357.00 39.00 9.50 9.50 191,714.42 357 357
1995 37 7,379,975.28 4.28 9.21 8.96 344.76 6.43 8.38 11.83 199,458.79 174 356
1996 1062 164,766,459.95 95.61 8.84 8.59 349.50 2.85 7.38 12.75 155,147.33 163 360
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY ORIGINAL_TERM
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1.000 - 180.010 58 6,619,225.78 3.84 8.48 8.23 176.79 2.68 7.50 9.63 114,124.58 163 179
180.010 + 1042 165,718,923.86 96.16 8.87 8.62 356.20 3.06 7.38 12.75 159,039.27 176 360
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY CURRENT_BALANCE
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 - 100,000 433 31,021,526.43 18.00 9.03 8.78 339.90 2.90 7.38 12.75 71,643.25 163 360
100,000 - 200,000 405 57,068,578.08 33.11 8.89 8.64 347.75 3.07 7.50 12.50 140,910.07 176 360
200,000 - 300,000 138 34,128,130.16 19.80 8.84 8.59 353.91 2.78 7.38 11.83 247,305.29 176 360
300,000 - 400,000 72 25,168,747.68 14.60 8.80 8.55 352.31 2.96 7.75 11.25 349,565.94 177 360
400,000 - 500,000 42 18,936,902.18 10.99 8.58 8.33 354.73 3.75 7.88 9.38 450,878.62 270 360
500,000 - 600,000 8 4,721,137.16 2.74 8.64 8.39 356.62 3.38 8.38 9.13 590,142.15 355 358
600,000 - 700,000 2 1,293,127.95 0.75 8.75 8.50 357.50 2.50 8.75 8.75 646,563.98 357 358
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY CURRENT_GROSS_COUPON
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7.375 - 7.490 2 361,869.63 0.21 7.38 7.13 358.72 2.55 7.38 7.38 180,934.82 358 359
7.500 - 7.615 4 535,390.12 0.31 7.50 7.25 330.53 2.85 7.50 7.50 133,847.53 178 358
7.625 - 7.740 2 201,802.17 0.12 7.63 7.38 356.95 2.71 7.63 7.63 100,901.08 352 359
7.750 - 7.865 9 1,310,748.00 0.76 7.75 7.50 325.99 2.88 7.75 7.75 145,638.67 177 359
7.875 - 7.990 13 2,753,104.50 1.60 7.87 7.62 335.64 3.24 7.88 7.88 211,777.27 176 359
8.000 - 8.115 15 1,916,356.04 1.11 8.00 7.75 306.41 3.08 8.00 8.00 127,757.07 176 360
8.125 - 8.240 24 3,311,547.92 1.92 8.13 7.87 340.48 3.13 8.13 8.13 137,981.16 177 359
8.250 - 8.365 68 12,279,560.47 7.13 8.25 8.00 350.03 3.23 8.25 8.25 180,581.77 176 360
8.375 - 8.490 75 16,157,411.26 9.38 8.38 8.13 345.12 3.08 8.38 8.38 215,432.15 175 360
8.500 - 8.615 130 21,254,679.00 12.33 8.50 8.25 347.57 2.97 8.50 8.50 163,497.53 175 360
8.625 - 8.740 111 17,789,379.18 10.32 8.62 8.38 343.75 3.11 8.63 8.63 160,264.68 176 360
8.750 - 8.865 142 23,943,472.72 13.89 8.75 8.50 352.84 2.94 8.75 8.75 168,616.01 174 360
8.875 - 8.990 135 21,591,748.05 12.53 8.88 8.63 353.79 2.79 8.88 8.88 159,938.87 178 360
9.000 - 9.115 62 9,337,517.91 5.42 9.00 8.75 349.50 3.18 9.00 9.00 150,605.13 163 360
9.125 - 9.240 43 7,658,857.30 4.44 9.12 8.87 354.87 2.74 9.13 9.13 178,112.96 176 360
9.250 - 9.365 42 6,104,731.37 3.54 9.25 9.00 352.16 2.65 9.25 9.25 145,350.75 176 360
9.375 - 9.490 27 3,559,143.20 2.07 9.38 9.13 349.03 2.92 9.38 9.38 131,820.12 178 359
9.500 - 9.615 28 3,237,206.06 1.88 9.50 9.25 354.89 5.21 9.50 9.50 115,614.50 179 359
9.625 - 9.740 20 2,223,786.29 1.29 9.63 9.38 351.90 2.63 9.63 9.63 111,189.31 177 360
9.750 - 9.865 26 3,665,085.86 2.13 9.75 9.50 356.45 3.39 9.75 9.75 140,964.84 346 360
9.875 - 9.990 18 1,803,427.66 1.05 9.88 9.63 355.96 3.21 9.88 9.88 100,190.43 352 359
10.000 - 10.115 12 982,060.58 0.57 10.00 9.75 357.36 3.36 10.00 10.00 81,838.38 356 359
10.125 - 10.240 8 581,285.55 0.34 10.13 9.88 357.49 3.02 10.13 10.13 72,660.69 356 358
10.250 - 10.365 17 1,879,043.24 1.09 10.25 10.00 356.66 3.22 10.25 10.25 110,531.96 343 359
10.375 - 10.490 6 665,841.77 0.39 10.38 10.13 357.54 2.59 10.38 10.38 110,973.63 355 359
10.500 - 10.615 15 1,680,988.06 0.98 10.50 10.25 354.64 2.99 10.50 10.50 112,065.87 343 359
10.625 - 10.740 5 724,661.63 0.42 10.63 10.38 356.03 3.42 10.63 10.65 144,932.33 347 359
10.750 - 10.865 11 944,148.66 0.55 10.75 10.50 357.63 2.89 10.75 10.75 85,831.70 356 359
10.875 - 10.990 3 345,299.19 0.20 10.88 10.63 357.33 3.49 10.88 10.90 115,099.73 354 360
11.000 - 11.115 2 338,104.33 0.20 11.00 10.75 357.77 3.23 11.00 11.00 169,052.17 355 359
11.125 - 11.240 1 208,177.74 0.12 11.12 10.88 359.00 1.00 11.13 11.13 208,177.74 359 359
11.250 - 11.365 8 856,542.06 0.50 11.25 11.00 356.09 3.38 11.25 11.25 107,067.76 354 359
11.375 - 11.490 1 202,366.35 0.12 11.38 11.12 359.00 2.00 11.38 11.38 202,366.35 359 359
11.500 - 11.615 2 305,677.09 0.18 11.50 11.25 335.19 3.00 11.50 11.50 152,838.55 331 358
11.625 - 11.740 2 260,025.35 0.15 11.63 11.38 356.45 4.55 11.63 11.64 130,012.68 355 358
11.750 - 11.865 6 901,502.21 0.52 11.77 11.52 354.44 4.47 11.75 11.83 150,250.37 353 357
12.000 - 12.115 1 45,547.00 0.03 12.00 11.75 356.00 4.00 12.00 12.00 45,547.00 356 356
12.250 - 12.365 1 89,951.03 0.05 12.25 12.00 358.00 2.00 12.25 12.25 89,951.03 358 358
12.375 - 12.490 1 184,852.41 0.11 12.38 12.13 357.00 3.00 12.38 12.38 184,852.41 357 357
12.500 - 12.615 1 112,283.13 0.07 12.50 12.25 357.00 3.00 12.50 12.50 112,283.13 357 357
12.750 - 12.865 1 32,967.54 0.02 12.75 12.50 356.00 4.00 12.75 12.75 32,967.54 356 356
<PAGE>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY CURRENT_NET_COUPON
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7.125 - 7.240 2 361,869.63 0.21 7.38 7.13 358.72 2.55 7.38 7.38 180,934.82 358 359
7.250 - 7.365 4 535,390.12 0.31 7.50 7.25 330.53 2.85 7.50 7.50 133,847.53 178 358
7.375 - 7.490 2 201,802.17 0.12 7.63 7.38 356.95 2.71 7.63 7.63 100,901.08 352 359
7.500 - 7.615 9 1,310,748.00 0.76 7.75 7.50 325.99 2.88 7.75 7.75 145,638.67 177 359
7.625 - 7.740 13 2,753,104.50 1.60 7.87 7.62 335.64 3.24 7.88 7.88 211,777.27 176 359
7.750 - 7.865 15 1,916,356.04 1.11 8.00 7.75 306.41 3.08 8.00 8.00 127,757.07 176 360
7.875 - 7.990 24 3,311,547.92 1.92 8.13 7.87 340.48 3.13 8.13 8.13 137,981.16 177 359
8.000 - 8.115 68 12,279,560.47 7.13 8.25 8.00 350.03 3.23 8.25 8.25 180,581.77 176 360
8.125 - 8.240 75 16,157,411.26 9.38 8.38 8.13 345.12 3.08 8.38 8.38 215,432.15 175 360
8.250 - 8.365 130 21,254,679.00 12.33 8.50 8.25 347.57 2.97 8.50 8.50 163,497.53 175 360
8.375 - 8.490 111 17,789,379.18 10.32 8.62 8.38 343.75 3.11 8.63 8.63 160,264.68 176 360
8.500 - 8.615 142 23,943,472.72 13.89 8.75 8.50 352.84 2.94 8.75 8.75 168,616.01 174 360
8.625 - 8.740 135 21,591,748.05 12.53 8.88 8.63 353.79 2.79 8.88 8.88 159,938.87 178 360
8.750 - 8.865 62 9,337,517.91 5.42 9.00 8.75 349.50 3.18 9.00 9.00 150,605.13 163 360
8.875 - 8.990 43 7,658,857.30 4.44 9.12 8.87 354.87 2.74 9.13 9.13 178,112.96 176 360
9.000 - 9.115 42 6,104,731.37 3.54 9.25 9.00 352.16 2.65 9.25 9.25 145,350.75 176 360
9.125 - 9.240 27 3,559,143.20 2.07 9.38 9.13 349.03 2.92 9.38 9.38 131,820.12 178 359
9.250 - 9.365 28 3,237,206.06 1.88 9.50 9.25 354.89 5.21 9.50 9.50 115,614.50 179 359
9.375 - 9.490 20 2,223,786.29 1.29 9.63 9.38 351.90 2.63 9.63 9.63 111,189.31 177 360
9.500 - 9.615 26 3,665,085.86 2.13 9.75 9.50 356.45 3.39 9.75 9.75 140,964.84 346 360
9.625 - 9.740 18 1,803,427.66 1.05 9.88 9.63 355.96 3.21 9.88 9.88 100,190.43 352 359
9.750 - 9.865 12 982,060.58 0.57 10.00 9.75 357.36 3.36 10.00 10.00 81,838.38 356 359
9.875 - 9.990 8 581,285.55 0.34 10.13 9.88 357.49 3.02 10.13 10.13 72,660.69 356 358
10.000 - 10.115 17 1,879,043.24 1.09 10.25 10.00 356.66 3.22 10.25 10.25 110,531.96 343 359
10.125 - 10.240 6 665,841.77 0.39 10.38 10.13 357.54 2.59 10.38 10.38 110,973.63 355 359
10.250 - 10.365 15 1,680,988.06 0.98 10.50 10.25 354.64 2.99 10.50 10.50 112,065.87 343 359
10.375 - 10.490 5 724,661.63 0.42 10.63 10.38 356.03 3.42 10.63 10.65 144,932.33 347 359
10.500 - 10.615 11 944,148.66 0.55 10.75 10.50 357.63 2.89 10.75 10.75 85,831.70 356 359
10.625 - 10.740 3 345,299.19 0.20 10.88 10.63 357.33 3.49 10.88 10.90 115,099.73 354 360
10.750 - 10.865 2 338,104.33 0.20 11.00 10.75 357.77 3.23 11.00 11.00 169,052.17 355 359
10.875 - 10.990 1 208,177.74 0.12 11.12 10.88 359.00 1.00 11.13 11.13 208,177.74 359 359
11.000 - 11.115 8 856,542.06 0.50 11.25 11.00 356.09 3.38 11.25 11.25 107,067.76 354 359
11.125 - 11.240 1 202,366.35 0.12 11.38 11.12 359.00 2.00 11.38 11.38 202,366.35 359 359
11.250 - 11.365 2 305,677.09 0.18 11.50 11.25 335.19 3.00 11.50 11.50 152,838.55 331 358
11.375 - 11.490 2 260,025.35 0.15 11.63 11.38 356.45 4.55 11.63 11.64 130,012.68 355 358
11.500 - 11.615 6 901,502.21 0.52 11.77 11.52 354.44 4.47 11.75 11.83 150,250.37 353 357
11.750 - 11.865 1 45,547.00 0.03 12.00 11.75 356.00 4.00 12.00 12.00 45,547.00 356 356
12.000 - 12.115 1 89,951.03 0.05 12.25 12.00 358.00 2.00 12.25 12.25 89,951.03 358 358
12.125 - 12.240 1 184,852.41 0.11 12.38 12.13 357.00 3.00 12.38 12.38 184,852.41 357 357
12.250 - 12.365 1 112,283.13 0.07 12.50 12.25 357.00 3.00 12.50 12.50 112,283.13 357 357
12.500 - 12.615 1 32,967.54 0.02 12.75 12.50 356.00 4.00 12.75 12.75 32,967.54 356 356
<PAGE>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY REMAINING_TERM
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
156.000 - 167.990 1 99,720.28 0.06 9.00 8.75 163.00 4.00 9.00 9.00 99,720.28 163 163
168.000 - 179.990 64 7,088,876.07 4.11 8.48 8.23 177.04 2.76 7.50 9.63 110,763.69 174 179
180.000 - 191.990 1 86,166.49 0.05 8.75 8.50 180.00 1.00 8.75 8.75 86,166.49 180 180
228.000 - 239.990 1 48,977.33 0.03 9.00 8.75 237.00 3.00 9.00 9.00 48,977.33 237 237
252.000 - 263.990 1 44,077.95 0.03 9.63 9.38 260.00 3.00 9.63 9.63 44,077.95 260 260
264.000 - 275.990 1 438,774.62 0.25 9.00 8.75 270.00 7.00 9.00 9.00 438,774.62 270 270
300.000 - 311.990 1 46,879.77 0.03 8.88 8.63 305.00 3.00 8.88 8.88 46,879.77 305 305
324.000 - 335.990 3 386,534.12 0.22 10.67 10.42 331.54 2.71 8.75 11.50 128,844.71 331 333
336.000 - 347.990 8 979,155.38 0.57 9.76 9.51 342.82 3.93 8.38 10.65 122,394.42 337 347
348.000 - 359.990 983 157,690,147.95 91.50 8.86 8.61 357.27 3.09 7.38 12.75 160,417.24 348 359
360.000 - 371.990 36 5,428,839.69 3.15 8.83 8.58 360.00 1.70 8.00 10.88 150,801.10 360 360
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY LOAN_TO_VALUE
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.000 - 30.010 18 1,311,265.94 0.76 8.44 8.19 322.09 2.45 7.50 9.13 72,848.11 177 359
30.010 - 40.010 23 2,183,016.51 1.27 8.65 8.40 311.54 2.55 7.75 10.50 94,913.76 177 359
40.010 - 50.010 79 9,727,331.13 5.64 8.68 8.43 334.39 3.08 7.88 12.38 123,130.77 175 360
50.010 - 60.010 104 15,066,917.72 8.74 8.74 8.49 344.30 2.66 7.38 12.75 144,874.21 177 360
60.010 - 70.010 208 30,959,428.03 17.96 8.85 8.60 348.62 2.84 7.75 11.75 148,843.40 176 360
70.010 - 80.000 364 62,072,708.49 36.02 8.83 8.58 351.43 3.06 7.38 12.50 170,529.42 163 360
80.000 - 80.010 202 35,084,503.06 20.36 8.81 8.56 352.89 3.38 7.75 12.00 173,685.66 176 360
80.010 - 90.010 84 11,909,117.30 6.91 9.56 9.31 355.26 3.12 7.63 11.83 141,775.21 177 360
90.010 + 18 4,023,861.45 2.33 8.65 8.40 357.11 3.08 7.88 11.50 223,547.86 348 360
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY STATE
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AL 2 535,388.67 0.31 8.83 8.58 358.34 1.98 8.75 8.88 267,694.34 357 359
AZ 15 1,588,898.64 0.92 8.93 8.68 358.01 2.65 7.63 11.13 105,926.58 354 359
CA 405 83,263,573.75 48.31 8.77 8.52 354.37 3.05 7.50 12.75 205,589.07 176 360
CO 17 3,463,889.41 2.01 8.52 8.27 356.87 3.63 7.75 9.63 203,758.20 352 359
CT 1 152,644.04 0.09 8.75 8.50 356.00 4.00 8.75 8.75 152,644.04 356 356
DC 2 406,720.61 0.24 11.21 10.96 354.54 3.27 9.75 11.75 203,360.30 354 356
DE 5 486,311.23 0.28 9.13 8.88 357.54 3.36 7.50 10.75 97,262.25 356 359
FL 187 20,637,273.71 11.97 8.89 8.64 343.04 3.26 7.63 11.50 110,359.75 163 360
GA 8 969,217.76 0.56 8.62 8.37 343.05 4.17 8.25 10.25 121,152.22 175 359
HI 7 2,070,348.66 1.20 8.47 8.22 358.31 2.71 8.25 8.88 295,764.09 357 359
IA 1 87,948.04 0.05 8.63 8.38 360.00 3.00 8.63 8.63 87,948.04 360 360
IL 25 3,250,196.82 1.89 8.87 8.62 351.95 2.91 8.38 9.75 130,007.87 178 360
IN 1 47,635.71 0.03 8.75 8.50 332.00 4.00 8.75 8.75 47,635.71 332 332
LA 3 345,497.40 0.20 8.82 8.57 359.35 3.32 8.25 9.50 115,165.80 359 360
MA 11 1,575,855.96 0.91 9.00 8.75 357.58 2.80 8.50 9.63 143,259.63 357 359
MD 8 1,333,394.57 0.77 8.61 8.36 345.17 2.98 8.00 9.25 166,674.32 177 360
MN 2 196,719.15 0.11 8.73 8.48 358.40 2.40 8.50 8.88 98,359.57 358 359
MO 4 188,708.49 0.11 10.15 9.90 355.85 5.52 9.38 11.83 47,177.12 354 358
MS 2 221,494.62 0.13 8.69 8.44 244.12 3.11 8.50 9.00 110,747.31 178 356
MT 1 104,944.14 0.06 9.13 8.88 360.00 1.00 9.13 9.13 104,944.14 360 360
NC 29 3,088,605.89 1.79 9.41 9.16 351.13 2.88 8.25 12.00 106,503.65 180 359
NE 2 475,509.32 0.28 8.79 8.54 354.81 5.68 8.75 9.00 237,754.66 354 359
NH 2 120,618.28 0.07 8.66 8.41 358.53 3.53 8.00 9.25 60,309.14 358 359
NJ 136 17,872,244.99 10.37 8.92 8.67 334.45 2.70 7.38 12.50 131,413.57 175 360
NM 5 956,046.04 0.55 9.43 9.18 354.69 5.55 8.50 11.83 191,209.21 353 358
NV 23 3,696,882.70 2.15 8.83 8.58 356.24 3.45 8.13 10.90 160,734.03 339 360
NY 81 11,167,523.90 6.48 9.06 8.81 333.89 2.63 8.00 12.38 137,870.67 176 360
OH 4 411,808.78 0.24 9.55 9.30 354.22 4.65 8.13 11.64 102,952.19 340 359
OK 2 175,284.86 0.10 8.60 8.35 357.39 3.00 8.50 8.75 87,642.43 357 358
OR 14 1,806,541.97 1.05 9.02 8.77 350.98 3.59 7.75 10.75 129,038.71 176 360
PA 21 2,282,324.14 1.32 8.80 8.55 339.10 2.60 8.25 10.50 108,682.10 178 360
RI 1 58,367.37 0.03 8.88 8.63 357.00 4.00 8.88 8.88 58,367.37 357 357
SC 1 69,878.27 0.04 8.75 8.50 357.00 3.00 8.75 8.75 69,878.27 357 357
TX 13 1,592,843.65 0.92 8.91 8.66 345.67 2.98 8.25 11.75 122,526.43 174 359
UT 18 2,554,102.80 1.48 8.84 8.59 356.85 3.40 8.00 10.25 141,894.60 349 360
VA 6 1,097,329.24 0.64 8.66 8.41 358.87 2.25 8.50 9.88 182,888.21 358 360
WA 34 3,856,348.24 2.24 9.00 8.75 357.30 3.11 7.38 11.75 113,422.01 347 359
WI 1 129,227.84 0.07 10.50 10.25 355.00 3.00 10.50 10.50 129,227.84 355 355
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY BALLOON_DATE
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1100 172,338,149.65 100.00 8.85 8.60 349.31 3.05 7.38 12.75 156,671.05 163 360
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY DOC_TYPE
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FULL DOCS 333 52,632,205.84 30.54 9.06 8.81 354.47 3.16 7.50 12.50 158,054.67 176 360
LIMITED DOCS 700 109,964,639.77 63.81 8.77 8.52 347.41 2.99 7.38 12.75 157,092.34 163 360
NO DOCS 67 9,741,304.03 5.65 8.63 8.38 342.74 3.04 7.38 9.63 145,392.60 176 359
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY LOAN_PURPOSE
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REFI CASH-OUT 421 63,181,632.94 36.66 8.84 8.59 347.90 3.11 7.38 12.75 150,075.14 175 360
PURCHASE 459 69,621,466.66 40.40 8.84 8.59 350.59 3.01 7.38 12.50 151,680.76 163 360
REFI RATE/TERM 220 39,535,050.04 22.94 8.88 8.63 349.30 3.02 7.50 11.75 179,704.77 175 360
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY PROPERTY_TYPE
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CONDO 83 7,800,199.95 4.53 8.90 8.65 349.44 2.71 7.75 12.50 93,978.31 177 360
2-4 FAMILY UNIT 96 13,559,134.86 7.87 9.14 8.89 348.53 3.26 7.38 11.75 141,240.99 175 360
COOP 6 395,985.17 0.23 9.95 9.70 356.31 3.47 8.75 10.75 65,997.53 356 357
PUD 133 24,669,577.87 14.31 8.76 8.51 353.98 3.05 7.63 11.63 185,485.55 178 360
S/F DETACHED 782 125,913,251.80 73.06 8.83 8.58 348.44 3.04 7.38 12.75 161,014.39 163 360
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY OCCUPANCY_TYPE
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT 125 10,666,287.13 6.19 9.49 9.24 349.16 3.08 8.25 12.75 85,330.30 176 360
OWNER OCCUPIED 935 157,367,840.33 91.31 8.81 8.56 349.13 3.05 7.38 12.50 168,307.85 163 360
SECOND HOME 40 4,304,022.19 2.50 8.83 8.58 356.10 2.94 7.63 10.50 107,600.55 178 360
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL GROUPED BY MI_CODE
Number of Outstanding WA Net WA Rem WA Min Max Average Min Max
Values Loans Balance Pct WAC Rate Term Age Rate Rate Balance RTerm RTerm
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No mortgage ins 1024 159,534,963.94 92.57 8.85 8.60 348.75 3.05 7.38 12.75 155,795.86 163 360
GE Mortgage Co. 4 775,176.20 0.45 9.22 8.97 357.92 2.90 8.75 9.50 193,794.05 357 360
Mortgage Guaran 3 291,717.63 0.17 9.21 8.96 348.18 6.55 8.63 10.25 97,239.21 343 358
PMI Mortgage In 7 1,662,395.26 0.96 8.53 8.28 356.69 3.52 7.75 8.75 237,485.04 355 359
United Guaranty 4 434,419.78 0.25 8.98 8.73 357.23 3.45 8.63 10.00 108,604.95 356 358
Commonwealth Mo 58 9,639,476.84 5.59 8.88 8.63 356.27 2.83 7.63 11.25 166,197.88 177 360
</TABLE>
Total Weighted Average Coupon (WAC): [0m8.8526
Total Weighted Average Net Rate (WANR): [0m8.6026
Total Weighted Average Remaining Term (WARM): [0m349.31
Total Weighted Average Age: [0m 3.05
Total Weighted Average Ltv: [0m72.059
<PAGE>
EXHIBIT 23.1
<PAGE>
