<PAGE>
<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) May 16, 1996
Cargill Financial Services Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-96500 41-1492786
- ----------------------------- --------------- -----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
6000 Clearwater Drive
Minnetonka, Minnesota 55343
(Address of Principal -------------------
Executive Offices) (Zip Code)
Registrant's telephone number, including area code (612) 984-0979
No Change
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- -------------------------------------------------------------------------------
<PAGE>
<PAGE>
Item 5. Other Events
In connection with the offering of Access Financial
Manufactured Housing Contract Trust 1996-1 Pass-Through Certificates, Series
1996-1, described in a Preliminary Prospectus Supplement dated as of May 16,
1996, 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>
<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.
CARGILL FINANCIAL SERVICES CORPORATION
as Sponsor and on behalf of Access
Financial Maanufactured Housing Contract
Trust 1996-1
Registrant
By: /s/ Jeffrey A. Hilligoss
------------------------
Name: Jeffrey A. Hilligoss
Title: Vice President
Dated: May 21, 1996
<PAGE>
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
- ----------- ----------- --------
<S> <C> <C>
99.1 Related Computational 6
Materials (as defined
in Item 5 above).
</TABLE>
<PAGE>
<PAGE>
Marketing Memorandum for
Access Financial
Manufactured Housing Contract Trust Senior/Subordinate
Pass-Through Certificates, Series 1996-1
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the Access Financial Manufactured
Housing Contract Trust, Series 1996-1 transaction, and not by or as agent for
Cargill Financial Services Corp. or any of its affiliates (the "Sponsor"). The
Sponsor has not prepared, reviewed or participated in the preparation hereof, is
not responsible for the accuracy hereof and has not authorized the disemination
hereof. The analysis in this report is accurate to the best of PSI's knowledge
and is based on information provided by the Sponsor. PSI makes no
representations as to the accuracy of such information provided to it by the
Sponsor. All assumptions and information in this report reflect PSI's judgment
as of this date and are subject to change. All analyses are based on certain
assumptions noted herein and different assumptions could yield substantially
different results. You are cautioned that there is no universally accepted
method for analyzing financial instruments. You should review the assumptions;
there may be differences between these assumptions and your actual business
practices. Further, PSI does not guarantee any results and there is no guarantee
as to the liquidity of the instruments involved in this analysis. The decision
to adopt any strategy remains your responsibility. PSI (or any of its
affiliates) or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments thereon referred
to here, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in the
securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the analysis
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor. The Certificates are being offered pursuant
to a Prospectus which includes a Prospectus Supplement (together, the
"Prospectus"). The information contained herein will be superseded by the final
Prospectus.
<PAGE>
<PAGE>
Access Financial Manufactured Housing Contract Trust, Series 1996-1
Title of Securities: Access Financial Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates,
Series 1996-1.
Sponsor: Cargill Financial Services Corporation
Servicer: Access Financial Corp. (a wholly-owned subsidiary of
Access Financial Holdings Corp., which is a wholly-owned
subisdiary of the Sponsor).
Trustee: The Bank of New York.
Lead Manager: Prudential Securities Incorporated
Co-Manager: J.P. Morgan Securities
<TABLE>
<CAPTION>
Class Class Class Class Class Class Class | *Class
A1 A2 A3 A4 A5 A6 B1 | B2
|
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Amount(000): 33,544 26,360 23,862 12,115 23,781 12,764 17,551 | 9,573
|
**Coupon: TBD TBD TBD TBD TBD TBD TBD | n/a
|
Approx. Price: TBD TBD TBD TBD TBD TBD TBD | n/a
|
Yield: TBD TBD TBD TBD TBD TBD TBD | n/a
|
Spread: TBD TBD TBD TBD TBD TBD TBD | n/a
|
Avg Life: 1.05 3.05 5.05 7.40 11.29 17.79 8.42 | n/a
|
Avg Life: 1.05 3.05 5.05 7.40 11.29 15.77 8.42 | n/a
To Call |
|
1st Prin Pymt: 06/17/96 07/15/98 06/15/00 10/15/02 11/15/04 03/15/11 11/15/01 | n/a
|
Exp Mat: 07/15/98 06/15/00 10/15/02 11/15/04 03/15/11 01/15/18 11/15/08 | n/a
|
To 10% Call: 07/15/98 06/15/00 10/15/02 11/15/04 03/15/11 04/15/12 11/15/08 | n/a
|
Stated Mat: 11/15/26 11/15/26 11/15/26 11/15/26 11/15/26 11/15/26 11/15/26 | n/a
|
Expected |
Settlement: [5/29/96] [5/29/96] [5/29/96] [5/29/96] [5/29/96] [5/29/96] [5/29/96] | n/a
|
Pymt Delay: 14 Days 14 Days 14 Days 14 Days 14 Days 14 Days 14 Days | n/a
|
Dated Date: 05/1/96 05/1/96 05/1/96 05/1/96 05/1/96 05/1/96 05/1/96 | n/a
|
Int. Pymt: Monthly Monthly Monthly Monthly Monthly Monthly Monthly | n/a
|
1st Pymt Date: 06/17/96 06/17/96 06/17/95 06/17/96 06/17/96 06/17/96 06/17/96 | n/a
|
Rating: Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- Baa3/BBB- | Ba2/BB
(Moody's/Fitch)
</TABLE>
* NOTE: THE CLASS B-2 CERTIFICATES ARE BEING OFFERED PRIVATELY BY PSI VIA A
SEPARATE PRIVATE PLACEMENT MEMORANDUM **
** PAYMENT OF INTEREST EACH MONTH ON ALL CLASSES OF CERTIFICATES IS SUBJECT TO
A MAXIMUM RATE EQUAL TO THE WEIGHTED AVERAGE NET CONTRACT RATE (DEFINED
BELOW) RELATING TO SUCH REMITTANCE DATE.
Pricing Date: TBD
Prepayment Speed: 150% MHP
<TABLE>
<S> <C>
Credit Enhancement: SUBORDINATION:
Expected subordination levels as a % of the total
Certificates (not including initial o/c):
</TABLE>
<TABLE>
<S> <C> <C> <C>
Class A1-A5: Aaa/AAA 25.00%
Class A-6: Aa3/AA- 17.00%
Class B-1: Baa3/BBB- 6.00%
</TABLE>
<TABLE>
<S> <C>
OVERCOLLATERALIZATION: The Certificates will be issued with an initial Overcollateralization Amount of 1.5%
(approx. $2,429,000). Excess Servicing and the Servicing Fee (while AFC is the Servicer) will be directed
to build the Overcollateralization Amount to 3% (approx. $4,859,000) of the Cut-off Date Pool Principal
Balance. On or after June 15, 2001 and as long as the Class B Distribution Tests are met, the Required
Overcollateralization Amount steps down to 6% of the current Scheduled Pool Principal Balance subject to a
floor of 0.75% (approx. $1,215,000) of the Cut-off Date Pool Principal Balance.
SUBORDINATED SERVICING FEE: For as long as AFC is the Servicer, the 1.00% Servicing Fee will be
subordinated to the Offered Certificates.
EXCESS SERVICING: The Class C Certificate (not offered) represents excess servicing on the Contracts and is
the first loss piece. The Class C Certificate is subordinated to the Offered Certificates on a monthly
basis. Excess Servicing is calculated as follows:
Excess Servicing = Gross WAC - Weighted Average Bond Coupon - the Servicing Fee.
</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.
<PAGE>
<PAGE>
Access Financial Manufactured Housing Contract Trust, Series 1996-1
Cashflow Priority: (PLEASE SEE PAGES ___ AND ___ IN RED HERRING)
<TABLE>
<CAPTION>
PRICING
BASE CASE IF THE CLASS B DISTRIBUTION TEST IS MET:
<S> <C>
1) Current interest and any previously unreimbursed interest
to Classes A-1 through A-5 Certificates;
2) Senior Percentage (which is the Class A Percentage) of
principal payments sequentially to Classes A-1, A-2, A-3, A-4,
and A-5 until such class is reduced to zero;
3) Current interest and any previously unreimbursed interest to
Class A6 Certificates;
4) Senior Percentage of principal payments to
Class A-6 until such class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class B-1 Certificates;
6) Class B Percentage of principal payments to
Class B-1 until such class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class B-2 Certificates;
8) Class B Percentage of principal payments to
Class B-2 until such class is reduced to zero;
9) Overcollateralization until the Required Overcollateralization Amount has been met;
10) As long as AFC is the Servicer, to the Servicer, the monthly Servicing Fee;
11) Class C Certificates;
12) Any remainder to the Class R Certificates.
</TABLE>
--------------------------------------------------
| | | | | | |
| | | | A4 | A5 | A6 |
| A1 | A2 | A3 ____|________|_______|________|
| | | | B1 | B2 |
|-----|-----|------|---------------|-------------|
5 yrs
<TABLE>
<CAPTION>
IF THE CLASS B DISTRIBUTION TEST IS NOT MET:
<S> <C>
1) Current interest and any previously unreimbursed
interest to Classes A-1 through A-5 Certificates;
2) 100% of principal payments sequentially to Classes
A-1, A-2, A-3, A-4, and A-5 until such class is
reduced to zero;
3) Current interest and any previously unreimbursed
interest to Class A6 Certificates;
4) 100% of principal payments to Class A-6 until such
Class is reduced to zero;
5) Current interest and any previously unreimbursed
interest to Class B-1 Certificates;
6) 100% of principal payments to Class B-1 until such
Class is reduced to zero;
7) Current interest and any previously unreimbursed
interest to Class B-2 Certificates;
8) 100% of principal payments to Class B-2 until such
Class is reduced to zero;
9) Overcollateralization until the Required Overcollateralization Amount has been met;
10) As long as AFC is the Servicer, to the Servicer, the monthly Servicing Fee;
11) Class C Certificates;
12) Any remainder to the Class R Certificates.
</TABLE>
-----------------------------------------------------
| | | | | | | | |
| | | | | | | | |
| A1 | A2 | A3 | A4 | A5 | A6 | B1 | B2 |
| | | | | | | | |
|-----|-----|------|------|------|------|------|------|
<TABLE>
<CAPTION>
Class B Distribution Test:
The Class B Distribution Test is met if:
<S> <C>
1) Remittance Date is on or after June 2001;
2) Senior Percentage is no more than [66]% of the current Scheduled Pool Principal Balance;
3) Cumulative Realized Losses do not exceed 7% for year 5, 8% for year 6, and 9% for year 7
and beyond of the Cut-off Date Pool Principal Balance;
4) As long as AFC is the Servicer, the Current
Realized Loss Ratio does not exceed 2.75%; If AFC
is no longer the Servicer, the Current Realized
Loss Ratio does not exceed 2.25%;
5) Average 60 Day Delinquency Ratio does not exceed 5%;
6) Average 30 Day Delinquency Ratio does not exceed 7%; and
7) The sum of (a) the Class B Principal Balance and
(b) the Required Overcollateralization Amount must
not be less than 2% of the Cut-off Date Pool
Principal Balance.
</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.
<PAGE>
<PAGE>
Access Financial Manufactured Housing Contract Trust, Series 1996-1
<TABLE>
<S> <C>
Weighted Average Net
Contract Rate: With respect to each Remittance Date, a rate equal to
(i) the weighted average of the Contract Rates
applicable to the Scheduled Payments that were due in
the related Collection Period on outstanding Contracts
less (ii) 1.00% per annum, representing the Servicing
Fee, if AFC is no longer the Servicer. As of the
Cut-off Date, the Weighted Average Net Contract Rate is
equal to approximately 10.45%.
Optional Termination: The Servicer has the option to purchase from the Trust
all Contracts then outstanding and all other property
in the Trust if, on any Remittance Date the Pool
Scheduled Principal Balance is less than 10% of the
Cut-off Date Pool Principal Balance.
Auction Sale: If the Servicer does not exercise its right to call the
certificates within 90 days of the first Remittance
Date on which the Pool Scheduled Principal Balance is
less than 10% of the Cut-off Date Pool Principal
Balance, the Trustee will solicit bids for the purchase
of all Contracts remaining in the trust. The Trustee
will only sell the Contracts if a satisfactory bid is
received. Proceeds from a sale of the Contracts will be
distributed in the same order of priority as
collections received in respect of the Contracts.
Remittance Date: The 15th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning in June, 1996.
Interest Accrual: Interest will accrue from the 1st day of the preceding
month until the 30th day of the preceding month for
each Class of the Certificates.
ERISA Considerations: The Class A-1, A-2, A-3, A-4, and A-5 Certificates will
be ERISA eligible. The Class A-6, B-1 and B-2
Certificates are not ERISA eligible. However, investors
should consult with their counsel with respect to the
consequences under ERISA and the Code of the Plan's
acquisition and ownership of such Certificates.
SMMEA Considerations: The Class A-1, A-2, A-3, A-4, A-5, and A-6 Certificates
will constitute "mortgage related securities" under the
Secondary Mortgage Market Enhancement Act of 1984
"SMMEA". The Class B Certificates are not SMMEA
eligible.
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus") Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consumated unless the purchaser has received the
Prospectus.
</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.
<PAGE>
<PAGE>
Financial Strategies 05/17/96 08:21:04 am Prudential Securities
Group IMPACT CMO/ABS Analytics - Digest Information Incorporated
Deal ID/CUSIP ACCFC61 Not Priced Yet Deal Date 05/16/96
Series 1996-1 Delivery Date 05/29/96
Underwriter PSI Dated Date 05/01/96
Issuer ACCESS FINANCIAL MANUF HSG CONTRACT Credit Support SENIOR SUB
Collateral (Real) Deal Type MH REMIC
N/GWAC (Orig) / (10.450/10.450) Pricing Speed MHP 150.00
WAM (Orig) (20.992) Rating
Size 159,550,000 Coupon Range
Trustee Modeled R
View Summary On Page 1 of 4
<TABLE>
<CAPTION>
Class Coupon Mat Amt 000 AvLf Sprd Price Yield Description
- ------ ------- ----- ------- ---- ---- ------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1 N/A N/A 33,544 1.1 N/A N/A N/A Aaa/AAA
A2 N/A N/A 26,360 3.0 N/A N/A N/A Aaa/AAA
A3 N/A N/A 23,862 5.0 N/A N/A N/A Aaa/AAA
A4 N/A N/A 12,115 7.4 N/A N/A N/A Aaa/AAA
A5 N/A N/A 23,781 11.3 N/A N/A N/A Aaa/AAA
A6 N/A N/A 12,764 17.8 N/A N/A N/A Aa3/AA-
B1 N/A N/A 17,551 8.4 N/A N/A N/A Baa3/BBB-
</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
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CURRENT BALANCE: $33,544,000.00 DATED DATE: 05/01/96
COUPON: 6.400% FIRST PAYMENT: 06/15/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $33,544,000.00 BOND A1 PRICE-YIELD TABLE YIELD TABLE DATE: 05/29/96
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
150.0% 75.00% 100.00% 125.00% 175.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.487 6.486 6.487 6.487 6.487 6.487 6.487
99-24+ 6.471 6.476 6.474 6.472 6.469 6.467 6.464
99-25 6.455 6.465 6.462 6.458 6.451 6.448 6.441
99-25+ 6.439 6.455 6.449 6.444 6.433 6.428 6.418
99-26 6.423 6.444 6.437 6.430 6.416 6.409 6.395
99-26+ 6.407 6.434 6.425 6.415 6.398 6.389 6.372
99-27 6.391 6.423 6.412 6.401 6.380 6.370 6.349
99-27+ 6.375 6.413 6.400 6.387 6.362 6.350 6.326
99-28 6.359 6.402 6.387 6.373 6.344 6.331 6.303
99-28+ 6.343 6.392 6.375 6.359 6.327 6.311 6.280
99-29 6.327 6.381 6.363 6.344 6.309 6.291 6.257
99-29+ 6.311 6.371 6.350 6.330 6.291 6.272 6.234
99-30 6.295 6.360 6.338 6.316 6.273 6.252 6.211
99-30+ 6.279 6.350 6.326 6.302 6.256 6.233 6.188
99-31 6.263 6.339 6.313 6.288 6.238 6.213 6.165
99-31+ 6.247 6.329 6.301 6.274 6.220 6.194 6.142
100-00 6.231 6.318 6.288 6.259 6.203 6.175 6.119
100-00+ 6.215 6.308 6.276 6.245 6.185 6.155 6.096
100-01 6.199 6.297 6.264 6.231 6.167 6.136 6.073
100-01+ 6.183 6.287 6.251 6.217 6.149 6.116 6.050
100-02 6.167 6.276 6.239 6.203 6.132 6.097 6.027
100-02+ 6.151 6.266 6.227 6.189 6.114 6.077 6.004
100-03 6.135 6.255 6.214 6.174 6.096 6.058 5.981
100-03+ 6.119 6.245 6.202 6.160 6.079 6.038 5.958
100-04 6.103 6.234 6.190 6.146 6.061 6.019 5.935
100-04+ 6.087 6.224 6.177 6.132 6.043 5.999 5.912
100-05 6.071 6.213 6.165 6.118 6.026 5.980 5.889
100-05+ 6.056 6.203 6.153 6.104 6.008 5.961 5.866
100-06 6.040 6.192 6.140 6.090 5.990 5.941 5.844
100-06+ 6.024 6.182 6.128 6.075 5.973 5.922 5.821
100-07 6.008 6.172 6.116 6.061 5.955 5.902 5.798
100-07+ 5.992 6.161 6.104 6.047 5.937 5.883 5.775
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
First Payment 0.044 0.044 0.044 0.044 0.044 0.044 0.044
Average Life 1.050 1.638 1.376 1.189 0.940 0.853 0.719
Last Payment 2.128 3.378 2.794 2.461 1.878 1.711 1.461
Mac.Dur. @ 100-00 1.005 1.528 1.298 1.131 0.904 0.823 0.698
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CURRENT BALANCE: $26,360,000.00 DATED DATE: 05/01/96
COUPON: 6.750% FIRST PAYMENT: 06/15/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $26,360,000.00 BOND A2 PRICE-YIELD TABLE YIELD TABLE DATE: 05/29/96
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
150.0% 75.00% 100.00% 125.00% 175.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.841 6.842 6.842 6.841 6.840 6.840 6.839
99-24+ 6.835 6.838 6.837 6.836 6.834 6.833 6.830
99-25 6.829 6.834 6.833 6.831 6.827 6.825 6.822
99-25+ 6.823 6.831 6.828 6.826 6.821 6.818 6.814
99-26 6.817 6.827 6.824 6.820 6.814 6.811 6.805
99-26+ 6.812 6.823 6.819 6.815 6.808 6.804 6.797
99-27 6.806 6.819 6.814 6.810 6.801 6.797 6.788
99-27+ 6.800 6.815 6.810 6.805 6.795 6.790 6.780
99-28 6.794 6.811 6.805 6.800 6.788 6.783 6.772
99-28+ 6.788 6.807 6.801 6.794 6.782 6.776 6.763
99-29 6.782 6.803 6.796 6.789 6.775 6.768 6.755
99-29+ 6.776 6.799 6.792 6.784 6.769 6.761 6.747
99-30 6.771 6.795 6.787 6.779 6.762 6.754 6.738
99-30+ 6.765 6.791 6.782 6.774 6.756 6.747 6.730
99-31 6.759 6.787 6.778 6.768 6.749 6.740 6.722
99-31+ 6.753 6.783 6.773 6.763 6.743 6.733 6.713
100-00 6.747 6.779 6.769 6.758 6.736 6.726 6.705
100-00+ 6.741 6.775 6.764 6.753 6.730 6.719 6.696
100-01 6.736 6.771 6.760 6.748 6.724 6.712 6.688
100-01+ 6.730 6.767 6.755 6.742 6.717 6.704 6.680
100-02 6.724 6.763 6.750 6.737 6.711 6.697 6.671
100-02+ 6.718 6.760 6.746 6.732 6.704 6.690 6.663
100-03 6.712 6.756 6.741 6.727 6.698 6.683 6.655
100-03+ 6.706 6.752 6.737 6.722 6.691 6.676 6.646
100-04 6.700 6.748 6.732 6.716 6.685 6.669 6.638
100-04+ 6.695 6.744 6.728 6.711 6.678 6.662 6.630
100-05 6.689 6.740 6.723 6.706 6.672 6.655 6.621
100-05+ 6.683 6.736 6.719 6.701 6.665 6.648 6.613
100-06 6.677 6.732 6.714 6.696 6.659 6.641 6.605
100-06+ 6.671 6.728 6.709 6.690 6.652 6.634 6.596
100-07 6.666 6.724 6.705 6.685 6.646 6.626 6.588
100-07+ 6.660 6.720 6.700 6.680 6.639 6.619 6.580
First Payment 2.128 3.378 2.794 2.461 1.878 1.711 1.461
Average Life 3.050 4.789 4.032 3.474 2.720 2.456 2.063
Last Payment 4.044 6.211 5.294 4.544 3.544 3.211 2.711
Mac.Dur. @ 100-00 2.751 4.079 3.520 3.089 2.480 2.260 1.923
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CURRENT BALANCE: $23,862,000.00 DATED DATE: 05/01/96
COUPON: 7.000% FIRST PAYMENT: 06/15/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $23,862,000.00 BOND A3 PRICE-YIELD TABLE YIELD TABLE DATE: 05/29/96
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
150.0% 75.00% 100.00% 125.00% 175.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.097 7.099 7.098 7.098 7.097 7.096 7.095
99-24+ 7.094 7.096 7.095 7.094 7.093 7.092 7.090
99-25 7.090 7.093 7.092 7.091 7.088 7.087 7.084
99-25+ 7.086 7.091 7.089 7.088 7.084 7.082 7.079
99-26 7.082 7.088 7.086 7.084 7.080 7.078 7.073
99-26+ 7.078 7.085 7.083 7.081 7.076 7.073 7.068
99-27 7.075 7.083 7.080 7.077 7.072 7.069 7.063
99-27+ 7.071 7.080 7.077 7.074 7.067 7.064 7.057
99-28 7.067 7.077 7.074 7.071 7.063 7.059 7.052
99-28+ 7.063 7.074 7.071 7.067 7.059 7.055 7.046
99-29 7.059 7.072 7.068 7.064 7.055 7.050 7.041
99-29+ 7.056 7.069 7.065 7.060 7.051 7.046 7.036
99-30 7.052 7.066 7.062 7.057 7.046 7.041 7.030
99-30+ 7.048 7.064 7.059 7.053 7.042 7.036 7.025
99-31 7.044 7.061 7.056 7.050 7.038 7.032 7.019
99-31+ 7.040 7.058 7.052 7.047 7.034 7.027 7.014
100-00 7.037 7.055 7.049 7.043 7.030 7.023 7.009
100-00+ 7.033 7.053 7.046 7.040 7.026 7.018 7.003
100-01 7.029 7.050 7.043 7.036 7.021 7.013 6.998
100-01+ 7.025 7.047 7.040 7.033 7.017 7.009 6.993
100-02 7.022 7.045 7.037 7.029 7.013 7.004 6.987
100-02+ 7.018 7.042 7.034 7.026 7.009 7.000 6.982
100-03 7.014 7.039 7.031 7.023 7.005 6.995 6.976
100-03+ 7.010 7.037 7.028 7.019 7.000 6.990 6.971
100-04 7.006 7.034 7.025 7.016 6.996 6.986 6.966
100-04+ 7.003 7.031 7.022 7.012 6.992 6.981 6.960
100-05 6.999 7.028 7.019 7.009 6.988 6.977 6.955
100-05+ 6.995 7.026 7.016 7.006 6.984 6.972 6.949
100-06 6.991 7.023 7.013 7.002 6.980 6.967 6.944
100-06+ 6.988 7.020 7.010 6.999 6.975 6.963 6.939
100-07 6.984 7.018 7.007 6.995 6.971 6.958 6.933
100-07+ 6.980 7.015 7.004 6.992 6.967 6.954 6.928
First Payment 4.044 6.211 5.294 4.544 3.544 3.211 2.711
Average Life 5.050 7.683 6.573 5.723 4.482 4.018 3.351
Last Payment 6.378 9.628 8.211 7.211 5.628 4.878 4.044
Mac.Dur. @ 100-00 4.247 5.934 5.261 4.708 3.842 3.499 2.985
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CURRENT BALANCE: $12,115,000.00 DATED DATE: 05/01/96
COUPON: 7.350% FIRST PAYMENT: 06/15/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $12,115,000.00 BOND A4 PRICE-YIELD TABLE YIELD TABLE DATE: 05/29/96
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
150.0% 75.00% 100.00% 125.00% 175.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.457 7.458 7.458 7.457 7.456 7.455 7.454
99-24+ 7.454 7.456 7.456 7.455 7.453 7.452 7.449
99-25 7.451 7.454 7.453 7.452 7.450 7.448 7.445
99-25+ 7.448 7.452 7.451 7.450 7.447 7.445 7.441
99-26 7.446 7.450 7.449 7.447 7.444 7.441 7.437
99-26+ 7.443 7.448 7.446 7.444 7.441 7.438 7.432
99-27 7.440 7.446 7.444 7.442 7.438 7.434 7.428
99-27+ 7.437 7.443 7.441 7.439 7.435 7.431 7.424
99-28 7.434 7.441 7.439 7.437 7.431 7.427 7.420
99-28+ 7.431 7.439 7.437 7.434 7.428 7.424 7.416
99-29 7.429 7.437 7.434 7.431 7.425 7.420 7.411
99-29+ 7.426 7.435 7.432 7.429 7.422 7.417 7.407
99-30 7.423 7.433 7.430 7.426 7.419 7.413 7.403
99-30+ 7.420 7.431 7.427 7.424 7.416 7.410 7.399
99-31 7.417 7.428 7.425 7.421 7.413 7.406 7.394
99-31+ 7.414 7.426 7.423 7.419 7.410 7.403 7.390
100-00 7.412 7.424 7.420 7.416 7.407 7.399 7.386
100-00+ 7.409 7.422 7.418 7.413 7.404 7.396 7.382
100-01 7.406 7.420 7.415 7.411 7.400 7.392 7.377
100-01+ 7.403 7.418 7.413 7.408 7.397 7.389 7.373
100-02 7.400 7.416 7.411 7.406 7.394 7.385 7.369
100-02+ 7.398 7.413 7.408 7.403 7.391 7.382 7.365
100-03 7.395 7.411 7.406 7.400 7.388 7.378 7.361
100-03+ 7.392 7.409 7.404 7.398 7.385 7.375 7.356
100-04 7.389 7.407 7.401 7.395 7.382 7.371 7.352
100-04+ 7.386 7.405 7.399 7.393 7.379 7.368 7.348
100-05 7.383 7.403 7.397 7.390 7.376 7.364 7.344
100-05+ 7.381 7.401 7.394 7.387 7.373 7.361 7.340
100-06 7.378 7.398 7.392 7.385 7.369 7.357 7.335
100-06+ 7.375 7.396 7.390 7.382 7.366 7.354 7.331
100-07 7.372 7.394 7.387 7.380 7.363 7.350 7.327
100-07+ 7.369 7.392 7.385 7.377 7.360 7.347 7.323
First Payment 6.378 9.628 8.211 7.211 5.628 4.878 4.044
Average Life 7.400 10.919 9.478 8.316 6.553 5.629 4.473
Last Payment 8.461 12.211 10.794 9.544 7.544 6.544 4.878
Mac.Dur. @ 100-00 5.709 7.514 6.829 6.224 5.201 4.609 3.814
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CURRENT BALANCE: $23,781,000.00 DATED DATE: 05/01/96
COUPON: 7.575% FIRST PAYMENT: 06/15/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $23,781,000.00 BOND A5 PRICE-YIELD TABLE YIELD TABLE DATE: 05/29/96
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
150.0% 75.00% 100.00% 125.00% 175.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.689 7.690 7.690 7.690 7.689 7.688 7.687
99-24+ 7.687 7.689 7.688 7.688 7.687 7.686 7.684
99-25 7.685 7.687 7.686 7.686 7.684 7.683 7.681
99-25+ 7.683 7.685 7.684 7.684 7.682 7.681 7.678
99-26 7.681 7.683 7.682 7.682 7.680 7.678 7.675
99-26+ 7.679 7.681 7.681 7.680 7.677 7.676 7.672
99-27 7.677 7.680 7.679 7.678 7.675 7.673 7.669
99-27+ 7.674 7.678 7.677 7.676 7.673 7.671 7.666
99-28 7.672 7.676 7.675 7.674 7.671 7.668 7.663
99-28+ 7.670 7.674 7.673 7.672 7.668 7.666 7.660
99-29 7.668 7.672 7.671 7.670 7.666 7.663 7.657
99-29+ 7.666 7.671 7.669 7.668 7.664 7.661 7.654
99-30 7.664 7.669 7.667 7.666 7.661 7.658 7.651
99-30+ 7.662 7.667 7.665 7.664 7.659 7.656 7.648
99-31 7.659 7.665 7.663 7.662 7.657 7.653 7.645
99-31+ 7.657 7.663 7.662 7.660 7.655 7.651 7.642
100-00 7.655 7.662 7.660 7.658 7.652 7.649 7.639
100-00+ 7.653 7.660 7.658 7.656 7.650 7.646 7.636
100-01 7.651 7.658 7.656 7.654 7.648 7.644 7.633
100-01+ 7.649 7.656 7.654 7.652 7.645 7.641 7.630
100-02 7.647 7.654 7.652 7.650 7.643 7.639 7.627
100-02+ 7.644 7.653 7.650 7.647 7.641 7.636 7.624
100-03 7.642 7.651 7.648 7.645 7.639 7.634 7.621
100-03+ 7.640 7.649 7.646 7.643 7.636 7.631 7.618
100-04 7.638 7.647 7.645 7.641 7.634 7.629 7.615
100-04+ 7.636 7.646 7.643 7.639 7.632 7.626 7.612
100-05 7.634 7.644 7.641 7.637 7.629 7.624 7.609
100-05+ 7.632 7.642 7.639 7.635 7.627 7.621 7.606
100-06 7.630 7.640 7.637 7.633 7.625 7.619 7.603
100-06+ 7.627 7.638 7.635 7.631 7.623 7.616 7.600
100-07 7.625 7.637 7.633 7.629 7.620 7.614 7.597
100-07+ 7.623 7.635 7.631 7.627 7.618 7.611 7.594
First Payment 8.461 12.211 10.794 9.544 7.544 6.544 4.878
Average Life 11.287 15.144 13.736 12.443 10.177 9.004 7.020
Last Payment 14.794 18.378 17.294 16.044 13.544 12.294 9.961
Mac.Dur. @ 100-00 7.553 8.995 8.514 8.028 7.057 6.488 5.408
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CURRENT BALANCE: $12,764,000.00 DATED DATE: 05/01/96
COUPON: 8.025% FIRST PAYMENT: 06/15/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $12,764,000.00 BOND A6 PRICE-YIELD TABLE YIELD TABLE DATE: 05/29/96
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
150.0% 75.00% 100.00% 125.00% 175.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 8.154 8.154 8.154 8.154 8.153 8.153 8.152
99-24+ 8.152 8.152 8.152 8.152 8.152 8.151 8.150
99-25 8.150 8.151 8.151 8.150 8.150 8.149 8.148
99-25+ 8.148 8.149 8.149 8.149 8.148 8.148 8.146
99-26 8.147 8.148 8.147 8.147 8.146 8.146 8.144
99-26+ 8.145 8.146 8.146 8.145 8.144 8.144 8.142
99-27 8.143 8.144 8.144 8.144 8.143 8.142 8.140
99-27+ 8.142 8.143 8.142 8.142 8.141 8.140 8.138
99-28 8.140 8.141 8.141 8.140 8.139 8.138 8.136
99-28+ 8.138 8.140 8.139 8.139 8.137 8.137 8.134
99-29 8.136 8.138 8.138 8.137 8.136 8.135 8.132
99-29+ 8.135 8.137 8.136 8.135 8.134 8.133 8.130
99-30 8.133 8.135 8.134 8.134 8.132 8.131 8.128
99-30+ 8.131 8.133 8.133 8.132 8.130 8.129 8.126
99-31 8.130 8.132 8.131 8.130 8.129 8.127 8.124
99-31+ 8.128 8.130 8.130 8.129 8.127 8.126 8.123
100-00 8.126 8.129 8.128 8.127 8.125 8.124 8.121
100-00+ 8.124 8.127 8.126 8.125 8.123 8.122 8.119
100-01 8.123 8.125 8.125 8.124 8.122 8.120 8.117
100-01+ 8.121 8.124 8.123 8.122 8.120 8.118 8.115
100-02 8.119 8.122 8.121 8.120 8.118 8.116 8.113
100-02+ 8.118 8.121 8.120 8.119 8.116 8.115 8.111
100-03 8.116 8.119 8.118 8.117 8.115 8.113 8.109
100-03+ 8.114 8.118 8.117 8.115 8.113 8.111 8.107
100-04 8.113 8.116 8.115 8.114 8.111 8.109 8.105
100-04+ 8.111 8.114 8.113 8.112 8.109 8.107 8.103
100-05 8.109 8.113 8.112 8.110 8.108 8.106 8.101
100-05+ 8.107 8.111 8.110 8.109 8.106 8.104 8.099
100-06 8.106 8.110 8.108 8.107 8.104 8.102 8.097
100-06+ 8.104 8.108 8.107 8.106 8.102 8.100 8.095
100-07 8.102 8.106 8.105 8.104 8.100 8.098 8.093
100-07+ 8.101 8.105 8.104 8.102 8.099 8.096 8.091
First Payment 14.794 18.378 17.294 16.044 13.544 12.294 9.961
Average Life 17.785 21.219 20.057 18.900 16.678 15.538 13.308
Last Payment 21.628 24.628 23.878 22.878 20.294 19.294 17.628
Mac.Dur. @ 100-00 9.472 10.203 9.978 9.732 9.185 8.858 8.131
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
CURRENT BALANCE: $17,551,000.00 DATED DATE: 05/01/96
COUPON: 8.025% FIRST PAYMENT: 06/15/96
FACTOR: 1.0000000000 TOTAL CLASSES: 8
ORIGINAL BALANCE: $17,551,000.00 BOND B1 PRICE-YIELD TABLE YIELD TABLE DATE: 05/29/96
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT SPEED
PRICING SPEED
150.0% 75.00% 100.00% 125.00% 175.00% 200.00% 250.00%
PRICE MHP MHP MHP MHP MHP MHP MHP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 8.150 8.152 8.151 8.150 8.149 8.149 8.148
99-24+ 8.147 8.150 8.149 8.148 8.146 8.146 8.145
99-25 8.144 8.148 8.147 8.145 8.143 8.143 8.142
99-25+ 8.142 8.145 8.144 8.143 8.140 8.140 8.139
99-26 8.139 8.143 8.142 8.141 8.138 8.137 8.137
99-26+ 8.136 8.141 8.140 8.138 8.135 8.134 8.134
99-27 8.134 8.139 8.137 8.136 8.132 8.132 8.131
99-27+ 8.131 8.137 8.135 8.133 8.129 8.129 8.128
99-28 8.128 8.135 8.133 8.131 8.126 8.126 8.125
99-28+ 8.126 8.133 8.131 8.128 8.123 8.123 8.122
99-29 8.123 8.131 8.128 8.126 8.121 8.120 8.119
99-29+ 8.120 8.128 8.126 8.123 8.118 8.117 8.116
99-30 8.118 8.126 8.124 8.121 8.115 8.114 8.113
99-30+ 8.115 8.124 8.121 8.118 8.112 8.111 8.110
99-31 8.112 8.122 8.119 8.116 8.109 8.109 8.107
99-31+ 8.110 8.120 8.117 8.113 8.107 8.106 8.104
100-00 8.107 8.118 8.115 8.111 8.104 8.103 8.101
100-00+ 8.104 8.116 8.112 8.108 8.101 8.100 8.098
100-01 8.102 8.114 8.110 8.106 8.098 8.097 8.095
100-01+ 8.099 8.112 8.108 8.104 8.095 8.094 8.092
100-02 8.096 8.109 8.105 8.101 8.092 8.091 8.089
100-02+ 8.093 8.107 8.103 8.099 8.090 8.088 8.086
100-03 8.091 8.105 8.101 8.096 8.087 8.086 8.083
100-03+ 8.088 8.103 8.099 8.094 8.084 8.083 8.080
100-04 8.085 8.101 8.096 8.091 8.081 8.080 8.077
100-04+ 8.083 8.099 8.094 8.089 8.078 8.077 8.074
100-05 8.080 8.097 8.092 8.086 8.075 8.074 8.071
100-05+ 8.078 8.095 8.090 8.084 8.073 8.071 8.068
100-06 8.075 8.093 8.087 8.081 8.070 8.068 8.065
100-06+ 8.072 8.090 8.085 8.079 8.067 8.066 8.062
100-07 8.070 8.088 8.083 8.076 8.064 8.063 8.059
100-07+ 8.067 8.086 8.080 8.074 8.061 8.060 8.056
First Payment 5.461 8.211 7.128 6.211 5.044 5.044 5.128
Average Life 8.422 11.971 10.633 9.446 7.760 7.578 7.210
Last Payment 12.461 16.378 14.961 13.628 11.544 11.044 10.128
Mac.Dur. @ 100-00 6.052 7.629 7.081 6.549 5.714 5.627 5.440
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS
STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<PAGE>
- --------------------------------------------------------------------------------
- ACCESS MANUFACTURED HOUSING
- Cut-off as End of April
- $161,980,708.01
- Contract Summary Report
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Number of Contracts: 5,660
Aggregate Unpaid Principal Balance: $161,980,708.01
Aggregate Original Principal Balance: $162,682,253.90
Weighted Average Gross Coupon: 10.450%
Gross Coupon Range: 6.490% - 16.000%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $28,618.50
Average Original Principal Balance: $28,742.45
Maximum Unpaid Principal Balance: $150,612.72
Minimum Unpaid Principal Balance: $2,954.93
Maximum Original Principal Balance: $151,655.00
Minimum Original Principal Balance: $3,503.00
Weighted Avg. Stated Rem. Term
(LPD to Mat Date): 251.681
Stated Rem Term Range: 10.000 - 360.000
Weighted Avg. Amortized Rem. Term: 251.116
Amortized Rem Term Range: 9.992 - 360.000
Weighted Average Age (First Pay thru Last
Pay): 2.355
Age Range: 0.000 - 18.000
Weighted Average Original Term: 254.036
Original Term Range: 12.000 - 360.000
Weighted Average Original LTV: 89.962
Original LTV Range: 18.000% - 100.000%
Weighted Average Current LTV: 89.577 !Scaled using current-balance
Current LTV Range: 17.541% - 100.000%
</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
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
GEOGRAPHIC DISTRIBUTION
- -----------------------------------------------------
Current
State # Loans Balance % Pool
<S> <C> <C> <C>
Alabama 264 $7,127,904 4.40
Arkansas 216 $6,084,016 3.76
Arizona 244 $10,232,694 6.32
California 17 $640,146 .40
Colorado 11 $340,387 .21
Delaware 26 $607,203 .37
Florida 138 $4,081,214 2.52
Georgia 293 $8,473,131 5.23
Iowa 1 $16,873 .01
Idaho 2 $55,895 .03
Illinois 23 $608,887 .38
Indiana 11 $299,097 .18
Kansas 30 $889,902 .55
Kentucky 74 $1,491,487 .92
Louisiana 124 $3,439,812 2.12
Maryland 6 $139,032 .09
Michigan 34 $1,036,030 .64
Minnesota 8 $243,479 .15
Missouri 199 $5,400,649 3.33
Mississippi 108 $2,894,861 1.79
Montana 2 $35,689 .02
North Carolina 1,316 $36,346,499 22.44
Nebraska 4 $140,590 .09
New Mexico 187 $5,314,405 3.28
Nevada 23 $934,859 .58
New York 19 $636,972 .39
Oklahoma 106 $3,093,872 1.91
Oregon 8 $284,761 .18
Pennsylvania 8 $185,512 .11
South Carolina 639 $16,707,769 10.31
Tennessee 88 $2,319,001 1.43
Texas 1,288 $38,087,549 23.51
Utah 7 $309,307 .19
Virginia 98 $2,455,384 1.52
Washington 9 $271,322 .17
Wisconsin 4 $85,327 .05
West Virgina 24 $641,001 .40
Wyoming 1 $28,192 .02
- -----------------------------------------------------------
Total..... 5,660 $161,980,708 100.00%
===========================================================
</TABLE>
<TABLE>
<CAPTION>
YEAR OF ORIGINATION
- --------------------------------------------------------
Year of # of Current % of
Origination Loans Balance Pool
<S> <C> <C> <C>
1994 2 $31,581 .02
1995 1,922 $55,277,177 34.13
1996 3,736 $106,671,950 65.85
- --------------------------------------------------------
Total... 5,660 $161,980,708 100.00%
========================================================
</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
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
ORIGINAL CONTRACT BALANCES
- ------------------------------------------------------------------
Total
# of Current % of
Loan Amount Contracts Balance Pool
<S> <C> <C> <C> <C> <C>
Balance <= 5,000 2 7,560 0.00
5,000 < Balance <= 10,000 156 1,238,577 0.76
10,000 < Balance <= 20,000 941 14,766,825 9.12
20,000 < Balance <= 30,000 2,475 62,451,709 38.56
30,000 < Balance <= 40,000 1,326 44,934,872 27.74
40,000 < Balance <= 50,000 469 20,862,184 12.88
50,000 < Balance <= 60,000 198 10,717,904 6.62
60,000 < Balance <= 70,000 37 2,376,802 1.47
70,000 < Balance <= 80,000 32 2,355,804 1.45
80,000 < Balance <= 90,000 12 1,020,532 0.63
90,000 < Balance <= 100,000 6 567,282 0.35
100,000 < Balance <= 110,000 4 411,663 0.25
110,000 < Balance <= 120,000 1 118,381 0.07
150,000 < Balance <= 160,000 1 150,613 0.09
- -----------------------------------------------------------------
Total... 5,660 $161,980,708 100.00%
=================================================================
</TABLE>
<TABLE>
<CAPTION>
LTV RANGE
- -------------------------------------------------------------
LTV Current %
RANGE # Loans Balance Pool
<S> <C> <C> <C> <C> <C>
0.000 < LTV <= 50.000 30 $512,764 .32
50.000 < LTV <= 60.000 31 $731,202 .45
60.000 < LTV <= 70.000 54 $1,297,931 .80
70.000 < LTV <= 80.000 288 $6,960,697 4.30
80.000 < LTV <= 90.000 3,557 $98,038,375 60.52
90.000 < LTV <= 100.000 1,700 $54,439,739 33.61
- ---------------------------------------------------------------
Total..... 5,660 $161,980,708 100.00%
===============================================================
</TABLE>
<TABLE>
<CAPTION>
COUPON
- --------------------------------------------------------------------
Total
# of Current % of
Coupon Loans Balance Pool
<S> <C> <C> <C> <C> <C>
6.00% < Coupon <= 7.00% 6 516,234 0.32
7.00% < Coupon <= 8.00% 29 1,705,317 1.05
8.00% < Coupon <= 9.00% 198 9,178,468 5.67
9.00% < Coupon <= 10.00% 743 24,986,504 15.43
10.00% < Coupon <= 11.00% 3,617 102,554,227 63.31
11.00% < Coupon <= 12.00% 1,005 21,749,701 13.43
12.00% < Coupon <= 13.00% 60 1,274,960 0.79
13.00% < Coupon <= 14.00% 1 12,342 0.01
15.00% < Coupon <= 16.00% 1 2,955 0.00
- --------------------------------------------------------------------
Total... 5,660 $161,980,708 100.00%
====================================================================
</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
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
REMAINING TERM
- ---------------------------------------------------------------
# of Current % of
Remaining Term Loans Balance Pool
<S> <C> <C> <C> <C> <C>
0 < Rem Term <= 60 49 $433,585 .27
60 < Rem Term <= 84 205 $2,494,729 1.54
84 < Rem Term <= 120 331 $5,836,595 3.60
120 < Rem Term <= 180 996 $20,731,281 12.80
180 < Rem Term <= 240 2,560 $71,535,201 44.16
240 < Rem Term <= 300 1,054 $40,096,269 24.75
300 < Rem Term <= 360 465 $20,853,049 12.87
- ---------------------------------------------------------------
Total..... 5,660 $161,980,708 100.00%
===============================================================
</TABLE>
<TABLE>
<CAPTION>
LOAN-PURPOSE
- -----------------------------------------------------------------------
Total
# Current %
Loan Balance Pool
<S> <C> <C> <C>
Purchase 5,320 $154,351,214 95.29
Refinance 340 $7,629,494 4.71
- ------------------------------------------------------------------------
Total..... 5,660 $161,980,708 100.00%
========================================================================
</TABLE>
<TABLE>
<CAPTION>
HOUSE TYPE
- -------------------------------------------------------------------------
Loan Current
Type # Loans Balance % Pool
<S> <C> <C> <C>
Single Wide 3,884 $92,860,295 57.33
Double Wide 1,776 $69,120,413 42.67
- -------------------------------------------------------------------------
Total..... 5,660 $161,980,708 100.00%
==========================================================================
</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
STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
