<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 21, 1996
GREEN TREE FINANCIAL CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 01-08916 41-1807858
- ---------------------------- ------------------------ -------------------
(State or other Jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota 55102-1639
- -------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (612) 293-3400
--------------
Not Applicable
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 1. Changes in Control of Registrant.
- ------- --------------------------------
Not applicable.
ITEM 2. Acquisition or Disposition of Assets.
- ------- ------------------------------------
Not applicable
ITEM 3. Bankruptcy or Receivership.
- ------- --------------------------
Not applicable
ITEM 4. Changes in Registrant's Certifying Accounting.
- ------- ---------------------------------------------
Not applicable
ITEM 5. Other Events.
- ------- ------------
Not applicable.
ITEM 6. Resignations of Registrant's Directors.
- ------- --------------------------------------
Not applicable
ITEM 7. Financial Statements and Exhibits.
- ------- ---------------------------------
(a) Financial statements of businesses acquired.
Not applicable
(b) Pro forma financial information.
Not applicable
2
<PAGE>
(c) Exhibits.
The following is filed herewith. The exhibit numbers correspond
with Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99 External Computational and Descriptive
Information distributed in connection with
$517,584,659 Manufactured Housing Contract
Senior/Subordinate Pass-Through
Certificates, Series 1996-5.
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 hereunto duly authorized.
Date: June 21, 1996 GREEN TREE FINANCIAL CORPORATION
By: /s/ Robley D. Evans
_____________________________
Robley D. Evans
Vice President and Controller
3
<PAGE>
INDEX TO EXHIBITS
Exhibit
-------
Number Page
------ ----
99 External Computational and Descriptive 5
Information distributed in connection
with $517,584,659 Manufactured Housing
Contract Senior/Subordinate Pass-Through
Certificates, Series 1996-5.
4
<PAGE>
Exhibit 99
TERM SHEET DATED JUNE 19, 1996
Green Tree Financial Corporation
Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1996-5
$517,584,659 (Approximate)
Subject to Revision
Seller/Servicer: Green Tree Financial Corporation ("Green Tree").
Trustee: Firstar Trust Company, Milwaukee, Wisconsin.
Underwriters: Merrill Lynch (Lead), Lehman Brothers, Salomon Brothers
<TABLE>
<CAPTION>
Ratings WAL Exp Final
Amount (Moody's/S&P/Fitch) @ 125% MHP Maturity
<S> <C> <C> <C> <C>
To Call:
A-1 $ 46,000,000 Aaa/AAA/AAA 0.74 17
A-2 $ 56,000,000 Aaa/AAA/AAA 2.02 33
A-3 $ 44,000,000 Aaa/AAA/AAA 3.24 46
A-4 $ 80,000,000 Aaa/AAA/AAA 5.07 80
A-5 $ 43,000,000 Aaa/AAA/AAA 7.56 103
A-6 $ 67,000,000 Aaa/AAA/AAA 10.50 152
A-7 $101,359,000 Aaa/AAA/AAA 16.62 226
M-1 $ 41,405,000 Aa3/AA-/AA- 11.43 226
B-1 $ 20,705,000 Baa1/BBB+/BBB+ 7.59 135
B-2 $ 18,115,659 Baa1/A-/A 16.34 226
To Maturity
A-7 $101,359,000 Aaa/AAA/AAA 17.71 316
M-1 $ 41,405,000 Aa3/AA-/AA- 11.85 316
B-2 $ 18,115,659 Baa1/A-/A 21.64 363
</TABLE>
CUT-OFF DATE: June 1, 1996 (or the date of origination, if later)
EXP. PRICING: June 20, 1996
EXP. SETTLEMENT: June 27, 1996
LEGAL FINAL: July 2027
INTEREST/PRINCIPAL: The 15th day of each month (or if such 15th day is not a
business day, the next succeeding business day),
commencing on July 15, 1996.
ERISA: Class A Certificates are ERISA eligible. The Class M-1,
B-1 and B-2 Certificates will not be sold to benefit plans
unless such plans deliver a legal opinion to the Trustee,
stating that assets of the Trust are not deemed "plan
assets".
SMMEA: Class A and M-1 Certificates are SMMEA eligible. Class B-1
and B-2 Certificates are not SMMEA eligible.
TAX STATUS: The Trust will elect to be treated as a REMIC for federal
income tax purposes.
[Merrill Lynch Logo] 1
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
<PAGE>
STRUCTURE
<TABLE>
<S> <C>
CREDIT ENHANCEMENT: Class A: 15.5% subordination (Class M-1, B-1, and B-2) & Residual (Class C)
Class M-1: 7.5% subordination (Class B-1 and B-2) Residual (Class C)
Class B-1: 3.5% subordination (Class B-2) & Residual (Class C)
Class B-2: Limited Guarantee plus Residual (Class C)
</TABLE>
DISTRIBUTIONS: The Amount Available on each Remittance Date generally
includes the sum of (a) payments on the Contracts due and
received during the preceding month, (b) prepayments and
other unscheduled collections received during the
preceding month and (c) all collections of principal on
the Contracts received during the current month up to and
including the third business day prior to such Remittance
Date (but in no event later than the 10th day of the month
in which the Remittance Date occurs), minus (d) with
respect to all Remittance Dates other than July 15, 1996,
all collections of principal on the Contracts received
during the preceding month up to but excluding the third
business day prior to the preceding Remittance Date (but
in no event later than the 10th day of the prior month).
The Amount Available will generally be applied first to
the distribution of interest on Class A, M-1 and B-1
Certificates, then to the distribution of principal on
Class A, M-1 and B-1 Certificates, and finally to the
distribution of interest and principal on Class B-2
Certificates.
INTEREST
(Class A, M-1, B-1): Interest will be distributable first to each Class of
Class A Certificates concurrently, then to the Class M-1
Certificates and then to the Class B-1 Certificates.
Interest on the outstanding Class A Principal Balance,
Class M-1 Adjusted Principal Balance and Class B-1
Adjusted Principal Balance, as applicable, will accrue
from the Settlement Date, or from the most recent
Remittance Date on which interest has been paid to but
excluding the following Remittance Date.
Interest shortfall will be carried forward, and will bear
interest at the applicable Remittance Rate, to the extent
legally permissible.
After payment of all principal distributable on the Class
M-1 Certificates (see below), any accrued and unpaid Class
M-1 Liquidation Loss Interest Amount will be distributed
to the extent available. After payment of all principal
distributable on the Class B-1 Certificates (see below),
any accrued and unpaid Class B-1 Liquidation Loss Interest
Amount will be distributed to the extent available.
The Class M-1 Adjusted Principal Balance is the Class M-1
Principal Balance less any Class M-1 Liquidation Loss
Amount. The Class M-1 Principal Balance is the Original
Class M-1 Principal Balance less all amounts previously
distributed on account of principal of the Class M-1
Certificates.
The Class B-1 Adjusted Principal Balance is the Class B-1
Principal Balance less any Class B-1 Liquidation Loss
Amount. The Class B-1 Principal Balance is the Original
Class B-1 Principal Balance less all amounts previously
distributed on account of principal of the Class B-1
Certificates.
PRINCIPAL
(Class A, M-1, B-1): After the payment of all interest distributable to Class
A, Class M-1 and Class B-1 Certificateholders, principal
will be distributed in the following manner.
Class A Percentage will be distributed sequentially to the
Class A-1, A-2, A-3, A-4, A-5, A-6 and A-7
Certificateholders.
[Merrill Lynch Logo] 2
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
<PAGE>
The Class A Percentage for any Remittance Date will equal
a fraction, expressed as a percentage, the numerator of
which is the Class A Principal Balance as of such
Remittance Date, and the denominator of which is the sum
of: (i) the Class A Principal Balance and (ii) if the
Class M-1 Distribution Test is satisfied on such
Remittance Date, the Class M-1 Principal Balance,
otherwise zero, and (iii) if the Class B Distribution Test
is satisfied on such Remittance Date, the Class B
Principal Balance, otherwise zero, all as of such
Remittance Date.
The Class M-1 Certificateholders will be entitled to
receive principal on each Remittance Date on which (i) the
Class A Principal Balance has been reduced to zero or (ii)
the Class M-1 Distribution Test is satisfied.
The Class M-1 Percentage for any Remittance Date will
equal (a) zero, if the Class A Principal Balance has not
yet been reduced to zero and the Class M-1 Distribution
Test is not satisfied or (b) a fraction, expressed as a
percentage, the numerator of which is the Class M-1
Principal Balance as of such Remittance Date, and the
denominator of which is the sum of: (i) the Class A
Principal Balance, if any, and (ii) the Class M-1
Principal Balance and (iii) if the Class B Distribution
Test is satisfied on such Remittance Date, the Class B
Principal Balance, otherwise zero, all as of such
Remittance Date.
The Class M-1 Distribution Test will be satisfied if each
of the following tests is satisfied: (i) the Remittance
Date occurs in or after July 2000; (ii) the Average Sixty-
Day Delinquency Ratio Test (as defined in the Agreement)
as of such Remittance Date must not exceed 3.5%; (iii) the
Average Thirty-Day Delinquency Ratio Test (as defined in
the Agreement) as of such Remittance Date must not exceed
5.5%; (iv) Cumulative Realized Losses (as defined in the
Agreement) as of such Remittance Date must not exceed a
certain specified percentage of the Cut-off Date Pool
Principal Balance, depending on the year in which such
Remittance Date occurs; (v) the Current Realized Loss
Ratio (as defined in the Agreement) as of such Remittance
Date must not exceed 2.25%; and (vi) the sum of the Class
M-1 Principal Balance and the Class B Principal Balance
divided by the Pool Scheduled Principal Balance as of the
immediately preceding Remittance Date must be equal to or
greater than 23.25%.
The Class B-1 Certificateholders will be entitled to
receive principal on each Remittance Date on which (i) the
Class A Principal Balance and Class M-1 Principal Balance
have been reduced to zero or (ii) the Class B Distribution
Test is satisfied.
The Class B Percentage for any Remittance Date will equal
(a) zero, if the Class A Principal Balance and the Class
M-1 Principal Balance have not yet been reduced to zero
and the Class B Distribution Test is not satisfied or (b)
a fraction, expressed as a percentage, the numerator of
which is the Class B Principal Balance as of such
Remittance Date, and the denominator of which is the sum
of: (i) the Class A Principal Balance, if any, and (ii)
the Class M-1 Principal Balance, if any, and (iii) the
Class B Principal Balance, all as of such Remittance Date.
The Class B Distribution Test will be satisfied if each of
the following tests is satisfied: (i) the Remittance Date
occurs in or after July 2000; (ii) the Average Sixty-Day
Delinquency Ratio Test (as defined in the Agreement) as of
such Remittance Date must not exceed 3.5%; (iii) the
Average Thirty-Day Delinquency Ratio Test (as defined in
the Agreement) as of such Remittance
[Merrill Lynch Logo] 3
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
<PAGE>
Date must not exceed 5.5%; (iv) the Cumulative Realized
Losses (as defined in the Agreement) as of such Remittance
Date must not exceed a certain specified percentage of the
Cut-off Date Pool Principal Balance, depending on the year
in which such Remittance Date occurs; (v) the Current
Realized Loss Ratio (as defined in the Agreement) as of
such Remittance Date must not exceed 2.25%; (vi) the Class
B Principal Balance divided by the Pool Scheduled
Principal Balance as of the immediately preceding
Remittance Date must be equal to or greater than 11.25%;
and (vii) the Class B Principal Balance must not be less
than $10,351,694.
INTEREST
(Class B-2): Interest on the outstanding Class B-2 Principal Balance
will accrue from the Settlement Date, or from most recent
Remittance Date on which interest has been paid to but
excluding the following Remittance Date.
To the extent of (i) Amount Available on a Remittance Date
after payment of all interest and principal then payable
on the Class A, Class M-1 and Class B-1 Certificates, and
(ii) the Guarantee Payment, if any, for such date,
interest will be paid to the Class B-2 Certificateholders
at the Class B-2 Remittance Rate on the Class B-2
Principal Balance.
The Class B-2 Principal Balance is the Original Class B-2
Principal Balance less all amounts previously distributed
on account of principal of the Class B-2 Certificates.
Interest shortfall will be carried forward, and will bear
interest at the Class B-2 Remittance Rate to the extent
legally permissible.
PRINCIPAL
(Class B-2): The Class B-2 Certificateholders will be entitled to
receive principal on each Remittance Date on which: (i)
the Class B-1 Principal Balance has been reduced to zero
and (ii) the Class B Distribution Test is satisfied,
provided however that if the Class A, Class M-1 and Class
B-1 Principal Balances have been reduced to zero, the
Class B-2 Certificateholders will nevertheless be entitled
to receive principal.
The Company will be obligated under the Limited Guarantee
to pay the amount, if any, by which the Class B Percentage
of the Formula Principal Distribution Amount for the
Remittance Date exceeds the Class B-2 Remaining Amount
Available after payment of interest on the Class B-2
Certificates. On each Remittance Date, Class B-2
Certificateholders will be entitled to receive, pursuant
to the Limited Guarantee, any Class B-2 Liquidation Loss
Amount for such Remittance Date.
LOSSES ON LIQUIDATED
CONTRACTS: If Net Liquidation Proceeds from Liquidated Contracts in
the respective collection period are less than the
Scheduled Principal Balance of such Liquidated Contract,
the shortfall amount will be absorbed by the Class C
Certificateholders, then the Guarantee Fee otherwise
payable to the Company, then the Monthly Servicing Fee (as
long as Green Tree is the Servicer), then the Class B-2
Certificateholders, then the Class B-1 Certificateholders,
and then the Class M-1 Certificateholders.
OPTIONAL REDEMPTION: Less than 10% of the original pool balance outstanding.
[Merrill Lynch Logo] 4
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
<PAGE>
CONTRACTS: The information concerning the Initial Contracts presented
below is based on a pool originated through June 12, 1996.
Green Tree intends to acquire and sell additional
Contracts, which are sufficient to support the balance of
Certificates sold, to the Trust by the Closing Date.
Although the characteristics of the final pool of
Contracts will differ from the characteristics of the
Initial Contracts shown below, Green Tree does not expect
that the characteristics of the additional Contracts sold
to the Trust will vary materially from the information
concerning the Initial Contracts herein.
THE INITIAL CONTRACT POOL
<TABLE>
<C> <C>
Number of MHCs in pool: 12,392
Wgt. Avg. Contract Rate: 10.18%
Range of Rates: 5.74% - 16.50%
Wgt. Avg. Orig. Maturity: 288 mos.
Range of Orig. Maturity: 24-360 mos.
Wgt. Avg. Rem. Maturity: 288 mos.
Range of Rem. Maturity: 24-360 mos.
Avg. Rem Princ. Balance: $33,697.92
Wgt. Avg. LTV 88.00%
New/Used: 82%/18%
Single/Double 37%/63%
Park/Private 30%/70%
</TABLE>
GEOGRAPHIC DISTRIBUTION OF INITIAL CONTRACT OBLIGORS
<TABLE>
<CAPTION>
% of Contract % of Contract Pool
Number Pool by Number Aggregate Principal by Outstanding
State of Contracts of Contracts Balance Outstanding Principal Balance
- ----- ------------ -------------- ------------------- ------------------
<S> <C> <C> <C> <C>
NC 1,032 8.33% $ 37,265,184.67 8.92%
TX 982 7.92% 32,728,020.12 7.84%
MI 720 5.81% 28,110,416.67 6.73%
FL 738 5.96% 27,928,980.85 6.69%
SC 672 5.42% 24,962,899.80 5.98%
GA 626 5.05% 21,220,796.28 5.08%
Other States(1) 7,622 61.51% 245,368,360.45 58.76%
----- ------ -------------- -----
Total 12,392 100.00% $417,584,658.84 100.00%
====== ====== =============== ======
</TABLE>
(1) Other States category includes 2 Contracts with Obligors located on United
States military bases outside of the United States.
[Merrill Lynch Logo] 5
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
<PAGE>
YEARS OF ORIGINATION OF INITIAL CONTRACTS
<TABLE>
<CAPTION>
% of Contract Pool
Number of Aggregate Principal by Outstanding
Year of Origination(1) Contracts Balance Outstanding Principal Balance
- ---------------------- --------- ------------------- ------------------
<S> <C> <C> <C>
1985 3 $ 49,263.30 0.01%
1986 0 0.00 0.00%
1987 2 35,424.46 0.01%
1988 6 107,384.85 0.03%
1989 9 203,651.23 0.05%
1990 4 73,376.74 0.02%
1991 15 296,347.05 0.07%
1992 6 98,246.32 0.02%
1993 1 13,410.88 0.00%
1994 18 347,640.05 0.08%
1995 33 1,161,457.35 0.28%
1996 12,295 415,198,456.61 99.43%
------ --------------- ------
Total 12,392 $417,584,658.84 100.00%
====== =============== ======
</TABLE>
DISTRIBUTION OF ORIGINAL AMOUNTS OF INITIAL CONTRACTS
<TABLE>
<CAPTION>
% of Contract Pool
Original Contract Number of Aggregate Principal by Outstanding
Amount (in Dollars)(2) Contracts Balance Outstanding Principal Balance
- ---------------------- --------- ------------------- ------------------
<S> <C> <C> <C>
Less than $10,000 642 $ 5,004,519.60 1.20%
$10,000 - $19,999 2,399 36,441,270.38 8.73%
$20,000 - $29,999 3,311 83,121,994.57 19.90%
$30,000 - $39,999 2,299 79,362,024.11 19.01%
$40,000 - $49,999 1,547 69,251,685.92 16.58%
$50,000 - $59,999 975 53,277,083.24 12.76%
$60,000 - $69,999 575 36,984,390.08 8.86%
$70,000 - $79,999 319 23,658,799.81 5.67%
$80,000 - $89,999 176 14,916,530.58 3.57%
$90,000 - $99,999 84 7,989,016.70 1.91%
$100,000 - $109,999 26 2,695,818.94 0.65%
$110,000 - $119,999 21 2,391,255.49 0.57%
$120,000 - $129,999 6 748,445.44 0.18%
$130,000 - $139,999 7 955,463.83 0.23%
$140,000 - $149,999 3 436,103.37 0.10%
$150,000 - $159,999 0 0.00 0.00%
$160,000 - $169,999 0 0.00 0.00%
$170,000 - $179,999 2 350,256.78 0.08%
------ --------------- ------
Total 12,392 $417,584,658.84 100.00%
====== =============== ======
</TABLE>
- --------------
(1) The Contracts shown in the above table with earlier years of origination
primarily represent Contracts originated by the Company and subsequently
refinanced through the Company. The Company retains the first origination
dates on its records with respect to such refinanced Contracts.
(2) The largest original Contract amount is $176,154.00, which represent 0.04%
of the Initial Pool Principal Balance.
[MERRILL LYNCH LOGO] 6
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
% of Contract Pool
Number of Aggregate Principal by Outstanding
Loan-to-Value Ratio(1) Contracts Balance Outstanding Principal Balance
- --------------------- --------- ------------------- ------------------
<S> <C> <C> <C>
less than 61% 517 $ 13,601,638.40 3.26%
61 - 65% 182 6,337,334.80 1.52%
66 - 70% 225 7,635,425.18 1.83%
71 - 75% 340 12,321,512.53 2.95%
76 - 80% 721 23,054,367.29 5.52%
81 - 85% 1,354 41,331,236.46 9.90%
86 - 90% 3,435 115,810,037.55 27.73%
91 - 95% 5,618 197,493,106.63 47.29%
------ --------------- ------
Total 12,392 $417,584,658.84 100.00%
====== =============== ======
</TABLE>
CONTRACT RATES
<TABLE>
<CAPTION>
% of Contract Pool
Range of Contracts by Number of Aggregate Principal by Outstanding
Contract Rate Contracts Balance Outstanding Principal Balance
- --------------------- --------- ------------------- ------------------
<S> <C> <C> <C>
0.00% - 9.00% 1,811 $105,055,896.96 25.16%
9.01% - 10.00% 1,747 77,070,186.67 18.46%
10.01% - 11.00% 3,858 132,419,243.91 31.71%
11.01% - 12.00% 3,631 82,266,276.68 19.70%
12.01% - 13.00% 1,107 18,231,712.16 4.37%
13.01% - 14.00% 42 724,782.08 0.17%
14.01% - 15.00% 18 153,602.16 0.04%
15.01% - 16.00% 168 1,570,832.93 0.37%
16.01% - 17.00% 10 92,125.29 0.02%
------ --------------- ------
Total 12,392 $417,584,658.84 100.00%
====== =============== ======
</TABLE>
REMAINING MONTHS TO MATURITY
<TABLE>
<CAPTION>
% of Contract Pool
Number of Aggregate Principal by Outstanding
Months Remaining Contracts Balance Outstanding Principal Balance
- ---------------- --------- ------------------- ------------------
<S> <C> <C> <C>
less than 31 4 $ 16,601.00 0.00%
31 - 60 271 2,210,604.36 0.53%
61 - 90 511 6,637,312.87 1.59%
91 - 120 967 14,303,379.25 3.43%
121 - 150 394 6,630,570.52 1.59%
151 - 180 2,303 52,981,143.91 12.69%
181 - 210 7 189,211.42 0.05%
211 - 240 2,661 84,977,993.34 20.35%
241 - 270 3 97,356.74 0.02%
271 - 300 1,355 49,364,514.75 11.82%
301 - 330 0 0.00 0.00%
331 - 360 3,916 200,175,970.68 47.93%
------ --------------- ------
Total 12,392 $417,584,658.84 100.00%
====== =============== ======
</TABLE>
- --------
(1) Rounded to the nearest 1%. The method of calculating loan-to-value ratios
is described in the Prospectus.
[MERRILL LYNCH LOGO] 7
- -------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Merrill Lynch
account executive for another copy.
<PAGE>
MHP PREPAYMENT SENSITIVITIES
<TABLE>
<CAPTION>
0% MHP 50% MHP 75% MHP 110% MHP
WAL/Maturity WAL/Maturity WAL/Maturity WAL/Maturity
<S> <C> <C> <C> <C>
To Call
A-1 2.53 / 02/01 1.23 / 10/98 1.00 / 04/98 0.80 / 12/97
A-2 6.63 / 12/04 3.44 / 02/01 2.77 / 03/00 2.19 / 06/99
A-3 9.80 / 07/07 5.55 / 12/02 4.48 / 10/01 3.53 / 08/00
A-4 13.34 / 04/12 8.46 / 04/07 6.97 / 06/05 5.52 / 08/03
A-5 17.28 / 02/15 12.09 / 12/09 10.20 / 12/07 8.21 / 10/05
A-6 20.78 / 10/19 15.71 / 10/14 13.64 / 07/12 11.32 / 01/10
A-7 26.29 / 03/24 22.39 / 01/21 20.34 / 02/19 17.59 / 03/16
M-1 20.99 / 03/24 16.40 / 01/21 14.44 / 02/19 12.22 / 03/16
B-1 16.94 / 02/18 11.91 / 01/13 10.08 / 11/10 8.23 / 07/08
B-2 25.92 / 03/24 22.00 / 01/21 19.98 / 02/19 17.26 / 03/16
To Maturity
A-7 26.64 / 02/26 23.17 / 07/25 21.29 / 12/24 18.71 / 07/23
M-1 21.12 / 02/26 16.69 / 07/25 14.80 / 12/24 12.65 / 07/23
B-2 27.14 / 09/26 24.85 / 09/26 23.72 / 09/26 22.29 / 09/26
125% MHP 150% MHP 200% MHP 300% MHP
WAL/Maturity WAL/Maturity WAL/Maturity WAL/Maturity
To Call
A-1 0.74 / 11/97 0.65 / 09/97 0.54 / 06/97 0.40 / 03/97
A-2 2.02 / 03/99 1.79 / 11/98 1.47 / 06/98 1.09 / 12/97
A-3 3.24 / 04/00 2.85 / 11/99 2.32 / 03/99 1.72 / 06/98
A-4 5.07 / 02/03 4.46 / 04/02 3.49 / 11/00 2.53 / 08/99
A-5 7.56 / 01/05 6.67 / 02/04 5.12 / 05/02 3.46 / 04/00
A-6 10.50 / 02/09 9.32 / 10/07 7.31 / 06/05 4.77 / 06/02
A-7 16.62 / 04/15 15.10 / 09/13 12.44 / 11/10 8.78 / 01/07
M-1 11.43 / 04/15 10.24 / 09/13 9.01 / 11/10 7.39 / 01/07
B-1 7.59 / 09/07 6.67 / 06/06 6.13 / 04/05 5.48 / 11/03
B-2 16.34 / 04/15 14.85 /09/13 12.61 / 11/10 9.63 / 01/07
To Maturity
A-7 17.71 / 10/22 16.17 / 04/21 13.43 / 04/18 9.55 / 04/13
M-1 11.85 / 10/22 10.65 / 04/21 9.46 / 04/18 7.89 / 04/13
B-2 21.64 / 09/26 20.52 / 09/26 18.61 / 09/26 14.96 / 09/26
</TABLE>
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<PAGE>
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