<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):NOVEMBER 15, 1996
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
------------------------------------------------
PASS-THROUGH CERTIFICATE TRUST 1996-4
-------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 33-55855 APPLIED FOR
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file numbers) identification no.)
1100 LANDMARK TOWERS, 345 ST. PETER STREET, SAINT PAUL, MINNESOTA 55102-1639
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (612) 293-3400
--------------
NOT APPLICABLE
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
ITEM 5. OTHER EVENTS.
------------
Pursuant to the Pooling and Servicing Agreement between Green Tree
Financial Corporation (the "Servicer") and Firstar Trust Company (the
"Trustee"), on November 15, 1996, the Trustee made distributions to
the holders of the certificates representing interests in the Trust
(the "Certificateholders") and delivered to the Certificateholders the
Monthly Report required by Section 6.05 of the Pooling and Servicing
Agreement attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
---------------------------------
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds
with Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99.1 Monthly Report delivered to
Certificateholders on
November 15, 1996.
<PAGE>
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.
Dated: November 15, 1996
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH
CERTIFICATE TRUST 1996-4
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/Phyllis A. Knight
----------------------------------
PHYLLIS A. KNIGHT
Vice President and Treasurer
<PAGE>
INDEX TO EXHIBITS
EXHIBIT
NUMBER PAGE
- ------ ----
99.1 Monthly Report delivered to Certificateholders 5
on November 15, 1996.
<PAGE>
Exhibit 99.1
GREEN TREE FINANCIAL CORP.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that she is Vice President and Treasurer of Green Tree
Financial Corp., a Delaware corporation (the "Company"), and that as such she is
duly authorized to execute and deliver this certificate on behalf of the Company
pursuant to Section 6.02 of the Pooling and Servicing Agreement (the
"Agreement") dated as of February 1, 1996 96-4 between the Company and Firstar
Trust Company, as Trustee (all capitalized terms used herein without definition
having the respective meanings specified in the Agreement), and further
certifies that:
1. The Monthly Report for the period from October 1, 1996 to October 31, 1996
attached to this certificate is complete and accurate in accordance with
the requirements of Sections 6.01 and 6.02 of the Agreement; and
2. As of the date hereof, no Event of Termination or event that with notice or
lapse of time or both would become an Event of Termination has occurred.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 12th day of
November, 1996.
GREEN TREE FINANCIAL CORP.
BY: /s/Phyllis A. Knight
---------------------------
Vice President and Treasurer
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 5.95%, 6.30%, 6.50%, 6.80%,
7.15%, 7.40%, 7.90%
PASS-THROUGH CERTIFICATES, SERIES 1996-4
CLASS A1, A2, A3, A4, A5, A6, A7 CERTIFICATES
MONTHLY REPORT
October, 1996
CUSIP#'S 393505-MK5,ML3,MM1,MN9,MP4,MQ2,MQ3
TRUST ACCOUNT #80-4139100
REMITTANCE DATE: 11/15/96
<TABLE>
<CAPTION>
Total $ Per $1,000
Class A Certificates Amount Original
- -------------------- ------------- -----------
<S> <C> <C>
(1a) Amount available (including Monthly
Servicing Fee) $5,934,293.25
(b) Class M-1 Interest Deficiency Amount
(if any) and Class B-1 Interest
Deficiency Amount (if any) withdrawn
for prior Remittance Date 0.00
(c) Amount Available after giving effect to
withdrawal of Class M-1 Interest
Deficiency Amount and B-1 Interest
Deficiency Amount for prior Remittance
Date 5,934,293.25
A. Interest
(2) Aggregate Interest
a. Class A-1 Remittance Rate(5.95%) 5.95%
b. Class A-1 Interest 168,485.48 3.66272783
c. Class A-2 Remittance Rate(6.30%) 6.30%
d. Class A-2 Interest 210,000.00 5.25000000
e. Class A-3 Remittance Rate(6.50%) 6.50%
f. Class A-3 Interest 178,750.00 5.41666667
g. Class A-4 Remittance Rate(6.80%) 6.80%
h. Class A-4 Interest 481,666.67 5.66666671
i. Class A-5 Remittance Rate(7.15%) 7.15%
j. Class A-5 Interest 166,833.33 5.95833321
k. Class A-6 Remittance Rate (7.40%) 7.40%
l. Class A-6 Interest 407,000.00 6.16666667
m. Class A-7 Remittance Rate(7.90%,
unless Weighted Average Contract
rate is below 7.90%) 7.90%
n. Class A-7 Interest 678,807.50 6.58333333
(3) Amount applied to:
a. Unpaid Class A Interest
Shortfall .00 .00
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 5.95%,6.30%, 6.50%, 6.80%,
7.15%, 7.40%, 7.90%
PASS-THROUGH CERTIFICATES, SERIES 1996-4
CLASS A1, A2, A3, A4, A5, A6, A7 CERTIFICATES
MONTHLY REPORT
October, 1996
Page 2
CUSIP#'S 393505-MK5,ML3,MM1,MN9,MP4,MQ2,MU3
TRUST ACCOUNT #80-4139100
REMITTANCE DATE: 11/15/96
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
--------- -----------
<S> <C> <C>
(4) Remaining:
a. Unpaid Class A Interest
Shortfall .00 .00
B. Principal
(5) Formula Principal Distribution
Amount 2,226,571.25 N/A
a. Scheduled Principal 715,130.05 N/A
b. Principal Prepayments 1,340,820.42 N/A
c. Liquidated Contracts 154,118.14 N/A
d. Repurchases .00 N/A
e. Current Month Advanced Principal 533,359.39 N/A
f. Prior Month Advanced Principal (516,856.75) N/A
(6) Pool Scheduled Principal Balance 460,971,844.18
(6b) Adjusted Pool Principal Balance 460,438,484.79 969.98786041
(6c) Pool Factor 0.96998786
(7) Unpaid Class A Principal Shortfall
(if any) following prior Remittance date .00
(8) Class A Percentage for such Remittance
Date 92.31%
(9) Class A Percentage for the following
Remittance Date 92.27%
(10) Class A Principal Distribution:
a. Class A-1 2,226,571.25 48.40372283
b. Class A-2 .00 .00
c. Class A-3 .00 .00
d. Class A-4 .00 .00
e. Class A-5 .00 .00
f. Class A-6 .00 .00
g. Class A-7 .00 .00
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 5.95%, 6.30%, 6.50%, 6.80%,
7.15%, 7.40%, 7.90%
PASS-THROUGH CERTIFICATES, SERIES 1996-4
CLASS A1, A2, A3, A4, A5, A6, A7 CERTIFICATES
MONTHLY REPORT
October, 1996
Page 3
<TABLE>
<CAPTION>
CUSIP#'S 393505-
MK5,ML3,MM1,MN9,MP4,MQ2,MU3
TRUST ACCOUNT #80-4139100
REMITTANCE DATE: 11/15/96
Total $ Per $1,000
Amount Original
------- ----------
<S> <C> <C>
(11) Class A-1 Principal Balance 31,753,693.79 690.29769109
(11a) Class A-1 Pool Factor .69029769
(12) Class A-2 Principal Balance 40,000,000.00 1000.0000000
(12a) Class A-2 Pool Factor 1.00000000
(13) Class A-3 Principal Balance 33,000,000.00 1000.0000000
(13a) Class A-3 Pool Factor 1.00000000
(14) Class A-4 Principal Balance 85,000,000.00 1000.0000000
(14a) Class A-4 Pool Factor 1.00000000
(15) Class A-5 Principal Balance 28,000,000.00 1000.0000000
(15a) Class A-5 Pool Factor 1.00000000
(16) Class A-6 Principal Balance 66,000,000.00 1000.0000000
(16a) Class A-6 Pool Factor 1.00000000
(17) Class A-7 Principal Balance 103,110,000.00 1000.0000000
(17a) Class A-7 Pool Factor 1.00000000
(18) Unpaid Class A Principal Shortfall
(if any) following current Remittance
Date .00
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 5.95%, 6.30%, 6.50%, 6.80%,
7.15%, 7.40%, 7.90%
PASS-THROUGH CERTIFICATES, SERIES 1996-4
CLASS A1, A2, A3, A4, A5, A6, A7 CERTIFICATES
MONTHLY REPORT
October 1996
Page 4
<TABLE>
<CAPTION>
CUSIP#'S 393505-
MK5,ML3,MM1,MN9,MP4,MQ2,MU3
TRUST ACCOUNT #80-4139100
REMITTANCE DATE: 11/15/96
<S> <C> <C>
C. Aggregate Scheduled Balances and Number of Delinquent
Contracts as of Determination Date
(19) 31-59 days 3,309,329.51 110
(20) 60 days or more 2,355,341.23 70
(21) Current Month Repossessions 625,302.43 22
(22) Repossession Inventory 1,123,538.11 39
Class M-1 Distribution Test and Class B Distribution Test (applicable on and
after the Remittance Date occurring in May 2000)
(23) Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current Remittance Date .51%
(b) Average Sixty-Day Delinquency Ratio (arithmetic
average of ratios for this month and two preceding
months; may not exceed 3.5%) .37%
(24) Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current Remittance Date .72%
(b) Average Thirty-Day Delinquency Ratio (arithmetic
average of ratios for this month and two preceding
months; may not exceed 5.5%) .66%
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 5.95%, 6.30%, 6.50%,
6.80%, 7.15%, 7.40%, 7.90%
PASS-THROUGH CERTIFICATES, SERIES 1996-4
CLASS A1, A2, A3, A4, A5, A6, A7 CERTIFICATES
MONTHLY REPORT
October 1996
Page 5
<TABLE>
<CAPTION>
CUSIP#'S 393505-
MK5,ML3,MM1,MN9,MP4,MQ2,MU3
TRUST ACCOUNT #80-4139100
REMITTANCE DATE: 11/15/96
<S> <C>
(25) Cumulative Realized Losses Test
(a) Cumulative Realized Losses for the current Remittance
Date (as a percentage of Cut-off Date Pool Principal
Balance; may not exceed 5.5% from May 1, 2000 to
April 28, 2001, 6.5% from May 1, 2001 to April 28,
2002, 8.5% from May 1, 2002 to April 28, 2003 and
and 9.5% thereafter) .02%
(26) Current Realized Losses Test
(a) Current Realized Losses for current Remittance Date 54,041.43
(b) Current Realized Loss Ratio (total Realized Losses for
the most recent three months, multiplied by 4, divided by
arithmetic average of Pool Scheduled Principal Balances for
third preceding Remittance and for current Remittance Date;
may not exceed 2.25%) .08%
(27) Class M-1 Principal Balance Test
(a) The sum of Class M-1 Principal Balance and Class B
Principal Balance (before distributions on current
Remittance Date) divided by Pool Scheduled Principal
Balance as of preceding Remittance Date (must equal
or exceed 25.5%) 15.90%
(28) Class B Principal Balance Test
(a) Class B Principal Balance (before any distributions
on current Remittance Date) as of such Remittance date
greater than $7,437,576.00 .00
(b) Class B Principal Balance (before any distributions
on current Remittance Date) divided by pool Scheduled
Principal Balance as of preceding Remittance Date is
equal to or greater than 12.00% 7.69%
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.75%
PASS-THROUGH CERTIFICATES, SERIES 1996-4
CLASS M1 CERTIFICATES
MONTHLY REPORT
October 1996
Page 6
CUSIP NO. 393505MR0
TRUST ACCOUNT #80-4139100
REMITTANCE DATE: 11/15/96
Total $ Per $1,000
Amount Original
------- ----------
CLASS M1 CERTIFICATES
- ---------------------
(29) Amount available (including Monthly
Servicing Fee) 1,416,179.02
A. Interest
(30) Aggregate interest
a. Class M-1 Remittance Rate (7.75%,
unless Weighted Average Contract
Rate is below 7.75%) 7.75%
b. Class M-1 Interest 245,255.21 6.45833338
(31) Amount applied to Class M-1 Interest
Deficiency Amount .00 0
(32) Remaining unpaid Class M-1 Interest
Deficiency Amount .00 0
(33) Amount Applied to:
a. Unpaid Class M-1 Interest Shortfall .00 0
(34) Remaining:
a. Unpaid Class M-1 Interest Shortfall .00 0
B. Principal
(35) Formula Principal Distribution Amount .00 N/A
a. Scheduled Principal .00 N/A
b. Principal Prepayments .00 N/A
c. Liquidated Contracts .00 N/A
d. Repurchases .00 N/A
(36) Class M-1 Principal Balance 37,975,000.00 1000.00000000
(36a) Class M-1 Pool Factor 1.00000000
(37) Class M-1 Percentage for such Remittance Date .00%
(38) Class M-1 Principal Distribution:
a. Class M-1 (current) .00 0.00000000
b. Unpaid Class M-1 Principal Shortfall
(if any) following prior Remittance Date .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.80%, 8.10%
PASS-THROUGH CERTIFICATES, SERIES 1996-4
CLASS M1 CERTIFICATES
MONTHLY REPORT
October, 1996
Page 7
CUSIP NO. 393505 MS8,MT6
TRUST ACCOUNT #80-4139100
REMITTANCE DATE: 11/15/96
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
----------- ----------
<S> <C> <C>
(39) Unpaid Class M-1 Principal Shortfall
(if any) following current Remittance Date .00
(40) Class M-1 Percentage for the following
Remittance Date .00%
Class B1 Certificates
- -----------------------
(1) Amount Available less the Class A Distribution
Amount and Class M-1 Distribution amount
(including Monthly Servicing Fee) 1,170,923.81
(2) Class B-1 Remittance Rate (7.80% unless
Weighted Average Contract Rate is below 7.80%) 7.80%
(3) Aggregate Class B1 Interest 123,402.50 6.50000000
(4) Amount applied to Unpaid Class B1 Interest
Shortfall .00 .00
(5) Remaining unpaid Class B1 Interest Shortfall .00 .00
(6) Amount applied to Class B1 Interest Deficiency
Amount .00
(7) Remaining Unpaid Class B-1 Interest Deficiency
Amount .00
(8) Unpaid Class B1 Principal Shortfall (if any)
following prior Remittance Date .00
(8a) Class B Percentage for such Remittance Date .00
(9) Current Principal (Class B Percentage of Formula
Principal Distribution Amount) .00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.80%, 8.10%
PASS-THROUGH CERTIFICATES, SERIES 1996-4
CLASS M1 CERTIFICATES
MONTHLY REPORT
October 1996 CUSIP NO. 393505 MS8, MT6
Page 8 TRUST ACCOUNT #80-4139100
REMITTANCE DATE: 11/15/96
Total $ Per $1,000
Amount Original
<S> ------------- ----------
<C> <C>
(10a) Class B1 Principal Shortfall .00
(10b) Unpaid Class B1 Principal Shortfall .00
(11) Class B Principal Balance 35,599,791.00
(12) Class B1 Principal Balance 18,985,000.00
Class B2 Certificates
- ---------------------
(13) Remaining Amount Available 1,047,521.31
(14) Class B-2 Remittance Rate (8.10% unless Weighted
Average Contract Rate is less than 8.10%) 8.10%
(15) Aggregate Class B2 Interest 112,149.84 6.75000005
(16) Amount applied to Unpaid Class B2 Interest Shortfall .00 .00
(17) Remaining Unpaid Class B2 Interest Shortfall .00 .00
(18) Unpaid Class B2 Principal Shortfall (if any)
following prior Remittance Date .00
(19) Class B2 Principal Liquidation Loss Amount .00
(20) Class B2 Principal (zero until Class B1 paid down;
thereafter, Class B Percentage of Formula Principal
Distribution Amount) .00
(21) Guarantee Payment .00
(22) Class B2 Principal Balance 16,614,791.00
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.80%, 8.10%
PASS-THROUGH CERTIFICATES, SERIES 1996-4
CLASS M1 CERTIFICATES
MONTHLY REPORT
October, 1996 CUSIP NO. 393505 MS8, MT6
Page 9 TRUST ACCOUNT #80-4139100
REMITTANCE DATE: 11/15/96
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
------------ ----------
<S> <C> <C>
(23) Monthly Servicing Fee (Deducted from
Certificate Account balance to arrive at
Amount Available if the Company or Green
Tree Financial Corporation is not the
Servicer; deducted from funds remaining
after payment of Class A Distribution
Amount, Class M-1 Distribution Amount,
Class B-1 Distribution Amount and Class
B-2 Distribution Amount; if the Company
or Green Tree Financial Corporation
is the Servicer) 192,992.46
(24) 3% Guarantee Fee 742,379.01
(25) Class C Residual Payment .00
(26) Class M-1 Interest Deficiency on such
Remittance Date .00
(27) Class B-1 Interest Deficiency on such
Remittance Date .00
(28) Repossessed Contracts 625,302.43
(29) Repossessed Contracts Remaining
in Inventory 1,123,538.11
(30) Weighted Average Contract Rate 10.05167
</TABLE>
<PAGE>
GTFC
1996-4
October 1996
Defaulted Contracts
<TABLE>
<CAPTION>
Estimated
Loss At
Account# Principal Interest Amount Sale Date
- -------- ---------- -------- ---------- -----------
<S> <C> <C> <C> <C>
23318306 31,049.70 193.54 31,243.24 4,676.26
47306380 22,537.48 140.48 22,677.96 12,177.38
65315107 20,894.59 130.24 21,024.83 8,042.63
81300052 33,170.42 206.76 33,377.18 10,183.37
87321727 5,013.02 31.24 5,044.26 3,708.62
96321851 26,182.77 163.20 26,345.97 2,997.57
97330788 15,270.16 95.18 15,365.34 11,680.60
TOTALS $154,118.14 $960.64 $155,078.78 $53,466.43
=========== ======= =========== ==========
</TABLE>
