<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 19, 1996
GREEN TREE FINANCIAL CORPORATION
--------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Minnesota 0-11652 41-1807858
- ------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification No.)
</TABLE>
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 Accountant.
---------------------------------------------
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 Certificates for
Home Improvement and Home Equity Loans, Series
1996-C, issued by Green Tree Financial Corporation,
as Seller and Servicer.
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.
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 Information 5
distributed in connection with Certificates for Home
Improvement and Home Equity Loans, Series 1996-C,
issued by Green Tree Financial Corporation, as Seller
and Servicer.
4
<PAGE>
ASSET BACKED SECURITIES MARKETING SUMMARY
-----------------------------------------
GREEN TREE FINANCIAL CORPORATION (SELLER AND SERVICER)
$292,429,057 (APPROXIMATE)
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
SERIES 1996-C
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
HOME IMPROVEMENT SECURITIES OFFERED
(SUB-POOL HI: $171,282,668)
- ---------------------------------------------------------------------------------------------------
Expected Principal Expected
Size % of Credit Benchmark WAL/DUR(1)@ Payment Ratings
Class ($MM) Series Priority Index 15% CPR Window (mos.) (S&P/Fitch)
- ---------------------------------------------------------------------------------------------------
TO 10% CALL
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $61.000 35.61% Senior 1 Year 1.05/0.98 1-27 (27) AAA/AAA
A-2 $34.000 19.85% Senior 3 Year 3.07/2.67 27-49 (23) AAA/AAA
A-3 $41.160 24.03% Senior Curve 5.89/4.60 49-99 (51) AAA/AAA
M-1 $14.140 8.26% Mezz 10 Year 9.32/6.40 99-118 (20) AA/AA
M-2 $ 8.560 5.00% Mezz 10 Year 9.81/6.52 118-118 (1) A/A
B-1 $ 6.850 4.00% Sub 5 Year 5.05/4.01 43-84 (42) BBB/BBB
B-2 $ 5.573 3.25% Sub 10 Year 8.92/6.09 84-118 (35) A-/A
- ---------------------------------------------------------------------------------------------------
TO MATURITY
- ---------------------------------------------------------------------------------------------------
M-1 $14.140 8.26% Mezz 10 Year 9.80/6.60 99-145 (47) AA/AA
M-2 $ 8.560 5.00% Mezz 10 Year 15.23/8.34 145-300 (156) A/A
B-2 $ 5.573 3.25% Sub 10 Year 10.57/6.65 84-300 (217) A-/A
- ---------------------------------------------------------------------------------------------------
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as discussed in the Offering Document. Information regarding the
underlying assets has been provided by the Issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
1
<PAGE>
<TABLE>
<CAPTION>
TRANSACTION SPECIFICS:
- ----------------------
<S> <C>
Delay Days: No delay on bonds
Managers: Lehman Brothers (Lead Manager)
Collateral: Sub Pool HI: 10,390 home improvement contracts and
promissory notes secured by the related real estate (by
balance, 95% conventional and 5% FHA-insured).
Legal Final: [ ]
ERISA: Class A-1, Class A-2, Class A-3, and Class A-4
Certificates are expected to be ERISA eligible.
All other Certificates are not ERISA eligible.
SMMEA: The Certificates are Not SMMEA qualifying.
Distribution Date: The 15th of each month, beginning July 16, 1996
Expected Pricing: Week of June 17, 1996
Settlement: 5 Business Days
Trustee: First Trust N.A.
Optional Redemption: 10% Cleanup Call (in conjunction with Home Improvement
Contracts)
Tax Status: The 1996-C Series will elect to be treated as a REMIC
for federal tax purposes
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the Issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any
of the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained
in the Offering Document).
<PAGE>
PREPAYMENT SENSITIVITY INFORMATION
- ----------------------------------
<TABLE>
<CAPTION>
Projected Performance Under Varying CPR Assumptions (1)
PREPAYMENTS SPEEDS (CPR) 11% 13% **15%** 17% 19%
- ------------------------ ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
TO CALL
- -------
Class A-1
- ---------
Avg. Life/Duration (years) (2) 1.36/1.25 1.19/1.10 1.05/0.98 0.94/0.88 0.85/0.80
Window (# of months) 35 31 27 24 22
Class A-2
- ---------
Avg. Life/Duration (years) (2) 3.90/3.30 3.45/2.96 3.07/2.67 2.76/2.43 2.50/2.21
Window (# of months) 28 25 23 21 19
Class A-3
- ---------
Avg. Life/Duration (years) (2) 7.18/5.38 6.48/4.97 5.89/4.60 5.37/4.27 4.88/3.95
Window (# of months) 60 53 51 48 45
Class M-1
- ---------
Avg. Life/Duration 11.92/7.48 10.55/6.94 9.32/6.40 8.35/5.93 7.54/5.51
Window (# of months) 45 32 20 13 9
Class M-2
- ---------
Avg. Life/Duration 13.72/7.98 11.47/7.20 9.81/6.52 8.56/5.95 7.64/5.49
Window (# of months) 1 1 1 1 1
Class B-1
- ---------
Avg. Life/Duration 6.22/4.73 5.60/4.35 5.05/4.01 4.52/3.66 4.32/3.52
Window (# of months) 47 44 42 39 36
Class B-2
- ---------
Avg. Life/Duration 11.54/7.14 10.10/6.59 8.92/6.09 7.96/5.63 7.28/5.28
Window (# of months) 66 48 35 28 21
TO MATURITY
- -----------
Class M-1
- ---------
Avg. Life/Duration (years) (2) 11.94/7.49 10.80/7.03 9.80/6.60 8.98/6.23 8.25/5.87
Window (# of months) 51 52 47 43 39
Class M-2
- ---------
Avg. Life/Duration (years) (2) 17.63/8.97 16.38/8.66 15.23/8.34 14.17/8.03 13.14/7.70
Window (# of months) 130 143 156 168 179
Class B-2
- ---------
Avg. Life/Duration 12.58/7.40 11.51/7.01 10.57/6.65 9.69/6.29 9.13/6.05
Window (# of months) 201 210 217 225 229
</TABLE>
(1) These assumptions may change and are subject to pricing.
(2) Modified Duration - assumes an example yield.
This information does not constitute either an offer to sell or solicitation of
an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as discussed in the Offering Document. Information regarding the
underlying assets has been provided by the Issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate of timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities of underlying assets, the information contained
in the Offering Document).
<PAGE>
SUMMARY DESCRIPTION OF THE RECEIVABLES POOL:
- --------------------------------------------
. As of the Cut-Off Date (5/1/96) the collateral pool had the following
characteristics:
. fully amortizing
. fixed contractual rate of interest
. level payments over the term of such loan
. interest computed on the simple interest method.
The contracts were originated or purchased and will be serviced by Green Tree.
. Each Contract has its last schedule payment due no later than June 20, 2021
. Each FHA-insured Contract was originated in accordance with applicable FHA
regulations and is insured, without set-off, surcharge or defense, by FHA
Insurance up to 90% of the principal balance
. All Contracts have a contractual rate of interest of at least 5.90% per
annum and not more than 15.99%
. The Contracts have remaining maturities of at least 22 months but not more
than 300 months and original maturities of at least 24 months but not more
than 300 months
. Geographic Distribution:
State % of Pool Balance
----- -----------------
California 18.59%
Florida 8.34
New Jersey 7.02
New York 6.78
The pool is comprised of Receivables from 49 states and D.C. No other
state accounts for more than 5.00% of the aggregate original
receivables balance.
COLLATERAL SUMMARY STATISTICS
- -----------------------------
-------------
SERIES 1996-C
- --------------------------------------
Average Balance $16,485
WAC 11.23%
Original WAM 200 mos.
Remaining WAM 199 mos.
% of FHA 5%
% of CONVENTIONAL 95%
- --------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the Issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE>
ASSET BACKED SECURITIES MARKETING SUMMARY
GREEN TREE FINANCIAL CORPORATION (SELLER AND SERVICER)
$292,429,057(APPROXIMATE)
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
SERIES 1996-C
<TABLE>
<CAPTION>
HOME EQUITY SECURITIES OFFERED
(SUB-POOL HE: $121,146,389)
- ----------------------------------------------------------------------------------------------------------------------------------
Expected Principal Expected
Size % of Credit Benchmark WAL/DUR(1)@ Payment Window Ratings
Class (SMM) Series Priority Index 100% Model(2) (mos.) (S&P/Fitch)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TO 10% CALL
- ----------------------------------------------------------------------------------------------------------------------------------
HE:A-1 $39.500 32.61% Senior 1 Year 1.08/1.00 1-24 (24) AAA/AAA
HE:A-2 $35.000 28.89% Senior 3 Year 3.06/2.65 24-53 (30) AAA/AAA
HE:A-3 $12.000 9.91% Senior 5 Year 5.10/4.08 53-70 (18) AAA/AAA
HE:A-4 $17.690 14.60% Senior 7 Year 7.42/5.40 70-115 (46) AAA/AAA
HE:M-1 $ 6.660 5.50% Mezz 10 Year 9.79/6.45 115-118 (4) AA/AA
HE:M-2 $ 4.240 3.50% Mezz 10 Year 9.81/6.42 118-118 (1) A/AA
HE:B-1 $ 4.240 3.50% Sub 5 Year 5.22/4.05 40-97 (58) BBB/A
HE:B-2 $ 1.816 1.50% Sub 10 Year 9.46/6.26 97-118 (22) A-/A
- ----------------------------------------------------------------------------------------------------------------------------------
TO MATURITY
- ----------------------------------------------------------------------------------------------------------------------------------
HE:M-1 $ 6.660 5.50% Mezz 10 Year 11.00/6.93 115-155 (41) AA/AA
HE:M-2 $ 4.240 3.50% Mezz 10 Year 14.86/8.12 155-357 (203) A/AA
HE:B-2 $ 1.816 1.50% Sub 10 Year 11.28/6.90 97-357 (261) A-/A
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1) Modified duration based on an example yield.
2) Model starts at 4% CPR and ramps up to 20% CPR in month 12.
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the Issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained
in the Offering Document).
<PAGE>
Transaction Specifics:
- ----------------------
Delay Days: No delay on bonds
Managers: Lehman Brothers (lead manager), Bear Stearns
Collateral: Sub-Pool HE: 2,469 home equity loans secured by the
related real estate
Legal Final: [ ]
ERISA: Class A-1, Class A-2, Class A-3, and Class A-4
Certificates are expected to be ERISA eligible.
All other Certificates are not ERISA eligible.
SMMEA: The Certificates are Not SMMEA qualifying.
Distribution Date: The 15th of each month, beginning July 15, 1996
Expected Pricing: Week of June 17, 1996
Settlement: 5 Business Days
Trustee: First Trust N.A.
Optional Redemption: 10% Cleanup Call (in conjunction with Home Improvement
Contracts)
Tax Status: The 1996-C Series will elect to be treated as a REMIC
for federal tax purposes
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the Issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained
in the Offering Document).
<PAGE>
PREPAYMENT SENSITIVITY INFORMATION
- ----------------------------------
Projected Performance Under Varying Prepayment Assumptions (1)
--------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C>
PREPAYMENTS SPEEDS 50% 75% **100%** 125% 150%
- --------------------------------- --------- --------- -------- ---------- --------
TO CALL
- ---------------------------------
Class A-1
- ---------------------------------
Avg. Life/Duration (years) (2) 1.82/1.64 1.34/1.23 1.08/1.00 0.91/0.85 0.80/0.75
Window (# of months) 43 31 24 20 17
Class A-2
- ---------------------------------
Avg. Life/Duration (years) (2) 5.53/4.38 3.96/3.31 3.06/2.65 2.48/2.19 2.09/1.87
Window (# of months) 54 39 30 24 19
Class A-3
- ---------------------------------
Avg. Life/Duration (years) (2) 9.08/6.33 6.60/5.01 5.10/4.08 4.07/3.38 3.33/2.84
Window (# of months) 29 23 18 14 12
Class A-4
- ---------------------------------
Avg. Life/Duration 12.44/7.64 9.49/6.43 7.42/5.40 5.96/4.57 4.89/3.90
Window (# of months) 42 48 46 38 31
Class M-1
- ---------------------------------
Avg. Life/Duration 13.72/7.89 11.47/7.12 9.79/6.45 8.38/5.81 7.19/5.21
Window (# of months) 1 1 4 11 17
Class M-2
- ---------------------------------
Avg. Life/Duration 13.72/7.82 11.47/7.07 9.81/6.42 8.56/5.86 7.64/5.42
Window (# of months) 1 1 1 1 1
Class B-1
- ---------------------------------
Avg. Life/Duration 9.25/6.16 6.70/4.91 5.22/4.05 4.58/3.65 4.29/3.47
Window (# of months) 93 74 58 47 38
Class B-2
- ---------------------------------
Avg. Life/Duration 13.72/7.82 11.33/7.02 9.46/6.26 8.17/5.67 7.29/5.24
Window (# of months) 2 15 22 21 19
TO MATURITY
- ---------------------------------
Class M-1
- ---------------------------------
Avg. Life/Duration (years) (2) 14.89/8.23 13.67/7.86 11.00/6.93 8.92/6.06 7.37/5.30
Window (# of months) 1 34 41 35 30
Class M-2
- ---------------------------------
Avg. Life/Duration (years) (2) 18.56/8.94 16.23/8.45 14.86/8.12 12.94/7.53 11.05/6.85
Window (# of months) 179 179 203 231 253
Class B-2
- ---------------------------------
Avg. Life/Duration 15.71/8.32 13.50/7.68 11.28/6.90 9.72/6.28 8.64/5.81
Window (# of months) 194 234 261 275 282
</TABLE>
(1) These assumptions may change and are subject to pricing.
(2) Modified Duration - assumes an example yield.
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the Issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained
in the Offering Document).
<PAGE>
SUMMARY DESCRIPTION OF THE RECEIVABLES POOL:
- --------------------------------------------
. As of the Cut-Off Date (5/1/96) the collateral pool had the following
characteristics:
. fully amortizing
. fixed contractual rate of interest
. level payments over the term of such loan (except for balloon loans)
. interest computed on the simple interest method.
The contracts were originated or purchased and will be serviced by Green Tree.
. Each Contract has its last schedule payment due no later than May 2026
. All Contracts have a contractual rate of interest of at least 7.90% per
annum and not more than 19.00%
. The Contracts have remaining maturities of at least 36 months but not
more than 360 months and original maturities of at least 36 months but
not more than 360 months
. Geographic Distribution:
State % of Pool Balance
----- -----------------
Georgia 16.28%
Florida 12.08
Alabama 11.79
South Carolina 11.01
Michigan 10.06
Ohio 9.35
Pennsylvania 9.13
North Carolina 8.67
The pool is comprised of Receivables from 28 states. No other state
accounts for more than 5.00% of the aggregate original receivables
balance.
COLLATERAL SUMMARY
STATISTICS
- ---------------------------
<TABLE>
<CAPTION>
<S> <C>
-------------
SERIES 1996-C
------------------------------------------
AVERAGE BALANCE $49,067
WAC 11.74%
ORIGINAL WAM 207
REMAINING WAM 205
------------------------------------------
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the Issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained
in the Offering Document).
