<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): JULY 15, 1996
HOME IMPROVEMENT LOAN TRUST 1996-B
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(Exact name of registrant as specified in its charter)
MINNESOTA 33-55853 41-6409977
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(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
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (612) 293-3400
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NOT APPLICABLE
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
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Pursuant to the Pooling and Servicing Agreement between Green Tree
Financial Corporation (the "Servicer") and First Trust (N.A.) (the
"Trustee"), on July 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 July 15, 1996.
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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: July 15, 1996
HOME IMPROVEMENT LOAN
TRUST 1996-B
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/ Phyllis A. Knight
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Phyllis A. Knight
Vice President and Treasurer
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INDEX TO EXHIBITS
EXHIBIT
NUMBER PAGE
- ------- ----
99.1 Monthly Report delivered to Certificateholders 5
on July 15, 1996.
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GREEN TREE FINANCIAL CORP.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that she is Vice President and Treasurer of Green Tree
Financial Corp., a Minnesota corporation (the "Company"), and that as such he 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 March 1, 1996 between the Company and First Trust
(N.A), as Trustee of Home Improvement Loan Trust 1996-B (all capitalized terms
used herein without having the respective meanings specified in the Agreement),
and further certifies that:
1. The Monthly Report for the period from June 1, 1996 to June 30, 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 10th day of July,
1996.
GREEN TREE FINANCIAL CORP.
BY: /s/ Phyllis A. Knight
--------------------------------
Phyllis A. Knight
Vice President and Treasurer
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GREEN TREE FINANCIAL CORP.
CERTIFICATE REGARDING REPURCHASED CONTRACTS
The undersigned certifies that she is Vice President and Treasurer of Green Tree
Financial Corp., a Minnesota corporation (the "Company"), and that as such he is
duly authorized to execute and deliver this certificate on behalf of the Company
pursuant to Section 8.06 of the Pooling and Servicing Agreement (the
"Agreement") dated as of March 1, 1996 between the Company and First Trust
National Association, as Trustee of Home Improvement Loan Trust 1996-B (all
capitalized terms used herein without definition having the respective meanings
specified in the Agreement), and further certifies that:
1. The contracts on the attached schedule are to be repurchased by
the Company on the date hereof pursuant to Sections 3.05 of the
Agreement.
2. Upon deposit of the Repurchase Price for such Contracts, such
Contracts may, pursuant to Section 8.06 of the Agreement, be assigned by
the Trustee to the Company.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 10th day of July,
1996.
GREEN TREE FINANCIAL CORP.
BY: /s/ Phyllis A. Knight
-------------------------------------
Phyllis A. Knight
Vice President and Treasurer
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GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT LOANS 6.45%
GREEN TREE TRUST
1996-B
MONTHLY REPORT
June 1996
Distribution Date: 7/15/96
CUSIP#: 393505 LR1
Trust Account: 3334726-0
<TABLE>
<CAPTION>
<C> <S> <C> <C>
A. Collected Amount $915,853.40
B. Delinquent Payments Advanced/Recovered 1,461.56
C. Aggregate Repurchase Price for Contracts
to be Repurchased .00
D. Amount Available (A+B+C) 917,314.96
E. Monthly Principal (6.45%) 120,065.68
(1) Regular Principal Payments $262,925.38
(2) Principal Prepayments 394,318.25
(3) Delinquent Principal Advanced 21,355.16
(4) Net Losses 6,486.46
(5) Contracts Repurchased due to Breach
of Representations and Warranties
(See attached) .00
(6) Bankruptcy Write-Down .00
(7) Delinquent Payments Recovered (20,103.72)
(8) Unpaid Principal from Prior Months .00
Total Principal 664,981.53
G. Monthly Servicing Fee (.75%) 13,961.13
H. Advances Reimbursed .00
I. Guaranty Fee 118,306.62
J. Shortfall ((E+F+(if Company is not the
Servicer)G)-D) .00
K. Guaranty Payment (lesser of J or Guaranty Amount
from prior month) .00
L. Aggregate Certificate Principal Balance 21,672,819.92
</TABLE>
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GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT LOANS 6.45%
GREEN TREE TRUST
1996-B
MONTHLY REPORT
June 1996
Page 2
Distribution Date: 7/15/96
CUSIP#: 393505 LR1
Trust Account: 3334726-0
<TABLE>
<CAPTION>
<C> <S> <C> <C>
M. New Guaranty Amount (lessor of (1) Guaranty
Amount from prior month - K or (2)L) 2,513,072.00
N. Pool Scheduled Prinicipal Balance 21,672,819.92
O. Pool Factor
(1) Previous Month Pool Factor .88886412
(2) Current Month Pool Factor .86240322
P. Aggregate Scheduled Balances and Number of
Delinquent Contracts
(a) 31-59 days 100,045.07 18
(b) 60-89 days 72,692.97 14
(c) 90 or more days 33,048.94 6
Q. Liquidated Contracts # 1 6,521.32
(1) Net Liquidiation Loss 7,066.55
R. Number of Loans Remaining 4,352
S. Number and Principal Balance of Contracts
with FHA Claims finally rejected, or no FHA
claim was submitted because FHA Insurance
was unavailable # 4 16,039.80
T. Average Sixty-Day Delinquency Ratio .49
U. Current Realized Loss Ratio .03
V. Cumulative Realized Loss Ratio .09
</TABLE>
Please contact the Bondholder Relations Department of First Trust National
Association at (612) 244-0444 with any questions regarding this Statement or any
Distribution.
<PAGE>
GT-HI
1996-B
June 1996
Defaulted Contracts
<TABLE>
<CAPTION>
Repurchase Loss at
Account # Principal Interest Amount Sale Date
- --------- --------- -------- ---------- ---------
<S> <C> <C> <C> <C>
15696818 6,486.46 34.86 6,521.32 7,066.55
TOTALS $6,486.46 $34.86 $6,521.32 $7,066.55
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