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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 17, 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 June 17, 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
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(c) Exhibits.
The following is filed herewith. The exhibit number
corresponds with Item 601(b) of Regulation S-K.
Exhibit No. Description
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99.1 Monthly Report delivered to
Certificateholders on June 17,1996.
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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: June 17, 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 June 17, 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 definition having the respective meanings specified in the
Agreement), and further certifies that:
1. The Monthly Report for the period from May 1, 1996 to May 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 June,
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 12th day of June,
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
May 1996
Distribution Date: 6/17/96
CUSIP#: 393505 LR1
Trust Account: 3334726-0
<TABLE>
<S> <C> <C>
A. Collected Amount $987,473.98
B. Delinquent Payments Advanced/Recovered 3,475.75
C. Aggregate Repurchase Price for Contracts
to be Repurchased .00
D. Amount Available (A+B+C) 990,949.73
E. Monthly Principal (6.45%) 124,036.61
(1) Regular Principal Payments $257,857.02
(2) Principal Prepayments 468,721.18
(3) Delinquent Principal Advanced 20,103.72
(4) Net Losses 9,553.34
(5) Contracts Repurchased due to Breach
of Representations and Warranties
(See attached) .00
(6) Bankruptcy Write-Down .00
(7) Delinquent Payments Recovered (17,458.96)
(8) Unpaid Principal from Prior Months .00
Total Principal 738,776.30
G. Monthly Servicing Fee (.75%) 14,422.86
H. Advances Reimbursed .00
I. Guaranty Fee 113,713.96
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 22,337,801.45
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 22,337,801.45
O. Pool Factor
(1) Previous Month Pool Factor .91826145
(2) Current Month Pool Factor .88886412
</TABLE>
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GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT LOANS 6.45%
GREEN TREE TRUST
1996-B
MONTHLY REPORT
May 1996
Page 2
Distribution Date: 6/17/96
CUSIP#: 393505 LR1
Trust Account: 3334726-0
<TABLE>
<S> <C> <C>
P. Aggregate Scheduled Balances and Number of
Delinquent Contracts
(a) 31-59 days 145,578.12 26
(b) 60-89 days 36,078.34 6
(c) 90 or more days 10,485.82 2
Q. Liquidated Contracts # 3 9,604.67
(1) Net Liquidiation Loss 10,315.81
R. Number of Loans Remaining 4,428
S. Number and Principal Balance of Contracts
with FHA Claims finally rejected, or no FHA
claim was submitted because FHA Insurance
was unavailable # 3 9,553.34
T. Average Sixty-Day Delinquency Ratio .21
U. Current Realized Loss Ratio .05
V. Cumulative Realized Loss Ratio .06
</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.
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GT-HI
1996-B
May 1996
Defaulted Contracts
<TABLE>
<CAPTION>
Estimated
Repurchase Loss at
Account# Principal Interest Amount Sale Date
- -------- --------- -------- ---------- ----------
<S> <C> <C> <C> <C>
15718567 1,958.57 10.52 1,969.09 2,170.02
15718890 3,930.25 21.12 3,951.37 4,281.45
15723048 3,664.52 19.69 3,684.21 3,864.34
TOTALS $9,553.34 $51.33 $9,604.67 $10,315.81
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