<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): October 23, 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
$450,000,000 Manufactured Housing Contract
Senior/Subordinate Pass-Through
Certificates, Series 1996-9.
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: October 29, 1996 GREEN TREE FINANCIAL CORPORATION
By: /s/ Phyllis A. Knight
_____________________________
Phyllis A. Knight
Vice President and Treasurer
3
<PAGE>
INDEX TO EXHIBITS
Exhibit
-------
Number Page
------ ----
99 External Computational and Descriptive 5
Information distributed in connection
with $450,000,000 Manufactured Housing
Contract Senior/Subordinate Pass-Through
Certificates, Series 1996-9.
4
<PAGE>
TERM SHEET DATED OCTOBER 23, 1996
Green Tree Financial Corporation
Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1996-9
$450,000,000 (Approximate)
Subject to Revision
SELLER/SERVICER: Green Tree Financial Corporation ("Green Tree").
TRUSTEE: Firstar Trust Company, Milwaukee, Wisconsin.
UNDERWRITERS: Merrill Lynch & Co. (Lead), Lehman Brothers, Salomon Brothers
Inc
<TABLE>
<CAPTION>
Ratings WAL Exp Final
Amount (Moody's/S&P/Fitch) @ 135% MHP Maturity
------ ------------------- ---------- ---------
<S> <C> <C> <C> <C>
To Call:
A-1 $55,000,000 Aaa/AAA/AAA 0.91 20
A-2 $30,000,000 Aaa/AAA/AAA 2.07 29
A-3 $41,000,000 Aaa/AAA/AAA 3.02 43
A-4 $83,000,000 Aaa/AAA/AAA 5.09 83
A-5 $48,500,000 Aaa/AAA/AAA 8.24 116
A-6 $122,750,000 Aaa/AAA/AAA 14.78 222
M-1 $36,000,000 Aa3/AA-/AA- 11.05 222
B-1 $18,000,000 Baa1/BBB+/BBB+ 7.21 129
B-2 $15,750,000 Baa1/A-/A 15.99 222
To Maturity
A-6 $122,750,000 Aaa/AAA/AAA 15.57 313
M-1 $36,000,000 Aa3/AA-/AA- 11.47 313
B-2 $15,750,000 Baa1/A-/A 21.36 363
</TABLE>
CUT-OFF DATE: October 1, 1996 (or the date of origination, if later)
EXP. PRICING: October 24, 1996
EXP. SETTLEMENT: November 7, 1996
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 December 16, 1996.
ERISA: Class A Certificates are ERISA eligible, subject to the
conditions set forth in the Prospectus Supplement. 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.
OPTIONAL REDEMPTION: Less than 10% of the original pool balance outstanding
[LOGO OF MERRILL LYNCH APPEARS HERE]
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
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)
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 December 16,
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.
[LOGO OF MERRILL LYNCH APPEARS HERE]
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>
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 and A-6
Certificateholders.
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 December 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.
[LOGO OF MERRILL LYNCH APPEARS HERE]
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 the statement. If you
have not received the statement, call your Merrill Lynch account executive for
another copy.
<PAGE>
The Class B Distribution Test will be satisfied if each
of the following tests is satisfied: (i) the Remittance
Date occurs in or after December 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) 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 $9,000,000.
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 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.
[LOGO OF MERRILL LYNCH APPEARS HERE]
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
October 16, 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.
<TABLE>
<CAPTION>
THE INITIAL CONTRACT POOL
<S> <C>
Number of MHCs in pool: 7,430
Wgt. Avg. Contract Rate: 10.35%
Range of Rates: 5.74% - 16.75%
Wgt. Avg. Orig. Maturity: 298 mos.
Range of Orig. Maturity: 24-360 mos.
Wgt. Avg. Rem. Maturity: 298 mos.
Range of Rem. Maturity: 24-360 mos.
Avg. Rem Princ. Balance: $35,111.26
Wgt. Avg. LTV 87.51%
New/Used: 80%/20%
Single/Double 35%/65%
Park/Private 31%/69%
</TABLE>
<TABLE>
<CAPTION>
GEOGRAPHIC DISTRIBUTION OF INITIAL CONTRACT OBLIGORS
% 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 669 9.01% $25,975,750.79 9.95%
TX 630 8.49% 21,243,499.99 8.13%
SC 357 4.81% 13,840,942.97 5.31%
MI 374 5.04% 13,818,365.39 5.30%
NM 293 3.94% 13,608,121.54 5.22%
FL 362 4.88% 13,531,221.67 5.19%
Other States/(1)/ 4,745 63.86% 158,858,757.00 60.89%
----- ------ -------------- ------
Total 7,430 100.03%/(2)/ $260,876,659.35 99.99%/(2)/
----- ---------- --------------- -------
</TABLE>
- -----------------
(1) Other States category includes those States which consitute less than
5.00% of the outstanding balance of the Initial Pool of Contracts.
(2) The percentages do not add up to 100.00% due to rounding.
[LOGO OF MERRILL LYNCH APPEARS HERE]
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>
<TABLE>
<CAPTION>
YEARS OF ORIGINATION OF INITIAL CONTRACTS
% of Contract Pool
Number of Aggregate Principal by Outstanding
Year of Origination(1) Contracts Balance Outstanding Principal Balance
- --------------------- --------- ------------------- ------------------
<S> <C> <C> <C>
1980 1 $8,477.31 *
1981 0 0.00 0.00%
1982 0 0.00 0.00%
1983 0 0.00 0.00%
1984 0 0.00 0.00%
1985 4 42,604.90 0.02%
1986 1 22,475.84 0.01%
1987 2 49,045.43 0.02%
1988 0 0.00 0.00%
1989 5 119,234.57 0.05%
1990 11 212,911.46 0.08%
1991 3 38,761.44 0.01%
1992 1 19,731.58 0.01%
1993 0 0.00 0.00%
1994 13 356,504.60 0.14%
1995 35 1,727,585.84 0.66%
1996 7,354 258,279,326.38 99.00%
----- -------------- ------
Total 7,430 $260,876,659.35 100.00%
----- --------------- -------
DISTRIBUTION OF ORIGINAL AMOUNTS OF INITIAL CONTRACTS
% 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 $10,000 443 $3,401,209.85 1.30%
$10,000 - $19,999 1,368 20,683,381.00 7.93%
$20,000 - $29,999 1,807 45,219,255.45 17.33%
$30,000 - $39,999 1,376 47,582,960.94 18.25%
$40,000 - $49,999 907 40,641,643.24 15.58%
$50,000 - $59,999 622 33,993,365.91 13.03%
$60,000 - $69,999 392 25,358,091.58 9.72%
$70,000 - $79,999 225 16,805,860.24 6.44%
$80,000 - $89,999 147 12,396,353.69 4.75%
$90,000 - $99,999 76 7,172,976.68 2.75%
$100,000 - $109,999 33 3,450,925.50 1.32%
$110,000 - $119,999 19 2,209,820.26 0.85%
$120,000 - $129,999 11 1,378,798.84 0.53%
$130,000 - $139,999 2 263,958.17 0.10%
$140,000 - $149,999 0 0.00 0.00%
$150,000 - $159,999 1 150,925.51 0.06%
$160,000 - $169,999 1 167,132.49 0.06%
- ---------- -----
Total 7,430 $260,876,659.35 100.00%
----- --------------- -------
</TABLE>
- --------------------
* Indicates an amount greater than zero but less than 0.005% of the aggregate
principal balance.
(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 $167,296.07, which represent 0.06%
of the Initial Pool Principal Balance.
[LOGO OF MERRILL LYNCH APPEARS HERE]
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>
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS
% 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% 314 $8,143,885.93 3.12%
61 - 65% 99 3,154,881.98 1.21%
66 - 70% 180 6,357,636.78 2.44%
71 - 75% 234 8,434,222.92 3.23%
76 - 80% 590 18,168,488.88 6.96%
81 - 85% 852 29,001,971.41 11.12%
86 - 90% 2,146 76,431,323.31 29.30%
91 - 95% 3,015 111,184,248.14 42.62%
----- -------------- ------
Total 7,430 $260,876,659.35 100.00%
----- --------------- -------
</TABLE>
<TABLE>
<CAPTION>
CONTRACT RATES
% 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% 881 $51,370,014.67 19.69%
9.01% - 10.00% 1,208 58,053,018.59 22.25%
10.01% - 11.00% 2,021 73,657,757.67 28.24%
11.01% - 12.00% 1,990 54,872,776.94 21.03%
12.01% - 13.00% 1,081 19,930,949.32 7.64%
13.01% - 14.00% 93 1,529,393.19 0.59%
14.01% - 15.00% 1 8,056.36 *
15.01% - 16.00% 143 1,334,029.89 0.51%
16.01% - 17.00% 12 120,662.72 0.05%
-- ---------- -----
Total 7,430 $260,876,659.35 100.00%
----- --------------- -------
</TABLE>
<TABLE>
<CAPTION>
REMAINING MONTHS TO MATURITY
% of Contract Pool
Number of Aggregate Principal by Outstanding
Months Remaining Contracts Balance Outstanding Principal Balance
- ---------------- --------- ------------------- -------------------
<S> <C> <C> <C>
less than 31 3 $9,680.37 *
31 - 60 192 1,584,067.59 0.61%
61 - 90 295 3,847,852.74 1.47%
91 - 120 577 8,731,189.87 3.35%
121 - 150 180 3,179,576.39 1.22%
151 - 180 1,217 26,711,977.82 10.24%
181 - 210 3 61,573.30 0.02%
211 - 240 1,441 45,489,643.27 17.44%
241 - 270 0 0.00 0.00%
271 - 300 748 25,868,606.72 9.92%
301 - 330 0 0.00 0.00%
331 - 360 2,774 145,392,491.28 55.73%
----- -------------- ------
Total 7,430 $260,876,659.35 100.00%
----- --------------- -------
</TABLE>
- --------------------
* Indicates an amount greater than zero but less than 0.005% of the aggregate
principal balance.
(1) Rounded to the nearest 1%. The method of calculating loan-to-value ratios is
described in the Prospectus.
[LOGO OF MERRILL LYNCH APPEARS HERE]
7
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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>
<TABLE>
<CAPTION>
MHP PREPAYMENT SENSITIVITIES/(1)/
0% MHP 50% MHP 75% MHP 110% MHP
WAL/Maturity WAL/Maturity WAL/Maturity WAL/Maturity
To Call
<S> <C> <C> <C> <C>
A-1 3.38 / 12/02 1.62 / 11/99 1.31 / 04/99 1.04 / 10/98
A-2 7.31 / 05/05 3.76 / 05/01 3.01 / 06/00 2.37 / 09/99
A-3 9.95 / 03/08 5.50 / 05/03 4.43 / 02/02 3.47 / 12/00
A-4 14.33 / 06/14 9.01 / 09/08 7.40 / 10/06 5.86 / 10/04
A-5 19.26 / 12/17 13.71 / 06/12 11.64 / 04/10 9.42 / 11/07
A-6 25.55 / 10/24 21.33 / 11/21 19.21 / 02/20 16.40 / 01/17
M-1 21.59 / 10/24 16.81 / 11/21 14.78 / 02/20 12.38 / 01/17
B-1 17.65 / 05/19 12.20 / 12/13 10.25 / 07/11 8.26 / 01/09
B-2 26.36 / 10/24 22.52 / 11/21 20.53 / 02/20 17.61 / 01/17
To Maturity
A-6 25.79 / 07/26 21.86 / 12/25 19.83 / 06/25 17.22 / 03/24
M-1 21.72 / 07/26 17.09 / 12/25 15.11 / 06/25 12.83 / 03/24
B-2 27.46 / 02/27 25.13 / 02/27 23.95 / 02/27 22.42 / 02/27
</TABLE>
<TABLE>
<CAPTION>
125% MHP 150% MHP 200% MHP 300% MHP
WAL/Maturity WAL/Maturity WAL/Maturity WAL/Maturity
<S> <C> <C> <C> <C>
To Call
A-1 0.96 / 08/98 0.85 / 06/98 0.69 / 02/98 0.51 / 10/97
A-2 2.18 / 06/99 1.93 / 02/99 1.58 / 09/98 1.16 / 03/98
A-3 3.18 / 08/00 2.80 / 03/00 2.27 / 07/99 1.68 / 10/98
A-4 5.37 / 02/04 4.70 / 03/03 3.65 / 09/01 2.62 / 03/00
A-5 8.68 / 01/07 7.63 / 11/05 5.88 / 11/03 3.84 / 05/01
A-6 15.41 / 01/16 13.88 / 05/14 11.25 / 05/11 7.78 / 06/07
M-1 11.56 / 01/16 10.40 / 05/14 9.12 / 05/11 7.45 / 06/07
B-1 7.61 / 02/08 6.76 / 11/06 6.20 / 09/05 5.54 / 04/04
B-2 16.63 / 01/16 15.10 / 05/14 12.72 / 05/11 9.70 / 06/07
To Maturity
A-6 16.20 / 06/23 14.66 / 01/22 12.00 / 02/19 8.34 / 10/13
M-1 11.99 / 06/23 10.82 / 01/22 9.59 / 02/19 7.96 / 10/13
B-2 21.80 / 02/27 20.74 / 02/27 18.77 / 02/27 15.17 / 02/27
(1) The following are the assumed characteristics of Subsequent Contracts as of the Cut-off Date:
Aggregate Principal Wtd Avg Wtd Avg Wtd Avg
Months Remaining Balance Outstanding Original Term Remaining Term Contract Rate
- ---------------- ------------------- ------------- -------------- -------------
0 to 119 $5,857,380.16 80 80 11.572%
120 to 179 12,886,291.49 128 128 12.020%
180 to 239 24,966,522.55 181 181 11.507%
240 to 299 37,946,856.05 241 241 11.040%
300 to 359 26,387,656.61 305 305 10.539%
360 81,078,633.79 360 360 10.200%
-------------
Total $189,123,340.65
--------------
</TABLE>
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