<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): DECEMBER 16, 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 December 16, 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
December 16, 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: December 16, 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
<TABLE>
<CAPTION>
EXHIBIT
NUMBER PAGE
------ ----
<S> <C> <C>
99.1 Monthly Report delivered to Certificateholders 5
on December 16, 1996.
</TABLE>
<PAGE>
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 November 1, 1996 to November 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 11th day of
December, 1996.
GREEN TREE FINANCIAL CORP.
BY: /s/Phyllis A. Knight
--------------------------
Phyllis A. Knight
Vice President and Treasurer
<PAGE>
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 11th day of
December, 1996.
GREEN TREE FINANCIAL CORP.
BY: /s/Phyllis A. Knight
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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
November 1996
Distribution Date: 12/16/96
CUSIP#: 393505 LR1
Trust Account: 3334726-0
A. Collected Amount $746,705.62
B. Delinquent Payments Advanced/Recovered 891.71
C. Aggregate Repurchase Price for Contracts
to be Repurchased .00
D. Amount Available (A+B+C) 747,597.33
E. Monthly Principal (6.45%) 103,070.63
(1) Regular Principal Payments $243,077.39
(2) Principal Prepayments 269,365.70
(3) Delinquent Principal Advanced 24,959.89
(4) Net Losses 41,640.84
(5) Contracts Repurchased due to Breach
of Representations and Warranties
(See attached) .00
(6) Bankruptcy Write-Down .00
(7) Delinquent Payments Recovered (24,442.06)
(8) Unpaid Principal from Prior Months .00
Total Principal 554,601.76
G. Monthly Servicing Fee (.75%) 11,984.96
H. Advances Reimbursed 36,714.99
I. Guaranty Fee 77,939.98
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 18,621,329.37
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GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT LOANS 6.45%
GREEN TREE TRUST
1996-B
MONTHLY REPORT
November 1996
Page 2
Distribution Date: 12/16/96
CUSIP#: 393505 LR1
Trust Account: 3334726-0
M. New Guaranty Amount (lessor of (1) Guaranty
Amount from prior month - K or (2)L) 2,513,072.00
N. Pool Scheduled Principal Balance 18,621,329.37
O. Pool Factor
(1) Previous Month Pool Factor .76304721
(2) Current Month Pool Factor .74097854
P. Aggregate Scheduled Balances and Number of
Delinquent Contracts
(a) 31-59 days 85,399.11 18
(b) 60-89 days 33,007.38 8
(c) 90 or more days 22,821.58 2
Q. Liquidated Contracts 41,864.62
(1) Net Liquidation Loss #9 39,654.10
R. Number of Loans Remaining 3,943
S. Number and Principal Balance of Contracts
with FHA Claims finally rejected, or no FHA
claim was submitted because FHA Insurance
was unavailable # 30 172,305.14
T. Average Sixty-Day Delinquency Ratio .30
U. Current Realized Loss Ratio .21
V. Cumulative Realized Loss Ratio .74
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
November 1996
Defaulted Contracts
<TABLE>
<CAPTION>
Estimated
Repurchase Loss at
Account# Principal Interest Amount Sale Date
- -------- --------- -------- ---------- ----------
<S> <C> <C> <C> <C>
15689919 6,904.39 37.11 6,941.50 4,339.86
15705307 3,331.47 17.90 3,349.37 3,714.74
15708284 4,250.21 22.84 4,273.05 2,423.81
15709826 5,253.61 28.23 5,281.84 5,728.42
15711325 4,251.63 22.85 4,274.48 4,185.39
15719826 3,677.42 19.76 3,697.18 4,389.30
15722957 5,672.59 30.49 5,703.08 6,093.48
15723127 2,724.39 14.64 2,739.03 2,863.54
15723517 5,575.13 29.96 5,605.09 5,915.56
TOTALS $41,640.84 $223.78 $41,864.62 $39,654.10
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</TABLE>
