<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): April 15, 1997
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
------------------------------------------------
PASS-THROUGH CERTIFICATE TRUST 1996-1
-------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-55855 41-1836425
- --------------------------------------------------------------------------------
(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
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (612) 293-3400
--------------
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
------------
Pursuant to the Pooling and Servicing Agreement between Green Tree
Financial Corporation (the "Servicer") and Norwest Bank Minnesota,
National Association (the "Trustee"), on April 15, 1997, 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
April 15, 1997.
<PAGE>
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: April 15, 1997
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH
CERTIFICATE TRUST 1996-1
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/Phyllis A. Knight
----------------------------------
PHYLLIS A. KNIGHT
Vice President and Treasurer
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Page
- ------ ----
99.1 Monthly Report delivered to Certificateholders 5
on April 15, 1997.
<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 Delaware corporation (the "Company"), and that as such she 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 February 1, 1996 96-1 between the Company and Norwest
Bank Minnesota, National Association, as Trustee (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 March 1, 1997 to March 31, 1997
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 April,
1997.
GREEN TREE FINANCIAL CORP.
BY: /s/Phyllis A. Knight
---------------------------
Vice President and Treasurer
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 5.50%, 5.85%, 6.20%, 6.50%,
7.00%
PASS-THROUGH CERTIFICATES, SERIES 1996-1
CLASS A1, A2, A3, A4, A5 CERTIFICATES
MONTHLY REPORT
MARCH 1997
CUSIP#'S 393505-LA8,LB7,LC4,LD2,LE0
TRUST ACCOUNT #13210501
REMITTANCE DATE: 4/15/97
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
------- ----------
<S> <C> <C>
Class A Certificates
- --------------------
(1a) Amount available (including Monthly
Servicing Fee) $5,941,419.97
(b) Class M-1 Interest Deficiency Amount
(if any) and Class B-1 Interest
Deficiency Amount (if any) withdrawn
for prior Remittance Date 0.00
(c) Amount Available after giving effect to
withdrawal of Class M-1 Interest
Deficiency Amount and B-1 Interest
Deficiency Amount for prior Remittance
Date $5,941,419.97
A. Interest
(2) Aggregate Interest
a. Class A-1 Remittance Rate(5.50%) 5.50%
b. Class A-1 Interest 390,985.13 3.25820943
c. Class A-2 Remittance Rate(5.85%) 5.85%
d. Class A-2 Interest 243,750.00 4.87500000
e. Class A-3 Remittance Rate(6.20%) 6.20%
f. Class A-3 Interest 180,833.33 5.16666657
g. Class A-4 Remittance Rate(6.50%) 6.50%
h. Class A-4 Interest 270,833.33 5.41666660
i. Class A-5 Remittance Rate(7.00%) 7.00%
j. Class A-5 Interest 443,041.67 5.83333338
(3) Amount applied to:
a. Unpaid Class A Interest
Shortfall .00 .00
(4) Remaining:
a. Unpaid Class A Interest
Shortfall .00 .00
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 5.50%, 5.85%, 6.20%,
6.50%, 7.00%
PASS-THROUGH CERTIFICATES, SERIES 1996-1
CLASS A1, A2, A3, A4, A5 CERTIFICATES
MONTHLY REPORT
MARCH 1997
Page 2
CUSIP#'S 393505-LA8,LB7,LC4,LD2,LE0
TRUST ACCOUNT #13210501
REMITTANCE DATE: 4/15/97
B. Principal
(5) Formula Principal Distribution
Amount 3,185,299.66 N/A
a. Scheduled Principal 434,327.85 N/A
b. Principal Prepayments 1,959,053.99 N/A
c. Liquidated Contracts 791,917.82 N/A
d. Repurchases .00 N/A
(6) Pool Scheduled Principal
Balance 360,887,300.17 905.00849796
(6a) Pool Factor .90500850
(7) Unpaid Class A Principal Shortfall
(if any)following prior Remittance
date .00
(8) Class A Percentage for such Remittance
Date 91.23%
(9) Class A Percentage for the following
Remittance Date 91.16%
(10) Class A Principal Distribution:
a. Class A-1 3,185,299.66 26.54416383
b. Class A-2 .00 .00
c. Class A-3 .00 .00
d. Class A-4 .00 .00
e. Class A-5 .00 .00
(11) Class A-1 Principal Balance 82,120,547.17 684.33789308
(11a) Class A-1 Pool Factor .68433789
(12) Class A-2 Principal Balance 50,000,000.00 1000.0000000
(12a) Class A-2 Pool Factor 1.00000000
(13) Class A-3 Principal Balance 35,000,000.00 1000.0000000
(13a) Class A-3 Pool Factor 1.00000000
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 5.50%, 5.85%, 6.20%,
6.50%, 7.00%
PASS-THROUGH CERTIFICATES, SERIES 1996-1
CLASS A1, A2, A3, A4, A5 CERTIFICATES
MONTHLY REPORT
MARCH 1997
Page 3
CUSIP#'S 393505-LA8,LB7,LC4,LD2,LE0
TRUST ACCOUNT #13210501
REMITTANCE DATE: 4/15/97
(14) Class A-4 Principal Balance 50,000,000.00 1000.0000000
(14a) Class A-4 Pool Factor 1.00000000
(15) Class A-5 Principal Balance 75,950,000.00 1000.0000000
(15a) Class A-5 Pool Factor 1.00000000
(16) Unpaid Class A Principal Shortfall
(if any) following current Remittance
Date .00
C. Aggregate Scheduled Balances and Number of Delinquent
Contracts as of Determination Date
(17) 31-59 days 4,193,970.98 126
(18) 60 days or more 4,292,421.07 117
(19) Current Month Repossessions 809,897.81 25
(20) Repossession Inventory 4,127,673.10 122
Class M-1 Distribution Test and Class B Distribution Test (applicable on and
after the Remittance Date occurring in February 2000)
(21) Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current
Remittance Date 1.19%
(b) Average Sixty-Day Delinquency Ratio (arithmetic
average of ratios for this month and two preceding
months; may not exceed 3.5%) 1.26%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 5.50%, 5.85%, 6.20%,
6.50%, 7.00%
PASS-THROUGH CERTIFICATES, SERIES 1996-1
CLASS A1, A2, A3, A4, A5 CERTIFICATES
MONTHLY REPORT
MARCH 1997
Page 4
CUSIP#'S 393505-LA8,LB7,LC4,LD2,LE0
TRUST ACCOUNT #13210501
REMITTANCE DATE: 4/15/97
(22) Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current
Remittance Date 1.16%
(b) Average Thirty-Day Delinquency Ratio (arithmetic
average of ratios for this month and two preceding
months; may not exceed 5.5%) 1.05%
(23) Cumulative Realized Losses Test
(a) Cumulative Realized Losses for the current Remittance
Date (as a percentage of Cut-off Date Pool Principal
Balance; may not exceed 5.5% from February 1, 2000 to
January 31, 2001, 6.5% from February 1, 2001 to
January 31, 2002, 8.5% from February 1, 2002 to
January 31, 2003 and 9.5% thereafter) 0.27%
(24) Current Realized Losses Test
(a) Current Realized Losses for current Remittance Date 381,010.79
(b) Current Realized Loss Ratio (total Realized Losses for the
most recent three months, multiplied by 4, divided by
arithmetic average of Pool Scheduled Principal Balances for
third preceding Remittance and for current Remittance Date;
may not exceed 2.25%) 0.71%
(25) Class M-1 Principal Balance Test
(a) The sum of Class M-1 Principal Balance and Class B Principal
Balance (before distributions on current Remittance Date)
divided by Pool Scheduled Principal Balance as of preceding
Remittance Date (may not exceed 25.5%) 18.63%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.00%
PASS-THROUGH CERTIFICATES, SERIES 1996-1
CLASS M1 CERTIFICATES
MONTHLY REPORT
MARCH 1997
Page 5
CUSIP#'S 393505LF7
TRUST ACCOUNT #13210501
REMITTANCE DATE: 4/15/97
(26) Class B Principal Balance Test
(a) Class B Principal Balance (before any distributions
on current Remittance Date) as of such Remittance date
greater than $7,975.335.00 .00%
(b) Class B Principal Balance (before any distributions
on current Remittance Date) divided by pool Scheduled
Principal Balance as of preceding Remittance Date is
equal to or greater than 12.00% 8.77%
Total $ Per $1,000
Amount Original
------- ----------
CLASS M1 CERTIFICATES
- ---------------------
(27) Amount available (including Monthly
Servicing Fee) 1,226,676.85
A. Interest
(28) Aggregate interest
a. Class M-1 Remittance Rate (7.00%,
unless Weighted Average Contract
Rate is below 7.00%) 7.00%
b. Class M-1 Interest 209,416.67 5.83333343
(29) Amount applied to Class M-1 Interest
Deficiency Amount .00 0
(30) Remaining unpaid Class M-1 Interest
Deficiency Amount .00 0
(31) Amount Applied to:
a. Unpaid Class M-1 Interest Shortfall .00 0
(32) Remaining:
a. Unpaid Class M-1 Interest Shortfall .00 0
B. Principal
(33) Formula Principal Distribution Amount
a. Scheduled Principal .00 N/A
b. Principal Prepayments .00 N/A
c. Liquidated Contracts .00 N/A
d. Repurchases .00 N/A
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.95%, 7.30%
PASS-THROUGH CERTIFICATES, SERIES 1996-1
CLASS B CERTIFICATES
MONTHLY REPORT
MARCH 1997
Page 6
CUSIP#'S 393505LG5,LH3
REMITTANCE DATE: 4/15/97
(34) Class M-1 Principal Balance 35,900,000.00 1000.00000000
(34a) Class M-1 Pool Factor 1.00000000
(35) Class M-1 Percentage for such Remittance
Date .00%
(36) Class M-1 Percentage for the following
Remittance Date .00%
(37) Class M-1 Principal Distribution:
a. Class M-1 (current) .00 0.00000000
b. Unpaid Class M-1 Principal Shortfall
(if any) following prior Remittance Date .00
(38) Unpaid Class M-1 Principal Shortfall
(if any) following current Remittance Date .00
Total $ Per $1,000
Amount Original
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Class B1 Certificates
- ---------------------
(1) Amount Available less the Class A
Distribution Amount and Class M-1
Distribution amount (including Monthly
Servicing Fee) 1,017,260.18
(2) Class B-1 Remittance Rate (6.95% unless
Weighted Average Contract Rate is
below 6.95%) 6.95%
(3) Aggregate Class B1 Interest 92,377.08 5.79166646
(4) Amount applied to Unpaid Class
B1 Interest Shortfall .00 .00
(5) Remaining unpaid Class B1
Interest Shortfall .00 .00
(6) Amount applied to Class B1 Interest
Deficiency Amount .00
(7) Remaining Unpaid Class B-1 Interest
Deficiency Amount .00
(8) Unpaid Class B1 Principal Shortfall
(if any) following prior Remittance Date .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.95%, 7.30%
PASS-THROUGH CERTIFICATES, SERIES 1996-1
CLASS B CERTIFICATES
MONTHLY REPORT
MARCH 1997
Page 7
CUSIP#'S 393505LG5,LH3
REMITTANCE DATE: 4/15/97
(8a) Class B Percentage for such Remittance Date .00
(8b) Class B Percentage for the following
Remittance Date .00
(9) Current Principal(Class B Percentage of
Formula Principal Distribution Amount) .00
(10a) Class B1 Principal Shortfall .00
(10b) Unpaid Class B1 Principal Shortfall .00
(11) Class B Principal Balance 31,916,753.00
(12) Class B1 Principal Balance 15,950,000.00
Class B2 Certificates Total $ Per $1,000
Amount Original
------- ----------
(13) Remaining Amount Available 924,883.10
(14) Class B-2 Remittance Rate (7.30%
unless Weighted Average Contract
Rate is less than 7.30%) 7.30%
(15) Aggregate Class B2 Interest 97,131.08 6.08333329
(16) Amount applied to Unpaid Class
B2 Interest Shortfall .00 .00
(17) Remaining Unpaid Class B2
Interest Shortfall .00 .00
(18) Unpaid Class B2 Principal Shortfall
(if any) following prior Remittance
Date .00
(19) Class B2 Principal Liquidation Loss Amount .00
(20) Class B2 Principal (zero until Class
B1 paid down; thereafter, Class B
Percentage of Formula Principal
Distribution Amount) .00
(21) Guarantee Payment .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE 6.95%, 7.30%
PASS-THROUGH CERTIFICATES, SERIES 1996-1
CLASS B CERTIFICATES
MONTHLY REPORT
MARCH 1997
Page 8
CUSIP#'S 393505LG5,LH3
REMITTANCE DATE: 4/15/97
(22) Class B2 Principal Balance 15,966,753.00
(23) Monthly Servicing Fee (Deducted from
Certificate Account balance to arrive at
Amount Available if the Company or Green
Tree Financial Corporation is not the
Servicer; deducted from funds remaining
after payment of Class A Distribution
Amount, Class M-1 Distribution Amount,
Class B-1 Distribution Amount and Class
B-2 Distribution Amount; if the Company
or Green Tree Financial Corporation
is the Servicer) 151,696.92
(24) Class C Residual Payment 676,055.10
(25) Class M-1 Interest Deficiency on such
Remittance Date .00
(26) Class B-1 Interest Deficiency on such
Remittance Date .00
(27) Repossessed Contracts 809,897.81
(28) Repossessed Contracts Remaining
in Inventory 4,127,673.10
(29) Weighted Average Contract Rate 9.79051
<PAGE>
GTFC
1996-1
MARCH 1997
Defaulted Contracts
<TABLE>
<CAPTION>
Estimated
Loss At
Account# Principal Interest Amount Sale Date
- -------- ---------- -------- ---------- -----------
<S> <C> <C> <C> <C>
16318994 22,797.15 125.38 22,922.53 9,323.35
21319111 4,477.68 24.62 4,502.30 2,251.12
21319198 13,926.85 76.59 14,003.44 7,843.84
25328481 26,056.08 143.30 26,199.38 5,833.87
35315877 5,495.65 30.22 5,525.87 6,068.75
40315553 38,621.30 212.41 38,833.71 10,706.73
45303745 52,744.61 290.09 53,034.70 14,640.17
46301665 27,295.55 150.12 27,445.67 8,498.57
46301713 14,231.87 78.27 14,310.14 7,371.74
47306113 49,559.86 272.57 49,832.43 25,186.82
50322658 36,937.76 203.15 37,140.91 5,696.16
52311910 20,303.69 111.67 20,415.36 5,911.53
52311938 25,452.07 139.98 25,592.05 13,773.57
52311952 30,241.56 166.32 30,407.88 12,703.09
57317222 15,492.40 85.20 15,577.60 7,633.72
60308131 36,424.42 200.33 36,624.75 12,716.46
63321351 30,617.62 168.39 30,786.01 12,217.53
63321464 14,621.81 80.41 14,702.22 7,556.80
72308993 4,232.01 23.27 4,255.28 3,395.11
73319616 7,331.94 40.32 7,372.26 7,945.73
74320532 44,103.50 242.56 44,346.06 17,588.95
75327135 9,613.56 52.87 9,666.43 7,039.15
75327266 26,652.35 146.58 26,798.93 9,079.09
75327283 29,675.17 163.21 29,838.38 7,465.29
75327294 29,794.20 163.86 29,958.06 5,766.38
77325957 33,443.73 183.94 33,627.67 10,701.91
77326071 28,137.73 154.75 28,292.48 6,699.98
80317746 21,409.98 117.75 21,527.73 15,356.16
85317703 25,506.69 140.28 25,646.97 16,501.93
90323802 35,177.18 193.47 35,370.65 8,510.98
93314598 11,936.28 65.64 12,001.92 7,110.58
97329479 19,605.57 107.83 19,713.40 12,869.36
TOTALS $791,917.82 $4,355.35 $796,273.17 $311,964.42
=========== ========= =========== ===========
</TABLE>
