<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 15, 1997
HOME EQUITY LOAN TRUST 1997-B
-----------------------------
(Exact name of registrant as specified in its charter)
MINNESOTA 33-55853 APPLIED FOR
- ------------------------------ ------------ ------------------
(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 First Trust
(N.A.) (the "Trustee"), on October 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
October 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: October 15, 1997
HOME EQUITY LOAN TRUST 1997-B
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 October 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 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 May 1, 1997 between the Company and First Trust (N.A),
as Trustee of HOME EQUITY LOAN TRUST 1997-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 September 1, 1997 to September 30,
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 9th day of
October, 1997.
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 May 1, 1997 between the Company and First Trust
National Association, as Trustee of HOME EQUITY LOAN TRUST 1997-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 9th day of
October, 1997.
GREEN TREE FINANCIAL CORP.
BY: /s/ Phyllis A. Knight
-----------------------------
Phyllis A. Knight
Vice President and Treasurer
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1997-B
MONTHLY REPORT
SEPTEMBER 1997
Distribution Date: 10/15/97
CUSIP#: 393505-UN0,UC4,UD2,UE0,UF7,UG5
UH3,UJ9,UK6,UL4,UM2
Trust Account: 3335687-0
CLASS HE: A CERTIFICATES
------------------------
1. (a) Sub-Pool HE Amount Available
(including Monthly Servicing Fee) $7,428,695.39
(b) Class HE: M-1 Interest Deficiency Amount
(if any), Class HE: M-2 Interest Deficiency
Amount (if any) and Class HE: B-1 Interest
Deficiency Amount (if any) withdrawn for prior
Payment Date .00
(c) Sub-Pool HE Amount Available after giving effect to
withdrawal of any Class HE: M-1 Interest Deficiency
Amount, Class HE: M-2 Interest Deficiency Amount and
Class HE: B-1 Interest Deficiency Amount for prior
Payment Date 7,428,695.39
2. Aggregate Interest
(a) Class HE: A-1 ARM Pass-through Rate 5.88625%
(b) Class HE: A-1 Interest 163,195.50
(c) Class HE: A-1 Pass-through Rate 6.02%
(d) Class HE: A-1 Interest 76,912.55
(e) Class HE: A-2 Pass-through Rate 6.28%
(f) Class HE: A-2 Interest 191,754.57
(g) Class HE: A-3 Pass-through Rate 6.61%
(h) Class HE: A-3 Interest 345,504.70
(i) Class HE: A-4 Pass-through Rate 6.81%
(j) Class HE: A-4 Interest 116,655.30
(k) Class HE: A-5 Pass-through Rate 7.15%
(l) Class HE: A-5 Interest 334,858.33
(m) Class HE: A-6 Pass-through Rate 7.12%
(n) Class HE: A-6 Interest 241,379.87
3. Amount applied to Unpaid Class HE: A Interest Shortfall .00
4. Remaining Unpaid Class HE: A Interest Shortfall .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1997-B
MONTHLY REPORT
SEPTEMBER 1997
Page 2
Distribution Date: 10/15/97
CUSIP#: 393505-UN0,UC4,UD2,UE0,UF7,UG5
UH3,UJ9,UK6,UL4,UM2
Trust Account: 3335687-0
PRINCIPAL
5. Class HE: A-1ARM Formula Principal Distribution Amount:
(lesser of Class HE: A-1ARM Principal Balance or sum of (a)-(f))
(a) Scheduled Principal 15,062.10
(b) Principal Prepayments 135,839.07
(c) Liquidated Contracts .00
(d) Repurchases .00
(e) Clause (v) of defination .00
(f) June 2029 Payment Date:
Scheduled Principal Balance
Adjustable Rate Contracts .00
Total Principal 150,901.17
6. Class A Formula Principal Distribution Amount:
(a) Scheduled Principal 274,339.53
(b) Principal Prepayments 3,969,859.54
(c) Liquidated Contracts .00
(d) Repurchases .00
(e) Previously undistributed Principal
Amounts .00
(f) Less Class HE: A-1ARM Formula
Principal Distribution Amount .00
Total Principal 4,244,199.07
7. HE Pool Scheduled Principal Balance 306,797,866.80
Scheduled Principal Balance of Adjustable
Rate Contracts 33,118,940.54
8. Senior Percentage for such Payment Date 100%
9. Class HE: A-6 Lockout Percentage for such Payment Date 100%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1997-B
MONTHLY REPORT
SEPTEMBER 1997
Page 3
Distribution Date: 10/15/97
CUSIP#: 393505-UN0,UC4,UD2,UE0,UF7,UG5
UH3,UJ9,UK6,UL4,UM2
Trust Account: 3335687-0
10. Class HE: A Principal Distribution:
(a) Class HE: A-1ARM 150,901.17
(b) Class HE: A-6 Lockout Remittance Amount .00
(c) Balance of Senior Percentage of Formula
Principal Distribution Amount
(i) Class HE: A-1 4,244,199.07
(ii) Class HE: A-2 .00
(iii) Class HE: A-3 .00
(iv) Class HE: A-4 .00
(v) Class HE: A-5 .00
(vi) Class HE: A-6 .00
11. Class HE: A Principal Balance:
(a) Class HE: A-1ARM Principal Balance 33,118,940.54
(b) Class HE: A-1 Principal Balance 11,087,205.26
(c) Class HE: A-2 Principal Balance 36,641,000.00
(d) Class HE: A-3 Principal Balance 62,724,000.00
(e) Class HE: A-4 Principal Balance 20,556,000.00
(f) Class HE: A-5 Principal Balance 56,200,000.00
(g) Class HE: A-6 Principal Balance 40,682,000.00
CLASS HE: M-1 CERTIFICATES
--------------------------
12. Amount Available less the Class HE:
A Distribution Amount (including Monthly
Servicing Fee) 1,563,334.33
INTEREST on Class HE: M-1 Principal Balance less
Class HE: M-1 Liquidation Loss Principal Amount
13. Current Interest
(a) Class HE: M-1 Pass-through Rate 7.65%
(b) Class HE: M-1 Interest 114,673.50
14. Amount applied to Unpaid Class HE: M-1 Interest Shortfall .00
15. Amount applied to Class HE: M-1 Interest Deficiency Amount .00
16. Remaining unpaid Class HE: M-1 Interest Deficiency Amount .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1997-B
MONTHLY REPORT
SEPTEMBER 1997
Page 4
Distribution Date: 10/15/97
CUSIP#: 393505-UN0,UC4,UD2,UE0,UF7,UG5
UH3,UJ9,UK6,UL4,UM2
Trust Account: 3335687-0
17. Remaining Unpaid Class HE: M-1 Interest Shortfall .00
PRINCIPAL
18. Class M-1 Formula Principal Distribution Amount:
(a) Scheduled Principal .00
(b) Principal Repayments .00
(c) Liquidated Contracts .00
(d) Repurchases .00
(e) Previously undistributed
Principal Amounts .00
(f) Less Class HE: A-1ARM Formula
Principal Distribution Amount .00
Total Principal .00
19. Pool Scheduled Principal Balance of Sub-Pool HE 306,797,866.80
Scheduled Principal Balance of Adjustable
Rate Contracts 33,118,940.54
20. Sub-Pool HE Senior Percentage for such Payment Date 100%
21. Class HE: M-1 Principal Balance .00
22. Class HE: M-1 Principal Balance 17,988,000.00
INTEREST ON LIQUIDATION LOSS PRINCIPAL AMOUNT
23. Aggregate Liquidation Loss Principal Amount .00
24. Class HE: M-1 Liquidation Loss Principal Amount .00
25. Interest at Class HE: M-1 Pass-Through Rate on:
(a) Class HE: M-1 Liquidation Loss Principal Amount .00
(b) Unpaid Class HE: M-1 Liquidation Loss Interest
Shortfall .00
26. Amount applied to such interest .00
27. Liquidation Loss interest remaining unpaid .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1997-B
MONTHLY REPORT
SEPTEMBER 1997
Page 5
Distribution Date: 10/15/97
CUSIP#: 393505-UN0,UC4,UD2,UE0,UF7,UG5
UH3,UJ9,UK6,UL4,UM2
Trust Account: 3335687-0
CLASS HE: M-2 CERTIFICATES
--------------------------
28. Amount Available less the Class HE:
A Distribution Amount and Class HE: M-1 Distribution
Amount (including Monthly Servicing Fee) 1,448,660.83
INTEREST
29. Current Interest
(a) Class HE: M-2 Pass-Through Rate 7.80%
(b) Class HE: M-2 Interest 74,405.50
30. Amount applied to Unpaid Class HE: M-2 Interest Shortfall .00
31. Amount applied to Class HE: M-2 Interest Deficiency Amount .00
32. Remaining unpaid Class HE: M-2 Interest Deficiency Amount .00
33. Remaining unpaid Class HE: M-2 Interest Shortfall .00
PRINCIPAL
34. Class M-2 Formula Principal Distribution Amount:
(a) Scheduled Principal .00
(b) Principal Prepayments .00
(c) Liquidated Contracts .00
(d) Repurchases .00
(e) Previously undistributed
Principal Amounts .00
(f) Less Class HE: A-1ARM Formula
Principal Distribution Amount .00
Total Principal .00
35. Pool Schedule Principal 306,797,866.80
Scheduled Principal Balance of Adjustable
Rate Contracts 33,118,940.54
36. Senior Percentage for such Payment Date 100%
37. Class HE: M-2 Principal Distribution .00
38. Class HE: M-2 Principal Balance 11,447,000.00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1997-B
MONTHLY REPORT
SEPTEMBER 1997
Page 6
Distribution Date:10/15/97
CUSIP#: 393505-UN0,UC4,UD2,UE0,UF7,UG5
UH3,UJ9,UK6,UL4,UM2
Trust Account: 3335687-0
INTEREST ON LIQUIDATION LOSS PRINCIPAL AMOUNT
39. Aggregate Liquidation Loss Principal Amount .00
40. Class HE: M-2 Liquidatin Loss Principal Amount .00
41. Interest at Class HE: M-2 Pass-Through Rate on:
(a) Class HE: M-2 Liquidation Loss Principal Amount .00
(b) Unpaid Class HE: M-2 Liquidation Loss
Interest Shortfall .00
42. Amount applied to such interest .00
43. Liquidation Loss interest remaining unpaid .00
CLASS HE: B Principal Distribution Tests
(tests must be satisfied on and after the Payment Date
occurring in June 2000)
44. Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current
Payment Date .63%
(b) Average Sixty-Day Delinquency Ratio Test
(arithmetic average of ratios for tHEs month
and two preceding months; may not exceed 2.5%) .45%
45. Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current
Payment Date 2.00%
(b) Average Thirty-Day delinquency Ratio Test
(arithmetic average of ratios for this month
and two preceding months; may not exceed 5%) 2.01%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1997-B
MONTHLY REPORT
SEPTEMBER 1997
Page 7
Distribution Date: 10/15/97
CUSIP#: 393505-UN0,UC4,UD2,UE0,UF7,UG5
UH3,UJ9,UK6,UL4,UM2
Trust Account: 3334953-0
46. Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Payment Date (as a percentage of Cut-off Date
Pool Principal Balance: may not exceed 9%) .00%
47. Current Realized Losses Test
(a) Current Realized Losses for current
Payment Date .00
(b) Current Realized Loss Ratio (total Realized Losses
for 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%) .00%
48. Class HE: B Principal Balance Test
(a) Class HE: B Principal Balance (before any distributions
on current Payment Date) divided by Pool Scheduled
Principal Balance for prior Payment Date (must equal or
exceed 10%) 5.26%
CLASS HE: B-1 CERTIFICATES
--------------------------
49 Amount Available less the Class HE: A Distribution
Amount and Class HE: M Distribution Amount (including Monthly
Servicing Fee) 1,374,255.33
INTEREST
50. Class HE: B-1 Pass-Through Rate 7.84%
51. Current Interest 74,787.07
52. Amount applied to Unpaid Class HE: B-1 Interest Shortfall .00
53. Amount applied to Class HE: B-1 Interest Deficiency Amount .00
54. Remaining unpaid Class HE: B-1 Interest Deficiency Amount .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1997-B
MONTHLY REPORT
SEPTEMBER 1997
Page 8
Distribution Date: 10/15/97
CUSIP#: 393505-UN0,UC4,UD2,UE0,UF7,UG5
UH3,UJ9,UK6,UL4,UM2
Trust Account: 3335687-0
55. Remaining Unpaid Class HE: B-1 Interest Shortfall .00
PRINCIPAL
56. Class B-1 Formula Principal Distribution Amount:
(a) Scheduled Principal .00
(b) Principal Prepayments .00
(c) Liquidated Contracts .00
(d) Repurchases .00
(e) Previously undistributed
Principal Amounts .00
(f) Less Class HE: A-1ARM Formula
Principal Distribution Amount .00
Total Principal .00
57. Pool Scheduled Principal 306,797,866.80
Scheduled Principal Balance of Adjustable
Rate Contracts 33,118,940.54
58. Class HE: B Percentage for such Payment Date 0%
59. Class HE: B Percentage of Formula Principal
Distribution Amount .00
60. Class HE: B Principal Balance 16,353,721.00
61. Class HE: B-1 Principal Balance 11,447,000.00
INTEREST ON LIQUIDATION LOSS PRINCIPAL AMOUNT
62. Aggregate Liquidation Loss Principal Amount .00
63. Class HE: B-1 Liquidation Loss Principal Amount .00
64. Interest at Class HE: B-1 Pass-Through Rate on:
(a) Class HE: B-1 Liquidation Loss Principal Amount .00
(b) Unpaid Class HE: B-1 Liquidation Loss
Interest Shortfall .00
65. Amount applied to such interest .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1997-B
MONTHLY REPORT
SEPTEMBER 1997
Page 9
Distribution Date: 10/15/97
CUSIP#: 393505-UN0,UC4,UD2,UE0,UF7,UG5
UH3,UJ9,UK6,UL4,UM2
Trust Account: 3335687-0
66. Liquidation Loss interest remaining unpaid .00
CLASS HE: B-2 CERTIFICATES
67. Remaining Amount Available 1,299,468.26
INTEREST on Class HE: B-2 Principal Balance
less Class HE: B-2 Liquidation Loss Principal Amount
68. Class HE: B-2 Pass-Through Rate 8.00%
69. Current Interest 32,711.47
70. Amount applied to Unpaid Class HE: B-2 Interest Shortfall .00
71. Remaining Unpaid Class HE: B-2 Interest Shortfall .00
PRINCIPAL
72. Class B-2 Formula Principal Distribution Amount:
(a) Scheduled Principal .00
(b) Principal Prepayments .00
(c) Liquidated Contracts .00
(d) Repurchases .00
(e) Previously undistributed
Principal Amounts .00
(f) Less Class HE: A-1ARM Formula
Principal Distribution Amount .00
Total Principal .00
73. Pool Scheduled Principal Balance of Sub-Pool HE 306,797,866.80
Scheduled Principal Balance of Adjustable
Rate Contracts 33,118,940.54
74. Class HE: B Percentage for such Payment Date 0%
75. Class HE: B Percentage of Formula Principal Distribution
Amount .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1997-B
MONTHLY REPORT
SEPTEMBER 1997
Page 10
Distribution Date: 10/15/97
CUSIP#: 393505-UN0,UC4,UD2,UE0,UF7,UG5
UH3,UJ9,UK6,UL4,UM2
Trust Account: 3335687-0
76. Current Principal (Class HE: B Percentage of Formula
Principal Distribution Amount less Class HE: B-1
Principal Balance) .00
77. Class HE: B-2 Liquidation Loss Principal Amount .00
78. Class HE: B-2 Guaranty Payment .00
79. Class HE: B-2 Class HE: Principal Balance 4,906,721.00
INTEREST ON LIQUIDATION LOSS PRINCIPAL AMOUNT
80. Aggregate Liquidation Loss Principal Amount .00
81. Class HE: B-2 Liquidation Loss Principal Amount .00
82. Interest at Class HE: B-2 Pass-Through Rate on:
(a) Class HE: B-2 Liquidation Loss Principal Amount .00
(b) Unpaid Class HE: B-2 Liquidation Loss Interest
Shortfall .00
83. Amount applied to such interest .00
84. Liquidation Loss interest remaining unpaid .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1997-B
MONTHLY REPORT
SEPTEMBER 1997
Page 11
Distribution Date: 10/15/97
CUSIP#: 393505-UN0,UC4,UD2,UE0,UF7,UG5
UH3,UJ9,UK6,UL4,UM2
Trust Account: 3335687-0
CLASS HE: A, CLASS HE: M, and CLASS HE: B CERTIFICATES
------------------------------------------------------
85. Pool Factors
(a) Class HE: A-1ARM Pool Factor .90831388
(b) Class HE: A-1 Pool Factor .39599990
(c) Class HE: A-2 Pool Factor 1.00000000
(d) Class HE: A-3 Pool Factor 1.00000000
(e) Class HE: A-4 Pool Factor 1.00000000
(f) Class HE: A-5 Pool Factor 1.00000000
(g) Class HE: A-6 Pool Factor 1.00000000
(h) Class HE: M-1 Pool Factor 1.00000000
(i) Class HE: M-2 Pool Factor 1.00000000
(j) Class HE: B-1 Pool Factor 1.00000000
(k) Class HE: B-2 Pool Factor 1.00000000
86. Aggregate Scheduled Balances of Delinquent Contracts
as of Determination Date
Total HE Fixed
(a) 31-59 days 5,571,918.36 99
(b) 60-89 days 1,277,072.80 31
(c) 90 or more days 596,472.58 15
Adjustable Rate
(a) 31-59 days 553,478.93 6
(b) 60-89 days 58,853.99 1
(c) 90 or more days .00 0
87. Principal Balance of Defaulted Contracts
Total HE Fixed Contracts 1,386,868.15
Adjustable Rate Contracts 154,401.43
88. Number of Liquidated Contracts and
Net Liquidated Loss
Total HE Fixed Contracts #0 .00
Adjustable Rate Contracts #0 .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1997-B
MONTHLY REPORT
SEPTEMBER 1997
Page 12
Distribution Date: 10/15/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335687-0
89. Number of Loans Remaining
Total HE Fixed Contracts 5294
Adjustable Rate Contracts 296
CLASS HE: C CERTIFICATES
------------------------
90. Monthly Servicing Fee 194,495.60
91. Guarantee Fee 777,982.42
92. Class C Residual Payment 294,278.77
Please contact the Bondholder Relations Department of First Trust National
Association at (612)973-6700 with any questions regarding tHEs Statement or
your Distribution.
