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Previous: INFU TECH INC, 10-K/A, 1997-10-29 |
Next: EMERGING MARKETS INCOME FUND INC, PRE 14A, 1997-10-29 |
<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 30, 1997
GREEN TREE FINANCIAL CORPORATION
--------------------------------
Delaware 01-08916 41-1807858
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) 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 Accountant.
----------------------------------------------
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
----------- -----------
99.1 Information with respect to manufactured housing
installment sale contracts and installment loan
agreements to be transferred to the trust formed
in connection with the $550,000,000
(Approximate) Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates,
Series 1997-7, issued by Green Tree Financial
Corporation, as Seller and Servicer.
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.
GREEN TREE FINANCIAL CORPORATION
/s/ Scott T. Young
By: ________________________________
Scott T. Young
Vice President and Controller
3
<PAGE>
INDEX TO EXHIBITS
Exhibit Number Page
- -------------- ----
99.1 Information with respect to manufactured housing
installment sale contracts and installment loan agreements
to be transferred to the trust formed in connection with
the $550,000,000 (Approximate) Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1997-7,
issued by Green Tree Financial Corporation, as Seller and Servicer.
4
<PAGE>
EXHIBIT 99.1
$550,000,000 (APPROXIMATE)
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES
SERIES 1997-7
INFORMATION REGARDING CERTAIN SUBSEQUENT CONTRACTS
Set forth below is information regarding manufactured housing installment
sales contracts and installment loan agreements transferred to the Trust on the
Closing Date. The information below includes the Initial Contracts described in
the Prospectus Supplement dated October 15, 1997 and the Subsequent Contracts
transferred to the Trust on the Closing Date. Unless otherwise defined herein,
all capitalized terms have the meanings set forth in the Prospectus Supplement.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF CONTRACT OBLIGORS
<TABLE>
<CAPTION>
AGGREGATE % OF CONTRACT
PRINCIPAL POOL BY
% OF CONTRACT BALANCE OUTSTANDING
NUMBER OF POOL BY NUMBER OF OUTSTANDING PRINCIPAL
CONTRACTS AS OF CONTRACTS AS OF AS OF CUT- BALANCE AS OF
CUT-OFF DATE CUT-OFF DATE OFF DATE CUT-OFF DATE
--------------- ----------------- --------------- -------------
<S> <C> <C> <C> <C>
Alabama................. 587 7.20 18,469,364.16 6.71
Alaska.................. 1 .01 36,537.04 .01
Arizona................. 171 2.10 5,701,641.56 2.07
Arkansas................ 225 2.77 6,799,219.31 2.47
California.............. 197 2.42 6,516,298.14 2.37
Colorado................ 196 2.41 7,427,025.40 2.70
Connecticut............. 3 .04 68,920.49 .03
Delaware................ 31 .38 1,149,458.44 .42
Florida................. 447 5.49 17,016,110.37 6.18
Georgia................. 540 6.63 19,094,486.94 6.95
Idaho................... 48 .59 1,974,041.80 .72
Illinois................ 150 1.84 4,339,771.52 1.58
Indiana................. 204 2.51 5,447,025.69 1.98
Iowa.................... 126 1.55 3,977,855.04 1.45
Kansas.................. 123 1.51 4,022,399.01 1.46
Kentucky................ 251 3.09 6,920,551.42 2.51
Louisiana............... 180 2.21 5,785,370.20 2.10
Maine .................. 69 .85 2,582,370.94 .94
Maryland................ 44 .54 1,485,791.20 .54
Massachusetts........... 5 .06 102,515.80 .04
Michigan................ 388 4.77 13,022,492.50 4.73
Minnesota............... 182 2.24 5,538,000.61 2.01
Mississippi............. 213 2.62 6,846,899.18 2.49
Missouri................ 273 3.36 8,471,132.24 3.08
Montana................. 81 1.00 2,904,572.64 1.06
Nebraska................ 44 .54 1,388,972.98 .50
Nevada.................. 92 1.13 4,099,328.89 1.49
New Hampshire........... 37 .45 1,210,979.21 .44
New Jersey.............. 3 .04 115,838.28 .04
New Mexico.............. 230 2.83 8,811,687.95 3.20
New York................ 118 1.45 3,631,652.71 1.32
North Carolina.......... 353 4.34 15,672,160.57 5.69
North Dakota............ 54 .66 1,820,673.45 .66
Ohio.................... 176 2.16 4,553,089.36 1.65
Oklahoma................ 165 2.03 5,289,877.54 1.92
Oregon.................. 68 .84 3,119,318.72 1.13
Pennsylvania............ 116 1.43 3,457,598.34 1.26
Rhode Island............ 2 .02 55,605.00 .02
South Carolina.......... 391 4.81 14,785,519.38 5.37
South Dakota............ 61 .75 1,911,257.80 .69
Tennessee............... 273 3.36 8,288,160.58 3.01
Texas................... 601 7.38 21,013,851.86 7.65
Utah.................... 35 .43 1,516,087.30 .55
Vermont................. 24 .29 805,963.21 .29
Virginia................ 148 1.82 4,602,383.93 1.67
Washington.............. 104 1.28 4,235,636.23 1.54
West Virginia........... 122 1.50 3,341,396.72 1.21
Wisconsin............... 125 1.54 3,487,755.34 1.27
Wyoming................. 59 .73 2,288,860.04 .83
------ ------ ----------------- ------
Total................... 8,136 100.00% $275,203,507.03 100.00%
====== ====== ================= ======
</TABLE>
2
<PAGE>
YEARS OF ORIGINATION OF CONTRACTS
<TABLE>
<CAPTION>
% OF CONTRACT POOL BY
AGGREGATE PRINCIPAL OUTSTANDING PRINCIPAL
NUMBER OF CONTRACTS BALANCE OUTSTANDING BALANCE AS OF
YEAR OF ORIGINATION(1) AS OF CUT-OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
- ---------------------- ------------------- ------------------- ---------------------
<S> <C> <C> <C>
Prior to 1983........... 1 $ 14,747.10 .01%
1984........... 5 50,360.11 .02%
1985........... 0 .00 .00%
1986........... 8 97,267.68 .04%
1987........... 5 51,334.25 .02%
1988........... 14 211,421.69 .08%
1989........... 25 509,828.50 .19%
1990........... 18 414,824.61 .15%
1991........... 34 739,583.96 .27%
1992........... 50 1,168,952.41 .42%
1993........... 53 1,365,929.05 .50%
1994........... 184 5,126,695.83 1.86%
1995........... 243 7,361,102.35 2.67%
1996........... 233 7,987,529.02 2.90%
1997........... 7,263 250,103,929.67 90.87%
1998........... 0 .00 .00%
----- --------------- ------
Total................. 8,136 $275,203,507.03 100.00%
===== ================= ======
</TABLE>
DISTRIBUTION OF ORIGINAL CONTRACT AMOUNTS
<TABLE>
<CAPTION>
% OF CONTRACT POOL BY
AGGREGATE PRINCIPAL OUTSTANDING PRINCIPAL
RIGINAL CONTRACTO NUMBER OF CONTRACTS BALANCE OUTSTANDING BALANCE AS OF
AMONT (IN DOLLARS)(1)U AS OF CUT-OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
- ---------------------- ------------------- ------------------- ---------------------
<S> <C> <C> <C>
Less than $10,000....... 305 $ 2,318,917.35 .84%
Between $10,000 and
$19,999................ 1,462 22,274,196.94 8.09%
Between $20,000 and
$29,999................ 2,120 53,063,289.30 19.28%
Between $30,000 and
$39,999................ 1,790 61,816,896.50 22.46%
Between $40,000 and
$49,999................ 1,117 49,899,763.93 18.13%
Between $50,000 and
$59,999................ 711 38,793,411.34 14.10%
Between $60,000 and
$69,999................ 307 19,663,024.95 7.14%
Between $70,000 and
$79,999................ 150 11,145,002.95 4.05%
Between $80,000 and
$89,999................ 86 7,259,630.05 2.64%
Between $90,000 and
$99,999................ 48 4,456,892.29 1.62%
Between $100,000 and
$109,999............... 21 2,222,754.43 .81%
Between $110,000 and
$119,999............... 10 1,153,289.37 .42%
Between $120,000 and
$129,999............... 7 868,367.48 .32%
Between $130,000 and
$139,999............... 2 268,070.15 .10%
----- --------------- ------
8,136 $275,203,507.03 100.00%
===== =============== ======
</TABLE>
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF CONTRACTS
<TABLE>
<CAPTION>
AGGREGATE PRINCIPAL % OF CONTRACT POOL BY
NUMBER OF CONTRACTS BALANCE OUTSTANDING OUTSTANDING PRINCIPAL
LOAN-TO-VALUE RATIO (1) AS OF CUT-OFF DATE AS OF CUT-OFF DATE BALANCE AS OF CUT-OFF DATE
- ----------------------- ------------------- ------------------- --------------------------
<S> <C> <C> <C>
Less than 61%........... 251 $ 5,849,067.83 2.13%
61% to 65%.............. 93 2,633,662.13 .96
66% to 70%.............. 110 3,242,938.95 1.18
71% to 75%.............. 191 5,839,639.82 2.12
76% to 80%.............. 626 20,494,440.54 7.45
81% to 85%.............. 877 30,067,786.71 10.93
86% to 90%.............. 2,861 99,899,938.46 36.29
91% to 95%.............. 2,780 94,159,175.05 34.21
Over 95%................ 347 13,016,857.54 4.73
------ ----------------- ------
Total................ 8,136 $275,203,507.03 100.00%
====== ================= ======
</TABLE>
- --------
(1) Rounded to the nearest 1%. The method of calculating loan-to-value ratios
is described in the Prospectus.
CONTRACT RATES
<TABLE>
<CAPTION>
AGGREGATE PRINCIPAL % OF CONTRACT POOL BY
RANGE OF CONTRACTS BY NUMBER OF CONTRACTS BALANCE OUTSTANDING OUTSTANDING PRINCIPAL
CONTRACT RATE AS OF CUT-OFF DATE AS OF CUT-OFF DATE BALANCE AS OF CUT-OFF DATE
--------------------- ------------------- ------------------- --------------------------
<S> <C> <C> <C>
Less than 5.00000%........... 0 $ .00 .00%
From 5.00001% to 6.00000%.. 29 1,454,009.95 .53
From 6.00001% to 7.00000%.. 134 9,263,238.64 3.37
From 7.00001% to 8.00000%.. 406 22,565,756.34 8.20
From 8.00001% to 9.00000%.. 999 45,838,412.93 16.66
From 9.00001% to 10.00000%.. 1,384 54,362,097.40 19.75
From 10.00001% to 11.00000%.. 1,750 57,954,931.99 21.05
From 11.00001% to 12.00000%.. 1,837 53,014,024.82 19.26
From 12.00001% to 13.00000%.. 850 18,516,478.75 6.73
From 13.00001% to 14.00000%.. 622 10,807,149,09 3.93
From 14.00001% to 15.00000%.. 33 541,735.57 .20
From 15.00001% to 16.00000%.. 82 790,412.44 .29
From 16.00001% to 17.00000%.. 10 95,259.11 .03
Over 17.00000%............... 0 .00 .00
------ ----------------- -------
Total................ 8,136 $275,203,507.03 100.00%
====== ================= =======
</TABLE>
REMAINING MONTHS TO MATURITY OF CONTRACTS
<TABLE>
<CAPTION>
AGGREGATE PRINCIPAL % OF CONTRACT POOL BY
MONTHS REMAINING NUMBER OF CONTRACTS BALANCE OUTSTANDING OUTSTANDING PRINCIPAL
AS OF CUT-OFF DATE AS OF CUT-OFF DATE AS OF CUT-OFF DATE BALANCE AS OF CUT-OFF DATE
------------------ ------------------- ------------------- --------------------------
<S> <C> <C> <C>
Less than 15............ 1 $ 5,878.67 *
15 to 30................ 4 22,157.98 .01
31 to 45................ 23 169,789.45 .06
46 to 60................ 182 1,645,165.83 .60
61 to 75................ 46 521,579.06 .19
76 to 90................ 51 766,751.10 .28
91 to 105............... 93 1,304,287.60 .47
106 to 120.............. 583 9,290,784.69 3.38
121 to 135.............. 39 800,321.55 .29
136 to 150.............. 267 5,357,270.89 1.95
151 to 165.............. 92 2,218,360.20 .81
166 to 180.............. 1,306 30,788,266.55 11.19
181 to 195.............. 43 1,411,340.24 .51
196 to 210.............. 129 4,291,330.77 1.56
211 to 225.............. 97 3,168,440.94 1.15
226 to 240.............. 1,455 44,883,580.12 16.31
241 to 255.............. 5 190,504.39 .07
256 to 270.............. 30 1,312,786.98 .48
271 to 285.............. 37 1,401,261.77 .51
286 to 300.............. 725 25,237,418.89 9.17
301 to 315.............. 1 57,471.47 .02
316 to 330.............. 18 664,355.09 .24
331 to 345.............. 82 3,680,202.32 1.34
346 to 360.............. 2,827 136,014,200.48 49.41
Over 360.............. 0 .00 .00
------ ----------------- ------
Total................ 8,136 $275,203,507.03 100.00%
====== ================= ======
</TABLE>
* Indicates an amount greater than zero but less than .5% of the Original
Principal Balance as of Cut-Off Date.
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