<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): June 16, 1997
HOME IMPROVEMENT & HOME EQUITY LOAN TRUST 1997-A
------------------------------------------------
(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 June 16, 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
June 16, 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: June 16, 1997
HOME IMPROVEMENT & HOME EQUITY LOAN
TRUST 1997-A
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 June 16, 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 March 1, 1997 between the Company and First Trust
(N.A), as Trustee of Home Improvement & Home Equity Loan Trust 1997-A (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 May 1, 1997 to May 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 11th day of June,
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 March 1, 1997 between the Company and First Trust
National Association, as Trustee of Home Improvement & Home Equity Loan Trust
1997-A (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 June,
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 IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Distribution Date: 6/16/97
CUSIP#: 393505 SY9 SZ6 TA0 TB8 TC6
TD4 TE2
Trust Account: 3335560-0
CLASS HI: A CERTIFICATES
------------------------
1. (a) Sub-Pool HI Amount Available
(including Monthly Servicing Fee) $2,631,065.11
(b) Class HI: M-1 Interest Deficiency Amount
(if any), Class HI: M-2 Interest Deficiency
Amount (if any) and Class HI: B-1 Interest
Deficiency Amount (if any) withdrawn for prior
Payment Date .00
(c) Sub-Pool HI Amount Available after giving effect to
withdrawal of any Class HI: M-1 Interest Deficiency
Amount, Class HI: M-2 Interest Deficiency Amount and
Class HI: B-1 Interest Deficiency Amount for prior
Payment Date 2,631,065.11
2. Aggregate Interest
(a) Class HI: A-1 Pass-through Rate 6.30%
(b) Class HI: A-1 Interest 137,066.73
(c) Class HI: A-2 Pass-through Rate 6.75%
(d) Class HI: A-2 Interest 101,250.00
(e) Class HI: A-3 Pass-through Rate 7.05%
(f) Class HI: A-3 Interest 123,480.75
3. Amount applied to Unpaid Class HI: A Interest Shortfall .00
4. Remaining Unpaid Class HI: A Interest Shortfall .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 2
Distribution Date: 6/16/97
CUSIP#: 393505 SY9 SZ6 TA0 TB8 TC6
TD4 TE2
Trust Account: 3335560-0
PRINCIPAL
5. Sub-Pool HI: Class A Formula Principal Distribution Amount:
(a) Scheduled Principal 233,010.06
(b) Principal Prepayments 1,639,999.68
(c) Liquidated Contracts .00
(d) Repurchases .00
(e) Previously undistributed
(f) Principal Amounts .00
Total Principal 1,873,009.74
6. Pool Scheduled Principal Balance of Sub-Pool HI 80,308,169.40
7. Sub-Pool HI Senior Percentage for such Payment Date 100%
8. Class HI: A Principal Distribution:
(a) Class HI: A-1 1,873,009.74
(b) Class HI: A-2 .00
(c) Class HI: A-3 .00
9. Class HI: A Principal Balance:
(a) Class HI: A-1 Principal Balance 24,234,939.40
(b) Class HI: A-2 Principal Balance 18,000,000.00
(c) Class HI: A-3 Principal Balance 21,018,000.00
CLASS HI: M-1 CERTIFICATES
--------------------------
10. Sub-Pool HI Amount Available less the Class HI:
A Distribution Amount (including Monthly
Servicing Fee) 396,257.89
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 3
Distribution Date: 6/16/97
CUSIP#: 393505 SY9 SZ6 TA0 TB8 TC6
TD4 TE2
Trust Account: 3335560-0
INTEREST
11. Current Interest
(a) Class HI: M-1 Pass-through Rate 7.47%
(b) Class HI: M-1 Interest 42,460.73
12. Amount applied to Unpaid Class HI: M-1 Interest Shortfall .00
13. Amount applied to Class HI: M-1 Interest Deficiency Amount .00
14. Remaining unpaid Class HI: M-1 Interest Deficiency Amount .00
15. Remaining Unpaid Class HI: M-1 Interest Shortfall .00
PRINCIPAL
16. Sub-Pool HI: 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
Total Principal .00
17. Pool Scheduled Principal Balance of Sub-Pool HI 80,308,169.40
18. Sub-Pool HI Senior Percentage for such Payment Date 100%
19. Class HI: M-1 Principal Balance .00
20. Class HI: M-1 Principal Balance 6,821,000.00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 4
Distribution Date: 6/16/97
CUSIP#: 393505 SY9 SZ6 TA0 TB8 TC6
TD4 TE2
Trust Account: 3335560-0
INTEREST ON LIQUIDATION LOSS PRINCIPAL AMOUNT
21. Sub-Pool HI Aggregate Liquidation Loss Principal Amount .00
22. Class HI: M-1 Liquidation Loss Principal Amount .00
23. Interest at Class HI: M-1 Pass-Through Rate on:
(a) Class HI: M-1 Liquidation Loss Principal Amount .00
(b) Unpaid Class HI: M-1 Liquidation Loss Interest
Shortfall .00
24. Amount applied to such interest .00
25. Liquidation Loss interest remaining unpaid .00
CLASS HI: M-2 CERTIFICATES
--------------------------
26. Sub-Pool HI Amount Available less the Class HI:
A Distribution Amount and Class HI: M-1 Distribution
Amount (including Monthly Servicing Fee) 353,797.16
INTEREST
27. Current Interest
(a) Class HI: M-2 Pass-Through Rate 7.76%
(b) Class HI: M-2 Interest 27,573.87
28. Amount applied to Unpaid Class HI: M-2 Interest Shortfall .00
29. Amount applied to Class HI: M-2 Interest Deficiency Amount .00
30. Remaining unpaid Class HI: M-2 Interest Deficiency Amount .00
31. Remaining unpaid Class HI: M-2 Interest Shortfall .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 5
Distribution Date: 6/16/97
CUSIP#: 393505 SY9 SZ6 TA0 TB8 TC6
TD4 TE2
Trust Account: 3335560-0
PRINCIPAL
32. Sub-Pool HI: 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
Total Principal .00
33. Pool Schedule Principal of Sub-Pool HI 80,308,169.40
34. Sub-Pool HI Senior Percentage for such Payment Date 100%
35. Class HI: M-2 Principal Distribution .00
36. Class HI: M-2 Principal Balance 4,264,000.00
INTEREST ON LIQUIDATION LOSS PRINCIPAL AMOUNT
37. Sub-Pool HI Aggregate Liquidation Loss Principal Amount .00
38. Class HI: M-2 Liquidation Loss Principal Amount .00
39. Interest at Class HI: M-2 Pass-Through Rate on:
(a) Class HI: M-2 Liquidation Loss Principal Amount .00
(b) Unpaid Class HI: M-2 Liquidation Loss
Interest Shortfall .00
40. Amount applied to such interest .00
41. Liquidation Loss interest remaining unpaid .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 6
Distribution Date: 6/16/97
CUSIP#: 393505 SY9 SZ6 TA0 TB8 TC6
TD4 TE2
Trust Account: 3334953-0
CLASS HI: B Principal Distribution Tests
(tests must be satisfied on and after the Payment Date
occurring in October 1999)
42. Sub-Pool HI Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current
Payment Date .19%
(b) Average Sixty-Day Delinquency Ratio Test
(arithmetic average of ratios for this month
and two preceding months; may not exceed 2.5%) .09%
43. Sub-Pool HI Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current
Payment Date .35%
(b) Average Thirty-Day delinquency Ratio Test
(arithmetic average of ratios for this month
and two preceding months; may not exceed 5%) .18%
44. Sub-Pool HI 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%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 7
Distribution Date: 6/16/97
CUSIP#: 393505 SY9 SZ6 TA0 TB8 TC6 TD4 TE2
Trust Account: 3335560-0
45. Sub-Pool HI 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 2.5%) .00%
46. Class HI: B Principal Balance Test
(a) Class HI: B Principal Balance (before any distributions on
current Payment Date) divided by Pool Scheduled Principal Balance
for prior Payment Date (must equal or exceed 14.5%) 7.26%
CLASS HI: B-1 CERTIFICATES
--------------------------
47. Sub-Pool HI Amount Available less the Class HI: A Distribution
Amount and Class HI: M Distribution Amount (including Monthly
Servicing Fee) 326,223.29
INTEREST
48. Class HI: B-1 Pass-Through Rate 7.58%
49. Current Interest 25,588.82
50. Amount applied to Unpaid Class HI: B-1 Interest Shortfall .00
51. Amount applied to Class HI: B-1 Interest Deficiency Amount .00
52. Remaining unpaid Class HI: B-1 Interest Deficiency Amount .00
53. Remaining Unpaid Class HI: B-1 Interest Shortfall .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 8
Distribution Date: 6/16/97
CUSIP#: 393505 SY9 SZ6 TA0 TB8 TC6 TD4 TE2
Trust Account: 3335560-0
PRINCIPAL
54. Sub-Pool HI: 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
Total Principal .00
55. Pool Scheduled Principal of Sub-Pool HI 80,308,169.40
56. Class HI: B Percentage for such Payment Date 0%
57. Class HI: B Percentage of Formula Principal
Distribution Amount .00
58. Class HI: B Principal Balance 5,970,230.00
59. Class HI: B-1 Principal Balance 4,051,000.00
INTEREST ON LIQUIDATION LOSS PRINCIPAL AMOUNT
60. Sub-Pool HI Aggregate Liquidation Loss Principal Amount .00
61. Class HI: B-1 Liquidation Loss Principal Amount .00
62. Interest at Class HI: B-1 Pass-Through Rate on:
(a) Class HI: B-1 Liquidation Loss Principal Amount .00
(b) Unpaid Class HI: B-1 Liquidation Loss
Interest Shortfall .00
63. Amount applied to such interest .00
64. Liquidation Loss interest remaining unpaid .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 9
Distribution Date: 6/16/97
CUSIP#: 393505 SY9 SZ6 TA0 TB8 TC6 TD4 TE2
Trust Account: 3335560-0
CLASS HI: B-2 CERTIFICATES
65. Remaining Sub-Pool HI Amount Available 300,634.47
INTEREST
66. Class HI: B-2 Pass-Through Rate 7.90%
67. Current Interest 12,634.93
68. Amount applied to Unpaid Class HI: B-2 Interest Shortfall .00
69. Remaining Unpaid Class HI: B-2 Interest Shortfall .00
PRINCIPAL
70. Sub-Pool HI: 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
Total Principal .00
71. Pool Scheduled Principal Balance of Sub-Pool HI 80,308,169.40
72. Class HI: B Percentage for such Payment Date 0%
73. Class HI: B Percentage of Formula Principal Distribution
Amount .00
74. Current Principal (Class HI: B Percentage of Formula
Principal Distribution Amount less Class HI: B-1
Principal Balance) .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 10
Distribution Date: 6/16/97
CUSIP#: 393505 SY9 SZ6 TA0 TB8 TC6 TD4 TE2
Trust Account: 3335560-0
75. Class HI: B-2 Liquidation Loss Principal Amount .00
76. Class HI: B-2 Guaranty Payment .00
77. Class HI: B-2 Class HI:Principal Balance 1,919,230.00
INTEREST ON LIQUIDATION LOSS PRINCIPAL AMOUNT
78. Sub-Pool HI Aggregate Liquidation Loss Principal Amount .00
79. Class HI: B-2 Liquidation Loss Principal Amount .00
80. Interest at Class HI: B-2 Pass-Through Rate on:
(a) Class HI: B-2 Liquidation Loss Principal Amount .00
(b) Unpaid Class HI: B-2 Liquidation Loss Interest
Shortfall .00
81. Amount applied to such interest .00
82. Liquidation Loss interest remaining unpaid .00
CLASS HI: A, CLASS HI: M, and CLASS HI: B CERTIFICATES
------------------------------------------------------
83. Sub-Pool HI Pool Factors
(a) Class HI: A-1 Pool Factor .82996368
(b) Class HI: A-2 Pool Factor 1.00000000
(c) Class HI: A-3 Pool Factor 1.00000000
(d) Class HI: M-1 Pool Factor 1.00000000
(e) Class HI: M-2 Pool Factor 1.00000000
(f) Class HI: B-1 Pool Factor 1.00000000
(g) Class HI: B-2 Pool Factor 1.00000000
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 11
Distribution Date: 6/16/97
CUSIP#: 393505 SY9 SZ6 TA0 TB8 TC6 TD4 TE2
Trust Account: 3335560-0
84. Aggregate Scheduled Balances of Delinquent Contracts
as of Determination Date
(a) 31-59 days 283,361.31 15
(b) 60-89 days 114,752.20 8
(c) 90 or more days 40,969.61 2
85. Principal Balance of Defaulted Contracts 18,982.51
86. Number of Liquidated Contracts and
Net Liquidated Loss 0 .00
87. Number of Loans Remaining 4,780
88. Number and Principal Balance of Contracts with FHA
Claims finally rejected, or no FHA claim was submitted
because FHA insurance was unavailable 0 .00
89. FHA Insurance reserve amount 91,349,229.86
90. Amount received from FHA Insurance .00
Please contact the Bondholder Relations Department of First Trust National
Association at (612) 973-6700 with any questions regarding this Statement or
your Distribution.
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 12
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
CLASS HE: A CERTIFICATES
------------------------
1. (a) Sub-Pool HE Amount Available (including
Monthly Servicing Fee) 10,546,640.21
(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
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 10,546,640.21
INTEREST
2. Aggregate Interest
(a) Class HE: A-1ARM Pass-Through Rate 5.87750%
(b) Class HE: A-1 Interest 354,848.97
(c) Class HE: A-1 Pass-Through Rate 5.99%
(d) Class HE: A-1 Interest 174,848.10
(e) Class HE: A-2 Pass-Through Rate 6.32%
(f) Class HE: A-2 Interest 152,733.33
(g) Class HE: A-3 Pass-Through Rate 6.62%
(h) Class HE: A-3 Interest 521,325.00
(i) Class HE: A-4 Pass-Through Rate 6.85%
(j) Class HE: A-4 Interest 142,708.33
(k) Class HE: A-5 Pass-Through Rate 7.21%
(l) Class HE: A-5 Interest 375,653.02
(m) Class HE: A-6 Pass-Through Rate 7.16%
(n) Class HE: A-6 Interest 304,300.00
3. Amount applied to Unpaid Class HE: A Interest Shortfall .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 13
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
4. Remaining Unpaid Class HE: A Interest Shortfall .00
PRINCIPAL
5. Class HE: A-1ARM Formula Principal Distribution Amount:
(Lesser Of Class HE: A-1 ARM Principal Balance or sum of (a)-(f))
(a) Scheduled Principal 33,685.47
(b) Principal Prepayments 1,904,690.19
(c) Liquidated Contracts .00
(d) Repurchases .00
(e) Clause (v) of defination .00
Total Principal 1,938,375.66
6. Sub-Pool HE: Class A Formula Principal Distribution Amount:
(a) Scheduled Principal 325,131.64
(b) Principal Prepayments 4,699,578.71
(c) Liquidated Contracts .00
(d) Repurchases .00
(e) Previously undistributed
Principal amount .00
(f) Less Class HE: A-1ARM Formula
Principal Distribution Amount .00
Total Principal 5,024,710.35
7. Pool Scheduled Principal Balance of Sub-Pool HE 418,784,822.54
Scheduled Principal Balance of Adjustable Rate
Contracts 65,982,524.93
8. Sub-Pool HE 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 IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 14
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
10. Class HE: A Principal Distribution:
(a) Class HE: A-1ARM 1,938,375.66
(b) Class HE: A-6 Lockout Remittance Amount .00
(c) Balance of Sub-Pool HE Senior Percentage of Sub-
Pool HE Formula Principal Distribution Amount:
(i) Class HE: A-1 5,024,710.35
(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 65,982,524.93
(b) Class HE: A-1 Principal Balance 30,003,289.61
(c) Class HE: A-2 Principal Balance 29,000,000.00
(d) Class HE: A-3 Principal Balance 94,500,000.00
(e) Class HE: A-4 Principal Balance 25,000,000.00
(f) Class HE: A-5 Principal Balance 62,522,000.00
(g) Class HE: A-6 Principal Balance 51,000,000.00
CLASS HE: M-1 CERTIFICATES
--------------------------
12. Sub-Pool HE Amount Available less the Class HE:
A Distribution Amount (including Monthly Servicing Fee) 1,557,137.45
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 15
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
INTEREST on Class HE: M-1 Principal Balance less Call HE: M-1
Liquidation Loss Principal Amount
13. Current Interest
(a) Class HE: M-1 Pass-Through Rate 7.71%
(b) Class HE: M-1 Interest 153,409.73
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
17. Remaining unpaid Class HE: M-1 Interest Shortfall .00
PRINCIPAL
18. Sub-Pool HE: Class M-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
Total Principal .00
19. Pool Scheduled Principal Balance of Sub-Pool HE 418,784,822.54
Scheduled Principal Balance of Adjustable Rate
Contracts 65,982,524.93
20. Sub-Pool HE Senior Percentage for such Payment Date 100%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 16
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
21. Class HE: M-1 Principal Distribution .00
22. Class HE: M-1 Principal Balance 23,877,000.00
INTEREST ON LIQUIDATION LOSS PRINCIPAL AMOUNT
23. Sub-Pool HE 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
CLASS HE: M-2 CERTIFICATES
--------------------------
28. Sub-Pool HE Amount Available less the Class HE:
A Distribution Amount and Class HE: M-1 Distribution
Amount (including Monthly Servicing Fee) 1,403,727.72
INTEREST on Class HE: M-2 Principal Balance less Class HE:
M-2 Liquidation Loss Principal Amount
29. Current Interest
(a) Class HE: M-2 Pass-Through Rate 7.90%
(b) Class HE: M-2 Interest 100,027.17
30. Amount applied to Unpaid Class HE: M-2 Interest Shortfall .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 17
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
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. Sub-Pool HE: 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 Scheduled Principal of Sub-Pool HE 418,784,822.54
Scheduled Principal Balance of Adjustable
Rate Contracts 65,982,524.93
36. Sub-Pool HE Senior Percentage for such Payment Date 100%
37. Class HE: M-2 Principal Distribution .00
38. Class HE: M-2 Principal Balance 15,194,000.00
INTEREST ON LIQUIDATION LOSS PRINCIPAL AMOUNT
39. Sub-Pool HE Aggregate Liquidation Loss Principal Amount .00
40. Class HE: M-2 Liquidation Loss Principal Amount .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 18
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
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 July 1999)
44. Sub-Pool HE Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current Payment Date .60%
(b) Average Sixty-Day Delinquency Ratio Test (arithmetic
average of ratios for this month and two preceding
months; may not exceed 2.5%) .29%
45. Sub-Pool HE Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current Payment Date 1.64%
(b) Average Thirty-Day Delinquency Ratio Test (arithmetic
average of ratios for this month and two preceding
months; may not exceed 5%) 1.45%
46. Sub-Pool HE 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%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 19
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
47. Sub-Pool HE 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 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%) 5.10%
CLASS HE:B-1 CERTIFICATES
-------------------------
49. Sub-Pool HE Amount Available less the Class HE: A Distribution
Amount and Class HE: M Distribution Amount (including Monthly
Servicing Fee) 1,303,700.55
INTEREST
50. Class HE: B-1 Pass-Through Rate 7.87%
51. Current Interest 99,647.32
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
55. Remaining Unpaid Class HE: B-1 Interest Shortfall .00
PRINCIPAL
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 20
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
56. Sub-Pool HE: 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
(f) Principal Amounts .00
Less Class HE: A-1ARM Formula
Principal Distribution Amount .00
Total Principal .00
57. Pool Scheduled Principal of Sub-Pool HE 418,784,822.54
Scheduled Principal Balance of Adjustable
Rate Contracts 65,982,524.93
58. Class HE: B Percentage for such Payment Date 0%
59. Class HE: B Percentage of Formula Principal
Distribution Amount 0%
60. Class HE: B Principal Balance 21,706,008.00
61. Class HE: B-1 Principal Balance 15,194,000.00
INTEREST ON LIQUIDATION LOSS PRINCIPAL AMOUNT
62. Sub-Pool HE 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
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 21
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
65. Amount applied to such interest .00
66. Liquidation Loss interest remaining unpaid .00
CLASS HE: B-2 CERTIFICATES
67. Remaining Sub-Pool HE Amount Available 1,204,053.23
INTEREST
68. Class HE: B-2 Pass-Through Rate 8.08%
69. Current Interest 43,847.52
70. Amount applied to Unpaid Class HE: B-2 Interest Shortfall .00
71. Remaining Unpaid Class HE: B-2 Interest Shortfall .00
PRINCIPAL
72. Sub-Pool HE: 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 418,784,822.54
74. Class HE: B Percentage for such Payment Date 0%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 22
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
75. Class HE: B Percentage of Formula Principal Distribution Amount .00%
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 Principal Balance 6,512,008.00
INTEREST ON LIQUIDATION LOSS PRINCIPAL AMOUNT
80. Sub-Pool HE 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 IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 23
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
CLASS HE: A, CLASS HE: M, and CLASS HE: B CERTIFICATES
------------------------------------------------------
85. Sub-Pool HE Pool Factors
(a) Class HE: A-1ARM Pool Factor .94501053
(b) Class HE: A-1 Pool Factor .72297083
(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
(a) 31-59 days 5,862,028.49 110
(b) 60-89 days 2,099,275.93 42
(c) 90 or more days 310,650.00 4
Adjustable Rate
(a) 31-59 days 1,012,792.41 7
(b) 60-89 days 28,265.97 1
(c) 90 or more days 72,030.00 1
87. Principal Balance of Defaulted Contracts 77,750.00
88. Number of Liquidated Contracts and
Net Liquidated Loss
Total HE Contracts 0 .00
Adjustable Rate Contracts 0 .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT & HOME EQUITY LOANS
GREEN TREE TRUST
1997-A
MONTHLY REPORT
MAY 1997
Page 24
Distribution Date: 6/16/97
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8
TL6 TM4 TN2 TP7 TQ5 TR3
Trust Account: 3335560-0
89. Number of Loans Remaining
Total HE Contracts 7,174
Adjustable Rate Contracts 551
90. Number of Principal Balance of Contracts with FHA Claims
finaly rejected, or no FHA claim was submitted because
FHA Insurance was unavailable 0 .00
91. FHA Insurance reserve amount 91,349,229.86
92. Amount received from FHA Insurance .00
CLASS HE: C CERTIFICATES
------------------------
93. Monthly Servicing Fee 317,455.68
94. Guarantee Fee 1,130,749.57
95. Class C Residual Payment .00
Please contact the Bondholder Relations Department of First Trust National
Association at (612)973-6700 with any questions regarding this Statement or
your Distribution.
