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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): March 28, 1997
GREEN TREE FINANCIAL CORPORATION
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Delaware 01-08916 41-1807858
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(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
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(Address of principal executive offices)
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 1. Changes in Control of Registrant.
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Not applicable.
Item 2. Acquisition or Disposition of Assets.
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Not applicable.
Item 3. Bankruptcy or Receivership.
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Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
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Not applicable.
Item 5. Other Events.
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Not applicable.
Item 6. Resignations of Registrant's Directors.
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Not applicable.
Item 7. Financial Statements and Exhibits.
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(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
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(c) Exhibits.
The following is filed herewith. The exhibit numbers correspond
with Item 601(b) of Regulation S-K.
Exhibit No. Description
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99.1 Information with respect to certain 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 1997-2, 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
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INDEX TO EXHIBITS
Exhibit Number Page
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99.1 Information with respect to certain 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 1997-2,
issued by Green Tree Financial Corporation, as Seller and
Servicer.
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EXHIBIT 99.1
$550,000,000 (APPROXIMATE)
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES
SERIES 1997-2
INFORMATION REGARDING CERTAIN SUBSEQUENT CONTRACTS
Set forth below is information regarding manufactured housing installment
sale contracts and installment loan agreements having a principal balance of
$283,966,990.89 as of the Cut-off Date (the "Contracts"). The Contracts
represent approximately 93.7% of the Subsequent Contracts which will be
conveyed by the Company to the Trust on the Closing Date in connection with
the above-captioned offering. Information with respect to the Initial
Contracts is as set forth in the Prospectus Supplement dated March 13, 1997
relating to the above-captioned offering. Unless otherwise defined herein, all
capitalized terms have the meanings set forth in the Prospectus Supplement.
The Contracts have an aggregate principal balance as of the Cut-off Date of
$283,966,990.89. As of the Cut-off Date, a total of 790, or 18.85% by
aggregate principal amount of the Contracts were Land-and-Home Contracts. Of
the Contracts, a total of 476, or 7.00% by aggregate principal amount, are
step-up rate Contracts. The contractual rate of interest (the "Contract Rate")
of a step-up rate Contract steps up on a particular date from its initial
Contract Rate. A total of 231 step-up rate Contracts, or 3.60% of the
Contracts by aggregate principal amount, provide for two increases in the
Contract Rate from the initial Contract Rate and the remaining step-up rate
Contracts provide for a single increase in the Contract Rate. Of such step-up
rate Contracts, all are still bearing interest at their initial Contract Rate
(the period during which such Contracts bear interest at their initial
Contract Rate being referred to herein as the "Low Rate Period"). During the
Low Rate Period, the total amount and the principal portion of each Scheduled
Payment is determined on a basis that would cause the Contract to be fully
amortized over its term if the Contract were to bear interest during its
entire term at its initial Contract Rate and were to have level payments over
its entire term. The total amount and principal portion of each scheduled
payment due after the end of the applicable Low Rate Period is determined on a
basis that would cause the Contract (which would then be bearing interest at a
stepped-up rate) to be fully amortized over its remaining term on a level-
payment basis. Of the Contracts, the Low Rate Periods for those step-up rate
Contracts providing for a single increase in the Contract Rate will end no
earlier than March 1998 and no later than February 1999. The Contract Rates
for such step-up rate Contracts will increase by either 1.25%, 2.26%, 2.50%,
2.51% or 2.76%. Of the Contracts, the Low Rate Periods for those step-up rate
Contracts providing for two increases in the Contract Rate will end in
February 1998, and the period with the interim applicable Contract Rate will
end in February 1999. The Contract Rates for such step-up rate Contracts will
increase first by 1.25% and then by an additional 1.25%. The increases in
scheduled payments for all step-up rate Contracts range from $8.81 to $268.34
per month. The statistical information concerning the Contracts which is set
forth below, to the extent it relates to the Contract Rates of the step-up
rate Contracts, takes into account only their Contract Rates as of the Cut-off
Date.
The Contracts were originated between July 1984 and March 1997. Of the
Contracts, approximately 77% of the aggregate principal amount is attributable
to loans to purchase Manufactured Homes which were new and approximately 23%
is attributable to loans to purchase Manufactured Homes which were used at the
time the related Contract was originated. All Contracts have a Contract Rate
of at least 3.48%. The Contracts have remaining maturities, as of the Date, of
at least 24 months but not more than 360 months and original maturities of at
least 24 months but not more than 360 months, and a weighted average remaining
term to scheduled maturity, as of the Cut-off Date, of 288 months. The average
remaining principal balance per Contract as of the Cut-off Date was $31,735.24
and the outstanding principal balances of the Contracts as of the Cut-off Date
ranged from $2,985.20 to $203,494.08. The Obligors on the Contracts are
located in 48 states. The Obligors on approximately 9.89% of the Contracts by
remaining principal balance are located in North Carolina, 8.78% in Texas,
7.00% in Florida, 6.61% in Georgia, 5.77% in South Carolina and 5.34% in
Alabama. No other state represented more than 5% of the Contracts. All of the
Contracts had loan-to-value ratios at the time of origination of 95% or less.
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Set forth below is a description of certain additional characteristics of the
Contracts.
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................. 529 5.91% $ 15,173,864.07 5.34%
Arizona................. 236 2.64 8,500,055.48 2.99
Arkansas................ 208 2.32 5,563,458.84 1.96
California.............. 135 1.51 5,172,592.48 1.82
Colorado................ 165 1.84 5,479,735.61 1.93
Connecticut............. 1 .01 26,103.00 .01
Delaware................ 76 .85 2,306,474.03 .81
Florida................. 540 6.03 19,876,394.60 7.00
Georgia................. 583 6.52 18,783,120.34 6.61
Hawaii.................. 1 .01 72,479.00 .03
Idaho................... 49 .55 2,007,356.26 .71
Illinois................ 142 1.59 4,432,287.63 1.56
Indiana................. 204 2.28 5,818,164.70 2.05
Iowa.................... 125 1.40 3,336,229.08 1.17
Kansas.................. 77 .86 2,359,913.27 .83
Kentucky................ 234 2.62 6,495,355.33 2.29
Louisiana............... 221 2.47 5,693,670.42 2.01
Maine .................. 35 .39 1,102,844.99 .39
Maryland................ 47 .53 1,388,168.82 .49
Massachusetts........... 6 .07 155,834.50 .05
Michigan................ 368 4.11 12,807,134.82 4.51
Minnesota............... 122 1.36 3,224,586.27 1.14
Mississippi............. 230 2.57 6,360,552.20 2.24
Missouri................ 264 2.95 7,092,340.10 2.50
Montana................. 60 .67 2,473,211.96 .87
Nebraska................ 54 .68 1,515,257.46 .53
Nevada.................. 96 1.07 4,173,937.55 1.47
New Hampshire........... 38 .42 1,244,169.95 .44
New Jersey.............. 3 .03 99,921.26 .04
New Mexico.............. 227 2.54 7,580,335.99 2.67
New York................ 106 1.18 2,797,883.14 .99
North Carolina.......... 878 9.81 28,092,760.33 9.89
North Dakota............ 23 .26 587,902.90 .21
Ohio.................... 183 2.05 5,839,731.73 2.06
Oklahoma................ 191 2.13 5,308,811.32 1.87
Oregon.................. 93 1.04 5,441,565.94 1.92
Pennsylvania............ 90 1.01 2,605,596.07 .92
South Carolina.......... 497 5.55 16,380,452.85 5.77
South Dakota............ 36 .40 1,210,397.23 .43
Tennessee............... 351 3.92 9,348,368.38 3.29
Texas................... 760 8.49 24,918,706.71 8.78
Utah.................... 35 .39 1,467,322.95 .52
Vermont................. 8 .09 174,845.49 .06
Virginia................ 208 2.32 5,905,165.66 2.08
Washington.............. 102 1.14 5,127,958.58 1.81
West Virginia........... 136 1.52 3,311,171.79 1.17
Wisconsin............... 127 1.42 3,397,098.53 1.20
Wyoming................. 48 .54 1,735,701.28 .61
----- ------ --------------- ------
Total................... 8,948 100.00% $283,966,990.89 100.00%
===== ====== =============== ======
</TABLE>
2
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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>
1984.................... 3 $ 40,013.93 .01%
1985.................... 3 35,381.80 .01
1986.................... 0 .00 .00
1987.................... 3 29,579.39 .01
1988.................... 5 67,114.59 .02
1989.................... 16 363,085.88 .13
1990.................... 6 119,498.06 .04
1991.................... 8 164,760.79 .06
1992.................... 13 264,418.80 .09
1993.................... 4 98,687.50 .03
1994.................... 42 1,104,988.16 .39
1995.................... 40 1,039,237.82 .37
1996.................... 30 1,151,489.71 .41
1997.................... 8,775 279,488,734.46 98.42
----- --------------- ------
Total................ 8,948 $283,966,990.89 100.00%
===== =============== ======
</TABLE>
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(1) The Contracts shown in the above table with earlier years of origination
primarily represent Contracts originated by the Company and subsequently
refinanced through the Company. The Company retains the first origination
dates on its records with respect to such refinanced Contracts.
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....... 525 $ 4,014,844.85 1.41%
Between $10,000 and
$19,999................ 1,958 29,915,476.96 10.53
Between $20,000 and
$29,999................ 2,485 62,484,603.49 22.00
Between $30,000 and
$39,999................ 1,779 61,284,628.71 21.58
Between $40,000 and
$49,999................ 945 42,136,794.16 14.84
Between $50,000 and
$59,999................ 571 31,218,524.73 10.99
Between $60,000 and
$69,999................ 291 18,806,501.15 6.62
Between $70,000 and
$79,999................ 180 13,353,381.83 4.70
Between $80,000 and
$89,999................ 98 8,292,047.38 2.92
Between $90,000 and
$99,999................ 55 5,231,906.81 1.84
Between $100,000 and
$109,999............... 25 2,620,062.42 .92
Between $110,000 and
$119,999............... 16 1,832,705.72 .65
Between $120,000 and
$129,999............... 10 1,232,947.65 .43
Between $130,000 and
$139,999............... 3 406,201.73 .14
Between $140,000 and
$149,999............... 1 140,468.16 .05
Between $150,000 and
$159,999............... 4 610,974.90 .22
Between $160,000 and
$169,999............... 0 .00 .00
Between $170,000 and
$179,999............... 0 .00 .00
Between $180,000 and
$189,999............... 1 181,426.16 .06
Between $190,000 and
$199,999............... 0 .00 .00
Between $200,000 and
$249,999............... 1 203,494.08 .07
----- --------------- ------
Total................ 8,948 $283,966,990.89 100.00%
===== =============== ======
</TABLE>
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(1) The largest original Contract amount is $203,494.08, which represents .07%
of the aggregate principal balance of the Contracts as of the Cut-off Date.
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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%........... 312 $ 7,474,793.56 2.63%
61% to 65%.............. 101 3,440,553.75 1.21
66% to 70%.............. 132 4,351,439.85 1.53
71% to 75%.............. 210 6,641,889.81 2.34
76% to 80%.............. 752 23,329,741.25 8.22
81% to 85%.............. 953 28,449,068.92 10.02
86% to 90%.............. 3,076 99,547,876.47 35.06
91% to 95%.............. 3,412 110,731,627.28 38.99
Over 95%................ 0 .00 .00
----- --------------- ------
Total................ 8,948 $283,966,990.89 100.00%
===== =============== ======
</TABLE>
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(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 9.00001%...... 1,393 $ 72,539,891.87 25.55%
9.00001% to 10.00000%... 1,057 42,484,012.98 14.96
10.00001% to 11.00000%.. 2,189 71,063,272.25 25.03
11.00001% to 12.00000%.. 2,525 66,392,909.95 23.38
12.00001% to 13.00000%.. 1,276 24,557,899.26 8.65
13.00001% to 14.00000%.. 308 5,051,892.09 1.78
14.00001% to 15.00000%.. 7 103,600.99 .04
15.00001% to 16.00000%.. 162 1,495,773.00 .53
16.00001% to 17.00000%.. 30 270,956.78 .10
Over 17.00000%.......... 1 6,781.72 .00
----- --------------- ------
Total................ 8,948 $283,966,990.89 100.00%
===== =============== ======
</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 31............ 3 $ 10,995.73 .00%
31 to 45................ 23 144,630.39 .05
46 to 60................ 236 1,974,333.07 .70
61 to 75................ 52 534,402.20 .19
76 to 90................ 291 3,835,195.87 1.35
91 to 105............... 83 1,043,211.24 .37
106 to 120.............. 649 9,425,990.68 3.32
121 to 135.............. 9 176,613.80 .06
136 to 150.............. 252 4,825,094.25 1.70
151 to 165.............. 14 319,535.29 .11
166 to 180.............. 1,741 37,392,091.28 13.17
181 to 195.............. 6 186,465.25 .07
196 to 210.............. 11 353,422.35 .12
211 to 225.............. 47 1,428,630.11 .50
226 to 240.............. 1,709 49,994,998.62 17.61
241 to 255.............. 0 .00 .00
256 to 270.............. 0 .00 .00
271 to 285.............. 5 184,975.34 .07
286 to 300.............. 913 30,258,170.98 10.66
301 to 315.............. 0 .00 .00
316 to 330.............. 0 .00 .00
331 to 345.............. 5 159,056.76 .06
346 to 360.............. 2,899 141,719,177.68 49.91
----- --------------- ------
Total................ 8,948 $283,966,990.89 100.00%
===== =============== ======
</TABLE>
4
