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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): June 30, 1997
GREEN TREE FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
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
$520,000,000 (Approximate) Manufactured Housing
Contract Senior/Subordinate Pass-Through
Certificates, Series 1997-4, 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 $520,000,000 (Approximate) Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1997-4,
issued by Green Tree Financial Corporation, as Seller and
Servicer.
4
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EXHIBIT 99.1
$520,000,000 (APPROXIMATE)
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES
SERIES 1997-4
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
$211,598,870.67 as of the Cut-off Date (the "Contracts"). The Contracts
represent all 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 June 19, 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
$211,598,870.67. As of the Cut-off Date, a total of 454, or 13.58% by aggregate
principal amount of the Contracts were Land-and-Home Contracts. Of the
Contracts, a total of 319, or 6.42% 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 208 step-up rate Contracts, or 4.38% 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 May 1998 and no later than July 1998. The
Contract Rates for such step-up rate Contracts will increase by either 2.26%,
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 April
1998, and the period with the interim applicable Contract Rate will end in July
1998. The Contract Rates for such step-up rate Contracts will increase first by
1.25% and then by an additional 1.25%. The combined increases in scheduled
payments for all step-up rate Contracts range from $11.69 to $186.39 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 April 1983 and June 1997. Of the
Contracts, approximately 71% of the aggregate principal amount is attributable
to loans to purchase Manufactured Homes which were new and approximately 29% is
attributable to loans to purchase Manufactured Homes which were used at the time
the related Contract was originated. The Contracts consist of 6,286 conventional
Contracts, i.e., not insured or guaranteed by any governmental agency, and
465 Contracts which are insured by the federal government. All Contracts have a
Contract Rate of at least 5.48%. The Contracts have remaining maturities, as of
the Date, of at least 14 months but not more than 360 months and original
maturities of at least 18 months but not more than 360 months, and a weighted
average remaining term to scheduled maturity, as of the Cut-off Date, of 279
months. The average remaining principal balance per Contract as of the Cut-off
Date was $31,343.34 and the outstanding principal balances of the Contracts as
of the Cut-off Date ranged from $2,816.62 to $150,450.00. The Obligors on the
Contracts are located in 48 states. The Obligors on approximately 10.66% of the
Contracts by remaining principal balance are located in Texas, 9.03% in North
Carolina, 6.96% in South Carolina, 5.76% in Florida and 5.62% 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
PRINCIPAL % OF CONTRACTS
% OF CONTRACTS BALANCE BY OUTSTANDING
NUMBER OF 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................. 400 5.94% $ 11,890,110.73 5.62%
Arizona................. 141 2.09 5,369,662.22 2.54
Arkansas................ 171 2.53 4,993,332.77 2.36
California.............. 129 1.91 4,387,141.85 2.07
Colorado................ 127 1.88 4,536,461.35 2.14
Connecticut............. 5 .07 119,451.15 .06
Delaware................ 30 .44 1,096,485.25 .52
Florida................. 364 5.39 12,197,776.12 5.76
Georgia................. 316 4.68 10,346,662.63 4.89
Idaho................... 37 .55 1,611,500.43 .76
Illinois................ 138 2.04 3,780,259.53 1.79
Indiana................. 136 2.01 3,149,171.38 1.49
Iowa.................... 99 1.47 2,645,248.52 1.25
Kansas.................. 73 1.08 2,439,194.72 1.15
Kentucky................ 171 2.53 4,151,464.09 1.96
Louisiana............... 172 2.55 4,547,642.18 2.15
Maine .................. 59 .87 2,270,438.82 1.07
Maryland................ 33 .49 1,080,261.28 .51
Massachusetts........... 2 .03 33,341.25 .02
Michigan................ 288 4.27 8,246,603.43 3.90
Minnesota............... 170 2.52 4,502,747.23 2.13
Mississippi............. 150 2.22 4,662,568.45 2.20
Missouri................ 206 3.05 5,555,683.26 2.63
Montana................. 61 .90 2,226,050.74 1.05
Nebraska................ 42 .62 1,149,243.30 .54
Nevada.................. 82 1.21 3,568,783.79 1.69
New Hampshire........... 48 .71 1,229,051.25 .58
New Jersey.............. 2 .03 73,580.00 .03
New Mexico.............. 131 1.94 4,818,180.73 2.28
New York................ 100 1.48 2,767,992.84 1.31
North Carolina.......... 596 8.84 19,115,386.29 9.03
North Dakota............ 37 .55 982,274.15 .46
Ohio.................... 146 2.16 3,700,592.74 1.75
Oklahoma................ 152 2.25 4,543,590.02 2.15
Oregon.................. 55 .81 2,434,593.44 1.15
Pennsylvania............ 68 1.01 1,780,970.60 .84
Rhode Island............ 1 .01 30,127.25 .01
South Carolina.......... 413 6.13 14,719,265.74 6.96
South Dakota............ 59 .87 1,686,091.93 .80
Tennessee............... 194 2.87 5,598,913.66 2.65
Texas................... 675 10.01 22,584,645.50 10.66
Utah.................... 24 .36 948,155.87 .45
Vermont................. 15 .22 501,045.51 .24
Virginia................ 132 1.96 3,949,805.37 1.87
Washington.............. 65 .96 2,943,806.94 1.39
West Virginia........... 82 1.21 1,983,402.80 .94
Wisconsin............... 118 1.75 3,239,224.74 1.53
Wyoming................. 36 .53 1,410,886.91 .67
----- ------ --------------- ------
Total................... 6,751 100.00% $211,598,870.67 100.00%
===== ====== =============== ======
</TABLE>
2
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YEARS OF ORIGINATION OF CONTRACTS
<TABLE>
<CAPTION>
% OF CONTRACTS 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>
1983.................... 2 $ 24,862.03 .01%
1984.................... 0 .00 .00
1985.................... 5 49,846.76 .02
1986.................... 4 72,890.66 .03
1987.................... 5 60,051.49 .03
1988.................... 39 659,193.99 .31
1989.................... 95 1,989,081.70 .94
1990.................... 161 3,428,015.59 1.63
1991.................... 148 3,327,845.41 1.57
1992.................... 38 896,486.20 .42
1993.................... 6 117,406.10 .06
1994.................... 31 852,019.82 .40
1995.................... 38 1,121,509.55 .53
1996.................... 24 680,106.35 .32
1997.................... 6,155 198,319,555.02 93.73
----- --------------- ------
Total................ 6,751 $211,598,870.67 100.00%
===== =============== ======
</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 CONTRACTS BY
AGGREGATE PRINCIPAL OUTSTANDING PRINCIPAL
ORIGINAL CONTRACT NUMBER OF CONTRACTS BALANCE OUTSTANDING BALANCE AS OF
AMOUNT (IN DOLLARS)(1) AS OF CUT-OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
- ---------------------- ------------------- ------------------- ---------------------
<S> <C> <C> <C>
Less than $10,000....... 364 $ 2,826,453.84 1.34%
Between $10,000 and
$19,999................ 1,401 21,335,097.44 10.08
Between $20,000 and
$29,999................ 1,924 47,941,968.00 22.65
Between $30,000 and
$39,999................ 1,381 47,403,159.04 22.40
Between $40,000 and
$49,999................ 796 35,659,352.88 16.85
Between $50,000 and
$59,999................ 462 25,181,682.04 11.90
Between $60,000 and
$69,999................ 220 14,188,105.56 6.71
Between $70,000 and
$79,999................ 102 7,570,335.33 3.58
Between $80,000 and
$89,999................ 52 4,410,657.90 2.08
Between $90,000 and
$99,999................ 23 2,177,745.11 1.03
Between $100,000 and
$109,999............... 17 1,778,189.00 .84
Between $110,000 and
$119,999............... 4 460,476.07 .22
Between $120,000 and
$129,999............... 3 371,907.06 .18
Between $130,000 and
$139,999............... 0 .00 .00
Between $140,000 and
$149,999............... 1 143,291.40 .07
Between $150,000 and
$159,999............... 1 150,450.00 .07
----- --------------- ------
Total................ 6,751 $211,598,870.67 100.00%
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</TABLE>
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(1) The largest original Contract amount is $150,450.00, 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 CONTRACTS 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%........... 257 $ 6,279,077.85 2.97%
61% to 65%.............. 87 2,306,974.37 1.09
66% to 70%.............. 105 2,965,902.44 1.40
71% to 75%.............. 209 6,440,586.13 3.04
76% to 80%.............. 571 16,458,153.89 7.78
81% to 85%.............. 706 21,913,392.75 10.36
86% to 90%.............. 2,395 78,609,400.64 37.15
91% to 95%.............. 2,421 76,625,382.60 36.21
Over 95%................ 0 .00 .00
----- --------------- ------
Total................ 6,751 $211,598,870.67 100.00%
===== =============== ======
</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 CONTRACTS 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 6.00001%...... 12 $ 742,738.52 .35%
6.00001% to 7.00000%.... 119 7,689,673.82 3.63
7.00001% to 8.00000%.... 243 13,779,424.06 6.51
8.00001% to 9.00000%.... 723 33,539,006.83 15.85
9.00001% to 10.00000%... 950 33,014,638.96 15.60
10.00001% to 11.00000%.. 1,618 50,975,535.26 24.10
11.00001% to 12.00000%.. 1,596 43,812,696.56 20.72
12.00001% to 13.00000%.. 762 16,534,320.17 7.81
13.00001% to 14.00000%.. 581 9,954,292.58 4.70
14.00001% to 15.00000%.. 14 259,361.57 .12
15.00001% to 16.00000%.. 119 1,143,445.96 .54
Over 16.00001%.......... 14 153,736.38 .07
----- --------------- ------
Total................ 6,751 $211,598,870.67 100.00%
===== =============== ======
</TABLE>
REMAINING MONTHS TO MATURITY OF CONTRACTS
<TABLE>
<CAPTION>
AGGREGATE PRINCIPAL % OF CONTRACTS 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............ 5 $ 26,654.51 .01%
31 to 45................ 16 112,734.70 .05
46 to 60................ 144 1,264,914.62 .60
61 to 75................ 54 646,755.20 .31
76 to 90................ 283 4,137,906.43 1.96
91 to 105............... 119 1,789,329.61 .85
106 to 120.............. 502 7,939,468.99 3.75
121 to 135.............. 9 171,633.35 .08
136 to 150.............. 244 5,067,477.78 2.39
151 to 165.............. 122 3,043,051.91 1.44
166 to 180.............. 1,294 29,840,268.35 14.10
181 to 195.............. 9 235,584.94 .11
196 to 210.............. 13 399,130.18 .19
211 to 225.............. 20 650,389.72 .31
226 to 240.............. 1,211 36,344,128.94 17.18
241 to 255.............. 0 .00 .00
256 to 270.............. 1 35,360.35 .02
271 to 285.............. 7 252,190.88 .12
286 to 300.............. 591 19,859,504.04 9.39
301 to 315.............. 0 .00 .00
316 to 330.............. 0 .00 .00
331 to 345.............. 5 261,555.35 .12
346 to 360.............. 2,102 99,520,830.82 47.02
----- --------------- ------
Total................ 6,751 $211,598,870.67 100.00%
===== =============== ======
</TABLE>
4
