<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): May 8, 1997
GREEN TREE FINANCIAL CORPORATION
--------------------------------
(Exact name of registrant as specified in its charter)
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)
1
<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 External Computational and Descriptive Information
distributed in connection with Certificates for
Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1997-3, 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
By: /s/ Joel H. Gottesman
-----------------------------------
Joel H. Gottesman
Senior Vice President, General Counsel and
Secretary
3
<PAGE>
INDEX TO EXHIBITS
Exhibit Number Page
- -------------- ----
99 External Computational and Descriptive Information
distributed in connection with Certificates for
Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1997-3, issued
by Green Tree Financial Corporation, as Seller and
Servicer.
4
<PAGE>
EXHIBIT 99
TERM SHEET DATED MAY 7, 1996
Green Tree Financial Corporation
Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1997-3
$800,000,000 (Approximate)
Subject to Revision
SELLER/SERVICER: Green Tree Financial Corporation ("Green Tree").
TRUSTEE: Firstar Trust Company, Milwaukee, Wisconsin.
UNDERWRITERS: Merrill Lynch & Co. (Lead), Lehman Brothers,
Salomon Brothers Inc
<TABLE>
<CAPTION>
Ratings WAL Exp Final
Amount (Moody's /Fitch) @ 150% MHP Maturity
------------ ---------------- ---------- ---------
<S> <C> <C> <C> <C>
To Call:
A-1* $ 37,000,000 P-1/F-1+ 0.38 02/98
A-2 $117,000,000 Aaa/AAA 1.53 09/99
A-3 $ 95,000,000 Aaa/AAA 3.01 02/01
A-4 $125,000,000 Aaa/AAA 5.00 11/03
A-5 $ 57,000,000 Aaa/AAA 7.28 07/05
A-6 $105,000,000 Aaa/AAA 10.01 08/09
A-7 $144,000,000 Aaa/AAA 15.80 01/15
M-1 $ 60,000,000 Aa3/AA- 10.40 01/15
B-1 $ 32,000,000 Baa1/BBB+ 6.73 06/07
B-2 $ 28,000,000 Baa1/A 15.17 01/15
To Maturity
A-7 $144,000,000 Aaa/AAA 17.02 10/22
M-1 $ 60,000,000 Aa3/AA- 10.83 10/22
B-2 $ 28,000,000 Baa1/A N.A. N.A.
</TABLE>
CUT-OFF DATE: May 1, 1997 (or the date of origination, if later)
EXP. PRICING: May 8, 1997
EXP. SETTLEMENT: May 29, 1997
INTEREST/PRINCIPAL: The 15th day of each month (or if such 15th day is
not a business day, the next succeeding business
day), commencing on June 16, 1997.
ERISA: Class A Certificates are ERISA eligible, subject to
the conditions set forth in the Prospectus
Supplement. The Class M-1, B-1 and B-2 Certificates
will not be sold to benefit plans unless such plans
deliver a legal opinion to the Trustee, stating
that assets of the Trust are not deemed "plan
assets".
SMMEA: Class A and M-1 Certificates are SMMEA eligible.
Class B-1 and B-2 Certificates are not SMMEA
eligible.
TAX STATUS: The Trust will elect to be treated as a REMIC for
federal income tax purposes.
OPTIONAL REDEMPTION: Less than 10% of the original pool balance
outstanding.
- ---------
* Class A-1 Certificates are expected to be 2a-7 Money Market eligible. A fund
should consult with its advisors regarding the eligibility of the Class A-1
Certificates under Rule 2a-7 and the fund's investment policies and
objectives.
<PAGE>
STRUCTURE
CREDIT ENHANCEMENT: Class A: 15.0% subordination (Class M-1, B-1, and B-2)
& Residual (Class C)
Class M-1: 7.5% subordination (Class B-1 and B-2) &
Residual (Class C)
Class B-1: 3.5% subordination (Class B-2) & Residual
(Class C)
Class B-2: Limited Guarantee plus Residual (Class C)
DISTRIBUTIONS: The Amount Available on each Remittance Date generally
includes the sum of (a) payments on the Contracts due and
received during the preceding month, (b) prepayments and
other unscheduled collections received during the
preceding month and (c) all collections of principal on
the Contracts received during the current month up to and
including the third business day prior to such Remittance
Date (but in no event later than the 10th day of the month
in which the Remittance Date occurs), minus (d) with
respect to all Remittance Dates other than June 16, 1997,
all collections of principal on the Contracts received
during the preceding month up to but excluding the third
business day prior to the preceding Remittance Date (but
in no event later than the 10th day of the prior month).
The Amount Available will generally be applied first to
the distribution of interest on Class A, M-1 and B-1
Certificates, then to the distribution of principal on
Class A, M-1 and B-1 Certificates, and finally to the
distribution of interest and principal on Class B-2
Certificates.
INTEREST
(Class A, M-1, B-1): Interest will be distributable first to each Class of
Class A Certificates concurrently, then to the Class M-1
Certificates and then to the Class B-1 Certificates.
Interest on the outstanding Class A Principal Balance,
Class M-1 Adjusted Principal Balance and Class B-1
Adjusted Principal Balance, as applicable, will accrue
from the Settlement Date, or from the most recent
Remittance Date on which interest has been paid to but
excluding the following Remittance Date. Interest on Class
A-1 will accrue on actual/360 basis. Interest on all other
Classes will accrue on a 30/360 basis.
Interest shortfall will be carried forward, and will bear
interest at the applicable Remittance Rate, to the extent
legally permissible.
After payment of all principal distributable on the Class
M-1 Certificates (see below), any accrued and unpaid Class
M-1 Liquidation Loss Amount will be distributed to the
extent available. After payment of all principal
distributable on the Class B-1 Certificates (see below),
any accrued and unpaid Class B-1 Liquidation Loss Amount
will be distributed to the extent available.
The Class M-1 Adjusted Principal Balance is the Class M-1
Principal Balance less any Class M-1 Liquidation Loss
Amount. The Class M-1 Principal Balance is the Original
Class M-1 Principal Balance less all amounts previously
distributed on account of principal of the Class M-1
Certificates.
The Class B-1 Adjusted Principal Balance is the Class B-1
Principal Balance less any Class B-1 Liquidation Loss
Amount. The Class B-1 Principal Balance is the Original
Class B-1 Principal Balance less all amounts previously
distributed on account of principal of the Class B-1
Certificates.
2
<PAGE>
PRINCIPAL
(Class A, M-1, B-1): After the payment of all interest distributable to Class
A, Class M-1 and Class B-1 Certificateholders, principal
will be distributed in the following manner.
The Class A Percentage will be distributed sequentially to
the Class A-1, A-2, A-3, A-4, A-5, A-6 and A-7
Certificateholders.
The Class A Percentage for any Remittance Date will equal
a fraction, expressed as a percentage, the numerator of
which is the Class A Principal Balance as of such
Remittance Date, and the denominator of which is the sum
of: (i) the Class A Principal Balance and (ii) if the
Class M-1 Distribution Test is satisfied on such
Remittance Date, the Class M-1 Principal Balance,
otherwise zero, and (iii) if the Class B Distribution Test
is satisfied on such Remittance Date, the Class B
Principal Balance, otherwise zero, all as of such
Remittance Date.
The Class M-1 Certificateholders will be entitled to
receive principal on each Remittance Date on which (i) the
Class A Principal Balance has been reduced to zero or (ii)
the Class M-1 Distribution Test is satisfied.
The Class M-1 Percentage for any Remittance Date will
equal (a) zero, if the Class A Principal Balance has not
yet been reduced to zero and the Class M-1 Distribution
Test is not satisfied or (b) a fraction, expressed as a
percentage, the numerator of which is the Class M-1
Principal Balance as of such Remittance Date, and the
denominator of which is the sum of: (i) the Class A
Principal Balance, if any, and (ii) the Class M-1
Principal Balance and (iii) if the Class B Distribution
Test is satisfied on such Remittance Date, the Class B
Principal Balance, otherwise zero, all as of such
Remittance Date.
The Class M-1 Distribution Test will be satisfied if each
of the following tests is satisfied: (i) the Remittance
Date occurs in or after June 2001; (ii) the Average Sixty-
Day Delinquency Ratio Test (as defined in the Agreement)
as of such Remittance Date must not exceed 3.5%; (iii) the
Average Thirty-Day Delinquency Ratio Test (as defined in
the Agreement) as of such Remittance Date must not exceed
5.5%; (iv) Cumulative Realized Losses (as defined in the
Agreement) as of such Remittance Date must not exceed a
certain specified percentage of the Cut-off Date Pool
Principal Balance, depending on the year in which such
Remittance Date occurs; (v) the Current Realized Loss
Ratio ( as defined in the Agreement) as of such Remittance
Date must not exceed 2.25%; and (vi) the sum of the Class
M-1 Principal Balance and the Class B Principal Balance
divided by the Pool Scheduled Principal Balance as of the
immediately preceding Remittance Date must be equal to or
greater than 22.50%.
The Class B-1 Certificateholders will be entitled to
receive principal on each Remittance Date on which (i) the
Class A Principal Balance and Class M-1 Principal Balance
have been reduced to zero or (ii) the Class B Distribution
Test is satisfied.
The Class B Percentage for any Remittance Date will equal
(a) zero, if the Class A Principal Balance and the Class
M-1 Principal Balance have not yet been reduced to zero
and the Class B Distribution Test is not satisfied or (b)
a fraction, expressed as a percentage, the numerator of
which is the Class B Principal Balance as of such
Remittance Date, and the denominator of which is the sum
of: (i) the Class A Principal Balance, if any, and (ii)
the Class M-1 Principal Balance, if any, and (iii) the
Class B Principal Balance, all as of such Remittance Date.
The Class B Distribution Test will be satisfied if each of
the following tests is satisfied: (i) the Remittance Date
occurs in or after June 2001; (ii) the Average Sixty-Day
Delinquency Ratio Test (as defined in the Agreement) as of
such Remittance Date must not exceed 3.5%; (iii) the
Average Thirty-Day Delinquency Ratio Test (as defined in
the Agreement) as of such Remittance Date must not
3
<PAGE>
exceed 5.5%; (iv) the Cumulative Realized Losses (as
defined in the Agreement) as of such Remittance Date must
not exceed a certain specified percentage of the Cut-off
Date Pool Principal Balance, depending on the year in
which such Remittance Date occurs; (v) the Current
Realized Loss Ratio (as defined in the Agreement) as of
such Remittance Date must not exceed 2.25%; (vi) the Class
B Principal Balance divided by the Pool Scheduled
Principal Balance as of the immediately preceding
Remittance Date must be equal to or greater than 11.25%;
and (vii) the Class B Principal Balance must not be less
than $16,000,000.
INTEREST
(Class B-2): Interest on the outstanding Class B-2 Principal Balance
will accrue from the Settlement Date, or from most recent
Remittance Date on which interest has been paid to but
excluding the following Remittance Date.
To the extent of (i) the Amount Available on a Remittance
Date after payment of all interest and principal then
payable on the Class A, Class M-1 and Class B-1
Certificates, and (ii) the Guarantee Payment, if any, for
such date, interest will be paid to the Class B-2
Certificateholders at the Class B-2 Remittance Rate on the
Class B-2 Principal Balance.
The Class B-2 Principal Balance is the Original Class B-2
Principal Balance less all amounts previously distributed
on account of principal of the Class B-2 Certificates.
Interest shortfall will be carried forward, and will bear
interest at the Class B-2 Remittance Rate to the extent
legally permissible.
PRINCIPAL
(Class B-2): The Class B-2 Certificateholders will be entitled to
receive principal on each Remittance Date on which: (i)
the Class B-1 Principal Balance has been reduced to zero
and (ii) the Class B Distribution Test is satisfied,
provided however that if the Class A, Class M-1 and Class
B-1 Principal Balances have been reduced to zero, the
Class B-2 Certificateholders will nevertheless be entitled
to receive principal.
The Company will be obligated under the Limited Guarantee
to pay the amount, if any, by which the Class B Percentage
of the Formula Principal Distribution Amount for the
Remittance Date exceeds the Class B-2 Remaining Amount
Available after payment of interest on the Class B-2
Certificates. On each Remittance Date, Class B-2
Certificateholders will be entitled to receive, pursuant
to the Limited Guarantee, any Class B-2 Liquidation Loss
Amount for such Remittance Date.
LOSSES ON LIQUIDATED
CONTRACTS: If Net Liquidation Proceeds from Liquidated Contracts in
the respective collection period are less than the
Scheduled Principal Balance of such Liquidated Contract,
the shortfall amount will be absorbed by the Class C
Certificateholders, then the Monthly Servicing Fee (as
long as Green Tree is the Servicer), then the Class B-2
Certificateholders, then the Class B-1 Certificateholders,
and then the Class M-1 Certificateholders.
4
<PAGE>
CONTRACTS: The information concerning the Initial Contracts presented
below is based on a pool originated through May 1, 1997.
Green Tree intends to acquire and sell additional
Contracts, which are sufficient to support the balance of
Certificates sold, to the Trust by the Closing Date.
Although the characteristics of the final pool of
Contracts will differ from the characteristics of the
Initial Contracts shown below, Green Tree does not expect
that the characteristics of the additional Contracts sold
to the Trust will vary materially from the information
concerning the Initial Contracts herein.
THE INITIAL CONTRACT POOL
Number of MHCs in pool: 14,219
Wgt. Avg. Contract Rate: 10.02%
Range of Rates: 4.25% - 17.00%
Wgt. Avg. Orig. Maturity: 296 mos.
Range of Orig. Maturity: 22-360 mos.
Wgt. Avg. Rem. Maturity: 296 mos.
Range of Rem. Maturity: 17-360 mos.
Avg. Rem Princ. Balance: $34,740.98
Wgt. Avg. LTV 87.56%
New/Used: 80%/20%
Park/Private 32%/68%
GEOGRAPHIC DISTRIBUTION OF INITIAL CONTRACT OBLIGORS
<TABLE>
<CAPTION>
% of Contract % of Contract Pool
Number Pool by Number Aggregate Principal by Outstanding
State of Contracts of Contracts Balance Outstanding Principal Balance
- ----- ------------ ------------ ------------------- ------------------
<S> <C> <C> <C> <C>
NC 1,419 9.97% $ 54,535,632.59 11.04%
TX 1,194 8.39% 41,007,638.30 8.30%
FL 893 6.27% 35,907,414.91 7.27%
SC 797 5.61% 29,456,431.61 5.96%
GA 746 5.25% 26,576,384.83 5.38%
Other States/(1)/ 9,170 64.51% 306,498,463.55 62.05%
------ ------ --------------- ------
Total 14,219 100.00% $493,981,965.79 100.00%
====== ====== =============== ======
</TABLE>
- ---------------------
(1) Other States category includes those States which constitute less than
5.00% of the outstanding balance of the Initial Pool of Contracts.
5
<PAGE>
YEARS OF ORIGINATION OF INITIAL CONTRACTS
<TABLE>
<CAPTION>
% of Contract Pool
Number of Aggregate Principal by Outstanding
Year of Origination(1) Contracts Balance Outstanding Principal Balance
- ---------------------- --------- ------------------- -----------------
<S> <C> <C> <C>
1985 2 $ 41,319.16 0.01%
1986 5 65,076.59 0.01%
1987 4 68,921.88 0.01%
1988 6 85,904.44 0.02%
1989 21 394,408.51 0.08%
1990 9 195,036.83 0.04%
1991 7 169,945.80 0.03%
1992 11 218,448.56 0.04%
1993 12 288,897.43 0.06%
1994 65 1,613,308.84 0.33%
1995 88 2,931,983.71 0.59%
1996 89 4,858,932.65 0.98%
1997 13,900 483,049,781.39 97.80%
------ --------------- ------
Total 14,219 $493,981,965.79 100.00%
====== =============== ======
</TABLE>
DISTRIBUTION OF ORIGINAL AMOUNTS OF INITIAL CONTRACTS
<TABLE>
<CAPTION>
% of Contract Pool
Original Contract Number of Aggregate Principal by Outstanding
Amount (in Dollars)(2) Contracts Balance Outstanding Principal Balance
- ---------------------- --------- ------------------- ------------------
<S> <C> <C> <C>
Less than $10,000 759 $ 5,964,425.95 1.21%
$10,000 - $19,999 2,704 41,058,655.28 8.31%
$20,000 - $29,999 3,645 91,127,309.97 18.45%
$30,000 - $39,999 2,762 94,927,978.06 19.22%
$40,000 - $49,999 1,644 73,518,462.89 14.88%
$50,000 - $59,999 1,074 58,450,868.79 11.83%
$60,000 - $69,999 645 41,717,794.42 8.45%
$70,000 - $79,999 422 31,539,062.35 6.38%
$80,000 - $89,999 234 19,883,022.57 4.03%
$90,000 - $99,999 145 13,763,082.19 2.79%
$100,000 - $109,999 78 8,191,536.07 1.66%
$110,000 - $119,999 46 5,301,607.33 1.07%
$120,000 - $129,999 30 3,724,162.06 0.75%
$130,000 - $139,999 14 1,879,958.70 0.38%
$140,000 - $149,999 5 720,625.18 0.15%
$150,000 - $159,999 3 462,602.50 0.09%
$160,000 - $169,999 1 163,660.14 0.03%
$170,000 - $179,999 5 871,794.09 0.18%
$180,000 - $189,999 0 0.00 0.00%
$190,000 - $199,999 0 0.00 0.00%
$200,000 - $249,999 2 456,274.17 0.09%
$250,000 - $299,999 1 259,083.08 0.05%
------ --------------- -------
Total 14,219 $493,981,965.79 100.00%
====== =============== =======
</TABLE>
(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.
(2) The largest original Contract amount is $259,083.08, which represents 0.05%
of the Initial Pool Principal Balance.
6
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
% of Contract Pool
Number of Aggregate Principal by Outstanding
Loan-to-Value Ratio(1) Contracts Balance Outstanding Principal Balance
- ---------------------- --------- ------------------- ------------------
<S> <C> <C> <C>
(Less than) 61% 536 $ 13,956,352.68 2.83%
61 - 65% 156 5,153,644.20 1.04%
66 - 70% 266 9,043,474.76 1.83%
71 - 75% 394 14,819,505.39 3.00%
76 - 80% 1180 39,429,055.56 7.98%
81 - 85% 1566 54,642,872.32 11.06%
86 - 90% 4725 167,895,747.09 33.99%
91 - 95% 5396 189,041,313.79 38.27%
Over 95% 0 0.00 0.00%
------ --------------- ------
Total 14,219 $493,981,965.79 100.00%
====== =============== ======
</TABLE>
CONTRACT RATES
<TABLE>
<CAPTION>
% of Contract Pool
Range of Contracts by Number of Aggregate Principal by Outstanding
Contract Rate Contracts Balance Outstanding Principal Balance
- ------------- --------- ------------------- ------------------
<S> <C> <C> <C>
0.00001% - 5.00000% 6 $ 478,270.51 0.10%
5.00001% - 6.00000% 37 2,083,960.63 0.42%
6.00001% - 7.00000% 351 26,055,947.60 5.27%
7.00001% - 8.00000% 748 46,570,966.80 9.43%
8.00001% - 9.00000% 1,706 87,285,660.26 17.67%
9.00001% - 10.00000% 1,930 79,173,865.01 16.03%
10.00001% - 11.00000% 3,151 106,083,393.69 21.48%
11.00001% - 12.00000% 3,511 95,750,394.07 19.38%
12.00001% - 13.00000% 1,788 35,731,324.43 7.23%
13.00001% - 14.00000% 696 11,880,179.15 2.40%
14.00001% - 15.00000% 25 420,389.40 0.09%
15.00001% - 16.00000% 247 2,268,525.25 0.46%
16.00001% - 17.00000% 23 199,088.99 0.04%
Over 17.00001% 0 0.00 0.00%
------ --------------- ------
Total 14,219 $493,981,965.79 100.00%
====== =============== ======
</TABLE>
7
<PAGE>
REMAINING MONTHS TO MATURITY
<TABLE>
<CAPTION>
% of Contract Pool
Number of Aggregate Principal by Outstanding
Months Remaining Contracts Balance Outstanding Principal Balance
- ---------------- --------- ------------------- ------------------
<S> <C> <C> <C>
(Less than) 31 8 $ 48,457.92 .01%
31 - 60 337 2,892,069.64 .59%
61 - 90 538 7,115,884.28 1.44%
91 - 120 1,128 16,824,018.36 3.41%
121 - 150 353 6,703,009.30 1.36%
151 - 180 2,420 54,229,257.05 10.98%
181 - 210 36 1,203,077.88 .24%
211 - 240 2,788 84,499,052.89 17.11%
241 - 270 3 112,275.17 .02%
271 - 300 1388 47,170,949.62 9.55%
301 - 330 0 0.00 0.00%
331 - 360 5220 273,183,913.68 55.29%
------ --------------- ------
Total 14,219 $493,981,965.79 100.00%
====== =============== ======
</TABLE>
- ------------------
(1) Rounded to the nearest 1%. The method of calculating loan-to-value ratios
is described in the Prospectus.
8
<PAGE>
MHP PREPAYMENT SENSITIVITIES/(1)/
<TABLE>
<CAPTION>
75% MHP 100% MHP 125% MHP 150% MHP
WAL/Maturity WAL/Maturity WAL/Maturity WAL/Maturity
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
To Call
A-1 0.58 06/98 0.49 04/98 0.42 03/98 0.38 02/98
A-2 2.38 02/01 2.00 06/00 1.73 01/00 1.53 09/99
A-3 4.79 05/03 4.00 05/02 3.43 08/01 3.01 02/01
A-4 7.88 06/07 6.63 12/05 5.70 10/04 5.00 11/03
A-5 11.19 10/09 9.57 01/08 8.29 08/06 7.28 07/05
A-6 14.74 11/14 12.85 09/12 11.29 01/11 10.01 08/09
A-7 21.49 11/20 19.35 09/18 17.44 09/16 15.80 01/15
M-1 14.95 11/20 13.13 09/18 11.64 09/16 10.41 01/15
B-1 10.40 04/12 8.84 05/10 7.66 10/08 6.73 06/07
B-2 20.71 11/20 18.61 09/18 16.73 09/16 15.17 01/15
To Maturity
A-7 22.43 01/26 20.51 03/25 18.69 02/24 17.02 10/22
M-1 15.28 01/26 13.53 03/25 12.08 02/24 10.83 10/22
B-2 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
</TABLE>
<TABLE>
<CAPTION>
175% MHP 250% MHP 300% MHP 350% MHP
WAL/Maturity WAL/Maturity WAL/Maturity WAL/Maturity
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
To Call
A-1 0.34 01/98 0.27 11/97 0.24 10/97 0.21 10/97
A-2 1.37 07/99 1.05 01/99 0.92 10/98 0.81 08/98
A-3 2.69 09/00 2.06 12/99 1.79 08/99 1.59 05/99
A-4 4.36 01/03 3.19 04/01 2.75 10/00 2.42 05/00
A-5 6.36 07/04 4.42 05/02 3.68 06/01 3.22 12/00
A-6 8.83 03/08 6.29 04/05 5.13 11/03 4.26 10/02
A-7 14.26 05/13 10.81 10/09 9.13 01/08 7.80 09/06
M-1 9.70 05/13 8.16 10/09 7.43 01/08 6.86 09/06
B-1 6.41 10/06 5.77 05/05 5.49 10/04 5.28 04/04
B-2 13.84 05/13 11.04 10/09 9.70 01/08 8.68 09/06
To Maturity
A-7 15.49 05/21 11.81 10/16 10.00 06/14 8.53 04/12
M-1 10.16 05/21 8.64 10/16 7.93 06/14 7.37 04/12
B-2 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
</TABLE>
(1) The following are the assumed characteristics of Subsequent Contracts as of
the Cut-off Date:
<TABLE>
<CAPTION>
Aggregate Principal Wtd Avg Wtd Avg Wtd Avg
Months Remaining Balance Outstanding Original Term Remaining Term Contract Rate
- ---------------- ------------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
0 to 119 7,775,026.07 81 81 11.66%
120 to 179 15,326,320.81 134 134 11.72%
180 to 239 35,937,803.06 186 186 11.18%
240 to 299 50,516,059.57 242 242 10.79%
300 to 359 39,691,000.24 318 318 10.17%
360 156,771,824.46 360 360 9.23%
---------------
Total $306,018,034.21 296 296 10.02%
=============== === === =====
</TABLE>
9
