GREEN TREE FINANCIAL CORP
8-K, 1998-12-11
ASSET-BACKED SECURITIES
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<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):  December 10, 1998



                        GREEN TREE FINANCIAL CORPORATION
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)
 
          Delaware                      01-08916                41-1807858
- ----------------------------    ------------------------    -------------------
(State or other Jurisdiction    (Commission File Number)     (I.R.S. Employer
     of incorporation)                                      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:  (651) 293-3400
                                                     --------------

                                 Not Applicable
- -------------------------------------------------------------------------------
         (Former name or former address, if changed since last report)

<PAGE>
 
ITEM 1.  Changes in Control of Registrant.
- -------  -------------------------------- 

         Not applicable.


ITEM 2.  Acquisition or Disposition of Assets.
- -------  ------------------------------------ 

         Not applicable


ITEM 3.  Bankruptcy or Receivership.
- -------  -------------------------- 

         Not applicable


ITEM 4.  Changes in Registrant's Certifying Accounting.
- -------  --------------------------------------------- 

         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             Computational Materials relating to the Class 
                                  HI: M-1 Certificates distributed in connection
                                  with Certificates for Home Improvement and
                                  Home Equity Loans, Series 1998-E, 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.

Date: December 10, 1998             GREEN TREE FINANCIAL CORPORATION
 

                                    By: /s/ Scott T. Young
                                       _____________________________
                                       Scott T. Young
                                       Senior Vice President and Controller


                                       3

<PAGE>
 
  INDEX TO EXHIBITS


  Exhibit
  -------
  Number                                                                   
  ------                                                                  

   99            Computational Materials relating to the Class HI: M-1 
                 Certificates distributed in connection with   
                 Certificates for Home Improvement and
                 Home Equity Loans, Series 1998-E, issued by 
                 Green Tree Financial Corporation, as Seller 
                 and Servicer.


                                       4




<PAGE>
 
                                                                    Exhibit 99.1


         GREEN TREE HOME EQUITY LOAN TRUST HOME IMPROVEMENT LOAN GROUP

                                  CLASS HI M-1
<TABLE>

<S>                                  <C>  <C>                              <C>      <C>                               <C>  
Settlement Date............   11-Dec-98   Payment Delay (days)..........      0     Weighted Average Life (years)....     6.664
First Settlement Date......   07-Dec-98                                             Modified Duration (years)........     5.133
First Reg. Dist. Date......   15-Jan-99   Interest Accrual Method....... 30/360     Expected Final Maturity.......... 15-Dec-06
Accrd Interest Date........   07-Dec-98   Coupon........................   7.02%
Next Regular Payment Date..   15-Jan-99
</TABLE>

                              CBE
Price            64ths       Yield
- -------------------------------------
99.250000          16        7.269
99.265625          17        7.266
99.281250          18        7.263
99.296875          19        7.260
99.312500          20        7.257
99.328125          21        7.254
99.343750          22        7.251
99.359375          23        7.248
99.375000          24        7.245
99.390625          25        7.242
99.406250          26        7.239
99.421875          27        7.236
99.437500          28        7.233
99.453125          29        7.230
99.468750          30        7.227
99.484375          31        7.224
99.500000          32        7.221



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