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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): September 30, 1998
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: (651) 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 manufactured housing
installment sale contracts and installment loan
agreements transferred to the trust formed in
connection with the Manufactured Housing
Contract Senior/Subordinate Pass-Through
Certificates, Series 1998-7, 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
Senior Vice President and Controller
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INDEX TO EXHIBITS
Exhibit Number
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99.1 Information with respect to manufactured housing installment sale
contracts and installment loan agreements transferred to the trust
formed in connection with the Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1998-7,
issued by Green Tree Financial Corporation, as Seller and Servicer.
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EXHIBIT 99.1
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES
SERIES 1998-7
INFORMATION REGARDING INITIAL AND ADDITIONAL CONTRACTS
Set forth below is information regarding the manufactured housing installment
sales contracts and installment loan agreements transferred to the Trust on
September 30, 1998. The information below includes the Initial Contracts
described in the Prospectus Supplement dated September 10, 1998, as well as the
Additional Contracts transferred to the Trust. There will be no Contracts
transferred to the Trust after the Closing Date. Unless otherwise defined
herein, all capitalized terms have the meanings set forth in the Prospectus
Supplement.
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GEOGRAPHICAL DISTRIBUTION OF CONTRACT OBLIGORS(1)
<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>
Alaska.................. 1 .00% $ 67,084.20 .01%
Alabama................. 1,270 5.96 39,053,493.83 4.59
Arizona................. 399 1.87 17,483,667.25 2.06
Arkansas................ 407 1.91 12,674,633.01 1.49
California.............. 491 2.30 20,622,945.56 2.43
Colorado................ 454 2.13 24,384,106.73 2.87
Connecticut............. 9 .04 223,227.46 .03
Delaware................ 103 .48 4,668,002.34 .55
Florida................. 1,174 5.51 54,039,164.67 6.36
Georgia................. 1,119 5.25 41,980,611.68 4.94
Hawaii.................. 1 .00 66,052.38 .01
Idaho................... 101 .47 5,319,683.35 .63
Illinois................ 333 1.56 10,602,864.51 1.25
Indiana................. 531 2.49 20,859,709.25 2.45
Iowa.................... 277 1.30 8,767,687.90 1.03
Kansas.................. 337 1.58 12,114,371.57 1.43
Kentucky................ 556 2.61 18,635,994.81 2.19
Louisiana............... 473 2.22 14,544,044.50 1.71
Maine................... 188 .88 10,066,446.34 1.18
Maryland................ 79 .37 2,850,736.91 .34
Massachusetts........... 14 .07 592,209.51 .07
Michigan................ 1,097 5.14 51,596,061.31 6.07
Minnesota............... 440 2.06 14,564,737.62 1.71
Mississippi............. 491 2.30 15,377,191.80 1.81
Missouri................ 741 3.47 24,121,084.09 2.84
Montana................. 181 .85 7,417,924.66 .87
Nebraska................ 122 .57 4,639,555.39 .55
Nevada.................. 195 .91 9,739,615.74 1.15
New Hampshire........... 115 .54 4,467,579.91 .53
New Jersey.............. 15 .07 709,400.93 .08
New Mexico.............. 345 1.62 16,500,421.73 1.94
New York................ 369 1.73 14,648,194.60 1.72
North Carolina.......... 2,346 11.01 100,396,142.87 11.80
North Dakota............ 90 .42 2,836,705.48 .33
Ohio.................... 488 2.29 19,340,686.50 2.28
Oklahoma................ 499 2.34 17,789,684.45 2.09
Oregon.................. 254 1.19 17,159,831.77 2.02
Pennsylvania............ 333 1.56 12,739,453.47 1.50
Rhode Island............ 3 .01 100,670.19 .01
South Carolina.......... 1,189 5.58 50,464,480.65 5.94
South Dakota............ 151 .71 5,285,931.86 .62
Tennessee............... 597 2.80 19,813,343.38 2.33
Texas................... 1,608 7.55 58,218,789.81 6.85
Utah.................... 82 .38 4,280,151.34 .50
Vermont................. 71 .33 3,823,182.92 .45
Virginia................ 334 1.57 13,378,451.87 1.57
Washington.............. 263 1.23 18,002,120.67 2.12
West Virginia........... 235 1.10 8,353,736.18 .98
Wisconsin............... 227 1.06 8,065,182.57 .95
Wyoming................. 131 .61 6,534,061.15 .77
Non-U.S. Military
Personnel............. 1 .00 16,150.00 *
------ ------ --------------- ------
Total................... 21,330 100.00% $849,997,262.67 100.00%
====== ====== =============== ======
</TABLE>
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(1) Based on Obligor's billing address.
* Indicates an amount greater than zero but less than .005% of the aggregate
principal balance of the Contracts as of the Cut-off Date.
2
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YEARS OF ORIGINATION OF CONTRACTS
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE % OF CONTRACT POOL BY
CONTRACTS PRINCIPAL BALANCE OUTSTANDING PRINCIPAL
AS OF OUTSTANDING BALANCE AS OF
YEAR OF ORIGINATION(1) CUT-OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
- ---------------------- ------------ ------------------ ---------------------
<S> <C> <C> <C>
1984..................... 1 $ 5,424.55 *%
1985..................... 716 5,359,500.05 .63
1986..................... 117 934,897.76 .11
1987..................... 1 37,827.53 *
1988..................... 0 .00 .00
1989..................... 2 61,821.84 .01
1990..................... 3 82,945.56 .01
1991..................... 5 91,502.30 .01
1992..................... 5 116,966.53 .01
1993..................... 10 427,066.80 .05
1994..................... 66 3,152,482.92 .37
1995..................... 109 5,934,771.15 .70
1996..................... 170 11,370,937.69 1.34
1997..................... 181 14,261,076.34 1.68
1998..................... 19,944 808,160,041.65 95.08
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Total................. 21,330 $849,997,262.67 100.00%
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</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.
* Indicates an amount greater than zero but less than .005% of the aggregate
principal balance of the Contracts as of the Cut-off Date.
DISTRIBUTION OF ORIGINAL CONTRACT AMOUNTS
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE % OF CONTRACT POOL BY
CONTRACTS PRINCIPAL BALANCE OUTSTANDING PRINCIPAL
ORIGINAL CONTRACT AS OF OUTSTANDING BALANCE AS OF
AMOUNT (IN DOLLARS) CUT-OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
------------------- ------------ ------------------ ---------------------
<S> <C> <C> <C>
Less than $10,000........ 841 $ 6,480,582.91 .76%
$10,000 to $19,999....... 3,416 46,599,469.67 5.48
$20,000 to $29,999....... 4,278 103,711,016.75 12.20
$30,000 to $39,999....... 4,137 141,818,075.78 16.69
$40,000 to $49,999....... 2,682 119,881,744.20 14.11
$50,000 to $59,999....... 2,066 112,983,983.36 13.29
$60,000 to $69,999....... 1,389 89,897,080.66 10.58
$70,000 to $79,999....... 881 65,615,875.23 7.72
$80,000 to $89,999....... 639 54,095,966.79 6.36
$90,000 to $99,999....... 420 39,836,202.01 4.69
$100,000 to $109,999..... 234 24,422,979.04 2.87
$110,000 to $119,999..... 151 17,344,308.43 2.04
$120,000 to $129,999..... 87 10,858,153.27 1.28
$130,000 to $139,999..... 41 5,502,149.59 .65
$140,000 to $149,999..... 28 4,045,541.15 .48
$150,000 to $159,999..... 16 2,487,879.87 .29
$160,000 to $169,999..... 11 1,805,797.53 .21
$170,000 to $179,999..... 4 699,067.22 .08
$180,000 to $189,999..... 3 566,018.28 .07
$190,000 to $199,999..... 1 189,968.38 .02
$200,000 to $249,999..... 4 886,965.94 .10
$250,000 to $299,999..... 1 268,436.61 .03
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Total................. 21,330 $849,997,262.67 100.00%
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</TABLE>
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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%........... 928 $ 27,926,077.44 3.29%
61% to 65%.............. 301 11,739,423.37 1.32
66% to 70%.............. 418 16,704,085.78 1.97
71% to 75%.............. 583 25,307,840.38 2.98
76% to 80%.............. 1,689 66,862,456.20 7.88
81% to 85%.............. 2,294 94,741,450.22 11.16
86% to 90%.............. 7,420 298,552,620.86 35.13
91% to 95%.............. 6,272 253,600,619.19 29.85
Over 95%................ 1,425 54,562,689.23 6.42
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Total................ 21,330 $849,997,262.67 100.00%
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</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>
0.00000% to 5.00000%.... 10 $ 605,138.98 .07%
5.00001% to 6.00000%.... 63 4,046,897.71 .48
6.00001% to 7.00000%.... 1,781 139,885,020.60 16.46
7.00001% to 8.00000%.... 2,745 159,847,361.35 18.81
8.00001% to 9.00000%.... 3,287 164,928,287.96 19.39
9.00001% to 10.00000%... 3,206 130,325,305.61 15.33
10.00001% to 11.00000%.. 3,283 108,418,348.98 12.76
11.00001% to 12.00000%.. 3,214 80,311,446.05 9.45
12.00001% to 13.00000%.. 1,745 37,837,261.05 4.45
13.00001% to 14.00000%.. 899 14,714,134.24 1.73
14.00001% to 15.00000%.. 744 5,733,958.21 .67
15.00001% to 16.00000%.. 309 2,947,235.00 .35
16.00001% to 17.00000%.. 44 396,866.93 .05
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Total................ 21,330 $849,997,262.67 100.00%
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</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............ 709 $ 3,847,338.42 .45%
31 to 60................ 431 3,979,602.44 .47
61 to 90................ 856 12,350,568.99 1.45
91 to 120............... 1,293 20,580,253.66 2.42
121 to 150.............. 464 10,181,339.37 1.20
151 to 180.............. 2,724 66,033,699.47 7.77
181 to 210.............. 126 4,776,674.46 .56
211 to 240.............. 3,099 99,435,305.76 11.70
241 to 270.............. 69 3,587,466.82 .42
271 to 300.............. 1,636 58,627,946.91 6.90
301 to 330.............. 70 4,449,941.98 .52
331 to 360.............. 9,853 562,147,124.39 66.14
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Total................ 21,330 $849,997,262.67 100.00%
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</TABLE>
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