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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):MARCH 16, 1998
HOME EQUITY LOAN TRUST 1998-A
----------------------------------------------------
(Exact name of registrant as specified in its charter)
MINNESOTA 33-55853 APPLIED FOR
- -----------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file numbers) identification no.)
1100 LANDMARK TOWERS, 345 ST. PETER STREET, SAINT PAUL, MINNESOTA 55102-1639
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (612) 293-3400
NOT APPLICABLE
- ------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
Pursuant to the Pooling and Servicing Agreement between Green Tree
Financial Corporation (the "Servicer") and First Trust (N.A.) (the
"Trustee"), on March 16, 1998, the Trustee made distributions to the
holders of the certificates representing interests in the Trust (the
"Certificateholders") and delivered to the Certificateholders the
Monthly Report required by Section 6.05 of the Pooling and Servicing
Agreement attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds
with Item 601(b) of Regulation S-K.
EXHIBIT NO. DESCRIPTION
----------- -----------
99.1 Monthly Report delivered to
Certificateholders on March 16, 1998.
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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.
Dated: March 16, 1998
HOME EQUITY LOAN TRUST 1998-A
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /S/ PHYLLIS A. KNIGHT
---------------------------------------
Phyllis A. Knight
Senior Vice President and Treasurer
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INDEX TO EXHIBITS
EXHIBIT
NUMBER PAGE
- ------- ----
99.1 Monthly Report delivered to Certificateholders 5
on March 16, 1998.
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GREEN TREE FINANCIAL CORP.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that she is Senior Vice President and Treasurer of
Green Tree Financial Corp., a Minnesota corporation (the "Company"), and that as
such he is duly authorized to execute and deliver this certificate on behalf of
the Company pursuant to Section 6.02 of the Pooling and Servicing Agreement (the
"Agreement") dated as of February 1, 1998 between the Company and First Trust
(N.A), as Trustee of Home Equity Loan Trust 1998-A (all capitalized terms used
herein without definition having the respective meanings specified in the
Agreement), and further certifies that:
1. The Monthly Report for the period from February 1, 1998 to February 28, 1998
attached to this certificate is complete and accurate in accordance with
the requirements of Sections 6.01 and 6.02 of the Agreement; and
2. As of the date hereof, no Event of Termination or event that with notice
or lapse of time or both would become an Event of Termination has
occurred.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 11th day of March,
1998.
GREEN TREE FINANCIAL CORP.
BY: /S/ PHYLLIS A. KNIGHT
----------------------------
Phyllis A. Knight
Senior Vice President and
Treasurer
<PAGE>
GREEN TREE FINANCIAL CORP.
CERTIFICATE REGARDING REPURCHASED CONTRACTS
The undersigned certifies that she is Senior Vice President and Treasurer of
Green Tree Financial Corp., a Minnesota corporation (the "Company"), and that as
such he is duly authorized to execute and deliver this certificate on behalf of
the Company pursuant to Section 8.06 of the Pooling and Servicing Agreement (the
"Agreement") dated as of February 1, 1998 between the Company and First Trust
National Association, as Trustee of HOME EQUITY LOAN TRUST 1998-A (all
capitalized terms used herein without definition having the respective meanings
specified in the Agreement), and further certifies that:
1. The contracts on the attached schedule are to be repurchased by the
Company on the date hereof pursuant to Sections 3.05 of the Agreement.
2. Upon deposit of the Repurchase Price for such Contracts, such Contracts
may, pursuant to Section 8.06 of the Agreement, be assigned by the
Trustee to the Company.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 11th day of March,
1998.
GREEN TREE FINANCIAL CORP.
BY: /S/ PHYLLIS A. KNIGHT
----------------------------
Phyllis A. Knight
Senior Vice President and
Treasurer
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GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998-A
MONTHLY REPORT
FEBRUARY 1998
Distribution Date: 3/16/98
CUSIP#: 393505 ZJA ZK1 ZL9 ZM7
ZN5 ZP0 ZQ8 ZR6 ZS4
Trust Account: 3336335-0
1. (a) Amount Available
(including Monthly Servicing Fee) $10,421,744.44
(b) Class HE: M-1 Interest Deficiency Amount
(if any), Class HE: M-2 Interest Deficiency
Amount (if any) and Class HE: B-1 Interest
Deficiency Amount (if any) withdrawn for prior
Payment Date .00
(c) Amount Available after giving effect to
withdrawal of any Class HE: M-1 Interest
Deficiency Amount, Class HE: M-2 Interest
Deficiency Amount and Class HE: B Interest
Deficiency Amount for prior Payment Date 10,421,744.44
PRINCIPAL
2. Formula Principal Distribution Amount:
(a) Scheduled Principal 454,251.85
(b) Principal Prepayments 3,208,714.91
(c) Liquidated Loans .00
(d) Repurchases 11,923.77
(e) Previously undistributed Principal
Amounts .00
(f) Pre-Funded Fixed Rate Amount, if any .00
(g) Extra Principal Distribution
Amount 3,034,812.73
(h) Less Class HE: A-1ARM Formula
Principal Distribution Amount .00
Total Principal 6,709,703.26
3. Class HE: A-1ARM Formula Principal
Distribution Amount: (lesser of Class HE:
A-1ARM Principal Balance or sum of (a)-(f))
(a) Scheduled Principal 124,808.80
(b) Principal Prepayments 1,445,096.98
(c) Liquidated Loans .00
(d) Repurchases 1,943.00
(e) Pre-Funded ARM Amount, if any .00
(f) Clause (vi) of definition .00
Total Principal 1,571,848.78
4. Senior Percentage 100%
5. Class B Percentage 100%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998-A
MONTHLY REPORT
FEBRUARY 1998
Page 2
Distribution Date: 3/16/98
CUSIP#: 393505 ZJA ZK1 ZL9 ZM7
ZN5 ZP0 ZQ8 ZR6 ZS4
Trust Account: 3336335-0
CLASS HE: A CERTIFICATES
6. Aggregate Interest
(a) Class HE: A-1 ARM Pass-through Rate 5.85547%
(b) Class HE: A-1 Interest 304,972.40
(c) Class HE: A-1 Pass-through Rate 6.00%
(d) Class HE: A-1 Interest 559,000.00
(e) Class HE: A-2 Pass-through Rate 6.04%
(f) Class HE: A-2 Interest 283,544.44
(g) Class HE: A-3 Pass-through Rate 6.33%
(h) Class HE: A-3 Interest 260,585.00
(i) Class HE: A-4 Pass-through Rate 6.25%
(j) Class HE: A-4 Interest 90,277.78
(k) Class HE: A-5 IO Pass-through Rate 8.00%
(l) Class HE: A-5 IO Interest 115,555.56
7. Amount applied to Unpaid Class HE: A Interest Shortfall .00
8. Remaining Unpaid Class HE: A Interest Shortfall .00
PRINCIPAL
9. Class HE: A-4 Lockout Percentage for such Payment Date 100%
10. Class HE: A Principal Distribution:
(a) Class HE: A-1ARM 1,571,848.78
(b) Class HE: A-4 Lockout Pro Rata Distribution
Amount .00
(c) Balance of Formula Principal Distribution
Amount
(i) Class HE: A-1 6,709,703.26
(ii) Class HE: A-2 .00
(iii) Class HE: A-3 .00
(iv) Class HE: A-4 .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998-A
MONTHLY REPORT
FEBRUARY 1998
Page 3
Distribution Date: 3/16/98
CUSIP#: 393505 ZJA ZK1 ZL9 ZM7 ZN5
ZP0 ZQ8 ZR6 ZS4
Trust Account: 3336335-0
11. Class HE: A Principal Balance:
(a) Class HE: A-1ARM Principal Balance 73,428,151.22
(b) Class HE: A-1 Principal Balance 122,290,296.74
(c) Class HE: A-2 Principal Balance 65,000,000.00
(d) Class HE: A-3 Principal Balance 57,000,000.00
(e) Class HE: A-4 Principal Balance 20,000,000.00
(f) Class HE: A-5 IO National Principal Amount 20,000,000.00
12. Amount, if any, by which Class A Formula Distribution
Amount exceeds Class A Distribution Amount .00
CLASS HE: M-1 CERTIFICATES
13. Amount Available less the Class HE:
A Distribution Amount (including Monthly
Servicing Fee) 526,257.22
INTEREST on Class HE: M-1 Principal Balance less Class HE: M-1
Liquidation Loss Principal Amount
14. Current Interest
(a) Class HE: M-1 Pass-through Rate 6.98%
(b) Class HE: M-1 Interest 146,192.22
15. Amount applied to Unpaid Class HE: M-1 Interest Shortfall .00
16. Remaining unpaid Class HE: M-1 Interest Deficiency Amount .00
17. Class M-1 Interest Deficiency Amount .00
18. Class M-1 Interest Deficiency Amount unpaid .00
PRINCIPAL
19. Class He: M-1 Principal Distribution .00
20. Class HE: M-1 Principal Balance 29,000,000.00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998-A
MONTHLY REPORT
FEBRUARY 1998
Page 4
Distribution Date: 3/16/98
CUSIP#: 393505 ZJA ZK1 ZL9 ZM7 ZN5 ZP0
ZQ8 ZR6 ZS4
Trust Account: 3336335-0
21. Amount, if any, by which Class M-1 Formula Distribution Amount exceeds
Class M-1
Distribution Amount .00
CLASS HE: M-2 CERTIFICATES
22. Amount Available less the Class HE:
A Distribution Amount and Class HE:
M-1 Distribution Amount (including
Monthly Servicing Fee) 380,065.00
INTEREST on Class HE: M-2 Principal Balance less
Class HE: M-2 Liquidation Loss Principal Amount
23. Current Interest
(a) Class HE: M-2 Pass-Through Rate 7.17%
(b) Class HE: M-2 Interest 98,388.33
24. Amount applied to Unpaid Class
HE: M-2 Interest Shortfall .00
25. Remaining unpaid Class HE: M-2
Interest Deficiency Amount .00
26. Class HE: M-2 Interest Deficiency Amount .00
27. Class HE: M-2 Interest Deficiency Amount Unpaid .00
28. Class HE: M-2 Principal Distribution .00
29. Class HE: M-2 Principal Balance 19,000,000.00
30. Amount, if any, by which Class M-2
Formula Principal Distribution
Amount exceeds Class M-2
Distribution Amount .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998-A
MONTHLY REPORT
FEBRUARY 1998
Page 4
Distribution Date: 3/16/98
CUSIP#: 393505 ZJA ZK1 ZL9 ZM7 ZN5 ZP0
ZQ8 ZR6 ZS4
Trust Account: 3336335-0
CLASS HE: B PRINCIPAL DISTRIBUTION TESTS
(tests must be satisfied on and after the Payment
Date occurring in March 2001)
31. Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current
Payment Date .19%
(b) Average Sixty-Day Delinquency Ratio Test (arithmetic
average of ratios for this month and two preceding
months; may not exceed 6.0%) .06%
32. Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current
Payment Date .47%
(b) Average Thirty-Day delinquency Ratio Test (arithmetic
average of ratios for this month and two preceding
months; may not exceed 12%) .16%
33. Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Payment Date (as a percentage of Cut-off Date
Pool Principal Balance: may not exceed 7.5%) .00%
34. Current Realized Losses Test
(a) Current Realized Losses for current
Payment Date .00
(b) Current Realized Loss Ratio (total Realized Losses
for most recent three months, multiplied By 4,
divided by arithmetic average of Pool Scheduled
Principal Balances for third preceding
Remittance and for current Remittance Date;
may not exceed 2%) .00%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998-A
MONTHLY REPORT
FEBRUARY 1998
Page 7
Distribution Date: 3/16/98
CUSIP#: 393505 ZJA ZK1 ZL9 ZM7 ZN5 ZP0
ZQ8 ZR6 ZS4
Trust Account: 3334953-0
35. Class HE: B Principal Balance Test
(a) Class HE: B Principal Balance (before any
distributions on current Payment Date) divided
by Pool Scheduled Principal Balance for prior
Payment Date (must equal or exceed 5.5%) 4.09%
CLASS HE: B CERTIFICATES
36. Amount Available less the Class HE:
A Distribution Amount and Class HE:
M Distribution Amount (including Monthly
Servicing Fee) 281,676.67
INTEREST on Class HE: B Principal Balance less
Class HE: B Liquidation Loss Principal Amount
37. Current Interest
(a) Class HE: B Pass-Through Rate 7.31%
(b) Class HE: B Interest 31,676.67
38. Amount applied to Unpaid Class HE:
B Interest Shortfall .00
39. Remaining unpaid Class HE: B Interest Shortfall .00
40. Class HE: B Interest Deficiency Amount .00
41. Class HE: B Interest Deficiency Amount unpaid .00
PRINCIPAL
42. Class HE: B Principal Distribution .00
43. Class HE: B Principal Balance 6,000,000.00
44. Amount, if any, by which Class B Formula
Distribution Amount exceeds Class B
Distribution Amount .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998-A
MONTHLY REPORT
FEBRUARY 1998
Page 9
Distribution Date: 3/16/98
CUSIP#: 393505 ZJA ZK1 ZL9 ZM7 ZN5 ZP0
ZQ8 ZR6 ZS4
Trust Account: 3336335-0
INTEREST ON CLASS HE: M-1, M-2, B LIQUIDATION LOSS PRINCIPAL AMOUNT
45. Class HE: M-1
(a) Class HE: M-1 Liquidation Loss Principal Amount .00
(b) Interest at Class HE: M-1 Pass-Through Rate on
Class HE: M-1 Liquidation Loss Principal Amount .00
(c) Amount applied to Unpaid Class HE: M-1 Liquidation
Loss Interest Shortfall .00
(d) Remaining Unpaid Class HE: M-1 Liquidation Loss
Interest Shortfall .00
46. Class HE: M-2
(a) Class HE: M-2 Liquidation Loss Principal Amount .00
(b) Interest at Class HE: M-2 Pass-Through Rate on
Class HE: M-2 Liquidation Loss Principal Amount .00
(c) Amount applied to Unpaid Class HE: M-2
Liquidation Loss Interest Shortfall .00
(d) Remaining Unpaid Class He: M-2 Liquidation
Loss Interest Shortfall .00
47. Class HE: B
(a) Class HE: B Liquidation Loss Principal Amount .00
(b) Interest at Class HE: B Pass-Through Rate on
Class HE: B Liquidation Loss Principal Amount .00
(c) Amount applied to Unpaid Class HE: B
Liquidation Loss Interest Shortfall .00
(d) Remaining Unpaid Class HE: B Liquidation Loss
Interest Shortfall .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998-A
MONTHLY REPORT
FEBRUARY 1998
Page 10
Distribution Date: 3/16/98
CUSIP#: 393505 ZJA ZK1 ZL9 ZM7 ZN5 ZP0
ZQ8 ZR6 ZS4
Trust Account: 3336335-0
CLASS HE: A, CLASS HE: M, AND CLASS HE: B CERTIFICATES
48. Pool Scheduled Principal Balance 394,753,260.69
(a) Fixed Rate Loans 321,325,109.47
(b) Adjustable Rate Loans 73,428,151.22
49. Adjusted Pool Principal Balance 391,718,447.96
50. Pool Factors
(a) Class HE: A-1ARM Pool Factor .97904202
(b) Class HE: A-1 Pool Factor .94798680
(c) Class HE: A-2 Pool Factor 1.00000000
(d) Class HE: A-3 Pool Factor 1.00000000
(e) Class HE: A-4 Pool Factor 1.00000000
(f) Class HE: M-1 Pool Factor 1.00000000
(g) Class HE: M-2 Pool Factor 1.00000000
(h) Class HE: B Pool Factor 1.00000000
51. Aggregate Extra Principal Distribution
Amount on Current and Prior Payments Dates 3,034,812.73
52. Loans Delinquent
Total HE Fixed
(a) 31-59 days 1,609,376.55 35
(b) 60-89 days 569,369.02 10
(c) 90 or more days 132,618.63 1
Adjustable Rate
(a) 31-59 days 246,239.34 5
(b) 60-89 days .00 0
(c) 90 or more days .00 0
53. Principal Balance of Defaulted Contracts
Total HE Fixed Contracts 56,970.30
Adjustable Rate Contracts .00
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GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998-A
MONTHLY REPORT
FEBRUARY 1998
Page 12
Distribution Date: 3/16/98
CUSIP#: 393505 TF9 TG7 TH5 TJ1 TK8 TL6
TM4 TN2 TP7 TQ5 TR3
Trust Account: 3336335-0
54. Number of Liquidated Contracts and
Net Liquidated Loss
Total HE Fixed Contracts #0 .00
Adjustable Rate Contracts #0 .00
55. Number of Loans Remaining
Total HE Fixed Contracts 6219
Adjustable Rate Contracts 615
56. Pre-Funded ARM Amount .00
57. Pre-Funded Fixed Rate Amount .00
CLASS C SUBSIDIARY CERTIFICATES
58. Monthly Servicing Fee 250,000.00
59. Class C Master Residual Payment .00
Please contact the Bondholder Relations Department of First Trust National
Association at (612)973-6700 with any questions regarding this Statement or your
Distribution.
