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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): March 18, 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: (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 manufactured housing
installment sale contracts and installment loan
agreements transferred to the trust formed in
connection with the $750,000,000 (Approximate)
Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1998-2, 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 Page
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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 $750,000,000
(Approximate) Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series
1998-2, issued by Green Tree Financial Corporation,
as Seller and Servicer.
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EXHIBIT 99.1
$750,000,000 (APPROXIMATE)
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES
SERIES 1998-2
INFORMATION REGARDING CERTAIN INITIAL, ADDITIONAL AND SUBSEQUENT CONTRACTS
Set forth below is information regarding the manufactured housing installment
sales contracts and installment loan agreements transferred to the Trust on
March 18, 1998 and March 31, 1998. The information below includes the Initial
Contracts described in the Prospectus Supplement dated March 11, 1998, as well
as the Additional and Subsequent Contracts transferred to the Trust. 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
<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>
Alabama................. 1,839 8.17% $ 52,644,523.32 7.02%
Alaska.................. 2 .01 36,221.76 .00
Arizona................. 477 2.12 17,701,159.25 2.36
Arkansas................ 597 2.65 16,260,870.42 2.17
California.............. 620 2.75 19,759,800.92 2.63
Colorado................ 461 2.05 20,854,745.10 2.78
Connecticut............. 8 .04 251,713.74 .03
Delaware................ 99 .44 3,253,847.58 .43
District of Columbia.... 1 .00 6,222.68 .00
Florida................. 1,373 6.10 50,734,909.17 6.76
Georgia................. 1,416 6.29 45,995,970.57 6.13
Idaho................... 96 .43 3,808,832.03 .51
Illinois................ 291 1.29 8,440,296.71 1.13
Indiana................. 536 2.38 17,942,004.62 2.39
Iowa.................... 254 1.13 7,977,377.24 1.06
Kansas.................. 258 1.15 8,712,783.24 1.16
Kentucky................ 559 2.48 15,475,119.71 2.06
Louisiana............... 655 2.91 17,803,792.08 2.37
Maine .................. 95 .42 3,031,670.32 .40
Maryland................ 99 .44 2,596,265.77 .35
Massachusetts........... 13 .06 423,707.94 .06
Michigan................ 1,100 4.89 43,835,395.69 5.84
Minnesota............... 301 1.34 8,534,789.90 1.14
Mississippi............. 609 2.71 16,320,278.13 2.18
Missouri................ 595 2.65 16,121,290.45 2.15
Montana................. 125 .56 4,149,271.78 .55
Nebraska................ 107 .48 3,592,237.81 .48
Nevada.................. 194 .86 8,932,591.76 1.19
New Hampshire........... 84 .37 2,618,044.88 .35
New Jersey.............. 7 .03 168,359.70 .02
New Mexico.............. 539 2.39 21,878,535.21 2.92
New York................ 236 1.05 6,660,395.93 .89
North Carolina.......... 2,171 9.64 77,417,108.03 10.32
North Dakota............ 55 .24 1,566,811.38 .21
Ohio.................... 422 1.87 15,101,067.09 2.01
Oklahoma................ 452 2.01 14,521,483.65 1.94
Oregon.................. 225 1.00 12,373,121.13 1.65
Pennsylvania............ 259 1.15 7,831,085.38 1.04
South Carolina.......... 967 4.30 34,346,858.52 4.58
South Dakota............ 129 .57 4,121,340.51 .55
Tennessee............... 740 3.29 20,520,957.72 2.74
Texas................... 1,979 8.79 66,737,040.74 8.90
Utah.................... 90 .40 3,576,121.09 .48
Vermont................. 38 .17 1,254.684.14 .17
Virginia................ 475 2.11 12,445,880.01 1.66
Washington.............. 277 1.23 14,915,795.62 1.99
West Virginia........... 225 1.00 5,545,648.27 .74
Wisconsin............... 259 1.15 7,248,947.55 .97
Wyoming................. 100 .44 3,943,008.22 .53
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Total................... 22,510 100.00% $749,989,984.46 100.00%
====== ====== =============== ======
</TABLE>
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>
1978..................... 1 $ 4,006.40 * %
1979..................... 1 6,673.78 *
1983..................... 2 16,398.78 *
1984..................... 5 36,842,61 *
1985..................... 981 6,670,293.55 .89
1986..................... 163 1,196,748.45 .16
1987..................... 678 6,542,835.09 .87
1988..................... 30 498,612.84 .07
1989..................... 65 1,496,203.67 .20
1990..................... 58 1,334,374.91 .18
1991..................... 101 2,383,654.60 .32
1992..................... 99 2,550,753.07 .34
1993..................... 69 1,652,734.73 .22
1994..................... 161 5,003,427.43 .67
1995..................... 219 6,915,838.59 .92
1996..................... 670 23,392,609.07 3.12
1997..................... 1,916 115,901,482.31 15.45
1998..................... 17,291 574,386,494.58 76.59
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Total................. 22,510 $749,989,984.46 100.00%
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</TABLE>
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* Indicates an amount greater than zero but less than .005% of the aggregate
principal balance of the Contracts as of the Cut-off Date.
(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>
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........ 970 $ 7,454,122.21 .99%
$10,000 to $19,999....... 4,756 62,022,332.12 8.27
$20,000 to $29,999....... 5,954 140,433,991.91 18.72
$30,000 to $39,999....... 4,222 143,155,514.18 19.09
$40,000 to $49,999....... 2,527 112,411,311.43 14.99
$50,000 to $59,999....... 1,635 89,311,165.54 11.91
$60,000 to $69,999....... 944 68,990,302.54 8.13
$70,000 to $79,999....... 573 42,616,122.90 5.68
$80,000 to $89,999....... 376 31,752,266.39 4.23
$90,000 to $99,999....... 240 22,799,610.79 3.04
$100,000 to $109,999..... 124 12,920,958.34 1.72
$110,000 to $119,999..... 79 9,074,480.07 1.21
$120,000 to $129,999..... 48 5,990,811.35 .80
$130,000 to $139,999..... 30 4,031,992.87 .54
$140,000 to $149,999..... 13 1,881,387.93 .25
$150,000 to $159,999..... 9 1,391,621.86 .19
$160,000 to $169,999..... 5 813,765.49 .11
$170,000 to $179,999..... 1 175,784.84 .02
$180,000 to $189,999..... 1 187,666.05 .03
$190,000 to $199,999..... 3 574,775.65 .08
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Total................. 22,510 $749,989,984.46 100.00%
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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%........... 726 $ 18,511,578.57 2.47%
61% to 65%.............. 241 8,209,643.68 1.09
66% to 70%.............. 378 12,538,947.31 1.67
71% to 75%.............. 537 18,678,861.73 2.49
76% to 80%.............. 1,617 51,783,021.69 6.90
81% to 85%.............. 2,465 84,869,432.88 11.32
86% to 90%.............. 8,356 267,127,615.85 35.62
91% to 95%.............. 6,829 241,364,759.42 32.18
Over 95%................ 1,361 46,906,123.33 6.25
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Total................ 22,510 $749,989,984.46 100.00%
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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%.... 5 $ 264,653.66 .04%
5.00001% to 6.00000%.... 41 2,333,070.08 .31
6.00001% to 7.00000%.... 708 53,748,411.94 7.17
7.00001% to 8.00000%.... 2,040 117,058,828.92 15.61
8.00001% to 9.00000%.... 2,428 115,531,426.47 15.40
9.00001% to 10.00000%... 3,887 149,394,407.24 19.92
10.00001% to 11.00000%.. 4,081 131,673,949.94 17.56
11.00001% to 12.00000%.. 4,250 106,135,114.59 14.15
12.00001% to 13.00000%.. 2,658 47,726,598.71 6.36
13.00001% to 14.00000%.. 1,028 15,799,650.99 2.11
14.00001% to 15.00000%.. 967 6,760,750.39 .90
15.00001% to 16.00000%.. 379 3,256,149.07 .43
16.00001% to 17.00000%.. 38 306,972.46 .04
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Total................ 22,510 $749,989,984.46 100.00%
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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............ 789 $ 4,469,926.07 .60%
31 to 60................ 1,429 12,021,060.53 1.60
61 to 90................ 918 12,792,360.95 1.71
91 to 120............... 1,605 26,199,598.31 3.49
121 to 150.............. 649 13,621,141.25 1.82
151 to 180.............. 3,434 79,177,315.73 10.56
181 to 210.............. 283 9,784,461.75 1.30
211 to 240.............. 3,820 116,837,486.28 15.58
241 to 270.............. 54 2,381,096.05 .32
271 to 300.............. 1,881 66,394,678.20 8.85
301 to 330.............. 32 1,243,635.71 .17
331 to 360.............. 7,616 405,067,223.63 54.01
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Total................ 22,510 $749,989,984.46 100.00%
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</TABLE>
4
