<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): July 15, 1998
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATE TRUST 1998-3
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-55855 applied for
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employee
of incorporation) file numbers) identification no.)
1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota 55102-1639
- --------------------------------------------------------------------------------
(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.)
<PAGE>
Item 5. Other Events.
Pursuant to the Pooling and Servicing Agreement between Green Tree
Financial Corporation (the "Servicer") and Firstar Trust Company (the
"Trustee"), on July 15, 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 6.02 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 July 15, 1998.
<PAGE>
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: July 15, 1998
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH
CERTIFICATE TRUST 1998-3
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
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Page
- ------- ----
99.1 Monthly Report delivered to Certificateholders 5
on July 15, 1998.
<PAGE>
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 Delaware corporation (the "Company"), and that as
such she 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 April 1, 1998, (98-3), between the Company and First Trust
National Association, as Trustee (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 May 16, 1998 to June 15, 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 26th day of
June, 1998.
GREEN TREE FINANCIAL CORP.
BY: /s/Phyllis A. Knight
--------------------------------
Phyllis A. Knight
Senior Vice President and Treasurer
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
5.6588%, 5.95%, 6.03%,6.10%,6.22%, 6.76%
PASS-THROUGH CERTIFICATES, SERIES 1998-3
CLASS A1,A2,A3,A4,A5,A6 CERTIFICATES
MONTHLY REPORT
Jun-98
CUSIP NO.#393505-D74, D82, D90, E24, E32, E40
TRUST ACCOUNT #3336513-0
REMITTANCE DATE 7/01/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
------------ ------------
<S> <C> <C>
CLASS A CERTIFICATES
- --------------------
(1a) Amount available
(including Monthly Servicing Fee) 6,361,334.43
------------
(b) Class M-1 Interest Deficiency
Amount (if any) and Class B-1
Interest Deficiency Amount
(if any) withdrawn for prior
Remittance Date 0.00
------------
(c) Amount Available after giving
effect to withdrawal of Class M-1
Interest Deficiency Amount and
Class B-1 Interest Deficiency
Amount for prior Remittance Date 6,361,334.43
------------
A. Interest
(2) Aggregate interest
a. Class A-1 Remittance Rate (5.6588%) 5.6588%
------------
b. Class A-1 Interest 81,913.29 3.91929617
------------ ----------
c. Class A-2 Remittance Rate (5.95%) 5.95%
------------
d. Class A-2 Interest 138,833.33 4.95833321
------------ ----------
e. Class A-3 Remittance Rate (6.03%) 6.03%
------------
f. Class A-3 Interest 301,500.00 5.02500000
------------ ----------
g. Class A-4 Remittance Rate (6.10%) 6.10%
------------
h. Class A-4 Interest 152,500.00 5.08333333
------------ ----------
i. Class A-5 Remittance Rate (6.22%,
unless the Weighted Average Contract
Rate is less than 6.22%) 6.22%
------------
j. Class A-5 Interest 544,250.00 5.18333333
------------ ----------
k. Class A-6 Remittance Rate 6.76%,
(unless the Weighted Average
Contract Rate is less than 6.76%) 6.76%
------------
l. Class A-6 Interest 1,006,113.33 5.63333331
------------ ----------
(3) Amount applied to:
a. Unpaid Class A Interest Shortfall 0.00 0
------------ ----------
(4) Remaining:
a. Unpaid Class A Interest Shortfall 0.00 0
------------ ----------
B. Principal
(5) Formula Principal Distribution Amount 2,859,658.08 N/A
------------ ----------
a. Scheduled Principal 561,010.15 N/A
------------ ----------
b. Principal Prepayments 2,459,378.14 N/A
------------ ----------
c. Liquidated Contracts 0.00 N/A
------------ ----------
d. Repurchases 0.00 N/A
------------ ----------
e. Current Month Advanced Principal 895,507.04 N/A
------------ ----------
f. Prior Month Advanced Principal (1,056,237.25) N/A
------------ ----------
(6) Pool Scheduled Principal Balance 494,506,306.20
------------
(6b) Adjusted Pool Principal Balance 493,610,799.16 987.22159832
------------ ----------
(6c) Pool Factor 0.98722160
------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
5.6588%, 5.95%, 6.03%,6.10%,6.22%, 6.76%
PASS-THROUGH CERTIFICATES, SERIES 1998-3
CLASS A1,A2,A3,A4,A5,A6 CERTIFICATES
MONTHLY REPORT
Jun-98
PAGE 2
CUSIP NO.#393505-D74, D82, D90, E24, E32, E40
TRUST ACCOUNT #3336513-0
REMITTANCE DATE 7/01/98
<TABLE>
<S> <C> <C>
(7) Unpaid Class A Principal Shortfall
(if any) following prior Remittance
Date 0.00
------------
(8) Class A Percentage for such Remittance
Date 91.44%
------------
(9) Class A Percentage for the following
Remittance Date 91.39%
------------
(10) Class A Principal Distribution:
a. Class A-1 2,859,658.08 136.82574545
------------ ----------
b. Class A-2 0.00 0.00000000
------------ ----------
c. Class A-3 0.00 0.00000000
------------ ----------
d. Class A-4 0.00 0.00000000
------------ ----------
e. Class A-5 0.00 0.00000000
------------ ----------
g. Class A-6 0.00 0.00000000
------------ ----------
(11) Class A-1 Principal Balance 14,510,799.16 694.29661053
------------ ----------
(11a)Class A-1 Pool Factor 0.69429661
------------
(12) Class A-2 Principal Balance 28,000,000.00 1000.0000000
------------ ----------
(12a)Class A-2 Pool Factor 1.00000000
------------
(13) Class A-3 Principal Balance 60,000,000.00 1000.0000000
------------ ----------
(13a)Class A-3 Pool Factor 1.00000000
------------
(14) Class A-4 Principal Balance 30,000,000.00 1000.0000000
------------ ----------
(14a)Class A-4 Pool Factor 1.00000000
------------
(15) Class A-5 Principal Balance 105,000,000.00 1000.0000000
------------ ----------
(15a)Class A-5 Pool Factor 1.00000000
------------
(16) Class A-6 Principal Balance 178,600,000.00 1000.0000000
------------ ----------
(16a)Class A-6 Pool Factor 1.00000000
------------
(17) Unpaid Class A Principal Shortfall
(if any)following current Remittance
Date 0.00
------------
C. Aggregate Scheduled Balances and Number of
Delinquent Contracts as of Determination Date
(18) 31-59 days 642,572.07 15
------------ ----------
(19) 60 days or more 204,383.58 4
------------ ----------
(20) Current Month Repossessions 20,500.79 1
------------ ----------
(21) Repossession Inventory 20,500.79 1
------------ ----------
</TABLE>
Please contact Bondholder Services Department of U.S. Bank National Association,
1-800-934-6802 with any questions regarding this statement or your Distribution.
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
5.6588%, 5.95%, 6.03%,6.10%,6.22%, 6.76%
PASS-THROUGH CERTIFICATES, SERIES 1998-3
CLASS A1,A2,A3,A4,A5,A6, CERTIFICATES
Jun-98
PAGE 3
CUSIP NO.#393505-D74, D82, D90, E24, E32, E40
TRUST ACCOUNT #3336513-0
REMITTANCE DATE 7/01/98
Class M-1 Distribution Test and Class B Distribution test
(applicable on and after the Remittance Date occurring in May 2002.)
(22) Average Sixty - Day Delinquency Ratio Test
(a) Sixty - Day Delinquency Ratio for current
Remittance Date 0.05%
-------------
(b) Average Sixty - Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not exceed 3.5%) N/A %
-------------
(23) Average Thirty - Day Delinquency Ratio Test
(a) Thirty - Day Delinquency Ratio for current
Remittance Date 0.13%
-------------
(b) Average Thirty - Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not exceed 5.5%) N/A %
-------------
(24) Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Remittance Date (as a percentage of Cut-off
Date Pool Principal Balance; may not
exceed 5.5% from June 1, 2002 to May 31, 2003,
6.5% from June 1, 2003 to May 31, 2004; 8.5% from
June 1, 2004 to May 31, 2005 and 9.5% thereafter) 0.00%
-------------
(25) Current Realized Losses Test
(a) Current Realized Losses for current Remittance Date 0.00
-------------
(b) Current Realized Loss Ratio (total Realized Losses
for the 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
2.25%) 0.00%
-------------
(26) Class M-1 Principal Balance Test
(a) The sum of Class M-1 Principal Balance and Class B
Principal Balance (before distributions on current
Remittance Date) divided by Pool Scheduled Principal
Balance as of preceding Remittance Date
is greater than 22.5% 15.61%
-------------
(27) Class B Principal Balance Test
(a) Class B Principal Balance (before any distributions
on current Remittance Date) as of such Remittance
date is greater than $15,000,000.00 0.00
-------------
(b) Class B Principal Balance (before distributions on
current Remittance Date) divided by pool Scheduled
Principal Balance as of preceding Remittance Date
is equal to or greater than 12.75%. 8.56%
-------------
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
6.86%, 7.29%, 8.07%
PASS-THROUGH CERTIFICATES, SERIES 1998-3
CLASS M1 CERTIFICATES
MONTHLY REPORT
Jun-98
PAGE 4
CUSIP NO. #393505-E57, E65, E73
TRUST ACCOUNT #3336513-0
REMITTANCE DATE 7/01/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
------------ ------------
<S> <C> <C>
CLASS M-1 CERTIFICATES
- ----------------------
(28) Amount available (including Monthly
Servicing Fee) 1,276,566.40
------------
A. Interest
(29) Aggregate interest
(a) Class M-1 Remittance Rate 6.86%,
unless the Weighted Average Contract
Rate is less than 6.86%) 6.86%
------------
(b) Class M-1 Interest 200,083.33 5.71666657
------------ ------------
(c) Interest on Class M-1 Adjusted
Principal Balance 0.00
------------
(30) Amount applied to Class M-1 Interest
Deficiency Amount 0.00
------------
(31) Remaining unpaid Class M-1 Interest
Deficiency Amount 0.00
------------
(32) Amount applied to:
a. Unpaid Class M-1 Interest Shortfall 0.00 0
------------ ------------
(33) Remaining:
a. Unpaid Class M-1 Interest Shortfall 0.00 0
------------ ------------
B. Principal
(34) Formula Principal Distribution Amount 0.00 N/A
------------ ------------
a. Scheduled Principal 0.00 N/A
------------ ------------
b. Principal Prepayments 0.00 N/A
------------ ------------
c. Liquidated Contracts 0.00 N/A
------------ ------------
d. Repurchases 0.00 N/A
------------ ------------
(35) Class M-1 Principal Balance 35,000,000.00 1000.00000000
------------ ------------
(35a) Class M-1 Pool Factor 1.00000000
------------
(36) Class M-1 Percentage for such
Remittance Date 0.00%
------------
(37) Class M-1 Principal Distribution:
a. Class M-1 (current) 0.00 0.00000000
------------ ------------
b. Unpaid Class M-1 Principal Shortfall
(if any) following prior Remittance
Date 0.00
------------
(38) Unpaid Class M-1 Principal Shortfall
(if any) following current Remittance
Date 0.00
------------
(39) Class M-1 Percentage for the following
Remittance Date 0.00%
------------
(40) Class M-1 Liquidation Loss Interest
(a) Class M-1 Liquidation Loss Amount 0.00
------------
(b) Amount applied to Class M-1
Liquidation Loss Interest Amount 0.00
------------
(c) Remaining Class M-1 Liquidation
Loss Interest Amount 0.00
------------
(d) Amount applied to Unpaid Class M-1
Loss Interest Shortfall 0.00
------------
(e) Remaining Unpaid Class M-1
Liquidation Loss Interest
Shortfalls 0.00
------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
6.86%, 7.29%, 8.07%
PASS-THROUGH CERTIFICATES, SERIES 1998-3
CLASS B CERTIFICATES
MONTHLY REPORT
Jun-98
CUSIP NO. #393505-E57, E65, E73
REMITTANCE DATE 7/01/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
------------ ------------
<S> <C> <C>
CLASS BI CERTIFICATES
- ---------------------
(1) Amount Available less the Class A
Distribution Amount and Class M-1
Distribution Amount (including Monthly
Servicing Fee) 1,076,483.07
------------
(2) Class B-1 Adjusted Principal Balance 0.00
------------
(3) Class B-1 Remittance Rate (7.29%
unless Weighted Average Contract Rate
is below 7.29%) 7.29%
------------
(4) Interest on Class B-1 Adjusted
Principal Balance 0.00
------------
(3) Aggregate Class B1 Interest 136,687.50 6.07500000
------------ ----------
(4) Amount applied to Unpaid
Class B1 Interest Shortfall 0.00 0.00
------------ ----------
(5) Remaining Unpaid Class B1
Interest Shortfall 0.00 0.00
------------ ----------
(6) Amount applied to Class B-1
Interest Deficiency Amount 0.00
------------
(7) Remaining Unpaid Class B-1
Interest Deficiency Amount 0.00
------------
(8) Unpaid Class B-1 Principal Shortfall
(if any) following prior Remittance Date 0.00
------------
(8a) Class B Percentage for such Remittance
Date 0.00
------------
(9) Current Principal (Class B Percentage of
Formula Principal Distribution Amount) 0.00 0.00000000
------------ ----------
(10a)Class B1 Principal Shortfall 0.00
------------
(10b)Unpaid Class B1 Principal Shortfall 0.00
------------
(11) Class B Principal Balance 42,500,000.00
------------
(12) Class B1 Principal Balance 22,500,000.00
------------
(12a) Class B1 Pool Factor 1.00000000
------------
(13) Class B-1 Liquidation Loss Interest
(a) Class B-1 Liquidation Loss Amount 0.00
------------
(b) Amount Applied to Class B-1
Liquidation Loss Interest Amount 0.00
------------
(c) Remaining Class B-1 Liquidation
Loss Interest Amount 0.00
------------
(d) Amount applied to Unpaid Class B-1
Liquidation Loss Interest Shortfall 0.00
------------
(e) Remaining Unpaid Class B-1 Liquidation
Loss Interest Shortfall 0.00
------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
6.86%, 7.29%, 8.07%
PASS-THROUGH CERTIFICATES, SERIES 1998-3
CLASS B CERTIFICATES
MONTHLY REPORT
Jun-98
PAGE 2
CUSIP NO. #393505-E57, E65, E73
REMITTANCE DATE 7/01/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
------------ ------------
<S> <C> <C>
CLASS B2 CERTIFICATES
- ---------------------
(14) Remaining Amount Available 939,795.57
------------
(15) Class B-2 Remittance Rate ( 8.07%
unless Weighted Average Contract
Rate is less than 8.07%) 8.07%
------------
(16) Aggregate Class B2 Interest 134,500.00 6.72500000
------------ ----------
(17) Amount applied to Unpaid
Class B2 Interest Shortfall 0.00 0.00
------------ ----------
(18) Remaining Unpaid Class B2
Interest Shortfall 0.00 0.00
------------ ----------
(19) Unpaid Class B2 Principal Shortfall
(if any) following prior Remittance Date 0.00
------------
(20) Class B2 Principal Liquidation Loss Amount 0.00
------------
(21) Class B2 Principal (zero until class
B1 paid down: thereafter, Class B
Percentage of formula Principal
Distribution Amount) 0.00
------------
(22) Guarantee Payment 0.00
------------
(23) Class B2 Principal Balance 20,000,000.00
------------
(23a)Class B2 Pool Factor 1.00000000
------------
(24) Monthly Servicing Fee (deducted
from Certificate Account balance
to arrive at Amount Available if
the Company or Green Tree Financial
Servicing Corporation is not the
Servicer; deducted from funds
remaining after payment of Class A
Distribution Amount, Class M-1
Distribution Amount, Class B-1
Distribution Amount and Class B-2
Distribution Amount, if the Company
or Green Tree Financial Servicing Corp.
is the Servicer) 207,302.79
------------
(25) Class B-3I Guarantee Fee 597,992.78
------------
(26) Class B-3I Distribution Amount 0.00
------------
(27) Class B-3I Formula Distribution
Amount (all Excess Interest plus
Unpaid Class B-3I Shortfall) 0.00
------------
(28) Class B-3I Distribution Amount
(remaining Amount Available) 0.00
------------
(29) Class B-3I Shortfall (26-27) 0.00
------------
(30) Unpaid Class B-3I Shortfall 0.00
------------
(31) Class M-1 Interest Deficiency on such
Remittance Date 0.00
------------
(32) Class B-1 Interest Deficiency on such
Remittance Date 0.00
------------
(33) Repossessed Contracts 20,500.79
------------
(34) Repossessed Contracts Remaining in
Inventory 20,500.79
------------
(35) Weighted Average Contract Rate 9.57696
------------
</TABLE>
Please contact Bondholder Services Department of U.S. Bank National Association,
1-800-934-6802 with any questions regarding this statement or your Distribution.
