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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): January 26, 1999
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 Computational materials prepared by underwriter
in connection with the $700,000,000
(Approximate) Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates,
Series 1999-1, to be 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 Computational materials prepared by underwriter in connection with
the $700,000,000 (Approximate) Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1999-1, to be
issued by Green Tree Financial Corporation, as Seller and Servicer.
4
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EXHIBIT 99.1
Lehman Brothers
DERIVED INFORMATION
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January 26, 1999
$700,000,000 Certificates (Approximate)
Green Tree Manufactured Housing Series 1999-1
Manufactured Housing Contract Backed Securities
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This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared and
delivered by Lehman Brothers Inc. and the contents and accuracy thereof have not
been reviewed by the issuer. This information was prepared on the basis of
certain assumptions (including, in certain cases, assumptions specified by the
recipient hereof) regarding payments, interest rates, weighted average lives,
weighted average loan age, losses and other matters, including, but not limited
to, the assumptions described in the Offering Document. Lehman Brothers Inc.,
and any of its affiliates, make no representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or underlying assets, the
information contained in the Offering Document).
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Sensitivity Analysis (incl. Senior Enhancement and Loss Triggers)
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Projected Performance
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Under Varying Default Assumptions
To Maturity:
<TABLE>
<CAPTION>
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<S> <C> <C> <C> <C> <C> <C>
Class M-1 (% CDR) 3.00% 4.00% 4.70% 5.00% 5.50% 5.52%
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Avg. Life (yrs.) 12.29 15.27 19.76 21.03 25.50 25.85
Window (begin-end) (mths) 136-161 160-216 188-362 207-362 274-362 280-362
Expected Final Maturity 7/1/12 2/1/17 4/1/29 4/1/29 4/1/29 4/1/29
Yield @ 99.97311% 6.93% 6.93% 6.70% 5.32% 0.51% 0.15%
Collateral Loss Amount ($) 132,584,509 168,052,530 190,808,538 200,084,445 214,949,952 215,529,670
Collateral Loss Amount (%) 18.94% 24.01% 27.26% 28.58% 30.71% 30.79%
Aggregate Class M-1 Loss Amount ($) 0 0 3,337,552 14,195,456 31,586,210 32,260,236
Aggregate Class M-1 Loss Amount (%) 0.00% 0.00% 9.08% 38.63% 85.95% 87.78%
Class M-2 (% CDR) 3.00% 4.00% 4.10% 4.20% 4.50% 4.59%
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Avg. Life (yrs.) 14.19 21.20 22.46 23.22 26.98 29.36
Window (begin-end) (mths) 161-181 216-325 225-362 236-362 298-362 345-362
Expected Final Maturity 3/1/14 3/1/26 4/1/29 4/1/29 4/1/29 4/1/29
Yield @ 99.98804% 7.68% 7.68% 7.50% 6.92% 3.19% 0.40%
Collateral Loss Amount ($) 132,584,509 168,052,530 171,402,643 174,718,922 184,469,284 187,337,608
Collateral Loss Amount (%) 18.94% 24.01% 24.49% 24.96% 26.35% 26.76%
Aggregate Class M-2 Loss Amount ($) 0 0 2,003,287 5,989,341 17,298,295 20,436,936
Aggregate Class M-2 Loss Amount (%) 0.00% 0.00% 9.54% 28.52% 82.37% 97.32%
Class B-1 (% CDR) 2.00% 3.00% 3.30% 3.35% 4.00% 4.07%
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Avg. Life (yrs.) 9.21 16.41 16.28 15.06 27.06 0.00
Window (begin-end) (mths) 73-227 181-216 179-215 181-181 325-325 0
Expected Final Maturity 1/1/18 2/1/17 1/1/14 3/1/14 3/1/26 0
Yield @ 99.98369% 8.95% 8.94% 8.94% 6.96% 2.73% 0.34%
Collateral Loss Amount ($) 93,171,055 132,584,509 143,614,403 145,419,285 168,052,530 170,401,183
Collateral Loss Amount (%) 13.31% 18.94% 20.52% 20.77% 24.01% 24.34%
Aggregate Class B-1-Loss Amount ($) 0 0 0 24,494,696 24,483,319 24,500,000
Aggregate Class B-1 Loss Amount (%) 0.00% 0.00% 0.00% 99.98% 99.93% 100.00%
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</TABLE>
Assumptions
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(1) Voluntary prepayments (CRR) are 175% MHP.
(2) The Current Realized Loss Ratio Trigger Amount is 2.75% of the Cut-off Date
Pool Balance.
(3) The Cumulative Realized Loss Ratio Trigger Amount is 5.50% in year 5, 7.00%
in year 6, 9.00% in year 7 and 10.50% thereafter of the Cut-off Date
Balance.
(4) The Crossover Percentage for Class M-1 is 24.375%; the Crossover Percentage
for Class M-2 is 16.50%; the Crossover Percentage for Class B is 12.00%.
(5) Defaults are immediate (i.e. no lags) and no recoveries on defaulted
amounts are received.
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This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared and
delivered by Lehman Brothers Inc. and the contents and accuracy thereof have not
been reviewed by the issuer. This information was prepared on the basis of
certain assumptions (including, in certain cases, assumptions specified by the
recipient hereof) regarding payments, interest rates, weighted average lives,
weighted average loan age, losses and other matters, including, but not limited
to, the assumptions described in the Offering Document. Lehman Brothers Inc.,
and any of its affiliates, make no representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or underlying assets, the
information contained in the Offering Document).
