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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 15, 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.
2
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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 1999-5, 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
3
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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 1999-5,
issued by Green Tree Financial Corporation, as Seller and Servicer.
4
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EXHIBIT 99.1
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES
SERIES 1999-5
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 15, 1999. The information below includes the initial contracts
described in the prospectus supplement dated August 24, 1999, as well as the
additional contracts transferred to the trust. The Company will transfer
subsequent contracts to the trust on or before the expiration of the pre-funding
period. Unless otherwise defined herein, all capitalized terms have the meanings
set forth in the Prospectus Supplement.
The initial and additional contracts include manufactured housing contracts
purchased by the Company from a third party lender, IndyMac Mortgage Holdings,
Inc. The purchased contracts consisted of a portion of the lender's existing
manufactured housing contract portfolio. The Company believes that the purchased
contracts were originated in accordance with underwriting criteria similar to
the Company's. As of the Cut-off Date, these purchased contracts had a principal
balance of $227,193,730.42 and represented approximately 15.10% of the Initial
and Additional Contracts by principal balance. If the Company purchases the
maximum amount of subsequent contracts during the prefunding period, the
purchased contracts will represent approximately 11.36% of the total contract
pool by principal balance as of the Cut-off Date. The Company is servicing the
purchased contracts in the same manner as all of the other contracts in the
pool.
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Geographical Distribution of Contract Obligors(1)
<TABLE>
<CAPTION>
Aggregate
% of Contract Principal Balance % of Contract Pool
Number of Pool by Number of Outstanding by Outstanding
Contracts as of Contracts as of as of Cut- Principal Balance
State Cut-off Date Cut-off Date off Date as of Cut-off Date
- ----- --------------- ----------------- ----------------- ------------------
<S> <C> <C> <C> <C>
Alabama................. 2,263 6.17% $ 77,138,919.77 5.13%
Alaska.................. 1 .00 34,211.16 *
Arizona................. 771 2.10 37,122,397.09 2.47
Arkansas................ 736 2.01 23,865,088.04 1.59
California.............. 1,098 2.99 51,485,303.98 3.42
Colorado................ 687 1.87 35,097,443.65 2.33
Connecticut............. 11 .03 314,965.25 .02
Delaware................ 97 .26 4,109,310.77 .27
Florida................. 1,923 5.24 86,524,050.54 5.75
Georgia................. 2,029 5.53 85,318,168.22 5.67
Idaho................... 153 .42 7,868,201.61 .52
Illinois................ 563 1.53 20,423,839.29 1.36
Indiana................. 1,031 2.81 42,570,711.10 2.83
Iowa.................... 425 1.16 15,413,983.94 1.02
Kansas.................. 495 1.35 20,387,926.07 1.35
Kentucky................ 868 2.37 32,866,846.45 2.18
Louisiana............... 809 2.20 27,840,302.81 1.85
Maine................... 195 .53 9,511,959.19 .63
Maryland................ 123 .34 4,366,453.09 .29
Massachusetts........... 19 .05 675,665.19 .04
Michigan................ 3,215 8.76 120,491,974.15 8.01
Minnesota............... 636 1.73 22,748,120.37 1.51
Mississippi............. 833 2.27 29,233,872.40 1.94
Missouri................ 1,098 2.99 36,966,699.41 2.46
Montana................. 283 .77 13,095,262.44 .87
Nebraska................ 157 .43 5,985,978.70 .40
Nevada.................. 390 1.06 23,613,711.49 1.57
New Hampshire........... 171 .47 6,637,027.12 .44
New Jersey.............. 21 .06 677,426.22 .05
New Mexico.............. 514 1.40 22,295,123.83 1.48
New York................ 411 1.12 16,387,845.57 1.09
North Carolina.......... 3,355 9.14 156,540,707.62 10.40
North Dakota............ 163 .44 5,828,373.00 .39
Ohio.................... 1,580 4.31 40,115,990.09 2.67
Oklahoma................ 855 2.33 32,925,778.19 2.19
Oregon.................. 452 1.23 28,506,108.82 1.89
Pennsylvania............ 425 1.16 16,012,613.62 1.06
Rhode Island............ 4 .01 105,318.91 .01
South Carolina.......... 1,690 4.61 77,583,282.86 5.16
South Dakota............ 267 .73 10,400,955.60 .69
Tennessee............... 904 2.46 35,307,842.03 2.35
Texas................... 2,952 8.04 126,929,911.63 8.44
Utah.................... 117 .32 6,927,577.18 .46
Vermont................. 84 .23 4,272,368.67 .28
Virginia................ 568 1.55 22,730,336.39 1.51
Washington.............. 515 1.40 32,350,199.35 2.15
West Virginia........... 286 .78 9,278,675.61 .62
Wisconsin............... 249 .68 8,599,335.65 .57
Wyoming................. 206 .56 9,286,187.62 .62
------ ------- ----------------- -------
Total................. 36,698 100.00% $1,504,770,351.75 100.00%
====== ======= ================= =======
</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) Based on obligor's billing address.
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 Cut-off Date as of Cut-off Date Cut-off Date
- ------------------- ------------ ------------------ ---------------------
<S> <C> <C> <C>
1984..................... 2 $ 2,229.72 *%
1985..................... 82 229,007.27 .02
1986..................... 135 651,664.35 .04
1987..................... 149 1,354,029.44 .09
1988..................... 196 2,357,534.17 .16
1989..................... 157 2,300,684.88 .15
1990..................... 25 306,196.53 .02
1991..................... 21 226,484.84 .02
1992..................... 34 413,225.05 .03
1993..................... 84 1,349,127.09 .09
1994..................... 184 3,602,623.39 .24
1995..................... 318 7,004,040.14 .47
1996..................... 124 3,222,177.70 .21
1997..................... 84 3,411,492.69 .23
1998..................... 4,434 167,315,216.27 11.12
1999..................... 30,669 1,311,024,618.22 87.13
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Total................. 36,698 $1,504,770,351.75 100.00%
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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.
The contracts shown in the table above with earlier years of
origination primarily represent contracts we originated and subsequently
refinanced through us. We retain the first origination dates on our records for
these refinanced contracts.
3
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Distribution of Original Contract Amounts
<TABLE>
<CAPTION>
Number of Aggregate % of Contract Pool by
Contracts Principal Balance Outstanding Principal
Oiginal Contractr as of Outstanding Balance as of
Amunt (in Dollars)o Cut-off Date as of Cut-off Date Cut-off Date
- ------------------- ------------ ------------------ ---------------------
<S> <C> <C> <C>
Less than $10,000........ 1,216 $ 8,649,737.38 .57%
Between $10,000 and
$19,999................. 5,173 73,782,702.94 4.90
Between $20,000 and
$29,999................. 6,972 173,199,152.70 11.51
Between $30,000 and
$39,999................. 7,559 261,790,225.29 17.40
Between $40,000 and
$49,999................. 5,049 225,134,582.81 14.96
Between $50,000 and
$59,999................. 3,863 211,220,769.95 14.04
Between $60,000 and
$69,999................. 2,646 170,971,532.59 11.36
Between $70,000 and
$79,999................. 1,586 118,049,116.54 7.84
Between $80,000 and
$89,999................. 990 83,652,085.55 5.56
Between $90,000 and
$99,999................. 700 66,255,544.39 4.40
Between $100,000 and
$109,999................ 363 37,706,786.75 2.51
Between $110,000 and
$119,999................ 228 26,033,993.72 1.73
Between $120,000 and
$129,999................ 174 21,613,604.97 1.44
Between $130,000 and
$139,999................ 73 9,786,391.67 .65
Between $140,000 and
$149,999................ 44 6,377,480.89 .42
Between $150,000 and
$159,999................ 27 4,160,454.41 .28
Between $160,000 and
$169,999................ 12 1,961,468.98 .13
Between $170,000 and
$179,999................ 6 1,053,422.09 .07
Between $180,000 and
$189,999................ 8 1,475,003.59 .10
Between $190,000 and
$199,999................ 4 785,914.92 .05
Between $200,000 and
$249,999................ 5 1,110,379.62 .07
------ ----------------- ------
Total................. 36,698 $1,504,770,351.75 100.00%
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</TABLE>
The largest original contract amount is $231,140.85, which
represents 0.03% of the aggregate principal balance of the initial contracts as
of the cut-off date.
Distribution of Original Loan-to-Value Ratios of Contracts
The loan-to-value ratio in the table below is rounded to the nearest 1%.
The method of calculating loan-to-value ratios is described in the prospectus.
<TABLE>
<CAPTION>
Aggregate Principal % of Contract Pool by
Number of Contracts Balance Outstanding Outstanding Principal
Loan-to-Value Ratio as of Cut-off Date as of Cut-off Date Balance as of Cut-off Date
- ------------------- ------------------- ------------------- --------------------------
<S> <C> <C> <C>
Less than 61%........... 1,088 $ 35,556,802.75 2.36%
61% to 65%.............. 405 16,547,389.37 1.10
66% to 70%.............. 579 23,950,040.28 1.59
71% to 75%.............. 839 37,393,627.62 2.49
76% to 80%.............. 2,955 118,959,248.08 7.91
81% to 85%.............. 2,498 110,576,989.50 7.35
86% to 90%.............. 12,306 535,982,622.69 35.62
91% to 95%.............. 11,616 490,279,666.55 32.58
96% to 100%............. 4,412 135,523,964.91 9.01
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Total................ 36,698 $1,504,770,351.75 100.00%
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</TABLE>
4
<PAGE>
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%.... 14 $ 994,190.42 .07%
5.00001% to 6.00000%.... 26 2,131,456.82 .14
6.00001% to 7.00000%.... 539 42,208,335.41 2.80
7.00001% to 8.00000%.... 2,998 225,823,054.15 15.01
8.00001% to 9.00000%.... 3,891 230,274,179.38 15.30
9.00001% to 10.00000%... 7,100 329,599,093.28 21.90
10.00001% to 11.00000%.. 6,794 266,185,977.92 17.69
11.00001% to 12.00000%.. 5,909 189,303,134.32 12.58
12.00001% to 13.00000%.. 4,692 121,525,036.05 8.08
13.00001% to 14.00000%.. 3,080 68,093,767.70 4.53
14.00001% to 15.00000%.. 1,139 21,648,015.11 1.44
15.00001% to 16.00000%.. 201 3,517,863.52 .23
16.00001% to 17.00000%.. 263 2,908,899.41 .19
Over 17.00000%.......... 52 557,348.26 .04
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Total................ 36,698 $1,504,770,351.75 100.00%
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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............ 347 $ 1,255,324.51 .08%
31 to 60................ 942 8,084,735.27 .54
61 to 90................ 1,008 13,039,094.51 .87
91 to 120............... 2,304 38,798,103.51 2.58
121 to 150.............. 1,043 21,997,621.79 1.46
151 to 180.............. 3,763 88,999,344.67 5.91
181 to 210.............. 337 10,680,785.77 .71
211 to 240.............. 4,454 138,437,020.11 9.20
241 to 270.............. 74 3,221,262.02 .21
271 to 300.............. 3,025 112,771,873.20 7.49
301 to 330.............. 174 11,268,558.42 .75
331 to 360.............. 19,227 1,056,216,627.97 70.19
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Total................ 36,698 $1,504,770,351.75 100.00%
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</TABLE>
5
