<PAGE>
Term Sheet Dated June 16, 2000
$941,000,000 Offered (approximate)
[LOGO OF CONSECO GOES HERE]
Conseco Finance Securitizations Corp.
Seller
Conseco Finance Corp.
Servicer
Certificates for Home Equity Loans Series 2000-D
--------------------------------------------------------------------------------
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 light of the same
warnings, lack of assurance, 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 on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Neither Lehman Brothers Inc., nor any of its affiliates,
make any 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superseded by any subsequent versions (including, with respect to any
descriptions of the securities or underlying assets, the information contained
in the Offering Document). Recipients must read the statement printed on the
attached cover. Do not use or rely on this information if you have not received
and reviewed this statement. If you have not received this statement, call your
Lehman Brothers account executive for another copy.
<PAGE>
TERM SHEET DATED June 16, 2000
Conseco Finance Securitizations Corp.
Certificates for Home Equity Loans, Series 2000-D
$941,000,000 Offered (Approximate)
Subject to Revision
SELLER: Conseco Finance Securitizations Corp. ("Conseco Securitizations")
SERVICER: Conseco Finance Corp. ("Conseco Finance")
TRUSTEE: U.S. Bank Trust National Association
LEAD MANAGER: Lehman Brothers
CO-MANAGERS: Credit Suisse First Boston, First Union Securities, Merrill
Lynch
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Offered Certificates
------------------------------------------------------------------------------------------------------------------------------------
Est. WAL Est. WAL Est. Prin. Est. Prin.
Approx. (yrs) (yrs) Window Window
Size To To (mos) (mos) Final Scheduled Expected Ratings
Class ($MM) Type Call (1) Maturity To Call (1) To Maturity Distribution Date S&P/Moody's
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 356.00 Senior 1.00 1.00 1 - 22 (22) 1 - 22 (22) 10/2031 AAA/Aaa
------------------------------------------------------------------------------------------------------------------------------------
A-2 74.00 Senior 2.00 2.00 22 - 27 (6) 22 - 27 (6) 10/2031 AAA/Aaa
------------------------------------------------------------------------------------------------------------------------------------
A-3 226.00 Senior 3.00 3.00 27 - 49 (23) 27 - 49 (23) 10/2031 AAA/Aaa
------------------------------------------------------------------------------------------------------------------------------------
A-4 141.00 Senior 5.00 5.20 49 - 69 (21) 49 - 119 (71) 10/2031 AAA/Aaa
------------------------------------------------------------------------------------------------------------------------------------
A-5 138.00 Senior 5.71 7.63 69 - 69 (1) 70 - 119 (50) 10/2031 AAA/Aaa
------------------------------------------------------------------------------------------------------------------------------------
B-1(2) 6.0 Sub. 4.71 6.21 37 - 69 (33) 37 - 123 (87) 10/2031 BBB+/Baa1
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) All Offered Certificates are priced to the 20% call, as further described
herein.
(2) Subject to the Available Funds Pass-Through Rate described herein.
--------------------------------------------------------------------------------
Pricing Speed
--------------------------------------------------------------------------------
125% PPC - 100% prepayment assumption assumes a constant prepayment of 4% in
month one increased by approximately an additional 1.45% each month to 20% CPR
in month twelve, and remaining at 20% CPR thereafter
--------------------------------------------------------------------------------
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
3
<PAGE>
SUMMARY OF TERMS
----------------
Seller: Conseco Finance Securitizations Corp.
Servicer: Conseco Finance Corp. ("Conseco")
Trustee: U.S. Bank Trust National Association
Offering: Public: subject to a variance of plus or minus 5.0%.
Underwriters: Lehman Brothers (Lead),
Credit Suisse First Boston (Co),
First Union Securities (Co),
Merrill Lynch (Co).
Certificate Insurer: Financial Security Assurance Inc. ("FSA")
Rating Agencies: Standard & Poors and Moody's Investors Service
Statistical
Calculation Date: May 31, 2000
Expected Cut-off Date: The trust will be entitled to receive all payments due
after May 31, 2000 for all loans other than the
Additional Loans (added prior to closing) and
Subsequent Loans (added after closing.). For each
Additional Loan, the trust will be entitled to receive
all payments due after June 30, 2000. For each
Subsequent Loan, the trust will be entitled to receive
all payments due after the last day of the calendar
month in which the subsequent closing occurs.
Expected Closing Date: June 28, 2000
Expected Pricing Date: Week of June 19, 2000
Registration: The Offered Certificates will be available in book-
entry form through DTC.
Non-Offered Class
B-2 Certificates: $59,000,000 Class B-2 Certificates will not be offered
in this transaction.
Record Date: The business day just before the Payment Date.
Payment Date: The 15th day of each month (or if such 15th day is not
a business day, the next succeeding business day)
commencing in July 2000.
Coupon Type: The Offered Certificates will bear interest at fixed
rates. The Class B Certificates will be subject to the
Available Funds Pass-Through Rate as described herein.
Day Count: 30/360
Denominations: $1,000 minimum and integral multiples of $1,000 in
excess thereof.
Tax Status: REMIC Election
ERISA: The Class A Certificates are expected to be ERISA
eligible. Prospective investors that are pension plans
should consult their own counsel with respect to an
investment in the Offered Certificates.
SMMEA: The Offered Certificates will not constitute "mortgage
related securities" for purposes of SMMEA.
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
4
<PAGE>
SUMMARY OF TERMS (Cont'd)
-------------------------
Loans: The Loans (the "Loans") will consist primarily of
conventional, fully amortizing and balloon, first,
second, and third lien, fixed rate closed end, one- to
four-family residential home equity loans. The
statistical information presented in this Term Sheet
is with respect to the Initial Loans (the "Initial
Loans") and is based on balances as of the close of
business on May 31, 2000. The Initial Loans consist of
6,982 loans, with a principal balance of approximately
$ 421,030,597.20.
Additional Collateral: Between the Statistical Calculation Date and the
Expected Closing Date, the Seller expects to deposit
Additional Loans ("Additional Loans").
Pre-Funding Feature
and Subsequent Loans: On the Closing Date, a portion of the proceeds from
the sale of the Offered Certificates (the "Pre-Funded
Amount") may be deposited with the Trustee in a
segregated account (the "Pre-Funding Account") and
used by the Trust to purchase subsequent loans (the
"Subsequent Loans") during the period (not longer than
90 days) following the Closing Date (the "Pre-Funding
Period"). The Pre-Funded Amount is not expected to
exceed 25% of the aggregate original principal
balances of the Offered Certificates. The Pre-Funded
Amount will be reduced during the Pre-Funding Period
by the amounts thereof used to fund such purchases.
Any amounts remaining in the Pre-Funding Account
following the Pre-Funding Period will be paid to the
Class A-1 Certificates and if the principal balance of
such class has been reduced to zero, then to the Class
A-2, Class A-3, Class A-4, Class A-5, Class B-1 and
Class B-2 Certificates, in that order of priority.
Final Home Equity
Loan Group: The final pool of home equity loans in the trust will
be based on balances as of the related Cut-off Date.
Source for Calculation
of One-Month LIBOR: Telerate page 3750.
Servicing Fee Rate: 50 basis points
Distributions: On each Payment Date distributions on the certificates
will be made to the extent of the Amount Available.
The "Amount Available" will generally consist of
payments made on or in respect of the Loans plus any
insured payments made by FSA, and will include amounts
otherwise payable to the Servicer (so long as Conseco
is the Servicer) as the monthly Servicing Fee and
amounts otherwise payable to the Class C Certificates.
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
5
<PAGE>
INTEREST DISTRIBUTIONS
----------------------
Interest on the
Class A, B-1, and B-2
Certificates: Following payment to FSA of the premium amount with
respect to each Payment Date, the Amount Available
will be distributed to pay interest as follows:
. first, to each class of the Class A Certificates
(A-1, A-2, A-3, A-4, A-5), pro rata;
. then to the Class B-1 Certificates, and
. then to the Class B-2 Certificates.
Interest will accrue on the outstanding Class A-1,
Class A-2, Class A-3, Class A-4, and Class A-5
principal balances, the Class B-1 adjusted principal
balance, and the Class B-2 adjusted principal balance
at the related pass-through rate calculated on a
30/360 basis. Interest on the outstanding Class A
principal balance, the Class B-1 adjusted principal
balance, and the Class B-2 adjusted principal balance
as applicable, will initially accrue from the Closing
Date and thereafter from the most recent Payment Date
on which interest has been paid, in each case, to but
excluding the following Payment Date.
The adjusted principal balance of any of the Class B-1
and Class B-2 Certificates is the principal balance
less any liquidation loss principal amounts allocated
to that Class.
Interest Shortfalls
And Carryovers: If the Amount Available on any Payment Date is
insufficient to make the full distributions of
interest to a class of Offered Certificates, the
Amount Available remaining after payments with a
higher payment priority are made will be distributed
pro rata among the certificates comprising such class
(the Class A Certificates being treated as a single
class for this purpose). Any interest due but unpaid
from a prior Payment Date will also be due on the next
Payment Date, together with accrued interest thereon
at the applicable pass-through rate to the extent
legally permissible.
Draws previously made under the insurance policy and
any other amounts owed to FSA not previously
reimbursed will be carried forward for reimbursement
to FSA.
Available Funds
Pass-Through
Rate:
The "Available Funds Pass-Through Rate" for any
Payment Date will be a rate per annum equal to the
weighted average of the Expense Adjusted Loan Rates on
the then outstanding Loans. The "Expense Adjusted Loan
Rate" on any Loan is equal to the then applicable home
equity loan interest rate thereon, minus the Servicing
Fee and the FSA insurance premium. Interest payable to
the Class B Certificates may be limited on any Payment
Date by the Available Funds Pass-Through Rate.
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
6
<PAGE>
PRINCIPAL DISTRIBUTIONS
-----------------------
On each Payment Date after all interest is distributed to the Class A, Class B-
1, and Class B-2 Certificateholders, the remaining Amount Available will be
distributed to make principal distributions as follows and in the following
order of priority:
i) first, to the Class A Certificates, the Class A Formula
Principal Distribution Amount;
ii) then, to the Class B-1 Certificates, the Class B-1 Formula
Principal Distribution Amount; and
iii) then, to the Class B-2 Certificates, the Class B-2 Formula
Principal Distribution Amount.
On each Payment Date, the Class A Formula Principal Distribution Amount will be
distributed as follows: first, to the Class A-1 Certificates until the Class A-1
Certificate Principal Balance is reduced to zero, second to the Class A-2
Certificates until the Class A-2 Certificate Principal Balance has been reduced
to zero, third to the Class A-3 Certificates until the Class A-3 Certificate
Principal Balance has been reduced to zero, fourth to the Class A-4 Certificates
until the Class A-4 Certificate Principal Balance has been reduced to zero, and
fifth to the Class A-5 Certificates until the Class A-5 Certificate Principal
Balance has been reduced to zero.
If the Amount Available on any Payment Date is insufficient to make full
distributions of principal to a class of certificates, the Amount Available
remaining after payments on Offered Certificates with a higher payment priority
are made will be distributed pro-rata among the certificates comprising such
class.
Formula Principal
Distribution Amount: On each Payment Date will be equal to the sum of (i)
all scheduled payments of principal due on each
outstanding loan during the related due period, (ii)
the scheduled principal balance of each loan which,
during the related due period, was repurchased by the
Seller, (iii) all partial principal prepayments
applied and all principal prepayments in full received
during such due period in respect of each loan, (iv)
the scheduled principal balance of each loan that
became a liquidated loan during the related due period
and (v) any amount described in clauses (i) through
(iv) above that was not previously distributed because
of an insufficient amount of funds available in the
certificate account and (vi) any additional amount
required to reach the Target Overcollateralization
Amount.
Stepdown Date: The later to occur of (A) the Payment Date in July
2003 and (B) the first Payment Date on which the Class
A Principal Balance is less than or equal to 83.00% of
the Pool Scheduled Principal Balance.
Trigger Event: A Trigger Event will exist on any Payment Date on
which:
(i) The three month rolling average of the 90 plus
day delinquencies (including foreclosures and
REOs) exceeds 48.5% of the Senior Enhancement
Percentage; or,
(ii) The Cumulative Realized Losses Test is not
satisfied; or,
(iii) The Rolling Loss Test is not satisfied.
Senior Enhancement
Percentage: The Senior Enhancement Percentage for any Payment Date
will equal the percentage obtained by dividing: (i)
the excess of (A) the Pool Scheduled Principal Balance
over (B) Class A Principal Balance, by (ii) the Pool
Scheduled Principal Balance.
Cumulative Realized
Losses Test: The Cumulative Realized Losses Test is satisfied for
any Payment Date if the cumulative realized loss ratio
for the loans for such Payment Date is less than or
equal to the percentage set forth below for the
specified period:
<TABLE>
<CAPTION>
Month Percentage
----- ----------
<S> <C> <C>
37 - 48 3.65%
49 - 60 4.75%
61 - 84 5.50%
85 and thereafter 6.00%
</TABLE>
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
7
<PAGE>
PRINCIPAL DISTRIBUTIONS (cont'd)
--------------------------------
Rolling Loss Test: The Rolling Loss Test is satisfied for any Payment
Date if the percentage obtained by dividing (i) the
aggregate losses on the loans during the 12 months
preceding a payment date, by (ii) the Pool Scheduled
Principal Balance at the beginning of such 12 month
period, is less than the percentage set forth below at
the specified period:
<TABLE>
<CAPTION>
Month Percentage
----- ----------
<S> <C> <C>
37 - 48 2.50%
49 - 72 3.00%
73 - 84 2.00%
85 and thereafter 1.00%
</TABLE>
Pool Scheduled Principal
Balance: The Pool Scheduled Principal Balance means, for any
Payment Date, the aggregate Scheduled Principal
Balance for such Payment Date of all Loans that were
outstanding during the immediately preceding due
period.
Class A Formula
Principal Distribution
Amount: If the Payment Date is prior to the Stepdown Date or a
Trigger Event exists, the Formula Principal
Distribution Amount for such Payment Date (but in no
event greater than the then outstanding Class A
Principal Balance). If the Payment Date is on or after
the Stepdown Date and no Trigger Event exists, the
excess of (A) the Class A Principal Balance (B) over
the lesser of (a) 83.00% of the Pool Scheduled
Principal Balance or (b) the Pool Scheduled Principal
Balance less 2.00% of the Pool Scheduled Principal
Balance as of the Cut-off Date.
Class B-1 Formula
Principal Distribution
Amount: If the Payment Date is (A) prior to the Stepdown Date
or (B) on or after the Stepdown Date and a Trigger
Event exists, the Formula Principal Distribution
Amount less the Class A Formula Principal Distribution
Amount (but in no event more than the then outstanding
Class B-1 Principal Balance). If the Payment Date is
on or after the Stepdown Date and no Trigger Event
exists, the excess (but in no event more than the then
outstanding Class B-1 Principal Balance) of (i) the
sum of (A) the Class A Principal Balance and (B) the
Class B-1 Adjusted Principal Balance minus the amount
of principal actually distributed on such Payment Date
on the Class A Certificates over (ii) the lesser of
(a) 84.20% of the Pool Scheduled Principal Balance or
(b) the Pool Scheduled Principal Balance less 2.00% of
the Pool Scheduled Principal Balance as of the Cut-off
Date.
Class B-2 Formula
Principal Distribution
Amount: If the Payment Date is (A) prior to the Stepdown Date
or (B) on or after the Stepdown Date and a Trigger
Event exists, the Formula Principal Distribution
Amount less the sum of the Class A Formula Principal
Distribution Amount and the Class B-1 Formula
Principal Distribution Amount (but in no event greater
than the then outstanding Class B-2 Principal
Balance). If the Payment Date is on or after the
Stepdown Date and no Trigger Event exists, the excess
(but in no event more than the then outstanding Class
B-2 Principal Balance) of (i) the sum of the Class A
Principal Balance, the Class B-1 Adjusted Principal
Balance and the Class B-2 Adjusted Principal Balance
minus the amount of principal actually distributed on
such Payment Date on the Class A and the Class B-1
Certificates over (ii) the lesser of (a) 96.00% of the
Pool Scheduled Principal Balance or (b) the Pool
Scheduled Principal Balance less 2.00% of the Pool
Scheduled Principal Balance as of the Cut-off Date.
Overcollateralization: There will be initial overcollateralization of
approximately 0.0% building to the Target
Overcollateralization Amount (as described herein).
The Certificateholders will be entitled to receive
additional distributions in respect of principal on
each Payment Date to the extent there is any amount
available remaining after payment of all interest and
principal on the Certificates, the Monthly Servicing
Fee to the Servicer, and the FSA insurance fee for
such Payment Date, until the overcollateralization
amount equals the Target Overcollateralization Amount.
Such additional distributions in respect of principal
will be paid in accordance with the distribution
priorities described herein and in the Prospectus
Supplement.
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
8
<PAGE>
PRINCIPAL DISTRIBUTIONS (cont'd)
--------------------------------
Target
Overcollateralization
Amount: If an Overcollateralization Trigger Event does not
exist, the Target Overcollateralization Amount will
equal 2.00% of the sum of (A) the aggregate Cut-off
Date principal balance of Loans included in the Trust
as of the Closing Date and (B) the amount on deposit
in the Pre-Funding Account on the Closing Date.
If an Overcollateralization Trigger Event exists, the
Target Overcollateralization Amount will equal the
greater of (i) 2.00% of the sum of (A) the aggregate
Cut-off Date principal balance of Loans included in
the Trust as of the Closing Date and (B) the amount on
deposit in the Pre-Funding Account on the Closing
Date, or (ii) the aggregate principal balance of all
90 day and over delinquent loans (including
foreclosures and REOs) minus the current balance of
the subordinate certificates.
Overcollateralization
Trigger Event: An Overcollateralization Trigger Event will exist on
any Payment Date on which:
(i) The three month rolling average of the 90 plus
day delinquencies (including foreclosures and
REOs) exceeds 50% of the Senior Enhancement
Percentage; or,
(ii) The Overcollateralization Cumulative Realized
Losses Test is not satisfied; or,
(iii) The Overcollateralization Rolling Loss Test is
not satisfied.
Overcollateralization
Cumulative Realized
Losses Test: The Overcollateralization Cumulative Realized Losses
Test is satisfied for any Payment Date if the
cumulative realized loss ratio for the loans for such
Payment Date is less than or equal to the percentage
set forth below for the specified period:
<TABLE>
<CAPTION>
Month Percentage
----- ----------
<S> <C> <C>
1 - 12 1.95%
13 - 24 2.70%
25 - 36 4.65%
37 - 48 5.50%
49 - 84 5.75%
85 and thereafter 6.25%
</TABLE>
Overcollateralization
Rolling Loss Test: The Overcollateralization Rolling Loss Test is
satisfied for any Payment Date if the percentage
obtained by dividing (i) aggregate losses on the loans
during the 12 months preceding a payment date, by (ii)
the Pool Scheduled Principal Balance at the beginning
of such 12 month period is less than the percentage
set forth below at the specified period:
<TABLE>
<CAPTION>
Month Percentage
----- ----------
<S> <C> <C>
1 - 24 1.25%
25 - 36 1.75%
37 - 48 2.75%
49 - 72 3.25%
73 - 84 2.25%
85 and thereafter 1.25%
</TABLE>
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
9
<PAGE>
PRINCIPAL DISTRIBUTIONS (cont'd)
--------------------------------
Subordination
Percentage: Credit enhancement with respect to the Certificates
will be provided by subordination, overcollateraliza-
tion, and, with respect to the Class A Certificates,
the FSA insurance policy.
<TABLE>
<CAPTION>
Initial Subordination:
----------------------
Class Percent
----- -------
<S> <C> <C>
A 6.50%
B-1 5.90%
B-2 0.00%
After Stepdown Date:
--------------------
Class Target Percent
----- --------------
A 17.00%
B-1 15.80%
B-2 4.00%
</TABLE>
FSA Insurance Policy: FSA will issue a financial guaranty certificate
insurance policy pursuant to which it will irrevocably
and unconditionally guarantee the timely payment of
interest and ultimate payment of principal on the
Class A Certificates.
Servicer Termination
Rights: FSA will have the right but not the obligation to
terminate the Servicer in the event that the Servicer
is in default under the terms of the Pooling and
Servicing Agreement, or if the Servicer Termination
Delinquency Test, Servicer Termination Cumulative
Realized Losses Test, or Servicer Termination Rolling
Loss Test are not satisfied.
Servicer Termination
Delinquency Test: The Servicer Termination Delinquency Test is satisfied
for any Payment Date if the three month rolling
average of the 90 plus day delinquencies (including
foreclosures and REOs) exceeds 52% of the Senior
Enhancement Percentage.
Servicer Termination
Cumulative Loss Test: The Servicer Termination Cumulative Loss Test is
satisfied for any Payment Date if the cumulative
realized loss ratio for the loans for such Payment
Date is less than or equal to the percentage set forth
below for the specified period:
<TABLE>
<CAPTION>
Month Percentage
----- ----------
<S> <C> <C>
1 - 12 2.25%
13 - 24 3.00%
25 - 36 4.25%
37 - 48 4.75%
49 - 60 5.25%
61 and thereafter 6.00%
</TABLE>
Servicer Termination
Rolling Loss Test: The Servicer Termination Rolling Loss Test is
satisfied for any Payment Date if the percentage
obtained by dividing (i) aggregate losses on the loans
during the 12 months preceding a Payment Date, by (ii)
the Pool Scheduled Principal Balance at the beginning
of such 12 month period is less than or equal to the
percentage set forth below for the specified period:
<TABLE>
<CAPTION>
Month Percentage
----- ----------
<S> <C> <C>
1 - 24 1.50%
25 - 36 2.00%
37 - 48 3.00%
49 - 72 3.50%
73 - 84 2.50%
85 and thereafter 1.50%
</TABLE>
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
10
<PAGE>
PRINCIPAL DISTRIBUTIONS (cont'd)
--------------------------------
Losses on Liquidated
Loans: If net liquidation proceeds from liquidated loans in
the respective collection period are less than the
scheduled principal balance of such liquidated loans
plus accrued and unpaid interest thereon, the
deficiency (a "Liquidation Loss Amount") will be
absorbed first by the Class C Certificateholders, then
by the Servicing Fee otherwise payable to the Servicer
(as long as Conseco Finance is the Servicer), then by
a reduction in the overcollateralization amount, if
any, then by the Class B-2 Certificateholders, then by
the Class B-1 Certificateholders, and then by the FSA
financial guaranty certificate insurance policy.
Purchase Option
Auction Sale: Beginning on the Payment Date when the scheduled
principal balance of the loans is less than 20% of the
Cut-off Date Pool Principal Balance of the loans, the
holder of the Class C Certificates will have the right
to repurchase all of the outstanding loans, at a price
sufficient to pay the aggregate unpaid principal
balance of the certificates and all accrued and unpaid
interest thereon.
If the holder of the Class C Certificates does not
exercise this Purchase Option, then on the next
Payment Date the Trustee will begin an auction process
to sell the loans and the other trust assets, but the
Trustee cannot sell the trust assets and liquidate the
trust unless the proceeds of that sale are sufficient
to pay the aggregate unpaid principal balance of the
certificates and all accrued and unpaid interest
thereon. If the first auction of the trust property is
not successful because the highest bid received is too
low, then the Trustee will conduct an auction of the
loans every third month thereafter, unless and until
an acceptable bid is received for the trust property.
If the Purchase Option is not exercised by the holder
of the Class C Certificates, excess cashflow after all
payments of interest and principal due on all
certificates and payment of monthly servicing fee are
made will be used to paydown principal as follows:
(i) first, to the Class A Certificates pro rata
until the principal balance of the Class A
Certificates is reduced to zero,
(ii) second, to the Class B-1 Certificates and the
Class B-2 Certificates, pro-rata based on the
outstanding principal balance, until the
related certificate principal balances of the
Class B Certificates are reduced to zero.
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
11
<PAGE>
DESCRIPTION OF THE INITIAL LOANS
--------------------------------
Summary
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Total Minimum Maximum
----- ------- -------
<S> <C> <C> <C>
Statistical Calculation Date Aggregate Principal Balance $421,030,597.20
Number of Loans 6,982
Average Original Loan Balance $ 60,491.26 $7,600.00 $364,641.95
Average Current Loan Balance $ 60,302.29 $7,589.76 $364,281.32
Weighted Average Combined LTV 89.88% 5.71% 100.00%
Weighted Average Gross Coupon 12.57% 7.10% 21.74%
Weighted Average Remaining Term to Maturity (months) 284 45 360
Weighted Average Original Term (months) 286 48 360
Weighted Average FICO Credit Score 625
Weighted Average Debt to Income Ratio 42.8%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
Percent of Cut-Off
Date Principal Balance
----------------------
<S> <C>
Fully Amortizing Loans 75.2%
Balloon Home Equity Loans 24.8%
Lien Position
First 75.6%
Second 24.1%
Third 0.3%
Property Type
Single Family 92.4%
Manufactured 5.2%
Condominium 0.9%
Occupancy Status
Primary 97.9%
Investment 2.1%
Geographic Distribution*
California 10.6%
New York 6.2%
Florida 5.7%
Michigan 5.6%
Credit Grade
A-1 56.7%
A-2 20.5%
B 17.6%
C 4.1%
D 1.0%
Delinquency
0 - 29 Days 98.0%
30 - 59 Days 2.0%
-------------------------------------------------------------------------------------------
*No other state constitutes more than 5.0% of the initial collateral pool.
</TABLE>
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
12
<PAGE>
DESCRIPTION OF THE INITIAL LOANS (Cont'd)
-----------------------------------------
<TABLE>
<CAPTION>
===================================================================================================================================
GEOGRAPHIC DISTRIBUTION
Number of Loans Aggregate Principal % of Outstanding Principal
as of the Statistical Balance Outstanding as of the Balance as of the Statistical
State or Territory Calculation Date Statistical Calculation Date Calculation Date (1)
===================================================================================================================================
<S> <C> <C> <C>
Alabama 250 $ 15,006,449.50 3.56%
Arkansas 70 4,345,046.75 1.03
Arizona 151 7,380,003.51 1.75
California 596 44,568,109.83 10.59
Colorado 162 10,715,799.79 2.55
Connecticut 168 9,825,687.71 2.33
Washington D.C. 15 721,765.47 0.17
Delaware 29 1,996,423.46 0.47
Florida 337 24,062,206.92 5.72
Georgia 231 15,698,276.09 3.73
Iowa 144 7,555,157.50 1.79
Idaho 42 2,564,411.62 0.61
Illinois 252 13,068,035.05 3.10
Indiana 141 7,633,707.59 1.81
Kansas 131 6,566,056.38 1.56
Kentucky 85 4,571,660.33 1.09
Louisiana 132 7,616,932.33 1.81
Massachusetts 133 7,411,187.09 1.76
Maryland 152 9,176,041.46 2.18
Maine 37 1,547,726.02 0.37
Michigan 417 23,479,423.40 5.58
Minnesota 151 8,648,305.97 2.05
Missouri 247 13,863,327.08 3.29
Mississippi 89 4,723,438.41 1.12
Montana 18 874,435.91 0.21
North Carolina 240 15,989,580.05 3.80
North Dakota 21 829,292.92 0.20
Nebraska 84 5,352,047.62 1.27
New Hampshire 18 1,092,615.38 0.26
New Jersey 111 6,491,230.44 1.54
New Mexico 29 2,340,187.14 0.56
Nevada 85 4,945,427.78 1.17
New York 443 26,118,742.07 6.20
Ohio 253 14,654,977.00 3.48
Oklahoma 104 5,532,518.95 1.31
Oregon 53 3,234,695.57 0.77
Pennsylvania 365 17,574,360.67 4.17
Rhode Island 38 2,290,062.71 0.54
South Carolina 134 8,025,063.20 1.91
South Dakota 33 1,979,897.53 0.47
Tennessee 127 9,056,387.92 2.15
Utah 31 1,509,659.66 0.36
Virginia 260 15,403,512.85 3.66
Vermont 21 1,023,024.19 0.24
Washington 129 11,429,640.47 2.71
Wisconsin 105 5,682,877.98 1.35
West Virginia 44 2,485,237.30 0.59
Wyoming 74 4,369,942.63 1.04
====================================================================================================================================
Total: 6,982 $421,030,597.20 100.00%
</TABLE>
(1) Percentages may not add to 100% due to rounding.
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
13
<PAGE>
DESCRIPTION OF THE INITIAL LOANS (Cont'd)
-----------------------------------------
<TABLE>
<CAPTION>
====================================================================================================================================
ORIGINAL LOAN AMOUNT DISTRIBUTION
Number of Loans Aggregate Principal % of Outstanding Principal
Range of as of the Statistical Balance Outstanding as of the Balance as of the Statistical
Original Loan Amount Calculation Date Statistical Calculation Date Calculation Date (1)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Less than 10,000 2 $ 17,260.05 *
10,000 - 19,999 1,007 14,844,439.61 3.53%
20,000 - 29,999 1,116 27,320,724.62 6.49
30,000 - 39,999 868 29,722,753.37 7.06
40,000 - 49,999 671 29,755,341.42 7.07
50,000 - 59,999 630 34,247,551.78 8.13
60,000 - 69,999 523 33,738,965.47 8.01
70,000 - 79,999 422 31,389,697.28 7.46
80,000 - 89,999 348 29,208,536.10 6.94
90,000 - 99,999 274 25,828,281.62 6.13
100,000 - 109,999 217 22,586,180.79 5.36
110,000 - 119,999 181 20,731,843.14 4.92
120,000 - 129,999 149 18,567,635.45 4.41
130,000 - 139,999 124 16,534,957.80 3.93
140,000 - 149,999 84 12,056,743.60 2.86
150,000 - 159,999 75 11,576,317.70 2.75
160,000 - 169,999 45 7,386,071.97 1.75
170,000 - 179,999 45 7,816,871.11 1.86
180,000 - 189,999 27 4,959,640.47 1.18
190,000 - 199,999 34 6,575,319.26 1.56
200,000 - 209,999 20 4,070,786.73 0.97
210,000 - 219,999 15 3,209,490.09 0.76
220,000 - 229,999 17 3,812,938.72 0.91
230,000 - 239,999 10 2,327,378.06 0.55
240,000 - 249,999 5 1,219,771.57 0.29
250,000 - 259,999 6 1,531,125.97 0.36
260,000 - 269,999 13 3,417,560.69 0.81
270,000 - 279,999 11 3,013,685.13 0.72
280,000 - 289,999 6 1,718,504.57 0.41
290,000 - 299,999 8 2,340,609.41 0.56
300,000 - 309,999 7 2,134,451.19 0.51
310,000 - 319,999 4 1,266,413.62 0.30
320,000 - 329,999 5 1,612,830.30 0.38
330,000 - 339,999 5 1,672,547.94 0.40
340,000 - 349,999 1 349,432.47 0.08
Greater than or equal to 350,000 7 2,467,938.13 0.59
------------------------------------------------------------------------------------------------------------------------------------
Total: 6,982 $421,030,597.20 100.00%
</TABLE>
*Indicates an amount greater than 0.00% but less than 0.005%
(1) Percentages may not add to 100% due to rounding.
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
14
<PAGE>
DESCRIPTION OF THE INITIAL LOANS (Cont'd)
-----------------------------------------
<TABLE>
<CAPTION>
====================================================================================================================================
INTEREST RATE DISTRIBUTION
Number of Loans Aggregate Principal % of Outstanding Principal
Range of Home Equity as of the Statistical Balance Outstanding as of the Balance as of the Statistical
Loan Interest Rates Calculation Date Statistical Calculation Date Calculation Date (1)
====================================================================================================================================
<S> <C> <C> <C>
7.000 - 7.999 8 $ 941,354.60 0.22%
8.000 - 8.999 35 5,175,982.75 1.23
9.000 - 9.999 226 29,039,967.58 6.90
10.000 - 10.999 481 48,087,155.01 11.42
11.000 - 11.999 988 82,510,863.39 19.60
12.000 - 12.999 1,574 114,994,479.52 27.31
13.000 - 13.999 1,175 55,013,645.94 13.07
14.000 - 14.999 1,394 50,529,161.64 12.00
15.000 - 15.999 664 22,973,300.55 5.46
16.000 - 16.999 246 7,080,334.07 1.68
17.000 - 17.999 119 2,998,134.78 0.71
18.000 - 18.999 41 1,158,948.23 0.28
19.000 - 19.999 25 423,473.16 0.10
20.000 - 20.999 4 80,826.46 0.02
21.000 - 21.999 2 22,969.52 0.01
------------------------------------------------------------------------------------------------------------------------------------
Total: 6,982 $421,030,597.20 100.00%
</TABLE>
(1) Percentages may not add to 100% due to rounding.
<TABLE>
<CAPTION>
====================================================================================================================================
REMAINING MONTHS TO MATURITY
Number of Loans Aggregate Principal % of Outstanding Principal
Range of Remaining as of the Statistical Balance Outstanding as of the Balance as of the Statistical
Months to Maturity Calculation Date Statistical Calculation Date Calculation Date (1)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
31 - 60 70 $ 1,449,644.31 0.34%
61 - 90 47 1,396,179.51 0.33
91 - 120 488 14,863,988.70 3.53
121 - 150 52 2,186,582.65 0.52
151 - 180 1,100 46,430,234.51 11.03
181 - 210 12 619,026.66 0.15
211 - 240 2,317 112,500,393.03 26.72
241 - 270 4 225,790.76 0.05
271 - 300 1,081 72,457,295.18 17.21
301 - 330 6 429,806.69 0.10
331 - 360 1,805 168,471,655.20 40.01
------------------------------------------------------------------------------------------------------------------------------------
Total: 6,982 $421,030,597.20 100.00%
</TABLE>
(1) Percentages may not add to 100% due to rounding.
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
15
<PAGE>
DESCRIPTION OF THE INITIAL LOANS (Cont'd)
-----------------------------------------
<TABLE>
<CAPTION>
====================================================================================================================================
LIEN POSITION
Number of Loans Aggregate Principal % of Outstanding Principal
as of the Statistical Balance Outstanding as of the Balance as of the Statistical
Lien Calculation Date Statistical Calculation Date Calculation Date (1)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
First 3,820 $318,313,974.58 75.60%
Second 3,119 101,658,299.18 24.15
Third 43 1,058,323.44 0.25
------------------------------------------------------------------------------------------------------------------------------------
Total: 6,982 $421,030,597.20 100.00%
(1) Percentages may not add to 100% due to rounding.
COMBINED LOAN-TO-VALUE RATIO
====================================================================================================================================
Number of Loans Aggregate Principal % of Outstanding Principal
Range of Combined as of the Statistical Balance Outstanding as of the Balance as of the Statistical
Loan-to-Value Ratios Calculation Date Statistical Calculation Date Calculation Date (1)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
5.01 - 10.00 4 $ 67,897.00 0.02%
10.01 - 15.00 4 79,503.36 0.02
15.01 - 20.00 14 372,279.25 0.09
20.01 - 25.00 16 459,803.12 0.11
25.01 - 30.00 21 664,195.83 0.16
30.01 - 35.00 28 908,416.28 0.22
35.01 - 40.00 28 919,722.97 0.22
40.01 - 45.00 44 1,516,317.09 0.36
45.01 - 50.00 59 2,440,039.16 0.58
50.01 - 55.00 44 1,939,330.52 0.46
55.01 - 60.00 87 3,569,228.91 0.85
60.01 - 65.00 110 5,207,806.40 1.24
65.01 - 70.00 174 8,762,729.59 2.08
70.01 - 75.00 245 11,981,373.43 2.85
75.01 - 80.00 427 23,284,028.83 5.53
80.01 - 85.00 674 38,255,977.11 9.09
85.01 - 90.00 1,179 69,729,167.83 16.56
90.01 - 95.00 1,904 123,533,917.60 29.34
95.01 - 100.00 1,920 127,338,862.92 30.24
------------------------------------------------------------------------------------------------------------------------------------
Total: 6,982 $421,030,597.20 100.00%
</TABLE>
(1) Percentages may not add to 100% due to rounding.
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
16
<PAGE>
DESCRIPTION OF THE INITIAL LOANS (Cont'd)
-----------------------------------------
<TABLE>
<CAPTION>
====================================================================================================================================
YEAR OF ORIGINATION
Number of Loans Aggregate Principal % of Outstanding Principal Balance as
as of the Statistical Balance Outstanding as of the of the Statistical Calculation Date (1)
Year of Origination Calculation Date Statistical Calculation Date
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1989 1 $ 12,110.41 *
1995 3 57,316.89 0.01%
1996 2 116,532.88 0.03
1997 8 237,330.16 0.06
1998 16 734,699.88 0.17
1999 293 15,471,574.11 3.67
2000 6,659 404,401,032.87 96.05
------------------------------------------------------------------------------------------------------------------------------------
Total: 6,982 $421,030,597.20 100.00%
</TABLE>
*Indicates an amount greater than 0.00% but less than 0.005%
(1) Percentages may not add to 100% due to rounding.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
Assumed Additional Loan Characteristics
---------------------------------------
-----------------------------------------------------------------------------------------------------
Cut-off Date Pool Wtd. Avg. Wtd. Avg. WAM Wtd. Avg. Orig Wtd. Avg.
Pool Principal Balance Loan Rate (Mo) Term (Mo) Amort Term
=====================================================================================================
<S> <C> <C> <C> <C> <C>
1 81,454,944.56 12.270 215 215 359
2 13,792,796.03 13.355 111 111 111
3 37,911,580.29 12.990 178 178 178
4 88,266,470.00 13.136 240 240 240
5 107,543,611.93 12.078 328 328 328
-----------------------------------------------------------------------------------------------------
328,969,402.80
Assumed Subsequent Loan Characteristics
---------------------------------------
-----------------------------------------------------------------------------------------------------
Cut-off Date Pool Wtd. Avg. Wtd. Avg. WAM Wtd. Avg. Orig Wtd. Avg.
Pool Principal Balance Loan Rate (Mo) Term (Mo) Amort Term
=====================================================================================================
1 57,416,283.17 12.270 215 215 359
2 11,169,288.17 13.355 111 111 111
3 31,855,967.20 12.990 178 178 178
4 64,637,413.33 13.136 240 240 240
5 84,921,048.13 12.078 328 328 328
-----------------------------------------------------------------------------------------------------
250,000,000.00
-----------------------------------------------------------------------------------------------------
</TABLE>
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
17
<PAGE>
PREPAYMENT SCENARIOS - TO 20% CALL
----------------------------------
<TABLE>
<CAPTION>
---------------
Pricing
----------------------------------------------------------------------------------------------------------
PPC 75% 100% 125% 150% 175%
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 (To Call)
Average Life (yrs.) 1.43 1.16 1.00 0.89 0.80
First - Last Payment Date 07/00-04/03 07/00-08/02 07/00-04/02 07/00-01/02 07/00-11/01
Payment Windows (mos.) 1 - 34 (34) 1 - 26 (26) 1 - 22 (22) 1 - 19 (19) 1 - 17 (17)
A-2 (To Call)
Average Life (yrs.) 3.08 2.42 2.00 1.72 1.51
First - Last Payment Date 04/03-11/03 08/02-02/03 04/02-09/02 01/02-05/02 11/01-02/02
Payment Windows (mos.) 34 - 41 (8) 26 - 32 (7) 22 - 27 (6) 19 - 23 (5) 17 - 20 (4)
A-3 (To Call)
Average Life (yrs.) 4.76 3.69 3.00 2.50 2.15
First - Last Payment Date 11/03-12/06 02/03-07/05 09/02-07/04 05/02-11/03 02/02-03/03
Payment Windows (mos.) 41 - 78 (38) 32 - 61 (30) 27 - 49 (23) 23 - 41 (19) 20 - 33 (14)
A-4 (To Call)
Average Life (yrs.) 8.01 6.20 5.00 4.18 3.50
First - Last Payment Date 12/06-08/09 07/05-08/07 07/04-03/06 11/03-04/05 03/03-07/04
Payment Windows (mos.) 78 - 110 (33) 61 - 86 (26) 49 - 69 (21) 41 - 58 (18) 33 - 49 (17)
A-5 (To Call)
Average Life (yrs.) 9.13 7.13 5.71 4.80 4.05
First - Last Payment Date 08/09-08/09 08/07-08/07 03/06-03/06 04/05-04/05 07/04-07/04
Payment Windows (mos.) 110 - 110 (1) 86 - 86 (1) 69 - 69 (1) 58 - 58 (1) 49 - 49 (1)
B-1 (To Call)
Average Life (yrs.) 7.51 5.83 4.71 4.05 3.65
First - Last Payment Date 12/04-08/09 12/03-08/07 07/03-03/06 08/03-04/05 09/03-07/04
Payment Windows (mos.) 54 - 110 (57) 42 - 86 (45) 37 - 69 (33) 38 - 58 (21) 39 - 49 (11)
B-2 (To Call)
Average Life (yrs.) 6.96 5.40 4.38 3.78 3.43
First - Last Payment Date 12/04-08/09 12/03-08/07 07/03-03/06 07/03-04/05 07/03-07/04
Payment Windows (mos.) 54 - 110 (57) 42 - 86 (45) 37 - 69 (33) 37 - 58 (22) 37 - 49 (13)
---------------
</TABLE>
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
18
<PAGE>
PREPAYMENT SCENARIOS - TO MATURITY
----------------------------------
<TABLE>
<CAPTION>
---------------
Pricing
---------------------------------------------------------------------------------------------------------------
PPC 75% 100% 125% 150% 175%
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 (To Maturity)
Average Life (yrs.) 1.43 1.16 1.00 0.89 0.80
First - Last Payment Date 07/00-04/03 07/00-08/02 07/00-04/02 07/00-01/02 07/00-11/01
Payment Windows (mos.) 1 - 34 (34) 1 - 26 (26) 1 - 22 (22) 1 - 19 (19) 1 - 17 (17)
A-2 (To Maturity)
Average Life (yrs.) 3.08 2.42 2.00 1.72 1.51
First - Last Payment Date 04/03-11/03 08/02-02/03 04/02-09/02 01/02-05/02 11/01-02/02
Payment Windows (mos.) 34 - 41 (8) 26 - 32 (7) 22 - 27 (6) 19 - 23 (5) 17 - 20 (4)
A-3 (To Maturity)
Average Life (yrs.) 4.76 3.69 3.00 2.50 2.15
First - Last Payment Date 11/03-12/06 02/03-07/05 09/02-07/04 05/02-11/03 02/02-03/03
Payment Windows (mos.) 41 - 78 (38) 32 - 61 (30) 27 - 49 (23) 23 - 41 (19) 20 - 33 (14)
A-4 (To Maturity)
Average Life (yrs.) 8.38 6.45 5.20 4.28 3.56
First - Last Payment Date 12/06-11/14 07/05-04/12 07/04-05/10 11/03-01/09 03/03-11/07
Payment Windows (mos.) 78 - 173 (96) 61 - 142 (82) 49 - 119 (71) 41 - 103 (63) 33 - 89 (57)
A-5 (To Maturity)
Average Life (yrs.) 11.58 9.27 7.63 6.53 5.65
First - Last Payment Date 09/09-11/14 09/07-04/12 04/06-05/10 05/05-01/09 08/04-11/07
Payment Windows (mos.) 111 - 173 (63) 87 - 142 (56) 70 - 119 (50) 59 - 103 (45) 50 - 89 (40)
B-1 (To Maturity)
Average Life (yrs.) 9.57 7.58 6.21 5.28 4.71
First - Last Payment Date 12/04-05/15 12/03-09/12 07/03-09/10 08/03-04/09 09/03-02/08
Payment Windows (mos.) 54 - 179 (126) 42 - 147 (106) 37 - 123 (87) 38 - 106 (69) 39 - 92 (54)
B-2 (To Maturity)
Average Life (yrs.) 7.82 6.03 4.87 4.10 3.65
First - Last Payment Date 12/04-05/15 12/03-09/12 07/03-09/10 07/03-04/09 07/03-02/08
Payment Windows (mos.) 54 - 179 (126) 42 - 147 (106) 37 - 123 (87) 37 - 106 (70) 37 - 92 (56)
----------------
</TABLE>
Recipients must read the statement printed on the attached cover. Do not use or
rely on this information if you have not received and reviewed this statement.
If you have not received this statement, call your Lehman Brothers account
executive for another copy.
19
