<PAGE>
EXHIBIT 99
TERM SHEET DATED May 24, 2000
Note: The following is a preliminary Term Sheet.
All terms and statements are subject to change.
$705,000,000 (Approximate)
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Conseco Finance Securitizations Corp.
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[CONSECO LOGO]
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Certificates for Manufactured Housing Contracts, Series 2000-2
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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 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 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. 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superseded by any subsequent versions (including, with respect to any
descriptions of the securities or underlying assets, the information contained
in the Offering Document).
<PAGE>
TERM SHEET DATED May 24, 2000
Conseco Finance Securitizations Corp.
Certificates for Manufactured Housing Contracts, Series 2000-2
$705,000,000 (Approximate)
Subject to Revision
Seller Conseco Finance Securitizations Corp.
Servicer Conseco Finance Corp., formerly Green Tree
Financial Corporation
Trustee U.S. Bank National Association, St. Paul, MN
Underwriters Lehman Brothers Inc. (Lead),
Merrill Lynch (co),
Credit Suisse First Boston (co)
OFFERED CERTIFICATES:
<TABLE>
<CAPTION>
================================================================================================================
Amount Ratings (S&P/Fitch/Moody's) WAL at 175% MHP Exp. Final Maturity
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
To Call
A-1 $46,750,000 AAA/AAA/Aaa 0.95 04/02
A-2 $18,000,000 AAA/AAA/Aaa 2.21 01/03
A-3 $31,000,000 AAA/AAA/Aaa 3.20 05/04
A-4 $33,000,000 AAA/AAA/Aaa 5.00 09/06
A-5 $88,125,000 AAA/AAA/Aaa 10.40 11/12
A-6 $400,000,000 AAA/AAA/Aaa 5.83 11/12
M-1 $35,625,000 AA/AA/Aa2 9.07 11/12
M-2 $37,500,000 A/A/A2 9.07 11/12
B-1 $15,000,000 BBB+/BBB+/Baa2 5.04 07/06
To Maturity
A-5 $88,125,000 AAA/AAA/Aaa 11.70 06/20
A-6 $400,000,000 AAA/AAA/Aaa 6.36 06/20
M-1 $35,625,000 AA/AA/Aa2 9.62 09/17
M-2 $37,500,000 A/A/A2 9.62 09/17
Total Balance $705,000,000
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</TABLE>
FOR INFORMATION CONCERNING CERTAIN RISK FACTORS THAT SHOULD BE CONSIDERED BY
PROSPECTIVE INVESTORS, SEE "RISK FACTORS" IN THE PROSPECTUS SUPPLEMENT.
CAPITALIZED TERMS USED HEREIN AND NOT OTHERWISE DEFINED HAVE THE MEANINGS SET
FORTH IN THE PROSPECTUS AND 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.
<PAGE>
CUT-OFF DATE: April 30, 2000 for a portion of the Pool, in each
case for contracts other than Subsequent Contracts.
For each Subsequent Contract, the trust will be
entitled to receive all payments due after the last
day of the calendar month in which the subsequent
closing occurs.
EXP. PRICING: Week of May 15, 2000
EXP. SETTLEMENT/
CLOSING DATE: May 30, 2000
LEGAL FINAL: December 2031
REMITTANCE DATE: The 1st day of each month (or if such 1st day is not
a business day, the next succeeding business day),
commencing in July 2000.
OTHER CERTIFICATES: In addition to the Offered Certificates, the Class
B-2, Class B-3I and Class C Certificates will also be
issued. The Class B-3I Certificates are interest-only
Certificates and the Class C Certificates (Class C
Master and Class C Subsidiary Certificates) are
residual Certificates. The Class B-2, Class B-3I and
Class C Certificates will be retained by an affiliate
of Conseco Finance Corp. and will be fully
subordinated to the Offered Certificates.
ERISA: Subject to the conditions set forth in the Prospectus
Supplement, the Class A Certificates are ERISA
eligible. No transfer of a Class M or a Class B
Certificate will be permitted to be made to any
benefit plan unless such plan delivers an opinion of
counsel to the Trustee.
SMMEA: The Class A and the Class M-1 Certificates will not
constitute "mortgage related securities" under the
Secondary Mortgage Market Enhancement Act of 1984
("SMMEA") until such time as the amount in the
Pre-Funding Account is reduced to zero. At such time,
the Class A and Class M-1 Certificates will be "legal
investments" for certain types of institutional
investors to the extent provided in SMMEA. The Class
M-2, Class B-1 and Class B-2 Certificates are not
SMMEA eligible.
TAX STATUS: Two separate REMIC Elections will be made with
respect to the Trust for federal income tax purposes.
OPTIONAL PURCHASE/
AUCTION: 20% cleanup call or auction sale subject to certain
requirements if call is not exercised.
THE CONTRACT POOL: On the Closing Date, the Trust expects to purchase
(i) manufactured housing contracts having an
aggregate principal balance of approximately
$389,101,737.30 as of the Cut-off Date (the "Initial
Contracts") and (ii) additional manufactured housing
contracts (the "Additional Contracts").
PRE-FUNDING ACCOUNT: On the Closing Date, a portion of the proceeds from
the sale of the Certificates (the "Pre-Funded
Amount") will be deposited with the Trustee in a
segregated account (the "Pre-Funding Account") and
used by the Trust to purchase additional contracts
(the "Subsequent Contracts") during a period (not
longer than 90 days) following the Closing Date (the
"Pre-Funding Period") for inclusion in the Contract
Pool. The Subsequent Contracts will not exceed 25% of
the total Contract Pool. 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 distributed
as principal, allocated approximately 35.15704% to
the class A-1 Certificateholders and approximately
64.84296% to the Class A-6 Certificateholders on the
next Remittance Date. If 35.15704% of the amount
remaining in the Pre Funding Account is greater than
the remaining principal balance of the Class A-1
certificates, any additional amounts shall be
distributed as an additional payment of principal to
the Class A-2, Class A-3, Class A-4 and Class A-5
certificateholders sequentially until each class is
retired.
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>
CREDIT ENHANCEMENT: Class A 17.75% subordination (Class M-1, Class
M-2, Class B-1, Class B-2 and
overcollateralization) and Excess Spread
Class M-1 13.00% subordination (Class M-2, Class
B-1, Class B-2 and
overcollateralization) and Excess Spread
Class M-2 8.00% subordination (Class B-1, Class
B-2 and overcollateralization) and
Excess Spread
Class B-1 6.00% subordination (Class B-2 and
overcollateralization) and Excess Spread
For any Remittance Date, the Overcollateralization
Amount will be the excess, if any, of (a) the sum of
the aggregate principal balance of the manufactured
housing contracts immediately following that
Remittance Date and the amount on deposit in the
Pre-Funding Account, if any, over (b) the aggregate
principal balance of the Class A, Class M and Class B
Certificates as of that Remittance Date (after taking
into account principal payments).
There will be initial overcollateralization of
approximately 1.5% building to 2.0% (as described in
the next succeeding paragraph) of the sum of (i)
aggregate Cut-Off Date principal balance of the
manufactured housing contracts included in the Trust
as of the Closing Date and (ii) the amount on deposit
in the Pre-Funding Account on the Closing Date.
The Certificateholders will be entitled to receive
additional distributions in respect of principal on
each Remittance Date to the extent there is any
Amount Available remaining after payment of all
interest and principal on the Certificates and the
Monthly Servicing Fee to the Servicer for such
Remittance Date, until the overcollateralization
amount equals 2.0% of (i) the aggregate Cut-Off Date
principal balance of manufactured housing contracts
included in the Trust as of the Closing Date and (ii)
the amount on deposit in the Pre-Funding Account on
the Closing Date. Such additional distributions in
respect of principal will be paid in accordance with
the distribution priorities described herein and in
the Prospectus and Prospectus Supplement.
If the amount available in the certificate account on
a particular remittance date, prior to the remittance
date in July 2005, is not sufficient to make a full
distribution of the Formula Principal Distribution
Amount to those classes of certificates then entitled
to receive principal distributions, the shortfall
will be carried forward and added to the amount of
principal those certificateholders will be entitled
to receive on the next remittance date. As a result,
if the overcollateralization amount is reduced by
losses on the contracts, as described under "- Losses
on Liquidated Contracts" below, the
overcollateralization amount will be restored to its
prior level as the amount available in the
certificate account on subsequent remittance dates is
sufficient to pay shortfalls in the required
principal distributions for prior remittance dates,
until the remittance date in July 2005. Any
reductions in the overcollateralization amount that
occur on the remittance date in July 2005 or later
will not be offset by subsequent increases in the
amount of principal to be distributed on the
certificates.
DISTRIBUTIONS: Certificateholders will be entitled to receive on
each Remittance Date commencing in July 2000, to the
extent that the Amount Available in the Certificate
Account, is sufficient therefore, distributions
allocable to interest and principal, as described in
the Prospectus Supplement. The Amount Available on
each Remittance Date generally includes the sum of
(i) payments on the Contracts due and received during
the related Due Period, (ii) prepayments and other
unscheduled collections received during the related
Due Period, and (iii) all collections of principal on
the Contracts received during the Due Period in which
such Remittance Date occurs up to and including the
third business day prior to such Remittance Date (but
in no event later than the 25th day of the month
prior to such Remittance Date), minus (iv) with
respect to all Remittance Dates other than the
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>
Remittance Date in July 2000, all collections in
respect of principal on the Contracts received during
the related Due Period up to and including the third
business day prior to the preceding Remittance Date
(but in no event later than the 25th day of the prior
month).
The Amount Available in the Certificate Account with
respect to any Remittance Date will be applied first
to the distribution of interest on the Class A, Class
M-1, Class M-2 and Class B-1 Certificates, and then
to the distribution of principal on the Class A,
Class M-1, Class M-2 and Class B-1 Certificates, in
the manner and order of priority described below, and
then to the distribution of interest and principal on
the Class B-2 Certificates.
The "Due Period" with respect to all Remittance Dates
other than the Remittance Date in July 2000, is the
period from and including the 16th day of the second
month preceding such Remittance Date, to and
including the 15th day of the month immediately
preceding such Remittance Date.
With respect to the Remittance Date in July 2000, the
Due Period is the period from and including May 1,
2000 to and including June 15, 2000.
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>
INTEREST ON THE Interest will be distributed first to each of the
CLASS A, CLASS M-1, Class A-1, Class A-2, Class A-3, Class A-4 and Class
CLASS M-2 AND CLASS B-1 A-5 Certificates and Class A-6 Certificates, then to
CERTIFICATES: the Class M-1 Certificates, then to the Class M-2
Certificates and then to the Class B-1 Certificates.
Interest on the outstanding Class A Principal
Balance, Class M-1 Adjusted Principal Balance, Class
M-2 Adjusted Principal Balance, and Class B-1
Adjusted Principal Balance, as applicable, will
accrue from the Closing Date or from the most recent
Remittance Date on which interest has been paid, to
but excluding the following Remittance Date.
Each Class of Certificates will bear interest at a
fixed Pass-Through Rate calculated on a 30/360 basis.
The "Class M-1 Adjusted Principal Balance" as of any
Remittance Date is the Class M-1 Principal Balance
less any Class M-1 Liquidation Loss Amount. The Class
M-1 Principal Balance is the Original Class M-1
Principal Balance less all amounts previously
distributed on account of principal of the Class M-1
Certificates.
The "Class M-2 Adjusted Principal Balance" as of any
Remittance Date is the Class M-2 Principal Balance
less any Class M-2 Liquidation Loss Amount. The Class
M-2 Principal Balance is the Original Class M-2
Principal Balance less all amounts previously
distributed on account of principal of the Class M-2
Certificates.
The "Class B-1 Adjusted Principal Balance" as of any
Remittance Date is the Class B-1 Principal Balance
less any Class B-1 Liquidation Loss Amount. The Class
B-1 Principal Balance is the Original Class B-1
Principal Balance less all amounts previously
distributed on account of principal of the Class B-1
Certificates.
In the event that, on a particular Remittance Date,
the Amount Available in the Certificate Account,
after payment of interest on each Class of
Certificates that is senior to such Class of
Certificates, is not sufficient to make a full
distribution of interest to the holders of such Class
of Certificates, the amount of interest to be
distributed in respect of such Class will be
allocated among the outstanding Certificates of such
Class pro rata in accordance with their respective
entitlements to interest, and the amount of the
shortfall will be carried forward and added to the
amount such holders will be entitled to receive on
the next Remittance Date. Any such amount so carried
forward will bear interest at the applicable
Remittance Rate, to the extent legally permissible.
PRINCIPAL ON THE After the payment of all interest distributable to
CLASS A, CLASS M-1, the Class A, Class M-1, Class M-2, and Class B-1
CLASS M-2 AND CLASS B-1 Certificateholders, principal will be distributable
CERTIFICATES: in the following manner:
On each Remittance Date, approximately 64.84296% of
the Class A Percentage will be distributed to the
Class A-6 Certificateholders and approximately
35.15704% of the Class A Percentage will be
distributed sequentially to the Class A-1, Class A-2,
Class A-3, Class A-4 and Class A-5
Certificateholders.
The Class A Percentage for any Remittance Date will
equal a fraction, expressed as a percentage, the
numerator of which is the Class A Principal Balance
as of such Remittance Date, and the denominator of
which is the sum of: (i) the Class A Principal
Balance, (ii) if the Class M-1 Distribution Test is
satisfied on such Remittance Date, the Class M-1
Principal Balance, otherwise zero, (iii) if the Class
M-2 Distribution Test is satisfied on such Remittance
Date, the Class M-2 Principal Balance, otherwise
zero, and (iv) if the Class B Distribution Test is
satisfied on such Remittance Date, the sum of the
Class B Principal Balance and the
Overcollateralization Amount, otherwise zero, all as
of such Remittance Date.
The Class M-1 Certificateholders will be entitled to
receive principal on each Remittance Date on which
(i) the Class A Principal Balance has been reduced to
zero or (ii) the Class M-1 Distribution Test is
satisfied.
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>
The Class M-1 Percentage for any Remittance Date will
equal (a) zero, if the Class A Principal Balance has
not yet been reduced to zero and the Class M-1
Distribution Test is not satisfied or (b) a fraction,
expressed as a percentage, the numerator of which is
the Class M-1 Principal Balance as of such Remittance
Date, and the denominator of which is the sum of: (i)
the Class A Principal Balance, if any, (ii) the Class
M-1 Principal Balance, (iii) if the Class M-2
Distribution Test is satisfied on such Remittance
Date, the Class M-2 Principal Balance, otherwise zero
and (iv) if the Class B Distribution Test is
satisfied on such Remittance Date, the sum of the
Class B Principal Balance and the
Overcollateralization Amount, otherwise zero, all as
of such Remittance Date.
The Class M-1 Distribution Test will be satisfied if
each of the following tests is satisfied: (i) the
Remittance Date occurs in or after July 2004; (ii)
the Average Sixty-Day Delinquency Ratio Test (as
defined in the Agreement) as of such Remittance Date
must not exceed 5.00%; (iii) Cumulative Realized
Losses (as defined in the Agreement) as of such
Remittance Date must not exceed a certain specified
percentage of the Cut-off Date Pool Principal
Balance, depending on the year in which such
Remittance Date occurs; (iv) the Current Realized
Loss Ratio (as defined in the Agreement) as of such
Remittance Date must not exceed 2.75%; and (v) the
sum of the Class M-1 Principal Balance, the Class M-2
Principal Balance, the Class B Principal Balance, and
the Overcollateralization Amount divided by the Pool
Scheduled Principal Balance as of the immediately
preceding Remittance Date must be equal to or greater
than 27.375%.
The Class M-2 Certificateholders will be entitled to
receive principal on each Remittance Date on which
(i) the Class A Principal Balance and Class M-1
Principal Balance have been reduced to zero or (ii)
the Class M-2 Distribution Test is satisfied.
The Class M-2 Percentage for any Remittance Date will
equal (a) zero, if the Class A Principal Balance and
Class M-1 Principal Balance have not yet been reduced
to zero and the Class M-2 Distribution Test is not
satisfied or (b) a fraction, expressed as a
percentage, the numerator of which is the Class M-2
Principal Balance as of such Remittance Date, and the
denominator of which is the sum of: (i) the Class A
Principal Balance, if any, (ii) the Class M-1
Principal Balance, if any, (iii) the Class M-2
Principal Balance, and (iv) if the Class B
Distribution Test is satisfied on such Remittance
Date, the sum of the Class B Principal Balance and
the Overcollateralization Amount, otherwise zero, all
as of such Remittance Date.
The Class M-2 Distribution Test will be satisfied if
each of the following tests is satisfied: (i) the
Remittance Date occurs in or after July 2004; (ii)
the Average Sixty-Day Delinquency Ratio Test (as
defined in the Agreement) as of such Remittance Date
must not exceed 5.00%; (iii) Cumulative Realized
Losses (as defined in the Agreement) as of such
Remittance Date must not exceed a certain specified
percentage of the Cut-off Date Pool Principal
Balance, depending on the year in which such
Remittance Date occurs; (iv) the Current Realized
Loss Ratio (as defined in the Agreement) as of such
Remittance Date must not exceed 2.75%; and (v) the
sum of the Class M-2 Principal Balance, the Class B
Principal Balance, and the Overcollateralization
Amount divided by the Pool Scheduled Principal
Balance as of the immediately preceding Remittance
Date must be equal to or greater than 20.25%.
The Class B-1 Certificateholders will be entitled to
receive principal on each Remittance Date on which
(i) the Class A Principal Balance, the Class M-1
Principal Balance and the Class M-2 Principal Balance
have been reduced to zero or (ii) the Class B
Distribution Test is satisfied.
The Class B Percentage for any Remittance Date will
equal (a) zero, if the Class A Principal Balance, the
Class M-1 Principal Balance and the Class M-2
Principal Balance have not yet been reduced to zero
and the Class B Distribution Test is not satisfied or
(b) a fraction, expressed as a percentage, the
numerator of which is the sum of the Class B
Principal Balance and the Overcollateralization
Amount as of such Remittance Date, and
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>
the denominator of which is the sum of: (i) the Class
A Principal Balance, if any, (ii) the Class M-1
Principal Balance, if any, (iii) the Class M-2
Principal Balance, if any, and (iv) the sum of the
Class B Principal Balance and the
Overcollateralization Amount, all as of such
Remittance Date.
The Class B Distribution Test will be satisfied if
each of the following tests is satisfied: (i) the
Remittance Date occurs in or after July 2004; (ii)
the Average Sixty-Day Delinquency Ratio Test (as
defined in the Agreement) as of such Remittance Date
must not exceed 5.00%; (iii) the Cumulative Realized
Losses (as defined in the Agreement) as of such
Remittance Date must not exceed a certain specified
percentage of the Cut-off Date Pool Principal
Balance, depending on the year in which such
Remittance Date occurs; (iv) the Current Realized
Loss Ratio (as defined in the Agreement) as of such
Remittance Date must not exceed 2.75%; (v) the Class
B Principal Balance plus the Overcollateralization
amount divided by the Pool Scheduled Principal
Balance as of the immediately preceding Remittance
Date must be equal to or greater than 12.75%; and
(vi) the Class B Principal Balance must not be less
than $15,000,000.
PURCHASE OPTION; Commencing on the first Remittance Date when the
AUCTION SALE aggregate scheduled principal balance of the
contracts is less than or equal to 20% of the
aggregate Cut-off Date principal balance of the
contracts, the holder of the Class C Subsidiary
Certificate (see "Other Certificates" herein) will
have the right to purchase all of the outstanding
contracts, 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 Subsidiary Certificate
does not exercise this purchase option, then on the
next Remittance Date the trustee will begin an
auction process to sell the contracts and the other
trust assets at the highest possible price, but the
trustee cannot sell the trust assets and liquidate
the trust unless the proceeds of such 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 was not sufficient to pay the amount set
forth in the previous sentence, then on each
Remittance Date thereafter all of the Amount
Available remaining after payments of interest and
principal due on all Certificates and payment of the
monthly Servicing Fee will be used to make additional
payments of principal to the Class M-1, Class M-2,
Class B-1 and Class B-2 Certificates pro rata based
on the then outstanding principal balance of such
Certificates. In addition, the trustee will continue
to conduct an auction of the contracts every third
month thereafter, until an acceptable bid is received
for the trust property. The Class C Subsidiary
Certificateholder's purchase option will expire upon
the trustee's acceptance of a qualifying bid.
CLASS B-2 INTEREST: Interest on the outstanding Class B-2 Principal
Balance will accrue from the Closing Date, or from
the most recent Remittance Date on which interest has
been paid to but excluding the following Remittance
Date.
To the extent of the remaining Amount Available, if
any, for a Remittance Date after payment of all
interest and principal then payable on the Class A,
Class M-1, Class M-2 and Class B-1 Certificates,
interest will be paid to the Class B-2
Certificateholders on such Remittance Date at the
Class B-2 Remittance Rate on the then outstanding
Class B-2 Principal Balance. The Class B-2 Principal
Balance is the Original Class B-2 Principal Balance
less all amounts previously distributed to the Class
B-2 Certificateholders on account of principal.
In the event that, on a particular Remittance Date,
the remaining Amount Available in the Certificate
Account plus any amounts actually paid under the
Limited Guarantee are not sufficient to make a full
distribution of interest to the Class B-2
Certificateholders, the amount of the deficiency will
be carried forward as an amount that the Class B-2
Certificateholders are entitled to receive on the
next Remittance Date. Any amount so
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>
carried forward will, to the extent legally
permissible, bear interest at the Class B-2
Remittance Rate.
CLASS B-2 PRINCIPAL: The Class B-2 Certificateholders will be entitled to
receive principal on each Remittance Date on which
(i) the Class B-1 Principal Balance has been reduced
to zero and (ii) the Class B Distribution Test is
satisfied; provided, however, that if the Class A
Principal Balance, the Class M-1 Principal Balance,
the Class M-2 Principal Balance and the Class B-1
Principal Balance have been reduced to zero, the
Class B-2 Certificateholders will nevertheless be
entitled to receive principal. See "Description of
the Certificates--Class B-2 Principal" in the
Prospectus Supplement.
On each Remittance Date on which the Class B-2
Certificateholders are entitled to receive principal,
the Class B Percentage of the Formula Principal
Distribution Amount will be distributed, to the
extent of the remaining Amount Available after
payment of interest on the Class B-2 Certificates, to
the Class B-2 Certificateholders until the Class B-2
Principal Balance has been reduced to zero.
LOSSES ON LIQUIDATED If Net Liquidation Proceeds from Liquidated Contracts
CONTRACTS: in the respective collection period are less than the
Scheduled Principal Balance of such Liquidated
Contracts, the shortfall amount will be absorbed by
the Class B-3I Certificateholders, then the Monthly
Servicing Fee (as long as Conseco Finance Corp. is
the Servicer), then the Overcollateralization Amount,
then the Class B-2 Certificateholders, then the Class
B-1 Certificateholders, then the Class M-2
Certificateholders and then the Class M-1
Certificateholders, since a portion of the Amount
Available equal to such shortfall and otherwise
distributable to them will be paid to the Class A
Certificateholders.
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>
MANUFACTURED HOUSING CONTRACT CHARACTERISTICS
The information presented below relates to the Initial Contracts, which
will represent approximately 52% of the Contract Pool. Although the
characteristics of the Additional Contracts or the Subsequent Contracts will
differ from the characteristics of the Initial Contracts shown below, Conseco
Finance Corp. does not expect that the characteristics of the Additional or
Subsequent Contracts sold to the Trust will vary materially from the information
concerning the Initial Contracts herein.
THE INITIAL CONTRACT POOL AS OF THE CUT-OFF DATE
-----------------------------------------------------------------------
Number of Contracts: 10,290
Wgt. Avg. Contract Rate: 11.272%
Range of Rates: 5.25% - 19.95%
Wgt. Avg. Orig. Maturity: 318 months
Wgt. Avg. Rem. Maturity: 313 months
Avg. Current Balance: $37,813.58
Wgt. Avg. LTV: 88.31%
New/Used: 73.8% / 25.2%
Park/Private: 28.1% / 71.9%
Single/Double: 29.5% / 70.5%
Land/Home: 31.9%
Conventional: 100.0%
-----------------------------------------------------------------------
YEARS OF ORIGINATION OF INITIAL CONTRACTS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
Number of Aggregate Principal % of Contracts by Outstanding
Contracts as of Balance Outstanding as Principal Balance as of the
Origination Year the Cut-Off Date of the Cut-Off Date Cut-Off Date
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1982 1 8,050.86 *
1983 2 24,155.23 0.01
1984 12 134,322.56 0.03
1985 18 60,670.97 0.02
1986 506 2,000,436.53 0.51
1987 307 1,933,434.18 0.50
1988 381 3,122,496.89 0.80
1989 98 1,272,704.37 0.33
1990 60 1,203,474.31 0.31
1991 212 3,427,874.30 0.88
1992 231 3,341,581.54 0.86
1993 27 523,036.00 0.13
1994 17 440,288.15 0.11
1995 4 106,374.13 0.03
1996 4 71,129.32 0.02
1997 2 28,991.93 0.01
1998 3 58,810.94 0.02
1999 1,326 110,931,448.07 28.51
2000 7,079 260,412,457.02 66.93
Total: 10,290 389,101,737.30 100.00
-------------------------------------------------------------------------------------------------------
</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.
<PAGE>
GEOGRAPHIC DISTRIBUTION OF INITIAL CONTRACT OBLIGORS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
Number of Aggregate Principal % of Contracts by Outstanding
Contracts as of Balance Outstanding as Principal Balance as of the
States the Cut-Off Date of the Cut-Off Date Cut-Off Date
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
AK 1 60,457.31 0.02
AL 455 14,089,105.68 3.62
AR 543 14,548,111.35 3.74
AZ 162 8,005,653.40 2.06
CA 229 10,534,406.78 2.71
CO 164 7,168,557.70 1.84
CT 4 156,392.01 0.04
DC 1 7,340.68 0.00
DE 33 1,336,393.10 0.34
FL 619 23,305,893.76 5.99
GA 789 22,521,240.30 5.79
IA 93 2,943,530.24 0.76
ID 47 2,211,663.05 0.57
IL 97 3,076,108.85 0.79
IN 225 8,828,256.11 2.27
KS 76 2,474,237.48 0.64
KY 176 6,497,331.41 1.67
LA 179 5,576,484.62 1.43
MA 6 246,223.26 0.06
MD 36 1,435,563.93 0.37
ME 36 1,354,221.54 0.35
MI 449 21,653,731.78 5.57
MN 116 3,675,994.25 0.94
MO 199 6,958,523.60 1.79
MS 756 18,284,111.07 4.70
MT 40 1,841,885.80 0.47
NC 728 45,951,255.16 11.81
ND 35 1,119,129.12 0.29
NE 44 1,604,004.43 0.41
NH 54 2,590,554.95 0.67
NJ 3 176,509.32 0.05
NM 128 4,946,208.41 1.27
NV 135 7,611,902.28 1.96
NY 316 7,348,982.36 1.89
OH 390 9,947,780.47 2.56
OK 191 6,619,575.14 1.70
OR 73 4,991,817.14 1.28
PA 193 6,811,039.05 1.75
RI 1 42,547.04 0.01
SC 304 12,472,366.93 3.21
SD 60 2,014,350.93 0.52
TN 248 10,443,453.01 2.68
TX 1,352 51,393,720.94 13.21
UT 23 1,188,802.73 0.31
VA 127 5,862,425.48 1.51
VT 26 1,008,970.57 0.26
WA 138 9,670,063.84 2.49
WI 75 2,317,896.99 0.60
WV 83 2,859,610.60 0.73
WY 32 1,317,351.35 0.34
Total 10,290 389,101,737.30 100.00
-------------------------------------------------------------------------------------------------------
</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.
<PAGE>
DISTRIBUTION OF ORIGINAL INITIAL CONTRACT AMOUNTS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
Number of Aggregate Principal % of Contracts by Outstanding
Original Contract Contracts as of Balance Outstanding as Principal Balance as of the
Amount (in Dollars) the Cut-Off Date of the Cut-Off Date Cut-Off Date
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.00 - 9,999.99 226 1,684,035.82 0.43
10,000.00 - 19,999.99 2,164 23,268,865.29 5.98
20,000.00 - 29,999.99 2,122 45,843,847.17 11.78
30,000.00 - 39,999.99 1,829 61,234,758.97 15.74
40,000.00 - 49,999.99 1,191 52,954,596.00 13.61
50,000.00 - 59,999.99 893 48,994,398.59 12.59
60,000.00 - 69,999.99 597 38,563,364.13 9.91
70,000.00 - 79,999.99 424 31,541,532.30 8.11
80,000.00 - 89,999.99 279 23,564,873.02 6.06
90,000.00 - 99,999.99 226 21,438,077.43 5.51
100,000.00 - 109,999.99 138 14,365,510.27 3.69
110,000.00 - 119,999.99 88 10,081,719.83 2.59
120,000.00 - 129,999.99 51 6,319,652.26 1.62
130,000.00 - 139,999.99 22 2,833,967.08 0.73
140,000.00 - 149,999.99 20 2,883,632.68 0.74
150,000.00 - 159,999.99 4 609,080.83 0.16
160,000.00 - 169,999.99 6 971,491.68 0.25
170,000.00 - 179,999.99 4 702,865.97 0.18
180,000.00 - 189,999.99 1 184,208.49 0.05
190,000.00 - 199,999.99 3 578,270.56 0.15
220,000.00 - 229,999.99 1 222,585.34 0.06
260,000.00 - 269,999.99 1 260,403.59 0.07
Total: 10,290 389,101,737.30 100.00
-------------------------------------------------------------------------------------------------------
</TABLE>
* Indicates an amount greater than 0.00% but less than 0.005%.
(1) Percentages may not add to 100% due to rounding.
CONTRACT RATE OF INITIAL CONTRACTS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
Number of Aggregate Principal % of Contracts by Outstanding
Contracts as of Balance Outstanding as Principal Balance as of the
Contract Rate the Cut-Off Date of the Cut-Off Date Cut-Off Date
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
5.000 - 5.999 1 95,664.40 0.02
6.000 - 6.999 21 2,073,222.60 0.53
7.000 - 7.999 229 20,931,100.34 5.38
8.000 - 8.999 730 59,319,158.11 15.25
9.000 - 9.999 578 35,278,907.96 9.07
10.000 - 10.999 771 39,556,678.63 10.17
11.000 - 11.999 1,447 60,433,345.58 15.53
12.000 - 12.999 1,910 61,968,038.02 15.93
13.000 - 13.999 2,422 58,630,886.34 15.07
14.000 - 14.999 1,471 36,391,532.99 9.35
15.000 - 15.999 396 9,677,510.97 2.49
16.000 - 16.999 137 2,534,093.33 0.65
17.000 - 17.999 158 2,008,882.07 0.52
18.000 - 18.999 13 146,333.56 0.04
19.000 - 19.999 6 56,382.40 0.01
Total: 10,290 389,101,737.30 100.00
------------------------------------------------------------------------------------------------------
</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.
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF INITIAL CONTRACTS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
Number of Aggregate Principal % of Contracts by Outstanding
Loan to Value Contracts as of Balance Outstanding as Principal Balance as of the
Ratio the Cut-Off Date of the Cut-Off Date Cut-Off Date
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.01 - 5.00 1 73,989.73 0.02
5.01 - 10.00 4 181,598.65 0.05
10.01 - 15.00 5 155,873.60 0.04
15.01 - 20.00 14 308,679.06 0.08
20.01 - 25.00 8 203,341.54 0.05
25.01 - 30.00 11 455,953.22 0.12
30.01 - 35.00 18 353,743.32 0.09
35.01 - 40.00 17 455,271.21 0.12
40.01 - 45.00 27 747,144.15 0.19
45.01 - 50.00 47 1,504,058.10 0.39
50.01 - 55.00 56 1,884,624.59 0.48
55.01 - 60.00 85 3,005,137.22 0.77
60.01 - 65.00 118 4,534,113.73 1.17
65.01 - 70.00 139 5,726,845.68 1.47
70.01 - 75.00 254 11,356,776.27 2.92
75.01 - 80.00 881 32,534,901.39 8.36
80.01 - 85.00 817 28,190,688.69 7.25
85.01 - 90.00 3,980 137,543,147.94 35.35
90.01 - 95.00 2,533 114,207,102.43 29.35
95.01 - 100.00 1,275 45,678,746.78 11.74
Total: 10,290 389,101,737.30 100.00
------------------------------------------------------------------------------------------------------
</TABLE>
* Indicates an amount greater than 0.00% but less than 0.005%.
(1) Percentages may not add to 100% due to rounding.
REMAINING MONTHS TO MATURITY OF INITIAL CONTRACTS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
Number of Aggregate Principal % of Contracts by Outstanding
Contracts as of Balance Outstanding as Principal Balance as of the
Months Remaining the Cut-Off Date of the Cut-Off Date Cut-Off Date
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 - 30 847 3,287,459.48 0.84
31 - 60 549 4,488,838.32 1.15
61 - 90 392 5,558,632.95 1.43
91 - 120 626 10,529,010.60 2.71
121 - 150 268 6,096,167.01 1.57
151 - 180 1,052 24,368,340.17 6.26
181 - 210 10 355,849.69 0.09
211 - 240 1,001 30,793,805.79 7.91
241 - 270 3 163,915.41 0.04
271 - 300 865 31,767,324.14 8.16
331 - 360 4,677 271,692,393.74 69.83
Total: 10,290 389,101,737.30 100.00
------------------------------------------------------------------------------------------------------
</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.
<PAGE>
PREPAYMENT SENSITIVITIES
<TABLE>
<CAPTION>
75% MHP 125% MHP 175% MHP 250% MHP 300% MHP
WAL/Maturity WAL/Maturity WAL/Maturity WAL/Maturity WAL/Maturity
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
To Call
A-1 1.73 11/03 1.22 11/02 0.95 04/02 0.72 11/01 0.62 09/01
A-2 4.11 04/05 2.85 10/03 2.21 01/03 1.68 05/02 1.45 02/02
A-3 6.06 12/07 4.20 09/05 3.20 05/04 2.40 05/03 2.06 12/02
A-4 9.58 03/12 6.76 11/08 5.00 09/06 3.47 08/04 2.96 12/03
A-5 17.46 06/20 13.30 01/16 10.40 11/12 7.45 09/09 6.13 04/08
A-6 10.13 06/20 7.53 01/16 5.83 11/12 4.19 09/09 3.49 04/08
M-1 14.92 06/20 11.19 01/16 9.07 11/12 7.40 09/09 6.63 04/08
M-2 14.92 06/20 11.19 01/16 9.07 11/12 7.40 09/09 6.63 04/08
B-1 8.60 12/10 6.02 11/07 5.04 07/06 4.76 12/05 4.64 09/05
B-2 16.19 06/20 12.21 01/16 9.84 11/12 7.85 09/09 6.98 04/08
To Maturity
A-5 18.86 06/27 14.79 03/24 11.70 06/20 8.46 12/15 6.97 10/13
A-6 10.70 06/27 8.14 03/24 6.36 06/20 4.60 12/15 3.83 10/13
M-1 15.49 06/25 11.75 11/20 9.62 09/17 8.07 09/14 7.37 05/13
M-2 15.49 06/25 11.75 11/20 9.62 09/17 8.07 09/14 7.37 05/13
B-2 17.41 06/25 13.35 11/20 11.00 09/17 9.07 09/14 8.26 05/13
</TABLE>
(1) The following are the assumed characteristics of the Additional and
Subsequent Contracts as of the Cut-off Date.
ADDITIONAL CONTRACTS
<TABLE>
<CAPTION>
Aggregate Principal Wtd. Avg. Wtd. Avg. Wtd. Avg.
Balance Outstanding Original Term Remaining Term Contract Rate
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pool 1 3,723,853.87 76 76 16.600%
Pool 2 9,764,029.43 120 120 16.267
Pool 3 42,670,644.81 177 177 15.628
Pool 4 55,593,781.00 240 240 15.427
Pool 5 32,774,118.12 300 300 15.615
Pool 6 196,907,222.41 360 360 13.031
-------------------------------------------------------------------------------------
Total 341,433,649.64 302 302 14.125%
</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.
