<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 17, 2000
CONSECO FINANCE CORP.
CONSECO FINANCE SECURITIZATIONS CORP.
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(Exact name of registrant as specified in its charter)
Delaware [333-92315 and 333-92315-01] 41-1807858
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(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification No.)
1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota 55102-1639
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(Address of principal executive offices)
Registrant's telephone number, including area code: (651) 293-3400
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Not Applicable
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(Former name or former address, if changed since last report)
<PAGE>
Item 1. Changes in Control of Registrant.
Not applicable.
Item 2. Acquisition or Disposition of Assets.
Not applicable.
Item 3. Bankruptcy or Receivership.
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not applicable.
Item 5. Other Events.
Not applicable.
Item 6. Resignations of Registrant's Directors.
Not applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
The following is filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
2
<PAGE>
Exhibit No. Description
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99 Lehman Brothers Inc. Terms Sheet dated May 17, 2000
distributed in connection with Certificates for
Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 2000-3, issued by
Conseco Finance Securitizations Corp., as Seller.
3
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONSECO FINANCE CORP.
By: /s/ Phyllis A. Knight
---------------------------------------
Phyllis A. Knight
Senior Vice President and Treasurer
CONSECO FINANCE SECURITIZATIONS CORP.
By: /s/ Phyllis A. Knight
---------------------------------------
Phyllis A. Knight
Senior Vice President and Treasurer
4
<PAGE>
TERM SHEET DATED May 17, 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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[GRAPHIC OMITTED]
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Certificates for Manufactured Housing Contracts, Series 2000-3
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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 17, 2000
Conseco Finance Securitizations Corp.
Certificates for Manufactured Housing Contracts, Series 2000-3
$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),
First Union (co)
OFFERED CERTIFICATES:
<TABLE>
<CAPTION>
====================== ====================== ============================= ====================== ======================
Amount Ratings (Fitch/Moody's) WAL at 175% MHP Exp. Final Maturity
- ---------------------- ---------------------- ----------------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C>
To Call
A-1 $46,750,000 AAA/Aaa 0.95 04/02
A-2 $18,000,000 AAA/Aaa 2.21 01/03
A-3 $31,000,000 AAA/Aaa 3.20 05/04
A-4 $33,000,000 AAA/Aaa 5.00 09/06
A-5 $88,125,000 AAA/Aaa 10.40 11/12
A-6 $400,000,000 AAA/Aaa 5.83 11/12
M-1 $35,625,000 AA/Aa2 9.07 11/12
M-2 $37,500,000 A/A2 9.07 11/12
B-1 $15,000,000 BBB+/Baa2 5.04 07/06
To Maturity
A-5 $88,125,000 AAA/Aaa 11.70 06/20
A-6 $400,000,000 AAA/Aaa 6.36 06/20
M-1 $35,625,000 AA/Aa2 9.62 09/17
M-2 $37,500,000 A/A2 9.62 09/17
Total Balance $705,000,000
- ---------------------- ---------------------- ----------------------------- ---------------------- ----------------------
</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 $408,566,350.43 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 paid to
the Class A-1 and Class A-6 Certificateholders, as
further specified in the Prospectus, on the next
Remittance Date.
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
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.
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 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
CLASS A, CLASS M-1, A-1, Class A-2, Class A-3, Class A-4 and Class A-5
CLASS M-2 AND CLASS B-1 Certificates and Class A-6 Certificates, then to the
CERTIFICATES: 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 the
CLASS A, CLASS M-1, Class A, Class M-1, Class M-2, and Class B-1
CLASS M-2 AND CLASS B-1 Certificateholders, principal will be distributable in
CERTIFICATES the following manner:
On each Remittance Date, a portion 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 and a portion of the Class A-6
Certificateholders, pro rata.
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 5.50%; (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 5.50%; (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
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>
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 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
5.50%; (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
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>
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 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: 11,105
Wgt. Avg. Contract Rate: 11.49%
Range of Rates: 5.25% - 19.95%
Wgt. Avg. Orig. Maturity: 314 months
Wgt. Avg. Rem. Maturity: 310 months
Avg. Current Balance: $36,791.21
Wgt. Avg. LTV: 88.50%
New/Used: 70.3% / 28.8%
Park/Private: 29.5% / 70.5%
Single/Double: 31.5% / 68.5%
Land/Home: 30.8%
Conventional: 100%
- ------------------------------------------------- ---------------------------
YEARS OF ORIGINATION OF INITIAL CONTRACTS
<TABLE>
<CAPTION>
- ----------------------- -------------------- --------------------------- ----------------------------------
Number of Aggregate Principal % of Contracts by Outstanding
Contracts as of Balance Outstanding as of Principal Balance as of the
Origination Year the Cut-Off Date 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 0.01
1986 506 2,000,436.53 0.49
1987 307 1,933,434.18 0.47
1988 381 3,122,496.89 0.76
1989 98 1,272,704.37 0.31
1990 60 1,203,474.31 0.29
1991 212 3,427,874.30 0.84
1992 231 3,341,581.54 0.82
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 4 97,449.27 0.02
1999 1,346 112,195,923.47 27.46
2000 7,873 278,573,956.42 68.18
Total: 11,105 408,566,350.43 100.00
- ----------------------- -------------------- --------------------------- ----------------------------------
</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 of Principal Balance as of the
States the Cut-Off Date the Cut-Off Date Cut-Off Date
- ----------------------- -------------------- --------------------------- ----------------------------------
<S> <C> <C> <C>
AK 1 60,457.31 0.01
AL 487 14,926,110.56 3.65
AR 576 15,379,241.84 3.76
AZ 170 8,133,760.19 1.99
CA 246 10,967,451.41 2.68
CO 167 7,222,652.49 1.77
CT 6 186,396.52 0.05
DC 1 7,340.68 *
DE 38 1,523,121.86 0.37
FL 658 24,394,332.34 5.97
GA 815 23,323,533.10 5.71
IA 100 3,058,515.63 0.75
ID 51 2,295,710.52 0.56
IL 118 3,442,122.91 0.84
IN 256 9,560,840.16 2.34
KS 89 2,765,862.94 0.68
KY 188 6,735,095.36 1.65
LA 189 5,814,470.13 1.42
MA 8 270,425.05 0.07
MD 46 1,587,431.34 0.39
ME 49 1,657,347.29 0.41
MI 505 22,886,441.27 5.60
MN 136 4,096,645.32 1.00
MO 218 7,302,313.06 1.79
MS 776 18,882,907.03 4.62
MT 46 1,941,743.08 0.48
NC 769 46,838,202.31 11.46
ND 38 1,147,087.20 0.28
NE 49 1,696,663.99 0.42
NH 63 2,794,645.23 0.68
NJ 4 185,506.66 0.05
NM 144 5,305,321.36 1.30
NV 148 8,003,541.28 1.96
NY 335 7,740,548.41 1.89
OH 429 10,689,360.36 2.62
OK 214 7,317,388.85 1.79
OR 79 5,115,535.75 1.25
PA 231 7,524,418.65 1.84
RI 1 42,547.04 0.01
SC 337 13,375,540.53 3.27
SD 75 2,280,861.03 0.56
TN 262 10,680,232.87 2.61
TX 1,434 54,381,414.68 13.31
UT 24 1,213,767.13 0.30
VA 137 6,014,873.13 1.47
VT 30 1,090,681.16 0.27
WA 148 9,815,838.37 2.40
WI 90 2,579,913.38 0.63
WV 89 2,949,233.47 0.72
WY 35 1,360,958.20 0.33
Total: 11,105 408,566,350.43 100.00
- ----------------------- -------------------- --------------------------- ----------------------------------
</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 - 9,999.99 328 2,453,299.59 0.60
10,000.00 - 19,999.99 2,395 26,669,938.17 6.53
20,000.00 - 29,999.99 2,401 52,764,830.20 12.91
30,000.00 - 39,999.99 1,955 65,511,645.69 16.03
40,000.00 - 49,999.99 1,233 54,781,217.54 13.41
50,000.00 - 59,999.99 909 49,855,956.45 12.20
60,000.00 - 69,999.99 609 39,322,341.36 9.62
70,000.00 - 79,999.99 426 31,699,996.94 7.76
80,000.00 - 89,999.99 281 23,727,710.74 5.81
90,000.00 - 99,999.99 226 21,438,077.43 5.25
100,000.00 - 109,999.99 140 14,581,798.89 3.57
110,000.00 - 119,999.99 89 10,193,378.95 2.49
120,000.00 - 129,999.99 51 6,319,652.26 1.55
130,000.00 - 139,999.99 22 2,833,967.08 0.69
140,000.00 - 149,999.99 20 2,883,632.68 0.71
150,000.00 - 159,999.99 4 609,080.83 0.15
160,000.00 - 169,999.99 6 971,491.68 0.24
170,000.00 - 179,999.99 4 702,865.97 0.17
180,000.00 - 189,999.99 1 184,208.49 0.05
190,000.00 - 199,999.99 3 578,270.56 0.14
220,000.00 - 229,999.99 1 222,585.34 0.05
260,000.00 - 269,999.99 1 260,403.59 0.06
Total: 11,105 408,566,350.43 100.00
- ---------------------------- -------------------- ------------------------ --------------------------------
</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 0.51
7.000 - 7.999 230 20,991,511.31 5.14
8.000 - 8.999 735 59,613,887.07 14.59
9.000 - 9.999 585 35,738,269.38 8.75
10.000 - 10.999 778 40,078,796.49 9.81
11.000 - 11.999 1,450 60,586,994.33 14.83
12.000 - 12.999 1,913 62,016,447.23 15.18
13.000 - 13.999 2,459 59,034,564.96 14.45
14.000 - 14.999 1,634 39,304,480.71 9.62
15.000 - 15.999 455 11,444,290.92 2.80
16.000 - 16.999 337 8,047,051.09 1.97
17.000 - 17.999 417 7,539,256.43 1.85
18.000 - 18.999 80 1,909,464.85 0.47
19.000 - 19.999 10 92,448.66 0.02
Total: 11,105 408,566,350.43 100.00
- ---------------------------- -------------------- ------------------------ --------------------------------
</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 0.04
10.01 - 15.00 6 163,306.51 0.04
15.01 - 20.00 15 314,079.30 0.08
20.01 - 25.00 9 213,322.45 0.05
25.01 - 30.00 12 462,884.10 0.11
30.01 - 35.00 19 364,338.39 0.09
35.01 - 40.00 23 528,122.59 0.13
40.01 - 45.00 30 783,668.74 0.19
45.01 - 50.00 52 1,576,222.65 0.39
50.01 - 55.00 61 1,957,123.83 0.48
55.01 - 60.00 88 3,051,438.56 0.75
60.01 - 65.00 127 4,719,986.00 1.16
65.01 - 70.00 147 5,873,097.50 1.44
70.01 - 75.00 265 11,590,057.09 2.84
75.01 - 80.00 905 33,193,412.80 8.12
80.01 - 85.00 847 28,935,920.19 7.08
85.01 - 90.00 4,090 140,414,853.66 34.37
90.01 - 95.00 2,829 123,292,957.38 30.18
95.01 - 100.00 1,575 50,875,970.31 12.45
Total: 11,105 408,566,350.43 100.00
- ---------------------------- -------------------- ------------------------ --------------------------------
</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>
1-30 849 3,312,406.65 0.81
31 - 60 638 5,375,957.71 1.32
61 - 90 418 5,846,147.07 1.43
91 - 120 806 13,313,821.67 3.26
121 - 150 296 6,658,355.52 1.63
151 - 180 1,157 26,623,399.25 6.52
181 - 210 10 355,849.69 0.09
211 - 240 1,137 34,462,901.33 8.44
241 - 270 3 163,915.41 0.04
271 - 300 978 35,331,831.20 8.65
331 - 360 4,813 277,121,764.93 67.83
Total: 11,105 408,566,350.43 100.00
- ---------------------------- -------------------- ------------------------ --------------------------------
</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
------------ ------------ ------------ ------------ ------------
To Call
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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.
