- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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) March 17, 2000
SUPERIOR BANK FSB (as seller and servicer under the Sale and Servicing
Agreement, dated as of March 1, 2000, providing for the issuance of AFC Mortgage
Loan Asset Backed Notes, Series 2000-1)
Superior Bank FSB
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
United States 333-83597 36-1414142
- ----------------------------- -------------- -----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
- -------------------------- ---------------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (630) 916-4000
--------------
- -------------------------------------------------------------------------------
<PAGE>
-2-
Item 5. Other Events.
------------
On or about March 28, 2000, the Registrant will cause the
issuance and sale of approximately $239,000,000 initial principal
amount of AFC Mortgage Loan Asset Backed Notes, Series 2000-1, Class 1A
and Class 2A (collectively, the "Notes") pursuant to a Sale and
Servicing Agreement to be dated as of March 1, 2000, by and between the
Registrant, as seller and servicer, AFC Trust Series 2000-1, as issuer,
and LaSalle Bank National Association, as indenture trustee.
In connection with the sale of AFC Mortgage Loan Asset Backed
Notes, Series 2000-1, Class 1A and Class 2A (collectively, the
"Underwritten Notes"), the Registrant has been advised by Merrill
Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities
Inc. (together, the "Underwriters") that the Underwriters have
furnished to prospective investors certain yield tables and other
computational materials, collateral term sheets and structural term
sheets (the "Computational Materials") with respect to the Underwritten
Notes following the effective date of Registration Statement No.
333-83597, which Computational Materials are being filed as exhibits to
this report.
The information in the Computational Materials will be
superseded by the Prospectus Supplement relating to the Notes and by
any other information subsequently filed with the Securities and
Exchange Commission.
The Computational Materials were prepared by the Underwriters
at the request of certain prospective investors, based on collateral
information provided by the Registrant and assumptions provided by, and
satisfying the special requirements of, such prospective investors. The
Computational Materials may be based on assumptions that differ from
the assumptions set forth in the Prospectus Supplement. The
Computational Materials may not include, and do not purport to include,
information based on assumptions representing a complete set of
possible scenarios. Accordingly, the Computational Materials may not be
relevant to or appropriate for investors other than those specifically
requesting them.
In addition, the actual characteristics and performance of the
mortgage loans underlying the Underwritten Notes (the "Mortgage Loans")
may differ from the assumptions used in the Computational Materials,
which are hypothetical in nature and which were provided to certain
investors only to give a general sense of how the yield, average life,
duration, expected maturity, interest rate sensitivity and cash flow
characteristics of a particular class of Underwritten Notes might vary
under varying prepayment and other scenarios. Any difference between
such assumptions and the actual characteristics and performance of the
Mortgage Loans will affect the actual yield, average life, duration,
expected maturity, interest rate sensitivity and cash flow
characteristics of the Underwritten Notes.
<PAGE>
-3-
Item 7. Financial Statements, PRO FORMA Financial Information and Exhibits.
------------------------------------------------------------------
(a) Financial Statements.
Not Applicable.
(b) PRO FORMA Financial Information.
Not Applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
- ----------- ----------- -----------
99.1 99 Computational Materials
<PAGE>
-4-
SIGNATURES
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 thereunto duly authorized.
SUPERIOR BANK FSB
By:/s/ William C. Bracken
----------------------
Name: William C. Bracken
Title: Senior Vice President
and Chief Financial Officer
Dated: March 17, 2000
<PAGE>
EXHIBIT INDEX
Exhibit Description
- ------- -----------
99.1 Computational Materials
EXHIBIT 99.1
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
ABS NEW TRANSACTION
COMPUTATIONAL MATERIALS
-----------------------
$239,000,000
AFC MORTGAGE LOAN ASSET BACKED NOTES,
SERIES 2000-1
SUPERIOR BANK FSB
SELLER/SERVICER
AFC TRUST SERIES 2000-1
ISSUER
MARCH 17, 2000
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
1
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and confidential and are intended for use by the
addressee only. These Computational Materials are furnished to you solely by
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and not by
the issuer of the securities or any of its affiliates. The issuer of these
securities has not prepared or taken part in the preparation of these materials.
None of Merrill Lynch, the issuer of the securities nor any of their affiliates
makes any representation as to the accuracy or completeness of the information
herein. The information herein is preliminary, and will be superseded by the
applicable Prospectus Supplement and by any other information subsequently filed
with the Securities and Exchange Commission. The information herein may not be
provided by the addressees to any third party other than the addressee's legal,
tax, financial and/or accounting advisors for the purposes of evaluating said
material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be stated therein. As such, no assurance can be given as to the
accuracy, appropriateness or completeness of the Computational Materials in any
particular context; or as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any yields or weighted average lives shown in the Computational Materials are
based on prepayment assumptions and actual prepayment experience may
dramatically affect such yields or weighted average lives. In addition, it is
possible that prepayments on the underlying assets will occur at rates slower or
faster than the rates assumed in the attached Computational Materials.
Furthermore, unless otherwise provided, the Computational Materials assume no
losses on the underlying assets and no interest shortfall. The specific
characteristics of the securities may differ from those shown in the
Computational Materials due to differences between the actual underlying assets
and the hypothetical assets used in preparing the Computational Materials. The
principal amount and designation of any security described in the Computational
Materials are subject to change prior to issuance.
Although a registration statement (including the prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not been filed
with the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or the solicitation of any offer to buy nor shall
there be any sale of the securities discussed in this communication in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive information on any matter discussed in this communication. A final
prospectus and prospectus supplement may be obtained by contacting the Merrill
Lynch Trading Desk at (212) 449-3659.
Please be advised that asset-backed securities may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risk.
Investors should fully consider the risk of an investment in these securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
2
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
EXPECTED LEGAL EXPECTED
CLASS RATINGS AVG. FINAL PAYMENT
CLASS SIZE TRANCHE TYPE M/S&P/F LIFE PAYMENT WINDOW LIFE CAP
- --------- ------------ ----------------- ------------- ------ ------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
To Call:
1A $100,000,000 LIBOR Floater(1) Aaa/AAA/AAA 3.41 3/30 1-115 11.00%
2A $139,000,000 LIBOR Floater(2) Aaa/AAA/AAA 2.70 3/30 1-115 15.50%
To
Maturity:
1A $100,000,000 LIBOR Floater(1) Aaa/AAA/AAA 3.54 3/30 1-191 11.00%
2A $139,000,000 LIBOR Floater(2) Aaa/AAA/AAA 2.79 3/30 1-197 15.50%
- ---------------------------------------------------------------------------------------------------
(1) Subject to the Class 1A Cap Rate with a Class 1A Available Funds Cap Carry Forward Amount.
(2) Subject to the Class 2A Cap Rate with a Class 2A Available Funds Cap Carry Forward Amount.
</TABLE>
Series: AFC Mortgage Loan Asset Backed Notes, Series 2000-1
Seller and Servicer: Superior Bank FSB
Indenture Trustee: LaSalle Bank National Association
Owner Trustee: Wilmington Trust Company
Underwriters: Merrill Lynch, Pierce, Fenner & Smith Incorporated
(Lead) & J.P. Morgan Securities Inc. (Co-Manager)
Note Insurer: Financial Guaranty Insurance Company ("FGIC")
Cut-off Date: March 1, 2000
Exp. Pricing: On or about March 21, 2000
Exp. Settlement: On or about March 28, 2000
Payment Date: The 25th day of each month (or if such 25th day is not a
business day, the next succeeding business day),
commencing on April 25, 2000.
Day Count: Actual/360 for Class 1A and Class 2A.
Class 1A Prepayment
Assumption: With respect to the Class 1A Notes, a 100% Prepayment
Assumption assumes a CPR of 2% per annum in the first
month of the life of the Mortgage Loans and an
additional 1.2% per annum each month thereafter until
the twenty-first month and 26% CPR thereafter.
Class 2A Prepayment
Assumption: 28% CPR
SMMEA: The Class 1A Notes will not be SMMEA eligible. The Class
2A Notes will not be SMMEA eligible until such time as
the balance of the related Pre-Funding Account is
reduced to zero.
ERISA: Subject to the conditions and restrictions set forth in
the Prospectus Supplement, it is expected that the Class
1A and 2A Notes will generally be ERISA eligible.
Prospective purchasers should consult their counsel.
Tax Status: In the opinion of tax counsel to Superior Bank FSB, the
Notes will be treated as debt for federal income tax
purposes, the trust will not be characterized as an
association (or a publicly traded partnership) taxable
as a corporation and neither the trust nor any portion
of the trust will constitute a taxable mortgage pool
taxable as a corporation.
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
3
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL:
GROUP 1 MORTGAGE LOANS: Conventional, fixed-rate mortgage loans secured by first
or second liens on one- to four-family residential
properties, units in planned unit developments,
condominiums and manufactured homes ("Single Family
Properties"), residential properties consisting of five
or more dwelling units ("Multifamily Properties"),
commercial properties ("Commercial Properties") and
mixed residential and commercial structures ("Mixed Use
Properties") plus Group 1 Pre-Funding Account. In
addition, Group 1 will include "Periodic Payment Loans"
(6.73% of Group 1 before pre-funding), "Deferred Payment
Loans" (13.57% of Group 1 before pre-funding), "Voucher
Loans" (7.64% of Group 1 before pre-funding), "Temporary
Buydown Loans" (0.24% of Group 1 before pre-funding),
"Permanent Buydown Loans" (4.62% of Group 1 before
pre-funding) and "Permanent Buydown Companion Loans"
($259,908). See below for further description.
GROUP 2 MORTGAGE LOANS: Conventional, adjustable rate mortgage loans secured by
first liens on Single Family Properties indexed to 6
Month LIBOR plus Group 2 Pre-Funding Account. In
addition, Group 2 will include "Deferred Payment Loans"
(4.56% of Group 2 before pre-funding) and "Temporary
Buydown Loans" (0.83% of Group 2 before pre-funding).
See below for further description.
CREDIT
ENHANCEMENT: Credit enhancement refers to features of the notes that
are intended to reduce the effect on holders of such
notes of losses on the mortgage loans. The credit
enhancement consists of excess spread,
cross-collateralization, overcollateralization and the
note insurance policy issued by FGIC.
EXCESS SPREAD: On each payment date, the amount of interest due on the
mortgage loans of each group will generally be greater
than the amount needed to make monthly interest payments
on the related notes and to pay certain fees for that
month. Excess spread collected from a group of mortgage
loans, and with respect to Group 1 only, the amounts
collected on the permanent buydown companion loans, will
be used first to cover any shortfalls in the required
payments of principal on the offered notes related to
such group, and then for cross-collateralization and/or
overcollateralization.
OVERCOLLATERAL-
IZATION: Overcollateralization refers to the actual amount by
which the aggregate principal balance due on the
mortgage loans in a group exceeds the aggregate
principal balance due on the related notes. That excess
is intended to protect noteholders against shortfalls in
required payments on the related notes.
An initial amount of overcollateralization will be
required for each group. On the closing date, the note
insurer will also specify the required
overcollateralization for each group (which will vary
throughout the life of the notes). The required
overcollateralization amount for a group is intended to
be reached by an additional payment of principal from
amounts that are available for such group after payments
of required principal and interest payments on all notes
and certain fees and expenses. That amount, if any, will
be used to pay principal on the related notes on an
accelerated basis in relation to the related mortgage
loans, thereby increasing the amount of
overcollateralization for the related group.
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
4
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
CROSS-
COLLATERALIZATION: Cross-collateralization generally refers to the use of
amounts received on one group of mortgage loans, after
payment of required interest and principal on the
related offered notes, to pay shortfalls of required
interest and principal on the offered notes related to
the other group as a result of realized losses on the
mortgage loans related to that other group.
The excess funds for a group are from two sources: (1)
excess spread that is not needed to pay shortfalls in
principal for that group and (2) excess principal that
is not needed because principal received for that group
exceeds the amount necessary to reach or maintain the
required overcollateralization amount.
PRE-FUNDING AMOUNTS:
Original Group 1 Pre-Funding Amount: $39,786,105.98
Original Group 2 Pre-Funding Amount: $55,020,596.68
The Original Group 1 Pre-Funding Amount and Original Group 2 Pre-Funding Amount
will be reduced during the funding period (approx. 2 months) by the amounts
thereof used to purchase the related subsequent mortgage loans. Any amount
remaining at the end of the funding period in the Group 1 and Group 2
Pre-Funding Accounts will be used to prepay principal to the Class 1A and Class
2A Notes, respectively.
CLASS 1A NOTE INTEREST RATE:
PRIOR TO THE AVAILABILITY OF THE 5% CLEAN-UP CALL (AS DEFINED BELOW):
On each Payment Date, the Class 1A Note Interest Rate will be a rate equal to
the lesser of (1) the lesser of (a) One-Month LIBOR plus [ ]% per annum (the
"Class 1A LIBOR Rate"), and (b) 11.00% per annum (the "Class 1A Cap Rate") and
(2) the Available Funds Cap Rate for the Class 1A Notes.
CLASS 2A NOTE INTEREST RATE:
PRIOR TO THE AVAILABILITY OF THE 5% CLEAN-UP CALL (AS DEFINED BELOW):
On each Payment Date, the Class 2A Note Interest Rate will be a rate equal to
the lesser of (1) the lesser of (a) One-Month LIBOR plus [ ]% per annum (the
"Class 2A LIBOR Rate"), and (b) 15.50% per annum (the "Class 2A Cap Rate") and
(2) the Available Funds Cap Rate for the Class 2A Notes.
One-Month LIBOR will be determined on the second Business Day preceding the
beginning of each Accrual Period with respect to the Class 1A and Class 2A
Notes.
The Class 1A and 2A LIBOR Rates will increase approximately 40bps on and after
the date on which the 5% clean-up call becomes available but is not exercised.
AVAILABLE FUNDS CAP RATE:
For each class of Notes and any Payment Date will be a percentage derived from
the fraction the numerator of which is the difference between (1) the sum of all
interest collected and advanced on the mortgage loans in the related group
during the related due period and (2) the sum of the servicing fee, FGIC fee and
trustees fees payable for the related Payment Date with respect to that group,
and the denominator of which is the Note Principal Balance of such class
immediately prior to that Payment Date.
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
5
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
CLASS 1A AVAILABLE FUNDS CAP CARRY FORWARD AMOUNT:
If on any Payment Date, the Class 1A Note Interest Rate is limited by the
Available Funds Cap Rate, you will be entitled to receive the excess of (i) the
interest distributable had the Class 1A Note Interest Rate been based on the
lesser of (a) the Class 1A LIBOR Rate and (b) the Class 1A Cap Rate, over (ii)
the interest actually distributed based on the Available Funds Cap Rate plus
(iii) interest thereon at the then current Class 1A Note Interest Rate. No Class
1A Available Funds Cap Carry Forward Amount will be paid to the Class 1A
Noteholder if the balance of such Class 1A Note is reduced to zero. The ratings
of the Class 1A Notes do not address the likelihood of the payment of any Class
1A Available Funds Cap Carry Forward Amounts and Class 1A Available Funds Cap
Carry Forward Amounts will not be covered by Insured Payments from FGIC.
CLASS 2A AVAILABLE FUNDS CAP CARRY FORWARD AMOUNT:
If on any Payment Date, the Class 2A Note Interest Rate is limited by the
Available Funds Cap Rate, you will be entitled to receive the excess of (i) the
interest distributable had the Class 2A Note Interest Rate been based on the
lesser of (a) the Class 2A LIBOR Rate and (b) the Class 2A Cap Rate, over (ii)
the interest actually distributed based on the Available Funds Cap Rate plus
(iii) interest thereon at the then current Class 2A Note Interest Rate. No Class
2A Available Funds Cap Carry Forward Amount will be paid to the Class 2 A
Noteholder if the balance of such Class 2A Note is reduced to zero. The ratings
of the Class 2A Notes do not address the likelihood of the payment of any Class
2A Available Funds Cap Carry Forward Amounts and Class 2A Available Funds Cap
Carry Forward Amounts will not be covered by Insured Payments from FGIC.
PRINCIPAL PAYMENTS:
The Class 1A Note will be backed primarily by cash flow from Group 1 assets.
The Class 2A Note will be backed primarily by cash flow from Group 2 assets.
Each Class 1A and 2A Note will generally receive all scheduled and unscheduled
principal payments from their respective groups until they are retired.
OPTIONAL TERMINATION/5% CLEANUP CALL:
When the aggregate principal balance of the mortgage loans (and properties
acquired in respect thereof) remaining in the trust has been reduced to less
than 5% of the sum of (1) the aggregate principal balance of the mortgage loans
as of March 1, 2000, and (2) the aggregate amounts on deposit in the pre-funding
accounts on the closing date, the servicer, at its option, may purchase all of
such mortgage loans and properties from the trust, and thereby cause an early
retirement of the notes.
COLLATERAL OVERVIEW (INITIAL MORTGAGE LOANS):
Manufactured Home Loans
- -----------------------
Mortgage loans secured by manufactured homes that are deemed to be real property
in the jurisdiction in which the mortgaged property is located. These loans will
constitute 14.82% of Group 1 and 12.29% of Group 2, by Group Principal Balance,
before pre-funding.
Periodic Payment Loans
- ----------------------
Mortgage loans which generally are the same as the other mortgage loans in the
transaction but which accrue interest on a 28/364 day basis. Periodic Payment
Loans will constitute 6.73% of Group 1, by Group Principal Balance, before
pre-funding. In addition, some of these loans will allow for the mortgagor to
use a limited number of payment vouchers to defer principal portions of the
corresponding Periodic Payment and pay only the interest portion due on such
payment dates. Any principal deferred in such a manner will be due in full on
the maturity date of the related Periodic Payment Loan.
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
6
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
Deferred Payment Loans
- ----------------------
Mortgage loans which permit the mortgagor to defer the first two or three
payments due under the related mortgage note. Such election must be made at the
time of origination. Under certain limited circumstances, these deferred
payments may be forgiven by the Mortgagee on the maturity date of the loan.
These loans will constitute 13.57% of Group 1 and 4.56% of Group 2, by Group
Principal Balance, before pre-funding.
Voucher Loans
- -------------
Approximately 7.64% of the Group 1 initial mortgage loans, by original Group 1
principal balance, are mortgage loans the mortgage notes of which provide that
the mortgagors have the option at any time during the term of the related
mortgage loan, to use up to 65 payment vouchers, in the aggregate, provided to
them at origination in order to defer payment of the principal portion of the
corresponding payment and pay only the interest portion due on such payment
date. Any principal deferred in such a manner will be due in full on the
maturity date of the related mortgage loan.
Temporary Buydown Loans
- -----------------------
Approximately 0.24% of Group 1 and 0.83% of Group 2 before pre-funding, provide
that the Mortgage Rate stated therein be reduced by 2% during the first twelve
month period of the loans, and reduced by 1% during the second twelve month
period of the loan, after which such Mortgage Rate will apply. FOR EXAMPLE, A
LOAN WITH A STATED MORTGAGE RATE OF 10% WILL ACTUALLY HAVE A MORTGAGE RATE OF 8%
DURING THE FIRST 12 MONTH PERIOD, 9% DURING THE SECOND 12 MONTH PERIOD AND WILL
RETURN TO 10% FOR THE REMAINDER OF THE LOAN TERM. ALL MODELING ASSUMPTIONS
HEREIN USE THE ACTUAL REDUCED MORTGAGE RATES FOR THE FIRST 24 MONTHS, NOT THE
STATED MORTGAGE RATE, FOR ALL SUCH TEMPORARY BUYDOWN LOANS.
Permanent Buydown Loans
- -----------------------
Approximately 4.62% of the Group 1 Initial Mortgage Loans, by Original Group 1
Principal Balance, are loans (each, a "Permanent Buydown Loan") made by the
Depositor to a borrower together with a "Permanent Buydown Companion Loan" for
the purpose of financing a Buydown of the interest rate on the Permanent Buydown
Loan. Each Permanent Buydown Companion Loan provides for equal payments of
principal only for a term not to exceed 5 years. Although the Permanent Buydown
Loan and the Permanent Buydown Companion Loan are evidenced by separate notes,
the Depositor treats, and the Servicer will treat, both loans as a single
obligation. The Permanent Buydown Loan and the Permanent Buydown Companion Loan
are given a single loan number and are billed on a single statement. Both notes
are secured by either a first or second lien on the same mortgaged property, and
a default under one note will trigger a default under the other. For each
Permanent Buydown Loan conveyed to the Trust, the corresponding Permanent
Buydown Companion Loan will also be conveyed to the Trust.
Approximately $259,908 of Permanent Buydown Companion Loans are associated with
the Group 1 Permanent Buydown Loans and will be included in the excess spread
for Group 1. The Group 1 principal balance as of the cut-off date does not, and
as of any date will not, include the outstanding balance of the permanent buy
down companion loans included in Group 1.
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
7
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
AVERAGE LIFE SENSITIVITY ANALYSIS:
(assuming 0 bps losses):
<TABLE>
<CAPTION>
Assumes a 5% Clean-Up Call
SCENARIO 1 2 3 4 5
- - - - -
CLASS WAL WINDOW WAL WINDOW WAL WINDOW WAL WINDOW WAL WINDOW
--- ------ --- ------ --- ------ --- ------ --- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1A 14.75 1 - 327 5.78 1 - 178 3.41 1 - 115 2.45 1 - 82 1.92 1 - 60
2A 7.64 1 - 327 3.93 1 - 178 2.70 1 - 115 2.06 1 - 82 1.49 1 - 60
</TABLE>
<TABLE>
<CAPTION>
Assumes NO 5% Clean-Up Call (to Maturity)
SCENARIO 1 2 3 4 5
- - - - -
CLASS WAL WINDOW WAL WINDOW WAL WINDOW WAL WINDOW WAL WINDOW
--- ------ --- ------ --- ------ --- ------ --- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1A 14.86 1 - 359 5.97 1 - 311 3.54 1 - 191 2.52 1 - 139 1.96 1 - 99
2A 7.65 1 - 352 4.01 1 - 272 2.79 1 - 197 2.15 1 - 152 1.55 1 - 111
</TABLE>
PREPAYMENT SCENARIOS
SCENARIO 1 2 3 4 5
- - - - -
Class 1A (1) 0% 50% 100% 150% 200%
Class 2A (2) 10% 20% 28% 35% 45%
(1) as a percentage of the Prepayment Assumption
(2) as a conditional prepayment rate (CPR)
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
8
<PAGE>
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ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
CLASS 2A EXCESS SPREAD & AVAILABLE FUNDS CAP RATE ANALYSIS (UNDER PRICING
SCENARIO):
PERIOD PAYMENT DATE AVAILABLE FUNDS CAP RATE(1) EXCESS SPREAD AVAILABLE(1)
- ------ ------------ --------------------------- --------------------------
1 04/25/00 10.30 4.01
2 05/25/00 10.30 4.01
3 06/25/00 10.30 4.01
4 07/25/00 10.30 4.01
5 08/25/00 10.30 4.01
6 09/25/00 10.30 4.01
7 10/25/00 10.30 4.01
8 11/25/00 10.30 4.01
9 12/25/00 10.30 4.01
10 01/25/01 10.30 4.01
11 02/25/01 10.30 4.01
12 03/25/01 10.30 4.02
13 04/25/01 10.30 4.02
14 05/25/01 10.31 4.02
15 06/25/01 10.31 4.02
16 07/25/01 10.31 4.02
17 08/25/01 10.31 4.02
18 09/25/01 10.31 4.02
19 10/25/01 10.31 4.02
20 11/25/01 10.31 4.02
21 12/25/01 10.39 4.10
22 01/25/02 10.39 4.10
23 02/25/02 10.52 4.24
24 03/25/02 10.94 4.66
25 04/25/02 11.20 4.91
26 05/25/02 11.48 5.19
27 06/25/02 11.77 5.49
28 07/25/02 11.77 5.49
29 08/25/02 11.77 5.49
30 09/25/02 11.77 5.49
- --------------------------------------------------------------------------------
(1) Assumes 1 Month LIBOR = 6.035%, 6 Month LIBOR = 6.380%,
Class 2A Net Margin = 0.25%, Expenses = 0.86%.
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
9
<PAGE>
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ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INITIAL MORTGAGE LOAN CHARACTERISTICS
As of 3/1/00 (the "Cut-off Date")
Group 1 (Fixed Rate):
- ---------------------
<S> <C> <C>
Current Home Equity Loan Principal Balance (excluding
Permanent Buydown Companion Loan Balance of $259,908): $65,333,204
Average Current Home Equity Loan Principal Balance: $56,664 Range: $7,155 - $384,000
Original Home Equity Loan Principal Balance: $65,440,801
Average Original Home Equity Loan Principal Balance: $56,757 Range: $7,250 - $384,000
Properties secured by 1st/2nd Liens: 71.86% / 28.14%
Weighted Average Coupon: 11.365% Range: 7.880% - 15.500%
Weighted Average CLTV: 78.80%
Weighted Average Rem. Term: 251.9 mos.
Weighted Average Original Term: 253.4 mos.
Geographic Distribution: 46 States and D.C.
States w/ >5% Concentrations: NY - 15.55% PA - 8.09%
FL - 11.49% MI - 7.15%
Product Type-
Balloons (30's due in 15): 31.03%
Periodic Payment Loans: 6.73%
Deferred Payment Loans: 13.57%
Voucher Loans: 7.64%
Temporary Buydown Loans: 0.24%
Permanent Buydown Loans: 4.62%
Permanent Buydown Companion Loans: $259,908
Occupancy-
Owner Occupied: 93.47%
Non-Owner Occupied: 6.53%
Property Type-
One Family: 68.06%
Manufactured Home Loans: 14.82%
2-4 Family: 9.97%
PUD: 2.16%
Multi-Family: 2.08%
Mixed Use: 1.54%
Condominium: 1.37%
Loan Purpose-
Cashout: 71.99%
Purchase: 16.94%
Refinance: 11.07%
</TABLE>
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
10
<PAGE>
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ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INITIAL MORTGAGE LOAN CHARACTERISTICS (continued)
As of 3/1/00 (the "Cut-off Date")
Group 2 (Adjustable Rate):
- --------------------------
<S> <C> <C>
Current Home Equity Loan Principal Balance: $90,300,888
Average Current Home Equity Loan Principal Balance: $93,479 Range: $10,200 - $818,708
Original Home Equity Loan Principal Balance: $90,337,174
Average Original Home Equity Loan Principal Balance: $93,517 Range: $10,200 - $819,000
Product Type-
2/28: 81.94%
3/27: 17.98%
6 Month LIBOR: 0.08%
Temporary Buydown Loans: 0.83%
Deferred Payment Loans: 4.56%
Weighted Average Coupon: 11.155% Range: 7.625% - 14.125%
Weighted Average Lifetime Cap: 17.171% Range: 13.625% - 20.125%
Weighted Average Lifetime Floor: 10.172% Range: 6.625% - 13.125%
Weighted Average Gross Margin: 6.596% Range: 2.750% - 10.000%
Weighted Average Months to Roll: 25 Range: 2-36 Mos.
Weighted Average Initial Periodic Cap: 2.01% Range: 1.00% - 3.00%
Weighted Average Periodic Cap: 1.000% Range: all 1.000%
Weighted Average Rem. Term: 358.4 mos.
Weighted Average Original Term: 359.5 mos.
Properties secured by 1st Liens: 100%
Weighted Average CLTV: 80.88%
Geographic Distribution: 41 states
States w/ >5% Concentrations: NY - 14.52% FL - 6.14%
PA -9.61% OH - 5.15%
MI - 8.17%
Occupancy-
Owner Occupied: 97.62%
Non-Owner Occupied: 2.38%
Property Type-
One Family: 71.53%
2-4 Family: 12.74%
Manufactured Home Loans: 12.29%
Condominium: 1.80%
PUD: 1.64%
Loan Purpose-
Purchase: 45.69%
Cashout: 44.31%
Refinance: 10.00%
</TABLE>
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
11
<PAGE>
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ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
INITIAL MORTGAGE LOAN CHARACTERISTICS (continued)
As of 3/1/00 (the "Cut-off Date")
GROUP 2 (ADJUSTABLE RATE):
2/28
Weighted Average Coupon: 11.162% Range: 7.750% - 14.125%
Weighted Average Lifetime Cap: 17.177% Range: 14.125% - 20.125%
Weighted Average Lifetime Floor: 10.177% Range: 7.125% - 13.125%
Weighted Average Gross Margin: 6.601% Range: 3.500% - 10.000%
3/27
Weighted Average Coupon: 11.114% Range: 7.625% - 14.000%
Weighted Average Lifetime Cap: 17.137% Range: 13.625% - 20.000%
Weighted Average Lifetime Floor: 10.137% Range: 6.625% - 13.000%
Weighted Average Gross Margin: 6.557% Range: 2.750% - 9.400%
6 Month LIBOR
Weighted Average Coupon: 14.000%
Weighted Average Lifetime Cap: 19.000%
Weighted Average Lifetime Floor: 13.000%
Weighted Average Gross Margin: 9.500%
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
12
<PAGE>
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ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES INITIAL MORTGAGE LOANS
Group 1 (Fixed Rate)
Range of Principal Balances Percent by Number of
As of the Cut-off Date ($) Principal Balance Principal Balance Mortgage Loans
- -------------------------- ----------------- ----------------- --------------
7,154.60 - 10,000.00 115,108.33 0.18 13
10,000.01 - 20,000.00 2,266,657.40 3.47 137
20,000.01 - 30,000.00 4,911,313.72 7.52 193
30,000.01 - 40,000.00 5,290,156.49 8.10 149
40,000.01 - 50,000.00 6,786,311.81 10.39 150
50,000.01 - 60,000.00 6,621,900.95 10.14 120
60,000.01 - 70,000.00 6,823,366.03 10.44 104
70,000.01 - 80,000.00 5,551,395.01 8.50 74
80,000.01 - 90,000.00 4,423,329.95 6.77 52
90,000.01 - 100,000.00 3,221,090.61 4.93 34
100,000.01 - 110,000.00 2,632,200.70 4.03 25
110,000.01 - 120,000.00 2,749,010.84 4.21 24
120,000.01 - 130,000.00 1,500,814.29 2.30 12
130,000.01 - 140,000.00 1,621,523.89 2.48 12
140,000.01 - 150,000.00 1,163,557.36 1.78 8
150,000.01 - 160,000.00 1,094,506.93 1.68 7
160,000.01 - 170,000.00 1,315,379.31 2.01 8
170,000.01 - 180,000.00 882,436.74 1.35 5
180,000.01 - 190,000.00 372,500.00 0.57 2
190,000.01 - 200,000.00 784,154.61 1.20 4
200,000.01 - 250,000.00 1,962,029.71 3.00 9
250,000.01 - 300,000.00 1,866,201.50 2.86 7
300,000.01 - 350,000.00 994,258.29 1.52 3
350,000.01 - 384,000.00 384,000.00 0.59 1
---------- ---- --
Total $65,333,204.47 100.00% 1,153
============== ======= =====
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
13
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 1 (Fixed Rate)
Percent by Number of
Geographic Distribution Principal Balance Principal Balance Mortgage Loans
- ----------------------- ----------------- ----------------- --------------
Alabama 1,025,980.09 1.57 24
Arizona 1,178,131.07 1.80 22
Arkansas 244,973.42 0.37 6
California 3,071,682.82 4.70 66
Colorado 1,623,731.08 2.49 36
Connecticut 2,539,193.45 3.89 31
Delaware 628,111.15 0.96 8
District Of Columbia 237,691.00 0.36 2
Florida 7,505,180.31 11.49 158
Georgia 1,433,342.68 2.19 23
Idaho 538,435.95 0.82 7
Illinois 1,607,176.81 2.46 27
Indiana 2,590,642.98 3.97 56
Iowa 18,766.26 0.03 1
Kansas 171,953.98 0.26 3
Kentucky 719,006.68 1.10 19
Louisiana 213,674.90 0.33 4
Maine 64,000.00 0.10 1
Maryland 1,612,143.16 2.47 30
Massachusetts 1,473,614.02 2.26 27
Michigan 4,669,387.84 7.15 88
Minnesota 396,032.80 0.61 7
Mississippi 663,790.35 1.02 7
Missouri 969,617.48 1.48 15
Montana 50,491.36 0.08 2
Nevada 139,586.64 0.21 4
New Hampshire 307,126.04 0.47 5
New Jersey 2,557,605.83 3.91 34
New Mexico 94,671.00 0.14 3
New York 10,161,213.00 15.55 128
North Carolina 1,598,502.72 2.45 27
North Dakota 17,550.00 0.03 1
Ohio 3,081,230.44 4.72 50
Oklahoma 194,542.06 0.30 5
Oregon 146,010.12 0.22 6
Pennsylvania 5,285,551.73 8.09 90
Rhode Island 263,285.00 0.40 4
South Carolina 1,075,831.04 1.65 29
South Dakota 116,846.87 0.18 2
Tennessee 213,305.04 0.33 6
Texas 224,968.65 0.34 4
Utah 889,641.64 1.36 18
Vermont 188,938.50 0.29 3
Virginia 1,979,628.36 3.03 33
Washington 729,036.98 1.12 16
West Virginia 290,061.95 0.44 4
Wisconsin 531,319.22 0.81 11
---------- ---- --
Total $65,333,204.47 100.00% 1,153
============== ======= =====
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
14
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 1 (Fixed Rate)
Number of
Percent by Mortgage
Original Combined Loan-to-value (%) Principal Balance Principal Balance Loans
- ----------------------------------- ----------------- ----------------- -----
10.01 - 15.00 37,471.27 0.06 2
15.01 - 20.00 31,700.00 0.05 2
20.01 - 25.00 77,650.00 0.12 2
25.01 - 30.00 188,941.11 0.29 5
30.01 - 35.00 136,502.48 0.21 4
35.01 - 40.00 202,522.84 0.31 6
40.01 - 45.00 330,740.96 0.51 9
45.01 - 50.00 992,782.07 1.52 19
50.01 - 55.00 755,984.46 1.16 17
55.01 - 60.00 1,545,348.79 2.37 32
60.01 - 65.00 2,392,250.24 3.66 47
65.01 - 70.00 4,935,212.17 7.55 75
70.01 - 75.00 6,948,362.71 10.64 118
75.01 - 80.00 14,788,662.60 22.64 256
80.01 - 85.00 15,941,410.57 24.40 291
85.01 - 90.00 15,581,317.39 23.85 261
90.01 - 95.00 446,344.81 0.68 7
---------- ---- --
Total $65,333,204.47 100.00% 1,153
============== ======= =====
At origination no Group 1 Mortgage Loan had a Combined Loan-to-Value ("CLTV")
exceeding 92.20%.
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
15
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 1 (Fixed Rate)
Percent by Number of
Mortgage Rates (%) Principal Balance Principal Balance Mortgage Loans
- ------------------ ----------------- ----------------- --------------
7.750 - 7.999 263,773.06 0.40 3
8.000 - 8.249 93,500.00 0.14 2
8.250 - 8.499 724,053.47 1.11 7
8.500 - 8.749 2,002,861.85 3.07 17
8.750 - 8.999 1,763,204.71 2.70 24
9.000 - 9.249 1,227,205.86 1.88 18
9.250 - 9.499 1,259,498.29 1.93 15
9.500 - 9.749 2,369,794.45 3.63 35
9.750 - 9.999 3,852,183.85 5.90 50
10.000 - 10.249 2,087,626.31 3.20 28
10.250 - 10.499 2,682,617.56 4.11 42
10.500 - 10.749 3,538,385.89 5.42 55
10.750 - 10.999 4,092,783.54 6.26 71
11.000 - 11.249 4,045,679.61 6.19 75
11.250 - 11.499 3,352,072.17 5.13 55
11.500 - 11.749 3,097,618.96 4.74 75
11.750 - 11.999 5,023,060.91 7.69 81
12.000 - 12.249 3,213,723.11 4.92 70
12.250 - 12.499 3,448,404.71 5.28 64
12.500 - 12.749 3,617,709.29 5.54 80
12.750 - 12.999 3,737,726.54 5.72 76
13.000 - 13.249 2,155,811.40 3.30 47
13.250 - 13.499 2,465,856.63 3.77 53
13.500 - 13.749 2,326,261.52 3.56 46
13.750 - 13.999 1,095,010.93 1.68 20
14.000 - 14.249 585,103.63 0.90 17
14.250 - 14.499 690,971.51 1.06 13
14.500 - 14.749 314,184.82 0.48 8
14.750 - 14.999 169,070.13 0.26 5
15.500 - 15.749 37,449.76 0.06 1
--------- ---- --
Total $65,333,204.47 100.00% 1,153
============== ======= =====
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
16
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 1 (Fixed Rate)
Number of
Remaining Principal Percent by Mortgage
Months to Maturity Balance Principal Balance Loans
- ------------------ ------- ----------------- -----
96.18 - 108.00 67,157.17 0.10 1
108.01 - 120.00 1,228,561.53 1.88 49
120.01 - 132.00 309,051.46 0.47 4
132.01 - 144.00 82,973.57 0.13 2
156.01 - 168.00 84,034.88 0.13 2
168.01 - 180.00 29,195,696.77 44.69 541
180.01 - 192.00 205,847.95 0.32 1
192.01 - 204.00 255,500.00 0.39 1
228.01 - 240.00 7,801,748.73 11.94 173
240.01 - 252.00 430,494.50 0.66 5
264.01 - 276.00 50,685.52 0.08 1
288.01 - 300.00 3,582,359.06 5.48 61
312.01 - 324.00 61,605.76 0.09 1
324.01 - 336.00 142,685.24 0.22 2
348.01 - 360.00 20,031,792.71 30.66 292
360.01 - 360.18 1,803,009.62 2.76 17
------------ ---- --
Total $65,333,204.47 100.00% 1,153
============== ======= =====
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
17
<PAGE>
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ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 1 (Fixed Rate)
Percent by Number of
Principal Mortgage
Underwriting Class Principal Balance Balance Loans
- ------------------ ----------------- ------- -----
AA 11,435,217.43 17.50 151
AAA 330,416.23 0.51 5
ANIV 4,985,203.48 7.63 86
I 20,217,880.36 30.95 347
II 8,308,442.92 12.72 170
IIB 7,807,302.89 11.95 147
III 3,225,595.47 4.94 49
IIISE 1,509,552.69 2.31 28
IV 5,390,627.45 8.25 127
IVPI 451,883.27 0.69 10
V 1,671,082.28 2.56 33
------------ ---- --
Total $65,333,204.47 100.00% 1,153
============== ======= =====
Group 1 (Fixed Rate)
Principal Percent by Number of
Property Types Balance Principal Balance Mortgage Loans
- -------------- ------- ----------------- --------------
SINGLE FAMILY 44,465,207.64 68.06 838
MANUFACTURED 9,682,885.63 14.82 164
2-4 FAMILY 6,515,475.89 9.97 88
PUD 1,414,228.91 2.16 27
MULTI FAMILY 1,357,710.66 2.08 9
MIXED USE 1,004,500.00 1.54 6
CONDO 893,195.74 1.37 21
---------- ---- --
Total $65,333,204.47 100.00% 1,153
============== ======= =====
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
18
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 2 (Adjustable Rate)
Range of Principal Balances Percent by Number of
As of the Cut-off Date ($) Principal Balance Principal Balance Mortgage Loans
- -------------------------- ----------------- ----------------- --------------
10,000.01 - 20,000.00 98,812.49 0.11 6
20,000.01 - 30,000.00 890,774.74 0.99 35
30,000.01 - 40,000.00 2,155,101.35 2.39 60
40,000.01 - 50,000.00 4,012,973.26 4.44 88
50,000.01 - 60,000.00 8,148,438.47 9.02 147
60,000.01 - 70,000.00 7,698,948.81 8.53 118
70,000.01 - 80,000.00 8,337,377.60 9.23 111
80,000.01 - 90,000.00 5,777,509.54 6.40 68
90,000.01 - 100,000.00 7,011,097.55 7.76 74
100,000.01 - 110,000.00 4,809,009.23 5.33 46
110,000.01 - 120,000.00 3,799,066.39 4.21 33
120,000.01 - 130,000.00 3,617,996.86 4.01 29
130,000.01 - 140,000.00 2,819,587.96 3.12 21
140,000.01 - 150,000.00 2,476,794.23 2.74 17
150,000.01 - 160,000.00 2,496,072.76 2.76 16
160,000.01 - 170,000.00 2,157,694.83 2.39 13
170,000.01 - 180,000.00 1,215,299.14 1.35 7
180,000.01 - 190,000.00 558,200.00 0.62 3
190,000.01 - 200,000.00 1,763,368.70 1.95 9
200,000.01 - 250,000.00 5,138,661.51 5.69 23
250,000.01 - 300,000.00 3,822,162.88 4.23 14
300,000.01 - 350,000.00 3,911,444.21 4.33 12
350,000.01 - 400,000.00 1,466,290.60 1.62 4
400,000.01 - 450,000.00 1,287,971.77 1.43 3
450,000.01 - 500,000.00 2,402,999.00 2.66 5
500,000.01 - 550,000.00 1,050,000.00 1.16 2
550,000.01 - 600,000.00 558,526.00 0.62 1
800,000.01 - 850,000.00 818,707.97 0.91 1
---------- ---- -
Total $90,300,887.85 100.00% 966
============== ======= ===
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
19
<PAGE>
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ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 2 (Adjustable Rate)
Number of
Percent by Mortgage
Geographic Distribution Principal Balance Principal Balance Loans
- ----------------------- ----------------- ----------------- -----
Alabama 905,219.98 1.00 11
Arizona 1,862,925.57 2.06 13
Arkansas 416,329.63 0.46 6
California 1,126,637.00 1.25 7
Colorado 4,331,864.93 4.80 27
Connecticut 2,776,922.45 3.08 16
Delaware 668,544.58 0.74 7
Florida 5,540,637.01 6.14 67
Georgia 2,401,903.56 2.66 35
Idaho 680,510.34 0.75 7
Illinois 1,785,089.32 1.98 26
Indiana 3,935,026.32 4.36 66
Iowa 210,454.25 0.23 3
Kentucky 301,964.88 0.33 6
Louisiana 818,707.97 0.91 1
Maine 588,863.18 0.65 4
Maryland 2,595,451.69 2.87 27
Massachusetts 2,767,194.23 3.06 23
Michigan 7,380,975.06 8.17 96
Minnesota 958,022.55 1.06 13
Mississippi 348,871.39 0.39 7
Missouri 1,147,319.57 1.27 18
Montana 135,200.00 0.15 1
Nebraska 40,000.00 0.04 1
New Hampshire 607,531.74 0.67 5
New Jersey 4,499,609.56 4.98 36
New Mexico 75,330.00 0.08 1
New York 13,114,059.49 14.52 74
North Carolina 4,143,986.27 4.59 57
Ohio 4,653,628.36 5.15 72
Oregon 199,794.68 0.22 2
Pennsylvania 8,678,757.03 9.61 118
Rhode Island 85,450.84 0.09 1
South Carolina 2,968,096.17 3.29 39
Tennessee 646,260.70 0.72 8
Texas 541,141.73 0.60 5
Utah 1,837,138.22 2.03 14
Virginia 2,366,039.61 2.62 22
Washington 908,457.30 1.01 9
West Virginia 81,268.23 0.09 2
Wisconsin 1,169,702.46 1.30 13
------------ ---- --
Total $90,300,887.85 100.00% 966
============== ======= ===
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
20
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 2 (Adjustable Rate)
Percent by Number of
Original Loan-to-value (%) Principal Balance Principal Balance Mortgage Loans
- -------------------------- ----------------- ----------------- --------------
25.01 - 30.00 83,980.83 0.09 2
30.01 - 35.00 273,408.12 0.30 5
35.01 - 40.00 50,000.00 0.06 1
40.01 - 45.00 565,230.44 0.63 5
45.01 - 50.00 501,967.52 0.56 6
50.01 - 55.00 667,638.52 0.74 12
55.01 - 60.00 1,012,256.15 1.12 16
60.01 - 65.00 4,397,189.16 4.87 61
65.01 - 70.00 3,878,286.71 4.29 41
70.01 - 75.00 7,867,888.57 8.71 93
75.01 - 80.00 21,216,435.89 23.50 251
80.01 - 85.00 24,951,785.64 27.63 258
85.01 - 90.00 24,834,820.30 27.50 215
------------- ----- ---
Total $90,300,887.85 100.00% 966
============== ======= ===
At origination no Group 2 Mortgage Loan had a Loan-to-Value ("LTV") exceeding
90.00%.
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
21
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 2 (Adjustable Rate)
Percent by Number of
Mortgage Rates (%) Principal Balance Principal Balance Mortgage Loans
- ------------------ ----------------- ----------------- --------------
7.500 - 7.749 83,000.00 0.09 1
7.750 - 7.999 214,313.08 0.24 2
8.000 - 8.249 122,886.64 0.14 2
8.250 - 8.499 165,557.53 0.18 3
8.500 - 8.749 353,450.72 0.39 5
8.750 - 8.999 1,270,682.01 1.41 11
9.000 - 9.249 1,188,266.39 1.32 12
9.250 - 9.499 1,321,404.24 1.46 11
9.500 - 9.749 2,730,483.49 3.02 23
9.750 - 9.999 4,699,485.88 5.20 44
10.000 - 10.249 5,314,424.42 5.89 53
10.250 - 10.499 6,187,362.44 6.85 57
10.500 - 10.749 6,227,193.83 6.90 64
10.750 - 10.999 9,609,005.74 10.64 85
11.000 - 11.249 7,162,507.13 7.93 76
11.250 - 11.499 6,960,448.56 7.71 79
11.500 - 11.749 7,951,483.25 8.81 85
11.750 - 11.999 4,888,900.71 5.41 64
12.000 - 12.249 5,307,455.79 5.88 56
12.250 - 12.499 6,746,598.68 7.47 84
12.500 - 12.749 4,434,804.31 4.91 53
12.750 - 12.999 2,670,172.11 2.96 31
13.000 - 13.249 2,198,911.08 2.44 28
13.250 - 13.499 1,455,587.76 1.61 22
13.500 - 13.749 368,719.82 0.41 6
13.750 - 13.999 417,256.07 0.46 5
14.000 - 14.249 250,526.17 0.28 4
---------- ---- --
Total $90,300,887.85 100.00% 966
============== ======= ===
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
22
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 2 (Adjustable Rate)
Percent by Number of
Remaining Months to Maturity Principal Balance Principal Balance Mortgage Loans
- ---------------------------- ----------------- ----------------- --------------
<S> <C> <C> <C>
223.00 - 228.99 31,679.99 0.04 1
289.00 - 300.99 670,271.42 0.74 15
337.00 - 348.99 239,935.93 0.27 5
349.00 - 357.99 6,773,613.12 7.50 81
358.00 - 358.99 13,075,860.11 14.48 129
359.00 - 359.99 41,580,305.93 46.05 433
360.00 - 360.99 27,929,221.35 30.93 302
------------- ----- ---
Total $90,300,887.85 100.00% 966
============== ======= ===
</TABLE>
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
23
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 2 (Adjustable Rate)
Principal Percent by Number of
Month of Next Rate Adjustment Balance Principal Balance Mortgage Loans
- ----------------------------- ------- ----------------- --------------
May, 2000 74,849.86 0.08 1
July, 2000 33,722.04 0.04 1
October, 2000 31,679.99 0.04 1
November, 2000 44,716.14 0.05 1
January, 2001 55,733.42 0.06 1
February, 2001 48,269.29 0.05 1
March, 2001 57,495.04 0.06 1
June, 2001 75,040.96 0.08 1
July, 2001 25,527.95 0.03 1
August, 2001 381,616.12 0.42 2
September, 2001 339,304.86 0.38 5
October, 2001 268,958.99 0.30 4
November, 2001 1,168,378.71 1.29 15
December, 2001 3,828,061.59 4.24 43
January, 2002 10,843,382.69 12.01 106
February, 2002 34,411,508.15 38.11 360
March, 2002 22,375,266.46 24.78 246
October, 2002 259,842.45 0.29 3
December, 2002 352,031.63 0.39 6
January, 2003 2,521,422.13 2.79 29
February, 2003 7,416,574.49 8.21 79
March, 2003 5,687,504.89 6.30 59
------------ ---- --
Total $90,300,887.85 100.00% 966
============== ======= ===
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
24
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 2 (Adjustable Rate)
Percent by Number of
Gross Margin Principal Balance Principal Balance Mortgage Loans
- ------------ ----------------- ----------------- --------------
2.750 - 2.999 83,000.00 0.09 1
3.500 - 3.749 179,586.64 0.20 3
3.750 - 3.999 155,357.53 0.17 2
4.000 - 4.249 76,954.54 0.09 1
4.250 - 4.499 459,904.21 0.51 6
4.500 - 4.749 896,588.82 0.99 12
4.750 - 4.999 1,751,640.35 1.94 11
5.000 - 5.249 3,612,856.39 4.00 30
5.250 - 5.499 2,656,766.68 2.94 32
5.500 - 5.749 7,431,975.05 8.23 66
5.750 - 5.999 5,607,900.11 6.21 57
6.000 - 6.249 7,476,678.20 8.28 68
6.250 - 6.499 10,166,459.52 11.26 106
6.500 - 6.749 7,542,339.69 8.35 84
6.750 - 6.999 11,067,885.04 12.26 117
7.000 - 7.249 6,909,964.09 7.65 82
7.250 - 7.499 5,123,959.12 5.67 58
7.500 - 7.749 5,345,629.73 5.92 58
7.750 - 7.999 4,698,771.32 5.20 51
8.000 - 8.249 3,615,182.11 4.00 49
8.250 - 8.499 1,279,395.44 1.42 19
8.500 - 8.749 1,370,002.52 1.52 15
8.750 - 8.999 1,896,630.93 2.10 23
9.000 - 9.249 443,740.06 0.49 8
9.250 - 9.499 272,888.84 0.30 5
9.500 - 9.749 74,849.86 0.08 1
10.000 - 10.249 103,981.06 0.12 1
---------- ---- -
Total $90,300,887.85 100.00% 966
============== ======= ===
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
25
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 2 (Adjustable Rate)
Percent by Number of
Maximum Mortgage Rates Principal Balance Principal Balance Mortgage Loans
- ---------------------- ----------------- ----------------- --------------
13.500 - 13.749 83,000.00 0.09 1
13.750 - 13.999 82,500.00 0.09 1
14.000 - 14.249 122,886.64 0.14 2
14.250 - 14.499 129,557.53 0.14 2
14.500 - 14.749 353,450.72 0.39 5
14.750 - 14.999 1,078,102.87 1.19 9
15.000 - 15.249 1,188,266.39 1.32 12
15.250 - 15.499 1,321,404.24 1.46 11
15.500 - 15.749 2,628,883.49 2.91 22
15.750 - 15.999 4,831,298.96 5.35 45
16.000 - 16.249 5,219,544.42 5.78 52
16.250 - 16.499 6,128,902.07 6.79 57
16.500 - 16.749 6,227,193.83 6.90 64
16.750 - 16.999 9,707,084.88 10.75 86
17.000 - 17.249 7,162,507.13 7.93 76
17.250 - 17.499 6,960,448.56 7.71 79
17.500 - 17.749 8,053,083.25 8.92 86
17.750 - 17.999 4,888,900.71 5.41 64
18.000 - 18.249 5,402,335.79 5.98 57
18.250 - 18.499 6,841,059.05 7.58 85
18.500 - 18.749 4,434,804.31 4.91 53
18.750 - 18.999 2,764,672.11 3.06 32
19.000 - 19.249 2,273,760.94 2.52 29
19.250 - 19.499 1,455,587.76 1.61 22
19.500 - 19.749 368,719.82 0.41 6
19.750 - 19.999 417,256.07 0.46 5
20.000 - 20.249 175,676.31 0.19 3
---------- ---- -
Total $90,300,887.85 100.00% 966
============== ======= ===
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
26
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 2 (Adjustable Rate)
Percent by Number of
Minimum Mortgage Rates Principal Balance Principal Balance Mortgage Loans
- ---------------------- ----------------- ----------------- --------------
6.500 - 6.749 83,000.00 0.09 1
6.750 - 6.999 82,500.00 0.09 1
7.000 - 7.249 122,886.64 0.14 2
7.250 - 7.499 129,557.53 0.14 2
7.500 - 7.749 353,450.72 0.39 5
7.750 - 7.999 1,078,102.87 1.19 9
8.000 - 8.249 1,188,266.39 1.32 12
8.250 - 8.499 1,321,404.24 1.46 11
8.500 - 8.749 2,628,883.49 2.91 22
8.750 - 8.999 4,831,298.96 5.35 45
9.000 - 9.249 5,219,544.42 5.78 52
9.250 - 9.499 6,128,902.07 6.79 57
9.500 - 9.749 6,227,193.83 6.90 64
9.750 - 9.999 9,707,084.88 10.75 86
10.000 - 10.249 7,162,507.13 7.93 76
10.250 - 10.499 6,960,448.56 7.71 79
10.500 - 10.749 8,053,083.25 8.92 86
10.750 - 10.999 4,888,900.71 5.41 64
11.000 - 11.249 5,402,335.79 5.98 57
11.250 - 11.499 6,841,059.05 7.58 85
11.500 - 11.749 4,434,804.31 4.91 53
11.750 - 11.999 2,764,672.11 3.06 32
12.000 - 12.249 2,198,911.08 2.44 28
12.250 - 12.499 1,455,587.76 1.61 22
12.500 - 12.749 368,719.82 0.41 6
12.750 - 12.999 417,256.07 0.46 5
13.000 - 13.249 250,526.17 0.28 4
---------- ---- --
Total $90,300,887.85 100.00% 966
============== ======= ===
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
27
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
COLLATERAL TABLES FOR INITIAL MORTGAGE LOANS (continued)
Group 2 (Adjustable Rate)
Percent by Number of
Underwriting Class Principal Balance Principal Balance Mortgage Loans
- ------------------ ----------------- ----------------- --------------
AA 5,455,900.05 6.04 45
ANIV 7,345,480.85 8.13 51
I 27,838,013.57 30.83 246
II 11,499,485.29 12.73 149
IIB 14,553,520.69 16.12 181
III 3,352,350.20 3.71 30
IIISE 2,597,637.46 2.88 18
IV 12,516,915.97 13.86 177
IVPI 1,862,614.33 2.06 15
V 3,278,969.44 3.63 54
------------ ---- --
Total $90,300,887.85 100.00% 966
============== ======= ===
Group 2 (Adjustable Rate)
Percent by Number of
Property Type Principal Balance Principal Balance Mortgage Loans
- ------------- ----------------- ----------------- --------------
SINGLE FAMILY 64,587,772.90 71.53 686
2-4 FAMILY 11,504,239.29 12.74 91
MANUFACTURED 11,099,374.80 12.29 158
CONDO 1,628,383.45 1.80 19
PUD 1,481,117.41 1.64 12
------------ ---- --
Total $90,300,887.85 100.00% 966
============== ======= ===
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
28
<PAGE>
[GRAPHIC OMITTED] COMPUTATIONAL MATERIALS FOR AFC MORTGAGE LOAN
ASSET-BACKED NOTES, SERIES 2000-1
- --------------------------------------------------------------------------------
FOR ADDITIONAL INFORMATION PLEASE CALL:
Asset Backed Securities Group
- -----------------------------
Rob DiOrio (212) 449-1646
Demetrios Tsipras (212) 449-9486
Vu Nguyen (212) 449-1955
Ryad Yousuf (212) 449-2365
Mbs/abs Trading
- ---------------
(New York)
Vince Mora (212) 449-5320
Scott Soltas (212) 449-3659
(London)
Ashley Kibblewhite 011-44-171-867-3032
Anthony Everill 011-44-171-867-3032
Asset Backed Research
- ---------------------
Chris Flanagan (212) 449-1655
Ralph Diserio (212) 449-1629
Ryan Asato (212) 449-9622
- ---------------------------------------------------------------------------
Recipients must read the information contained in the attached statement.
Do not use or rely on this information if you have not received or
reviewed the statement. If you have not received the statement, call your
Merrill Lynch account executive for another copy. The collateral
information set forth in the Computational Materials supersedes any
previously distributed collateral information relating to the securities
discussed in this communication and will be superseded by the information
set forth in the final prospectus supplement.
29
