<PAGE>
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 report): May 21, 1999
GREENPOINT CREDIT CORP.
- --------------------------------------------------------------------------------
(exact name of registrant as specified in charter)
DELAWARE
- --------------------------------------------------------------------------------
(state or other jurisdiction of incorporation)
333-59731
- --------------------------------------------------------------------------------
(commission file number)
13-4002891
- --------------------------------------------------------------------------------
(I.R.S. Employer Identification Number)
10089 Willow Creek Road
San Diego, California 92131
(619) 530-9394
- --------------------------------------------------------------------------------
(address and telephone number of registrant's
principal executive offices)
<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
FILING OF OPINION AND CONSENT OF COUNSEL, CONSENT OF ACCOUNTANTS AND
CERTAIN COMPUTATIONAL MATERIALS.*
In connection with the offering of GreenPoint Credit Manufactured
Housing Contract Trust Pass-Through Certificates, Series 1999-3 (the "Publicly
Offered Certificates"), Orrick, Herrington & Sutcliffe LLP ("Orrick") will
deliver its opinion relating to certain tax matters and which contains Orrick's
consent to use of their name in the Prospectus Supplement, dated May 21, 1999
(the "Prospectus Supplement," and together with the related Prospectus, dated
May 21, 1999, the "Prospectus"), of the Registrant relating to the Publicly
Offered Certificates and filed pursuant to Rule 424(b). The opinion of Orrick
is attached hereto as Exhibit 8.1.
PricewaterhouseCoopers LLP has consented to the use of their name in
the "Experts" section of the Prospectus Supplement. The consent of
PricewaterhouseCoopers LLP is attached hereto as Exhibit 23.1.
Lehman Brothers Inc. and Salomon Smith Barney Inc., as the
underwriters of the Publicly Offered Certificates, have prepared certain
materials (the "External Computational Materials") for distribution to potential
investors in the offering of the Publicly Offered Certificates. For purposes of
this Form 8-K, External Computational Materials shall mean computer generated
materials of charts displaying, with respect to the Publicly Offered
Certificates, any of the following: yield, average life, duration, expected
maturity, interest rate sensitivity, loss sensitivity, cash flow
characteristics, background information regarding the loans, the proposed
structure, decrement tables, or similar information (tabular or otherwise) of a
statistical mathematical, tabular or computational nature. Certain of the
External Computational Materials prepared by Lehman Brothers Inc. are attached
hereto as Exhibit 99.1. Certain of the External Computational Materials
prepared by Salomon Smith Barney Inc. are attached hereto as Exhibit 99.2.
*Terms used herein without definition shall have the meanings assigned to them
in the Prospectus.
<PAGE>
Item 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not applicable.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) Exhibit Numbers:
The following are filed herewith. The exhibit numbers correspond with
Item 601(b) of Regulation S-K.
8.1. Opinion of Orrick, Herrington & Sutcliffe LLP with respect to tax
matters.
23.1 Consent of PricewaterhouseCoopers LLP.
99.1 External Computational Materials prepared by Lehman Brothers Inc.
99.2 External Computational Materials prepared by Salomon Smith Barney
Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
GREENPOINT CREDIT CORP.
By: /s/ Charles O. Ryan
-----------------------------
Name: Charles O. Ryan
Title: Senior Vice President
Dated: May 24, 1999
San Diego, California
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Numbers
---------------
<S> <C>
8.1. Opinion of Orrick, Herrington & Sutcliffe LLP with respect to tax matters.
23.1 Consent of PricewaterhouseCoopers LLP.
99.1 External Computational Materials prepared by Lehman Brothers Inc.
99.2 External Computational Materials prepared by Salomon Smith Barney Inc.
</TABLE>
<PAGE>
EXHIBIT 8.1
May 21, 1999
GreenPoint Credit Corp.
10089 Willow Creek Road
San Diego, California 92131
Re: GreenPoint Manufactured Housing Contract Trust
Pass-Through Certificates, Series 1999-3
Ladies and Gentlemen:
We are serving as special tax counsel to GreenPoint Credit Corp. (the
"Registrant") in connection with the sale by the Registrant of the GreenPoint
Manufactured Housing Contract Trust Pass-Through Certificates, Series 1999-3
Class I A-1 Certificates, Class I A-2 Certificates, Class I A-3 Certificates,
Class I A-4 Certificates, Class I A-5 Certificates, Class I A-6 Certificates,
Class I A-7 Certificates, Class II A-1 Certificates, Class II A-2 Certificates
and Class R Certificates (collectively, the "Certificates"). For purposes of
this opinion, capitalized terms used but not defined herein have the meanings
ascribed to them in the Agreement (as defined below).
The Certificates will be issued on the Closing Date pursuant to a Pooling
and Servicing Agreement dated as of May 1, 1999 (the "Agreement") between
GreenPoint Credit Corp., as Seller and Servicer and The First National Bank of
Chicago, as Trustee. The Certificates will represent undivided interests in a
trust fund (the "Trust Fund") consisting primarily of a pool of manufactured
housing installment sale contracts and installment loan agreements
(collectively, the "Contracts") which the Registrant will convey to the Trustee,
as trustee for the Trust Fund, on the Closing Date pursuant to the Agreement.
In connection with this opinion, we have examined and relied upon the
following documents:
1. the Agreement;
2. the registration statement on Form S-3 (No. 333-59731) filed by the
Registrant, relating to the Publicly Offered Certificates (the "Registration
Statement") as filed with the Securities and Exchange Commission (the
"Commission") in accordance with the provisions of the Securities Act of 1933,
as amended, and the rules and regulations of the Commission thereunder
(collectively, the "Act"); and
3. the preliminary base Prospectus and the preliminary Prospectus
Supplement, in each case relating to the Publicly Offered Certificates (such
Prospectus and Prospectus Supplement being hereinafter collectively referred to
as the "Prospectus").
<PAGE>
Greenpoint Credit Corp.
May 21, 1999
Page 2
In such examination, we have assumed the genuineness of all signatures and
the authenticity of all items submitted to us as originals and the conformity
with originals of all items submitted to us as copies. In making our examination
of documents executed by entities other than the Registrant, we have assumed
that each other entity has the power and authority to execute and deliver, and
to perform and observe the provisions of such documents, and the due
authorization by each such entity of all requisite action and the due execution
and delivery of such documents by each such entity. To the extent we have
deemed necessary and proper, we have relied upon the representations and
warranties as to facts relating to the Registrant, the Contracts, and other
matters contained in the Agreement.
The opinions expressed herein are based upon current statutes, rules,
regulations, cases and official interpretive opinions, and cover certain items
that are not directly or definitively addressed by such authorities.
Based upon and subject to the foregoing, we are of the opinion that:
1. The statements contained in the Prospectus under the heading "Federal
Income Tax Consequences," to the extent they constitute matters of law or legal
conclusions with respect thereto, are correct in all material respects, under
the assumptions stated therein and under applicable law as in effect on the date
of the Prospectus Supplement.
2. Assuming (i) the making of a valid election and (ii) compliance with
the Agreement, (a) the electing portion of the Trust Fund will be classified for
federal income tax purposes as a "real estate mortgage investment conduit"
("REMIC") within the meaning of Section 860D of the Internal Revenue Code of
1986 (the "Code"), (b) the Publicly Offered Certificates other than the Class I
A-1 Certificates will be treated as evidencing ownership of "regular interests"
in such REMIC for federal income tax purposes and will be treated as debt
instruments for purposes of chapter 1 of the Code (generally relating to the
calculation of a Certificateholder's federal income tax liability), and the
Class I A-1 Certificates will be treated as evidencing in part ownership of
"regular interests" in such REMIC, which part will be treated as a debt
instrument for purposes of Chapter 1 of the Code, and in part ownership of a cap
contract (to the extent of the right to payments of interest at a rate in excess
of the weighted average net contract rate of the Group I contracts), which part
will be treated as a "notional principal contract" within the meaning of
Treasury regulations Section 1.446-3, (c) the Class R Certificate will be
treated as the single class of "residual interest" in such REMIC for federal
income tax purposes, and (d) the REMIC represented by the Trust Fund will not be
subject to federal income tax as a separate entity except for (i) the tax on
"prohibited transactions" imposed by section 860F of the Code, (ii) the tax on
"contributions after startup date" imposed by section 860G(d) of the Code and
(iii) the tax on "income from foreclosure property" imposed by section 860G(c)
of the Code.
<PAGE>
Greenpoint Credit Corp.
May 21, 1999
Page 3
We express no opinion herein except as to the matters set forth above.
This opinion is furnished to you solely for use in connection with the issuance
and sale of the Certificates. We hereby consent to the filing of this letter as
an exhibit to a Current Report on Form 8-K filed by you in connection with the
Trust Fund. In giving such consent, we do not admit and we hereby disclaim that
we come within the category of persons whose consent is required under Section 7
of the Securities Act of 1933, as amended, or the rules and regulations of the
Commission thereunder, nor do we admit that we are experts with respect to any
part of the Registration Statement within the meaning of the term "experts" as
used in the Securities Act of 1933, as amended, or the rules and regulations of
the Commission thereunder.
Very truly yours,
/s/ Orrick, Herrington & Sutcliffe LLP
Orrick, Herrington & Sutcliffe LLP
<PAGE>
EXHIBIT 23.1
[PRICEWATERHOUSECOOPERS LETTERHEAD]
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
Telephone: (212) 596-8000
Facsimile: (212) 596-8910
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus Supplement of
GreenPoint Credit Corp. relating to Manufactured Housing Contact Trust Pass-
Through Certificates, Series 1999-3, of our report dated February 2, 1999, on
our audits of the consolidated financial statements of MBIA Insurance
Corporation and Subsidiaries as of December 31, 1998 and 1997 and for each of
the three years in the period ended December 31, 1998. We also consent to the
Reference to our Firm under the caption "Experts".
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
May 21, 1999
<PAGE>
EXHIBIT 99.1
TERM SHEET DATED MAY 19, 1999
GreenPoint Credit Corporation
Manufactured Housing Contract Trust
Pass-Through Certificates, Series 1999-3
$712,391,484(Approximate)
- --------------------------------------------------------------------------------
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 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).
1
<PAGE>
TERM SHEET DATED MAY 19, 1999
GreenPoint Credit Corporation
Manufactured Housing Contract Trust
Pass-Through Certificates, Series 1999-3
$712,391,484(Approximate)
Subject to Revision
SELLER/SERVICER: GreenPoint Credit Corporation ("GreenPoint")
TRUSTEE: The First National Bank of Chicago
UNDERWRITERS: Lehman Brothers (Lead), Credit Suisse First Boston, Salomon
Smith Barney
OFFERED CERTIFICATES:
<TABLE>
<CAPTION>
Ratings WAL Exp Final
Amount (S & P/Moody's) @ 200% MHP Maturity
------ --------------- ---------- ---------
<S> <C> <C> <C> <C>
To Call:
IA-1 $153,611,000 AAA / Aaa 1.09 6/01
IA-2 $ 27,002,000 AAA / Aaa 2.25 10/01
IA-3 $ 95,275,000 AAA / Aaa 3.09 3/03
IA-4 $137,792,000 AAA / Aaa 5.00 10/05
IA-5 $115,000,000 AAA / Aaa 7.81 11/08
IA-6 $ 43,000,000 AAA / Aaa 10.27 7/10
IA-7 $140,711,484 AAA / Aaa 13.85 3/14
To Maturity:
IA-7 $140,711,484 AAA / Aaa 16.23 6/29
</TABLE>
CUT-OFF DATE: May 1, 1999
EXP. PRICING: Week of May 17, 1999
EXP. SETTLEMENT: May 27, 1999
INTEREST/PRINCIPAL: The 15th day of each month (or if such 15th day is not a
business day, the next succeeding business day),
commencing on June 15, 1999.
RECORD DATE: For Class IA-1 Certificates, the record date for the first
Distribution Date will be the Closing Date, and thereafter
will be the day prior to the Distribution Date. For all
other Classes of Certificates, the record date for the
first Distribution Date will be May 27, 1999, and
thereafter will be the last business day of the month,
preceding a Distribution Date.
OTHER CERTIFICATES: In addition to the Offered Certificates, certain other
Classes of Certificates (the "Group II Certificates") and
the Class R Certificates will be issued. The Class R
Certificates will be interest-only Certificates which are
retained by an affiliate of GreenPoint, and fully
subordinated to the Offered Certificates and the Group II
Certificates. The Group II Certificates will evidence
ownership interests in the Group II Contracts.
ERISA: The Offered Certificates are ERISA eligible, subject to
the conditions set forth in the Prospectus Supplement.
SMMEA: The Offered Certificates will constitute "mortgage related
securities" under the Secondary Mortgage Market
Enhancement Act of 1984 ("SMMEA") and, as such, will
constitute "legal investments" for certain types of
institutional investors to the extent provided in that
Act.
TAX STATUS: A REMIC Election will be made with respect to the Trust
for federal income tax purposes.
2
<PAGE>
OPTIONAL TERMINATION: Less than 10% of the sum of the original principal
balance of the Group I Contracts and Group II Contracts.
PRICING SPEED: 200% MHP
STRUCTURE
CREDIT ENHANCEMENT: Credit enhancement with respect to the Offered
Certificates will be provided by the MBIA Insurance
Corporation ("MBIA") insurance policy.
MBIA Insurance Policy: MBIA will issue a financial
guaranty certificate insurance policy pursuant to which it
will irrevocably and unconditionally guarantee the timely
payment of interest and principal on the Offered
Certificates.
ALLOCATION OF LOSSES: A loss is realized on a contract when the Servicer
determines that it has received all amounts it expects to
recover from that contract and that amount of recovery is
less than the sum of the outstanding principal balance of
the contract and the accrued and unpaid interest thereon.
If there is a default by MBIA Insurance Corporation under
the certificate insurance policy, losses on contracts will
be allocated to the certificates.
SERVICER ADVANCES: For any month, if the Servicer receives a payment on a
contract that is less than the full scheduled payment or
receives no payment, the Servicer will advance its own
funds to cover any shortfalls in payment of principal and
interest due on the Offered Certificates. However,
advances will not exceed the delinquent contract payments
and the Servicer will only make advances if it determines
that such advances will be recoverable from future
payments or collections on that contract.
THE CONTRACT POOL: On the Closing Date, the Trust expects to purchase a pool
of fixed rate manufactured housing contracts ("Group I
Contracts") having an aggregate principal balance of
approximately $712,391,484.60 as of the Cut-off Date. On
the Closing Date, the Trust also expects to purchase a
pool of adjustable rate manufactured housing contracts
("Group II Contracts") having an aggregate principal
balance of approximately $97,706,174.04 as of the Cut-off
Date. The Offered Certificates represent ownership
interests in the Group I Contracts.
DISTRIBUTIONS: The Amount Available on each Distribution Date generally
includes the sum of (a) payments on the Group I Contracts
due and received during the related Collection Period (as
defined below), and (b) prepayments and other unscheduled
collections received during the related Collection Period.
The Amount Available will generally be applied first to
the distribution of interest and then to the distribution
of principal on the Offered Certificates.
The "Collection Period" with respect to all Distribution
Dates, is the period from and including the 1st day of the
month immediately preceding such Distribution Date, to and
including the last day of the same month.
3
<PAGE>
INTEREST:
With respect to any Distribution Date and Class IA-1
Certificates, the Interest Period shall be the period from
the preceding Distribution Date (or from the closing date
with respect to the first Distribution Date) through the
day prior to the Distribution Date.
With respect to any Distribution Date and all other
Classes of Certificates, the Interest Period shall be the
period from the first day of the calendar month preceding
the month of such Distribution Date through the last day
of such calendar month.
The Interest Distribution Amount means with respect to any
Class of Certificates (i) interest accrued on such Class
during the related Interest Period at the then applicable
Pass-Through Rate on the Principal Balance of such Class
immediately prior to that Distribution Date, plus (ii) any
previously undistributed shortfalls in interest due to the
Certificateholders of that Class in respect of prior
Distribution Dates, plus, to the extent legally
permissible, interest accrued on any such shortfalls
during the related Interest Period at the then applicable
Pass-Through Rate.
The Class IA-1 Certificates will bear interest at a
variable Pass-Through Rate calculated on an actual/360
basis. The Pass-Through Rate for the Class IA-1
Certificates will be floating and will equal the lesser
of:
i. one-month LIBOR plus the Pass-Through Margin; or
ii. the Available Funds Pass-Through Rate.
The Available Funds Pass-Through Rate for any Payment Date
will be a rate per annum equal to the weighted average of
the Expense Adjusted Mortgage Rates on the then
outstanding Group I Contracts. The Expense Adjusted
Mortgage Rate on any Contract is equal to the then
applicable Loan Interest Rate thereon, minus the Expense
Fee Rate, which is equal to the sum of the servicing fee
and the trustee fee.
Each other Class of Certificates will bear interest at a
fixed Pass-Through Rate calculated on a 30/360 basis.
PRINCIPAL: After the payment of interest to the Offered Certificates,
principal will be distributed in the following manner.
The Formula Principal Distribution Amount will be
distributed sequentially to the Class IA-1, IA-2, IA-3,
IA-4, IA-5, IA-6 and IA-7 Certificateholders.
The Formula Principal Distribution Amount in respect of a
Distribution Date equals, with respect to the Group I
Contracts, the sum of (i) all scheduled payments of
principal due on each outstanding Contract during the
Collection Period preceding the month in which the
Distribution Date occurs, (ii) the Scheduled Principal
Balance of each Contract which, during the Collection
Period preceding the month of such Distribution Date, was
purchased by GreenPoint pursuant to the Agreement on
account of certain breaches of its representations and
warranties, (iii) all partial prepayments of principal on
the Contracts received during such preceding Collection
Period, (iv) the Scheduled Principal Balance of each
Contract that was prepaid in full during such preceding
Collection Period, (v) the Scheduled Principal Balance of
each Contract that became a Liquidated Contract during
such preceding Collection Period, (vi) the aggregate of
all non-cash reductions in the Scheduled Principal Balance
of the Contracts during such proceeding Collection Period
whether by bankruptcy or other similar proceeding or other
adjustment by the Servicer in the normal course of its
servicing activities, and (vii) any previously
undistributed shortfalls in the amounts in clauses (i)
through (vi) in respect of the prior Distribution Dates
(other than any such shortfall with respect to which an
Enhancement Payment has been made to the
Certificateholders).
4
<PAGE>
CLASS IA-1 INTEREST If on any Distribution Date, the Class IA-1 Certificate
CARRYOVER AMOUNT: Rate is based on the Available Funds Pass-Through Rate,
holders of such Certificates will be entitled to receive
the Class IA-1 Interest Carryover Amount to the extent
funds are available. Any payments of such amounts will not
be deemed to be distributions from the REMIC. The ratings
assigned to the Offered Certificates do not address the
likelihood of the payment of any Class IA-1 Interest
Carryover Amount. MBIA Insurance Policy does not guarantee
the likelihood of the payment of any Class IA-1 Interest
Carryover Amount.
CONTRACTS: The information concerning the Contracts presented below
is based on a pool originated through April 30, 1999.
5
<PAGE>
THE GROUP I CONTRACT POOL
<TABLE>
<S> <C>
Number of MHCs in Group I pool: 19,236
Wgt. Avg. Contract Rate: 9.74%
Range of Rates: 5.25% - 15.25%
Wgt. Avg. Orig. Maturity: 312 mos.
Range of Orig. Maturity: 18-362 mos.
Wgt. Avg. Rem. Maturity: 310 mos.
Range of Rem. Maturity: 10-360 mos.
Avg. Rem Princ. Balance: $ 37,034.28
Wgt. Avg. LTV: 88.96%
New/Used: 82.0%/18.0%
</TABLE>
6
<PAGE>
GEOGRAPHIC DISTRIBUTION OF PROPERTY LOCATION OF GROUP I CONTRACTS
<TABLE>
<CAPTION>
% of Group I Contract
Number Aggregate Principal Pool by Outstanding
State of Contracts Balance Outstanding Principal Balance
- ----- ------------ ------------------- ----------------------
<S> <C> <C> <C>
Alabama 1,315 $ 48,690,774.13 6.83%
Arizona 495 18,567,414.84 2.61%
Arkansas 609 22,137,986.22 3.11%
California 189 5,695,245.59 0.80%
Colorado 270 10,133,608.91 1.42%
Connecticut 1 105,506.26 0.01%
Delaware 49 1,847,058.31 0.26%
Florida 832 30,086,190.17 4.22%
Georgia 1,540 66,482,728.41 9.33%
Idaho 59 2,518,932.29 0.35%
Illinois 283 9,545,656.29 1.34%
Indiana 472 16,581,817.90 2.33%
Iowa 186 5,892,008.44 0.83%
Kansas 309 11,323,512.83 1.59%
Kentucky 980 32,791,656.20 4.60%
Louisiana 451 15,280,000.88 2.14%
Maine 73 3,868,954.25 0.54%
Maryland 59 2,116,630.94 0.30%
Massachusetts 2 33,840.26 0.00%
Michigan 558 21,659,799.83 3.04%
Minnesota 114 3,201,475.75 0.45%
Mississippi 999 34,223,740.36 4.80%
Missouri 559 19,997,415.81 2.81%
Montana 73 2,422,444.30 0.34%
Nebraska 106 4,038,847.49 0.57%
Nevada 109 5,450,737.34 0.77%
New Hampshire 28 1,471,413.65 0.21%
New Jersey 10 277,922.31 0.04%
New Mexico 312 12,225,067.45 1.72%
New York 202 6,759,970.50 0.95%
North Carolina 1,473 57,386,472.17 8.06%
North Dakota 36 917,067.63 0.13%
Ohio 392 12,534,924.98 1.76%
Oklahoma 427 15,759,810.66 2.21%
Oregon 141 5,689,712.27 0.80%
Pennsylvania 400 11,823,101.60 1.66%
South Carolina 765 29,013,032.14 4.07%
South Dakota 80 2,950,147.22 0.41%
Tennessee 809 28,953,276.40 4.06%
Texas 2,138 83,970,784.35 11.79%
Utah 41 1,838,018.94 0.26%
Vermont 33 1,785,990.65 0.25%
Virginia 384 14,937,565.65 2.10%
Washington 147 6,850,031.66 0.96%
West Virginia 456 14,163,008.52 1.99%
Wisconsin 171 4,379,363.95 0.61%
Wyoming 99 4,010,817.90 0.56%
------ --------------- ------
Total (1) 19,236 $712,391,484.60 100.00%
</TABLE>
- ---------------------
(1) Percentages do not add to 100% due to rounding.
7
<PAGE>
DISTRIBUTION OF ORIGINAL AMOUNTS OF GROUP I CONTRACTS
<TABLE>
<CAPTION>
% of Group I Contract
Original Contract Number of Aggregate Principal Pool by Outstanding
Amount (in Dollars)(1) Contracts Balance Outstanding Principal Balance
- ---------------------- --------- ------------------- ---------------------
<S> <C> <C> <C>
Less than $5,001 17 $ 68,558.45 0.01%
$5,001 - $7,500 137 870,885.71 0.12%
$7,501 - $10,000 357 3,074,455.98 0.43%
$10,001 - $12,500 540 5,919,753.26 0.83%
$12,501 - $15,000 672 9,099,872.56 1.28%
$15,001 - $17,500 668 10,638,096.60 1.49%
$17,501 - $20,000 730 13,465,126.09 1.89%
$20,001 - $22,500 811 17,019,701.24 2.39%
$22,501 - $25,000 1,035 24,249,609.70 3.40%
$25,001 - $27,500 1,229 32,090,700.24 4.50%
$27,501 - $30,000 1,364 39,175,095.13 5.50%
$30,001 - $32,500 1,273 39,623,443.36 5.56%
$32,501 - $35,000 1,379 46,397,422.17 6.51%
$35,001 - $40,000 2,114 78,702,219.64 11.05%
$40,001 - $45,000 1,574 66,685,466.13 9.36%
$45,001 - $50,000 1,300 61,446,378.98 8.63%
$50,001 - $55,000 1,055 55,161,071.76 7.74%
$55,001 - $60,000 795 45,560,645.48 6.40%
$60,001 - $65,000 620 38,604,564.56 5.42%
$65,001 - $70,000 408 27,464,929.41 3.86%
$70,001 - $75,000 329 23,779,820.78 3.34%
$75,001 - $80,000 251 19,415,042.03 2.73%
$80,001 - $85,000 159 13,069,100.85 1.83%
Greater than $85,000 419 40,809,524.49 5.73%
------ --------------- -------
Total 19,236 $712,391,484.60 100.00%
</TABLE>
- -------------------------
(1) The largest original Contract amount is $158,477.30 which represents 0.02%
of the Group I Contract Pool Principal Balance.
8
<PAGE>
CONTRACT RATES OF GROUP I CONTRACTS
<TABLE>
<CAPTION>
% of Group I Contract
Range of Contracts by Number of Aggregate Principal Pool by Outstanding
Contract Rate Contracts Balance Outstanding Principal Balance
- --------------------- --------- ------------------- ---------------------
<S> <C> <C> <C>
5.250% - 5.499% 2 $ 112,074.33 0.02%
5.500% - 5.749% 21 1,073,153.51 0.15%
5.750% - 5.999% 48 2,758,860.85 0.39%
6.000% - 6.249% 173 9,899,925.34 1.39%
6.250% - 6.499% 81 4,380,847.80 0.61%
6.500% - 6.749% 63 3,781,105.97 0.53%
6.750% - 6.999% 248 15,443,001.34 2.17%
7.000% - 7.249% 300 21,064,884.67 2.96%
7.250% - 7.499% 316 22,341,656.72 3.14%
7.500% - 7.749% 220 15,006,101.93 2.11%
7.750% - 7.999% 159 8,760,444.55 1.23%
8.000% - 8.249% 348 18,470,132.88 2.59%
8.250% - 8.499% 630 33,941,481.84 4.76%
8.500% - 8.749% 1,591 82,657,453.18 11.60%
8.750% - 8.999% 735 35,076,983.52 4.92%
9.000% - 9.249% 464 19,095,811.23 2.68%
9.250% - 9.499% 1,529 54,518,496.96 7.65%
9.500% - 9.749% 806 31,165,874.87 4.37%
9.750% - 9.999% 450 19,948,628.81 2.80%
10.000% - 10.249% 330 13,466,614.99 1.89%
10.250% - 10.499% 552 20,840,689.42 2.93%
10.500% - 10.749% 1,110 42,463,146.98 5.96%
10.750% - 10.999% 763 25,846,899.99 3.63%
11.000% - 11.249% 498 14,883,934.17 2.09%
11.250% - 11.499% 1,446 41,311,271.08 5.80%
11.500% - 11.749% 932 29,802,925.89 4.18%
11.750% - 11.999% 755 24,261,353.24 3.41%
12.000% - 12.249% 350 10,986,939.73 1.54%
12.250% - 12.499% 609 14,022,424.71 1.97%
12.500% - 12.749% 936 22,145,330.57 3.11%
12.750% - 12.999% 1,125 22,109,894.15 3.10%
13.000% - 13.249% 491 10,081,665.82 1.42%
13.250% - 13.499% 179 3,809,539.56 0.53%
13.500% - 13.749% 118 2,223,108.35 0.31%
13.750% - 13.999% 256 4,294,361.00 0.60%
14.000% - 14.249% 429 7,307,079.34 1.03%
14.250% - 14.499% 114 2,032,296.57 0.29%
14.500% - 14.749% 12 230,360.87 0.03%
14.750% - 14.999% 10 186,009.34 0.03%
15.000% - 15.249% 23 380,596.00 0.05%
15.250% - 15.499% 14 208,122.53 0.03%
------ --------------- -------
Total 19,236 $712,391,484.60 100.00%
</TABLE>
9
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF GROUP I CONTRACTS (1)
<TABLE>
<CAPTION>
% of Group I Contract
Number of Aggregate Principal Pool by Outstanding
Loan-to-Value Ratio (2) Contracts Balance Outstanding Principal Balance(3)
- ----------------------- --------- ------------------- ---------------------
<S> <C> <C> <C>
Less than or equal to 50% 150 $ 2,614,914.13 0.37%
51 - 60 139 3,262,519.80 0.46%
61 - 70 280 8,467,761.26 1.19%
71 - 80 1,358 44,492,371.70 6.26%
81 - 85 1,591 61,873,056.28 8.71%
86 - 90 7,549 265,892,442.17 37.42%
91 - 95 7,749 315,826,129.93 44.44%
Greater than 95% 247 8,190,822.26 1.15%
------ --------------- ------
Total 19,063 $710,620,017.53 100.00%
</TABLE>
(1) Information on Loan to Value Ratio for 173 contracts representing 0.25% of
the Group I Contract pool by outstanding principal balance is not known.
(2) Rounded to the nearest 1%.
(3) For calculation of percentages in this table, the Contract Pool does not
include contracts referred to in Note (1).
REMAINING MONTHS TO MATURITY OF GROUP I CONTRACTS
<TABLE>
<CAPTION>
% of Group I Contract
Number of Aggregate Principal Pool by Outstanding
Months Remaining Contracts Balance Outstanding Principal Balance(3)
- ---------------- --------- ------------------- ---------------------
<S> <C> <C> <C>
1 - 30 23 $ 123,214.88 0.02%
31 - 60 281 2,614,707.84 0.37%
61 - 90 317 3,947,188.12 0.55%
91 - 120 912 13,311,759.09 1.87%
121 - 150 311 4,458,036.16 0.63%
151 - 180 2,368 48,099,971.83 6.75%
181 - 210 12 327,791.71 0.05%
211 - 240 4,095 124,104,641.60 17.42%
241 - 270 6 310,160.10 0.04%
271 - 300 2,078 79,884,807.53 11.21%
301 - 360 8,833 435,209,205.74 61.09%
------ --------------- -------
Total 19,236 $712,391,484.60 100.00%
</TABLE>
YEARS OF ORIGINATION OF GROUP I CONTRACTS
<TABLE>
<CAPTION>
% of Group I Contract
Number of Aggregate Principal Pool by Outstanding
Year of Origination Contracts Balance Outstanding Principal Balance
- ------------------- --------- ------------------- ---------------------
<S> <C> <C> <C>
1985 1 $ 3,379.79 *
1986 9 66,059.01 0.01%
1987 41 348,340.59 0.05%
1988 46 428,361.71 0.06%
1989 64 702,971.09 0.10%
1990 11 219,550.26 0.03%
1991 1 2,804.62 *
1998 266 9,831,802.41 1.38%
1999 18,797 700,788,215.12 98.37%
------ --------------- ------
Total 19,236 $712,391,484.60 100.00%
</TABLE>
- ------------------------
* Indicates a percentage greater than 0% but less than 0.005%
10
<PAGE>
MHP PREPAYMENT SENSITIVITIES
<TABLE>
<CAPTION>
175% MHP (1) 200% MHP (2) 225% MHP (3)
WAL/Maturity WAL/Maturity WAL/Maturity
<S> <C> <C> <C> <C> <C> <C>
To Call
IA-1 1.21 9/01 1.09 6/01 0.99 4/01
IA-2 2.49 2/02 2.25 10/01 2.05 8/01
IA-3 3.44 8/03 3.09 3/03 2.80 11/02
IA-4 5.58 7/06 5.00 10/05 4.52 2/05
IA-5 8.70 12/09 7.81 11/08 7.06 1/08
IA-6 11.40 9/11 10.27 7/10 9.32 7/09
IA-7 15.21 8/15 13.85 3/14 12.66 12/12
To Maturity
IA-7 17.61 6/29 16.23 6/29 14.99 6/29
</TABLE>
<TABLE>
<CAPTION>
250% MHP (4) 275% MHP (5) 300% MHP (6)
WAL/Maturity WAL/Maturity WAL/Maturity
<S> <C> <C> <C> <C> <C> <C>
To Call
IA-7 17.61 6/29 16.23 6/29 14.99 6/29
IA-1 0.91 2/01 0.84 1/01 0.78 12/00
IA-2 1.89 6/01 1.75 4/01 1.63 2/01
IA-3 2.57 7/02 2.37 4/02 2.21 2/02
IA-4 4.12 8/04 3.79 3/04 3.51 11/03
IA-5 6.44 4/07 5.91 8/06 5.46 1/06
IA-6 8.51 8/08 7.82 11/07 7.22 4/07
IA-7 11.63 11/11 10.74 12/10 9.91 1/10
To Maturity
IA-7 13.87 6/29 12.87 6/29 11.97 6/29
</TABLE>
(1) The Prepayment Assumption for the Group II Contracts is 225% MHP
(2) The Prepayment Assumption for the Group II Contracts is 250% MHP
(3) The Prepayment Assumption for the Group II Contracts is 275% MHP
(4) The Prepayment Assumption for the Group II Contracts is 300% MHP
(5) The Prepayment Assumption for the Group II Contracts is 325% MHP
(6) The Prepayment Assumption for the Group II Contracts is 350% MHP
11
<PAGE>
Class A-1
<TABLE>
<CAPTION>
Date 175% 200% 225% 250% 275% 300%
- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100
May 2000 60 55 50 45 40 35
May 2001 14 4 0 0 0 0
May 2002 0 0 0 0 0 0
May 2003 0 0 0 0 0 0
May 2004 0 0 0 0 0 0
May 2005 0 0 0 0 0 0
May 2006 0 0 0 0 0 0
May 2007 0 0 0 0 0 0
May 2008 0 0 0 0 0 0
May 2009 0 0 0 0 0 0
May 2010 0 0 0 0 0 0
May 2011 0 0 0 0 0 0
May 2012 0 0 0 0 0 0
May 2013 0 0 0 0 0 0
May 2014 0 0 0 0 0 0
May 2015 0 0 0 0 0 0
May 2016 0 0 0 0 0 0
Weighted Average Life 1.2 1.1 1.0 0.9 0.8 0.8
</TABLE>
<PAGE>
Class A-2
<TABLE>
<CAPTION>
Date 175% 200% 225% 250% 275% 300%
- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100
May 2000 100 100 100 100 100 100
May 2001 100 100 64 8 0 0
May 2002 0 0 0 0 0 0
May 2003 0 0 0 0 0 0
May 2004 0 0 0 0 0 0
May 2005 0 0 0 0 0 0
May 2006 0 0 0 0 0 0
May 2007 0 0 0 0 0 0
May 2008 0 0 0 0 0 0
May 2009 0 0 0 0 0 0
May 2010 0 0 0 0 0 0
May 2011 0 0 0 0 0 0
May 2012 0 0 0 0 0 0
May 2013 0 0 0 0 0 0
May 2014 0 0 0 0 0 0
May 2015 0 0 0 0 0 0
May 2016 0 0 0 0 0 0
Weighted Average Life 2.5 2.2 2.1 1.9 1.8 1.6
</TABLE>
<PAGE>
Class A-3
<TABLE>
<CAPTION>
Date 175% 200% 225% 250% 275% 300%
- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100
May 2000 100 100 100 100 100 100
May 2001 100 100 100 100 87 71
May 2002 78 55 33 11 0 0
May 2003 13 0 0 0 0 0
May 2004 0 0 0 0 0 0
May 2005 0 0 0 0 0 0
May 2006 0 0 0 0 0 0
May 2007 0 0 0 0 0 0
May 2008 0 0 0 0 0 0
May 2009 0 0 0 0 0 0
May 2010 0 0 0 0 0 0
May 2011 0 0 0 0 0 0
May 2012 0 0 0 0 0 0
May 2013 0 0 0 0 0 0
May 2014 0 0 0 0 0 0
May 2015 0 0 0 0 0 0
May 2016 0 0 0 0 0 0
Weighted Average Life 3.4 3.1 2.8 2.6 2.4 2.2
</TABLE>
<PAGE>
Class A-4
<TABLE>
<CAPTION>
Date 175% 200% 225% 250% 275% 300%
- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100
May 2000 100 100 100 100 100 100
May 2001 100 100 100 100 100 100
May 2002 100 100 100 100 93 79
May 2003 100 90 72 54 37 21
May 2004 69 48 28 9 0 0
May 2005 34 11 0 0 0 0
May 2006 3 0 0 0 0 0
May 2007 0 0 0 0 0 0
May 2008 0 0 0 0 0 0
May 2009 0 0 0 0 0 0
May 2010 0 0 0 0 0 0
May 2011 0 0 0 0 0 0
May 2012 0 0 0 0 0 0
May 2013 0 0 0 0 0 0
May 2014 0 0 0 0 0 0
May 2015 0 0 0 0 0 0
May 2016 0 0 0 0 0 0
Weighted Average Life 5.6 5.0 4.5 4.1 3.8 3.5
</TABLE>
<PAGE>
Class A-5
<TABLE>
<CAPTION>
Date 175% 200% 225% 250% 275% 300%
- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100
May 2000 100 100 100 100 100 100
May 2001 100 100 100 100 100 100
May 2002 100 100 100 100 100 100
May 2003 100 100 100 100 100 100
May 2004 100 100 100 100 90 70
May 2005 100 100 89 65 44 25
May 2006 100 75 50 27 7 0
May 2007 69 42 17 0 0 0
May 2008 40 13 0 0 0 0
May 2009 13 0 0 0 0 0
May 2010 0 0 0 0 0 0
May 2011 0 0 0 0 0 0
May 2012 0 0 0 0 0 0
May 2013 0 0 0 0 0 0
May 2014 0 0 0 0 0 0
May 2015 0 0 0 0 0 0
May 2016 0 0 0 0 0 0
Weighted Average Life 8.7 7.8 7.1 6.4 5.9 5.5
</TABLE>
<PAGE>
Class A-6
<TABLE>
<CAPTION>
Date 175% 200% 225% 250% 275% 300%
- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100
May 2000 100 100 100 100 100 100
May 2001 100 100 100 100 100 100
May 2002 100 100 100 100 100 100
May 2003 100 100 100 100 100 100
May 2004 100 100 100 100 100 100
May 2005 100 100 100 100 100 100
May 2006 100 100 100 100 100 68
May 2007 100 100 100 87 35 0
May 2008 100 100 70 15 0 0
May 2009 100 65 5 0 0 0
May 2010 72 6 0 0 0 0
May 2011 16 0 0 0 0 0
May 2012 0 0 0 0 0 0
May 2013 0 0 0 0 0 0
May 2014 0 0 0 0 0 0
May 2015 0 0 0 0 0 0
May 2016 0 0 0 0 0 0
Weighted Average Life 11.4 10.3 9.3 8.5 7.8 7.2
</TABLE>
<PAGE>
Class A-7
<TABLE>
<CAPTION>
Date 175% 200% 225% 250% 275% 300%
- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100
May 2000 100 100 100 100 100 100
May 2001 100 100 100 100 100 100
May 2002 100 100 100 100 100 100
May 2003 100 100 100 100 100 100
May 2004 100 100 100 100 100 100
May 2005 100 100 100 100 100 100
May 2006 100 100 100 100 100 100
May 2007 100 100 100 100 100 96
May 2008 100 100 100 100 90 77
May 2009 100 100 100 86 72 61
May 2010 100 100 85 71 58 0
May 2011 100 86 71 58 0 0
May 2012 90 73 59 0 0 0
May 2013 76 61 0 0 0 0
May 2014 65 0 0 0 0 0
May 2015 55 0 0 0 0 0
May 2016 0 0 0 0 0 0
Weighted Average Life 15.2 13.9 12.7 11.6 10.7 9.9
</TABLE>
<PAGE>
EXHIBIT 99.2
$[97,706,174]
(Approximate)
GreenPoint Credit
Manufactured Housing Contract Trust
Pass-Through Certificates, Series 1999-3
Group II Floating Rate Pool
GreenPoint Credit Corp.
Servicer and Seller
MBIA Guaranty
$[47,706,174] Floating Rate Class II A-1 Certificates
$[50,000,000] Auction Rate Class II A-2 Certificates
Computational Materials
Neither the Issuer nor any of its affiliates make any representations 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 addresses only certain aspects of the
applicable certificates' characteristics and thus does not provide a complete
assessment of the certificates. As such, the information may not reflect the
impact of all structural characteristics of the certificates. The assumptions
underlying the information, including structure and collateral, may be modified
from time to time to reflect changed circumstances. The attached term sheet is
not intended to be a Prospectus and any investment decision with respect to the
certificates should be made by you based solely upon all of the information
contained in the final Prospectus and Prospectus Supplement. Under no
circumstances shall the information presented constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the certificates
in any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of such
jurisdiction. The certificates may not be sold nor may an offer to buy be
accepted prior to the delivery of a final Prospectus and Prospectus Supplement
relating to the certificates. All information described herein is preliminary,
limited in nature and subject to completion or amendment. No representation is
made that the above referenced certificates will actually perform as described
in any scenario presented. Neither the Issuer nor the Servicer has prepared,
reviewed or participated in the preparation hereof, is not responsible for the
accuracy hereof and has not authorized its dissemination. A final Prospectus
and Prospectus Supplement may be obtained by contacting Salomon Smith Barney's
Syndicate Desk at (212) 723-6171.
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Class II A Certificates:
$[47,706,174] Class II A-1 Certificates, Variable Rate (Senior Sequential)
$[50,000,000] Class II A-2 Certificates, Auction Rate (Senior Sequential)
- --------------------------------------------------------------------------------------------------------------------------------
Title of Securities: GreenPoint Credit Manufactured Housing Contract Trust Pass-Through Certificates, Series
1999-3 (together, the "Certificates").
Description of Transaction: This MBIA-wrapped transaction has one class of floating rate certificates (Class II
A-1) and one class of auction rate certificates (Class II A-2) and is supported by
a contract pool which consists of actuarial manufactured housing installment sales
contracts, installment loan agreements and certain other assets.
Contract Pool: The Group II contract pool consists of 2,230 contracts with an aggregate scheduled
principal balance as of April 30, 1999 of approximately $97,706,174.04. $657,325
of the contracts included in the contract pool were purchased in bulk from Bank of
America, FSB on September 30, 1998. $1,999,383 were partially funded by Bank of
America, FSB prior to September 30, 1998, purchased on September 30, 1998 from Bank
of America, FSB and were subsequently fully funded by GreenPoint Credit Corp.
Trustee: The First National Bank of Chicago.
Auction Agent: Bankers Trust Company.
Broker-Dealer: Salomon Smith Barney.
Seller and Servicer: GreenPoint Credit Corp.
Cut-Off Date: End of business on April 30, 1999.
Pricing Date/(1)/: Class II A-1: May [19], 1999. Class II A-2: May [19], 1999.
Closing Date/(1)/: May [26], 1999.
Form of Certificates: Book entry form, same day funds (through DTC, Euroclear and Cedelbank).
Prepayment Pricing Speed: 250% MHP.
Optional Redemption: 10% clean-up call.
Step-Up Payment Date: Payment Date following the calendar month in which a 10% clean-up call is exercised.
Payment Date - Class II A-1: The 15th day of each month or, if such day is not a business day, the next succeeding
business day, beginning on June 15, 1999.
Payment Date - Class II A-2: The 19th day of each month or, if such day is not a business day, the next succeeding
business day, beginning on June 21, 1999.
Servicing Fee: 100 basis points per annum.
</TABLE>
- --------------------------
/(1)/ Subject to change.
1
<PAGE>
<TABLE>
<S> <C>
Interest Accrual Period: With respect to each distribution date, the Class II A-1 Certificates and the Class
II A-2 Certificates will accrue interest at a rate equal to the product of (i) the
actual number of days during the interest period divided by 360 and (ii) the
applicable pass-through rate on the principal balance thereof immediately prior to
such distribution date. The interest period for the certificates is the period from
the applicable preceding distribution date (or from the closing date with respect to
the first distribution date) through the day prior to the distribution date.
Pass-Through Rates: The Class II A-1 Pass-Through Rate will be adjusted each month, based on changes in
the London Interbank Offered Rate for one-month U.S. dollar deposits.
The Class II A-2 Pass-Through Rate will be adjusted each month as specified by the
auction procedures as described in Annex II and III in the prospectus supplement.
Principal Distribution: On each distribution date, principal received on the contracts will be distributed
to the Class II A-1 Certificates until the outstanding principal balance thereof has
been reduced to zero. Thereafter, principal received on the contracts will be
distributed to the Class II A-2 Certificates until the outstanding principal balance
thereof has been reduced to zero.
Certificate Ratings: AAA by Standard & Poor's; Aaa by Moody's.
Certificate Insurer: MBIA Insurance Corporation ("MBIA"). MBIA's claims-paying ability is rated AAA/Aaa
by Standard and Poor's and Moody's. Timely interest and principal payments on the
Certificates will be guaranteed by MBIA.
ERISA Considerations: Subject to certain considerations discussed in the prospectus supplement, the Class
II A-1 and Class II A-2 Certificates are ERISA eligible.
Taxation: REMIC for federal income tax purposes.
Legal Investment: The Certificates will be SMMEA eligible.
Prospectus: The Certificates are being offered pursuant to a Prospectus supplemented by a
Prospectus Supplement (together, the "Prospectus"). Complete information with
respect to the Certificates and the collateral securing them is contained in the
Prospectus. The information herein is qualified in its entirety by the information
appearing in the Prospectus. To the extent that anything herein is inconsistent
with the Prospectus, the Prospectus shall govern in all respects. Sales of the
Certificates may not be consummated unless the purchaser has received the Prospectus.
</TABLE>
2
<PAGE>
Distributions of Principal and Interest
Amounts distributable to holders of the Certificates shall be allocated on each
Payment Date in the following order of priority:
1. to pay interest on the Class II A-1 and Class II A-2 Certificates;
2. to pay principal of the Class II A-1 Certificates until the Class II A-1
Principal Balance is reduced to zero; then to pay principal of the Class II
A-2 Certificates until the Class II A-2 Principal Balance is reduced to
zero;
3. to make deposits, if required, to the Special Account as established under
and required by the Insurance Agreement;
4. to pay any applicable Net Funds Cap Carryover Amounts to the Class II A-1
Certificateholders and the Class II A-2 Certificateholders pro rata on the
basis of the Class II A-1 Net Funds Cap Carryover Amount and Class II A-2
Net Funds Cap Carryover Amount, respectively; and,
5. to pay any remaining available funds to the holder of the Class R
Certificate.
The Group II Contract Pool
The information herein regarding the collateral represents the Contract Pool as
of the Cut-off Date. The information herein will be superseded by the
information regarding the collateral set forth in the Prospectus.
Characteristics of GreenPoint Manufactured Housing Collateral
<TABLE>
<CAPTION>
Group II Floating Rate Pool
GPC 99-3
----------------------------------- -----------------------------
<S> <C>
Principal Amount ($MM) $97,706,174.04
Number of Loans 2,230
Average Loan Balance $43,814.43
Wtd. Avg. Rem. Term 325 months
Seasoning 1.70 months
Wtd. Avg. APR 9.378%
Wtd. Avg. LTV 89.10%
Percent LTV (greater than) 90% (by $) 27.40%
% New Contracts (by $) 81.26%
Top 5 States 15.70% SC
9.52% TX
5.94% MI
5.42% IN
4.84% MO
Wtd. Avg. Periodic Cap 2.00%
Wtd. Avg. Lifetime Cap 14.374%
Index 1-year CMT
Margin 5.353%
</TABLE>
3
<PAGE>
The Group II Contract Pool
The information herein regarding the collateral represents the Contract Pool as
of the Cut-off Date. The information herein will be superseded by the
information regarding the collateral set forth in the Prospectus.
Geographical Distribution of Manufactured Homes
<TABLE>
<CAPTION>
Count Scheduled Balance % by Balance
- ----------------------------------------------------------------------------------
<S> <C> <C> <C>
Alabama 38 $1,608,225.24 1.65%
Arizona 87 4,227,933.71 4.33
Arkansas 23 1,049,421.12 1.07
California 8 510,604.80 0.52
Colorado 26 1,354,458.22 1.39
Delaware 2 110,143.56 0.11
Florida 33 1,608,708.45 1.65
Georgia 65 3,045,131.54 3.12
Idaho 8 552,259.56 0.57
Illinois 59 2,503,399.20 2.56
Indiana 90 5,300,558.31 5.42
Iowa 73 2,487,722.40 2.55
Kansas 54 2,109,855.20 2.16
Kentucky 87 4,334,141.84 4.44
Louisiana 61 2,219,982.50 2.27
Maine 1 32,072.93 0.03
Maryland 7 354,330.93 0.36
Michigan 126 5,807,611.09 5.94
Minnesota 65 2,324,272.76 2.38
Mississippi 28 984,238.45 1.01
Missouri 129 4,729,407.50 4.84
Montana 10 483,997.15 0.50
Nebraska 11 508,828.09 0.52
Nevada 5 271,473.98 0.28
New Hampshire 3 279,108.43 0.29
New Mexico 10 421,363.55 0.43
New York 1 32,880.22 0.03
North Carolina 103 4,616,440.97 4.72
North Dakota 11 383,408.24 0.39
Ohio 57 2,543,501.53 2.60
Oklahoma 12 629,848.39 0.64
Oregon 89 4,294,899.55 4.40
Pennsylvania 17 822,602.91 0.84
South Carolina 355 15,337,650.00 15.70
South Dakota 47 2,089,941.64 2.14
Tennessee 90 3,631,945.17 3.72
Texas 233 9,302,877.14 9.52
Utah 3 102,822.14 0.11
Vermont 5 315,981.69 0.32
Virginia 14 666,042.09 0.68
Washington 26 1,218,043.34 1.25
West Virginia 11 442,266.23 0.45
Wisconsin 44 1,926,073.11 1.97
Wyoming 3 129,699.17 0.13
- ----------------------------------------------------------------------------------
Total 2,230 $97,706,174.04 100.00%
</TABLE>
4
<PAGE>
The Group II Contract Pool
The information herein regarding the collateral represents the Contract Pool as
of the Cut-off Date. The information herein will be superseded by the
information regarding the collateral set forth in the Prospectus.
Distribution of Original Principal Balances
<TABLE>
<CAPTION>
Count Scheduled Balance % by Balance
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
5,000 - 5,000 1 $ 5,000.00 0.01%
5,001 - 7,500 2 11,275.22 0.01
7,501 - 10,000 7 59,313.21 0.06
10,001 - 12,500 19 216,020.69 0.22
12,501 - 15,000 32 439,514.27 0.45
15,001 - 17,500 39 635,967.45 0.65
17,501 - 20,000 46 867,620.32 0.89
20,001 - 22,500 68 1,443,014.78 1.48
22,501 - 25,000 90 2,138,280.74 2.19
25,001 - 27,500 133 3,511,186.28 3.59
27,501 - 30,000 143 4,099,968.74 4.20
30,001 - 32,500 132 4,101,086.44 4.20
32,501 - 35,000 146 4,923,395.64 5.04
35,001 - 40,000 318 11,936,593.14 12.22
40,001 - 45,000 219 9,289,262.53 9.51
45,001 - 50,000 172 8,186,271.75 8.38
50,001 - 55,000 148 7,736,303.73 7.92
55,001 - 60,000 109 6,230,811.83 6.38
60,001 - 65,000 88 5,482,696.31 5.61
65,000 - 70,000 63 4,239,156.43 4.34
70,001 - 75,000 56 4,060,975.65 4.16
75,000 - 80,000 50 3,862,397.16 3.95
80,001 - 85,000 30 2,468,203.79 2.53
85,001 - 146,803 119 11,761,857.94 12.04
- ---------------------------------------------------------------------------------------
Total 2,230 $ 97,706,174.04 100.00%
</TABLE>
Distribution of Original Loan-to-Value Ratios
<TABLE>
<CAPTION>
Count Scheduled Balance % by Balance
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
29 - 50 11 $ 260,327.59 0.27%
51 - 60 9 384,238.49 0.39
61 - 70 26 1,031,714.86 1.06
71 - 80 152 6,727,983.10 6.89
81 - 85 198 9,876,124.82 10.11
86 - 90 1,228 52,650,748.84 53.89
91 - 95 562 24,788,663.48 25.37
96 - 100 44 1,986,372.86 2.03
- ---------------------------------------------------------------------------------------
Total 2,230 $ 97,706,174.04 100.00%
</TABLE>
5
<PAGE>
The Group II Contract Pool
The information herein regarding the collateral represents the Contract Pool as
of the Cut-off Date. The information herein will be superseded by the
information regarding the collateral set forth in the Prospectus.
Distribution of Contract Rates
<TABLE>
<CAPTION>
Count Scheduled Balance % by Balance
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
5.75 - 5.99 14 $1,152,796.70 1.18%
6.00 - 6.24 26 2,187,882.39 2.24
6.25 - 6.49 6 522,224.51 0.53
6.50 - 6.74 13 1,036,230.11 1.06
6.75 - 6.99 37 2,907,974.43 2.98
7.00 - 7.24 54 4,173,681.68 4.27
7.25 - 7.49 35 2,837,604.95 2.90
7.50 - 7.74 21 1,495,703.71 1.53
7.75 - 7.99 27 2,168,460.87 2.22
8.00 - 8.24 49 3,497,323.14 3.58
8.25 - 8.49 30 2,022,611.74 2.07
8.50 - 8.74 87 4,722,960.46 4.83
8.75 - 8.99 93 4,651,713.68 4.76
9.00 - 9.24 103 5,084,638.37 5.20
9.25 - 9.49 114 5,035,125.17 5.15
9.50 - 9.74 192 8,793,507.06 9.00
9.75 - 9.99 157 7,077,747.83 7.24
10.00 - 10.24 89 3,818,147.64 3.91
10.25 - 10.49 246 8,152,161.32 8.34
10.50 - 10.74 147 4,948,310.62 5.06
10.75 - 10.99 177 6,740,377.33 6.90
11.00 - 11.24 76 2,810,891.48 2.88
11.25 - 11.49 43 1,315,452.35 1.35
11.50 - 11.74 97 2,968,842.35 3.04
11.75 - 11.99 97 2,400,557.96 2.46
12.00 - 12.24 68 1,902,414.85 1.95
12.25 - 12.49 42 1,146,003.23 1.17
12.50 - 12.74 23 537,388.10 0.55
12.75 - 12.99 6 202,434.17 0.21
13.00 - 13.24 34 793,913.55 0.81
13.25 - 13.49 19 459,665.01 0.47
13.50 - 13.74 5 89,949.09 0.09
13.75 - 13.75 3 51,478.19 0.05
- ----------------------------------------------------------------------------------------------
Total 2,230 $97,706,174.04 100.00%
</TABLE>
6
<PAGE>
The Group II Contract Pool
The information herein regarding the collateral represents the Contract Pool as
of the Cut-off Date. The information herein will be superseded by the
information regarding the collateral set forth in the Prospectus.
Distribution of Remaining Months to Maturity
<TABLE>
<CAPTION>
Count Scheduled Balance % by Balance
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
34 - 60 8 $ 72,368.40 0.07%
61 - 90 9 135,513.31 0.14
91 - 120 27 424,849.19 0.43
121 - 150 10 173,254.12 0.18
151 - 180 150 3,321,030.03 3.40
181 - 210 2 51,368.93 0.05
211 - 240 477 15,306,400.44 15.67
241 - 270 1 74,550.15 0.08
271 - 300 243 10,130,897.77 10.37
301 - 360 1,303 68,015,941.70 69.61
- -------------------------------------------------------------------------------------------
Total 2,230 $97,706,174.04 100.00%
</TABLE>
Distribution of Maximum Cap
<TABLE>
<CAPTION>
Count Scheduled Balance % by Balance
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10.00 - 10.00 1 $ 74,550.15 0.08%
10.51 - 11.00 40 3,340,679.09 3.42
11.01 - 11.50 19 1,558,454.62 1.60
11.51 - 12.00 91 7,081,656.11 7.25
12.01 - 12.50 56 4,333,308.66 4.44
12.51 - 13.00 76 5,665,784.01 5.80
13.01 - 13.50 118 6,810,589.83 6.97
13.51 - 14.00 196 9,736,352.05 9.96
14.01 - 14.50 305 13,763,614.60 14.09
14.51 - 15.00 245 10,821,345.32 11.08
15.01 - 15.50 393 13,100,471.94 13.41
15.51 - 16.00 253 9,551,268.81 9.78
16.01 - 16.50 140 4,284,294.70 4.38
16.51 - 17.00 165 4,302,972.81 4.40
17.01 - 17.50 65 1,683,391.33 1.72
17.51 - 18.00 40 996,347.72 1.02
18.01 - 18.50 24 549,614.10 0.56
18.51 - 18.75 3 51,478.19 0.05
- -------------------------------------------------------------------------------------------
Total 2,230 $97,706,174.04 100.00%
</TABLE>
7
<PAGE>
The Group II Contract Pool
The information herein regarding the collateral represents the Contract Pool as
of the Cut-off Date. The information herein will be superseded by the
information regarding the collateral set forth in the Prospectus.
Distribution of Gross Margins
<TABLE>
<CAPTION>
Count Scheduled Balance % by Balance
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
1.75 - 2.00 41 $ 3,419,346.31 3.50%
2.01 - 2.50 18 1,479,787.40 1.51
2.51 - 3.00 91 7,081,656.11 7.25
3.01 - 3.50 56 4,333,308.66 4.44
3.51 - 4.00 72 5,287,137.96 5.41
4.01 - 4.50 118 6,962,270.05 7.13
4.51 - 5.00 183 9,115,732.84 9.33
5.01 - 5.50 322 14,402,785.65 14.74
5.51 - 6.00 302 12,541,230.81 12.84
6.01 - 6.50 384 13,211,760.23 13.52
6.51 - 7.00 233 8,549,694.41 8.75
7.01 - 7.50 194 5,491,901.54 5.62
7.51 - 8.00 117 3,392,031.89 3.47
8.01 - 9.50 99 2,437,530.18 2.49
- ---------------------------------------------------------------------------------------
Total 2,230 $ 97,706,174.04 100.00%
Distribution of Next Adjustment Date
Count Scheduled Balance % by Balance
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
Jun-99 3 $ 208,676.62 0.21%
Jul-99 4 362,980.10 0.37
Aug-99 4 204,786.12 0.21
Sep-99 5 373,017.90 0.38
Oct-99 16 1,267,063.57 1.30
Nov-99 42 3,344,589.03 3.42
Dec-99 62 4,760,455.17 4.87
Jan-00 54 3,876,431.30 3.97
Feb-00 583 25,668,727.84 26.27
Mar-00 577 23,076,857.57 23.62
Apr-00 561 22,439,953.61 22.97
May-00 163 6,187,210.21 6.33
Jul-01 1 33,364.52 0.03
Oct-01 1 59,952.78 0.06
Dec-01 3 131,712.12 0.13
Jan-02 8 414,666.14 0.42
Feb-02 50 1,792,295.06 1.83
Mar-02 36 1,365,993.60 1.40
Apr-02 41 1,551,026.81 1.59
May-02 16 586,413.97 0.60
- ---------------------------------------------------------------------------------------
Total 2,230 $ 97,706,174.04 100.00%
</TABLE>
8
<PAGE>
Weighted Average Life Sensitivity Tables
Settlement date: 05/26/99
First Payment Date: Class II-A1: 06/15/99 Class II A-2: 06/18/99
<TABLE>
<CAPTION>
Class II A-1
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MHP: 0% 150% 200% 250% 300% 350%
WAL: 13.56 3.17 2.48 2.04 1.73 1.51
First Payment (months): 1 1 1 1 1 1
Last Payment (months): 247 81 63 51 43 38
Maturity: Dec-19 Feb-06 Aug-04 Aug-03 Dec-02 Jul-02
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class II A-2
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MHP: 0% 150% 200% 250% 300% 350%
To 10% Call
- -----------
WAL: 24.14 13.20 10.59 8.73 7.36 6.34
First Payment (months): 247 81 63 51 43 38
Last Payment (months): 315 230 190 159 134 116
Maturity: Aug-25 Jul-18 Mar-15 Aug-12 Jul-10 Jan-09
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class II A-2
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MHP: 0% 150% 200% 250% 300% 350%
To Maturity
- -----------
WAL: 24.28 13.89 11.42 9.56 8.15 7.05
First Payment (months): 247 81 63 51 43 38
Last Payment (months): 354 354 354 354 354 354
Maturity: Nov-28 Nov-28 Nov-28 Nov-28 Nov-28 Nov-28
- --------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
SCEN I SCEN II SCEN III SCEN IV SCEN V SCEN VI
Fix Prepay in MHP 0 150 175 200 250 275
Arm Prepay in MHP 0 150 200 250 300 350
Per Date AV AV AV AV AV AV
<S> <C> <C> <C> <C> <C> <C> <C>
0 May-99 100% 100% 100% 100% 100% 100%
12 May-00 98 85 80 76 71 67
24 May-01 97 68 58 49 41 32
36 May-02 95 51 37 25 13 2
48 May-03 93 35 19 4 0 0
60 May-04 90 21 3 0 0 0
72 May-05 88 8 0 0 0 0
84 May-06 85 0 0 0 0 0
96 May-07 82 0 0 0 0 0
108 May-08 79 0 0 0 0 0
120 May-09 75 0 0 0 0 0
132 May-10 71 0 0 0 0 0
144 May-11 66 0 0 0 0 0
156 May-12 61 0 0 0 0
168 May-13 56 0 0 0
180 May-14 49 0 0 0
192 May-15 42 0 0
204 May-16 35 0 0
216 May-17 26 0
228 May-18 17 0
240 May-19 7
252 May-20 0
264 May-21 0
276 May-22 0
288 May-23 0
300 May-24 0
312 May-25 0
324 May-26 0
336 May-27 0
WAL TO CALL 13.6 3.2 2.5 2.0 1.7 1.5
</TABLE>
<TABLE>
<CAPTION>
Per Date AUCTION AUCTION AUCTION AUCTION AUCTION AUCTION
<S> <C> <C> <C> <C> <C> <C> <C>
0 May-99 100% 100% 100% 100% 100% 100%
12 May-00 100 100 100 100 100 100
24 May-01 100 100 100 100 100 100
36 May-02 100 100 100 100 100 100
48 May-03 100 100 100 100 92 80
60 May-04 100 100 100 88 74 62
72 May-05 100 100 89 73 60 49
84 May-06 100 97 77 62 49 38
96 May-07 100 87 67 51 39 29
108 May-08 100 77 58 43 32 23
120 May-09 100 69 50 36 25 18
132 May-10 100 61 43 30 20 14
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
144 May-11 100 54 37 25 16 0
156 May-12 100 48 31 20 0
168 May-13 100 42 27 17
180 May-14 100 37 23 0
192 May-15 100 32 19
204 May-16 100 28 0
216 May-17 100 24
228 May-18 100 0
240 May-19 100
252 May-20 95
264 May-21 83
276 May-22 70
288 May-23 56
300 May-24 40
312 May-25 23
324 May-26 7
336 May-27 0
WAL TO CALL 24.3 13.0 10.7 9.0 7.6 6.6
</TABLE>
