<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): February 17, 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)
1
<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, ACCOUNTANTS' CONSENT AND
CERTAIN COMPUTATIONAL MATERIALS.*
In connection with the offering of GreenPoint Credit Manufactured
Housing Contract Trust Pass-Through Certificates, Series 1999-1 (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 February 17,
1999 (the "Prospectus Supplement," and together with the related Prospectus,
dated November 17, 1998, the "Prospectus"), of the Registrant relating to the
Publicly Offered Certificates and filed pursuant to Rule 424(b) on February 23,
1999. 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.
Bear, Stearns & Co. Inc., Credit Suisse First Boston and NationsBanc
Montgomery Securities LLC, as the underwriters of the Publicly Offered
Certificates, have each 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 Bear, Stearns & Co. Inc. are attached hereto as Exhibit 99.1, certain of the
External Computational Materials prepared by Credit Suisse First Boston are
attached hereto as Exhibit 99.2 and certain of the External
* Capitalized terms used herein without definition shall have the meanings
assigned to them in the Prospectus.
2
<PAGE>
Computational Materials prepared by NationsBanc Montgomery Securities LLC are
attached hereto as Exhibit 99.3.
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 Bear, Stearns & Co. Inc.
99.2 External Computational Materials prepared by Credit Suisse First
Boston.
99.3 External Computational Materials prepared by NationsBanc Montgomery
Securities LLC.
3
<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: February 23, 1999
San Diego, California
4
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Numbers
- ---------------------
<C> <S>
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 Bear, Stearns &
Co. Inc.
99.2 External Computational Materials prepared by Credit Suisse
First Boston.
99.3 External Computational Materials prepared by NationsBanc
Montgomery Securities LLC.
</TABLE>
5
<PAGE>
Exhibit 8.1
February 23, 1999
GreenPoint Credit Corp.
10089 Willow Creek Road
San Diego, California 92131
Re: GreenPoint Manufactured Housing Contract Trust
Pass-Through Certificates, Series 1999-1
Ladies and Gentlemen:
We are 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 1999-1 Class A-1
Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4
Certificates, Class A-5 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 February 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.
February 23, 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 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 will be treated collectively as the "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) (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.
February 23, 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
[LETTERHEAD OF PRICEWATERHOUSECOOPERS]
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus Supplement of
GreenPoint Credit Corp. relating to Manufactured Housing Contract Trust Pass-
Through Certificates, Series 1999-1, of our report dated February 3, 1998, on
our audits of the consolidated financial statements of MBIA Insurance
Corporation and Subsidiaries as of December 31, 1997 and 1996 and for each of
the three years in the period ended December 31, 1997. We also consent to the
reference to our firm under the caption "Experts".
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
February 22, 1999
<PAGE>
Exhibit 99.1
BEAR STEARNS Bear, Stearns & Co. Inc.
ATLANTA.BOSTON.CHICAGO Asset-Backed Securities Group
DALLAS.LOS ANGELES.NEW YORK.SAN FRANCISCO 245 Park Avenue
FRANKFORT.GENEVA.HONG KONG New York, N.Y. 10167
LONDON.PARIS.TOKYO (212) 272-2000; (212) 272-7294 fax
FAX TRANSMITTAL: TERM SHEETS
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing
--------------------------------------------
Contract Trust Pass-Through Certificates, Series 1999-1
-------------------------------------------------------
- --------------------------------------------------------------------------------
Fax to: Date: Fixed: 2/15/99
Company: # Pages (incl. cover): 19
Fax No: Phone No:
- --------------------------------------------------------------------------------
From: Phone No:
- --------------------------------------------------------------------------------
Statement Regarding Assumptions as to Securities, pricing estimates, and other
Information
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by an issuer, the issuer has not
participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information," please refer to this
statement instead.
The Information is illustrative and is not intended to predict actual results
that may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure
and collateral may be modified from time to time to reflect changed
circumstances. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement or private placement memorandum
(Offering Documents) and the then current version of the Information. Offering
Documents contain data that is current as of their publication dates and after
publication may no longer be complete or current. Contact your registered
representative for Offering Documents, current Information or additional
materials, including other models for performance analysis, which are likely to
produce different results, and any further explanation regarding the
Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear, Stearns and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you.
Bear Stearns shall not be a fiduciary or advisor unless we have agreed in
writing to receive compensation specifically to act in such capacities. If you
are subject to ERISA, the Information is being furnished on the condition that
it will not form a primary basis for any investment decision. The Information
is not a solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Approximate Approximate Principal: Last Scheduled
----------
Class Size Expected Ratings Average First Last/ Distribution Day Settlement Delay
Class ($ MM) (1) Tranche Type (Moody's/S&P) Life (1) Window (mos.) Date (3) Count Convention (4) Days
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $143.500 Fixed Sequential Aaa/AAA 1.10 yrs./MAT 1-26/26 12/15/09 30/360 24 days A.I. 14
- ------------------------------------------------------------------------------------------------------------------------------------
A-2 $125.500 Fixed Sequential Aaa/AAA 3.10 yrs./MAT 26-50/25 8/15/15 30/360 24 days A.I. 14
- ------------------------------------------------------------------------------------------------------------------------------------
A-3 $ 91.000 Fixed Sequential Aaa/AAA 5.10 yrs./MAT 50-74/25 11/15/18 30/360 24 days A.I. 14
- ------------------------------------------------------------------------------------------------------------------------------------
A-4 (2) $ 75.000 Fixed Sequential Aaa/AAA 7.10 yrs./MAT 74-99/26 2/15/22 30/360 24 days A.I. 14
- ------------------------------------------------------------------------------------------------------------------------------------
A-5 (2) $196.659 Fixed Sequential Aaa/AAA 12.15 yrs./CALL 99-177/79 8/15/29 30/360 24 days A.I. 14
--------
- ------------------------------------------------------------------------------------------------------------------------------------
$631.659
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Bond sizes are approximate, subject to a permitted
variance of plus or minus 5%; Class A-5 will be priced to 10% Optional
Termination.
(2) Bonds subject to a maximum rate equal to the
"Weighted Average Net Contract Rate" of the contracts; see below -- to be
confirmed at pricing.
(3) Last Scheduled Distribution Date is defined as: for
Class A-1 through A-4, such distribution date assuming 0% MHP, and for
Class A-5 as the 6th distribution date following the month of the latest
contract maturity date in the contract pool.
(4) The first monthly Distribution Date will be March 15,
1999. The Class A Certificates record date for the first Distribution Date
will be February 26, 1999, and thereafter will be the last business day of
the month preceding a Distribution Date.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 2 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GREENPOINT CREDIT CORP. MANUFACTURED HOUSING CONTRACT TRUST PASS-THROUGH
------------------------------------------------------------------------
CERTIFICATES, SERIES 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
colleteral term sheets.
Summary of Terms
Seller and Servicer: GreenPoint Credit Corp.
Trustee: The First National Bank of Chicago.
Underwriters: Bear Stearns & Co. Inc. (lead manager), Credit Suisse First
Boston, NationsBanc Montgomery Securities LLC
(co-managers).
Cut-off Date: January 31, 1999.
Contract Pool: 16,667 fixed rate contracts with a principal balance of
approximately $631,659,215 as of the Cut-off Date
(the "Contract Pool" or the "Contracts").
Certificates: Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5.
Credit Enhancement: Surety Bond: The required monthly payments of interest and
scheduled principal are unconditionally guaranteed to
the holders of all classes of offered certificates by
MBIA Insurance Corporation.
Pricing Prepayment Speed: 200% MHP will be applied for pricing purposes. 100%
MHP describes prepayments starting at prepayment
rates of 3.7% per annum of the then unpaid principal
balance of such Contracts in the first month of the
life of the Contracts and an additional 0.1% per
annum in each month thereafter until the 24th month.
Beginning in the 24th month and in each month
thereafter during the life of the Contracts, 100% of
the Prepayment Model assumes a constant prepayment
rate of 6.00% per annum.
Pricing Date: [February 18, 1999].
Expected Settlement: [February 25, 1999], through DTC [and Euroclear or
CEDEL t.b.d.].
Minimum Denominations: Offered in minimum denominations of $50,000 each and
multiples of $1,000 in excess thereof.
Settlement Conventions: 30/360, with 24 days accrued interest, 14 day
delay.
Record Date: The record date for the first Distribution Date will be February
26, 1999, and thereafter will be the last business
day of the month preceding a Distribution Date.
Distribution Dates: The 15th of each month, beginning March 1999.
Distributions of Interest With respect to each Distribution Date, the Class A
Certificates will accrue interest for each
Distribution Date at 1/12th of the related pass-
through rate on the related principal balance
immediately prior to such Distribution Date. The
interest period for the Class A Certificates for each
Distribution Date is the calendar month preceding
such Distribution Date.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 3 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Summary of Terms (cont.)
[Class A-4 Pass-Through Rate
The Class A-4 Pass-Through Rate will be the lesser of (i) [ ]% per annum and
(ii) the Weighted Average Net Contract Rate of the
Contracts. The "Weighted Average Net Contract
Rate" for any Distribution Date shall equal the
per annum rate equal to the average of the Net
Contract Rates of the Contracts as of the first
day of the related Collection Period, weighted on
the basis of the Scheduled Principal Balances of
the Contracts on the first day of the related
Collection Period to be confirmed at pricing.]
Class A-5 Pass-Through Rate
The Class A-5 Pass-Through Rate will be the lesser of (i) [ ]% per annum and
(ii) the Weighted Average Net Contract Rate of the
Contracts. The "Weighted Average Net Contract Rate"
for any Distribution Date shall equal the per annum
rate equal to the average of the Net Contract Rates
of the Contracts as of the first day of the related
Collection Period, weighted on the basis of the
Scheduled Principal Balances of the Contracts on
the first day of the related Collection Period.
Distributions of interest
and principal:
Class A Certificates, on the 15th of the month:
-----------------------------------------------
Interest:
i) interest accrued on the Class A-1, Class A-2,
Class A-3, Class A-4, and Class A-5 Certificates at
the respective Pass-Through Rates, distributed
concurrently on each Distribution Date;
ii) unpaid interest together with interest
thereon at the respective Pass-Through Rates from
the due date will be paid in subsequent periods as
available;
iii) the Class A-4 Pass-Through Rate is subject to
a maximum rate equal to the weighted average of the
Contract Rate on each contract in the Contract Pool
minus the Monthly Servicing Fee Rate.]
iv) the Class A-5 Pass-Through Rate is subject to
a maximum rate equal to the weighted average of the
Contract Rate on each contract in the Contract Pool
minus the Monthly Servicing Fee Rate.
Principal:
Principal of the Class A Certificates will be paid
sequentially until each bond principal balance is
reduced to zero in the following order:
i) Class A-1 until its principal balance is
reduced to zero, then;
ii) Class A-2 until its principal balance is
reduced to zero, then;
iii) Class A-3 until its principal balance is
reduced to zero, then;
iv) Class A-4 until its principal balance is
reduced to zero; then;
v) Class A-5 until its principal balance is
reduced to zero.
Order of Distributions:
i) first, concurrently to the Class A
Certificateholders, the interest at the respective
Pass-Through Rates as described in Interest above;
ii) second, the Formula Principal Distribution
Amount in the order of priority listed in Principal
above;
iii) third, amounts, if any, required to be
deposited into the Special Account;
iv) fourth, any remaining available funds to the
holder of the Class R Certificate.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 4 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GREENPOINT CREDIT CORP. MANUFACTURED HOUSING CONTRACT TRUST PASS-THROUGH
------------------------------------------------------------------------
CERTIFICATES, SERIES 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
colleteral term sheets.
Summary of Terms (cont.)
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.
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 payments of principal and
interest due to the Class A 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.
Optional Termination /
Termination Auction:
On any Distribution Date after the Distribution Date on which
the Pool Scheduled Balance is less than 10% of the Cut-
off Pool Principal Balance, the Servicer will have the
option to repurchase all outstanding contracts, or the
Servicer may also direct the Trustee to conduct a
termination auction.
Tax Status: REMIC election.
Ratings: The offered certificates are required to receive the ratings of
"AAA" by Standard & Poor's Ratings Services and "Aaa" by
Moody's Investors Service, Inc.
ERISA Eligibility: Expected for all of the offered certificates.
SMMEA Eligibility: Expected for all of the offered certificates.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 5 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
<TABLE>
<CAPTION>
SENSITIVITY TABLES
Class A-I (to maturity)
- ---------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 6.35 1.38 1.22 1.10 0.92 0.85
Modified Duration (years) 4.99 1.27 1.14 1.03 0.86 0.80
First Principal Payment 03/15/99 03/15/99 03/15/99 03/15/99 03/15/99 03/15/99
Last Principal Payment 12/15/09 10/15/01 07/15/01 04/15/01 12/15/00 10/15/00
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 130 32 29 26 22 20
Illustrative Yield @ Par (30/360) 5.81% 5.67% 5.65% 5.63% 5.59% 5.57%
- ---------------------------------------------------------------------------------------------------------------
Class A-2 (to maturity)
- ---------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ---------------------------------------------------------------------------------------------------------------
Average Life (years) 13.56 3.93 3.46 3.10 2.57 2.36
Modified Duration (years) 9.02 3.39 3.03 2.74 2.31 2.14
First Principal Payment 12/15/09 10/15/01 07/15/01 04/15/01 12/15/00 10/15/00
Last Principal Payment 08/15/15 06/15/04 10/15/03 04/15/03 08/15/02 04/15/02
Principal Lockout (months) 129 31 28 25 21 19
Principal Window (months) 69 33 28 25 21 19
Illustrative Yield @ Par (30/360) 6.00% 5.96% 5.95% 5.94% 5.92% 5.92%
- ---------------------------------------------------------------------------------------------------------------
Class A-3 (to maturity)
- ---------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ---------------------------------------------------------------------------------------------------------------
Average Life (years) 18.16 6.46 5.71 5.10 4.20 3.85
Modified Duration (years) 10.73 5.19 4.69 4.26 3.60 3.34
First Principal Payment 08/15/15 06/15/04 10/15/03 04/15/03 08/15/02 04/15/02
Last Principal Payment 11/15/18 11/15/06 12/15/05 04/15/05 03/15/04 10/15/03
Principal Lockout (months) 197 63 55 49 41 37
Principal Window (months) 40 30 27 25 20 19
Illustrative Yield @ Par (30/360) 6.08% 6.06% 6.06% 6.05% 6.04% 6.04%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 6
BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
SENSITIVITY TABLES
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Class A-4 (to maturity)
- ---------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.38 8.92 7.92 7.10 5.85 5.37
Modified Duration (years) 11.32 6.59 6.03 5.54 4.73 4.41
First Principal Payment 11/15/18 11/15/06 12/15/05 04/15/05 03/15/04 10/15/03
Last Principal Payment 02/15/22 05/15/09 04/15/08 05/15/07 12/15/05 05/15/05
Principal Lockout (months) 236 92 81 73 60 55
Principal Window (months) 40 31 29 26 22 20
Illustrative Yield @ Par (30/360) 6.45% 6.44% 6.43% 6.43% 6.42% 6.42%
- ---------------------------------------------------------------------------------------------------------------
Class A-5 (to 10% call)
- ---------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ---------------------------------------------------------------------------------------------------------------
Average Life (years) 26.18 14.82 13.40 12.15 10.18 9.39
Modified Duration (years) 11.98 9.03 8.50 7.99 7.09 6.70
First Principal Payment 02/15/22 05/15/09 04/15/08 05/15/07 12/15/05 05/15/05
Last Principal Payment 12/15/26 12/15/16 05/15/15 11/15/13 07/15/11 08/15/10
Principal Lockout (months) 275 122 109 98 81 74
Principal Window (months) 59 92 86 79 68 64
Illustrative Yield @ Par (30/360) 6.76% 6.76% 6.75% 6.75% 6.75% 6.75%
- ---------------------------------------------------------------------------------------------------------------
Class A-5 (to maturity)
- ---------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ---------------------------------------------------------------------------------------------------------------
Average Life (years) 26.51 16.22 14.83 13.60 11.55 10.69
Modified Duration (years) 12.03 9.37 8.88 8.41 7.56 7.17
First Principal Payment 02/15/22 05/15/09 04/15/08 05/15/07 12/15/05 05/15/05
Last Principal Payment 11/15/28 11/15/28 11/15/28 11/15/28 11/15/28 11/15/28
Principal Lockout (months) 275 122 109 98 81 74
Principal Window (months) 82 235 248 259 276 283
Illustrative Yield @ Par (30/360) 6.76% 6.76% 6.75% 6.75% 6.75% 6.75%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 7 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-1
---------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- -----------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 95 65 60 55 45 40
2/15/01 89 25 15 5 0 0
2/15/02 82 0 0 0 0 0
2/15/03 75 0 0 0 0 0
2/15/04 67 0 0 0 0 0
2/15/05 58 0 0 0 0 0
2/15/06 48 0 0 0 0 0
2/15/07 37 0 0 0 0 0
2/15/08 25 0 0 0 0 0
2/15/09 11 0 0 0 0 0
2/15/10 0 0 0 0 0 0
2/15/11 0 0 0 0 0 0
2/15/12 0 0 0 0 0 0
2/15/13 0 0 0 0 0 0
2/15/14 0 0 0 0 0 0
2/15/15 0 0 0 0 0 0
2/15/16 0 0 0 0 0 0
2/15/17 0 0 0 0 0 0
2/15/18 0 0 0 0 0 0
2/15/19 0 0 0 0 0 0
2/15/20 0 0 0 0 0 0
2/15/21 0 0 0 0 0 0
2/15/22 0 0 0 0 0 0
2/15/23 0 0 0 0 0 0
2/15/24 0 0 0 0 0 0
2/15/25 0 0 0 0 0 0
2/15/26 0 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 6.4 1.4 1.2 1.1 0.9 0.8
(to maturity)
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 8 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-2
----------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 84 73
2/15/02 100 85 69 53 23 8
2/15/03 100 46 26 7 0 0
2/15/04 100 10 0 0 0 0
2/15/05 100 0 0 0 0 0
2/15/06 100 0 0 0 0 0
2/15/07 100 0 0 0 0 0
2/15/08 100 0 0 0 0 0
2/15/09 100 0 0 0 0 0
2/15/10 96 0 0 0 0 0
2/15/11 77 0 0 0 0 0
2/15/12 56 0 0 0 0 0
2/15/13 42 0 0 0 0 0
2/15/14 26 0 0 0 0 0
2/15/15 8 0 0 0 0 0
2/15/16 0 0 0 0 0 0
2/15/17 0 0 0 0 0 0
2/15/18 0 0 0 0 0 0
2/15/19 0 0 0 0 0 0
2/15/20 0 0 0 0 0 0
2/15/21 0 0 0 0 0 0
2/15/22 0 0 0 0 0 0
2/15/23 0 0 0 0 0 0
2/15/24 0 0 0 0 0 0
2/15/25 0 0 0 0 0 0
2/15/26 0 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 13.6 3.9 3.5 3.1 2.6 2.4
(to maturity)
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 9 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
DECREMENT TABLES
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-3
----------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 100 100
2/15/02 100 100 100 100 100 100
2/15/03 100 100 100 100 61 38
2/15/04 100 100 82 53 1 0
2/15/05 100 68 35 4 0 0
2/15/06 100 27 0 0 0 0
2/15/07 100 0 0 0 0 0
2/15/08 100 0 0 0 0 0
2/15/09 100 0 0 0 0 0
2/15/10 100 0 0 0 0 0
2/15/11 100 0 0 0 0 0
2/15/12 100 0 0 0 0 0
2/15/13 100 0 0 0 0 0
2/15/14 100 0 0 0 0 0
2/15/15 100 0 0 0 0 0
2/15/16 85 0 0 0 0 0
2/15/17 56 0 0 0 0 0
2/15/18 24 0 0 0 0 0
2/15/19 0 0 0 0 0 0
2/15/20 0 0 0 0 0 0
2/15/21 0 0 0 0 0 0
2/15/22 0 0 0 0 0 0
2/15/23 0 0 0 0 0 0
2/15/24 0 0 0 0 0 0
2/15/25 0 0 0 0 0 0
2/15/26 0 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 18.2 6.5 5.7 5.1 4.2 3.9
(to maturity)
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 10 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-5
----------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 100 100
2/15/02 100 100 100 100 100 100
2/15/03 100 100 100 100 100 100
2/15/04 100 100 100 100 100 72
2/15/05 100 100 100 100 40 11
2/15/06 100 100 91 53 0 0
2/15/07 100 87 45 8 0 0
2/15/08 100 45 4 0 0 0
2/15/09 100 7 0 0 0 0
2/15/10 100 0 0 0 0 0
2/15/11 100 0 0 0 0 0
2/15/12 100 0 0 0 0 0
2/15/13 100 0 0 0 0 0
2/15/14 100 0 0 0 0 0
2/15/15 100 0 0 0 0 0
2/15/16 100 0 0 0 0 0
2/15/17 100 0 0 0 0 0
2/15/18 100 0 0 0 0 0
2/15/19 90 0 0 0 0 0
2/15/20 62 0 0 0 0 0
2/15/21 31 0 0 0 0 0
2/15/22 0 0 0 0 0 0
2/15/23 0 0 0 0 0 0
2/15/24 0 0 0 0 0 0
2/15/25 0 0 0 0 0 0
2/15/26 0 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 21.4 8.9 7.9 7.1 5.9 5.4
(to maturity)
- ------------------------------------------------------------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from sources believed to be reliable. No representation is
made that it is accurate or complete. Certain assumptions may have made in this analysis which have resulted in any returns detailed
herein. No representation is made that any returns indicated will be achieved. changes to the assumption may have a material
impacted on any returns detailed. Past performance is not necessarily indicative of future returns. Price and availability are
subject to change without notice. The foregoing has been prepared solely for information purposes, and is not an offer to buy or
sell or solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy.
NationsBanc Montgomery Securities LLC and/or affiliates may have positions in, and effect transactions in securities and instruments
of issuers mentioned herein and may also provide or seek to provide significant advice of investment services, including investment
banking, for the issuers of such securities and instruments. Additional information is available upon request. NOTE TO RECIPIENT: In
addition, please not that this information has been provided by NationsBanc Montgomery Securities LLC. We recommend that investors
obtain the advice of their NationsBanc Montgomery Securities LLC representative about the investment concerned.
Page 11
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
</TABLE>
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-5
---------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ----------------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 100 100
2/15/02 100 100 100 100 100 100
2/15/03 100 100 100 100 100 100
2/15/04 100 100 100 100 100 100
2/15/05 100 100 100 100 100 100
2/15/06 100 100 100 100 95 85
2/15/07 100 100 100 100 79 69
2/15/08 100 100 100 88 65 56
2/15/09 100 100 87 74 53 45
2/15/10 100 90 75 63 43 36
2/15/11 100 77 64 52 35 28
2/15/12 100 67 54 43 28 22
2/15/13 100 58 46 37 23 18
2/15/14 100 50 39 31 18 14
2/15/15 100 43 33 26 15 11
2/15/16 100 37 28 21 12 9
2/15/17 100 31 23 17 9 7
2/15/18 100 26 19 14 7 5
2/15/19 100 21 15 11 5 4
2/15/20 100 18 12 9 4 3
2/15/21 100 14 10 7 3 2
2/15/22 99 12 8 5 2 2
2/15/23 85 9 6 4 2 1
2/15/24 71 7 5 3 1 1
2/15/25 58 5 3 2 1 1
2/15/26 44 4 2 1 1 0
2/15/27 29 2 1 1 0 0
2/15/28 13 1 1 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 26.5 16.2 14.8 13.6 11.5 10.7
(to maturity)
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 12 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-5 (to 10% call)
-------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ----------------------------------------------------------------------------------
Payment Date
- ------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 100 100
2/15/02 100 100 100 100 100 100
2/15/03 100 100 100 100 100 100
2/15/04 100 100 100 100 100 100
2/15/05 100 100 100 100 100 100
2/15/06 100 100 100 100 95 85
2/15/07 100 100 100 100 79 69
2/15/08 100 100 100 88 65 56
2/15/09 100 100 87 74 53 45
2/15/10 100 90 75 63 43 36
2/15/11 100 77 64 52 35 0
2/15/12 100 67 54 43 0 0
2/15/13 100 58 46 37 0 0
2/15/14 100 50 39 0 0 0
2/15/15 100 43 33 0 0 0
2/15/16 100 37 0 0 0 0
2/15/17 100 0 0 0 0 0
2/15/18 100 0 0 0 0 0
2/15/19 100 0 0 0 0 0
2/15/20 100 0 0 0 0 0
2/15/21 100 0 0 0 0 0
2/15/22 99 0 0 0 0 0
2/15/23 85 0 0 0 0 0
2/15/24 71 0 0 0 0 0
2/15/25 58 0 0 0 0 0
2/15/26 44 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 26.2 14.8 13.4 12.1 10.2 9.4
(to 10% call)
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 13 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GREENPOINT CREDIT CORP. MANUFACTURED HOUSING CONTRACT TRUST PASS-THROUGH
------------------------------------------------------------------------
CERTIFICATES, SERIES 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
COLLATERAL SUMMARY
COLLATERAL STATISTICS ARE BASED ON THE CONTRACT POOL AS OF 1/31/99 ("CUT-OFF
DATE").
<TABLE>
<S> <C>
TOTAL OUTSTANDING BALANCE: $631,659,215.51
NUMBER OF LOANS: 16,667
AVERAGE REMAINING BALANCE: $37,898.79
AMORTIZATION METHOD: 100% fully amortizing
WA Gross Coupon: 9.419% (range: 4.75% - 14.75%)
WA Original Term: 310.4 months (range: 12 - 360 months)
WA Remaining Term 308.1 months (range: 8 - 360 months)
WA Seasoning: 2.29 months
Original LTV Ratio: 88.25% (range: 11.45% - 95.46%)
New / Used 81.53% New / 18.46% Used
Land Home Contracts 22.94% (includes Land in Lieu)
Geographic Distribution: TX (9.40%), GA (8.81%), NC (7.48%), AL (7.17%)
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 14 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Geographic Distribution of Manufactured Homes as of Origination
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Number of Contracts Principal Balance Scheduled Principal Balance
State As of Cut-off Date As of Cut-off Date As of Cut-off Date
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Alabama 1,168 $ 45,289,126.54 7.17 %
Arizona 479 20,362,477.56 3.22
Arkansas 547 20,043,748.58 3.17
California 266 8,425,583.47 1.33
Colorado 257 9,802,643.97 1.55
Delaware 56 2,650,645.24 0.42
Florida 597 26,280,744.97 4.16
Georgia 1,272 55,671,781.53 8.81
Idaho 71 2,216,408.48 0.35
Illinois 304 10,875,599.90 1.72
Indiana 408 16,324,006.85 2.58
Iowa 121 3,699,446.57 0.59
Kansas 75 3,076,365.86 0.49
Kentucky 795 26,870,126.92 4.25
Louisiana 488 16,650,536.62 2.64
Maine 136 7,360,657.53 1.17
Maryland 63 2,009,913.46 0.32
Massachusetts 2 55,271.71 0.01
Michigan 395 14,323,849.62 2.27
Minnesota 85 2,370,681.09 0.38
Mississippi 685 24,308,611.25 3.85
Missouri 585 18,765,823.42 2.97
Montana 59 2,496,709.13 0.40
Nebraska 99 4,096,673.91 0.65
Nevada 131 7,353,255.89 1.16
New Hampshire 49 2,480,272.82 0.39
New Jersey 6 239,952.98 0.04
New Mexico 229 8,165,357.78 1.29
New York 307 15,076,796.88 2.39
North Carolina 1,246 47,258,522.75 7.48
North Dakota 30 836,104.84 0.13
Ohio 368 13,224,575.95 2.09
Oklahoma 390 13,944,840.33 2.21
Oregon 150 5,312,100.12 0.84
Pennsylvania 421 14,115,550.20 2.23
South Carolina 593 21,921,274.67 3.47
South Dakota 50 1,997,290.45 0.32
Tennessee 753 28,002,264.72 4.43
Texas 1,607 59,397,209.48 9.40
Utah 56 2,725,837.12 0.43
Vermont 64 3,394,264.09 0.54
Virginia 399 14,816,351.71 2.35
Washington 157 5,289,374.18 0.84
West Virginia 386 13,379,628.90 2.12
Wisconsin 165 4,448,558.20 0.70
Wyoming 97 4,252,397.27 0.67
------ --------------- -------
Total 16,667 $631,659,215.51 100.00 %
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 15 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Distribution of Principal Balances of Contracts (1)
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Original Principal Number of Contracts Principal Balance Scheduled Principal Balance
Balance As of Cut-off Date As of Cut-off Date As of Cut-off Date
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0-5,000 22 $ 93,640.56 0.01 %
5,001-7,500 125 794,793.25 0.13
7,501-10,000 311 2,685,122.70 0.43
10,001-12,500 492 5,541,920.15 0.88
12,501-15,000 561 7,677,848.62 1.22
15,001-17,500 634 10,205,274.23 1.62
17,501-20,000 722 13,425,747.94 2.13
20,001-22,500 723 15,332,566.76 2.43
22,501-25,000 874 20,705,699.00 3.28
25,001-27,500 1,002 26,183,286.80 4.15
27,501-30,000 1,079 30,964,156.19 4.90
30,001-32,500 1,038 32,356,509.86 5.12
32,501-35,000 1,099 37,053,241.52 5.87
35,001-40,000 1,795 66,893,328.15 10.59
40,001-45,000 1,267 53,722,086.03 8.50
45,001-50,000 1,049 49,729,361.28 7.87
50,001-55,000 954 49,852,452.03 7.89
55,001-60,000 709 40,621,783.50 6.43
60,001-65,000 587 36,564,294.56 5.79
65,001-70,000 391 26,248,053.67 4.16
70,001-75,000 287 20,784,399.63 3.29
75,001-80,000 272 21,028,001.59 3.33
80,001-85,000 188 15,446,296.18 2.45
over $85,000 486 47,749,351.31 7.56
------- --------------- --------
Total 16,667 $631,659,215.51 100.00%
- -------------
</TABLE>
(1) The greatest Contract Scheduled Principal Balance is $177,478.54, which
represents 0.03% of the aggregate Scheduled Principal Balance of the Contracts
as of the Cut-off Date.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 16 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Distribution of Original Loan-to-Value Ratios
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Original Number of Contracts Principal Balance Scheduled Principal Balance
Loan-to-Value Ratio As of Cut-off Date As of Cut-off Date As of Cut-off Date
- ------------------- ------------------- ------------------- ---------------------------
<S> <C> <C> <C>
0.01-50.49% 175 $ 3,293,712.39 0.52 %
50.50-60.49 161 4,186,791.08 0.66
60.50-70.49 321 10,186,502.90 1.61
70.50-80.49 1,472 50,135,042.16 7.94
80.50-85.49 1,591 65,952,901.73 10.44
85.50-90.49 6,806 249,453,883.02 39.49
90.50-95.49 6,141 248,450,382.23 39.33
-------- --------------- -------
Total 16,667 $631,659,215.51 100.00%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 17 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
- -------------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Contract Rates as of the Cut-off Date
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Contract Rate As of Number of Contracts Principal Balance Scheduled Principal Balance
Cut-off Date As of Cut-off Date As of Cut-off Date As of Cut-off Date
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
4.750-4.999 % 1 $ 23,105.14 0.00 %
5.000-5.249 3 141,784.85 0.02
5.250-5.499 30 1,705,225.48 0.27
5.500-5.749 8 417,089.65 0.07
5.750-5.999 96 5,136,825.95 0.81
6.000-6.249 16 768,866.93 0.12
6.250-6.499 17 1,235,111.21 0.20
6.500-6.749 99 5,995,849.86 0.95
6.750-6.999 423 31,791,671.37 5.03
7.000-7.249 534 40,191,016.25 6.36
7.250-7.499 222 13,553,448.52 2.15
7.500-7.749 189 9,589,720.95 1.52
7.750-7.999 602 31,640,290.30 5.01
8.000-8.249 873 47,677,724.27 7.55
8.250-8.499 820 42,284,594.45 6.69
8.500-8.749 432 15,955,826.34 2.53
8.750-8.999 562 23,316,376.06 3.69
9.000-9.249 1,047 43,258,568.98 6.85
9.250-9.499 391 16,632,077.19 2.63
9.500-9.749 355 14,811,756.97 2.34
9.750-9.999 500 20,522,550.97 3.25
10.000-10.249 697 28,579,538.04 4.52
10.250-10.499 843 32,258,368.71 5.11
10.500-10.749 704 21,437,903.29 3.39
10.750-10.999 752 22,654,285.65 3.59
11.000-11.249 1,195 36,757,450.03 5.82
11.250-11.499 491 16,630,316.86 2.63
11.500-11.749 515 17,098,858.25 2.71
11.750-11.999 493 12,193,208.84 1.93
12.000-12.249 847 18,972,485.50 3.00
12.250-12.499 880 19,793,457.61 3.13
12.500-12.749 705 13,967,470.59 2.21
12.750-12.999 214 5,002,770.79 0.79
13.000-13.249 166 2,872,916.00 0.45
13.250-13.499 276 5,139,705.53 0.81
13.500-13.749 300 4,916,988.93 0.78
13.750-13.999 282 5,171,306.11 0.82
14.000-14.249 33 570,241.53 0.09
14.250-14.499 18 344,010.24 0.05
14.500-14.749 16 310,689.13 0.05
14.750-14.999 20 337,762.19 0.05
-------- --------------- -------
Total 16,667 $631,659,215.51 100.00 %
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 18 BEAR STEARNS
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Remaining Months to Maturity
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Months Remaining Number of Contracts Principal Balance Scheduled Principal Balance
As of Cut-off Date As of Cut-off Date As of Cut-off Date As of Cut-off Date
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1-30 13 67,270.86 0.01%
31-60 187 1,684,960.06 0.27%
61-90 292 3,809,959.25 0.60%
91-120 810 12,654,160.34 2.00%
121-150 257 3,771,016.50 0.60%
151-180 2,333 47,506,314.24 7.52%
181-210 11 454,783.21 0.07%
211-240 3,518 107,867,336.45 17.08%
241-270 9 410,900.39 0.07%
271-300 1,834 72,149,316.52 11.42%
301-360 7,403 381,283,197.69 60.36%
-------- --------------- -------
Total 16,667 $631,659,215.51 100.00%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 19 BEAR STEARNS
<PAGE>
Exhibit 99.2
Credit Suisse First Boston
Asset-Backed Securities Group
66 Madison Avenue
New York, N.Y. 10016
FAX TRANSMITTAL: TERM SHEETS
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing
--------------------------------------------
Contract Trust Pass-Through Certificates, Series 1999-1
-------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Fax to: Date: Fixed: 2/15/99
Company: # Pages (incl. cover): 19
Fax No: Phone No:
- ------------------------------------------------------------------------------------------------------------------------------------
From: Phone No:
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Statement Regarding Assumptions as to Securities, pricing estimates, and other
Information
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by an issuer, the issuer has not
participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information," please refer to this
statement instead.
The Information is illustrative and is not intended to predict actual results
that may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure
and collateral may be modified from time to time to reflect changed
circumstances. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement or private placement memorandum
(Offering Documents) and the then current version of the Information. Offering
Documents contain data that is current as of their publication dates and after
publication may no longer be complete or current. Contact your registered
representative for Offering Documents, current Information or additional
materials, including other models for performance analysis, which are likely to
produce different results, and any further explanation regarding the
Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear, Stearns and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you.
Bear Stearns shall not be a fiduciary or advisor unless we have agreed in
writing to receive compensation specifically to act in such capacities. If you
are subject to ERISA, the Information is being furnished on the condition that
it will not form a primary basis for any investment decision. The Information
is not a solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
<TABLE>
<CAPTION>
Principal:
Approximate Approximate -------------- Last Scheduled
Class Size Expected Ratings Average First - Last/ Distribution Day
Class ($ MM) (1) Tranche Type (Moody's/S&P) Life (1) Window (mos.) Date (3) Count
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $143.500 Fixed Sequential Aaa/AAA 1.10 yrs. / MAT 1-26 / 26 12/15/09 30/360
- ------------------------------------------------------------------------------------------------------------------------------
A-2 $125.500 Fixed Sequential Aaa/AAA 3.10 yrs. / MAT 26-50 / 25 8/15/15 30/360
- ------------------------------------------------------------------------------------------------------------------------------
A-3 $ 91.000 Fixed Sequential Aaa/AAA 5.10 yrs. / MAT 50-74 / 25 11/15/18 30/360
- ------------------------------------------------------------------------------------------------------------------------------
A-4 (2) $ 75.000 Fixed Sequential Aaa/AAA 7.10 yrs. / MAT 74-99 / 26 2/15/22 30/360
- ------------------------------------------------------------------------------------------------------------------------------
A-5 (2) $196.659 Fixed Sequential Aaa/AAA 12.15 yrs. / CALL 99-177 / 79 8/15/29 30/360
--------
- ------------------------------------------------------------------------------------------------------------------------------
$631.659
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Settlement Delay
Class Convention (4) Days
- -----------------------------------------------------
<S> <C> <C>
A-1 24 days A.I. 14
A-2 24 days A.I. 14
A-3 24 days A.I. 14
A-4 (2) 24 days A.I. 14
A-5 (2) 24 days A.I. 14
</TABLE>
(1) Bond sizes are approximate, subject to a permitted variance of plus or
minus 5%; Class A-5 will be priced to 10% Optional Termination.
(2) Bonds subject to a maximum rate equal to the "Weighted Average Net Contract
Rate" of the contracts; see below -- to be confirmed at pricing.
(3) Last Scheduled Distribution Date is defined as: for Class A-1 through A-4,
such distribution date assuming 0% MHP, and for Class A-5 as the 6th
distribution date following the month of the latest contract maturity date
in the contract pool.
(4) The first monthly Distribution Date will be March 15, 1999. The Class A
Certificates record date for the first Distribution Date will be February
26, 1999, and thereafter will be the last business day of the month
preceding a Distribution Date.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 2
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
SUMMARY OF TERMS
<TABLE>
<S> <C>
Seller and Servicer: GreenPoint Credit Corp.
Trustee: The First National Bank of Chicago.
Underwriters: Bear Stearns & Co. Inc. (lead manager), Credit Suisse First Boston, NationsBanc Montgomery Securities LLC (co-
managers).
Cut-off Date: January 31, 1999.
Contract Pool: 16,667 fixed rate contracts with a principal balance of approximately $631,659,215 as of
the Cut-off Date (the "Contract Pool" or the "Contracts").
Certificates: Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5.
Credit Enhancement: Surety Bond: The required monthly payments of interest and scheduled principal are
unconditionally guaranteed to the holders of all classes of offered certificates by MBIA
Insurance Corporation.
Pricing Prepayment Speed: 200% MHP will be applied for pricing purposes. 100% MHP describes prepayments starting at
prepayment rates of 3.7% per annum of the then unpaid principal balance of such Contracts
in the first month of the life of the Contracts and an additional 0.1% per annum in each
month thereafter until the 24th month. Beginning in the 24th month and in each month
thereafter during the life of the Contracts, 100% of the Prepayment Model assumes a
constant prepayment rate of 6.00% per annum.
Pricing Date: [February 18, 1999].
Expected Settlement: [February 25, 1999], through DTC [and Euroclear or CEDEL -- t.b.d.].
Minimum Denominations: Offered in minimum denominations of $50,000 each and multiples of $1,000 in excess
thereof.
Settlement Conventions: 30/360, with 24 days accrued interest, 14 day delay.
Record Date: The record date for the first Distribution Date will be February 26, 1999, and thereafter
will be the last business day of the month preceding a Distribution Date.
Distribution Dates: The 15th of each month, beginning March 1999.
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 3
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
<TABLE>
<S> <C>
Distributions of Interest With respect to each Distribution
Date, the Class A Certificates will accrue interest for each
Distribution Date at 1/12th of the related pass-through rate
on the related principal balance immediately prior to such
Distribution Date. The interest period for the Class A
Certificates for each Distribution Date is the calendar
month preceding such Distribution Date.
[Class A-4 Pass-Through Rate
The Class A-4 Pass-Through Rate will be the lesser
of (i) [ ]% per annum and (ii) the Weighted Average Net
Contract Rate of the Contracts. The "Weighted Average Net
Contract Rate" for any Distribution Date shall equal the per
annum rate equal to the average of the Net Contract Rates of
the Contracts as of the first day of the related Collection
Period, weighted on the basis of the Scheduled Principal
Balances of the Contracts on the first day of the related
Collection Period to be confirmed at pricing.]
Class A-5 Pass-Through Rate
The Class A-5 Pass-Through Rate will be the lesser
of (i) [ ]% per annum and (ii) the Weighted Average Net
Contract Rate of the Contracts. The "Weighted Average Net
Contract Rate" for any Distribution Date shall equal the per
annum rate equal to the average of the Net Contract Rates of
the Contracts as of the first day of the related Collection
Period, weighted on the basis of the Scheduled Principal
Balances of the Contracts on the first day of the related
Collection Period.
Distributions of interest
and principal:
Class A Certificates, on the 15th of the month:
-----------------------------------------------
Interest:
i) interest accrued on the Class A-1, Class A-2, Class A-3,
Class A-4, and Class A-5 Certificates at the respective
Pass-Through Rates, distributed concurrently on each
Distribution Date;
ii) unpaid interest together with interest thereon at the
respective Pass-Through Rates from the due date will be paid
in subsequent periods as available;
[iii) the Class A-4 Pass-Through Rate is subject to a
maximum rate equal to the weighted average of the Contract
Rate on each contract in the Contract Pool minus the Monthly
Servicing Fee Rate.]
iv) the Class A-5 Pass-Through Rate is subject to a maximum
rate equal to the weighted average of the Contract Rate on
each contract in the Contract Pool minus the Monthly
Servicing Fee Rate.
Principal:
Principal of the Class A Certificates will be paid
sequentially until each bond principal balance is reduced to
zero in the following order:
i) Class A-1 until its principal balance is reduced to zero, then;
ii) Class A-2 until its principal balance is reduced to zero, then;
iii) Class A-3 until its principal balance is reduced to zero, then;
iv) Class A-4 until its principal balance is reduced to zero; then;
v) Class A-5 until its principal balance is reduced to zero.
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 4
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
<TABLE>
<S> <C>
Order of Distributions:
i) first, concurrently to the Class A
Certificateholders, the interest at the respective
Pass-Through Rates as described in Interest above;
ii) second, the Formula Principal Distribution
Amount in the order of priority listed in Principal
above;
iii) third, amounts, if any, required to be
deposited into the Special Account;
iv) fourth, any remaining available funds to the
holder of the Class R Certificate .
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.
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 payments of principal and
interest due to the Class A 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.
Optional Termination /
Termination Auction:
On any Distribution Date after the Distribution Date on which the Pool
Scheduled Balance is less than 10% of the Cut-off
Pool Principal Balance, the Servicer will have the
option to repurchase all outstanding contracts, or
the Servicer may also direct the Trustee to conduct
a termination auction.
Tax Status: REMIC election.
Ratings: The offered certificates are required to receive the ratings of "AAA"
by Standard & Poor's Ratings Services and "Aaa" by
Moody's Investors Service, Inc.
ERISA Eligibility: Expected for all of the offered certificates.
SMMEA Eligibility: Expected for all of the offered certificates.
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 5
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
SENSITIVITY TABLES
<TABLE>
<CAPTION>
Class A-I (to maturity)
- ------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 6.35 1.38 1.22 1.10 0.92 0.85
Modified Duration (years) 4.99 1.27 1.14 1.03 0.86 0.80
First Principal Payment 03/15/99 03/15/99 03/15/99 03/15/99 03/15/99 03/15/99
Last Principal Payment 12/15/09 10/15/01 07/15/01 04/15/01 12/15/00 10/15/00
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 130 32 29 26 22 20
Illustrative Yield @ Par (30/360) 5.81% 5.67% 5.65% 5.63% 5.59% 5.57%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-2 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 13.56 3.93 3.46 3.10 2.57 2.36
Modified Duration (years) 9.02 3.39 3.03 2.74 2.31 2.14
First Principal Payment 12/15/09 10/15/01 07/15/01 04/15/01 12/15/00 10/15/00
Last Principal Payment 08/15/15 06/15/04 10/15/03 04/15/03 08/15/02 04/15/02
Principal Lockout (months) 129 31 28 25 21 19
Principal Window (months) 69 33 28 25 21 19
Illustrative Yield @ Par (30/360) 6.00% 5.96% 5.95% 5.94% 5.92% 5.92%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-3 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 18.16 6.46 5.71 5.10 4.20 3.85
Modified Duration (years) 10.73 5.19 4.69 4.26 3.60 3.34
First Principal Payment 08/15/15 06/15/04 10/15/03 04/15/03 08/15/02 04/15/02
Last Principal Payment 11/15/18 11/15/06 12/15/05 04/15/05 03/15/04 10/15/03
Principal Lockout (months) 197 63 55 49 41 37
Principal Window (months) 40 30 27 25 20 19
Illustrative Yield @ Par (30/360) 6.08% 6.06% 6.06% 6.05% 6.04% 6.04%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 6
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
SENSITIVITY TABLES
<TABLE>
<CAPTION>
Class A-4 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.38 8.92 7.92 7.10 5.85 5.37
Modified Duration (years) 11.32 6.59 6.03 5.54 4.73 4.41
First Principal Payment 11/15/18 11/15/06 12/15/05 04/15/05 03/15/04 10/15/03
Last Principal Payment 02/15/22 05/15/09 04/15/08 05/15/07 12/15/05 05/15/05
Principal Lockout (months) 236 92 81 73 60 55
Principal Window (months) 40 31 29 26 22 20
Illustrative Yield @ Par (30/360) 6.45% 6.44% 6.43% 6.43% 6.42% 6.42%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-5 (to 10% call)
- ------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 26.18 14.82 13.40 12.15 10.18 9.39
Modified Duration (years) 11.98 9.03 8.50 7.99 7.09 6.70
First Principal Payment 02/15/22 05/15/09 04/15/08 05/15/07 12/15/05 05/15/05
Last Principal Payment 12/15/26 12/15/16 05/15/15 11/15/13 07/15/11 08/15/10
Principal Lockout (months) 275 122 109 98 81 74
Principal Window (months) 59 92 86 79 68 64
Illustrative Yield @ Par (30/360) 6.76% 6.76% 6.75% 6.75% 6.75% 6.75%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-5 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 26.51 16.22 14.83 13.60 11.55 10.69
Modified Duration (years) 12.03 9.37 8.88 8.41 7.56 7.17
First Principal Payment 02/15/22 05/15/09 04/15/08 05/15/07 12/15/05 05/15/05
Last Principal Payment 11/15/28 11/15/28 11/15/28 11/15/28 11/15/28 11/15/28
Principal Lockout (months) 275 122 109 98 81 74
Principal Window (months) 82 235 248 259 276 283
Illustrative Yield @ Par (30/360) 6.76% 6.76% 6.75% 6.75% 6.75% 6.75%
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 7
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-1
--------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- -----------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 95 65 60 55 45 40
2/15/01 89 25 15 5 0 0
2/15/02 82 0 0 0 0 0
2/15/03 75 0 0 0 0 0
2/15/04 67 0 0 0 0 0
2/15/05 58 0 0 0 0 0
2/15/06 48 0 0 0 0 0
2/15/07 37 0 0 0 0 0
2/15/08 25 0 0 0 0 0
2/15/09 11 0 0 0 0 0
2/15/10 0 0 0 0 0 0
2/15/11 0 0 0 0 0 0
2/15/12 0 0 0 0 0 0
2/15/13 0 0 0 0 0 0
2/15/14 0 0 0 0 0 0
2/15/15 0 0 0 0 0 0
2/15/16 0 0 0 0 0 0
2/15/17 0 0 0 0 0 0
2/15/18 0 0 0 0 0 0
2/15/19 0 0 0 0 0 0
2/15/20 0 0 0 0 0 0
2/15/21 0 0 0 0 0 0
2/15/22 0 0 0 0 0 0
2/15/23 0 0 0 0 0 0
2/15/24 0 0 0 0 0 0
2/15/25 0 0 0 0 0 0
2/15/26 0 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 6.4 1.4 1.2 1.1 0.9 0.8
(to maturity)
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 8
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
- ------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-2
-------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- --------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 84 73
2/15/02 100 85 69 53 23 8
2/15/03 100 46 26 7 0 0
2/15/04 100 10 0 0 0 0
2/15/05 100 0 0 0 0 0
2/15/06 100 0 0 0 0 0
2/15/07 100 0 0 0 0 0
2/15/08 100 0 0 0 0 0
2/15/09 100 0 0 0 0 0
2/15/10 96 0 0 0 0 0
2/15/11 77 0 0 0 0 0
2/15/12 56 0 0 0 0 0
2/15/13 42 0 0 0 0 0
2/15/14 26 0 0 0 0 0
2/15/15 8 0 0 0 0 0
2/15/16 0 0 0 0 0 0
2/15/17 0 0 0 0 0 0
2/15/18 0 0 0 0 0 0
2/15/19 0 0 0 0 0 0
2/15/20 0 0 0 0 0 0
2/15/21 0 0 0 0 0 0
2/15/22 0 0 0 0 0 0
2/15/23 0 0 0 0 0 0
2/15/24 0 0 0 0 0 0
2/15/25 0 0 0 0 0 0
2/15/26 0 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 13.6 3.9 3.5 3.1 2.6 2.4
(to maturity)
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 9
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-3
---------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- -----------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 100 100
2/15/02 100 100 100 100 100 100
2/15/03 100 100 100 100 61 38
2/15/04 100 100 82 53 1 0
2/15/05 100 68 35 4 0 0
2/15/06 100 27 0 0 0 0
2/15/07 100 0 0 0 0 0
2/15/08 100 0 0 0 0 0
2/15/09 100 0 0 0 0 0
2/15/10 100 0 0 0 0 0
2/15/11 100 0 0 0 0 0
2/15/12 100 0 0 0 0 0
2/15/13 100 0 0 0 0 0
2/15/14 100 0 0 0 0 0
2/15/15 100 0 0 0 0 0
2/15/16 85 0 0 0 0 0
2/15/17 56 0 0 0 0 0
2/15/18 24 0 0 0 0 0
2/15/19 0 0 0 0 0 0
2/15/20 0 0 0 0 0 0
2/15/21 0 0 0 0 0 0
2/15/22 0 0 0 0 0 0
2/15/23 0 0 0 0 0 0
2/15/24 0 0 0 0 0 0
2/15/25 0 0 0 0 0 0
2/15/26 0 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 18.2 6.5 5.7 5.1 4.2 3.9
(to maturity)
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 10
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-4
---------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 100 100
2/15/02 100 100 100 100 100 100
2/15/03 100 100 100 100 100 100
2/15/04 100 100 100 100 100 72
2/15/05 100 100 100 100 40 11
2/15/06 100 100 91 53 0 0
2/15/07 100 87 45 8 0 0
2/15/08 100 45 4 0 0 0
2/15/09 100 7 0 0 0 0
2/15/10 100 0 0 0 0 0
2/15/11 100 0 0 0 0 0
2/15/12 100 0 0 0 0 0
2/15/13 100 0 0 0 0 0
2/15/14 100 0 0 0 0 0
2/15/15 100 0 0 0 0 0
2/15/16 100 0 0 0 0 0
2/15/17 100 0 0 0 0 0
2/15/18 100 0 0 0 0 0
2/15/19 90 0 0 0 0 0
2/15/20 62 0 0 0 0 0
2/15/21 31 0 0 0 0 0
2/15/22 0 0 0 0 0 0
2/15/23 0 0 0 0 0 0
2/15/24 0 0 0 0 0 0
2/15/25 0 0 0 0 0 0
2/15/26 0 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 21.4 8.9 7.9 7.1 5.9 5.4
(to maturity)
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 11
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-5
------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- -----------------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 100 100
2/15/02 100 100 100 100 100 100
2/15/03 100 100 100 100 100 100
2/15/04 100 100 100 100 100 100
2/15/05 100 100 100 100 100 100
2/15/06 100 100 100 100 95 85
2/15/07 100 100 100 100 79 69
2/15/08 100 100 100 88 65 56
2/15/09 100 100 87 74 53 45
2/15/10 100 90 75 63 43 36
2/15/11 100 77 64 52 35 28
2/15/12 100 67 54 43 28 22
2/15/13 100 58 46 37 23 18
2/15/14 100 50 39 31 18 14
2/15/15 100 43 33 26 15 11
2/15/16 100 37 28 21 12 9
2/15/17 100 31 23 17 9 7
2/15/18 100 26 19 14 7 5
2/15/19 100 21 15 11 5 4
2/15/20 100 18 12 9 4 3
2/15/21 100 14 10 7 3 2
2/15/22 99 12 8 5 2 2
2/15/23 85 9 6 4 2 1
2/15/24 71 7 5 3 1 1
2/15/25 58 5 3 2 1 1
2/15/26 44 4 2 1 1 0
2/15/27 29 2 1 1 0 0
2/15/28 13 1 1 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 26.5 16.2 14.8 13.6 11.5 10.7
(to maturity)
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 12
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-5 (to 10% call)
------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ---------------------------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 100 100
2/15/02 100 100 100 100 100 100
2/15/03 100 100 100 100 100 100
2/15/04 100 100 100 100 100 100
2/15/05 100 100 100 100 100 100
2/15/06 100 100 100 100 95 85
2/15/07 100 100 100 100 79 69
2/15/08 100 100 100 88 65 56
2/15/09 100 100 87 74 53 45
2/15/10 100 90 75 63 43 36
2/15/11 100 77 64 52 35 0
2/15/12 100 67 54 43 0 0
2/15/13 100 58 46 37 0 0
2/15/14 100 50 39 0 0 0
2/15/15 100 43 33 0 0 0
2/15/16 100 37 0 0 0 0
2/15/17 100 0 0 0 0 0
2/15/18 100 0 0 0 0 0
2/15/19 100 0 0 0 0 0
2/15/20 100 0 0 0 0 0
2/15/21 100 0 0 0 0 0
2/15/22 99 0 0 0 0 0
2/15/23 85 0 0 0 0 0
2/15/24 71 0 0 0 0 0
2/15/25 58 0 0 0 0 0
2/15/26 44 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 26.2 14.8 13.4 12.1 10.2 9.4
(to 10% call)
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 13
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GREENPOINT CREDIT CORP. MANUFACTURED HOUSING CONTRACT TRUST PASS-THROUGH
------------------------------------------------------------------------
CERTIFICATES, SERIES 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Collateral Summary
Collateral statistics are based on the Contract Cool as of 1/31/99 ("Cut-off
Date").
<TABLE>
<S> <C>
TOTAL OUTSTANDING BALANCE: $631,659,215.51
NUMBER OF LOANS: 16,667
AVERAGE REMAINING BALANCE: $37,898.79
AMORTIZATION METHOD: 100% fully amortizing
WA Gross Coupon: 9.419% (range: 4.75% - 14.75%)
WA Original Term: 310.4 months (range: 12 - 360 months)
WA Remaining Term 308.1 months (range: 8 - 360 months)
WA Seasoning: 2.29 months
Original LTV Ratio: 88.25% (range: 11.45% - 95.46%)
New / Used 81.53% New / 18.46% Used
Land Home Contracts 22.94% (includes Land in Lieu)
Geographic Distribution: TX (9.40%), GA (8.81%), NC (7.48%), AL (7.17%)
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 14
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Geographic Distribution of Manufactured Homes as of Origination
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Number of Contracts Principal Balance Scheduled Principal Balance
State As of Cut-off Date As of Cut-off Date As of Cut-off Date
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Alabama 1,168 $ 45,289,126.54 7.17%
Arizona 479 20,362,477.56 3.22
Arkansas 547 20,043,748.58 3.17
California 266 8,425,583.47 1.33
Colorado 257 9,802,643.97 1.55
Delaware 56 2,650,645.24 0.42
Florida 597 26,280,744.97 4.16
Georgia 1,272 55,671,781.53 8.81
Idaho 71 2,216,408.48 0.35
Illinois 304 10,875,599.90 1.72
Indiana 408 16,324,006.85 2.58
Iowa 121 3,699,446.57 0.59
Kansas 75 3,076,365.86 0.49
Kentucky 795 26,870,126.92 4.25
Louisiana 488 16,650,536.62 2.64
Maine 136 7,360,657.53 1.17
Maryland 63 2,009,913.46 0.32
Massachusetts 2 55,271.71 0.01
Michigan 395 14,323,849.62 2.27
Minnesota 85 2,370,681.09 0.38
Mississippi 685 24,308,611.25 3.85
Missouri 585 18,765,823.42 2.97
Montana 59 2,496,709.13 0.40
Nebraska 99 4,096,673.91 0.65
Nevada 131 7,353,255.89 1.16
New Hampshire 49 2,480,272.82 0.39
New Jersey 6 239,952.98 0.04
New Mexico 229 8,165,357.78 1.29
New York 307 15,076,796.88 2.39
North Carolina 1,246 47,258,522.75 7.48
North Dakota 30 836,104.84 0.13
Ohio 368 13,224,575.95 2.09
Oklahoma 390 13,944,840.33 2.21
Oregon 150 5,312,100.12 0.84
Pennsylvania 421 14,115,550.20 2.23
South Carolina 593 21,921,274.67 3.47
South Dakota 50 1,997,290.45 0.32
Tennessee 753 28,002,264.72 4.43
Texas 1,607 59,397,209.48 9.40
Utah 56 2,725,837.12 0.43
Vermont 64 3,394,264.09 0.54
Virginia 399 14,816,351.71 2.35
Washington 157 5,289,374.18 0.84
West Virginia 386 13,379,628.90 2.12
Wisconsin 165 4,448,558.20 0.70
Wyoming 97 4,252,397.27 0.67
------ --------------- -------
Total 16,667 $631,659,215.51 100.00%
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 15
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Distribution of Principal Balances of Contracts(/1/)
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Original Principal Number of Contracts Principal Balance Scheduled Principal Balance
Balance As of Cut-off Date As of Cut-off Date As of Cut-off Date
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0-5,000 22 $ 93,640.56 0.01 %
5,001-7,500 125 794,793.25 0.13
7,501-10,000 311 2,685,122.70 0.43
10,001-12,500 492 5,541,920.15 0.88
12,501-15,000 561 7,677,848.62 1.22
15,001-17,500 634 10,205,274.23 1.62
17,501-20,000 722 13,425,747.94 2.13
20,001-22,500 723 15,332,566.76 2.43
22,501-25,000 874 20,705,699.00 3.28
25,001-27,500 1,002 26,183,286.80 4.15
27,501-30,000 1,079 30,964,156.19 4.90
30,001-32,500 1,038 32,356,509.86 5.12
32,501-35,000 1,099 37,053,241.52 5.87
35,001-40,000 1,795 66,893,328.15 10.59
40,001-45,000 1,267 53,722,086.03 8.50
45,001-50,000 1,049 49,729,361.28 7.87
50,001-55,000 954 49,852,452.03 7.89
55,001-60,000 709 40,621,783.50 6.43
60,001-65,000 587 36,564,294.56 5.79
65,001-70,000 391 26,248,053.67 4.16
70,001-75,000 287 20,784,399.63 3.29
75,001-80,000 272 21,028,001.59 3.33
80,001-85,000 188 15,446,296.18 2.45
over $85,000 486 47,749,351.31 7.56
------ ---------------- -------
Total 16,667 $ 631,659,215.51 100.00%
</TABLE>
(1) The greatest Contract Scheduled Principal Balance is $177,478.54, which
represents 0.03% of the aggregate Scheduled Principal Balance of the
Contracts as of the Cut-off Date.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 16
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Distribution of Original Loan-to-Value Ratios
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Original Number of Contracts Principal Balance Scheduled Principal Balance
Loan-to-Value Ratio As of Cut-off Date As of Cut-off Date As of Cut-off Date
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.01-50.49% 175 $ 3,293,712.39 0.52%
50.50-60.49 161 4,186,791.08 0.66
60.50-70.49 321 10,186,502.90 1.61
70.50-80.49 1,472 50,135,042.16 7.94
80.50-85.49 1,591 65,952,901.73 10.44
85.50-90.49 6,806 249,453,883.02 39.49
90.50-95.49 6,141 248,450,382.23 39.33
------ --------------- -------
Total 16,667 $631,659,215.51 100.00%
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 17
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Contract Rates as of the Cut-off Date
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Contract Rate As of Number of Contracts Principal Balance Scheduled Principal Balance
Cut-off Date As of Cut-off Date As of Cut-off Date As of Cut-off Date
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
4.750-4.999 % 1 $ 23,105.14 0.00%
5.000-5.249 3 141,784.85 0.02
5.250-5.499 30 1,705,225.48 0.27
5.500-5.749 8 417,089.65 0.07
5.750-5.999 96 5,136,825.95 0.81
6.000-6.249 16 768,866.93 0.12
6.250-6.499 17 1,235,111.21 0.20
6.500-6.749 99 5,995,849.86 0.95
6.750-6.999 423 31,791,671.37 5.03
7.000-7.249 534 40,191,016.25 6.36
7.250-7.499 222 13,553,448.52 2.15
7.500-7.749 189 9,589,720.95 1.52
7.750-7.999 602 31,640,290.30 5.01
8.000-8.249 873 47,677,724.27 7.55
8.250-8.499 820 42,284,594.45 6.69
8.500-8.749 432 15,955,826.34 2.53
8.750-8.999 562 23,316,376.06 3.69
9.000-9.249 1,047 43,258,568.98 6.85
9.250-9.499 391 16,632,077.19 2.63
9.500-9.749 355 14,811,756.97 2.34
9.750-9.999 500 20,522,550.97 3.25
10.000-10.249 697 28,579,538.04 4.52
10.250-10.499 843 32,258,368.71 5.11
10.500-10.749 704 21,437,903.29 3.39
10.750-10.999 752 22,654,285.65 3.59
11.000-11.249 1,195 36,757,450.03 5.82
11.250-11.499 491 16,630,316.86 2.63
11.500-11.749 515 17,098,858.25 2.71
11.750-11.999 493 12,193,208.84 1.93
12.000-12.249 847 18,972,485.50 3.00
12.250-12.499 880 19,793,457.61 3.13
12.500-12.749 705 13,967,470.59 2.21
12.750-12.999 214 5,002,770.79 0.79
13.000-13.249 166 2,872,916.00 0.45
13.250-13.499 276 5,139,705.53 0.81
13.500-13.749 300 4,916,988.93 0.78
13.750-13.999 282 5,171,306.11 0.82
14.000-14.249 33 570,241.53 0.09
14.250-14.499 18 344,010.24 0.05
14.500-14.749 16 310,689.13 0.05
14.750-14.999 20 337,762.19 0.05
------ ---------------- -------
Total 16,667 $ 631,659,215.51 100.00%
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. 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 securities 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 securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 18
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Remaining Months to Maturity
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Months Remaining Number of Contracts Principal Balance Scheduled Principal Balance
As of Cut-off Date As of Cut-off Date As of Cut-off Date As of Cut-off Date
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1-30 13 67,270.86 0.01%
31-60 187 1,684,960.06 0.27%
61-90 292 3,809,959.25 0.60%
91-120 810 12,654,160.34 2.00%
121-150 257 3,771,016.50 0.60%
151-180 2,333 47,506,314.24 7.52%
181-210 11 454,783.21 0.07%
211-240 3,518 107,867,336.45 17.08%
241-270 9 410,900.39 0.07%
271-300 1,834 72,149,316.52 11.42%
301-360 7,403 381,283,197.69 60.36%
------ --------------- -------
Total 16,667 $631,659,215.51 100.00%
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
Page 19
<PAGE>
Exhibit 99.3
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
<TABLE>
<CAPTION>
Approximate
Class Size Expected Ratings
Class ($ MM)/ Tranche Type (Moody's/S&P)
- -----------------------------------------------------------------
<S> <C> <C> <C>
A-1 $143.500 Fixed Sequential Aaa/AAA
- -----------------------------------------------------------------
A-2 $125.500 Fixed Sequential Aaa/AAA
- -----------------------------------------------------------------
A-3 $ 91.000 Fixed Sequential Aaa/AAA
- -----------------------------------------------------------------
A-4 /(2)/ $ 75.000 Fixed Sequential Aaa/AAA
- -----------------------------------------------------------------
A-5 /(2)/ $196.659 Fixed Sequential Aaa/AAA
--------
- -----------------------------------------------------------------
$631.659
- -----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Approximate Principal: Last Scheduled
Average First - Last / Distribution Day Settlement Delay
Class Life /(1)/ Window (mos.) Date /(3)/ Count Convention /(4)/ Days
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 1.10 yrs. / MAT 1-26 / 26 12/15/09 30/360 24 days A.I. 14
- -------------------------------------------------------------------------------------------------------------------------
A-2 3.10 yrs. / MAT 26-50 / 25 8/15/15 30/360 24 days A.I. 14
- -------------------------------------------------------------------------------------------------------------------------
A-3 5.10 yrs. / MAT 50-74 / 25 11/15/18 30/360 24 days A.I. 14
- -------------------------------------------------------------------------------------------------------------------------
A-4 /(2)/ 7.10 yrs. / MAT 74-99 / 26 2/15/22 30/360 24 days A.I. 14
- -------------------------------------------------------------------------------------------------------------------------
A-5 /(2)/ 12.15 yrs. / CALL 99-177 / 79 8/15/29 30/360 24 days A.I. 14
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
/(1)/ Bond sizes are approximate, subject to a permitted variance of plus or
minus 5%; Class A-5 will be priced to 10% Optional Termination.
/(2)/ Bonds subject to a maximum rate equal to the "Weighted Average Net
Contract Rate" of the contracts; see below - to be confirmed at pricing.
/(3)/ Last Scheduled Distribution Date is defined as: for Class A-1 through A-4,
such distribution date assuming 0% MHP, and for Class A-5 as the 6/th/
distribution date following the month of the latest contract maturity date
in the contract pool.
/(4)/ The first monthly Distribution Date will be March 15, 1999. The Class A
Certificates record date for the first Distribution Date will be February
26, 1999, and thereafter will be the last business day of the month
preceding a Distribution Date.
- -------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 1
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
SUMMARY OF TERMS
Seller and Servicer: GreenPoint Credit Corp.
Trustee: The First National Bank of Chicago.
Underwriters: Bear Stearns & Co. Inc. (lead manager), Credit Suisse
First Boston, NationsBanc Montgomery Securities LLC
(co-managers).
Cut-off Date: January 31, 1999.
Contract Pool: 16,667 fixed rate contracts with a principal balance
of approximately $631,659,215 as of the Cut-off Date
(the "Contract Pool" or the "Contracts").
Certificates: Class A-1, Class A-2, Class A-3, Class A-4 and Class
A-5.
Credit Enhancement: Surety Bond: The required monthly payments of interest and
scheduled principal are unconditionally guaranteed to
the holders of all classes of offered certificates by
MBIA Insurance Corporation.
Pricing Prepayment Speed: 200% MHP will be applied for pricing purposes. 100%
MHP describes prepayments starting at prepayment
rates of 3.7% per annum of the then unpaid principal
balance of such Contracts in the first month of the
life of the Contracts and an additional 0.1% per
annum in each month thereafter until the 24/th/
month. Beginning in the 24/th/ month and in each
month thereafter during the life of the Contracts,
100% of the Prepayment Model assumes a constant
prepayment rate of 6.00% per annum.
Pricing Date: [February 18, 1999].
Expected Settlement: [February 25, 1999], through DTC [and Euroclear or
CEDEL - t.b.d.].
Minimum Denominations: Offered in minimum denominations of $50,000 each and
multiples of $1,000 in excess thereof.
Settlement Conventions: 30/360, with 24 days accrued interest, 14 day delay.
Record Date: The record date for the first Distribution Date will be
February 26, 1999, and thereafter will be the last
business day of the month preceding a Distribution
Date.
Distribution Dates: The 15th of each month, beginning March 1999.
Distributions of Interest With respect to each Distribution Date, the Class A
Certificates will accrue interest for each
Distribution Date at 1/12th of the related pass-
through rate on the related principal balance
immediately prior to such Distribution Date. The
interest period for the Class A Certificates for each
Distribution Date is the calendar month preceding
such Distribution Date.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 2
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
SUMMARY OF TERMS (CONT.)
[Class A-4 Pass-Through Rate
The Class A-4 Pass-Through Rate will be the lesser of (i) [ ]% per annum and
(ii) the Weighted Average Net Contract Rate of the
Contracts. The "Weighted Average Net Contract Rate"
for any Distribution Date shall equal the per annum
rate equal to the average of the Net Contract Rates
of the Contracts as of the first day of the related
Collection Period, weighted on the basis of the
Scheduled Principal Balances of the Contracts on the
first day of the related Collection Period to be
confirmed at pricing.]
Class A-5 Pass-Through Rate
The Class A-5 Pass-Through Rate will be the lesser of (i) [ ]% per annum and
(ii) the Weighted Average Net Contract Rate of the
Contracts. The "Weighted Average Net Contract Rate"
for any Distribution Date shall equal the per annum
rate equal to the average of the Net Contract Rates
of the Contracts as of the first day of the related
Collection Period, weighted on the basis of the
Scheduled Principal Balances of the Contracts on the
first day of the related Collection Period.
Distributions of interest
and principal:
Class A Certificates, on the 15th of the month:
Interest:
i) interest accrued on the Class A-1, Class A-2,
Class A-3, Class A-4, and Class A-5 Certificates at
the respective Pass-Through Rates, distributed
concurrently on each Distribution Date;
ii) unpaid interest together with interest thereon at
the respective Pass-Through Rates from the due date
will be paid in subsequent periods as available;
[iii) the Class A-4 Pass-Through Rate is subject to a
maximum rate equal to the weighted average of the
Contract Rate on each contract in the Contract Pool
minus the Monthly Servicing Fee Rate.]
iv) the Class A-5 Pass-Through Rate is subject to a
maximum rate equal to the weighted average of the
Contract Rate on each contract in the Contract Pool
minus the Monthly Servicing Fee Rate.
Principal:
Principal of the Class A Certificates will be paid
sequentially until each bond principal balance is
reduced to zero in the following order:
i) Class A-1 until its principal balance is reduced
to zero, then;
ii) Class A-2 until its principal balance is reduced
to zero, then;
iii) Class A-3 until its principal balance is reduced
to zero, then;
iv) Class A-4 until its principal balance is reduced
to zero; then;
v) Class A-5 until its principal balance is reduced
to zero.
Order of Distributions:
i) first, concurrently to the Class A
Certificateholders, the interest at the respective
Pass-Through Rates as described in Interest above;
ii) second, the Formula Principal Distribution Amount
in the order of priority listed in Principal above;
iii) third, amounts, if any, required to be deposited
into the Special Account;
iv) fourth, any remaining available funds to the
holder of the Class R Certificate.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 3
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
SUMMARY OF TERMS (CONT.)
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.
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 payments of principal and
interest due to the Class A 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.
Optional Termination /
Termination Auction:
On any Distribution Date after the Distribution Date on which the Pool
Scheduled Balance is less than 10% of the Cut-off
Pool Principal Balance, the Servicer will have the
option to repurchase all outstanding contracts, or
the Servicer may also direct the Trustee to conduct a
termination auction.
Tax Status: REMIC election.
Ratings: The offered certificates are required to receive the
ratings of "AAA" by Standard & Poor's Ratings
Services and "Aaa" by Moody's Investors Service, Inc.
ERISA Eligibility: Expected for all of the offered certificates.
SMMEA Eligibility: Expected for all of the offered certificates.
- -------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 4
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
SENSITIVITY TABLES
<TABLE>
<CAPTION>
Class A-I (to maturity)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 6.35 1.38 1.22 1.10 0.92 0.85
Modified Duration (years) 4.99 1.27 1.14 1.03 0.86 0.80
First Principal Payment 03/15/99 03/15/99 03/15/99 03/15/99 03/15/99 03/15/99
Last Principal Payment 12/15/09 10/15/01 07/15/01 04/15/01 12/15/00 10/15/00
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 130 32 29 26 22 20
Illustrative Yield @ Par (30/360) 5.81% 5.67% 5.65% 5.63% 5.59% 5.57%
- --------------------------------------------------------------------------------------------------------------
Class A-2 (to maturity)
- --------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 13.56 3.93 3.46 3.10 2.57 2.36
Modified Duration (years) 9.02 3.39 3.03 2.74 2.31 2.14
First Principal Payment 12/15/09 10/15/01 07/15/01 04/15/01 12/15/00 10/15/00
Last Principal Payment 08/15/15 06/15/04 10/15/03 04/15/03 08/15/02 04/15/02
Principal Lockout (months) 129 31 28 25 21 19
Principal Window (months) 69 33 28 25 21 19
Illustrative Yield @ Par (30/360) 6.00% 5.96% 5.95% 5.94% 5.92% 5.92%
- --------------------------------------------------------------------------------------------------------------
Class A-3 (to maturity)
- --------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 18.16 6.46 5.71 5.10 4.20 3.85
Modified Duration (years) 10.73 5.19 4.69 4.26 3.60 3.34
First Principal Payment 08/15/15 06/15/04 10/15/03 04/15/03 08/15/02 04/15/02
Last Principal Payment 11/15/18 11/15/06 12/15/05 04/15/05 03/15/04 10/15/03
Principal Lockout (months) 197 63 55 49 41 37
Principal Window (months) 40 30 27 25 20 19
Illustrative Yield @ Par (30/360) 6.08% 6.06% 6.06% 6.05% 6.04% 6.04%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 5
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
SENSITIVITY TABLES
<TABLE>
<CAPTION>
Class A-4 (to maturity)
- --------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.38 8.92 7.92 7.10 5.85 5.37
Modified Duration (years) 11.32 6.59 6.03 5.54 4.73 4.41
First Principal Payment 11/15/18 11/15/06 12/15/05 04/15/05 03/15/04 10/15/03
Last Principal Payment 02/15/22 05/15/09 04/15/08 05/15/07 12/15/05 05/15/05
Principal Lockout (months) 236 92 81 73 60 55
Principal Window (months) 40 31 29 26 22 20
Illustrative Yield @ Par (30/360) 6.45% 6.44% 6.43% 6.43% 6.42% 6.42%
- --------------------------------------------------------------------------------------------------------------
Class A-5 (to 10% call)
- --------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 26.18 14.82 13.40 12.15 10.18 9.39
Modified Duration (years) 11.98 9.03 8.50 7.99 7.09 6.70
First Principal Payment 02/15/22 05/15/09 04/15/08 05/15/07 12/15/05 05/15/05
Last Principal Payment 12/15/26 12/15/16 05/15/15 11/15/13 07/15/11 08/15/10
Principal Lockout (months) 275 122 109 98 81 74
Principal Window (months) 59 92 86 79 68 64
Illustrative Yield @ Par (30/360) 6.76% 6.76% 6.75% 6.75% 6.75% 6.75%
- --------------------------------------------------------------------------------------------------------------
Class A-5 (to maturity)
- --------------------------------------------------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 26.51 16.22 14.83 13.60 11.55 10.69
Modified Duration (years) 12.03 9.37 8.88 8.41 7.56 7.17
First Principal Payment 02/15/22 05/15/09 04/15/08 05/15/07 12/15/05 05/15/05
Last Principal Payment 11/15/28 11/15/28 11/15/28 11/15/28 11/15/28 11/15/28
Principal Lockout (months) 275 122 109 98 81 74
Principal Window (months) 82 235 248 259 276 283
Illustrative Yield @ Par (30/360) 6.76% 6.76% 6.75% 6.75% 6.75% 6.75%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
Thsi memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 6
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-1
----------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------------
Payment Date
- ------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 95 65 60 55 45 40
2/15/01 89 25 15 5 0 0
2/15/02 82 0 0 0 0 0
2/15/03 75 0 0 0 0 0
2/15/04 67 0 0 0 0 0
2/15/05 58 0 0 0 0 0
2/15/06 48 0 0 0 0 0
2/15/07 37 0 0 0 0 0
2/15/08 25 0 0 0 0 0
2/15/09 11 0 0 0 0 0
2/15/10 0 0 0 0 0 0
2/15/11 0 0 0 0 0 0
2/15/12 0 0 0 0 0 0
2/15/13 0 0 0 0 0 0
2/15/14 0 0 0 0 0 0
2/15/15 0 0 0 0 0 0
2/15/16 0 0 0 0 0 0
2/15/17 0 0 0 0 0 0
2/15/18 0 0 0 0 0 0
2/15/19 0 0 0 0 0 0
2/15/20 0 0 0 0 0 0
2/15/21 0 0 0 0 0 0
2/15/22 0 0 0 0 0 0
2/15/23 0 0 0 0 0 0
2/15/24 0 0 0 0 0 0
2/15/25 0 0 0 0 0 0
2/15/26 0 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 6.4 1.4 1.2 1.1 0.9 0.8
(to maturity)
</TABLE>
- -------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 7
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE> Class A-2
--------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- -----------------------------------------------------------------------------
Payment Date
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 84 73
2/15/02 100 85 69 53 23 8
2/15/03 100 46 26 7 0 0
2/15/04 100 10 0 0 0 0
2/15/05 100 0 0 0 0 0
2/15/06 100 0 0 0 0 0
2/15/07 100 0 0 0 0 0
2/15/08 100 0 0 0 0 0
2/15/09 100 0 0 0 0 0
2/15/10 96 0 0 0 0 0
2/15/11 77 0 0 0 0 0
2/15/12 56 0 0 0 0 0
2/15/13 42 0 0 0 0 0
2/15/14 26 0 0 0 0 0
2/15/15 8 0 0 0 0 0
2/15/16 0 0 0 0 0 0
2/15/17 0 0 0 0 0 0
2/15/18 0 0 0 0 0 0
2/15/19 0 0 0 0 0 0
2/15/20 0 0 0 0 0 0
2/15/21 0 0 0 0 0 0
2/15/22 0 0 0 0 0 0
2/15/23 0 0 0 0 0 0
2/15/24 0 0 0 0 0 0
2/15/25 0 0 0 0 0 0
2/15/26 0 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 13.6 3.9 3.5 3.1 2.6 2.4
(to maturity)
</TABLE>
- -------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 8
<PAGE>
[LOGO FOR GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-3
----------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 100 100
2/15/02 100 100 100 100 100 100
2/15/03 100 100 100 100 61 38
2/15/04 100 100 82 53 1 0
2/15/05 100 68 35 4 0 0
2/15/06 100 27 0 0 0 0
2/15/07 100 0 0 0 0 0
2/15/08 100 0 0 0 0 0
2/15/09 100 0 0 0 0 0
2/15/10 100 0 0 0 0 0
2/15/11 100 0 0 0 0 0
2/15/12 100 0 0 0 0 0
2/15/13 100 0 0 0 0 0
2/15/14 100 0 0 0 0 0
2/15/15 100 0 0 0 0 0
2/15/16 85 0 0 0 0 0
2/15/17 56 0 0 0 0 0
2/15/18 24 0 0 0 0 0
2/15/19 0 0 0 0 0 0
2/15/20 0 0 0 0 0 0
2/15/21 0 0 0 0 0 0
2/15/22 0 0 0 0 0 0
2/15/23 0 0 0 0 0 0
2/15/24 0 0 0 0 0 0
2/15/25 0 0 0 0 0 0
2/15/26 0 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 18.2 6.5 5.7 5.1 4.2 3.9
(to maturity)
</TABLE>
- -------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 9
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-4
----------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------
Payment Date
- ------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 100 100
2/15/02 100 100 100 100 100 100
2/15/03 100 100 100 100 100 100
2/15/04 100 100 100 100 100 72
2/15/05 100 100 100 100 40 11
2/15/06 100 100 91 53 0 0
2/15/07 100 87 45 8 0 0
2/15/08 100 45 4 0 0 0
2/15/09 100 7 0 0 0 0
2/15/10 100 0 0 0 0 0
2/15/11 100 0 0 0 0 0
2/15/12 100 0 0 0 0 0
2/15/13 100 0 0 0 0 0
2/15/14 100 0 0 0 0 0
2/15/15 100 0 0 0 0 0
2/15/16 100 0 0 0 0 0
2/15/17 100 0 0 0 0 0
2/15/18 100 0 0 0 0 0
2/15/19 90 0 0 0 0 0
2/15/20 62 0 0 0 0 0
2/15/21 31 0 0 0 0 0
2/15/22 0 0 0 0 0 0
2/15/23 0 0 0 0 0 0
2/15/24 0 0 0 0 0 0
2/15/25 0 0 0 0 0 0
2/15/26 0 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 21.4 8.9 7.9 7.1 5.9 5.4
(to maturity)
</TABLE>
- -------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 10
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-5
------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ------------------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 100 100
2/15/02 100 100 100 100 100 100
2/15/03 100 100 100 100 100 100
2/15/04 100 100 100 100 100 100
2/15/05 100 100 100 100 100 100
2/15/06 100 100 100 100 95 85
2/15/07 100 100 100 100 79 69
2/15/08 100 100 100 88 65 56
2/15/09 100 100 87 74 53 45
2/15/10 100 90 75 63 43 36
2/15/11 100 77 64 52 35 28
2/15/12 100 67 54 43 28 22
2/15/13 100 58 46 37 23 18
2/15/14 100 50 39 31 18 14
2/15/15 100 43 33 26 15 11
2/15/16 100 37 28 21 12 9
2/15/17 100 31 23 17 9 7
2/15/18 100 26 19 14 7 5
2/15/19 100 21 15 11 5 4
2/15/20 100 18 12 9 4 3
2/15/21 100 14 10 7 3 2
2/15/22 99 12 8 5 2 2
2/15/23 85 9 6 4 2 1
2/15/24 71 7 5 3 1 1
2/15/25 58 5 3 2 1 1
2/15/26 44 4 2 1 1 0
2/15/27 29 2 1 1 0 0
2/15/28 13 1 1 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 26.5 16.2 14.8 13.6 11.5 10.7
(to maturity)
</TABLE>
- -------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 11
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
DECREMENT TABLES
<TABLE>
<CAPTION>
Class A-5 (to 10% call)
---------------------------------------------------------------------
% MHP 0% 150% 175% 200% 250% 275%
- ---------------------------------------------------------------------------------------------------
Payment Date
------------
<S> <C> <C> <C> <C> <C> <C>
Intitial Percentage 100 100 100 100 100 100
2/15/00 100 100 100 100 100 100
2/15/01 100 100 100 100 100 100
2/15/02 100 100 100 100 100 100
2/15/03 100 100 100 100 100 100
2/15/04 100 100 100 100 100 100
2/15/05 100 100 100 100 100 100
2/15/06 100 100 100 100 95 85
2/15/07 100 100 100 100 79 69
2/15/08 100 100 100 88 65 56
2/15/09 100 100 87 74 53 45
2/15/10 100 90 75 63 43 36
2/15/11 100 77 64 52 35 0
2/15/12 100 67 54 43 0 0
2/15/13 100 58 46 37 0 0
2/15/14 100 50 39 0 0 0
2/15/15 100 43 33 0 0 0
2/15/16 100 37 0 0 0 0
2/15/17 100 0 0 0 0 0
2/15/18 100 0 0 0 0 0
2/15/19 100 0 0 0 0 0
2/15/20 100 0 0 0 0 0
2/15/21 100 0 0 0 0 0
2/15/22 99 0 0 0 0 0
2/15/23 85 0 0 0 0 0
2/15/24 71 0 0 0 0 0
2/15/25 58 0 0 0 0 0
2/15/26 44 0 0 0 0 0
2/15/27 0 0 0 0 0 0
2/15/28 0 0 0 0 0 0
2/15/29 0 0 0 0 0 0
Weighted Average Life (in years) 26.2 14.8 13.4 12.1 10.2 9.4
(to 10% call)
</TABLE>
- -------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 12
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Collateral Summary
Collateral statistics are based on the Contract Pool as of 1/31/99 ("Cut-off
Date").
<TABLE>
<S> <C>
Total Outstanding Balance: $631,659,215.51
Number of Loans: 16,667
Average Remaining Balance: $37,898.79
Amortization Method: 100% fully amortizing
WA Gross Coupon: 9.419% (range: 4.75% - 14.75%)
WA Original Term: 310.4 months (range: 12 - 360 months)
WA Remaining Term 308.1 months (range: 8 - 360 months)
WA Seasoning: 2.29 months
Original LTV Ratio: 88.25% (range: 11.45% - 95.46%)
New / Used 81.53% New / 18.46% Used
Land Home Contracts 22.94% (includes Land in Lieu)
Geographic Distribution: TX (9.40%), GA (8.81%), NC (7.48%), AL (7.17%)
</TABLE>
- -------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 13
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Geographic Distribution of Manufactured Homes as of Origination
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Number of Contracts Principal Balance Scheduled Principal Balance
State As of Cut-off Date As of Cut-off Date As of Cut-off Date
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Alabama 1,168 $ 45,289,126.54 7.17 %
Arizona 479 20,362,477.56 3.22
Arkansas 547 20,043,748.58 3.17
California 266 8,425,583.47 1.33
Colorado 257 9,802,643.97 1.55
Delaware 56 2,650,645.24 0.42
Florida 597 26,280,744.97 4.16
Georgia 1,272 55,671,781.53 8.81
Idaho 71 2,216,408.48 0.35
Illinois 304 10,875,599.90 1.72
Indiana 408 16,324,006.85 2.58
Iowa 121 3,699,446.57 0.59
Kansas 75 3,076,365.86 0.49
Kentucky 795 26,870,126.92 4.25
Louisiana 488 16,650,536.62 2.64
Maine 136 7,360,657.53 1.17
Maryland 63 2,009,913.46 0.32
Massachusetts 2 55,271.71 0.01
Michigan 395 14,323,849.62 2.27
Minnesota 85 2,370,681.09 0.38
Mississippi 685 24,308,611.25 3.85
Missouri 585 18,765,823.42 2.97
Montana 59 2,496,709.13 0.40
Nebraska 99 4,096,673.91 0.65
Nevada 131 7,353,255.89 1.16
New Hampshire 49 2,480,272.82 0.39
New Jersey 6 239,952.98 0.04
New Mexico 229 8,165,357.78 1.29
New York 307 15,076,796.88 2.39
North Carolina 1,246 47,258,522.75 7.48
North Dakota 30 836,104.84 0.13
Ohio 368 13,224,575.95 2.09
Oklahoma 390 13,944,840.33 2.21
Oregon 150 5,312,100.12 0.84
Pennsylvania 421 14,115,550.20 2.23
South Carolina 593 21,921,274.67 3.47
South Dakota 50 1,997,290.45 0.32
Tennessee 753 28,002,264.72 4.43
Texas 1,607 59,397,209.48 9.40
Utah 56 2,725,837.12 0.43
Vermont 64 3,394,264.09 0.54
Virginia 399 14,816,351.71 2.35
Washington 157 5,289,374.18 0.84
West Virginia 386 13,379,628.90 2.12
Wisconsin 165 4,448,558.20 0.70
Wyoming 97 4,252,397.27 0.67
------ --------------- -------
Total 16,667 $631,659,215.51 100.00 %
</TABLE>
- ------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 14
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Distribution of Principal Balances of Contracts (1)
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Original Principal Number of Contracts Principal Balance Scheduled Principal Balance
Balance As of Cut-off Date As of Cut-off Date As of Cut-off Date
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0-5,000 22 $ 93,640.56 0.01 %
5,001-7,500 125 794,793.25 0.13
7,501-10,000 311 2,685,122.70 0.43
10,001-12,500 492 5,541,920.15 0.88
12,501-15,000 561 7,677,848.62 1.22
15,001-17,500 634 10,205,274.23 1.62
17,501-20,000 722 13,425,747.94 2.13
20,001-22,500 723 15,332,566.76 2.43
22,501-25,000 874 20,705,699.00 3.28
25,001-27,500 1,002 26,183,286.80 4.15
27,501-30,000 1,079 30,964,156.19 4.90
30,001-32,500 1,038 32,356,509.86 5.12
32,501-35,000 1,099 37,053,241.52 5.87
35,001-40,000 1,795 66,893,328.15 10.59
40,001-45,000 1,267 53,722,086.03 8.50
45,001-50,000 1,049 49,729,361.28 7.87
50,001-55,000 954 49,852,452.03 7.89
55,001-60,000 709 40,621,783.50 6.43
60,001-65,000 587 36,564,294.56 5.79
65,001-70,000 391 26,248,053.67 4.16
70,001-75,000 287 20,784,399.63 3.29
75,001-80,000 272 21,028,001.59 3.33
80,001-85,000 188 15,446,296.18 2.45
over $85,000 486 47,749,351.31 7.56
--------- ---------------- ----------
Total 16,667 $ 631,659,215.51 100.00 %
- ------------
</TABLE>
(1) The greatest Contract Scheduled Principal Balance is $177,478.54, which
represents 0.03% of the aggregate Scheduled Principal Balance of the Contracts
as of the Cut-off Date.
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 15
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Distribution of Original Loan-to-Value Ratios
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Original Number of Contracts Principal Balance Scheduled Principal Balance
Loan-to-Value Ratio As of Cut-off Date As of Cut-off Date As of Cut-off Date
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.01-50.49% 175 $ 3,293,712.39 0.52 %
50.50-60.49 161 4,186,791.08 0.66
60.50-70.49 321 10,186,502.90 1.61
70.50-80.49 1,472 50,135,042.16 7.94
80.50-85.49 1,591 65,952,901.73 10.44
85.50-90.49 6,806 249,453,883.02 39.49
90.50-95.49 6,141 248,450,382.23 39.33
------ --------------- ------
Total 16,667 $631,659,215.51 100.00 %
</TABLE>
- -------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 16
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Contract Rates as of the Cut-off Date
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Contract Rate As of Number of Contracts Principal Balance Scheduled Principal Balance
Cut-off Date As of Cut-off Date As of Cut-off Date As of Cut-off Date
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
4.750-4.999 % 1 $ 23,105.14 0.00 %
5.000-5.249 3 141,784.85 0.02
5.250-5.499 30 1,705,225.48 0.27
5.500-5.749 8 417,089.65 0.07
5.750-5.999 96 5,136,825.95 0.81
6.000-6.249 16 768,866.93 0.12
6.250-6.499 17 1,235,111.21 0.20
6.500-6.749 99 5,995,849.86 0.95
6.750-6.999 423 31,791,671.37 5.03
7.000-7.249 534 40,191,016.25 6.36
7.250-7.499 222 13,553,448.52 2.15
7.500-7.749 189 9,589,720.95 1.52
7.750-7.999 602 31,640,290.30 5.01
8.000-8.249 873 47,677,724.27 7.55
8.250-8.499 820 42,284,594.45 6.69
8.500-8.749 432 15,955,826.34 2.53
8.750-8.999 562 23,316,376.06 3.69
9.000-9.249 1,047 43,258,568.98 6.85
9.250-9.499 391 16,632,077.19 2.63
9.500-9.749 355 14,811,756.97 2.34
9.750-9.999 500 20,522,550.97 3.25
10.000-10.249 697 28,579,538.04 4.52
10.250-10.499 843 32,258,368.71 5.11
10.500-10.749 704 21,437,903.29 3.39
10.750-10.999 752 22,654,285.65 3.59
11.000-11.249 1,195 36,757,450.03 5.82
11.250-11.499 491 16,630,316.86 2.63
11.500-11.749 515 17,098,858.25 2.71
11.750-11.999 493 12,193,208.84 1.93
12.000-12.249 847 18,972,485.50 3.00
12.250-12.499 880 19,793,457.61 3.13
12.500-12.749 705 13,967,470.59 2.21
12.750-12.999 214 5,002,770.79 0.79
13.000-13.249 166 2,872,916.00 0.45
13.250-13.499 276 5,139,705.53 0.81
13.500-13.749 300 4,916,988.93 0.78
13.750-13.999 282 5,171,306.11 0.82
14.000-14.249 33 570,241.53 0.09
14.250-14.499 18 344,010.24 0.05
14.500-14.749 16 310,689.13 0.05
14.750-14.999 20 337,762.19 0.05
------ --------------- ------
Total 16,667 $631,659,215.51 100.00 %
</TABLE>
- -------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 17
<PAGE>
[LOGO OF GREENPOINT CREDIT]
GreenPoint Credit Corp. Manufactured Housing Contract Trust Pass-Through
------------------------------------------------------------------------
Certificates, Series 1999-1
---------------------------
TERM SHEETS
All collateral and bond information contained herein will be superseded by the
information in the prospectus supplement.
This collateral and bond information supersedes the information in all prior
collateral term sheets.
Remaining Months to Maturity
<TABLE>
<CAPTION>
Aggregate Scheduled % of Contracts By
Months Remaining Number of Contracts Principal Balance Scheduled Principal Balance
As of Cut-off Date As of Cut-off Date As of Cut-off Date As of Cut-off Date
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1-30 13 67,270.86 0.01%
31-60 187 1,684,960.06 0.27%
61-90 292 3,809,959.25 0.60%
91-120 810 12,654,160.34 2.00%
121-150 257 3,771,016.50 0.60%
151-180 2,333 47,506,314.24 7.52%
181-210 11 454,783.21 0.07%
211-240 3,518 107,867,336.45 17.08%
241-270 9 410,900.39 0.07%
271-300 1,834 72,149,316.52 11.42%
301-360 7,403 381,283,197.69 60.36%
------ --------------- ------
Total 16,667 $631,659,215.51 100.00%
</TABLE>
- --------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. NationsBanc Montgomery Securities LLC and/or affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. NOTE TO RECIPIENTS: In addition, please note that this information
has been provided by NationsBanc Montgomery Securities LLC. We recommend that
investors obtain the advice of their NationsBanc Montgomery Securities LLC
representative about the investment concerned.
Page 18
