<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, as amended
Date of Report (Date of earliest event reported): December 10, 1996
AMERICAN SOUTHWEST FINANCIAL SECURITIES CORPORATION
(as depositor under the Pooling and Servicing Agreement,
dated as of December 1, 1996, providing for the issuance of
Mortgage Pass-Through Certificates, Series 1996-FHA1)
AMERICAN SOUTHWEST FINANCIAL SECURITIES CORPORATION
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Arizona 33-92146 0742739
- ---------------------------- ----------- ---------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation File Number) Identification Number
2390 Camelback Road, Suite 225, Phoeniz, Arizona 85016
- ------------------------------------------------ -------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (602) 381-8960
<PAGE>
Item 5. Other Events
Description of the Certificates and the Mortgage Pool
The Registrant has filed a Registration Statement on Form S-3
(No. 33-92146) relating to the registration of Mortgage Securities. In
connection with the offer of such Mortgage Securities in an underwritten
transaction, Donaldson, Lufkin & Jenrette Securities Corporation, acting
as underwriter, intends to furnish prospective investors with a preliminary
computational, structural and collateral terms sheet. A copy of such
preliminary computational, structural and collateral terms sheet is included
as an exhibit hereto.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
----------- -----------
99. Greystone/Daiwa, FHA/GNMA Securitization, American
Southwest Financial Securities Corporation, Mortgage
Pass-Through Certificates, Series 1996-FHA1
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: December 10, 1996
AMERICAN SOUTHWEST FINANCIAL SECURITIES
CORPORATION
By: /s/ Jeffrey A. Newman
-------------------------
Name: Jeffrey A. Newman
Title: President
<PAGE>
- --------------------------------------------------------------------------------
Real Estate Finance Group
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COMMERCIAL MORTGAGE TRADING
- --------------------------------------------------------------------------------
$280,240,930 (+/- 5%)
"DLJ FHA/GNMA I"
AMERICAN SOUTHWEST FINANCIAL SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-FHA1
**PRELIMINARY SUMMARY MEMORANDUM (12/9)**
CAPITAL MARKETS/TRADING
--------------------------------------------
Mark Hansen (212) 892-4692
Phil Evanski (212) 892-4692
Andrew Winer (212) 892-4692
John Beaman (212) 892-4692
STRUCTURED FINANCE
--------------------------------------------
Chris McCormack (212) 892-4692
Kin Lee (212) 892-2313
S&P Contact
--------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet for internal use only and has been prepared solely for informational
purposes. No offer to sell or solicitation of any offer to purchase securities
is being made hereby. This summary is designed to assist Donaldson, Lufkin &
Jenrette Securities Corporation personnel in determining whether potential
investors wish to proceed with an in-depth investigation of the proposed subject
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any hypothetical computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the rate and timing of
voluntary and involuntary prepayments of the mortgage loans or assumptions that
the mortgage loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. These
materials and the information contained herein supersedes any and all
information contained in any previously furnished computational, structural
and/or collateral terms sheets and shall be superseded by any subsequently
furnished terms sheets. These materials and the information contained herein
shall be superseded by a final prospectus, prospectus supplement or similar
private placement memorandum. No purchase of any securities may be made unless
and until a final prospectus, prospectus supplement or similar private placement
memorandum have been received by a potential investor and such investor has
complied with all additional related offering requirements. The contents herein
are not to be reproduced without the express written consent of Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation and its affiliates expressly reserve the right, at their
sole discretion, to reject any or all proposals or expressions of interest in
the subject proposed offering and to terminate discussions with any party at any
time with or without notice.
- --------------------------------------------------------------------------------
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette Securities Corporation 277 Park Avenue, New York,
New York 10172
<PAGE>
Donaldson, Lufkin & Jenrette Securities Corporation 277 Park Avenue, New York,
New York 10172
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Real Estate Finance Group
- --------------------------------------------------------------------------------
COMMERCIAL MORTGAGE TRADING
- --------------------------------------------------------------------------------
American Southwest Financial Securities Corporation
Mortgage Pass-Through Certificates, Series 1996-FHA1
"DLJ FHA/GNMA I"
- --------------------------------------------------------------------------------
Coupon Credit
Strip Pass-Through Certificates Support*
- --------------------------------------------------------------------------------
Class A-1 AAA Fixed
Class S ------------------------------------------------------------
AAAr Class A-2 AAA Fixed
WAC ------------------------------------------------------------
Class A-3 AAA Fixed
------------------------------------------------------------
Class A-4 AAA Fixed
------------------------------------------------------------
Class A-Z AAA Fixed (Accretion)
------------------------------------------------------------
Class B NR Fixed
- --------------------------------------------------------------------------------
* 99% Principal Guarantee on FHA Mortgage Collateral
*100% Principal Guarantee on GNMA Certificate Collateral
ASFS 1996-FHA1 "DLJ FHA/GNMA I"
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Est. Est. Est. Est. Est. Est.
Pass-Thru Average Expected Principal ($) (%)
Class Rate Life (1) Final (1) Window (1) Balance (2) Balance
----- ---- -------- --------- ---------- ----------- -------
<S> <C> <C> <C> <C> <C> <C>
S 1.459% WAC 9.20 2/25/32 422 Notional ---
A-1 6.300% Fixed 2.00 6/25/00 42 43,660,000 15.58%
A-2 6.750% Fixed 5.00 1/25/03 32 52,050,000 18.57%
A-3 6.925% Fixed 7.00 10/25/04 22 43,510,000 15.53%
A-4 7.055% Fixed 8.83 8/25/06 23 64,815,000 23.13%
A-Z 7.055% Fixed 11.61 8/25/14 97 71,201,094 25.41%
B 6.500% Fixed 19.47 2/25/32 211 5,004,836 1.79%
----------- ------
Total 280,240,937 100.00%
=========== ======
<CAPTION>
Est.
Est. Rating ERISA/ Price Est.
Class Status S&P SMMEA Talk Price
----- ------ --- ----- ---- -----
<S> <C> <C> <C> <C> <C>
S Public AAAr Yes/No n/a n/a
A-1 Public AAA Yes/No 40-45 100-04
A-2 Public AAA Yes/No 50-55 101-00
A-3 Public AAA Yes/No 60-65 101-12
A-4 Public AAA Yes/No 65-70 101-08
A-Z Public AAA Yes/No 125-130 95-20
B 144A NR No/No 250 78-28
</TABLE>
1) Assumes a 40% CPR after the Par Call Date.
2) Subject to a 5% Variance.
3) Assume Settlement Date on or about 12/24/96.
- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet for internal use only and has been prepared solely for informational
purposes. No offer to sell or solicitation of any offer to purchase securities
is being made hereby. This summary is designed to assist Donaldson, Lufkin &
Jenrette Securities Corporation personnel in determining whether potential
investors wish to proceed with an in-depth investigation of the proposed subject
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any hypothetical computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the rate and timing of
voluntary and involuntary prepayments of the mortgage loans or assumptions that
the mortgage loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. These
materials and the information contained herein supersedes any and all
information contained in any previously furnished computational, structural
and/or collateral terms sheets and shall be superseded by any subsequently
furnished terms sheets. These materials and the information contained herein
shall be superseded by a final prospectus, prospectus supplement or similar
private placement memorandum. No purchase of any securities may be made unless
and until a final prospectus, prospectus supplement or similar private placement
memorandum have been received by a potential investor and such investor has
complied with all additional related offering requirements. The contents herein
are not to be reproduced without the express written consent of Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation and its affiliates expressly reserve the right, at their
sole discretion, to reject any or all proposals or expressions of interest in
the subject proposed offering and to terminate discussions with any party at any
time with or without notice.
- --------------------------------------------------------------------------------
<PAGE>
Donaldson, Lufkin & Jenrette Securities Corporation 277 Park Avenue, New York,
New York 10172
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Real Estate Finance Group
- --------------------------------------------------------------------------------
COMMERCIAL MORTGAGE TRADING
- --------------------------------------------------------------------------------
American Southwest Financial Securities Corporation
Mortgage Pass-Through Certificates, Series 1996-FHA1
"DLJ FHA/GNMA I"
- --------------------------------------------------------------------------------
Collateral: The Trust Fund will consist primarily of a pool of 64,
monthly-pay, fully amortizing FHA guaranteed mortgage loans plus
20 monthly-pay, fully amortizing GNMA Certificates (backed by FHA
guaranteed mortgage loans) with an aggregate balance of
$280,240,930, each of which is secured by a multifamily or
nursing care property. The 84 loans are on properties located
throughout 27 states with the largest concentrations in New York
15.9% (8 loans), Texas 8.9% (8 loans) and in Ohio 8.6% (12
loans).
- --------------------------------------------------------------------------------
Sellers: Greystone Funding Corporation ("Greystone") sold 53% and Daiwa
Finance ("Daiwa") sold the remaining 47%, of the collateral to
the trust. Greystone, a Virginia corporation, is engaged in the
business of purchasing, selling, financing and restructuring
mortgage loans and mortgage-backed securities, including
FHA-insured loans and GNMA pass-through certificates. Daiwa, a
New York corporation, is involved in, among other things,
originating mortgage loans, acquiring mortgage assets and selling
interests therein or bonds secured thereby.
- --------------------------------------------------------------------------------
Servicer: Greystone Servicing Dealer: Donaldson, Lufkin &
Corporation, Inc. Jenrette/Daiwa Securities
America
- --------------------------------------------------------------------------------
Trustee: LaSalle National Bank Depositor: American Southwest
Financial Securities
- --------------------------------------------------------------------------------
Rating: Standard & Poor's Closing Date: December --, 1996
- --------------------------------------------------------------------------------
Prepayment Prepayment interest shortfalls will be offset by (i) excess
Interest prepayment interest and (ii) the total servicing fee collected
Shortfalls: for the distribution period.
- --------------------------------------------------------------------------------
Advances: Advances subject to recoverability determination.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet for internal use only and has been prepared solely for informational
purposes. No offer to sell or solicitation of any offer to purchase securities
is being made hereby. This summary is designed to assist Donaldson, Lufkin &
Jenrette Securities Corporation personnel in determining whether potential
investors wish to proceed with an in-depth investigation of the proposed subject
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any hypothetical computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the rate and timing of
voluntary and involuntary prepayments of the mortgage loans or assumptions that
the mortgage loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. These
materials and the information contained herein supersedes any and all
information contained in any previously furnished computational, structural
and/or collateral terms sheets and shall be superseded by any subsequently
furnished terms sheets. These materials and the information contained herein
shall be superseded by a final prospectus, prospectus supplement or similar
private placement memorandum. No purchase of any securities may be made unless
and until a final prospectus, prospectus supplement or similar private placement
memorandum have been received by a potential investor and such investor has
complied with all additional related offering requirements. The contents herein
are not to be reproduced without the express written consent of Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation and its affiliates expressly reserve the right, at their
sole discretion, to reject any or all proposals or expressions of interest in
the subject proposed offering and to terminate discussions with any party at any
time with or without notice.
- --------------------------------------------------------------------------------
<PAGE>
Donaldson, Lufkin & Jenrette Securities Corporation 277 Park Avenue, New York,
New York 10172
- --------------------------------------------------------------------------------
Real Estate Finance Group
- --------------------------------------------------------------------------------
COMMERCIAL MORTGAGE TRADING
- --------------------------------------------------------------------------------
American Southwest Financial Securities Corporation
Mortgage Pass-Through Certificates, Series 1996-FHA1
"DLJ FHA/GNMA I"
- --------------------------------------------------------------------------------
Prepayment All of the mortgage loans provide for the combination of a
Protection prohibited prepayment period ("Lockout") and a prepayment premium
and period ("PP").
Distribution:
All PPs collected on the mortgage loans will be distributed 75%
to Class S and 25% to the class of certificates effected by the
principal prepayment.
- --------------------------------------------------------------------------------
Servicing of 1) If a borrower misses a payment due under a mortgage loan
Defaults: the Trustee is required to notify the FHA of the default.
2) If the missed payment remains outstanding for over 30 days
(the "Date of Default") the majority holder of Class B has
the option to buy the loan from the trust at par.
3) The Trustee must notify FHA of its intent to file an
insurance claim within 45 days of the Date of Default and
file the claim within 30 days of notification.
4) If the majority holder of the Class B has not exercised its
option to purchase the mortgage loan and FHA has replaced
the loan with debentures, the majority Class B holder will
then have the option to purchase the debentures from the
trust at par.
5) If any debentures are not purchased from the trust from the
majority Class B holder, it will become the ultimate
obligation of the Trustee to do so.
- --------------------------------------------------------------------------------
FHA/GNMA FHA FHA Insurance is backed by the full faith and credit of
Guarantees: the United States of America and covers the ultimate
recovery of principal on defaulted FHA mortgage loans
subject to a 1% assignment fee and other potential
fees.
GNMA GNMA Certificates carry a 100% guarantee as to full and
timely payment of principal and interest thereon by
GNMA, whose guarantee is also backed by the full faith
and credit of the United States of America.
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- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet for internal use only and has been prepared solely for informational
purposes. No offer to sell or solicitation of any offer to purchase securities
is being made hereby. This summary is designed to assist Donaldson, Lufkin &
Jenrette Securities Corporation personnel in determining whether potential
investors wish to proceed with an in-depth investigation of the proposed subject
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any hypothetical computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the rate and timing of
voluntary and involuntary prepayments of the mortgage loans or assumptions that
the mortgage loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. These
materials and the information contained herein supersedes any and all
information contained in any previously furnished computational, structural
and/or collateral terms sheets and shall be superseded by any subsequently
furnished terms sheets. These materials and the information contained herein
shall be superseded by a final prospectus, prospectus supplement or similar
private placement memorandum. No purchase of any securities may be made unless
and until a final prospectus, prospectus supplement or similar private placement
memorandum have been received by a potential investor and such investor has
complied with all additional related offering requirements. The contents herein
are not to be reproduced without the express written consent of Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation and its affiliates expressly reserve the right, at their
sole discretion, to reject any or all proposals or expressions of interest in
the subject proposed offering and to terminate discussions with any party at any
time with or without notice.
- --------------------------------------------------------------------------------
<PAGE>
Donaldson, Lufkin & Jenrette Securities Corporation 277 Park Avenue, New York,
New York 10172
- --------------------------------------------------------------------------------
Real Estate Finance Group
- --------------------------------------------------------------------------------
COMMERCIAL MORTGAGE TRADING
- --------------------------------------------------------------------------------
American Southwest Financial Securities Corporation
Mortgage Pass-Through Certificates, Series 1996-FHA1
"DLJ FHA/GNMA I"
- --------------------------------------------------------------------------------
Major Section 221(d)(3)&(4) Sections 221(d)(3) and 221(d)(4)
Program authorize HUD to provide FHA mortgage
Descriptions: insurance to finance construction or
rehabilitation of multifamily rental or
cooperative housing that has five or
more units for low to moderate income
families.
Section 223(a)(7) Section 223(a)(7) permits the FHA to
refinance existing FHA mortgage loans on
multifamily mortgages. The principal
amount of the mortgage loan is limited
to the lesser of (i) the original
principal amount of the existing
mortgage loan or (ii) the unpaid balance
of the existing mortgage loan, to which
certain FHA approval items and
improvements may be added.
Section 223(d) Section 223(d) is a market rate,
unsubsidized program providing for
supplemental funding of on-going
property operations.
Section 223(f) Section 223(f) is a market rate,
unsubsidized program which authorizes
the FHA to insure mortgages made for the
purchase or refinancing of existing
multifamily properties which contain at
least five or more units and do not
require substantial rehabilitation.
Section 232/223(f) Provides insurance for the construction,
substantial rehabilitation or
refinancing of nursing homes,
intermediate-care or "Board and Care"
facilities. HUD-approved profit and
non-profit organizations and public
owners, such as state agencies, are
eligible for participation in the
program.
Section 241(f) Section 241(f) provides for federal
insurance of supplemental loans to
owners and prospective purchasers of
eligible low-income housing to maintain
and generally improve the related
properties for low-income occupancy.
Based on a plan of action approved by
the FHA, an owner may receive an equity
take-out loan to assist in its purchase
of the related property. The maximum
insurable loan amount for an equity
take-out loan or an acquisition loan is
prescribed by the FHA based on the
projected value of the related property
and cost of implementing the plan of
action. Equity take out loans will have
terms not to exceed 40 years and
acquisition loans will have terms of 40
years.
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- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet for internal use only and has been prepared solely for informational
purposes. No offer to sell or solicitation of any offer to purchase securities
is being made hereby. This summary is designed to assist Donaldson, Lufkin &
Jenrette Securities Corporation personnel in determining whether potential
investors wish to proceed with an in-depth investigation of the proposed subject
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any hypothetical computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the rate and timing of
voluntary and involuntary prepayments of the mortgage loans or assumptions that
the mortgage loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. These
materials and the information contained herein supersedes any and all
information contained in any previously furnished computational, structural
and/or collateral terms sheets and shall be superseded by any subsequently
furnished terms sheets. These materials and the information contained herein
shall be superseded by a final prospectus, prospectus supplement or similar
private placement memorandum. No purchase of any securities may be made unless
and until a final prospectus, prospectus supplement or similar private placement
memorandum have been received by a potential investor and such investor has
complied with all additional related offering requirements. The contents herein
are not to be reproduced without the express written consent of Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation and its affiliates expressly reserve the right, at their
sole discretion, to reject any or all proposals or expressions of interest in
the subject proposed offering and to terminate discussions with any party at any
time with or without notice.
- --------------------------------------------------------------------------------
<PAGE>
Location of the Mortgaged Properties
<TABLE>
<CAPTION>
Mortgage Section of
Asset GNMA/ Housing Zip
# Property Name Property Type Type FHA Number Act City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 The Lakes and Trees at Watergate Multifamily GNMA 402308 223 (f) Virginia Beach VA 23451
2 Buckingham Station Apartments Multifamily FHA 101-11023 207 Aurora CO 80231
3 Brendenwood Retirement Center Nursing Facility GNMA 436933 223 (a)7 Vorhees NJ 20186
4 Villa Hermosa Apartments Multifamily FHA 012-35203 221 (d)4 New York NY 10029
5 Dry Creek Village Apartments Multifamily FHA 122-11019 223 (f) Paso Robles CA 93446
6 Gladys Hampton House Multifamily FHA 012-57014 223 (e) New York NY 10017
7 Underwood Towers Apartments Multifamily FHA 017-32023 220 Hartford CT 10106
8 Wingate at Brighton Nursing Facility FHA 023-43213 223 (a)7 Brighton MA 02135
9 Renwick Garden Apartments Multifamily FHA 012-32188 220 New York NY 10016
10 Spring Pond Apartments Multifamily FHA 014-11096 223 (f) Erwin NY 14870
11 The Park at Bouldercrest Multifamily GNMA 413874 223 (f) Dekalb County GA 30316
12 Caravilla Residential Centers Nursing Facility FHA 072-22011 223 (f) Mount Vernon IL 60610
13 Nittany Manor Care Center Nursing Facility GNMA 157013 232 Altoona PA 16601
14 Langdon Place of Dover Nursing Facility FHA 024-43059 223 (f) Dover NH 03821
15 Hillbrook Apartments Multifamily GNMA 382270 223 (f) Austintown OH 44515
16 Georgetown South Apartments Multifamily GNMA 429325 223 (f) Lafayette IN 47901
17 Universal Properties Multifamily GNMA 419430 223 (f) Blacksburg VA 24060
18 Gatewood Apartments Multifamily FHA 133-11012 223 (f) Lubbock TX 79424
19 Curry Oaks Apartments Multifamily FHA 113-35086 221 (d)4 Killeen TX 76540
20 Langdon Place of Exeter Nursing Facility FHA 024-43060 223 (f) Exeter NH 03821
21 Westfield Health Care Center Nursing Facility FHA 014-43021 232 Westfield NY 14787
22 Oasis Apartments Multifamily FHA 123-11059 223 (f) Sierra Vista AZ 85635
23 Greenville Care Center Nursing Facility FHA 047-43089 223 (f) Greenville MI 48838
24 Heather Knoll of Summit County Nursing Facility FHA 042-43122 223 (f) Tallmadge OH 44278
25 Catalina Club Apartments Multifamily FHA 067-11058 223 (f) Merritt Island FL 32953
26 College View Apartments Multifamily FHA 114-35373 221 (d)4 La Porte TX 77571
27 Briarwood Apartments Multifamily GNMA 372752 223 (f) Texas City TX 77590
28 The Willow Apartments Multifamily FHA 114-35324 221 (d)4 Port Arthur TX 77642
29 Riverview I Apartments Multifamily FHA 012-35281 221 (d)4 New York NY 10031
30 Greenridge Nursing Center Nursing Facility FHA 047-43092 223 (f) Big Rapids MI 49307
31 Navarre Health Care Center Multifamily FHA 042-43084 232 Navarre OH 44662
32 Roxanne Apartments Multifamily FHA 000-94033 223 (f) Suitland MD 20746
33 Ambassador Terrace Apartments Multifamily FHA 012-35639 223 (a)7 Brooklyn NY 11210
34 Parkwood Apartments Multifamily GNMA 420201 223 (f) East Haven CT 06512
35 Terrace Village Apartments Multifamily FHA 143-11024 223 (f) San Bernardino CA 92400
36 Fox Rest Woods Apartments II Multifamily GNMA 181119 223 (a)7 Laurel MD 20697
37 Bella Vista Nursing Center Nursing Facility FHA 091-22001 223 (f) Rapid City SD 55701
38 Missouri Valley Nursing Center Nursing Facility FHA 091-22003 223 (f) Pierre SD 57501
39 Black Hills Retirement Center Nursing Facility FHA 091-22002 223 (f) Rapid City SD 55701
40 East Lansing Health Care Center Nursing Facility FHA 047-43084 223 (f) East Lansing MI 48823
41 Twin Oaks Apartments Multifamily FHA 133-11010 223 (f) Lubbock TX 79424
42 Manistee Heights Care Center Nursing Facility FHA 047-43062 232 Manistee MI 49660
43 Southwood Apartments Multifamily GNMA 378387 241 (f) Naugatuck CT 06770
44 Montrose Nursing Home Nursing Facility FHA 048-43022 232 Montrose MI 48457
45 Argyle Place Apartments Multifamily FHA 071-35628 221 (d)4 Chicago IL 60640
46 Keysville Convalescent & Nursing Center Nursing Facility FHA 061-43088 232 Keysville GA 30816
47 Russell Square Apartments Multifamily FHA 062-35338 221 (d)4 Russell AL 35653
48 Roosevelt Park Nursing Centre Nursing Facility FHA 047-43077 232 Muskegon MI 49441
49 Litchfield Nursing Centre Nursing Facility FHA 047-43085 223 (f) Litchfield MI 49252
50 Egle Nursing Home Nursing Facility GNMA 436930 223 (f) Lonaconing MD 22186
51 Evergreen Manor Nursing Home Multifamily FHA 042-43086 232 Wadsworth OH 44281
52 Blueberry Square Apartments Multifamily GNMA 414001 223 (f) San Diego CA 91977
53 Harbor View Estates Multifamily FHA 092-35495 221 (d)4 Duluth MN 55701
54 Central Park Apartments Multifamily FHA 044-94005 233 (f) Detroit MI 48207
55 Carriage Court of Lancaster Nursing Facility FHA 043-43101 232 Lancaster OH 43130
56 Twin Manor Nursing Home Multifamily FHA 042-43087 232 Plain Township OH 43064
57 Old Towne Manor Multifamily GNMA 378389 241 (f) Cumberland MD 21502
58 Wingate at Brighton Nursing Facility FHA 023-15017 223 (d) Brighton MA 02135
59 Conifers II Apartments Multifamily GNMA 420200 223 (a)7 Miami Township OH 45056
</TABLE>
<PAGE>
Location of the Mortgaged Properties
<TABLE>
<CAPTION>
Mortgage Section of
Asset GNMA/ Housing Zip
# Property Name Property Type Type FHA Number Act City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
60 Inner City Apartments Multifamily FHA 017-11018 223 (f) Waterbury CT 06702
61 Hawkins Meadow Apartments Multifamily GNMA 427543 223 (a)7 Amherst MA 01002
62 Heritage Healthcare Centre Nursing Facility FHA 047-43086 223 (f) Zeeland MI 49464
63 Parkwood Heights Apartments Multifamily GNMA 432832 223 (f) Burnsville MN 55337
64 Greenwood Apartments Multifamily FHA 053-35553 221 (d)4 Clayton NC 27520
65 Hunnington II Apartments Multifamily FHA 083-10014 241 Lexington KY 40504
66 Bricewood Townhomes Multifamily FHA 043-11061 223 (f) Reynoldsburg OH 43068
67 Spearswood Apartments Multifamily GNMA 373433 221 (d)4 New Hope AL 35760
68 Southwood Court Apartments Multifamily FHA 024-11012 223 (f) Biddeford ME 04005
69 Center Park Apartments Multifamily FHA 042-11043 223 (f) Cayahoga Falls OH 43221
70 Carriage Court of Washington Courthouse Nursing Facility FHA 043-43102 232 Washington Courthouse OH 43160
71 Bay Tree Apartments Multifamily FHA 133-11011 223 (f) Lubbock TX 79410
72 Carriage Court of Marysville Nursing Facility FHA 043-43099 232 Marysville OH 43040
73 Highland Court Apartments Multifamily GNMA 285711 223 (f) Philadelphia PA 19118
74 Carriage Court of Marysville Nursing Facility FHA 043-22003 223 (f) Marysville OH 43040
75 Community Skilled Nursing Facility Nursing Facility FHA 014-10020 241 Stamford NY 12167
76 Caru East Apartments Multifamily FHA 051-10004 241 Roanoke VA 24017
77 Excelsior Village I Multifamily GNMA 394108 241 (f) Excelsior MO 64024
78 Foulkrod Apartments Multifamily FHA 034-98001 542 (c) Philadelphia PA 19107
79 The Highlands of Topsham Nursing Facility FHA 024-15002 223 (d) Topsham ME 04086
80 Colonial Square Apartments Multifamily FHA 103-41005 241 (f) Grand Island NE 68801
81 Dudley Oaks Apartments Multifamily FHA 122-41054 241 (f) Los Angeles CA 90007
82 Plantation View Apartments Multifamily FHA 112-11084 223 (f) Irving TX 75061
83 Chief Tyee Apartments Multifamily FHA 126-41003 241 (f) Ashland OR 97520
84 Takilma Village Apartments Multifamily FHA 126-41005 241 (f) Ashland OR 97520
</TABLE>
<PAGE>
Description of Mortgaged Properties
<TABLE>
<CAPTION>
Annual
Lien Units/ Debt Type/Date
# Property Name Position Beds Section 8(%) Service NOI of NOI DSCR
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 The Lakes and Trees at Watergate First 854 n/a 1,323,756 2,854,403 FY '95 2.16
2 Buckingham Station Apartments First 404 n/a 1,041,212 1,675,054 FY '96* 1.61
3 Brendenwood Retirement Center First 0 n/a 992,909 1,330,613 FY '95 1.34
4 Villa Hermosa Apartments First 272 100.0% 960,351 1,029,957 FY '94 1.07
5 Dry Creek Village Apartments First 400 n/a 703,073 1,517,221 FY '95 2.16
6 Gladys Hampton House First 204 100.0% 812,564 n/a n/a n/a
7 Underwood Towers Apartments First 451 n/a 662,158 657,598 FY '95 0.99
8 Wingate at Brighton First 0 n/a 702,875 910,047 U/W 1.30
9 Renwick Garden Apartments First 224 100.0% 808,532 1,290,361 FY '95 1.60
10 Spring Pond Apartments First 284 n/a 681,876 1,045,944 U/W 1.53
11 The Park at Bouldercrest First 434 n/a 673,601 1,236,294 FY '95 * 1.84
12 Caravilla Residential Centers First 235 n/a 666,714 822,500 U/W 1.23
13 Nittany Manor Care Center First 174 n/a 539,921 760,000 U/W 1.41
14 Langdon Place of Dover First 32 n/a 500,110 751,686 U/W 1.50
15 Hillbrook Apartments First 0 n/a 519,272 n/a n/a n/a
16 Georgetown South Apartments First 212 n/a 479,882 625,472 U/W 1.30
17 Universal Properties First 0 n/a 424,510 n/a n/a n/a
18 Gatewood Apartments First 348 n/a 439,508 n/a n/a n/a
19 Curry Oaks Apartments First 160 n/a 463,257 542,367 U/W 1.17
20 Langdon Place of Exeter First 37 n/a 401,720 603,067 U/W 1.50
21 Westfield Health Care Center First 120 n/a 435,077 787,250 U/W 1.81
22 Oasis Apartments First 183 n/a 419,790 556,900 U/W 1.33
23 Greenville Care Center First 120 n/a 368,617 500,520 U/W 1.36
24 Heather Knoll of Summit County First 0 n/a 351,847 559,357 FY '95 1.59
25 Catalina Club Apartments First 132 n/a 357,793 473,165 FY '95 1.32
26 College View Apartments First 104 n/a 370,671 412,516 U/W 1.11
27 Briarwood Apartments First 240 n/a 328,573 459,304 U/W 1.40
28 The Willow Apartments First 168 36.0% 383,256 n/a n/a n/a
29 Riverview I Apartments First 111 99.0% 449,721 788,156 FY '95 1.75
30 Greenridge Nursing Center First 132 n/a 311,728 483,120 U/W 1.55
31 Navarre Health Care Center First 0 n/a 365,621 n/a n/a n/a
32 Roxanne Apartments First 162 n/a 315,475 17,330 FY '95 n/a
33 Ambassador Terrace Apartments First 66 100.0% 311,556 468,370 FY '95 1.50
34 Parkwood Apartments First 102 n/a 245,507 379,369 U/W 1.55
35 Terrace Village Apartments First 106 n/a 250,294 281,267 U/W 1.12
36 Fox Rest Woods Apartments II First 0 n/a 257,983 n/a n/a n/a
37 Bella Vista Nursing Center First 70 n/a 248,086 564,363 U/W 2.28
38 Missouri Valley Nursing Center First 72 n/a 243,007 501,629 U/W 2.06
39 Black Hills Retirement Center First 74 n/a 240,437 447,534 U/W 1.86
40 East Lansing Health Care Center First 113 n/a 249,248 444,866 U/W 1.79
41 Twin Oaks Apartments First 161 n/a 216,029 n/a n/a n/a
42 Manistee Heights Care Center First 42 n/a 274,014 381,959 FY '94 1.39
43 Southwood Apartments First 168 n/a 223,074 367,704 FY '95 1.65
44 Montrose Nursing Home First 71 n/a 207,383 264,120 U/W 1.27
45 Argyle Place Apartments First 87 n/a 209,209 244,714 U/W 1.17
46 Keysville Convalescent & Nursing Center First 64 n/a 227,667 273,087 U/W 1.20
47 Russell Square Apartments First 0 n/a 224,628 n/a n/a n/a
48 Roosevelt Park Nursing Centre First 69 n/a 223,007 281,003 U/W 1.26
49 Litchfield Nursing Centre First 81 n/a 196,073 250,047 U/W 1.28
50 Egle Nursing Home First 66 n/a 159,959 272,184 U/W 1.70
51 Evergreen Manor Nursing Home First 0 n/a 210,832 n/a n/a n/a
52 Blueberry Square Apartments First 59 n/a 156,185 195,120 U/W 1.25
53 Harbor View Estates First 30 n/a 169,034 197,486 U/W 1.17
54 Central Park Apartments First 92 n/a 169,622 164,239 FY '94 0.97
55 Carriage Court of Lancaster First 36 n/a 166,137 191,756 U/W 1.15
56 Twin Manor Nursing Home First 0 n/a 183,247 n/a n/a n/a
57 Old Towne Manor First 0 100.0% 164,197 265,048 FY '95 1.61
58 Wingate at Brighton Second 0 n/a 146,452 910,047 U/W n/a
59 Conifers II Apartments First 48 n/a 136,276 196,129 U/W 1.44
</TABLE>
<PAGE>
Description of Mortgaged Properties
<TABLE>
<CAPTION>
Annual
Lien Units/ Debt Type/Date
# Property Name Position Beds Section 8(%) Service NOI of NOI DSCR
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
60 Inner City Apartments First 75 100.0% 154,844 191,401 U/W 1.24
61 Hawkins Meadow Apartments First 80 n/a 136,427 194,328 FY '95 1.42
62 Heritage Healthcare Centre First 45 n/a 131,170 172,480 U/W 1.32
63 Parkwood Heights Apartments First 39 n/a 114,893 151,891 U/W 1.32
64 Greenwood Apartments First 40 n/a 116,225 142,222 FY '95 1.22
65 Hunnington II Apartments First 132 n/a 135,477 390,613 U/W 2.88
66 Bricewood Townhomes First 43 n/a 109,787 135,876 U/W 1.24
67 Spearswood Apartments First 48 n/a 98,352 130,878 U/W 1.33
68 Southwood Court Apartments First 41 n/a 98,256 134,338 U/W 1.37
69 Center Park Apartments First 53 n/a 87,428 97,352 U/W 1.11
70 Carriage Court of Washington Courthouse First 21 n/a 83,569 106,132 U/W 1.27
71 Bay Tree Apartments First 61 n/a 73,967 n/a n/a n/a
72 Carriage Court of Marysville First 20 n/a 77,601 92,559 U/W 1.19
73 Highland Court Apartments First 19 n/a 72,791 92,115 FY '95 1.27
74 Carriage Court of Marysville Second 21 n/a 68,562 89,709 U/W 1.31
75 Community Skilled Nursing Facility First 0 n/a 63,333 n/a n/a n/a
76 Caru East Apartments First 128 n/a 68,821 442,210 FY '95 n/a
77 Excelsior Village I First 60 n/a 56,593 n/a n/a n/a
78 Foulkrod Apartments First 0 n/a 60,220 n/a n/a n/a
79 The Highlands of Topsham First 120 n/a 52,376 n/a n/a n/a
80 Colonial Square Apartments First 56 100.0% 54,421 93,717 U/W 1.72
81 Dudley Oaks Apartments First 20 n/a 43,131 73,929 U/W 1.71
82 Plantation View Apartments First 52 n/a 67,426 72,541 U/W 1.08
83 Chief Tyee Apartments First 31 n/a 27,981 44,943 U/W 1.61
84 Takilma Village Apartments First 18 100.0% 17,070 35,981 U/W 2.11
----
Total/Weighted Average: 1.50
====
</TABLE>
<PAGE>
Characteristics of the Mortgage Loans
<TABLE>
<CAPTION>
Percentage of
Original Cut-off Date Cut-off Date
Principal Principal Principal Mortgage Administrative Net Debenture
# Property Name Balance Balance (1) Balance Rate Fee Rate (2) Rate Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 The Lakes and Trees at Watergate 14,954,478 14,785,689 5.3% 8.375% 0.270% 8.105% n/a
2 Buckingham Station Apartments 11,503,900 11,238,871 4.0% 8.600% 0.195% 8.405% 8.500%
3 Brendenwood Retirement Center 11,040,700 11,030,670 3.9% 8.450% 0.270% 8.180% n/a
4 Villa Hermosa Apartments 9,879,400 9,021,896 3.2% 9.500% 0.195% 9.305% 7.750%
5 Dry Creek Village Apartments 8,806,000 8,632,075 3.1% 7.375% 0.320% 7.055% 7.000%
6 Gladys Hampton House 9,236,700 8,187,274 2.9% 8.500% 0.140% 8.360% 7.125%
7 Underwood Towers Apartments 8,116,378 8,075,289 2.9% 7.500% 0.120% 7.380% 11.625%
8 Wingate at Brighton 7,942,900 7,938,262 2.8% 8.500% 0.195% 8.305% 7.250%
9 Renwick Garden Apartments 8,734,900 7,879,951 2.8% 9.000% 0.195% 8.805% 7.250%
10 Spring Pond Apartments 7,800,100 7,790,442 2.8% 8.250% 0.205% 8.045% 7.250%
11 The Park at Bouldercrest 8,109,700 7,573,669 2.7% 7.750% 0.395% 7.355% n/a
12 Caravilla Residential Centers 7,402,500 7,396,847 2.6% 8.550% 0.620% 7.930% 7.250%
13 Nittany Manor Care Center 6,559,300 6,557,352 2.3% 7.875% 0.270% 7.605% n/a
14 Langdon Place of Dover 5,943,500 5,924,427 2.1% 7.875% 0.195% 7.680% 6.500%
15 Hillbrook Apartments 5,649,100 5,511,712 2.0% 8.375% 0.395% 7.980% n/a
16 Georgetown South Apartments 5,450,000 5,442,662 1.9% 8.000% 0.270% 7.730% n/a
17 Universal Properties 5,047,300 5,045,047 1.8% 7.875% 0.270% 7.605% n/a
18 Gatewood Apartments 5,015,000 5,002,529 1.8% 8.275% 0.220% 8.055% 6.500%
19 Curry Oaks Apartments 4,943,000 4,937,835 1.8% 9.125% 0.195% 8.930% 8.375%
20 Langdon Place of Exeter 4,774,200 4,758,879 1.7% 7.875% 0.195% 7.680% 6.500%
21 Westfield Health Care Center 4,549,445 4,483,183 1.6% 9.000% 0.180% 8.820% 11.500%
22 Oasis Apartments 4,505,000 4,456,329 1.6% 8.900% 0.220% 8.680% 7.750%
23 Greenville Care Center 3,995,000 3,990,143 1.4% 8.500% 0.195% 8.305% 7.250%
24 Heather Knoll of Summit County 4,004,700 3,980,954 1.4% 8.300% 0.370% 7.930% 8.375%
25 Catalina Club Apartments 3,867,500 3,838,016 1.4% 8.825% 0.195% 8.630% 8.375%
26 College View Apartments 3,813,200 3,808,907 1.4% 9.500% 0.195% 9.305% 7.750%
27 Briarwood Apartments 3,758,600 3,755,508 1.3% 8.250% 0.270% 7.980% n/a
28 The Willow Apartments 3,850,000 3,687,868 1.3% 9.750% 0.140% 9.610% 12.750%
29 Riverview I Apartments 4,459,300 3,485,858 1.2% 9.500% 0.195% 9.305% 7.750%
30 Greenridge Nursing Center 3,478,200 3,475,510 1.2% 8.500% 0.195% 8.305% 7.250%
31 Navarre Health Care Center 3,434,200 3,398,457 1.2% 10.500% 0.170% 10.330% 9.000%
32 Roxanne Apartments 3,337,681 3,313,791 1.2% 8.250% 0.120% 8.130% 10.250%
33 Ambassador Terrace Apartments 2,990,100 2,930,413 1.0% 8.500% 0.320% 8.180% 7.250%
34 Parkwood Apartments 2,919,000 2,916,376 1.0% 7.875% 0.270% 7.605% n/a
35 Terrace Village Apartments 2,899,500 2,898,274 1.0% 8.125% 0.320% 7.805% 7.250%
36 Fox Rest Woods Apartments II 2,892,800 2,856,635 1.0% 8.450% 0.270% 8.180% n/a
37 Bella Vista Nursing Center 2,837,900 2,836,737 1.0% 8.250% 0.320% 7.930% 7.250%
38 Missouri Valley Nursing Center 2,779,800 2,778,661 1.0% 8.250% 0.320% 7.930% 7.250%
39 Black Hills Retirement Center 2,750,400 2,749,273 1.0% 8.250% 0.320% 7.930% 7.250%
40 East Lansing Health Care Center 2,701,300 2,698,016 1.0% 8.500% 0.195% 8.305% 7.250%
41 Twin Oaks Apartments 2,465,000 2,458,870 0.9% 8.275% 0.220% 8.055% 6.500%
42 Manistee Heights Care Center 2,562,400 2,441,713 0.9% 9.750% 0.695% 9.055% 8.000%
43 Southwood Apartments 2,392,800 2,376,513 0.8% 8.750% 0.395% 8.355% n/a
44 Montrose Nursing Home 2,212,800 2,208,574 0.8% 9.125% 0.195% 8.930% 8.375%
45 Argyle Place Apartments 2,205,000 2,195,585 0.8% 9.250% 0.195% 9.055% 8.375%
46 Keysville Convalescent & Nursing Center 2,187,200 2,181,058 0.8% 10.000% 0.820% 9.180% 7.750%
47 Russell Square Apartments 2,256,500 2,156,790 0.8% 9.750% 0.140% 9.610% 11.750%
48 Roosevelt Park Nursing Centre 2,160,000 2,149,274 0.8% 9.750% 0.195% 9.555% 8.375%
49 Litchfield Nursing Centre 2,125,000 2,122,416 0.8% 8.500% 0.195% 8.305% 7.250%
50 Egle Nursing Home 1,829,800 1,826,769 0.7% 8.250% 0.270% 7.980% n/a
51 Evergreen Manor Nursing Home 1,980,300 1,791,100 0.6% 10.500% 0.195% 10.305% 9.000%
52 Blueberry Square Apartments 1,755,200 1,752,913 0.6% 8.125% 0.270% 7.855% n/a
53 Harbor View Estates 1,738,900 1,724,783 0.6% 9.500% 0.570% 8.930% 6.000%
54 Central Park Apartments 1,725,000 1,709,276 0.6% 8.875% 0.320% 8.555% 8.000%
55 Carriage Court of Lancaster 1,709,100 1,706,846 0.6% 9.500% 0.270% 9.230% 8.375%
56 Twin Manor Nursing Home 1,721,200 1,702,550 0.6% 10.500% 0.195% 10.305% 9.000%
57 Old Towne Manor 1,707,700 1,685,599 0.6% 8.875% 0.270% 8.605% n/a
58 Wingate at Brighton 1,655,000 1,654,034 0.6% 8.500% 0.195% 8.305% 7.250%
59 Conifers II Apartments 1,624,500 1,621,889 0.6% 7.750% 0.270% 7.480% n/a
</TABLE>
<PAGE>
Characteristics of the Mortgage Loans
<TABLE>
<CAPTION>
Percentage of
Original Cut-off Date Cut-off Date
Principal Principal Principal Mortgage Administrative Net Debenture
# Property Name Balance Balance (1) Balance Rate Fee Rate (2) Rate Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
60 Inner City Apartments 1,568,500 1,548,123 0.6% 9.250% 0.195% 9.055% 7.750%
61 Hawkins Meadow Apartments 1,506,400 1,500,220 0.5% 8.250% 0.270% 7.980% n/a
62 Heritage Healthcare Centre 1,421,600 1,419,871 0.5% 8.500% 0.195% 8.305% 7.250%
63 Parkwood Heights Apartments 1,348,600 1,347,424 0.5% 8.000% 0.270% 7.730% n/a
64 Greenwood Apartments 1,354,300 1,304,249 0.5% 8.000% 0.195% 7.805% 10.250%
65 Hunnington II Apartments 1,302,400 1,296,917 0.5% 10.000% 0.195% 9.805% 8.375%
66 Bricewood Townhomes 1,139,700 1,129,715 0.4% 9.250% 0.320% 8.930% 7.750%
67 Spearswood Apartments 1,053,900 1,044,235 0.4% 8.950% 0.270% 8.680% n/a
68 Southwood Court Apartments 1,020,000 1,012,991 0.4% 9.250% 0.195% 9.055% 8.375%
69 Center Park Apartments 907,600 901,698 0.3% 9.250% 0.320% 8.930% 8.375%
70 Carriage Court of Washington Courthouse 859,700 857,717 0.3% 9.500% 0.320% 9.180% 7.750%
71 Bay Tree Apartments 844,000 841,901 0.3% 8.275% 0.220% 8.055% 6.500%
72 Carriage Court of Marysville 798,300 796,135 0.3% 9.500% 0.320% 9.180% 7.750%
73 Highland Court Apartments 819,796 792,722 0.3% 7.900% 0.270% 7.630% n/a
74 Carriage Court of Marysville 765,000 760,678 0.3% 8.500% 0.320% 8.180% 7.250%
75 Community Skilled Nursing Facility 700,000 699,826 0.2% 8.750% 0.705% 8.045% 7.250%
76 Caru East Apartments 660,100 643,051 0.2% 10.250% 0.320% 9.930% 10.250%
77 Excelsior Village I 627,000 623,323 0.2% 8.750% 0.270% 8.480% n/a
78 Foulkrod Apartments 610,000 608,720 0.2% 9.250% 0.320% 8.930% 8.375%
79 The Highlands of Topsham 584,400 581,345 0.2% 8.500% 0.580% 7.920% 7.250%
80 Colonial Square Apartments 557,500 550,974 0.2% 9.250% 0.195% 9.055% 7.750%
81 Dudley Oaks Apartments 484,000 482,683 0.2% 8.625% 0.195% 8.430% 7.250%
82 Plantation View Apartments 480,800 476,358 0.2% 8.500% 0.320% 8.180% 7.250%
83 Chief Tyee Apartments 310,000 307,794 0.1% 8.750% 0.195% 8.555% 7.750%
84 Takilma Village Apartments 175,600 174,827 0.1% 9.500% 0.195% 9.305% 8.375%
-------------------------------------------------------------------------------------
Total/Weighted Average: 286,645,278 280,240,339 100.0% 8.569% 0.260% 8.310% 8.009%
=====================================================================================
Maximum: 14,954,478 14,785,689 5.3% 10.500% 0.820% 10.330% 12.750%
Minimum: 175,600 174,827 0.1% 7.375% 0.120% 7.055% 6.000%
</TABLE>
(1) Cut-Off Date: December 1, 1996
(2) Includes sub-servicing, master servicing & trustee fees.
<PAGE>
Maturity Terms of the Mortgage Loans
<TABLE>
<CAPTION>
Original Remaining Remaining Remaining
First Stated Term to Term to Hard Prepayment
Payment Maturity Stated Stated Lockout Provision Prepayment Provision at
# Property Name Date Date Maturity Maturity Term(1) Term(1) Cut-Off (years)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 The Lakes and Trees at
Watergate 11/1/94 10/1/29 420 394 33 93 L(2.75), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
2 Buckingham Station Apartments 10/1/92 9/1/27 420 369 8 8 L(0.67)
3 Brendenwood Retirement Center 11/1/96 2/1/30 400 398 58 118 L(4.83), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
4 Villa Hermosa Apartments 4/1/81 3/1/21 480 291 47 69 L(3.92), 0.250% (0.83)...0.125% (1)
5 Dry Creek Village Apartments 2/1/94 1/1/29 420 385 24 24 L(2)
6 Gladys Hampton House 3/1/81 2/1/21 480 290 49 66 L(4.08),0.25% (0.42)...0.125% (1)
7 Underwood Towers Apartments 4/1/96 11/1/29 404 395 89 89 L(7.42)
8 Wingate at Brighton 11/1/96 12/1/34 458 456 58 58 L(4.83)
9 Renwick Garden Apartments 7/1/80 6/1/20 480 282 30 62 L(2.5), 0.375% (0.67)...0.125% (1)
10 Spring Pond Apartments 10/1/96 9/1/31 420 417 116 116 L(9.67)
11 The Park at Bouldercrest 4/1/96 3/15/31 420 411 51 111 L(4.25), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
12 Caravilla Residential Centers 11/1/96 10/1/31 420 418 117 117 L(9.75)
13 Nittany Manor Care Center 12/1/96 11/1/36 480 479 119 119 L(9.92)
14 Langdon Place of Dover 6/1/96 5/1/31 420 413 52 112 L(4.33), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
15 Hillbrook Apartments 5/1/94 4/1/23 348 316 28 88 L(2.33), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
16 Georgetown South Apartments 11/1/96 10/1/26 360 358 0 57 5%(0.75), 4%(1), 3%(1), 2%(1), 1%(1)
17 Universal Properties 1/1/97 12/1/31 421 420 58 118 L(4.83), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
18 Gatewood Apartments 7/1/96 6/1/31 420 414 53 113 L(4.42), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
19 Curry Oaks Apartments 8/1/96 7/1/36 480 475 58 118 L(4.83), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
20 Langdon Place of Exeter 6/1/96 5/1/31 420 413 52 112 L(4.33), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
21 Westfield Health Care Center 9/1/94 3/1/26 379 351 0 210 9% (0.5)...0.50% (1)
22 Oasis Apartments 10/1/94 9/1/29 420 393 32 32 L(2.67)
23 Greenville Care Center 11/1/96 10/1/26 360 358 57 117 L(4.75), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
24 Heather Knoll of Summit County 9/1/95 8/1/30 420 404 44 104 L(3.67), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
25 Catalina Club Apartments 5/1/95 4/1/30 420 400 39 99 L(3.25), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
26 College View Apartments 7/1/96 6/1/36 480 474 50 110 L(4.17), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
27 Briarwood Apartments 11/1/96 10/1/31 420 418 118 118 L(9.83)
28 The Willow Apartments 7/1/85 6/1/25 480 342 45 132 L(3.75), 0.875% (.25)...0.125% (1)
29 Riverview I Apartments 1/1/81 12/1/20 480 288 33 72 L(2.75), 0.500% (0.33)...0.125% (1)
30 Greenridge Nursing Center 11/1/96 10/1/31 420 418 57 117 L(4.75), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
31 Navarre Health Care Center 1/1/91 12/1/31 492 420 49 49 L(4.08)
32 Roxanne Apartments 6/1/96 6/1/21 301 294 113 113 L(9.42)
33 Ambassador Terrace Apartments 1/1/96 10/1/23 334 322 48 48 L(4.00)
34 Parkwood Apartments 11/1/96 10/1/31 421 418 58 118 L(4.83), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
35 Terrace Village Apartments 12/1/96 11/1/31 420 419 60 120 L(5), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
36 Fox Rest Woods Apartments II 8/1/94 7/15/29 420 391 31 91 L(2.58), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
37 Bella Vista Nursing Center 12/1/96 11/1/31 420 419 58 118 L(4.83), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
38 Missouri Valley Nursing Center 12/1/96 11/1/31 420 419 58 118 L(4.83), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
39 Black Hills Retirement Center 12/1/96 11/1/31 420 419 58 118 L(4.83), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
40 East Lansing Health Care
Center 11/1/96 10/1/26 360 358 57 117 L(4.75), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
41 Twin Oaks Apartments 7/1/96 6/1/31 420 414 53 113 L(4.42), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
42 Manistee Heights Care Center 12/1/92 11/1/17 300 251 7 67 L(0.58), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
43 Southwood Apartments 11/1/94 10/1/26 384 358 93 93 L(7.75)
44 Montrose Nursing Home 4/1/96 3/1/36 480 471 48 108 L(4), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
45 Argyle Place Apartments 5/1/95 4/1/35 480 460 39 99 L(3.25), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
46 Keysville Convalescent &
Nursing Center 5/1/96 10/1/28 390 382 43 103 L(3.58), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
47 Russell Square Apartments 3/1/85 2/1/25 480 338 0 128 1.375% (0.67)...0.125% (1)
48 Roosevelt Park Nursing Centre 3/1/96 11/1/25 357 347 47 107 L(3.92), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
49 Litchfield Nursing Centre 11/1/96 10/1/26 360 358 57 117 L(4.75), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
50 Egle Nursing Home 9/1/96 8/15/31 420 416 55 115 L(4.58), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
51 Evergreen Manor Nursing Home 1/1/90 12/1/30 492 408 37 37 L(3.08)
52 Blueberry Square Apartments 10/1/96 11/1/26 362 359 57 117 L(4.75), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
53 Harbor View Estates 11/1/93 10/1/33 480 442 82 82 L(6.83)
54 Central Park Apartments 2/1/96 5/1/22 316 305 1 37 L(0.08), 3%(1), 2%(1), 1%(1)
55 Carriage Court of Lancaster 6/1/96 5/1/36 480 473 53 113 L(4.42), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
56 Twin Manor Nursing Home 1/1/92 12/1/32 492 432 61 61 L(5.08)
57 Old Towne Manor 5/1/95 4/1/24 348 328 40 100 L(3.33), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
58 Wingate at Brighton 11/1/96 12/1/34 458 456 58 58 L(4.83)
59 Conifers II Apartments 10/1/96 1/1/30 400 397 57 117 L(4.75), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
</TABLE>
<PAGE>
Maturity Terms of the Mortgage Loans
<TABLE>
<CAPTION>
Original Remaining Remaining Remaining
First Stated Term to Term to Hard Prepayment
Payment Maturity Stated Stated Lockout Provision Prepayment Provision at
# Property Name Date Date Maturity Maturity Term(1) Term(1) Cut-Off (years)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
60 Inner City Apartments 2/1/95 1/1/25 360 337 36 96 L(3), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
61 Hawkins Meadow Apartments 7/1/96 11/15/25 353 347 53 113 L(4.42), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
62 Heritage Healthcare Centre 11/1/96 10/1/26 360 358 57 117 L(4.75), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
63 Parkwood Heights Apartments 11/1/96 10/1/31 421 418 117 117 L(9.75)
64 Greenwood Apartments 1/1/94 9/1/27 405 369 84 84 L(7)
65 Hunnington II Apartments 1/1/96 8/1/28 392 380 46 106 L(3.83), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
66 Bricewood Townhomes 12/1/94 11/1/29 420 395 34 94 L(2.83), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
67 Spearswood Apartments 11/1/94 7/1/30 430 403 94 94 L(7.83)
68 Southwood Court Apartments 5/1/95 4/1/30 420 400 39 99 L(3.25), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
69 Center Park Apartments 6/1/95 5/1/30 420 401 40 100 L(3.33), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
70 Carriage Court of Washington
Courthouse 1/1/96 12/1/35 480 468 48 108 L(4), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
71 Bay Tree Apartments 7/1/96 6/1/31 420 414 53 113 L(4.42), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
72 Carriage Court of Marysville 11/1/95 10/1/35 480 466 46 106 L(3.83), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
73 Highland Court Apartments 1/1/94 12/15/21 336 300 0 24 2%(1), 1%(1)
74 Carriage Court of Marysville 11/1/95 10/1/30 420 406 46 106 L(3.83), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
75 Community Skilled Nursing
Facility 12/1/96 1/1/36 470 469 118 118 L(9.83)
76 Caru East Apartments 1/1/88 12/1/27 480 372 0 10 1.0% (0.83)
77 Excelsior Village I 12/1/94 11/1/34 480 455 95 95 L(7.92)
78 Foulkrod Apartments 9/1/96 8/1/26 360 356 116 116 L(9.67)
79 The Highlands of Topsham 12/1/95 11/1/30 420 407 106 106 L(8.83)
80 Colonial Square Apartments 12/1/94 11/1/26 384 359 35 95 L(2.92), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
81 Dudley Oaks Apartments 2/1/96 1/1/36 480 469 48 108 L(4), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
82 Plantation View Apartments 11/1/96 10/1/07 132 130 46 46 L(3.83)
83 Chief Tyee Apartments 9/1/94 8/1/34 480 452 31 91 L(2.58), 5%(1), 4%(1), 3%(1), 2%(1), 1%(1)
84 Takilma Village Apartments 3/1/95 2/1/35 480 458 97 97 L(8.08)
---------------------------------------------------
Total/Weighted Average: 1/4/94 2/3/29 422 386 53 92
===================================================
Maximum: 1/1/97 11/1/36 492 479 119 210
Minimum: 7/1/80 10/1/07 132 130 0 0
</TABLE>
(1) Based upon the greater of the terms provided to the underlying mortgage
loans or HAP contracts if applicable.
<PAGE>
Mortgage Loans by State
<TABLE>
<CAPTION>
Percentage of Weighted Weighted
Cut-Off Date(1) Cut-Off Date(1) Average Average
Number Principal Principal Mortgage Term to
State of Loans Balance Balance Rate Maturity
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
New York 8 $ 44,478,844 15.9% 8.880% 322
Texas 8 24,969,776 8.9% 8.848% 420
Ohio 12 24,159,452 8.6% 9.161% 397
Michigan 9 22,214,794 7.9% 8.849% 362
Virginia 3 20,473,787 7.3% 8.311% 400
Connecticut 4 14,916,302 5.3% 7.954% 388
California 4 13,765,945 4.9% 7.672% 392
Colorado 1 11,238,871 4.0% 8.600% 369
Massachusetts 3 11,092,516 4.0% 8.466% 441
New Jersey 1 11,030,670 3.9% 8.450% 398
New Hampshire 2 10,683,306 3.8% 7.875% 413
Georgia 2 9,754,727 3.5% 8.253% 405
Maryland 4 9,682,794 3.5% 8.418% 352
Illinois 2 9,592,432 3.4% 8.710% 428
South Dakota 3 8,364,670 3.0% 8.250% 419
Pennsylvania 3 7,958,794 2.8% 7.983% 452
Indiana 1 5,442,662 1.9% 8.000% 358
Arizona 1 4,456,329 1.6% 8.900% 393
Florida 1 3,838,016 1.4% 8.825% 400
Alabama 2 3,201,026 1.1% 9.489% 359
Minnesota 2 3,072,208 1.1% 8.842% 431
Maine 2 1,594,336 0.6% 8.977% 403
North Carolina 1 1,304,249 0.5% 8.000% 369
Kentucky 1 1,296,917 0.5% 10.000% 380
Missouri 1 623,323 0.2% 8.750% 455
Nebraska 1 550,974 0.2% 9.250% 359
Oregon 2 482,621 0.2% 9.022% 454
------------------------------------------------------------------
Total / Wtd Avg 84 $280,240,930 100.0% 8.569% 387
==================================================================
</TABLE>
Mortgage Loans by Property Type
<TABLE>
<CAPTION>
Percentage of Weighted Weighted
Cut-Off Date(1) Cut-Off Date(1) Average Average
Number Principal Principal Mortgage Term to
Property Type of Loans Balance Balance Rate Maturity
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Multifamily 58 $196,619,881 70.2% 8.666% 380
Nursing Facility 26 83,621,049 29.8% 8.577% 404
------------------------------------------------------------------
Total / Wtd Avg 84 $280,240,930 100.0% 8.569% 387
==================================================================
</TABLE>
FHA Program
<TABLE>
<CAPTION>
Percentage of Weighted Weighted
Cut-Off Date(1) Cut-Off Date(1) Average Average
FHA Number Principal Principal Mortgage Term to
Program of Loans Balance Balance Rate Maturity
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
223 (f) 38 $139,944,014 49.9% 8.234% 393
221 (d)4 10 33,368,009 11.9% 9.396% 373
232 12 30,273,960 10.8% 9.348% 410
223 (a)7 6 27,878,089 9.9% 8.418% 403
220 2 15,955,240 5.7% 8.241% 339
207 1 11,238,871 4.0% 8.600% 369
223 (e) 1 8,187,274 2.9% 8.500% 290
241 (f) 7 6,201,712 2.2% 8.840% 376
241 3 2,639,794 0.9% 9.730% 402
223 (d) 2 2,235,379 0.8% 8.500% 443
233 (f) 1 1,709,276 0.6% 8.875% 305
542 (c) 1 608,720 0.2% 9.250% 356
------------------------------------------------------------------
Total / Wtd Avg 84 $280,240,930 100.0% 8.569% 387
==================================================================
</TABLE>
(1) December 1, 1996
<PAGE>
Mortgage Rates
<TABLE>
<CAPTION>
Percentage of Weighted Weighted
Cut-Off Date(1) Cut-Off Date(1) Average Average
Number Principal Principal Mortgage Term to
Mortgage Rate of Loans Balance Balance Rate Maturity
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
7.250% 7.999% 10 $ 51,897,725 18.5% 7.712% 412
8.000% 8.249% 5 12,745,523 4.5% 8.046% 379
8.250% 8.499% 16 73,020,360 26.1% 8.328% 393
8.500% 8.749% 15 55,352,720 19.8% 8.528% 377
8.750% 8.999% 9 16,740,911 6.0% 8.845% 381
9.000% 9.249% 4 19,509,544 7.0% 9.046% 368
9.250% 9.499% 7 7,947,806 2.8% 9.250% 397
9.500% 9.749% 8 21,576,971 7.7% 9.500% 364
9.750% 9.999% 4 10,435,646 3.7% 9.750% 321
10.000% 10.499% 3 4,121,025 1.5% 10.039% 380
10.500% 10.999% 3 6,892,107 2.5% 10.500% 420
-----------------------------------------------------------------------
Total / Weighted Average: 84 $280,240,930 100.0% 8.569% 387
=======================================================================
Maximum Mortgage Rate: 10.500%
Minimum Mortgage Rate: 7.379%
Weighted Average Mortgage Rate: 8.569%
</TABLE>
Principal Balance
<TABLE>
<CAPTION>
Percentage of Weighted Weighted
Cut-Off Date(1) Cut-Off Date(1) Average Average
Principal Number Principal Principal Mortgage Term to
Balance of Loans Balance Balance Rate Maturity
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
100,000 999,999 16 $ 10,099,753 3.6% 8.926% 400
1,000,000 1,999,999 19 28,779,504 10.3% 8.946% 391
2,000,000 2,999,999 17 42,955,178 15.3% 8.724% 386
3,000,000 3,999,999 10 36,735,013 13.1% 8.973% 383
4,000,000 4,999,999 4 18,636,226 6.7% 8.722% 410
5,000,000 5,999,999 5 26,926,377 9.6% 8.077% 384
6,000,000 6,999,999 1 6,557,352 2.3% 7.875% 479
7,000,000 7,999,999 5 38,579,171 13.8% 8.414% 396
8,000,000 8,999,999 3 24,894,638 8.9% 7.786% 357
9,000,000 9,999,999 1 9,021,896 3.2% 9.500% 291
10,000,000 11,999,999 2 22,269,540 7.9% 8.526% 383
12,000,000 15,000,000 1 14,785,689 5.3% 8.375% 394
-----------------------------------------------------------------------
Total / Weighted Average: 84 $280,240,930 100.0% 8.569% 387
=======================================================================
Maximum Principal Balance: 14,785,689
Minimum Principal Balance: 174,827
Average Principal Balance: $ 3,336,195
</TABLE>
Remaining Maturity Term
<TABLE>
<CAPTION>
Percentage of Weighted Weighted
Cut-Off Date(1) Cut-Off Date(1) Average Average
Remaining Number Principal Principal Mortgage Term to
Maturity Term of Loans Balance Balance Rate Maturity
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
120 132 1 $ 476,338 0.2% 8.500% 130
240 252 1 2,441,713 0.9% 9.750% 251
276 299 3 31,888,771 11.4% 8.990% 289
308 335 3 12,629,722 4.5% 8.509% 317
360 395 11 56,599,878 20.2% 8.317% 386
396 431 20 101,339,175 36.3% 8.351% 412
432 480 18 40,754,139 14.3% 8.882% 465
-----------------------------------------------------------------------
Total / Weighted Average: 84 $280,240,930 100.0% 8.569% 387
=======================================================================
Maximum Maturity Term: 479
Minimum Maturity Term: 130
Weighted Average Maturity Term: 387
</TABLE>
(1) December 1, 1996
<PAGE>
Prepayment Provisions
<TABLE>
<CAPTION>
Weighted
Weighted Average
Average Remaining Weighted
Percentage of Remaining Prepayment Average
Cut-Off Date(1) Cut-Off Date(1) Hard Lockout Provision Term to
Remaining Number Principal Principal Term Term Maturity
Maturity Term (years) of Loans Balance Balance (years) (years) (years)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
10.0 10.9 1 $ 476,358 0.2% 3.83 3.8 10.8
20.0 20.9 1 2,441,713 0.9% 0.58 5.6 20.9
23.0 23.9 1 7,879,951 2.8% 2.50 5.2 23.5
24.0 24.9 4 24,008,820 8.6% 4.56 6.2 24.2
25.0 25.9 2 2,501,998 0.9% 0.08 2.7 25.3
26.0 26.9 2 8,442,125 3.0% 2.91 6.2 26.5
27.0 27.9 1 1,685,599 0.6% 3.33 8.3 27.3
28.0 28.9 5 11,042,276 3.9% 3.04 9.9 28.5
29.0 29.9 10 25,445,411 9.1% 2.79 9.8 29.7
30.0 30.9 2 12,543,120 4.5% 1.33 1.3 30.8
31.0 31.9 3 4,121,025 1.5% 3.10 7.5 31.7
32.0 32.9 6 39,935,733 14.3% 3.51 5.9 32.7
33.0 33.9 9 24,772,476 8.8% 4.47 9.1 33.3
34.0 34.9 18 68,123,195 24.3% 6.05 9.4 34.6
35.0 35.9 2 8,443,504 3.0% 4.53 7.5 35.0
36.0 36.9 2 3,427,333 1.2% 5.96 6.0 36.4
37.0 37.9 2 931,116 0.3% 7.50 7.8 37.8
38.0 38.9 5 12,758,843 4.6% 4.54 5.7 38.1
39.0 39.9 8 21,259,742 7.6% 6.27 9.6 39.6
-----------------------------------------------------------------------------------
Total / Weighted Average: 84 $280,240,930 100.0% 4.38 7.7 32.2
===================================================================================
</TABLE>
Mortgage Asset Type
<TABLE>
<CAPTION>
Percentage of Weighted Weighted
Cut-Off Date(1) Cut-Off Date(1) Average Average
Mortgage Number Principal Principal Mortgage Term to
Asset Type of Loans Balance Balance Rate Maturity
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FHA 64 $200,193,410 71.4% 8.715% 382
GNMA 20 80,046,928 28.6% 8.205% 395
-----------------------------------------------------------------------
Total / Weighted Average: 84 $280,240,930 100.0% 8.569% 387
=======================================================================
</TABLE>
Debenture Rates
<TABLE>
<CAPTION>
Percentage of Weighted Weighted
Cut-Off Date(1) Cut-Off Date(1) Average Average
Number Principal Principal Mortgage Term to
Debenture Rates of Loans Balance Balance Rate Maturity
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.000% 6.490% 1 $ 1,724,783 0.6% 9.500% 442
6.500% 6.990% 5 18,986,605 6.8% 8.050% 413
7.000% 7.240% 2 16,819,348 6.0% 7.923% 339
7.250% 7.490% 20 63,559,739 22.7% 8.491% 391
7.750% 7.990% 11 28,144,507 10.0% 9.407% 359
8.000% 8.240% 2 4,150,989 1.5% 9.390% 273
8.250% 8.490% 12 25,012,238 8.9% 9.099% 426
8.500% 8.740% 1 11,238,871 4.0% 8.600% 369
9.000% 9.240% 3 6,892,107 2.5% 10.500% 420
10.000% 10.490% 3 5,261,091 1.9% 8.432% 322
11.500% 11.990% 3 14,715,263 5.3% 8.287% 373
12.000% 12.990% 1 3,687,868 1.3% 9.750% 342
n/a 20 80,046,928 28.6% 8.205% 395
-----------------------------------------------------------------------
Total / Weighted Average: 84 $280,240,930 100.0% 8.569% 387
=======================================================================
Maximum Debenture Rate: 12.750%
Minimum Debenture Rate: 6.000%
Weighted Average Debenture Rate: 8.009%
</TABLE>
(1) December 1, 1996
<PAGE>
Donaldson, Lufkin & Jenrette - Real Estate Finance Group
Fri Dec 6 21:15:23 1996
ASW-1996-FHA1P A1
Yield Table (Flat File Coll, Ppy Lock, Lockout thru YMP,
Lockout thru Ppy Pen. period)
- --------------------------------------------------------------------------------
Current Balance : $43,660,000.00 Current WAM : 480
Pass-Thru Rate : 6.3000 Settlement : 12/24/96
Accrued Days / Delay Days : 23 / 24
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prepayments
- ---------------------------------------------------------------------------------------------------------------------
10.0% CPR 20.0% CPR 30.0% CPR 40.0% CPR 50.0% CPR
---------------------------------------------------------------------------------------------
Price Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
98.12500 98-04 7.062 2.15 7.116 1.99 7.161 1.88 7.200 1.79 7.237 1.71
98.25000 98-08 7.003 7.052 7.093 7.129 7.163
98.37500 98-12 6.945 6.989 7.026 7.059 7.089
98.50000 98-16 6.886 6.925 6.959 6.988 7.015
98.62500 98-20 6.827 6.862 6.891 6.917 6.941
98.75000 98-24 6.769 6.799 6.825 6.847 6.868
98.87500 98-28 6.710 6.736 6.758 6.777 6.794
99.00000 99-00 6.652 6.673 6.691 6.707 6.721
99.12500 99-04 6.594 2.16 6.611 2.00 6.624 1.89 6.637 1.80 6.648 1.72
99.25000 99-08 6.536 6.548 6.558 6.567 6.575
99.37500 99-12 6.478 6.485 6.492 6.497 6.502
99.50000 99-16 6.420 6.423 6.426 6.428 6.430
99.62500 99-20 6.363 6.361 6.360 6.358 6.357
99.75000 99-24 6.305 6.299 6.294 6.289 6.285
99.87500 99-28 6.247 6.237 6.228 6.220 6.213
100.00000 100-00 6.190 6.175 6.162 6.151 6.141
100.11040 100-04 6.140 2.17 6.120 2.02 6.104 1.90 6.090 1.81 6.077 1.73
100.12500 100-04 6.133 6.113 6.097 6.082 6.069
100.25000 100-08 6.076 6.052 6.031 6.013 5.997
100.37500 100-12 6.019 5.990 5.966 5.945 5.925
100.50000 100-16 5.962 5.929 5.901 5.876 5.854
100.62500 100-20 5.905 5.867 5.836 5.808 5.782
100.75000 100-24 5.848 5.806 5.771 5.739 5.711
100.87500 100-28 5.792 5.745 5.706 5.671 5.640
101.00000 101-00 5.735 2.18 5.684 2.03 5.641 1.91 5.603 1.82 5.569 1.74
101.12500 101-04 5.679 5.623 5.577 5.536 5.498
101.25000 101-08 5.622 5.563 5.512 5.468 5.427
101.37500 101-12 5.566 5.502 5.448 5.400 5.357
101.50000 101-16 5.510 5.442 5.384 5.333 5.286
101.62500 101-20 5.454 5.381 5.320 5.265 5.216
101.75000 101-24 5.398 5.321 5.256 5.198 5.146
101.87500 101-28 5.343 5.261 5.192 5.131 5.076
- ---------------------------------------------------------------------------------------------------------------------
Avg Life 2.45 2.25 2.11 2.00 1.91
- ---------------------------------------------------------------------------------------------------------------------
First Pay 01/25/97 01/25/97 01/25/97 01/25/97 01/25/97
Last Pay 05/25/01 12/25/00 09/25/00 06/25/00 04/25/00
Prin. Window 53 48 45 42 40
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
Prepayments
- -------------------------------------------------------------
75.0% CPR 100.0% CPR
-------------------------------------
Price Yield ModDur Yield ModDur
- -------------------------------------------------------------
98.12500 98-04 7.322 1.56 7.494 1.31
98.25000 98-08 7.240 7.397
98.37500 98-12 7.159 7.301
98.50000 98-16 7.078 7.205
98.62500 98-20 6.997 7.109
98.75000 98-24 6.916 7.013
98.87500 98-28 6.835 6.918
99.00000 99-00 6.755 6.823
99.12500 99-04 6.674 1.57 6.728 1.32
99.25000 99-08 6.594 6.633
99.37500 99-12 6.514 6.538
99.50000 99-16 6.434 6.444
99.62500 99-20 6.355 6.349
99.75000 99-24 6.275 6.255
99.87500 99-28 6.196 6.161
100.00000 100-00 6.116 6.068
100.11040 100-04 6.047 1.57 5.985 1.33
100.12500 100-04 6.037 5.974
100.25000 100-08 5.958 5.881
100.37500 100-12 5.880 5.788
100.50000 100-16 5.801 5.695
100.62500 100-20 5.723 5.602
100.75000 100-24 5.644 5.510
100.87500 100-28 5.566 5.418
101.00000 101-00 5.488 1.58 5.325 1.34
101.12500 101-04 5.410 5.234
101.25000 101-08 5.333 5.142
101.37500 101-12 5.255 5.050
101.50000 101-16 5.178 4.959
101.62500 101-20 5.100 4.868
101.75000 101-24 5.023 4.777
101.87500 101-28 4.946 4.686
- -------------------------------------------------------------
Avg Life 1.72 1.45
- -------------------------------------------------------------
First Pay 01/25/97 01/25/97
Last Pay 01/25/00 09/25/99
Prin. Window 37 33
- -------------------------------------------------------------
The analyses, calculations, and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the actual
characteristics of the pool. Donaldson, Lufkin and Jenrette Securities
Corporation makes no representation that such analyses or calculations are
accurate or that such valuations represent levels where actual trades may occur.
Investors should rely on the information contained in or filed in connection
with the prospectus / prospectus supplement.
<PAGE>
Donaldson, Lufkin & Jenrette - Real Estate Finance Group
Fri Dec 6 21:15:23 1996
ASW-1996-FHA1P A2
Yield Table (Flat File Coll, Ppy Lock, Lockout thru YMP,
Lockout thru Ppy Pen. period)
- --------------------------------------------------------------------------------
Current Balance : $52,050,000.00 Current WAM : 480
Pass-Thru Rate : 6.7500 Settlement : 12/24/96
Accrued Days / Delay Days : 23 / 24
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prepayments
- ---------------------------------------------------------------------------------------------------------------------
10.0% CPR 20.0% CPR 30.0% CPR 40.0% CPR 50.0% CPR
---------------------------------------------------------------------------------------------
Price Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99.12500 99-04 6.933 4.87 6.940 4.49 6.946 4.26 6.950 4.10 6.953 3.98
99.25000 99-08 6.907 6.913 6.916 6.919 6.921
99.37500 99-12 6.882 6.885 6.887 6.888 6.890
99.50000 99-16 6.856 6.857 6.857 6.858 6.858
99.62500 99-20 6.830 6.829 6.828 6.827 6.827
99.75000 99-24 6.805 6.801 6.799 6.797 6.796
99.87500 99-28 6.779 6.774 6.770 6.767 6.764
100.00000 100-00 6.754 6.746 6.740 6.736 6.733
100.12500 100-04 6.728 4.88 6.718 4.50 6.711 4.27 6.706 4.11 6.702 3.99
100.25000 100-08 6.703 6.691 6.682 6.676 6.671
100.37500 100-12 6.677 6.663 6.653 6.646 6.640
100.50000 100-16 6.652 6.636 6.624 6.616 6.609
100.62500 100-20 6.627 6.608 6.595 6.585 6.578
100.75000 100-24 6.601 6.581 6.566 6.555 6.547
100.87500 100-28 6.576 6.553 6.537 6.525 6.516
101.00000 101-00 6.551 6.526 6.509 6.495 6.485
101.02280 101-01 6.546 4.89 6.521 4.51 6.503 4.28 6.490 4.12 6.479 4.00
101.12500 101-04 6.526 6.499 6.480 6.466 6.454
101.25000 101-08 6.501 6.471 6.451 6.436 6.423
101.37500 101-12 6.475 6.444 6.422 6.406 6.393
101.50000 101-16 6.450 6.417 6.394 6.376 6.362
101.62500 101-20 6.425 6.390 6.365 6.346 6.331
101.75000 101-24 6.400 6.363 6.337 6.317 6.301
101.87500 101-28 6.375 6.336 6.308 6.287 6.270
102.00000 102-00 6.351 4.90 6.309 4.52 6.280 4.29 6.258 4.13 6.240 4.01
102.12500 102-04 6.326 6.282 6.251 6.228 6.209
102.25000 102-08 6.301 6.255 6.223 6.199 6.179
102.37500 102-12 6.276 6.228 6.195 6.169 6.149
102.50000 102-16 6.251 6.201 6.166 6.140 6.118
102.62500 102-20 6.227 6.175 6.138 6.110 6.088
102.75000 102-24 6.202 6.148 6.110 6.081 6.058
102.87500 102-28 6.177 6.121 6.082 6.052 6.028
- ---------------------------------------------------------------------------------------------------------------------
Avg Life 6.16 5.58 5.23 5.00 4.83
- ---------------------------------------------------------------------------------------------------------------------
First Pay 05/25/01 12/25/00 09/25/00 06/25/00 04/25/00
Last Pay 08/25/04 10/25/03 05/25/03 01/25/03 11/25/02
Prin. Window 40 35 33 32 32
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
Prepayments
- -------------------------------------------------------------
75.0% CPR 100.0% CPR
-------------------------------------
Price Yield ModDur Yield ModDur
- -------------------------------------------------------------
99.12500 99-04 6.958 3.78 6.966 3.54
99.25000 99-08 6.925 6.930
99.37500 99-12 6.892 6.895
99.50000 99-16 6.859 6.860
99.62500 99-20 6.826 6.825
99.75000 99-24 6.793 6.789
99.87500 99-28 6.760 6.754
100.00000 100-00 6.727 6.719
100.12500 100-04 6.694 3.79 6.684 3.55
100.25000 100-08 6.661 6.649
100.37500 100-12 6.629 6.614
100.50000 100-16 6.596 6.580
100.62500 100-20 6.563 6.545
100.75000 100-24 6.531 6.510
100.87500 100-28 6.498 6.475
101.00000 101-00 6.466 6.441
101.02280 101-01 6.460 3.79 6.434 3.56
101.12500 101-04 6.433 6.406
101.25000 101-08 6.401 6.372
101.37500 101-12 6.368 6.337
101.50000 101-16 6.336 6.303
101.62500 101-20 6.304 6.268
101.75000 101-24 6.272 6.234
101.87500 101-28 6.239 6.200
102.00000 102-00 6.207 3.80 6.166 3.57
102.12500 102-04 6.175 6.131
102.25000 102-08 6.143 6.097
102.37500 102-12 6.111 6.063
102.50000 102-16 6.079 6.029
102.62500 102-20 6.047 5.995
102.75000 102-24 6.016 5.962
102.87500 102-28 5.984 5.928
- -------------------------------------------------------------
Avg Life 4.54 4.22
- -------------------------------------------------------------
First Pay 01/25/00 09/25/99
Last Pay 08/25/02 03/25/02
Prin. Window 32 31
- -------------------------------------------------------------
The analyses, calculations, and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the actual
characteristics of the pool. Donaldson, Lufkin and Jenrette Securities
Corporation makes no representation that such analyses or calculations are
accurate or that such valuations represent levels where actual trades may occur.
Investors should rely on the information contained in or filed in connection
with the prospectus / prospectus supplement.
<PAGE>
Donaldson, Lufkin & Jenrette - Real Estate Finance Group
Fri Dec 6 21:15:23 1996
ASW-1996-FHA1P A3
Yield Table (Flat File Coll, Ppy Lock, Lockout thru YMP,
Lockout thru Ppy Pen. period)
- --------------------------------------------------------------------------------
Current Balance : $43,510,000.00 Current WAM : 480
Pass-Thru Rate : 6.9250 Settlement : 12/24/96
Accrued Days / Delay Days : 23 / 24
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prepayments
- ---------------------------------------------------------------------------------------------------------------------
10.0% CPR 20.0% CPR 30.0% CPR 40.0% CPR 50.0% CPR
---------------------------------------------------------------------------------------------
Price Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99.37500 99-12 7.052 6.33 7.054 5.86 7.055 5.57 7.056 5.37 7.057 5.22
99.50000 99-16 7.032 7.032 7.033 7.033 7.033
99.62500 99-20 7.012 7.011 7.010 7.010 7.009
99.75000 99-24 6.992 6.990 6.988 6.986 6.985
99.87500 99-28 6.973 6.968 6.965 6.963 6.961
100.00000 100-00 6.953 6.947 6.943 6.940 6.938
100.12500 100-04 6.933 6.926 6.921 6.917 6.914
100.25000 100-08 6.914 6.905 6.899 6.894 6.890
100.37500 100-12 6.894 6.34 6.884 5.87 6.876 5.59 6.871 5.38 6.866 5.23
100.50000 100-16 6.875 6.863 6.854 6.848 6.843
100.62500 100-20 6.855 6.841 6.832 6.825 6.819
100.75000 100-24 6.836 6.820 6.810 6.802 6.795
100.87500 100-28 6.816 6.799 6.788 6.779 6.772
101.00000 101-00 6.797 6.778 6.766 6.756 6.748
101.12500 101-04 6.777 6.758 6.744 6.733 6.725
101.25000 101-08 6.758 6.737 6.722 6.710 6.701
101.34030 101-11 6.744 6.36 6.722 5.89 6.706 5.60 6.694 5.40 6.684 5.24
101.37500 101-12 6.739 6.716 6.700 6.688 6.678
101.50000 101-16 6.719 6.695 6.678 6.665 6.654
101.62500 101-20 6.700 6.674 6.656 6.642 6.631
101.75000 101-24 6.681 6.653 6.634 6.620 6.608
101.87500 101-28 6.662 6.633 6.612 6.597 6.584
102.00000 102-00 6.643 6.612 6.591 6.574 6.561
102.12500 102-04 6.623 6.591 6.569 6.552 6.538
102.25000 102-08 6.604 6.37 6.571 5.90 6.547 5.61 6.529 5.41 6.515 5.26
102.37500 102-12 6.585 6.550 6.526 6.507 6.492
102.50000 102-16 6.566 6.529 6.504 6.484 6.469
102.62500 102-20 6.547 6.509 6.482 6.462 6.446
102.75000 102-24 6.528 6.488 6.461 6.440 6.422
102.87500 102-28 6.509 6.468 6.439 6.417 6.399
103.00000 102-00 6.490 6.447 6.418 6.395 6.377
103.12500 102-04 6.471 6.427 6.396 6.373 6.354
- ---------------------------------------------------------------------------------------------------------------------
Avg Life 8.69 7.84 7.34 7.00 6.75
- ---------------------------------------------------------------------------------------------------------------------
First Pay 08/25/04 10/25/03 05/25/03 01/25/03 11/25/02
Last Pay 07/25/06 08/25/05 02/25/05 10/25/04 08/25/04
Prin. Window 24 23 22 22 22
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
Prepayments
- -------------------------------------------------------------
75.0% CPR 100.0% CPR
-------------------------------------
Price Yield ModDur Yield ModDur
- -------------------------------------------------------------
99.37500 99-12 7.059 4.96 7.061 4.64
99.50000 99-16 7.033 7.034
99.62500 99-20 7.008 7.007
99.75000 99-24 6.983 6.980
99.87500 99-28 6.958 6.953
100.00000 100-00 6.933 6.927
100.12500 100-04 6.908 6.900
100.25000 100-08 6.883 6.873
100.37500 100-12 6.858 4.97 6.846 4.65
100.50000 100-16 6.833 6.820
100.62500 100-20 6.808 6.793
100.75000 100-24 6.783 6.767
100.87500 100-28 6.758 6.740
101.00000 101-00 6.733 6.714
101.12500 101-04 6.709 6.687
101.25000 101-08 6.684 6.661
101.34030 101-11 6.666 4.98 6.642 4.66
101.37500 101-12 6.659 6.635
101.50000 101-16 6.635 6.608
101.62500 101-20 6.610 6.582
101.75000 101-24 6.586 6.556
101.87500 101-28 6.561 6.530
102.00000 102-00 6.537 6.504
102.12500 102-04 6.512 6.477
102.25000 102-08 6.488 4.99 6.451 4.67
102.37500 102-12 6.463 6.425
102.50000 102-16 6.439 6.399
102.62500 102-20 6.415 6.373
102.75000 102-24 6.390 6.348
102.87500 102-28 6.366 6.322
103.00000 103-00 6.342 6.296
103.12500 103-04 6.318 6.270
- -------------------------------------------------------------
Avg Life 6.32 5.83
- -------------------------------------------------------------
First Pay 08/25/02 03/25/02
Last Pay 03/25/04 11/25/03
Prin. Window 20 21
- -------------------------------------------------------------
The analyses, calculations, and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the actual
characteristics of the pool. Donaldson, Lufkin and Jenrette Securities
Corporation makes no representation that such analyses or calculations are
accurate or that such valuations represent levels where actual trades may occur.
Investors should rely on the information contained in or filed in connection
with the prospectus / prospectus supplement.
<PAGE>
Donaldson, Lufkin & Jenrette - Real Estate Finance Group
Fri Dec 6 21:15:23 1996
ASW-1996-FHA1P A4
Yield Table (Flat File Coll, Ppy Lock, Lockout thru YMP,
Lockout thru Ppy Pen. period)
- --------------------------------------------------------------------------------
Current Balance : $64,815,000.00 Current WAM : 480
Pass-Thru Rate : 7.0550 Settlement : 12/24/96
Accrued Days / Delay Days : 23 / 24
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prepayments
- ---------------------------------------------------------------------------------------------------------------------
10.0% CPR 20.0% CPR 30.0% CPR 40.0% CPR 50.0% CPR
---------------------------------------------------------------------------------------------
Price Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99.37500 99-12 7.181 7.25 7.182 6.79 7.183 6.54 7.184 6.36 7.184 6.23
99.50000 99-16 7.164 7.164 7.164 7.164 7.164
99.62500 99-20 7.146 7.145 7.145 7.145 7.144
99.75000 99-24 7.129 7.127 7.126 7.125 7.124
99.87500 99-28 7.112 7.109 7.107 7.105 7.104
100.00000 100-00 7.095 7.090 7.088 7.086 7.084
100.12500 100-04 7.078 7.072 7.069 7.066 7.064
100.25000 100-08 7.061 7.054 7.050 7.047 7.045
100.37500 100-12 7.044 7.27 7.036 6.81 7.031 6.55 7.027 6.38 7.025 6.25
100.50000 100-16 7.027 7.018 7.012 7.008 7.005
100.62500 100-20 7.010 6.999 6.993 6.989 6.985
100.75000 100-24 6.993 6.981 6.974 6.969 6.965
100.87500 100-28 6.976 6.963 6.955 6.950 6.946
101.00000 101-00 6.959 6.945 6.937 6.931 6.926
101.12500 101-04 6.942 6.927 6.918 6.911 6.906
101.25000 101-08 6.925 6.909 6.899 6.892 6.887
101.26970 101-09 6.922 7.29 6.906 6.83 6.896 6.57 6.889 6.39 6.884 6.27
101.37500 101-12 6.908 6.891 6.881 6.873 6.867
101.50000 101-16 6.891 6.873 6.862 6.854 6.847
101.62500 101-20 6.874 6.855 6.843 6.834 6.828
101.75000 101-24 6.858 6.837 6.825 6.815 6.808
101.87500 101-28 6.841 6.819 6.806 6.796 6.789
102.00000 102-00 6.824 6.801 6.788 6.777 6.770
102.12500 102-04 6.807 6.784 6.769 6.758 6.750
102.25000 102-08 6.791 7.31 6.766 6.85 6.750 6.59 6.739 6.41 6.731 6.28
102.37500 102-12 6.774 6.748 6.732 6.720 6.711
102.50000 102-16 6.758 6.730 6.714 6.701 6.692
102.62500 102-20 6.741 6.713 6.695 6.682 6.673
102.75000 102-24 6.724 6.695 6.677 6.663 6.653
102.87500 102-28 6.708 6.677 6.658 6.645 6.634
103.00000 102-00 6.691 6.660 6.640 6.626 6.615
103.12500 102-04 6.675 6.642 6.622 6.607 6.596
- ---------------------------------------------------------------------------------------------------------------------
Avg Life 10.64 9.68 9.17 8.83 8.59
- ---------------------------------------------------------------------------------------------------------------------
First Pay 07/25/06 08/25/05 02/25/05 10/25/04 08/25/04
Last Pay 08/25/08 06/25/07 12/25/06 08/25/06 06/25/06
Prin. Window 26 23 23 23 23
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
Prepayments
- -------------------------------------------------------------
75.0% CPR 100.0% CPR
-------------------------------------
Price Yield ModDur Yield ModDur
- -------------------------------------------------------------
99.37500 99-12 7.185 6.03 7.186 5.80
99.50000 99-16 7.164 7.165
99.62500 99-20 7.144 7.143
99.75000 99-24 7.123 7.122
99.87500 99-28 7.102 7.100
100.00000 100-00 7.082 7.079
100.12500 100-04 7.061 7.057
100.25000 100-08 7.041 7.036
100.37500 100-12 7.020 6.05 7.015 5.82
100.50000 100-16 7.000 6.993
100.62500 100-20 6.979 6.972
100.75000 100-24 6.959 6.951
100.87500 100-28 6.938 6.930
101.00000 101-00 6.918 6.908
101.12500 101-04 6.898 6.887
101.25000 101-08 6.877 6.866
101.26970 101-09 6.874 6.06 6.863 5.83
101.37500 101-12 6.857 6.845
101.50000 101-16 6.837 6.824
101.62500 101-20 6.817 6.803
101.75000 101-24 6.797 6.782
101.87500 101-28 6.776 6.761
102.00000 102-00 6.756 6.740
102.12500 102-04 6.736 6.720
102.25000 102-08 6.716 6.08 6.699 5.85
102.37500 102-12 6.696 6.678
102.50000 102-16 6.676 6.657
102.62500 102-20 6.656 6.636
102.75000 102-24 6.636 6.616
102.87500 102-28 6.616 6.595
103.00000 103-00 6.597 6.574
103.12500 103-04 6.577 6.554
- -------------------------------------------------------------
Avg Life 8.21 7.79
- -------------------------------------------------------------
First Pay 03/25/04 11/25/03
Last Pay 01/25/06 07/25/05
Prin. Window 23 21
- -------------------------------------------------------------
The analyses, calculations, and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the actual
characteristics of the pool. Donaldson, Lufkin and Jenrette Securities
Corporation makes no representation that such analyses or calculations are
accurate or that such valuations represent levels where actual trades may occur.
Investors should rely on the information contained in or filed in connection
with the prospectus / prospectus supplement.
<PAGE>
Donaldson, Lufkin & Jenrette - Real Estate Finance Group
Fri Dec 6 21:15:23 1996
ASW-1996-FHA1P A3
Yield Table (Flat File Coll, Ppy Lock, Lockout thru YMP,
Lockout thru Ppy Pen. period)
- --------------------------------------------------------------------------------
Current Balance : $71,201,094.00 Current WAM : 480
Pass-Thru Rate : 7.0550 Settlement : 12/24/96
Accrued Days / Delay Days : 23 / 24
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prepayments
- ---------------------------------------------------------------------------------------------------------------------
10.0% CPR 20.0% CPR 30.0% CPR 40.0% CPR 50.0% CPR
---------------------------------------------------------------------------------------------
Price Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
93.62500 93-20 7.550 15.55 7.628 12.96 7.679 11.69 7.713 10.98 7.737 10.52
93.75000 93-24 7.541 7.618 7.668 7.701 7.725
93.87500 93-28 7.533 7.608 7.656 7.689 7.712
94.00000 94-00 7.524 7.598 7.645 7.677 7.699
94.12500 94-04 7.516 7.587 7.634 7.665 7.687
94.25000 94-08 7.507 7.577 7.623 7.653 7.674
94.37500 94-12 7.499 7.567 7.611 7.641 7.662
94.50000 94-16 7.490 7.557 7.600 7.629 7.649
94.62500 94-20 7.482 15.57 7.547 12.97 7.589 11.70 7.617 10.98 7.637 10.53
94.75000 94-24 7.473 7.537 7.578 7.605 7.624
94.87500 94-28 7.465 7.526 7.566 7.593 7.612
95.00000 95-00 7.457 7.516 7.555 7.581 7.599
95.12500 95-04 7.448 7.506 7.544 7.569 7.587
95.25000 95-08 7.440 7.496 7.533 7.557 7.574
95.37500 95-12 7.431 7.486 7.522 7.545 7.562
95.50000 95-16 7.423 7.476 7.510 7.533 7.550
95.62210 95-20 7.415 15.58 7.466 12.98 7.500 11.71 7.522 10.99 7.538 10.53
95.62500 95-20 7.415 7.466 7.499 7.522 7.537
95.75000 95-24 7.406 7.456 7.488 7.510 7.525
95.87500 95-28 7.398 7.446 7.477 7.498 7.513
96.00000 96-00 7.390 7.436 7.466 7.486 7.500
96.12500 96-04 7.381 7.426 7.455 7.474 7.488
96.25000 96-08 7.373 7.416 7.444 7.463 7.476
96.37500 96-12 7.365 7.406 7.433 7.451 7.464
96.50000 96-16 7.357 15.59 7.396 12.99 7.422 11.71 7.439 11.00 7.451 10.54
96.62500 96-20 7.348 7.386 7.411 7.427 7.439
96.75000 96-24 7.340 7.376 7.400 7.416 7.427
96.87500 96-28 7.332 7.366 7.389 7.404 7.415
97.00000 97-00 7.324 7.357 7.378 7.392 7.402
97.12500 97-04 7.315 7.347 7.367 7.381 7.390
97.25000 97-08 7.307 7.337 7.356 7.369 7.378
97.37500 97-12 7.299 7.327 7.345 7.357 7.366
- ---------------------------------------------------------------------------------------------------------------------
Avg Life 17.85 14.18 12.50 11.61 11.06
- ---------------------------------------------------------------------------------------------------------------------
First Pay 08/25/08 06/25/07 12/25/06 08/25/06 06/25/06
Last Pay 11/25/27 09/25/20 07/25/16 08/25/14 12/25/12
Prin. Window 232 160 116 97 79
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
Prepayments
- -----------------------------------------------------------
75.0% CPR 100.0% CPR
-----------------------------------
Price Yield ModDur Yield ModDur
- -----------------------------------------------------------
93.62500 93-20 7.775 9.87 7.815 9.26
93.75000 93-24 7.762 7.801
93.87500 93-28 7.748 7.787
94.00000 94-00 7.735 7.773
94.12500 94-04 7.722 7.758
94.25000 94-08 7.708 7.744
94.37500 94-12 7.695 7.730
94.50000 94-16 7.682 7.716
94.62500 94-20 7.668 9.88 7.701 9.27
94.75000 94-24 7.655 7.687
94.87500 94-28 7.642 7.673
95.00000 95-00 7.628 7.659
95.12500 95-04 7.615 7.645
95.25000 95-08 7.602 7.631
95.37500 95-12 7.589 7.617
95.50000 95-16 7.575 7.603
95.62210 95-20 7.563 9.88 7.589 9.28
95.62500 95-20 7.562 7.589
95.75000 95-24 7.549 7.575
95.87500 95-28 7.536 7.561
96.00000 96-00 7.523 7.547
96.12500 96-04 7.510 7.533
96.25000 96-08 7.497 7.519
96.37500 96-12 7.484 7.505
96.50000 96-16 7.471 9.89 7.491 9.28
96.62500 96-20 7.457 7.477
96.75000 96-24 7.444 7.463
96.87500 96-28 7.431 7.449
97.00000 97-00 7.419 7.435
97.12500 97-04 7.406 7.422
97.25000 97-08 7.393 7.408
97.37500 97-12 7.380 7.394
- -----------------------------------------------------------
Avg Life 10.32 9.68
- -----------------------------------------------------------
First Pay 01/25/06 07/25/05
Last Pay 01/25/10 01/25/08
Prin. Window 49 31
- -----------------------------------------------------------
The analyses, calculations, and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the actual
characteristics of the pool. Donaldson, Lufkin and Jenrette Securities
Corporation makes no representation that such analyses or calculations are
accurate or that such valuations represent levels where actual trades may occur.
Investors should rely on the information contained in or filed in connection
with the prospectus / prospectus supplement.
<PAGE>
Donaldson, Lufkin & Jenrette - Real Estate Finance Group
Fri Dec 6 21:15:23 1996
ASW-1996-FHA1P B
Yield Table (Flat File Coll, Ppy Lock, Lockout thru YMP,
Lockout thru Ppy Pen. period)
- --------------------------------------------------------------------------------
Current Balance : $5,004,836.07 Current WAM : 480
Pass-Thru Rate : 6.5000 Settlement : 12/24/96
Accrued Days / Delay Days : 23 / 24
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prepayments
- ---------------------------------------------------------------------------------------------------------------------
10.0% CPR 20.0% CPR 30.0% CPR 40.0% CPR 50.0% CPR
---------------------------------------------------------------------------------------------
Price Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
76.87500 76-28 8.722 10.98 8.855 10.47 9.020 9.86 9.145 9.44 9.219 9.20
77.00000 77-00 8.707 8.840 9.004 9.128 9.202
77.12500 77-04 8.692 8.824 8.988 9.111 9.184
77.25000 77-08 8.678 8.809 8.971 9.094 9.167
77.37500 77-12 8.663 8.794 8.955 9.077 9.149
77.50000 77-16 8.649 8.778 8.939 9.060 9.132
77.62500 77-20 8.634 8.763 8.923 9.043 9.115
77.75000 77-24 8.620 8.748 8.907 9.026 9.097
77.87500 77-28 8.605 11.10 8.733 10.56 8.890 9.94 9.009 9.50 9.080 9.26
78.00000 78-00 8.591 8.718 8.874 8.993 9.063
78.12500 78-04 8.577 8.703 8.858 8.976 9.046
78.25000 78-08 8.562 8.688 8.842 8.959 9.029
78.37500 78-12 8.548 8.673 8.826 8.942 9.011
78.50000 78-16 8.534 8.658 8.811 8.926 8.994
78.62500 78-20 8.520 8.643 8.795 8.909 8.977
78.75000 78-24 8.506 8.628 8.779 8.893 8.960
78.86340 78-28 8.493 11.20 8.615 10.65 8.765 10.01 8.878 9.57 8.945 9.32
78.87500 78-28 8.492 8.613 8.763 8.876 8.943
79.00000 79-00 8.478 8.599 8.747 8.860 8.927
79.12500 79-04 8.464 8.584 8.732 8.843 8.910
79.25000 79-08 8.450 8.569 8.716 8.827 8.893
79.37500 79-12 8.436 8.554 8.701 8.811 8.876
79.50000 79-16 8.422 8.540 8.685 8.794 8.589
79.62500 79-20 8.408 8.525 8.669 8.778 8.843
79.75000 79-24 8.394 11.30 8.511 10.73 8.654 10.08 8.762 9.62 8.826 9.37
79.87500 79-28 8.380 8.496 8.638 8.746 8.809
80.00000 80-00 8.367 8.482 8.623 8.730 8.793
80.12500 80-04 8.353 8.467 8.608 8.713 8.776
80.25000 80-08 8.339 8.453 8.592 8.697 8.760
80.37500 80-12 8.326 8.438 8.577 8.681 8.743
80.50000 80-16 8.312 8.424 8.562 8.665 8.727
80.62500 80-20 8.298 8.410 8.547 8.649 8.711
- ---------------------------------------------------------------------------------------------------------------------
Avg Life 33.17 26.65 21.93 19.47 18.29
- ---------------------------------------------------------------------------------------------------------------------
First Pay 11/25/27 09/25/20 07/25/16 08/25/14 12/25/12
Last Pay 11/25/36 11/25/36 11/25/36 02/25/32 12/25/27
Prin. Window 109 195 245 211 181
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
Prepayments
- -----------------------------------------------------------
75.0% CPR 100.0% CPR
-----------------------------------
Price Yield ModDur Yield ModDur
- -----------------------------------------------------------
76.87500 76-28 9.345 8.81 9.462 8.46
77.00000 77-00 9.326 9.443
77.12500 77-04 9.308 9.424
77.25000 77-08 9.290 9.405
77.37500 77-12 9.272 9.386
77.50000 77-16 9.253 9.367
77.62500 77-20 9.235 9.348
77.75000 77-24 9.217 9.329
77.87500 77-28 9.199 8.86 9.310 8.51
78.00000 78-00 9.181 9.291
78.12500 78-04 9.163 9.273
78.25000 78-08 9.145 9.254
78.37500 78-12 9.127 9.236
78.50000 78-16 9.110 9.217
78.62500 78-20 9.092 9.198
78.75000 78-24 9.074 9.180
78.86340 78-28 9.058 8.92 9.163 8.56
78.87500 78-28 9.056 9.161
79.00000 79-00 9.039 9.143
79.12500 79-04 9.021 9.125
79.25000 79-08 9.004 9.106
79.37500 79-12 8.986 9.088
79.50000 79-16 8.969 9.070
79.62500 79-20 8.951 9.052
79.75000 79-24 8.934 8.96 9.034 8.60
79.87500 79-28 8.916 9.016
80.00000 80-00 8.899 8.997
80.12500 80-04 8.882 8.979
80.25000 80-08 8.864 8.961
80.37500 80-12 8.847 8.944
80.50000 80-16 8.830 8.926
80.62500 80-20 8.813 8.908
- -----------------------------------------------------------
Avg Life 16.78 15.70
- -----------------------------------------------------------
First Pay 01/25/10 01/25/08
Last Pay 02/25/23 07/25/14
Prin. Window 158 79
- -----------------------------------------------------------
The analyses, calculations, and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the actual
characteristics of the pool. Donaldson, Lufkin and Jenrette Securities
Corporation makes no representation that such analyses or calculations are
accurate or that such valuations represent levels where actual trades may occur.
Investors should rely on the information contained in or filed in connection
with the prospectus / prospectus supplement.
